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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

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

(Name and address of agents for service)

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

Date of fiscal year end: March 31

Date of reporting period: March 31, 2019

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Annual Report	March 31, 2019
	Long Short Credit Strategies

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

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

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of the Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by callingtoll-free800-621-2550 for Institutional, Service, Class R6 and Class P shareholders or800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Fund’s transfer agent if you invest directly with the transfer agent.

Goldman Sachs Long Short Credit Strategies Fund

TABLE OF CONTENTS
Investment Process	1
Portfolio Management Discussion and Performance Summary	2
Schedule of Investments	11
Financial Statements	17
Financial Highlights	20
Notes to Financial Statements	27
Report of Independent Registered Public Accounting Firm	40
Other Information	41

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

What Differentiates Goldman Sachs Long Short Credit Strategies Fund’s Investment Process?

The Goldman Sachs Long Short Credit Strategies Fund (the “Fund”) seeks an absolute return comprised of income and capital appreciation.

The Fund uses abottom-up, fundamental approach with a focus on high conviction ideas across the corporate credit spectrum. Inefficiencies in the credit markets may provide attractive opportunities for investors. The Fund seeks to capitalize on these through an unconstrained approach, security selection and providing active downside management.

∎ The Fund is not limited by the traditional constraints of a benchmark strategy.

∎ The Fund uses a flexible and dynamic strategy that allows it to invest across the spectrum of corporate credit while seeking what we believe are the most attractive risk-adjusted return opportunities.

∎ The Fund invests across the spectrum of corporate credit including high yield, investment grade, bank loans, convertibles and preferred equity.

∎ The Fund seeks to identify issuers that offer compelling value throughbottom-up security selection, with a focus on capital preservation.

∎ The Fund’s investment approach allows for flexibility in security selection, irrespective of industry, ratings and maturity constraints.

∎ The Fund manages long and short exposures to potentially generate absolute returns. A hedged approach allows the Fund to deploy tactical portfolio tilts via high yield index shorts.

∎ Dynamic portfolio management may enhance downside mitigation while providing investors access to security selection expertise.

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PORTFOLIO RESULTS

Goldman Sachs Long Short Credit Strategies Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Effective March 4, 2019, the Goldman Sachs Opportunistic Corporate Credit Portfolio Management Team assumed portfolio management responsibility for the Goldman Sachs Long Short Credit Strategies Fund (the “Fund”) from the Goldman Sachs Asset Management Credit Alternatives Portfolio Management Team. Below, the Goldman Sachs Opportunistic Corporate Credit Portfolio Management Team discusses the Fund’s performance and positioning for the 12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 0.61%, -0.25%, 0.84%, 0.75%, 0.24% and 0.85%, respectively. These returns compare to the 2.48% average annual total return of the Fund’s benchmark, the ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “Index”), during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of -0.07%. This return compares to the 2.36% cumulative total return of the Index during the same time period.

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

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

A As the Reporting Period began with the second quarter of 2018, U.S. credit markets, specifically U.S. high yield corporate credit, as measured by the Bloomberg Barclays U.S. Corporate High Yield Index, delivered a positive total return despite risk-off, or heightened risk-averse, market sentiment. Light new issuance contributed to U.S. high yield corporate credit’s outperformance of U.S. investment grade corporate credit, which had experienced high new supply in the earlier months of 2018. New issuance of U.S. high yield corporate credit amounted to $53.5 billion in the second calendar quarter, the lowest quarterly volume since the final quarter of 2016. A total of $1.5 billion of U.S. high yield bonds defaulted — the lowest quarterly amount since the final quarter of 2013. Despite faring better than other spread, or non-government bond, sectors, including U.S. investment grade corporate credit and U.S. bank loans, U.S. high yield corporate credit underperformed the U.S. equity market, as measured by the S&P 500 Index, during the second quarter of 2018.

U.S. high yield corporate credit generated positive returns again in the third quarter of 2018, enjoying its best quarter since the first quarter of 2017. Despite a rise in interest rates, positives for the high yield sector included easing pressure on emerging market currencies, encouraging developments on trade (excluding China), climbing oil prices and the slowest pace of issuance since 2009. Further, during the third quarter of 2018, a total of $2.3 billion of U.S. high yield corporate credit defaulted, which was the second lowest quarterly total since the fourth quarter of 2013, a span that saw an average $13.5 billion default per quarter. The par-weighted U.S. high yield default rate at the end of September 2018 was 2.02%. (Typically, a coupon bond is priced at par when first issued. When the price equals 100% of par, the coupon rate equals the promised yield to maturity. The default rate is calculated by summing the par amount of high yield debt that has gone into default over a 12-month period and dividing that amount by the average size of the high yield market over the same period of time.) For the quarter, new issuance volume totaled $42.1 billion of U.S. high yield corporate credit, which was the lowest since the fourth quarter of 2011, a period of

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PORTFOLIO RESULTS

approximately seven years that averaged $83 billion in new volume per quarter. All that said, high yield significantly underperformed the U.S. equity market, as measured by the S&P 500 Index, but outperformed bank loans, as measured by the Credit Suisse Leveraged Loan Index, for the third quarter of 2018.

U.S. high yield corporate credit then experienced a sharp sell-off during the fourth quarter of 2018, delivering a negative total return that marked its weakest quarterly return since the third quarter of 2016 when the sector was grappling with a significant oil price shock. Perceptions of slowing global economic growth, along with dramatic equity and oil price declines, as well as outflows from the sector contributed to weak performance. A $7.2 billion outflow from the sector in December 2018 marked the tenth largest monthly outflow on record, following a $3.6 billion outflow in November and a $9.4 billion outflow in October, the latter the sixth highest monthly outflow on record. Fourth quarter 2018 gross new issuance volume totaled $19 billion, a 10-year quarterly low. Net issuance stood at approximately $31.4 billion. For the fourth quarter of 2018, high yield bonds underperformed the S&P 500 Index and the Credit Suisse Leveraged Loan Index.

U.S. high yield corporate credit rebounded to deliver a strong positive return in the first quarter of 2019. The pause in the Federal Reserve’s (the “Fed”) interest rate hiking cycle, progress on trade talks with China and anticipation of a lengthier credit cycle buoyed investor sentiment for high yield assets. High yield issuance totaled a 12-month high of $26.6 billion in March 2019. Even as five companies filed for bankruptcy, impacting $1.9 billion of bonds in March 2019, the par-weighted U.S. high yield default rate declined to end the quarter at 0.94%, the lowest high yield default rate since March 2014. High yield funds reported a $1.9 billion inflow for the month, the third consecutive monthly inflow but only the fifth month of inflows in the 18 months ending March 2019.

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

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

We maintained our focus on corporate fundamentals and earnings during the Reporting Period. The Fund’s long positioning in communications, energy and capital goods credits contributed positively. The largest individual contributors during the Reporting Period included long positions in Weatherford International, Transocean and Sprint.

Conversely, the Fund’s long positioning in the consumer cyclical, industrials and consumer non-cyclical sectors detracted from performance. The largest individual detractors during the Reporting Period were the Fund’s positions in J.C. Penney, Adient Global Holdings and Rite Aid. The Fund’s tactical short position in a high yield credit default swap index, a position taken in an effort to mitigate risk and serve as a portfolio market hedge, also detracted from its results during the Reporting Period as spreads tightened. The Fund’s interest rate swaps, which are used to hedge duration, detracted from performance as well.

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

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

A The corporate credit markets, as mentioned earlier, broadly rallied during the Reporting Period, driven largely, in our view, by generally healthy fundamentals. U.S. high yield corporate bonds and bank loans were among the strongest performers during the Reporting Period, as spreads narrowed. Our ability to identify select issuers within the corporate credit sector contributed positively to the Fund’s performance during the Reporting Period.

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

A The Fund does not use duration and yield curve positioning as active management strategies within its investment process. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.) Indeed, we maintained a low duration profile within the Fund’s portfolio, which may reduce sensitivity to rising interest rates. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.) At the same time, the Fund does implement interest rate swaps to hedge the interest rate risk

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PORTFOLIO RESULTS

of certain bonds, thereby limiting the Fund’s exposure to changes in interest rates. The Fund’s interest rate swap positions detracted from its performance during the Reporting Period.

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

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

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

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

We favored secured indebtedness, including high yield and select bank loans, and kept these allocations largely unchanged during the Reporting Period. We also found what we considered to be compelling opportunities amongst short duration bonds, especially toward the very short-term end of the yield curve, or spectrum of maturities. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.) We maintained our favor toward short-dated high yield credit securities, which, in our view, offered attractive risk-adjusted yields and some insulation from increases in interest rates. We believe these securities are attractive for maintaining yield while limiting overall interest rate exposure, particularly given Fed interest rate hikes through the first three quarters of the Reporting Period.

We modestly increased the Fund’s short position in a credit default swap high yield index toward the end of the Reporting Period, as a reflection of our cautious view. We believe we will continue to see increased market volatility as 2019 progresses. One of the key tenets of our investment philosophy is capital preservation, which leads us to take a more defensive, cautious position given certain market conditions. We also believe our hedged approach may provide for active downside management for investors seeking to mitigate market risk and volatility.

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

A Effective March 4, 2019, Brendan McGovern no longer served as a portfolio manager for the Fund. Effective the same date, Ashish Shah, Managing Director and Co-Chief Investment Officer of Global Fixed Income, became a portfolio manager for the Fund, joining Salvatore Lentini, Managing Director, who continued to serve as a portfolio manager for the Fund. Salvatore, also Head of Opportunistic Corporate Credit, has managed the Fund since 2014 and had managed the predecessor fund since its inception in 2009.

Q How was the Fund positioned at the end of March 2019?

A Through most of 2018, the Fund remained focused on higher quality issuers amid rising U.S. interest rates and higher volatility related to geopolitical uncertainty. We believe a focus on fundamentals and security selection may well be increasingly important in the credit picker’s market seen at the end of the Reporting Period. While we continued to see value in the credit markets, we believed the Fund’s ability to be flexible across the spectrum of corporate credit allowed us to capitalize on changing market conditions.

Indeed, at the end of the Reporting Period, we were less constructive on traditional high yield debt given tightening spread levels related to the broad first quarter 2019 rally. We were thus focusing our efforts toward the end of the Reporting Period on the leveraged loan market. We have identified what we believe are a number of attractive opportunities driven by dislocations in the market due to heightened technical, or supply/demand, dynamics, thus increasing the Fund’s allocation to bank loans. Heightened technical dynamics were seen across the U.S. loan market in 2018, especially in the fourth quarter. In recent years, the growth of fixed income funds and exchange-traded funds has surged, thereby creating increased technical dynamics and volatility in the market. We believe these technical dynamics have created a persistent inefficiency in the corporate credit markets. We view this as a source of opportunity, as we seek to take advantage of tactical credit investment opportunities with a focus on identifying positions that have sound corporate fundamentals and are mispriced as a result of technical dynamics and fund flows.

Reflecting these views, as of March 31, 2019, approximately 38% of the Fund’s total net assets was invested in unsecured debt obligations, 9% in secured debt obligations, 24% in bank loans, 6% in investment grade corporate bonds, less

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PORTFOLIO RESULTS

than 1% in preferred and other equity securities and 23% in cash and cash equivalents. The Fund’s notional derivative exposure, calculated as a percentage of total net assets, was-40% in a credit default swap high yield index. The Fund had a total of 145 holdings at March 31, 2019, with the Fund’s top long corporate issuers, as measured by a percentage of total net assets invested, being Transdigm, Prime Security Services Borrower and Athena Health.

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

A At the end of the Reporting Period, we believed we may continue to see heightened market volatility, largely due to shifting macroeconomic concerns that may be creating, in our view, opportunities across credit. We believe managers with a flexible approach are in the best position to source these opportunities as well as to navigate the cycle going forward.

We believe one such source of opportunity in the months ahead may be the potential for an investment grade downgrade cycle. (A downgrade is a negative change in the rating of a security. This situation occurs when analysts feel that the prospects for the security have weakened from the original recommendation, usually due to a material and fundamental change in the company’s operations, future outlook or industry.) The investment grade corporate bond market is an approximately $5 trillion market, with BBB-rated securities comprising approximately 50% or $2.5 trillion. To compare, the high yield corporate bond market is one of approximately $1.2 trillion. If we experience a traditional downgrade cycle, we could see a material amount of investment grade issuers migrate to high yield, potentially nearly doubling the size of the high yield market.

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

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

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FUND BASICS

Long Short Credit Strategies Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized  Yield3
Class A		0.61	%		2.48	%		3.73	%		2.66	%
Class C		-0.25			2.48			3.13			2.02
Institutional		0.84			2.48			4.22			3.10
Investor		0.75			2.48			4.13			3.01
Class R		0.24			2.48			3.63			2.50
Class R6		0.85			2.48			4.22			3.10
April 20, 2018– March 31, 2019
Class P		-0.07	%		2.36	%		4.23	%		3.10	%

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

²  The ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “BofA/Merrill Lynch Index”) tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The BofA/Merrill Lynch Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. It is not possible to invest directly in an index.

³  The method of calculation of the30-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. The30-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. The30-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, the30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

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 recentmonth-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.

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FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Since Inception			Inception Date
Class A		-3.18	%		N/A			-0.48	%	4/30/14
Class C		-1.25			N/A			-0.47		4/30/14
Institutional5		0.84			0.67	%		4.48		6/15/09
Investor		0.75			N/A			0.53		4/30/14
Class P		N/A			N/A			-0.07		4/20/18
Class R		0.24			N/A			0.03		4/30/14
Class R6		0.85			N/A			0.17		11/30/17

⁴  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 calendarquarter-end. They assume reinvestment of all distributions at NAV. These returns reflect the maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1.00% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

⁵  The average annual total return figures for the Fund’s Institutional Shares, which do not impose an initial sales charge, do not reflect an initial sales charge for the periods shown. Prior to March 24, 2014 (the effective date of the reorganization of the Goldman Sachs Credit Strategies Fund (the “Predecessor Fund”) into the Fund), the maximum initial sales charge applicable to sales of Common Shares of the Predecessor Fund was 2.50%, which is not reflected in the average annual total return figures shown. The Predecessor Fund commenced operations on June 15, 2009.

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 recentmonth-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the period 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.

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

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FUND BASICS

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.47	%		1.58	%
Class C		2.22			2.33
Institutional		1.13			1.24
Investor		1.22			1.33
Class P		1.12			1.23
Class R		1.72			1.83
Class R6		1.12			1.23

⁶  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2019, 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 COMPOSITION⁷

Percentage of Net Assets

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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FUND BASICS

TOP TEN INDUSTRY ALLOCATIONS8
As of March 31, 2019	Percentage of Net Assets
Automotive		7.3	%
Oil Field Services		7.3
Health Care – Services		6.1
Media		5.8
Telecommunication Services		3.7
Packaging		3.5
Chemicals		3.4
Diversified Financial Services		2.8
Pharmaceuticals		2.8
Real Estate Investment Trust		2.6

⁸The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

9

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on June 15, 2009 (the date on which the Predecessor Fund commenced operations) in Institutional Shares at NAV. The performance data in the graph for the Fund’s Institutional Shares, which do not impose an initial sales charge, do not reflect an initial sales charge for the period shown. Prior to March 24, 2014 (the effective date of the reorganization of the Predecessor Fund into the Fund), the maximum initial sales charge applicable to sales of Common Shares of the Predecessor Fund was 2.50%, which is not reflected in the following graph. For comparative purposes, the performance of the Fund’s benchmark, the ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Investor, Class P, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and repurchase cash flows affecting the Fund.

Long Short Credit Strategies Fund’s Lifetime Performance

Performance of a $1,000,000 investment, with distributions reinvested, from June 15, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Since Inception*
Class A (Commenced April 30, 2014)
Excluding sales charges	0.61%	N/A	0.30%
Including sales charges	-3.18%	N/A	-0.48%
Class C (Commenced April 30, 2014)
Excluding contingent deferred sales charges	-0.25%	N/A	-0.47%
Including contingent deferred sales charges	-1.25%	N/A	-0.47%
Institutional (Commenced June 15, 2009)**	0.84%	0.67%	4.48%
Investor (Commenced April 30, 2014)	0.75%	N/A	0.53%
Class P (Commenced April 20, 2018)	N/A	N/A	-0.07%***
Class R (Commenced April 30, 2014)	0.24%	N/A	0.03%
Class R6 (Commenced November 30, 2017)	0.85%	N/A	0.17%

* The since-inception return for Institutional Shares is from the date on which the Predecessor Fund commenced operations, June 15, 2009.

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

*** Total return for periods less than one year represents cumulative total return.

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GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments

March 31, 2019

Principal Amount			Interest Rate			Maturity Date		Value
Secured Debt Obligations – 38.0%
Bank Loans(a) – 24.3%
Aerospace(b) – 1.6%
	TransDigm, Inc. (B+/Ba2) (1M LIBOR + 2.500%)
$	1,927,906			4.999	%		06/09/23	$	1,881,155
Automotive – 1.9%
	American Axle & Manufacturing, Inc. (BB/Ba2)(b) (1M LIBOR + 2.250%)
	596,522			3.820			04/06/24		582,104
	Navistar International Corp.(BB-/Ba3)(b) (1M LIBOR + 3.500%)
	1,397,408			6.000			11/06/24		1,391,007
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc. (NR/NR)(c)
	298,000			3.500			03/18/26		294,463
									2,267,574
Chemicals(b) – 1.5%
	Consolidated Energy Finance SA (NR/Ba2) (1M LIBOR + 2.500%)
	1,515,944			4.989			05/07/25		1,462,886
	Platform Specialty Products Corp. (BB/Ba2) (1M LIBOR + 2.250%)
	133,665			2.250			01/30/26		132,412
	The Chemours Co.(BBB-/Baa3) (1M LIBOR + 1.750%)
	245,923			4.250			04/03/25		242,925
									1,838,223
Construction Machinery(b) – 0.7%
	Accudyne Industries LLC (B/B3) (1M LIBOR + 3.000%)
	389,441			5.499			08/18/24		388,899
	TEX Operations Co. LLC(BBB-/Ba1) (1M LIBOR + 2.000%)
	481,768			4.499			08/04/23		475,809
									864,708
Consumer Cyclical Services(b) – 2.2%
	First Data Corp. (BB/Ba2) (1M LIBOR + 2.000%)
	367,119			4.486			07/08/22		366,194
	(1M LIBOR + 2.000%)
	1,044,309			4.486			04/26/24		1,041,030
	Prime Security Services Borrower LLC(BB-/Ba3) (1M LIBOR + 2.750%)
	1,304,085			2.750			05/02/22		1,288,931
									2,696,155
Consumer Products(b) – 0.7%
	Energizer Holdings, Inc. (BB+/Ba1) (3M LIBOR + 2.250%)
	806,182			4.813			12/17/25		796,105
Diversified Manufacturing(b) – 0.5%
	AI Aqua Merger Sub, Inc. (B/B2) (1M LIBOR + 3.250%)
	633,091			5.749			12/13/23		606,258
Food & Beverage(b) – 0.7%
	Dole Food Co., Inc. (B/B1) (1M LIBOR + 2.750%)
	869,890			5.246			04/06/24		827,701
Health Care – Services(b) – 3.9%
	Envision Healthcare Corp. (B+/B1) (1M LIBOR + 3.750%)
	1,025,430			6.249			10/10/25		957,926
Secured Debt Obligations – (continued)
Health Care – Services(b) – (continued)
	Greenway Health LLC (B/B3) (3M LIBOR + 3.750%)
$	886,272			6.350	%		02/14/24	$	815,370
	Kindred Healthcare, Inc. (B+/B3) (1M LIBOR + 5.000%)
	771,125			7.500			06/19/25		753,775
	VVC Holding Corp. (B/B2) (3M LIBOR + 4.500%)
	2,213,000			7.197			02/11/26		2,179,805
									4,706,876
Insurance(b) – 1.0%
	Hub International Ltd. (B/B2) (3M LIBOR + 2.750%)
	1,196,986			5.515			04/25/25		1,156,085
Internet – 0.2%
	Rackspace Hosting, Inc.(BB-/B1)
	288,208			4.000			11/03/23		269,278
Media – Non Cable(b) – 2.3%
	CBS Radio, Inc.(BB-/WR) (1M LIBOR + 2.750%)
	1,036,085			5.249			11/18/24		1,006,038
	Lions Gate Capital Holdings LLC(BB-/Ba2) (1M LIBOR + 2.250%)
	1,205,139			4.340			03/24/25		1,187,062
	Univision Communications, Inc. (B/B2) (1M LIBOR + 2.750%)
	651,925			5.249			03/15/24		613,260
									2,806,360
Packaging(b) – 3.5%
	Berry Global, Inc.(BBB-/Ba2) (2M LIBOR + 2.000%)
	478,000			4.610			10/01/22		474,415
	BWAY Holding Co. (B/B2) (3M LIBOR + 3.250%)
	1,373,992			6.033			04/03/24		1,338,612
	Flex Acquisition Co., Inc. (B/B1) (3M LIBOR + 3.000%)
	606,584			5.626			12/29/23		586,615
	Reynolds Group Holdings, Inc. (B+/B1) (1M LIBOR + 2.750%)
	1,795,005			5.249			02/05/23		1,772,567
									4,172,209
Pharmaceuticals(b) – 0.5%
	Valeant Pharmaceuticals International, Inc.(BB-/Ba2) (1M LIBOR + 3.000%)
	600,000			3.000			06/02/25		595,716
Technolgy- Hardware/Software – 1.9%
	CommScope, Inc. (NR/NR)
	1,278,000			3.250			02/06/26		1,275,866
	The Dun & Bradstreet Corp.(B-/B2) (1M LIBOR + 5.000%)
	457,656	(b)		7.490			02/01/26		451,363
	SS&C Technologies, Inc. (BB+/Ba2)(b) (1M LIBOR + 2.250%)
	588,533			2.250			04/16/25		583,095
									2,310,324
Telecommunications – Wireless(b) – 0.4%
	SBA Senior Finance II LLC (BB+/B1)(1M LIBOR + 2.000%)
	478,286			4.500			04/11/25		467,678
Telecommunications-Wirelines(b) – 0.3%
	CenturyLink, Inc.(BBB-/Ba3)(1M LIBOR + 2.750%)
	384,096			5.249			01/31/25		376,176

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount			Interest Rate			Maturity Date		Value
Secured Debt Obligations – (continued)
Transportation(b) – 0.5%
	XPO Logistics, Inc.(BBB-/Baa3) (1M LIBOR + 2.000%)
$	557,000			4.499	%		02/24/25	$	547,046
	TOTAL BANK LOANS							$	29,185,627
Other Secured Debt Obligations – 13.7%
Automotive(e)(f) – 0.8%
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc. (B+/Ba3)
$	896,000			6.250	%		05/15/26	$	916,160
Commercial Services – 1.3%
	APX Group, Inc.(B-/B1)(e)
	529,000			7.875			12/01/22		528,339
	Prime Security Services Borrower LLC/Prime Finance, Inc. (B-/B3)(e)(f)
	513,000			9.250			05/15/23		539,291
	Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)(f)
	491,000			5.250			04/15/24		491,000
									1,558,630
Diversified Financial services(e)(f) – 0.7%
	VFH Parent LLC/OrchestraCo-Issuer, Inc.(B-/B1)
	824,000			6.750			06/15/22		850,780
Health Care – Services – 2.2%
	CHS/Community Health Systems, Inc.(B-/Caa1)(e)(f)
	917,000			8.000			03/15/26		878,027
	HCA, Inc.(BBB-/Baa3)
	88,000			5.000			03/15/24		93,280
	554,000			5.250			04/15/25		594,858
	Tenet Healthcare Corp.(BB-/Ba3)(e)
	1,027,000			4.625			07/15/24		1,029,567
									2,595,732
Industrials(e)(f) – 1.4%
	Ashtead Capital, Inc.(BBB-/Baa3)
	1,658,000			5.250			08/01/26		1,695,239
Insurance(e)(f) – 0.2%
	Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	186,000			8.125			02/15/24		191,580
Iron/Steel(e)(f) – 0.2%
	Cleveland-Cliffs, Inc.(BB-/Ba2)
	283,000			4.875			01/15/24		281,585
Media(e) – 2.2%
	Altice Financing SA (B+/B2)(f)
	306,000			6.625			02/15/23		312,885
	Charter Communications Operating LLC/Charter Communications Operating Capital(BBB-/Ba1)
	1,150,000			3.750			02/15/28		1,108,910
	Univision Communications, Inc. (B/B2)(f)
	500,000			5.125			05/15/23		473,750
	Virgin Media Secured Finance PLC(BB-/Ba3)(f)
	200,000			5.500			01/15/25		204,250
	Ziggo BV (B+/B1)(f)
	535,000			5.500			01/15/27		529,650
									2,629,445
Secured Debt Obligations – (continued)
Oil Field Services(e)(f) – 0.8%
	Transocean Poseidon Ltd. (B+/B1)
	287,000			6.875			02/01/27		298,480
	Transocean Proteus Ltd. (B+/NR)
	648,800			6.250			12/01/24		665,831
									964,311
Packaging & Containers(e)(f) – 0.9%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (BB/Ba3)
	627,000			4.250			09/15/22		625,433
	BWAY Holding Co. (B/B2)
	500,000			5.500			04/15/24		496,250
									1,121,683
Pharmaceuticals(e)(f) – 0.9%
	Bausch Health Cos., Inc.(BB-/Ba2)
	1,021,000	��		5.750			08/15/27		1,046,525
Telecommunications – Wireless(e)(f) – 0.7%
	CommScope Finance LLC (BB/Ba1)
	338,000			5.500			03/01/24		344,760
	ViaSat, Inc. (BB+/B1)
	540,000			5.625			04/15/27		549,450
									894,210
Telecommunications-Wirelines(f) – 1.4%
	Altice France SA (B/B2)(e)
	1,139,000			7.375			05/01/26		1,116,220
	Sprint Spectrum Co LLC/Sprint Spectrum Co II LLC/Sprint Spectrum Co III LLC (NR/Baa2)
	550,000			4.738			03/20/25		555,946
									1,672,166
	TOTAL OTHER SECURED DEBT OBLIGATIONS							$	16,418,046
	TOTAL SECURED DEBT OBLIGATIONS
	(Cost $45,675,799)							$	45,603,673
Unsecured Debt Obligations – 40.1%
Aero Leasing(e)(f) – 1.3%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust (BBB-/Baa3)(e)
$	266,000			4.875	%		01/16/24	$	276,502
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust (BBB-/Baa3)(e)
	266,000			4.450			04/03/26		266,734
	Avolon Holdings Funding Ltd. (BB+/NR)
	270,000			5.250			05/15/24		278,100
	DAE Funding LLC (BB+/Ba2)
	677,000			5.750			11/15/23		693,925
									1,515,261

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Principal Amount		Interest Rate			Maturity Date		Value
Unsecured Debt Obligations – (continued)
Aerospace & Defense(e) – 1.3%
	Bombardier, Inc.(B-/Caa1)(f)
$	527,000		7.875	%		04/15/27	$	541,493
	TransDigm UK Holdings PLC(B-/B3)(f)
	736,000		6.875			05/15/26		732,320
	Triumph Group, Inc. (CCC+/Caa1)
	323,000		7.750			08/15/25		308,465
								1,582,278
Automotive – 4.6%
	Adient Global Holdings Ltd. (B/B3)(e)(f)
	2,748,000		4.875			08/15/26		2,006,040
	Delphi Technologies PLC (BB/B1)(f)
	1,085,000		5.000			10/01/25		952,508
	Ford Motor Credit Co. LLC (BBB/Baa3)
	598,000		3.664			09/08/24		552,516
	Jaguar Land Rover Automotive PLC (B+/Ba3)(e)(f)
	1,448,000		4.500			10/01/27		1,142,110
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc. (B/B3)(e)(f)
	329,000		8.500			05/15/27		330,234
	Tesla, Inc.(B-/Caa1)(e)(f)
	701,000		5.300			08/15/25		606,365
								5,589,773
Chemicals(e)(f) – 1.9%
	Element Solutions, Inc.(BB-/B2)
	350,000		5.875			12/01/25		350,437
	NOVA Chemicals Corp. (BB+/Ba2)
	894,000		4.875			06/01/24		871,650
	Tronox Finance PLC(B-/B3)
	1,162,000		5.750			10/01/25		1,077,755
								2,299,842
Commercial Services(e)(f) – 1.0%
	Nielsen Finance LLC/Nielsen Finance Co. (BB/B1)
	541,000		5.000			04/15/22		535,590
	Ritchie Bros Auctioneers, Inc. (BB/Ba3)
	253,000		5.375			01/15/25		258,720
	The Nielsen Co. S.a.r.l. (BB/B1)
	370,000		5.000			02/01/25		356,588
								1,150,898
Computers(e)(f) – 0.7%
	Booz Allen Hamilton, Inc. (B+/B1)
	797,000		5.125			05/01/25		796,004
Diversified Financial Services – 2.1%
	Jefferies Finance LLC/JFINCo-Issuer Corp. (B+/B1)(e)(f)
	1,272,000		7.500			04/15/21		1,294,260
	350,000		6.875			04/15/22		351,888
	Lions Gate Capital Holdings LLC(B-/B2)(e)(f)
	196,000		5.875			11/01/24		201,390
	Navient Corp. (B+/Ba3)
	662,000		6.500			06/15/22		690,135
								2,537,673
Engineering & Construction(e) – 0.4%
	AECOM(BB-/Ba3)
	446,000		5.125			03/15/27		430,390

Principal Amount		Interest Rate			Maturity Date		Value
Unsecured Debt Obligations – (continued)
Entertainment(e)(f) – 0.9%
	Caesars Resort Collection LLC/CRC Finco, Inc.(B-/B3)
$	721,000		5.250	%		10/15/25	$	695,765
	Scientific Games International, Inc.(B-/Caa1)
	405,000		8.250			03/15/26		412,594
								1,108,359
Food & Drug Retailing(e)(f) – 0.7%
	Dean Foods Co. (CCC+/Caa1)
	759,000		6.500			03/15/23		497,145
	FAGE International SA/FAGE USA Dairy Industry, Inc. (BB-/B1)
	467,000		5.625			08/15/26		380,021
								877,166
Healthcare Providers & Services(e) – 1.2%
	Centene Corp. (BB+/Ba1)
	174,000		4.750			05/15/22		177,045
	305,000		4.750			01/15/25		311,100
	Charles River Laboratories International, Inc. (BB+/B1)(f)
	774,000		5.500			04/01/26		803,025
	WellCare Health Plans, Inc. (BB/Ba2)
	182,000		5.250			04/01/25		188,825
								1,479,995
Home Builders(e) – 0.7%
	Taylor Morrison Communities, Inc. (BB/Ba3)
	791,000		6.625			05/15/22		819,674
Insurance(e)(f) – 0.4%
	Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	531,000		7.000			11/15/25		477,900
Internet(e)(f) – 0.3%
	Match Group, Inc. (BB/Ba3)
	415,000		5.625			02/15/29		420,188
Iron/Steel(e) – 1.2%
	Cleveland-Cliffs, Inc. (B/B1)
	344,000		5.750			03/01/25		329,380
	United States Steel Corp. (B/B2)
	1,183,000		6.250			03/15/26		1,100,190
								1,429,570
Machinery – Construction & Mining(e)(f) – 0.6%
	Terex Corp. (BB/B2)
	708,000		5.625			02/01/25		705,345
Media(e) – 3.6%
	AMC Networks, Inc. (BB/Ba3)
	709,000		4.750			08/01/25		703,682
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)(f)
	281,000		4.000			03/01/23		279,595
	CSC Holdings LLC (BB/Ba3)(f)
	488,000		5.500			05/15/26		500,200
	Nexstar Broadcasting, Inc. (B+/B3)(f)
	108,000		5.625			08/01/24		109,620
	Sinclair Television Group, Inc. (B+/B1)(f)
	575,000		5.125			02/15/27		550,563
	Sirius XM Radio, Inc. (BB/Ba3)(f)
	852,000		5.375			07/15/26		869,040

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Unsecured Debt Obligations – (continued)
Media(e) – (continued)
	TEGNA, Inc. (BB+/Ba1)
$	591,000		6.375	%		10/15/23	$	608,730
	Tribune Media Co.(BB-/B3)
	652,000		5.875			07/15/22		665,040
								4,286,470
Oil Field Services(e) – 6.5%
	Archrock Partners LP/Archrock Partners Finance Corp. (B+/B3)
	230,000		6.000			10/01/22		231,725
	Centennial Resource Production LLC(BB-/B3)(f)
	405,000		6.875			04/01/27		409,050
	CrownRock LP/CrownRock Finance, Inc.(BB-/B3)(f)
	1,212,000		5.625			10/15/25		1,166,550
	Diamondback Energy, Inc. (BB+/Ba2)(f)
	689,000		4.750			11/01/24		701,057
	Ensco PLC (B/B3)
	1,045,000		5.200			03/15/25		809,875
	Indigo Natural Resources LLC (B+/B3)(f)
	736,000		6.875			02/15/26		650,440
	Montage Resources Corp.(B-/B3)(g)
	758,000		8.875			07/15/23		721,995
	Noble Holding International Ltd. (B+/B3)(f)
	945,000		7.875			02/01/26		881,212
	Parsley Energy LLC/Parsley Finance Corp.(BB-/B1)(f)
	500,000		5.375			01/15/25		500,000
	QEP Resources, Inc.(BB-/Ba3)
	962,000		5.375			10/01/22		935,545
	Rowan Cos., Inc.(B-/Caa1)
	470,000		4.750			01/15/24		381,288
	Sunoco LP/Sunoco Finance Corp.(BB-/B1)(f)
	130,000		6.000			04/15/27		130,325
	USA Compression Partners LP/USA Compression Finance Corp. (B+/B3)(f)
	274,000		6.875			09/01/27		279,480
								7,798,542
Pharmaceuticals – 1.4%
	Teva Pharmaceutical Finance Co. BV (BB/Ba2)
	669,000		2.950			12/18/22		624,197
	Teva Pharmaceutical Finance Netherlands III B.V. (BB/Ba2)
	1,212,000		2.800			07/21/23		1,083,843
								1,708,040
Pipeline(e)(f) – 0.3%
	CNX Midstream Partners LP/CNX Midstream Finance Corp. (BB-/B3)
	379,000		6.500			03/15/26		366,683
Real Estate Investment Trust(e) – 2.6%
	Equinix, Inc.(BBB-/Ba2)
	552,000		5.375			01/01/22		566,490
	iStar, Inc.(BB-/Ba3)
	1,257,000		5.250			09/15/22		1,238,145
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.(BB-/B1)(f)
	550,000		5.750			02/01/27		567,188
	SBA Communications Corp.(BB-/B2)
	787,000		4.000			10/01/22		788,967
								3,160,790
Unsecured Debt Obligations – (continued)
Retailing(e)(f) – 1.3%
	Golden Nugget, Inc. (CCC+/B3)
	232,000		6.750			10/15/24		232,870
	Rite Aid Corp. (CCC+/Caa1)
	1,566,000		6.125			04/01/23		1,291,950
								1,524,820
Software(e) – 0.6%
	Donnelley Financial Solutions, Inc. (B/B3)
	500,000		8.250			10/15/24		503,750
	SS&C Technologies, Inc. (B+/B2)(f)
	187,000		5.500			09/30/27		188,870
								692,620
Telecommunication Services(e) – 3.7%
	Inmarsat Finance PLC (BB/Ba3)(f)
	1,286,000		4.875			05/15/22		1,305,290
	Intelsat Jackson Holdings SA (CCC+/Caa2)(f)
	1,930,000		8.500			10/15/24		1,876,925
	Sprint Corp. (B/B3)
	165,000		7.625			03/01/26		167,063
	ViaSat, Inc. (B/Caa1)(f)
	987,000		5.625			09/15/25		945,052
	Vodafone Group PLC (NR/Ba1) (5 Year USD Swap + 4.873%)
	161,000		7.000	%		04/04/79		163,714
								4,458,044
Transportation(e)(f) – 0.8%
	XPO Logistics, Inc.(BB-/Ba3)
	592,000		6.125			09/01/23		596,440
	381,000		6.750			08/15/24		388,620
								985,060
	TOTAL UNSECURED DEBT OBLIGATIONS
	(Cost $49,886,741)						$	48,201,385
U.S. Treasury Obligation(h) – 15.0%
	United States Treasury Bill
$	18,000,000		0.000	%		04/25/19	$	17,971,920
	(Cost $17,973,064)

Shares		Description	Value
Common Stock* – 0.1%
Oil, Gas & Consumable Fuels – 0.1%
	1,141,924	Prairie Provident Resources, Inc.	$	145,322
	(Cost $2,946,424)
Units		Expiration Date	Value
Warrant*(d) – 0.0%
	Jack Cooper Enterprises, Inc. (NR/NR)
	1,734	10/17/29	$	17
	(Cost $–)

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Shares		Dividend Rate	Value
Investment Company(i) – 8.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	9,883,769	2.437%	$	9,883,769
	(Cost $9,883,769)
	TOTAL INVESTMENTS – 101.4%
	(Cost $126,365,797)		$	121,806,086
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.4)%			(1,660,663	)
	NET ASSETS – 100.0%		$	120,145,423

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2019. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.

(c)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $721,995, which represents approximately 0.6% of the Fund’s net assets as of March 31, 2019.

Restricted Security	Acquisition Date		Cost
Montage Resources Corp.(B-/B3) (Unsecured Debt Obligations)		9/12/18-9/20/18	$	770,768

(h)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(i)	Represents an affiliated issuer.

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

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

Payments Made by the Fund	Payments Received by Fund			Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3.000%(a)		3M LIBOR	(b)	06/19/26	$	10,410	(c)	$	(449,202	)	$	(91,614	)	$	(357,588	)

(a) Payments made semi-annually.

(b) Payments made quarterly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at March 31, 2019(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX.NA.HY Index 32	(5.000)%		3.484%		06/20/24	$	50,000	$	(3,412,549	)	$	(2,904,157	)	$	(508,392	)

(a) Payments made quarterly.

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

Abbreviation:
CDX.NA.HY Index 32	—CDX North America High Yield Index 32

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statement of Assets and Liabilities

March 31, 2019

Assets:
Investments of unaffiliated issuers, at value (cost $116,482,028)	$	111,922,317
Investments of affiliated issuers, at value (cost $9,883,769)		9,883,769
Cash		1,029,761
Receivables:
Investments sold		4,099,353
Investments sold on an extended settlement basis		2,303,325
Collateral on swap contracts		2,078,485
Dividends and interest		1,111,662
Reimbursement from investment adviser		112,784
Fund shares sold		9,189
Other assets		75,466
Total assets		132,626,111
Liabilities:
Variation margin on swap contracts		283,129
Payables:
Investments purchased on an extended settlement basis		9,996,825
Investments purchased		1,817,723
Management fees		101,668
Fund shares redeemed		99,883
Distribution and Service fees and Transfer Agency fees		5,713
Income distribution		52
Accrued expenses		175,695
Total liabilities		12,480,688
Net Assets:
Paid-in capital		157,253,578
Total distributable earnings (loss)		(37,108,155	)
NET ASSETS	$	120,145,423
Net Assets:
Class A	$	3,169,047
Class C		1,091,885
Institutional		22,611,082
Investor		4,260,941
Class P		87,163,168
Class R		26,191
Class R6		1,823,109
Total Net Assets	$	120,145,423
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		363,985
Class C		125,485
Institutional		2,599,957
Investor		489,638
Class P		10,033,612
Class R		3,011
Class R6		209,582
Net asset value, offering and redemption price per share:(a)
Class A		$8.71
Class C		8.70
Institutional		8.70
Investor		8.70
Class P		8.69
Class R		8.70
Class R6		8.70

(a) Maximum public offering price for Class A Shares of the Long Short Credit Strategies Fund is $9.05. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statement of Operations

For the Fiscal Year Ended March 31, 2019

Investment income:
Interest	$	10,076,384
Dividends — affiliated issuers		162,662
Total investment income		10,239,046
Expenses:
Management fees		1,823,153
Registration fees		193,525
Custody, accounting and administrative services		163,835
Professional fees		158,553
Printing and mailing costs		99,103
Transfer Agency fees(a)		77,857
Distribution and Service fees(a)		28,549
Trustee fees		16,027
Other		23,202
Total expenses		2,583,804
Less — expense reductions		(496,469	)
Net expenses		2,087,335
NET INVESTMENT INCOME		8,151,711
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(8,675,325	)
Swap contracts		(2,876,402	)
Foreign currency transactions		6,730
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		4,495,707
Swap contracts		(351,374	)
Foreign currency translation		(27,845	)
Net realized and unrealized loss		(7,428,509	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	723,202

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

Distribution and Service Fees						Transfer Agency Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class P(b)		Class R		Class R6
$	14,542	$	13,853	$	154	$	7,562	$	1,801	$	37,341	$	8,573	$	21,980	$	40	$	560

(b) Class P Shares commenced operations on April 20, 2018.

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statements of Changes in Net Assets

	For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018
From operations:
Net investment income	$	8,151,711		$	8,052,075
Net realized loss		(11,544,997	)		(210,645	)
Net change in unrealized gain (loss)		4,116,488			(5,426,941	)
Net increase in net assets resulting from operations		723,202			2,414,489
Distributions to shareholders:
From distributable earnings:
Class A Shares		(326,270	)		(307,188	)(a)
Class C Shares		(67,583	)		(62,489	)(a)
Institutional Shares		(4,124,356	)		(8,171,229	)(a)
Investor Shares		(405,543	)		(283,503	)(a)
Class P Shares(b)		(5,378,337	)		—
Class R Shares		(1,512	)		(1,206	)(a)
Class R6 Shares(c)		(109,745	)		(13,582	)(a)
Total distributions to shareholders		(10,413,346	)		(8,839,197	)
From share transactions:
Proceeds from sales of shares		145,191,325			86,574,352
Reinvestment of distributions		10,328,319			8,321,523
Cost of shares redeemed		(244,474,444	)		(83,856,837	)
Net increase (decrease) in net assets resulting from share transactions		(88,954,800	)		11,039,038
TOTAL INCREASE (DECREASE)		(98,644,944	)		4,614,330
Net assets:(d)
Beginning of year		218,790,367			214,176,037
End of year	$	120,145,423		$	218,790,367

(a) Prior year information has been revised to conform to current year presentation. Distributions to shareholders consisted solely of net investment income for the fiscal year ended March 31, 2018.

(b) Commenced operations on April 20, 2018.

(c) Commenced operations on November 30, 2017.

(d) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $3,081,848 as of March 31, 2018.

The accompanying notes are an integral part of these financial statements. 19

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Long Short Credit Strategies Fund
	Class A Shares
	Year Ended March 31,												Period Ended March 31, 2015(a)
	2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.19		$	9.45		$	9.47		$	9.79		$	10.52
Net investment income(b)		0.38			0.32			0.33			0.32			0.31
Net realized and unrealized loss		(0.34	)		(0.24	)		(0.03	)		(0.30	)		(0.65	)
Total from investment operations		0.04			0.08			0.30			0.02			(0.34	)
Distributions to shareholders from net investment income		(0.52	)		(0.34	)		(0.32	)		(0.34	)		(0.30	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.09	)
Total distributions		(0.52	)		(0.34	)		(0.32	)		(0.34	)		(0.39	)
Net asset value, end of period	$	8.71		$	9.19		$	9.45		$	9.47		$	9.79
Total return(c)		0.61	%		0.86	%		3.20	%		0.19	%		(3.28	)%
Net assets, end of period (in 000s)	$	3,169		$	6,984		$	12,673		$	8,358		$	6,943
Ratio of net expenses to average net assets		1.47	%		1.43	%		1.45	%		1.49	%		1.57	%(d)
Ratio of total expenses to average net assets		1.74	%		1.54	%		1.62	%		1.57	%		1.62	%(d)
Ratio of net investment income to average net assets		4.15	%		3.40	%		3.43	%		3.34	%		3.35	%(d)
Portfolio turnover rate(e)		220	%		267	%		266	%		173	%		164	%

(a) Commenced operations on April 30, 2014.

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Long Short Credit Strategies Fund
	Class C Shares
	Year Ended March 31,												Period Ended March 31, 2015(a)
	2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.19		$	9.45		$	9.47		$	9.79		$	10.52
Net investment income(b)		0.31			0.25			0.26			0.25			0.24
Net realized and unrealized loss		(0.34	)		(0.24	)		(0.03	)		(0.31	)		(0.66	)
Total from investment operations		(0.03	)		0.01			0.23			(0.06	)		(0.42	)
Distributions to shareholders from net investment income		(0.46	)		(0.27	)		(0.25	)		(0.26	)		(0.22	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.09	)
Total distributions		(0.46	)		(0.27	)		(0.25	)		(0.26	)		(0.31	)
Net asset value, end of period	$	8.70		$	9.19		$	9.45		$	9.47		$	9.79
Total return(c)		(0.25	)%		0.12	%		2.43	%		(0.55	)%		(3.95	)%
Net assets, end of period (in 000s)	$	1,092		$	1,545		$	2,692		$	1,773		$	1,016
Ratio of net expenses to average net assets		2.22	%		2.18	%		2.20	%		2.23	%		2.30	%(d)
Ratio of total expenses to average net assets		2.52	%		2.29	%		2.37	%		2.32	%		2.38	%(d)
Ratio of net investment income to average net assets		3.39	%		2.65	%		2.68	%		2.61	%		2.61	%(d)
Portfolio turnover rate(e)		220	%		267	%		266	%		173	%		164	%

(a) Commenced operations on April 30, 2014.

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Long Short Credit Strategies Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of period	$	9.18		$	9.44		$	9.46		$	9.78		$	10.51
Net investment income(a)		0.41			0.35			0.36			0.35			0.37
Net realized and unrealized loss		(0.34	)		(0.23	)		(0.03	)		(0.30	)		(0.66	)
Total from investment operations		0.07			0.12			0.33			0.05			(0.29	)
Distributions to shareholders from net investment income		(0.55	)		(0.38	)		(0.35	)		(0.37	)		(0.35	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.09	)
Total distributions		(0.55	)		(0.38	)		(0.35	)		(0.37	)		(0.44	)
Net asset value, end of period	$	8.70		$	9.18		$	9.44		$	9.46		$	9.78
Total return(b)		0.84	%		1.32	%		3.55	%		0.53	%		(2.77	)%
Net assets, end of period (in 000s)	$	22,611		$	199,256		$	189,429		$	173,758		$	190,148
Ratio of net expenses to average net assets		1.13	%		1.09	%		1.11	%		1.15	%		1.27	%
Ratio of total expenses to average net assets		1.30	%		1.19	%		1.28	%		1.23	%		1.35	%
Ratio of net investment income to average net assets		4.45	%		3.74	%		3.77	%		3.68	%		3.57	%
Portfolio turnover rate(c)		220	%		267	%		266	%		173	%		164	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. 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.

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Long Short Credit Strategies Fund
	Investor Shares
	Year Ended March 31,												Period Ended March 31, 2015(a)
	2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.19		$	9.45		$	9.47		$	9.79		$	10.52
Net investment income(b)		0.40			0.35			0.35			0.35			0.33
Net realized and unrealized loss		(0.34	)		(0.24	)		(0.03	)		(0.31	)		(0.65	)
Total from investment operations		0.06			0.11			0.32			0.04			(0.32	)
Distributions to shareholders from net investment income		(0.55	)		(0.37	)		(0.34	)		(0.36	)		(0.32	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.09	)
Total distributions		(0.55	)		(0.37	)		(0.34	)		(0.36	)		(0.41	)
Net asset value, end of period	$	8.70		$	9.19		$	9.45		$	9.47		$	9.79
Total return(c)		0.75	%		1.12	%		3.45	%		0.44	%		(3.05	)%
Net assets, end of period (in 000s)	$	4,261		$	7,357		$	9,347		$	5,067		$	2,475
Ratio of net expenses to average net assets		1.22	%		1.18	%		1.20	%		1.23	%		1.30	%(d)
Ratio of total expenses to average net assets		1.50	%		1.28	%		1.38	%		1.32	%		1.40	%(d)
Ratio of net investment loss to average net assets		4.41	%		3.66	%		3.69	%		3.61	%		3.60	%(d)
Portfolio turnover rate(e)		220	%		267	%		266	%		173	%		164	%

(a) Commenced operations on April 30, 2014.

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout the Period

	Goldman Sachs Long Short Credit Strategies Fund
	Class P
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	9.25
Net investment income(b)		0.38
Net realized and unrealized loss		(0.40	)
Total from investment operations		(0.02	)
Distributions to shareholders from net investment income		(0.54	)
Net asset value, end of period	$	8.69
Total return(c)		(0.07	)%
Net assets, end of period (in 000s)	$	87,163
Ratio of net expenses to average net assets		1.12	%(d)
Ratio of total expenses to average net assets		1.52	%(d)
Ratio of net investment income to average net assets		4.55	%(d)
Portfolio turnover rate(e)		220	%

(a) Class P Shares commenced operations on April 20, 2018.

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Long Short Credit Strategies Fund
	Class R Shares
	Year Ended March 31,												Period Ended March 31, 2015(a)
	2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.19		$	9.45		$	9.47		$	9.78		$	10.52
Net investment income(b)		0.35			0.30			0.30			0.30			0.28
Net realized and unrealized loss		(0.34	)		(0.24	)		(0.02	)		(0.30	)		(0.65	)
Total from investment operations		0.01			0.06			0.28			—			(0.37	)
Distributions to shareholders from net investment income		(0.50	)		(0.32	)		(0.30	)		(0.31	)		(0.28	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.09	)
Total distributions		(0.50	)		(0.32	)		(0.30	)		(0.31	)		(0.37	)
Net asset value, end of period	$	8.70		$	9.19		$	9.45		$	9.47		$	9.78
Total return(c)		0.24	%		0.61	%		2.94	%		0.04	%		(3.57	)%
Net assets, end of period (in 000s)	$	26		$	36		$	35		$	33		$	32
Ratio of net expenses to average net assets		1.72	%		1.68	%		1.70	%		1.74	%		1.84	%(d)
Ratio of total expenses to average net assets		2.01	%		1.78	%		1.87	%		1.83	%		1.93	%(d)
Ratio of net investment income to average net assets		3.88	%		3.15	%		3.18	%		3.08	%		2.98	%(d)
Portfolio turnover rate(e)		220	%		267	%		266	%		173	%		164	%

(a) Commenced operations on April 30, 2014.

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Long Short Credit Strategies Fund
	Class R6 Shares
	Year Ended March 31, 2019			Period Ended March 31, 2018(a)
Per Share Data
Net asset value, beginning of period	$	9.18		$	9.48
Net investment income(b)		0.40			0.13
Net realized and unrealized loss		(0.33	)		(0.20	)
Total from investment operations		0.07			(0.07	)
Distributions to shareholders from net investment income		(0.55	)		(0.23	)
Net asset value, end of period	$	8.70		$	9.18
Total return(c)		0.85	%		(0.62	)%
Net assets, end of period (in 000s)	$	1,823		$	3,612
Ratio of net expenses to average net assets		1.12	%		1.11	%(d)
Ratio of total expenses to average net assets		1.43	%		1.05	%(d)
Ratio of net investment income to average net assets		4.49	%		4.27	%(d)
Portfolio turnover rate(e)		220	%		267	%

(a) Commenced operations on November 30, 2017.

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements

March 31, 2019

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. Goldman Sachs Long Short Credit Strategies Fund (the “Fund”) is a diversified fund that currently offers seven classes of shares: Class A, Class C, Institutional, Investor, Class P (commenced operations on April 20, 2018), Class R and Class R6 Shares. Class A Shares are sold with a front-end sales charge of up to 3.75%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00% which is imposed on redemptions made within 12 months of purchase.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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.

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

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

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

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

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

27

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements(continued)

March 31, 2019

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). The Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. The Fund generally

28

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in the Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

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

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

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

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

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

i.  Swap Contracts — Bilateral swap contracts are agreements in which the Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between the Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are

29

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

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

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

30

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of March 31, 2019:

Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—	$	29,185,627		$	—
Other Secured Obligations		—		16,418,046			—
Unsecured Debt Obligations		—		48,201,385			—
U.S. Treasury Obligations		17,971,920		—			—
Common Stock and/or Other Equity Investments
North America		—		145,322			—
Warrants		—		—			17
Investment Company		9,883,769		—			—
Total	$	27,855,689	$	93,950,380		$	17
Derivative Type
Liabilities(a)
Interest Rate Swap Contracts	$	—	$	(357,588	)	$	—
Credit Default Swap Contracts		—		(508,392	)		—
Total	$	—	$	(865,980	)	$	—

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2019. These instruments were used as part of the Fund’s investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Fund’s net exposure.

Risk	Statement of Assets and Liabilities	Liabilities(a)
Interest rate	Variation Margin on swap contracts	$	(357,588	)
Credit	Variation Margin on swap contracts		(508,392	)
Total		$	(865,980	)

(a) Includes unrealized gain (loss) on centrally cleared swaps described in the Additional Investment Information sections of the Schedule of Investments. Only variation margin as of March 31, 2019 is reported within the Statement of Assets and Liabilities.

31

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements(continued)

March 31, 2019

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2019. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statement of Operations:

Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	5,488		$	(184,217	)		1
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(2,881,890	)		(167,157	)		1
Total		$	(2,876,402	)	$	(351,374	)		2

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2019.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the fiscal year ended March 31, 2019, contractual and effective net management fees with GSAM were at the following rates:

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

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

The Fund invests in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Fund invests. For the fiscal year ended March 31, 2019, GSAM waived $13,581 of the Fund’s management fee.

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

32

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

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

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

D.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Fund pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended March 31, 2019, Goldman Sachs retained $2 in front end sales charges, and it did not retain any contingent deferred sales charges.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.03% of average daily net assets with respect to Class P and Class R6 Shares, 0.04% of average daily net assets with respect to the Institutional Shares and 0.13% of average daily net assets with respect to the Class A, Class C, Investor and Class R Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets of the Fund is 0.094%. The Other Expense limitation will remain in place through at least July 29, 2019, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Fund’s expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended March 31, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Management Fee Waiver		Transfer Agency Fee Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
$	13,581	$	22	$	482,866	$	496,469

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

33

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements(continued)

March 31, 2019

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

fiscal year ended March 31, 2019, the Fund did not have any borrowings under the facility. The facility was decreased to $580,000,000 effective April 30, 2019.

H.  Other Transactions with Affiliates — For the fiscal year ended March 31, 2019, Goldman Sachs did not earn any brokerage commissions from portfolio transactions.

As of March 31, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of 96% of outstanding Class R Shares of the Fund.

The following table provides information about the Fund’s investments in the Underlying Fund as of and for the fiscal year ended March 31, 2019:

Beginning Value as of March 31, 2018		Purchases at Cost		Proceeds from Sales		Ending Value as of March 31, 2019		Shares as of March 31, 2019		Dividend Income
$	19,288,690	$	205,545,325	$	214,950,246	$	9,883,769		9,883,769	$	162,662

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2019, were:

Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
$	—	$	355,961,423	$	—	$	451,693,299

7. TAX INFORMATION

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

Distribution paid from:
Ordinary income	$	10,413,346

The tax character of distributions paid during the fiscal year ended March 31, 2018 was as follows:

Distribution paid from:
Ordinary income	$	8,839,197

34

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

7. TAX INFORMATION (continued)

As of March 31, 2019, the components of accumulated earnings (losses) on a tax basis were as follows:

Undistributed ordinary income — net	$	1,641,441
Undistributed long-term capital gains		—
Total undistributed earnings	$	1,641,441
Capital loss carryforwards:
Perpetual Short-Term	$	(24,205,106	)
Perpetual Long-Term		(3,356,125	)
Total capital loss carryforwards	$	(27,561,231	)
Timing differences (Post October Loss Deferral/Distributions Payable)	$	(6,463,263	)
Unrealized gains (losses) — net		(4,725,102	)
Total accumulated earnings (losses) net	$	(37,108,155	)

As of March 31, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	125,747,758
Gross unrealized gain		1,460,394
Gross unrealized loss		(6,185,496	)
Net unrealized gains (losses)	$	(4,725,102	)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, differences to the tax treatment of underlying fund investments, swap transactions, and material modification of debt securities.

In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from certain non-deductible expenses.

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

8. OTHER RISKS

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

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less

35

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements(continued)

March 31, 2019

8. OTHER RISKS (continued)

foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Foreign Custody Risk — If the Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

Liquidity Risk — The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an

36

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

8. OTHER RISKS (continued)

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.

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

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

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

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

9. INDEMNIFICATIONS

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

37

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements(continued)

March 31, 2019

10. OTHER MATTERS

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 — Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. GSAM is currently evaluating the impact, if any, of the amendments.

11. SUBSEQUENT EVENTS

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

38

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		187,841		$	1,688,703			63,885		$	604,562
Reinvestment of distributions		37,564			325,884			32,744			306,450
Shares redeemed		(621,174	)		(5,513,680	)		(677,690	)		(6,395,943	)
		(395,769	)		(3,499,093	)		(581,061	)		(5,484,931	)
Class C Shares
Shares sold		2,339			21,500			14,372			136,165
Reinvestment of distributions		7,831			67,504			6,688			62,443
Shares redeemed		(52,865	)		(469,684	)		(137,852	)		(1,295,980	)
		(42,695	)		(380,680	)		(116,792	)		(1,097,372	)
Institutional Shares
Shares sold		1,094,503			9,938,491			8,256,838			78,059,755
Reinvestment of distributions		456,429			4,039,696			819,779			7,654,633
Shares redeemed		(20,645,953	)		(187,550,998	)		(7,440,296	)		(69,967,118	)
		(19,095,021	)		(173,572,811	)		1,636,321			15,747,270
Investor Shares
Shares sold		261,703			2,358,837			420,340			3,973,796
Reinvestment of distributions		46,765			405,540			30,268			283,209
Shares redeemed		(619,379	)		(5,489,449	)		(639,261	)		(6,047,796	)
		(310,911	)		(2,725,072	)		(188,653	)		(1,790,791	)
Class P Shares(a)
Shares sold		14,275,383			130,828,502			—			—
Reinvestment of distributions		626,192			5,378,440			—			—
Shares redeemed		(4,867,963	)		(43,284,558	)		—			—
		10,033,612			92,922,384			—			—
Class R Shares
Shares sold		148			1,292			81			763
Reinvestment of distributions		174			1,510			129			1,206
Shares redeemed		(1,209	)		(11,075	)		—			—
		(887	)		(8,273	)		210			1,969
Class R6 Shares(b)
Shares sold		39,312			354,000			408,070			3,799,311
Reinvestment of distributions		12,636			109,745			1,470			13,582
Shares redeemed		(235,684	)		(2,155,000	)		(16,222	)		(150,000	)
		(183,736	)		(1,691,255	)		393,318			3,662,893
NET INCREASE (DECREASE)		(9,995,407	)	$	(88,954,800	)		1,143,343		$	11,039,038

(a) Class P Shares commenced operations on April 20, 2018.

(b) Class R6 Shares commenced operations on November 30, 2017.

39

Report of Independent Registered Public

Accounting Firm

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

Goldman Sachs Long Short Credit Strategies Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Long Short Credit Strategies Fund (one of the funds constituting Goldman Sachs Trust, referred to hereafter as the “Fund”) as of March 31, 2019, the related statement of operations for the year ended March 31, 2019, the statements of changes in net assets for each of the two years in the period ended March 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2019 , the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2019 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 24, 2019

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

40

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Fund Expenses — Six Month Period Ended March 31, 2019  (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2018 through March 31, 2019, which represents a period of 182 days in a 365-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 Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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

	Long Short Credit Strategies Fund
Share Class	Beginning Account Value 10/1/18			Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*
Class A
Actual	$	1,000.00		$	997.00		$	7.32
Hypothetical 5% return		1,000.00	��		1,017.60	+		7.39
Class C
Actual		1,000.00			992.10			11.03
Hypothetical 5% return		1,000.00			1,013.86	+		11.15
Institutional
Actual		1,000.00			998.60			5.63
Hypothetical 5% return		1,000.00			1,019.30	+		5.69
Investor
Actual		1,000.00			997.10			6.07
Hypothetical 5% return		1,000.00			1,018.85	+		6.14
Class P
Actual		1,000.00			998.60			5.58
Hypothetical 5% return		1,000.00			1,019.35	+		5.64
Class R
Actual		1,000.00			994.60			8.55
Hypothetical 5% return		1,000.00			1,016.36	+		8.65
Class R6
Actual		1,000.00			998.60			5.58
Hypothetical 5% return		1,000.00			1,019.35	+		5.64

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

* Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Class A	Class C			Institutional			Investor			Class P			Class R			Class R6
1.47%		2.22	%		1.13	%		1.22	%		1.12	%		1.72	%		1.12	%

41

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer Age: 70	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/ Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Kathryn A. Cassidy Age: 65	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Diana M. Daniels Age: 69	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003- 2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Roy W. Templin Age: 58	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 67	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

42

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 56	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	156	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2019.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2019, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 29 portfolios (19 of which offered shares to the public).

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

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

43

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 56	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 47	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

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

¹  Information is provided as of March 31, 2019.

² Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

44

FUNDS PROFILE

Goldman Sachs Funds

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

Today, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.38 trillion in assets under supervision as of March 31, 2019, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^sm

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ InvestorTax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal andTax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Municipal Income Completion Fund

∎ Short DurationTax-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

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S.Tax-Managed Equity Fund

∎ InternationalTax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-ManagerNon-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund⁴

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

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

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

TRUSTEES Jessica Palmer,Chair Kathryn A. Cassidy Diana M. Daniels James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara,President Joseph F. DiMaria,Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus,Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Web site atwww.GSAMFUNDS.com to obtain the most recentmonth-end returns.

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

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

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available (I) without charge, upon request by calling1-800-526-7384 (for Retail Shareholders) or1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (“SEC”) website at http://www.sec.gov.

The Fund will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s website at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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

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

Fund holdings and allocations shown are as of March 31, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

© 2019 Goldman Sachs. All rights reserved. 165295-OTU-977781 FIALTAR-19

Goldman Sachs Funds

Annual Report	March 31, 2019
	Multi Sector Fixed Income Funds
	Bond Fund
	Core Fixed Income
	Global Income
	Strategic Income

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

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

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

Goldman Sachs Multi Sector Fixed Income Funds

∎ BOND FUND

∎ CORE FIXED INCOME

∎ GLOBAL INCOME

∎ STRATEGIC INCOME

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	5
Schedules of Investments	33
Financial Statements	101
Financial Highlights	107
Bond Fund	107
Core Fixed Income	115
Global Income	123
Strategic Income	130
Notes to the Financial Statements	137
Report of Independent Registered Public Accounting Firm	164
Other Information	165

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS MULTI SECTOR 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:

∎ Assess relative value among sectors (such as mortgage-backed and corporate debt securities) andsub-sectors

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

∎ 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

Fixed Income portfolios that:

∎ Include domestic and global investment options, income opportunities, and access to areas of specialization

∎ 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

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

1

MARKET REVIEW

Goldman Sachs Multi Sector Fixed Income Funds

Market Review

During the 12 months ended March 31, 2019 (the “Reporting Period”), the performance of the fixed income markets was most influenced by economic data, central bank monetary policy and geopolitics.

When the Reporting Period began with the second quarter of 2018, spread, or non-government bond, sectors broadly weakened amid increased U.S.-China trade tensions, political events in emerging markets countries and Italy, higher U.S. interest rates and a stronger U.S. dollar. U.S. high yield corporate bonds, however, generated a small positive return. Rising oil prices were a tailwind for the broader high yield corporate bond sector, as many energy issuers are high yield rated. In June 2018, the U.S. Federal Reserve (“Fed”) raised short-term interest rates, the seventh rate hike since December 2015. The Fed’s dot plot pointed to two more interest rate increases in 2018, implying a total of four rate hikes in the calendar year. (The “dot plot” shows interest rate projections of the members of the Federal Open Market Committee.) U.S. economic growth strengthened, with the Gross Domestic Product expanding at an annualized rate of 4.2% in the second calendar quarter. In contrast, economic growth softened in the Eurozone, Japan and China. Meanwhile, the European Central Bank (“ECB”) announced plans to taper its quantitative easing program beginning September 2018. The U.S. dollar appreciated relative to many major currencies during the second quarter of 2018.

Spread sectors performed well during the third quarter of 2018, as the global economy — led by particularly strong economic growth in the U.S. — expanded. However, some major economies, including those of the Eurozone, the U.K. and China, continued to exhibit a gradual softening trend. Emerging markets debt broadly posted gains, with strength in July and September 2018 outweighing pronounced August weakness. High yield corporate bonds also advanced, recording their best quarterly performance since the first quarter of 2017. In September 2018, the Fed delivered the eighth interest rate hike of its current tightening cycle, with its dot plot pointing to another increase by calendaryear-end and three more during 2019. Fed Chair Jerome Powell delivered an upbeat assessment of the U.S. economy, which supported market expectations for these additional Fed rate hikes in 2019. U.S. Treasury yields rose in response, followed in turn by interest rates in other developed markets countries. In the third calendar quarter, the U.S. dollar appreciated modestly relative to many major currencies.

During the fourth quarter of 2018, investor concerns about slowing global economic growth momentum as well as tighter financial conditions, mainly in the U.S., weighed on spread sector performance. In particular, U.S. corporate bonds experienced weakness, as credit spreads, or yield differentials versus duration-equivalent U.S. Treasury securities, widened significantly. U.S. Treasury yields fell as investors grew fearful about the possible end of the global economic cycle, which led in turn to diminished expectations for further Fed interest rate hikes. In December 2018, Fed policymakers raised short-term interest rates, much as the market had expected, but lowered their projection for 2019 monetary policy tightening from three rate hikes to two. U.S. economic activity data — as reflected by Purchasing Managers’ Index and Institute for Supply Management surveys — remained in expansionary territory during the fourth calendar quarter but moderated from cycle highs. Headline inflation pressures eased as crude oil prices declined. In the fourth quarter of 2018, the U.S. dollar continued to appreciate versus many major currencies.

In the first quarter of 2019, spread sectors broadly posted gains, as dovish pivots by global central banks boosted investor sentiment and helped fuel rallies in both sovereign government

2

MARKET REVIEW

bonds and riskier segments of the fixed income market. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Notably, high yield corporate bonds recorded their strongest start to a calendar year on record. The Fed kept its monetary policy unchanged during the first calendar quarter, with its dot plot projecting no interest rate hikes at all during 2019. Meanwhile, the ECB extended its forward guidance, noting that its interest rates would remain unchanged through 2019. Other developed markets’ central banks — namely, those of Australia, New Zealand, Switzerland and, to some degree, the U.K. — also turned dovish. The U.S. economy continued to benefit from strength in household consumption, which was underpinned by a healthy labor market. During the first quarter of 2019, the U.S. dollar strengthened relative to many major currencies.

For the Reporting Period overall, spread sector performance was mixed. High yield corporate bonds outperformed U.S. Treasury securities, with commercial mortgage-backed securities and asset-backed securities also outpacing U.S. Treasury securities, though to a lesser extent. Sovereign emerging markets debt underperformed U.S. Treasury securities, followed at some distance by investment grade corporate bonds, agency securities and mortgage-backed securities. During the Reporting Period, the U.S. Treasury yield curve, or spectrum of maturities, flattened, as yields on maturities of two years and less rose and yields on longer-term maturities fell. (Yield curve is a spectrum of interest rates for U.S. Treasuries based on maturities of varying lengths. A flattening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows.) The yield on the bellwether10-year U.S. Treasury fell approximately 33 basis points to end the Reporting Period at 2.41%. Toward the end of the Reporting Period, the U.S. Treasury yield curve experienced a partial inversion. More specifically, the spread between the yields on three-month and10-year U.S. Treasury securities inverted for the first time since 2007, meaning three-month yields were higher than those of10-year U.S. Treasury securities. (A full inversion occurs when shorter-term yields exceed all longer-term yields.)

Looking Ahead

At the end of the Reporting Period, we believed the global economy had transitioned from a period of above-trend growth and rapid absorption of slack, particularly in the labor markets, to a period of near-trend growth with slower absorption of slack. In our opinion, global economic growth is likely to stabilize in the months ahead around levels seen at the end of the Reporting Period. Three key factors underpin our view. First, the Fed has pivoted from steady interest rate hikes to a dovish policy stance, and other developed markets central banks have followed suit. Second, China has taken a series of policy support steps to curtail the downward momentum in its economy, helping to ease external pressures on other Asian countries as well as on Europe. Third, the global trade backdrop has evolved from deteriorating to improving, with many investors anticipating a U.S.-China trade deal in the near term. Overall, we consider the short-term risk of recession to be low, should consumers broadly continue to drive economic growth, supported by healthy household balance sheets and strong labor markets.

Regarding global inflation, we think 2019 will likely be rather uneventful. The risks, we believe, are tilted toward softer inflation, as evidenced by easing pressures across core consumer prices, survey and market-based measures, producer prices, commodities, labor market slack and growth of money supply and credit.

As for the partial inversion of the U.S. Treasury yield curve, it is considered by some market participants to be a signal of an impending recession. However, we believe a comparison of

3

MARKET REVIEW

the inversion that occurred during the Reporting Period with historical instances is flawed, given that short-term interest rates remain low relative to those during prior inversions. Furthermore, term premiums are lower following the Fed’s quantitative easing, and inflation expectations are comparatively more contained. (Term premium is the compensation that investors generally receive for the added risk of owning longer-term bonds.) In our view, both of these factors can result in lower yields across the entire U.S. Treasury yield curve.

4

FUND RESULTS

Goldman Sachs Bond Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Bond Fund’s (the “Fund”) performance and positioning for the12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 3.84%, 2.97%, 4.19%, 3.67%, 4.10%, 3.58% and 4.10%, respectively. These returns compare to the 4.48% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Bloomberg Barclays Index”), during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 4.72%. This compares to the 5.38% cumulative total return of the Bloomberg Barclays Index during the same time period.

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

A Ourtop-down currency strategy detracted from relative results during the Reporting Period, primarily due to exposure to emerging market currencies. A long position in the Argentine peso was the biggest detractor, followed by positioning around the South African rand, i.e. overweight until August 2018 and then rather close to the weighting of the Bloomberg Barclays Index. The currency strategy is primarily implemented via currency forwards.

The Fund’s country strategy contributed most positively to relative performance during the Reporting Period. Within the Fund’s country strategy, long positions in European rates versus short positions in the rates of other developed countries contributed positively to relative results. The Fund’s country strategy is primarily implemented via interest rate swaps and/or futures.

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

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

Bottom-up individual issue selection overall contributed positively to relative performance, especially within the corporate credit sector.

Q Which fixed income market sectors most significantly affected Fund performance?

A Implemented via our cross-sector strategy, the Fund’s positioning within the high yield corporate credit sector, i.e. a lesser exposure during the first half of the Reporting Period and a greater exposure during the second half of the Reporting Period, contributed most positively. The Fund’s paired duration target trades also added value during the Reporting Period as did the Fund’s overweight exposures to emerging markets debt and asset-backed securities. These positive contributors were partially offset by positioning around investment grade corporate credit, i.e. underweight relative to the Bloomberg Barclays Index in the first half of the Reporting Period and overweight on a relative basis during the second half of the Reporting Period, which detracted.

5

FUND RESULTS

Security selection strategies overall contributed positively to relative performance. Selection within the corporate credit sector boosted relative results most, primarily due to tactical credit curve positioning. Selections of investment grade corporate credit also added value as did selections of high yield industrial corporate credit. Selection within the securitized sector also proved beneficial due largely to selections of collateralized loan obligations and mortgage-backed securities. Individual issue selection within the government/swaps sector contributed positively driven by global yield curve steepener trades. (A steepening yield curve is one wherein the differential between short-term and long-term yields widens.) The Fund’s government/swaps strategy is primarily implemented via interest rate swaps and/or futures. Only partially offsetting these positive contributors was security selection within the emerging markets debt sector, which detracted. Selections of emerging markets debt from Argentina, Venezuela and Jamaica hurt most during the Reporting Period.

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

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

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

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

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

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

A During the Reporting Period, we increased the Fund’s exposures relative to the Bloomberg Barclays Index in quasi-government securities, commercial mortgage-backed securities, residential mortgage-backed securities (especially pass-through mortgage-backed securities), investment grade corporate bonds and high yield corporate bonds. Relative to the Bloomberg Barclays Index, we decreased the Fund’s exposures to U.S. Treasuries, asset-backed securities and emerging markets debt during the Reporting Period. The Fund’s position in cash was reduced during the Reporting Period as well.

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

6

FUND RESULTS

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

A After 28 years of distinguished service, Jonathan Beinner, chief investment officer (“CIO”) andco-head of the Global Fixed Income and Liquidity Solutions team in Goldman Sachs Asset Management (“GSAM”) andco-head of the cross-sector strategy within Fixed Income, decided to retire from the firm at the end of March 2019. He became an advisory director at that time. Sam Finkelstein and Ashish Shah, deputyco-CIOs of Fixed Income, becameco-CIOs for the global Fixed Income business, assuming Jon’s CIO responsibilities effective January 2019. Andrew Wilson became the head of GSAM Global Fixed Income and Liquidity Solutions. Also effective January 1, 2019, Jon no longer served as a portfolio manager for the Fund, and Ashish Shah joined Michael Swell, Managing Director, as a portfolio manager for the Fund.

Q How was the Fund positioned relative to its benchmark index at the end of March 2019?

A At the end of March 2019, the Fund had overweighted allocations relative to the Bloomberg Barclays Index on a market-value weighted basis in investment grade corporate bonds, asset-backed securities, pass-through mortgage-backed securities and, to a lesser extent, in quasi-government securities and high yield corporate bonds. The Fund also had modest exposure to municipal bonds, which is a sector not represented in the Bloomberg Barclays Index. The Fund had underweighted exposure relative to the Bloomberg Barclays Index in U.S. government securities and held rather neutral positions compared to the Bloomberg Barclays Index in commercial mortgage-backed securities and emerging markets debt. The Fund had no exposure to covered bonds at the end of the Reporting Period. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also maintained a position in cash* at the end of the Reporting Period. The Fund had a neutral overall duration compared to that of the Bloomberg Barclays Index at the end of the Reporting Period but maintained a short U.S. duration position relative to the Bloomberg Barclays Index.

7

FUND BASICS

Bond Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			Bloomberg Barclays U.S. Aggregate Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		3.84	%		4.48	%		2.70	%		2.28	%
Class C		2.97			4.48			2.06			1.62
Institutional		4.19			4.48			3.13			2.69
Service		3.67			4.48			2.63			2.20
Investor		4.10			4.48			3.04			2.60
Class R		3.58			4.48			2.54			2.11
Class R6		4.10			4.48			3.14			2.70
April 20, 2018–March 31, 2019
Class P		4.72	%		5.38	%		3.14	%		2.70	%

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

²  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The Index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the30-Day Standardized Subsidized Yieldis 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. The30-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. The30-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, the30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

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 recentmonth-end returns. Performance reflects fee waivers and/or expense limitations in effect during the period 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.

8

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-0.08	%		1.43	%		4.35	%		3.67	%	11/30/06
Class C		1.95			1.45			3.98			3.21		11/30/06
Institutional		4.19			2.56			5.11			4.35		11/30/06
Service		3.67			2.06			4.60			4.03		6/20/07
Investor		4.10			2.49			4.99			4.08		11/30/07
Class P		N/A			N/A			N/A			4.72		4/20/18
Class R		3.58			1.96			4.49			3.59		11/30/07
Class R6		4.10			N/A			N/A			2.34		7/31/15

⁴  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 calendarquarter-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, themaximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown. Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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 recentmonth-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.79	%		0.93	%
Class C		1.54			1.68
Institutional		0.45			0.59
Service		0.95			1.09
Investor		0.54			0.68
Class P		0.44			0.58
Class R		1.04			1.18
Class R6		0.44			0.58

⁵  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 leastJuly 29, 2019, 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.

9

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁷  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.

⁸  “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

10

GOLDMAN SACHS BOND FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Investor, Class P, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Bond Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced November 30, 2006)
Excluding sales charges	3.84%	2.22%	4.76%	3.99%
Including sales charges	-0.08%	1.43%	4.35%	3.67%
Class C (Commenced November 30, 2006)
Excluding contingent deferred sales charges	2.97%	1.45%	3.98%	3.21%
Including contingent deferred sales charges	1.95%	1.45%	3.98%	3.21%
Institutional Class (Commenced November 30, 2006)	4.19%	2.56%	5.11%	4.35%
Service Class (Commenced June 20, 2007)	3.67%	2.06%	4.60%	4.03%
Investor Class (Commenced November 30, 2007)	4.10%	2.49%	4.99%	4.08%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	4.72%*
Class R (Commenced November 30, 2007)	3.58%	1.96%	4.49%	3.59%
Class R6 (Commenced July 31, 2015)	4.10%	N/A	N/A	2.34%

* Total return for periods of less than one year represents cumulative total return.

11

FUND RESULTS

Goldman Sachs Core Fixed Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Core Fixed Income Fund’s (the “Fund”) performance and positioning for the12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 4.40%, 3.52%, 4.75%, 4.23%, 4.66%, 4.14% and 4.76%, respectively. These returns compare to the 4.48% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the “Bloomberg Barclays Index”), during the same period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 5.50%. This compares to the 5.38% cumulative total return of the Bloomberg Barclays Index during the same time period.

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

A Bottom-up individual issue selection overall contributed most positively to relative performance, especially within the corporate credit sector.

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

Within the Fund’s country strategy, long positions in European rates versus short positions in the rates of other developed countries contributed positively to relative results. These gains were partially offset by the Fund’s long U.S. rates position versus short other developed countries’ rates positioning, which detracted. The Fund’s country strategy is primarily implemented via interest rate swaps and/or futures.

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

Ourtop-down currency strategy had a rather neutral effect on the Fund’s relative results during the Reporting Period. The currency strategy is primarily implemented via currency forwards.

Q Which fixed income market sectors most significantly affected Fund performance?

A Implemented via our cross-sector strategy, the Fund’s long U.S. rates position contributed most positively. An overweight exposure to asset-backed securities also benefited the Fund’s relative performance as did the Fund’s implicit exposure to U.S. Treasury swaps.

Security selection strategies overall contributed positively to relative performance. Selection within the corporate credit sector boosted relative results most, primarily due to tactical credit curve positioning. Selections of investment grade industrial corporate credit also added value. Selection within the securitized sector also proved beneficial due largely to selections of mortgage-backed securities and collateralized loan obligations. Security selection within the emerging markets debt sector further boosted relative results, with selections of emerging markets debt from Qatar, United Arab Emirates, Indonesia and Mexico especially benefiting performance. Individual issue selection within the government/swaps sector did not materially affect the Fund’s performance during the Reporting Period. The Fund’s government/swaps strategy is primarily implemented via interest rate swaps and/or futures.

12

FUND RESULTS

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

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

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

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

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

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

A During the Reporting Period, we increased the Fund’s exposures relative to the Bloomberg Barclays Index in commercial mortgage-backed securities, investment grade corporate bonds and residential mortgage-backed securities (especially pass-through mortgage-backed securities. Relative to the Bloomberg Barclays Index, we decreased the Fund’s exposures to U.S. Treasuries and asset-backed securities. The Fund’s position in cash was reduced during the Reporting Period as well.

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

A After 28 years of distinguished service, Jonathan Beinner, chief investment officer (“CIO”) andco-head of the Global Fixed Income and Liquidity Solutions team in Goldman Sachs Asset Management (“GSAM”) andco-head of the cross-sector strategy within Fixed Income, decided to retire from the firm at the end of March 2019. He became an advisory director at that time. Sam Finkelstein and Ashish Shah, deputyco-CIOs of Fixed Income, becameco-CIOs for the global Fixed Income business, assuming Jon’s CIO responsibilities effective January 2019. Andrew Wilson became the head of GSAM Global Fixed Income and Liquidity Solutions. Also effective January 1, 2019, Jon no longer served as a portfolio manager for the Fund, and Ashish Shah joined Michael Swell, Managing Director, as a portfolio manager for the Fund.

Q How was the Fund positioned relative to its benchmark index at the end of March 2019?

A At the end of March 2019, the Fund had its most overweighted allocations relative to the Bloomberg Barclays Index on a market-value weighted basis in investment grade corporate bonds and asset-backed securities. The Fund also had more modestly overweighted exposures at the end of the Reporting Period to quasi-government securities, residential mortgage-backed securities and commercial mortgage-backed securities. The Fund had its most underweighted exposure relative to the Bloomberg Barclays Index in U.S. government securities. The Fund maintained rather neutral exposures relative to the Bloomberg Barclays Index to high yield corporate bonds and emerging markets debt. The Fund had no exposure to covered bonds at the end of the Reporting

13

FUND RESULTS

Period. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund had a neutral overall duration compared to that of the Bloomberg Barclays Index at the end of the Reporting Period but maintained a short U.S. duration position relative to the Bloomberg Barclays Index.

14

FUND BASICS

Core Fixed Income Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			Bloomberg Barclays U.S. Aggregate Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized  Yield3
Class A		4.40	%		4.48	%		2.51	%		2.36	%
Class C		3.52			4.48			1.87			1.72
Institutional		4.75			4.48			2.94			2.80
Service		4.23			4.48			2.45			2.31
Investor		4.66			4.48			2.85			2.70
Class R		4.14			4.48			2.36			2.21
Class R6		4.76			4.48			2.95			2.80
April 20, 2018–March 31, 2019
Class P		5.50	%		5.38	%		2.95	%		2.80	%

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

²  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the30-Day Standardized Subsidized Yieldis 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. The30-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. The30-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, the30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

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 recentmonth-end returns. Performance reflects fee waivers and/or expense limitations in effect during the period 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.

15

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		0.47	%		1.62	%		4.39	%		4.34	%	5/1/97
Class C		2.50			1.62			4.01			3.63		8/15/97
Institutional		4.75			2.73			5.14			5.04		1/5/94
Service		4.23			2.22			4.62			4.45		3/13/96
Investor		4.66			2.64			5.04			3.38		11/30/07
Class P		N/A			N/A			N/A			5.50		4/20/18
Class R		4.14			2.13			4.53			2.87		11/30/07
Class R6		4.76			N/A			N/A			2.56		7/31/15

⁴  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 calendarquarter-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 was 4.5%, which is not reflected in the average annual total return figures shown. Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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 recentmonth-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.79	%		0.84	%
Class C		1.54			1.59
Institutional		0.45			0.50
Service		0.95			1.00
Investor		0.54			0.59
Class P		0.44			0.49
Class R		1.04			1.09
Class R6		0.44			0.49

⁵  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, 2019, 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.

16

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁷  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.

⁸  “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

17

GOLDMAN SACHS CORE FIXED INCOME FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Investor, Class P, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Core Fixed Income Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 1, 1997)
Excluding sales charges	4.40%	2.39%	4.79%	4.53%
Including sales charges	0.47%	1.62%	4.39%	4.34%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	3.52%	1.62%	4.01%	3.63%
Including contingent deferred sales charges	2.50%	1.62%	4.01%	3.63%
Institutional Class (Commenced January 5, 1994)	4.75%	2.73%	5.14%	5.04%
Service Class (Commenced March 13, 1996)	4.23%	2.22%	4.62%	4.45%
Investor Class (Commenced November 30, 2007)	4.66%	2.64%	5.04%	3.38%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	5.50%*
Class R (Commenced November 30, 2007)	4.14%	2.13%	4.53%	2.87%
Class R6 (Commenced July 31, 2015)	4.76%	N/A	N/A	2.56%

* Total return for periods of less than one year represents cumulative total return.

18

FUND RESULTS

Goldman Sachs Global Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Global Income Fund’s (the “Fund”) performance and positioning for the12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor and Class R6 Shares generated average annual total returns, without sales charges, of 3.99%, 3.24%, 4.34%, 3.75%, 4.25% and 4.35%, respectively. These returns compare to the 4.93% average annual total return of the Fund’s benchmark, the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, hedged) (the “Bloomberg Barclays Index”), during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 4.77%. This compares to the 5.32% cumulative total return of the Bloomberg Barclays Index during the same time period.

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

A The Fund’s currency strategy was the only strategy to detract from its relative results during the Reporting Period. An overweight relative to the Bloomberg Barclays Index in the Argentine peso hurt most, as the currency significantly depreciated during the second and third quarters of 2018, driven by concerns around external funding vulnerabilities of Argentina. As the challenges facing several other emerging market economies persisted, the softening in sentiment more broadly across the emerging markets further eroded market confidence on the situation in Argentina. The Fund’s currency strategy primarily implements relative value positions in developed and emerging market currencies, using valuations relative to short- and medium-term fundamentals.

Conversely, our country strategy was one of the most significant positive contributors to the Fund’s performance during the Reporting Period, driven primarily by the Fund’s long position in European rates versus a short position in Swedish rates. The position contributed positively, as Sweden’s Riksbank raised its interest rates in December 2018, marking the first tightening policy move by the Swedish central bank in seven years. Additionally, the Fund’s position on the U.S. rates curve contributed positively, partially offset by the Fund’s Canada, New Zealand and Italy curve positions, which dampened relative results. The country strategy is primarily implemented via interest rate swaps and/or futures.

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

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

Bottom-up individual issue selection overall added value, led by our corporate selection strategy. To a more modest degree, our emerging markets debt selection strategy and government/swaps selection strategy also contributed positively. The corporate selection strategy is primarily implemented via cash rate bonds and credit default swaps (mainly index swaps). The emerging markets debt selection strategy implements directional, relative value and idiosyncratic trade ideas in local and external emerging market rates and corporate bonds. The government/swaps selection strategy identifies local relative value anomalies and opportunities within government bond markets.

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FUND RESULTS

Individual issue selection strategies reflect any active views we take on a particular sector.

Q Which fixed income market sectors most significantly affected Fund performance?

A Our cross-sector strategy contributed positively, primarily due to the Fund’s overweight positions in collateralized loan obligations and asset-backed securities. Both of these sectors outperformed the Bloomberg Barclays Index during the Reporting Period as a whole and particularly in the third quarter of 2018.

Within our corporate selection strategy, the Fund’s overweight bias to short and medium maturity U.S. corporate bonds helped most. The Fund’s investment grade credit default swap index versus cash rate bonds basis trade also contributed positively. Within our emerging markets debt selection strategy, the Fund’s long exposure to South Korean inflation proved most beneficial. The Fund’s exposure to United Arab Emirates, Indonesia and Qatar external debt also contributed positively. Our government/swaps selection strategy added value as a result of several trades, but predominantly due to the Fund’s U.K. and European curve steepener trades. Additionally, our U.S. spread widener trade boosted relative results. (A steepening yield curve is one in which the differential between yields on shorter-term maturities and longer-term maturities widens.)

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

A The Fund’s duration positioning contributed positively to its results during the Reporting Period. The Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through volatile markets. We tactically adjusted the Fund’s duration position throughout the Reporting Period as market conditions shifted. That said, we maintained a short U.S. duration position relative to the Bloomberg Barclays Index throughout the Reporting Period, centered on the five-year and seven-year segments of the yield curve, or spectrum of maturities. This positioning boosted relative results throughout the Reporting Period, as the U.S. posted strong economic growth data and the U.S. Federal Reserve (the “Fed”) raised interest rates three times — through December 2018 — during the Reporting Period. The contribution of the Fund’s duration positioning scaled back in the first quarter of 2019, as the Fed introduced a dovish tone with expectations of no interest rate hikes in 2019. (Dovish suggests lower interest rates; opposite of hawkish.)

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

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

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

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

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FUND RESULTS

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

A As mentioned earlier, we tactically adjusted the Fund’s U.S. duration position during the Reporting Period as market conditions and central bank policy shifted, but overall reduced the Fund’s short position on the U.S. rates curve. Also, we added a long position on the European rates curve and closed out the Fund’s short Swedish rates curve position. We added a long European rates position versus Japanese rates at the five-year segment of its rates curve. Similarly, we added a long Swiss rates position versus U.K. rates at the five-year segment of its rates curve. We reduced the Fund’s long European rates position versus short Swedish rates position.

From a sector perspective, on a market-value weighted basis, we closed out the Fund’s short high yield credit exposure and established a long high yield credit exposure via our cross-sector strategy. We maintained the Fund’s long positions in investment grade corporate bonds and emerging markets debt via our cross-sector strategy.

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

A During the Reporting Period, we implemented the following changes in an effort to improve the coordination amongst our management strategies. Ashish Shah, Chief Investment Officer (“CIO”) of Global Credit and Head of Fixed Income at Alliance Bernstein, joined Goldman Sachs Asset Management (“GSAM”) Fixed Income in New York as a partner and head of our Cross Sector and Corporate Credit team. He was added to the Fixed Income Strategy Group upon his start with the firm. Ashish Shah becameco-CIO of GSAM Fixed Income in January 2019 along with Sam Finkelstein. Also, Paolo Nicolosi, of the Fund’s currency strategy team, left the firm in May 2018, and Gilberto Marcheggiano, head of the Fund’s cross-macro strategy, left the firm in November 2018.

Q How was the Fund positioned relative to its benchmark index at the end of March 2019?

A At the end of March 2019, on a market-value weighted basis, the Fund had overweighted allocations relative to the Bloomberg Barclays Index in asset-backed securities, investment grade corporate bonds and residential mortgage-backed securities. The Fund had underweighted exposures relative to the Bloomberg Barclays Index in government securities and, to a lesser degree, in covered bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund had rather neutrally weighted positions relative to the Bloomberg Barclays Index in quasi-government securities, commercial mortgage-backed securities and emerging markets debt and had no position in high yield corporate bonds at the end of the Reporting Period. The Fund also maintained a position in cash* at the end of the Reporting Period.

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

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FUND BASICS

Global Income Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged)2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized  Yield3
Class A		3.99	%		4.93	%		1.19	%		0.93	%
Class C		3.24			4.93			0.50			0.24
Institutional		4.34			4.93			1.57			1.30
Service		3.75			4.93			1.08			0.81
Investor		4.25			4.93			1.48			1.21
Class R6		4.35			4.93			1.58			1.31
April 20, 2018–March 31, 2019
Class P		4.77	%		5.32	%		1.58	%		1.31	%

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

²  The Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged), an unmanaged index, provides a broad based measure of the global investment-gradefixed-rate debt markets and covers the most liquid portion of the global investment gradefixed-rate bond market, including government, credit and collateralized securities. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the30-Day Standardized Subsidized Yieldis 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. The30-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. The30-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, the30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

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 recentmonth-end returns. Performance reflects fee waivers and/or expense limitations in effect during the period 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.

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FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		0.12	%		1.90	%		3.94	%		4.97	%	8/2/91
Class C		2.23			1.92			3.57			3.62		8/15/97
Institutional		4.34			3.02			4.69			5.33		8/1/95
Service		3.75			2.43			4.13			4.30		3/12/97
Investor		4.25			2.94			N/A			3.35		7/30/10
Class P		N/A			N/A			N/A			4.77		4/20/18
Class R6		4.35			N/A			N/A			2.86		7/31/15

⁴ 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 calendarquarter-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 was 4.5%, which is not reflected in the average annual total return figures shown. Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Service, Investor, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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 recentmonth-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.03	%		1.13	%
Class C		1.78			1.88
Institutional		0.69			0.79
Service		1.19			1.29
Class P		0.68			0.78
Investor		0.78			0.88
Class R6		0.68			0.78

⁵  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, 2019, 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.

23

FUND BASICS

CURRENCY ALLOCATION6
	Percentage of Net Assets
	as of 3/31/19			as of 3/31/18
U.S. Dollar		63.1	%		51.5	%
Japanese Yen		13.7			22.3
Euro		13.7			16.0
British Pound		5.8			4.0
Canadian Dollar		2.5			2.9
South Korean Won		1.8			1.5
Thai Baht		0.6			0.5
Swedish Krona		0.4			0.4
Australian Dollar		0.4			0.3
Singapore Dollar		0.3			0.0
Mexican Peso		0.3			0.3
Indonesian Rupiah		0.2			0.0
South African Rand		0.2			0.8
Danish Krone		0.1			0.1
Israeli Shekel		0.1			0.1
Czech Koruna		0.1			0.1
Russian Ruble		0.1			0.1

⁶  The percentage shown for each currency reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

24

GOLDMAN SACHS GLOBAL INCOME FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged) is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Investor, Class P and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Global Income Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 2, 1991)
Excluding sales charges	3.99%	2.67%	4.34%	5.12%
Including sales charges	0.12%	1.90%	3.94%	4.97%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	3.24%	1.92%	3.57%	3.62%
Including contingent deferred sales charges	2.23%	1.92%	3.57%	3.62%
Institutional Class (Commenced August 1, 1995)	4.34%	3.02%	4.69%	5.33%
Service Class (Commenced March 12, 1997)	3.75%	2.43%	4.13%	4.30%
Investor Class (Commenced July 30, 2010)	4.25%	2.94%	N/A	3.35%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	4.77%*
Class R6 (Commenced July 31, 2015)	4.35%	N/A	N/A	2.86%

* Total return for periods of less than one year represents cumulative total return.

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FUND RESULTS

Goldman Sachs Strategic Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Strategic Income Fund’s (the “Fund”) performance and positioning for the12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 0.46%,-0.41%, 0.71%, 0.61%, 0.10% and 0.70%, respectively. These returns compare to the 2.48% average annual total return of the Fund’s benchmark, the ICE BofAML U.S. Dollar3-Month LIBOR Constant Maturity Index (the “LIBOR Index”), during the same period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of-0.12%. This compares to the 2.36% cumulative total return of the LIBOR Index during the same time period.

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

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

A Within ourtop-down strategies, our currency strategy detracted most from the Fund’s performance during the Reporting Period. Most of the currency strategy’s weak performance can be attributed to the Fund’s exposure to the Argentine peso and other emerging market currencies. The Argentine peso came under pressure due to higher U.S. interest rates, low investor confidence in the Argentine central bank’s credibility given prior policy mistakes, mounting concerns about the Argentine government’s ability to implement fiscal consolidation amid a fragile monetary backdrop and broader “risk off” market sentiment, or heightened risk aversion, given political uncertainties in several European and emerging market nations. Emerging market currencies broadly were weighed upon by a number of factors during the Reporting Period, including a moderation in global economic growth, withdrawal of global liquidity and tighter financial conditions, higher oil prices and intensification of U.S.-China trade tensions. Country-specific factors, such as U.S. sanctions on Russia, concerns around external funding needs in Turkey and Argentina, and doubts around policymaker commitment to necessary economic reform in South Africa also weighed on emerging market currencies.

Conversely, the Fund’s duration strategy added value during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Similarly, the Fund’s yield curve positioning contributed positively to performance during the Reporting Period. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

The Fund’s country strategy, wherein we trade based on our analysis of relative value rates across global interest rate markets, also contributed positively to the Fund’s performance during the Reporting Period. Trades that contributed positively to the Fund’s results included long European rates positions versus short Sweden, U.K., Australia and Japan rates positions, as the Eurozone economy remained tepid and the European Central Bank maintained its dovish bias relative to other central banks. (Dovish suggests lower interest rates; opposite of hawkish.)

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

Q Which fixed income market sectors most significantly affected Fund performance?

A Individual issue selection within the emerging markets debt sector detracted from the Fund’s results during the Reporting

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FUND RESULTS

Period. Rising U.S. interest rates caused broad concern about funding costs for emerging market economies, particularly those that were already experiencing fiscal difficulties. Many of the same factors impacting emerging market currencies, discussed above, weighed on emerging markets debt as well. Individual issue selection within the corporate bond sector also detracted from the Fund’s results during the Reporting Period, particularly long exposure to U.S. high yield credits. However, the long interest rate hedge held on credit provided protection and positive returns during the market volatility seen toward the end of 2018, effectively mitigating losses.

Conversely, issue selection within the government/swaps, municipal bond and securitized sectors added value during the Reporting Period. Within the municipal bond sector, long exposure to Puerto Rican COFINA, or sales tax, bonds boosted performance, as debt restructuring negotiations resulted in more security for holders of these bonds. Within the securitized sector, most of the positive performance derived from the Fund’s positions in collateralized loan obligations, commercial mortgage-backed securities and adjustable rate mortgage-backed securities, partially offset by the Fund’s positions in asset-backed securities, which detracted.

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

A The Fund’s tactical duration positioning was beneficial to results during the Reporting Period. While we tactically adjusted the Fund’s duration position as market conditions shifted throughout, we generally kept a short U.S. rates position in the Fund during the Reporting Period. This positioning contributed modestly to returns, with strong gains earlier in the Reporting Period being partially offset by a significant rally in interest rates in December 2018 and again in March 2019.

The Fund’s yield curve positioning contributed positively to the Fund’s performance as well during the Reporting Period. The Fund was positioned for yield curve steepening across Europe, the U.K. and the U.S., which added value. While yield curves generally flattened during the Reporting Period, an improving global economic growth outlook helped curves steepen at their long-term ends, where the Fund was generally positioned. (A steepening yield curve is one in which the differential between yields on shorter-term maturities and longer-term maturities widens. A flattening yield curve is one in which the differential between yields on shorter-term maturities and longer-term maturities narrows.)

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

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

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

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

27

FUND RESULTS

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

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

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

Positioning throughout the Reporting Period remained rather consistent with themes we have been focusing on for some time now. Most risk was allocated across the Fund’stop-down, or macro, duration, currency and country strategies, with the balance allocated across our sector strategies.

The U.S. Federal Reserve surprised markets in the first quarter of 2019 with an especially dovish tilt following a particularly volatile end to 2018. Thus, in our macro strategies, while we still viewed the risks to be toward more interest rate hikes than priced by the market at the end of the Reporting Period, we substantially reduced our bias toward being short U.S. interest rates within the Fund. From a currency perspective, general weakness in the emerging markets complex, discussed earlier, caused us to pare back the Fund’s long emerging markets bias during the third and fourth quarters of 2018, though a recovery in the first quarter of 2019 drove us to then reinstate this bias.

From a sector perspective, we continued to favor the securitized sectors over traditional corporate credit given our view that the U.S. credit cycle is in its late stages. While the Fund held modest long positions in corporate credits, including investment grade corporate bonds, high yield corporate bonds and bank loans, most of the Fund’s long exposure to credit was via the securitized sectors, including asset-backed securities,non-agency mortgage-backed securities and collateralized loan obligations, at the end of the Reporting Period, with more modest exposure to commercial mortgage-backed securities and agency mortgage-backed securities. Within the emerging markets debt sector, the Fund owned bonds across select countries via corporate, external sovereign and local sovereign bonds. In municipal bonds, the Fund owned a small position in Puerto Rico.

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

A After 28 years of distinguished service, Jonathan Beinner, chief investment officer (“CIO”) andco-head of the Global Fixed Income and Liquidity Solutions team in Goldman Sachs Asset Management (“GSAM”) andco-head of the cross-sector strategy within Fixed Income, decided to retire from the firm at the end of March 2019. He became an advisory director at that time. Sam Finkelstein and Ashish Shah, deputyco-CIOs of Fixed Income, becameco-CIOs for the global Fixed Income business, assuming Jon’s CIO responsibilities effective January 2019. Andrew Wilson became the head of GSAM Global Fixed Income and Liquidity Solutions. Also effective January 1, 2019, Jon no longer served as a portfolio manager for the Fund, and Ashish Shah joined Michael Swell, Managing Director, as a portfolio manager for the Fund.

Q How was the Fund positioned at the end of March 2019?

A At the end of March 2019, the Fund had the majority of its total net assets invested in asset-backed securities, followed by investment grade corporate bonds, collateralized loan obligations,non-agency residential mortgage-backed securities, high yield corporate bonds, emerging markets debt and U.S. inflation-linked securities. The Fund also had more modest exposures at the end of the Reporting Period to commercial mortgage-backed securities, corporate bank loans, quasi-government securities, agency residential mortgage-backed securities, U.S. Treasuries, municipal bonds and equities. The Fund had a significant position in cash* at the end of the Reporting Period.

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

28

FUND BASICS

Strategic Income Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			ICE BofAML U.S. Dollar 3-Month LIBOR Constant Maturity Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized  Yield3
Class A		0.46	%		2.48	%		2.97	%		2.85	%
Class C		-0.41			2.48			2.34			2.22
Institutional		0.71			2.48			3.37			3.31
Investor		0.61			2.48			3.34			3.22
Class R		0.10			2.48			2.85			2.72
Class R6		0.70			2.48			3.71			3.32
April 20, 2018–March 31, 2019
Class P		-0.12	%		2.36	%		3.55	%		3.32	%

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

²  The ICE BofAML U.S. Dollar3-Month LIBOR Constant Maturity Index tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

³  The method of calculation of the30-Day Standardized Subsidized Yieldis 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. The30-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. The30-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, the30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

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 recentmonth-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the period 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.

29

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Since Inception			Inception Date
Class A		-3.29	%		-0.95	%		1.54	%		6/30/10
Class C		-1.40			-0.93			1.24			6/30/10
Institutional		0.71			0.12			2.32			6/30/10
Investor		0.61			0.05			2.23			6/30/10
Class P		N/A			N/A			-0.12			4/20/18
Class R		0.10			-0.45			1.73			6/30/10
Class R6		0.70			N/A			0.60			7/31/15

⁴ 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 calendarquarter-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). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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 recentmonth-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the period shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIO5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.95	%		0.95	%
Class C		1.70			1.70
Institutional		0.61			0.61
Investor		0.70			0.70
Class P		0.60			0.60
Class R		1.20			1.20
Class R6		0.60			0.60

⁵  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.

30

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposits and commercial papers. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁷  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.

⁸  “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

31

GOLDMAN SACHS STRATEGIC INCOME FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on June 30, 2010 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the ICE Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Investor, Class P, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Strategic Income Fund’s Lifetime Performance

Performance of a $1,000,000 investment, with distributions reinvested, from June 30, 2010 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Since Inception
Class A (Commenced June 30, 2010)
Excluding sales charges	0.46%	-0.20%	1.99%
Including sales charges	-3.29%	-0.95%	1.54%
Class C (Commenced June 30, 2010)
Excluding contingent deferred sales charges	-0.41%	-0.93%	1.24%
Including contingent deferred sales charges	-1.40%	-0.93%	1.24%
Institutional Class (Commenced June 30, 2010)	0.71%	0.12%	2.32%
Investor Class (Commenced June 30, 2010)	0.61%	0.05%	2.23%
Class P (Commenced April 20, 2018)	N/A	N/A	-0.12%*
Class R (Commenced June 30, 2010)	0.10%	-0.45%	1.73%
Class R6 (Commenced July 31, 2015)	0.70%	N/A	0.60%

* Total return for periods of less than one year represents cumulative total return.

32

GOLDMAN SACHS BOND FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 43.0%
Aerospace & Defense – 0.8%
	Bombardier, Inc.(a)(b)
$	150,000		7.500	%		03/15/25	$	154,313
	Northrop Grumman Corp.
	1,250,000		2.930	(a)		01/15/25		1,233,675
	225,000		4.750			06/01/43		245,038
	TransDigm, Inc.(a)
	50,000		6.500			05/15/25		50,625
	400,000		6.375			06/15/26		395,000
	United Technologies Corp.
	350,000		3.350			08/16/21		354,697
	475,000		3.950	(a)		08/16/25		493,938
	225,000		2.650	(a)		11/01/26		214,506
	(3M USD LIBOR + 0.650%)
	350,000		3.333	(a)(c)		08/16/21		350,175
								3,491,967
Agriculture – 0.5%
	Altria Group, Inc.(a)
	875,000		3.800			02/14/24		890,811
	25,000		4.400			02/14/26		25,745
	BAT Capital Corp.(a)
	840,000		3.222			08/15/24		820,932
	Reynolds American, Inc.
	700,000		4.850			09/15/23		738,409
								2,475,897
Banks – 13.1%
	AIB Group PLC(b)
	1,300,000		4.750			10/12/23		1,334,511
	Banco do Brasil SA(a)(c) (10 Year CMT + 6.362%)
	200,000		9.000			06/18/49		211,146
	Banco Santander SA
	600,000		4.250			04/11/27		603,756
	Bank of America Corp.
	625,000		4.125			01/22/24		654,188
	325,000		4.200			08/26/24		336,512
	1,300,000		3.248	(a)		10/21/27		1,274,351
	925,000		4.183	(a)		11/25/27		939,550
	100,000		6.110			01/29/37		119,111
	(3M USD LIBOR + 0.940%)
	1,250,000		3.864	(a)(c)		07/23/24		1,285,275
	(3M USD LIBOR + 1.310%)
	750,000		4.271	(a)(c)		07/23/29		781,110
	(3M USD LIBOR + 1.575%)
	525,000		3.824	(a)(c)		01/20/28		532,093
	Barclays PLC(a)(c) (3M USD LIBOR + 1.400%)
	1,275,000		4.610			02/15/23		1,301,928
	BNP Paribas SA(b)
	2,000,000		3.500			03/01/23		2,002,360
	550,000		3.375			01/09/25		539,435
	BPCE SA(b)
	1,025,000		4.000			09/12/23		1,042,415
	525,000		4.625			09/12/28		549,901
	CIT Group, Inc.(a)
	400,000		5.250			03/07/25		425,000
Corporate Obligations – (continued)
Banks – (continued)
	Citibank NA(a)
	1,450,000		3.050			05/01/20		1,455,046
	Citigroup, Inc.
	1,050,000		3.400			05/01/26		1,046,535
	125,000		4.300			11/20/26		127,321
	1,200,000		4.125			07/25/28		1,205,076
	Cooperatieve Rabobank UA
	875,000		3.125			04/26/21		881,064
	(3M USD LIBOR + 0.430%)
	750,000		3.195	(c)		04/26/21		751,762
	Credit Suisse Group AG(a)(b)
	875,000		4.282			01/09/28		885,911
	(3M USD LIBOR + 1.410%)
	525,000		3.869	(c)		01/12/29		515,114
	Credit Suisse Group Funding Guernsey Ltd.
	307,000		4.550			04/17/26		320,800
	Deutsche Bank AG
	925,000		2.700			07/13/20		915,031
	HSBC Holdings PLC(a)(c)
	(3M USD LIBOR + 1.000%)
	450,000		3.683			05/18/24		446,922
	(3M USD LIBOR + 1.055%)
	1,150,000		3.262			03/13/23		1,152,921
	(3M USD LIBOR + 1.211%)
	600,000		3.803			03/11/25		608,700
	Huntington Bancshares, Inc.(a)
	825,000		4.000			05/15/25		857,043
	JPMorgan Chase & Co.(a)
	1,075,000		2.972			01/15/23		1,075,967
	1,200,000		3.625			12/01/27		1,193,508
	(3M USD LIBOR + 0.945%)
	875,000		3.509	(c)		01/23/29		868,297
	(3M USD LIBOR + 1.000%)
	2,425,000		4.023	(c)		12/05/24		2,516,786
	(3M USD LIBOR + 1.245%)
	1,000,000		3.960	(c)		01/29/27		1,032,980
	(3M USD LIBOR + 1.337%)
	250,000		3.782	(c)		02/01/28		254,900
	(3M USD LIBOR + 1.360%)
	425,000		3.882	(c)		07/24/38		417,206
	(3M USD LIBOR + 3.800%)
	1,075,000		5.300	(c)		05/01/49		1,085,847
	Kreditanstalt fuer Wiederaufbau(d)
	6,510,000		1.500			09/09/19		6,481,226
	5,720,000		2.500			02/15/22		5,749,344
	Mitsubishi UFJ Financial Group, Inc.
	302,000		2.950			03/01/21		302,580
	Morgan Stanley, Inc.
	325,000		3.875			04/29/24		334,750
	1,050,000		3.700			10/23/24		1,070,716
	50,000		4.000			07/23/25		51,564
	(3M USD LIBOR + 0.847%)
	750,000		3.737	(a)(c)		04/24/24		764,872
	(3M USD LIBOR + 1.400%)
	1,550,000		4.179	(a)(c)		10/24/23		1,572,428

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

GOLDMAN SACHS BOND FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	(3M USD LIBOR + 1.628%)
$	700,000		4.431	%(a)(c)		01/23/30	$	738,472
	Royal Bank of Canada(c) (3M USD LIBOR + 0.390%)
	875,000		3.141			04/30/21		876,592
	Royal Bank of Scotland Group PLC
	826,000		3.875			09/12/23		829,709
	(3M USD LIBOR + 1.480%)
	1,160,000		3.498	(a)(c)		05/15/23		1,152,135
	(3M USD LIBOR + 1.550%)
	850,000		4.519	(a)(c)		06/25/24		869,312
	(3M USD LIBOR + 1.762%)
	600,000		4.269	(a)(c)		03/22/25		606,714
	Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
	1,325,000		4.247			01/20/23		1,346,359
	SunTrust Bank(a)(c) (3M USD LIBOR + 0.298%)
	1,295,000		2.590			01/29/21		1,292,436
	Wells Fargo & Co.
	2,750,000		3.000			10/23/26		2,678,390
	200,000		4.150	(a)		01/24/29		209,196
								60,474,174
Beverages(a) – 1.4%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(b)
	325,000		4.700			02/01/36		324,799
	725,000		4.900			02/01/46		728,487
	Anheuser-Busch InBev Worldwide, Inc.
	2,000,000		4.000			04/13/28		2,032,140
	350,000		4.600			04/15/48		336,745
	Bacardi Ltd.(b)
	600,000		5.300			05/15/48		574,422
	Constellation Brands, Inc.
	625,000		4.400			11/15/25		655,806
	225,000		3.700			12/06/26		223,846
	(3M USD LIBOR + 0.700%)
	975,000		3.384	(c)		11/15/21		975,829
	Keurig Dr Pepper, Inc.(b)
	750,000		4.057			05/25/23		771,855
								6,623,929
Biotechnology(a) – 0.2%
	Celgene Corp.
	550,000		3.875			08/15/25		564,086
	300,000		3.900			02/20/28		306,282
								870,368
Chemicals – 1.1%
	DowDuPont, Inc.(a)
	750,000		4.205			11/15/23		784,455
	475,000		4.493			11/15/25		506,654
	75,000		5.419			11/15/48		85,052
	Huntsman International LLC(a)
	350,000		4.500			05/01/29		348,518
	Syngenta Finance NV(b)
	1,210,000		3.698			04/24/20		1,215,094
	1,485,000		3.933			04/23/21		1,494,222
Corporate Obligations – (continued)
Chemicals – (continued)
	The Sherwin-Williams Co.(a)
	225,000		2.750			06/01/22		223,715
	500,000		3.450			06/01/27		490,895
								5,148,605
Commercial Services(a)(b) – 0.2%
	Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
	350,000		6.375			04/01/24		355,250
	Refinitiv US Holdings, Inc.
	750,000		6.250			05/15/26		760,312
								1,115,562
Computers(a) – 1.2%
	Apple, Inc.
	900,000		2.750			01/13/25		895,581
	1,875,000		2.450			08/04/26		1,813,518
	325,000		4.650			02/23/46		367,819
	Dell International LLC/EMC Corp.(b)
	600,000		5.450			06/15/23		639,306
	400,000		6.020			06/15/26		429,676
	275,000		8.350			07/15/46		333,113
	Hewlett Packard Enterprise Co.
	859,000		4.900			10/15/25		913,512
	155,000		6.350			10/15/45		162,527
								5,555,052
Diversified Financial Services – 0.8%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,150,000		4.625			07/01/22		1,188,652
	450,000		3.300	(a)		01/23/23		442,620
	400,000		4.875	(a)		01/16/24		415,792
	GE Capital International Funding Co.
	1,275,000		3.373			11/15/25		1,239,886
	Nuveen LLC(a)(b)
	450,000		4.000			11/01/28		480,042
								3,766,992
Electrical(a) – 1.1%
	Alliant Energy Finance LLC(b)
	375,000		3.750			06/15/23		381,802
	100,000		4.250			06/15/28		102,420
	Berkshire Hathaway Energy Co.
	225,000		3.250			04/15/28		223,767
	Sempra Energy(c) (3M USD LIBOR + 0.500%)
	1,125,000		3.287			01/15/21		1,115,775
	Southern California Edison Co.
	725,000		3.700			08/01/25		727,052
	450,000		4.200			03/01/29		457,560
	The Southern Co.
	1,050,000		3.250			07/01/26		1,030,197
	Vistra Energy Corp.
	326,000		7.375			11/01/22		338,225
	500,000		7.625			11/01/24		529,375
								4,906,173

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Engineering & Construction(a) – 0.2%
	Mexico City Airport Trust
$	200,000		4.250	%		10/31/26	$	192,300
	250,000		3.875	(b)		04/30/28		225,981
	200,000		5.500			07/31/47		184,028
	310,000		5.500	(b)		07/31/47		285,244
								887,553
Food & Drug Retailing(a)(b) – 0.3%
	Mars, Inc.
	225,000		2.700			04/01/25		224,149
	425,000		3.200			04/01/30		424,711
	Post Holdings, Inc.
	700,000		5.750			03/01/27		702,625
								1,351,485
Gas(a) – 0.1%
	NiSource, Inc.
	575,000		3.650			06/15/23		586,707
Healthcare Providers & Services – 1.7%
	Acadia Healthcare Co., Inc.(a)
	1,200,000		5.625			02/15/23		1,215,000
	Becton Dickinson & Co.(a)
	1,525,000		2.894			06/06/22		1,516,277
	300,000		3.363			06/06/24		300,327
	475,000		4.685			12/15/44		489,820
	175,000		4.669			06/06/47		183,265
	(3M USD LIBOR + 0.875%)
	919,000		3.476	(c)		12/29/20		919,037
	DaVita, Inc.(a)
	1,350,000		5.125			07/15/24		1,331,438
	HCA, Inc.
	1,000,000		5.375			02/01/25		1,060,000
	150,000		5.875	(a)		02/15/26		162,000
	Tenet Healthcare Corp.
	500,000		6.750			06/15/23		516,250
								7,693,414
Insurance – 1.4%
	American International Group, Inc.(a)
	1,075,000		3.900			04/01/26		1,080,665
	375,000		4.200			04/01/28		380,426
	Arch Capital Finance LLC(a)
	1,000,000		4.011			12/15/26		1,038,110
	Great-West Lifeco Finance 2018 LP(a)(b)
	325,000		4.047			05/17/28		341,721
	Marsh & McLennan Cos., Inc.(a)
	575,000		4.375			03/15/29		609,368
	MetLife, Inc.
	150,000		4.050			03/01/45		149,687
	Prudential Financial, Inc.(a)
	525,000		3.878			03/27/28		552,124
	Swiss Re Finance Luxembourg SA(a)(b)(c) (5 year CMT + 3.582%)
	400,000		5.000			04/02/49		404,340
	Teachers Insurance & Annuity Association of America(b)
	295,000		4.900			09/15/44		329,775
Corporate Obligations – (continued)
Insurance – (continued)
	The Northwestern Mutual Life Insurance Co.(b)
	800,000		6.063			03/30/40		1,024,416
	XLIT Ltd.
	775,000		4.450			03/31/25		807,131
								6,717,763
Internet(a) – 0.1%
	Amazon.com, Inc.
	400,000		3.875			08/22/37		416,328
Iron/Steel – 0.1%
	ABJA Investment Co. Pte Ltd.
	200,000		5.450			01/24/28		188,000
	Vale Overseas Ltd.
	30,000		4.375			01/11/22		30,541
	134,000		6.250			08/10/26		146,144
								364,685
Media – 2.1%
	Altice Financing SA(a)(b)
	600,000		6.625			02/15/23		613,500
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	400,000		3.579			07/23/20		402,912
	1,175,000		4.464			07/23/22		1,216,125
	825,000		4.500			02/01/24		858,379
	825,000		4.908			07/23/25		869,294
	Comcast Corp.(a)
	1,725,000		3.700			04/15/24		1,782,615
	256,000		3.300			02/01/27		255,532
	350,000		3.150			02/15/28		343,095
	375,000		4.150			10/15/28		395,348
	575,000		4.250			10/15/30		611,012
	Fox Corp.(a)(b)
	300,000		4.030			01/25/24		311,385
	275,000		4.709			01/25/29		294,517
	NBCUniversal Media LLC
	458,000		4.450			01/15/43		475,367
	The Walt Disney Co.(b)
	1,125,000		4.000			10/01/23		1,175,951
								9,605,032
Mining(b) – 0.3%
	Glencore Finance Canada Ltd.
	650,000		4.250			10/25/22		668,609
	Glencore Funding LLC
	300,000		4.125	(a)		03/12/24		303,003
	538,000		4.625			04/29/24		555,679
								1,527,291
Miscellaneous Manufacturing – 0.1%
	General Electric Co.
	75,000		2.700			10/09/22		73,598
	250,000		3.100			01/09/23		248,372
								321,970

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

GOLDMAN SACHS BOND FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Oil Field Services – 2.7%
	Anadarko Petroleum Corp.
$	300,000		5.550	%(a)		03/15/26	$	327,486
	200,000		6.450			09/15/36		230,372
	BP Capital Markets America, Inc.(a)
	600,000		4.234			11/06/28		642,444
	Cenovus Energy, Inc.(a)
	450,000		4.250			04/15/27		442,642
	Concho Resources, Inc.(a)
	475,000		4.300			08/15/28		490,509
	Continental Resources, Inc.(a)
	2,225,000		4.500			04/15/23		2,300,094
	125,000		4.375			01/15/28		128,574
	Devon Energy Corp.(a)
	250,000		3.250			05/15/22		252,103
	227,000		5.850			12/15/25		257,706
	340,000		5.600			07/15/41		375,809
	Diamondback Energy, Inc.(a)
	1,075,000		4.750			11/01/24		1,096,500
	Gazprom OAO Via Gaz Capital SA
	230,000		5.150	(b)		02/11/26		233,249
	240,000		7.288			08/16/37		281,935
	Halliburton Co.(a)
	125,000		3.800			11/15/25		127,823
	250,000		4.850			11/15/35		262,397
	Marathon Oil Corp.(a)
	600,000		4.400			07/15/27		617,610
	Marathon Petroleum Corp.(a)(b)
	325,000		3.800			04/01/28		321,838
	Petrobras Global Finance B.V.
	20,000		5.750			02/01/29		19,747
	90,000		6.900			03/19/49		88,803
	Petroleos de Venezuela SA(e)
	4,280,000		6.000			10/28/22		743,650
	1,110,000		5.375			04/12/27		251,138
	Petroleos Mexicanos
EUR	410,000		5.125			03/15/23		501,391
$	160,000		6.500			03/13/27		160,194
	52,000		6.375			01/23/45		45,932
	10,000		6.750			09/21/47		9,225
	40,000		6.350			02/12/48		35,266
	Phillips 66(a)
	925,000		3.900			03/15/28		943,851
	Pioneer Natural Resources Co.(a)
	410,000		3.950			07/15/22		421,951
	Reliance Industries Ltd.(b)
	320,000		3.667			11/30/27		311,499
	Valero Energy Corp.(a)
	400,000		4.350			06/01/28		415,548
								12,337,286
Packaging(a)(b) – 0.3%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
	550,000		7.250			05/15/24		578,875
	400,000		6.000			02/15/25		399,500
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
	200,000		7.000			07/15/24		205,500
								1,183,875
Corporate Obligations – (continued)
Pharmaceuticals – 2.9%
	AbbVie, Inc.
	1,100,000		3.375			11/14/21		1,114,311
	725,000		3.750	(a)		11/14/23		744,118
	Bausch Health Americas, Inc.(a)(b)
	250,000		9.250			04/01/26		272,500
	Bausch Health Cos., Inc.(a)(b)
	450,000		7.000			03/15/24		474,750
	650,000		9.000			12/15/25		706,875
	Bayer US Finance II LLC(a)(b)
	950,000		3.875			12/15/23		957,400
	475,000		4.250			12/15/25		480,482
	Cigna Corp.(a)(b)
	2,175,000		3.750			07/15/23		2,228,918
	CVS Health Corp.(a)
	425,000		3.500			07/20/22		430,708
	1,025,000		3.375			08/12/24		1,016,431
	1,450,000		3.875			07/20/25		1,468,154
	500,000		4.780			03/25/38		495,440
	150,000		5.125			07/20/45		152,388
	175,000		5.050			03/25/48		176,306
	Elanco Animal Health, Inc.(b)
	775,000		3.912			08/27/21		787,536
	300,000		4.272	(a)		08/28/23		309,056
	Pfizer, Inc.(a)
	1,375,000		3.450			03/15/29		1,412,469
								13,227,842
Pipelines – 3.1%
	Energy Transfer Operating LP(a)
	350,000		4.650			06/01/21		360,553
	875,000		4.200			09/15/23		904,960
	725,000		5.500			06/01/27		785,282
	150,000		4.950			06/15/28		157,430
	550,000		5.250			04/15/29		590,771
	325,000		5.300			04/15/47		320,356
	EQM Midstream Partners LP(a)
	1,700,000		4.750			07/15/23		1,733,643
	Genesis Energy LP/Genesis Energy Finance Corp.(a)
	400,000		6.500			10/01/25		389,000
	Kinder Morgan Energy Partners LP(a)
	1,025,000		3.500			09/01/23		1,037,771
	Kinder Morgan, Inc.
	500		7.750			01/15/32		645
	MPLX LP(a)
	225,000		4.800			02/15/29		236,981
	425,000		4.500			04/15/38		404,209
	175,000		4.700			04/15/48		167,006
	650,000		5.500			02/15/49		694,817
	ONEOK, Inc.(a)
	175,000		4.550			07/15/28		181,246
	Plains All American Pipeline LP/PAA Finance Corp.(a)
	600,000		3.650			06/01/22		604,656
	925,000		3.850			10/15/23		934,805
	Sabine Pass Liquefaction LLC(a)
	800,000		6.250			03/15/22		864,480
	300,000		5.625			04/15/23		325,485
	900,000		5.625			03/01/25		990,000

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – (continued)
	Sunoco Logistics Partners Operations LP(a)
$	200,000		4.250	%		04/01/24	$	206,124
	525,000		5.400			10/01/47		523,609
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.(a)(b)
	500,000		5.875			04/15/26		530,000
	The Williams Cos., Inc.(a)
	915,000		3.600			03/15/22		928,194
	600,000		3.900			01/15/25		613,176
								14,485,199
Real Estate Investment Trust – 1.7%
	Alexandria Real Estate Equities, Inc.(a)
	325,000		3.800			04/15/26		329,686
	American Campus Communities Operating Partnership LP(a)
	800,000		3.750			04/15/23		811,648
	American Homes 4 Rent LP(a)
	831,000		4.900			02/15/29		861,115
	American Tower Corp.(a)
	925,000		3.375			05/15/24		931,521
	Crown Castle International Corp.
	575,000		5.250			01/15/23		617,724
	1,275,000		3.150	(a)		07/15/23		1,274,235
	Kaisa Group Holdings Ltd.(a)
	200,000		9.375			06/30/24		178,957
	Kilroy Realty LP(a)
	500,000		4.750			12/15/28		531,580
	National Retail Properties, Inc.(a)
	400,000		4.000			11/15/25		409,452
	Trust F/1401(a)(b)
	300,000		5.250			12/15/24		307,688
	VEREIT Operating Partnership LP(a)
	750,000		4.125			06/01/21		758,470
	800,000		4.625			11/01/25		827,248
								7,839,324
Retailing(a) – 0.5%
	Dollar Tree, Inc.
	525,000		4.000			05/15/25		531,473
	Starbucks Corp.
	850,000		3.800			08/15/25		876,418
	The Home Depot, Inc.
	575,000		3.900			12/06/28		611,518
	Walmart, Inc.
	375,000		4.050			06/29/48		400,665
								2,420,074
Semiconductors – 1.7%
	Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	1,100,000		3.000			01/15/22		1,095,171
	1,125,000		3.625			01/15/24		1,122,682
	500,000		3.125			01/15/25		478,215
	Broadcom, Inc.(b)
	1,150,000		3.125			10/15/22		1,144,744
	825,000		3.625	(a)		10/15/24		818,549
	650,000		4.250	(a)		04/15/26		645,197
Corporate Obligations – (continued)
Semiconductors – (continued)
	Microchip Technology, Inc.(b)
	525,000		3.922			06/01/21		529,602
	Micron Technology, Inc.(a)
	550,000		4.975			02/06/26		561,000
	NXP B.V./NXP Funding LLC(b)
	1,325,000		3.875			09/01/22		1,343,894
								7,739,054
Software(a) – 0.2%
	Fiserv, Inc.
	300,000		3.800			10/01/23		307,563
	525,000		4.200			10/01/28		540,572
								848,135
Telecommunication Services – 3.1%
	AT&T, Inc.(a)
	1,375,000		3.000			06/30/22		1,378,176
	1,125,000		3.600			02/17/23		1,146,296
	400,000		4.450			04/01/24		419,824
	1,700,000		3.400			05/15/25		1,686,825
	600,000		4.125			02/17/26		613,488
	225,000		5.450			03/01/47		240,602
	Digicel Ltd.(a)(b)
	200,000		6.000			04/15/21		168,000
	800,000		6.750			03/01/23		507,000
	Intelsat Jackson Holdings SA(a)(b)
	700,000		8.500			10/15/24		680,750
	Level 3 Financing, Inc.(a)
	1,150,000		5.625			02/01/23		1,162,937
	Nokia OYJ
	579,000		4.375			06/12/27		575,168
	Sprint Communications, Inc.(b)
	250,000		7.000			03/01/20		256,875
	Telefonica Emisiones SA
	150,000		5.462			02/16/21		156,858
	325,000		4.570			04/27/23		344,325
	Verizon Communications, Inc.
	975,000		2.625			08/15/26		933,982
	630,000		4.329			09/21/28		667,428
	50,000		4.125			08/15/46		48,544
	50,000		4.862			08/21/46		53,392
	1,030,000		5.012			04/15/49		1,123,163
	Vodafone Group PLC
	1,525,000		3.750			01/16/24		1,540,814
	Wind Tre SpA(a)(b)
	700,000		5.000			01/20/26		637,000
								14,341,447
	TOTAL CORPORATE OBLIGATIONS
	(Cost $196,128,434)						$	198,323,183

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

GOLDMAN SACHS BOND FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 38.1%
Collateralized Mortgage Obligations – 4.0%
Interest Only(f) – 0.8%
	FHLMC REMIC Series 4314, Class SE(c) (-1x1M LIBOR + 6.050%)
$	849,035		3.561	%		03/15/44	$	134,681
	FHLMC REMIC Series 4320, Class SD(c) (-1x1M LIBOR + 6.100%)
	3,967,522		3.611			07/15/39		587,504
	FHLMC REMIC Series 4583, Class ST(c) (-1x1M LIBOR + 6.000%)
	1,661,267		3.511			05/15/46		281,387
	FHLMC STRIPS Series 304, Class C45
	272,881		3.000			12/15/27		21,483
	FNMA REMICSeries 2011-124, Class SC(c) (-1x1M LIBOR + 6.550%)
	426,072		4.060			12/25/41		70,386
	FNMA REMICSeries 2012-5, Class SA(c) (-1x1M LIBOR + 5.950%)
	627,370		3.460			02/25/42		92,573
	FNMA REMICSeries 2012-88, Class SB(c) (-1x1M LIBOR + 6.670%)
	408,084		4.180			07/25/42		66,283
	FNMA REMICSeries 2014-6, Class SA(c) (-1x1M LIBOR + 6.600%)
	472,483		4.110			02/25/44		80,590
	FNMA REMICSeries 2016-69, Class BS(c) (-1x1M LIBOR + 6.100%)
	2,527,163		3.610			10/25/46		364,907
	GNMA REMICSeries 2010-101, Class S(c) (-1x1M LIBOR + 6.000%)
	444,806		3.515			08/20/40		68,640
	GNMA REMICSeries 2010-20, Class SE(c) (-1x1M LIBOR + 6.250%)
	934,766		3.765			02/20/40		152,851
	GNMA REMICSeries 2013-134, Class DS(c) (-1x1M LIBOR + 6.100%)
	127,269		3.615			09/20/43		20,040
	GNMA REMICSeries 2013-152, Class SG(c) (-1x1M LIBOR + 6.150%)
	395,707		3.665			06/20/43		62,334
	GNMA REMICSeries 2013-181, Class SA(c) (-1x1M LIBOR + 6.100%)
	529,883		3.615			11/20/43		84,447
	GNMA REMICSeries 2014-132, Class SL(c) (-1x1M LIBOR + 6.100%)
	640,863		3.615			10/20/43		79,103
	GNMA REMICSeries 2014-133, Class BS(c) (-1x1M LIBOR + 5.600%)
	319,860		3.115			09/20/44		43,196
	GNMA REMICSeries 2014-162, Class SA(c) (-1x1M LIBOR + 5.600%)
	301,481		3.115			11/20/44		39,007
	GNMA REMICSeries 2015-110, Class MS(c) (-1x1M LIBOR + 5.710%)
	2,117,059		3.225			08/20/45		279,886
	GNMA REMICSeries 2015-111, Class IM
	907,679		4.000			08/20/45		139,173
Mortgage-Backed Obligations – (continued)
Interest Only(f) – (continued)
	GNMA REMICSeries 2015-119, Class SN(c) (-1x1M LIBOR + 6.250%)
	429,381		3.765			08/20/45		65,001
	GNMA REMICSeries 2015-123, Class SP(a)(c) (-1x1M LIBOR + 6.250%)
	456,834		3.765			09/20/45		70,968
	GNMA REMICSeries 2015-167, Class AS(c) (-1x1M LIBOR + 6.250%)
	325,260		3.765			11/20/45		46,894
	GNMA REMICSeries 2015-168, Class SD(c) (-1x1M LIBOR + 6.200%)
	214,114		3.715			11/20/45		34,593
	GNMA REMICSeries 2015-57, Class AS(c) (-1x1M LIBOR + 5.600%)
	1,753,718		3.115			04/20/45		223,891
	GNMA REMICSeries 2016-109, Class IH
	1,298,324		4.000			10/20/45		194,287
	GNMA REMICSeries 2016-27, Class IA
	665,106		4.000			06/20/45		88,753
								3,392,858
Regular Floater(c) – 0.0%
	FNMA REMICSeries 2011-63, Class FG (1M LIBOR + 0.450%)
	104,915		2.940			07/25/41		104,994
Sequential Fixed Rate – 0.2%
	FNMA REMICSeries 2005-70, Class PA
	56,137		5.500			08/25/35		61,922
	FNMA REMICSeries 2011-52, Class GB
	450,837		5.000			06/25/41		488,418
	FNMA REMICSeries 2012-111, Class B
	38,138		7.000			10/25/42		43,595
	FNMA REMICSeries 2012-153, Class B
	103,267		7.000			07/25/42		118,607
								712,542
Sequential Floating Rate(c) – 3.0%
	Countrywide Alternative LoanTrust Series 2006-0C8, Class 2A3 (1M USD LIBOR + 0.250%)
	1,830,884		2.740			11/25/36		1,487,481
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A(b)(g) (3M EURIBOR + 2.750%)
EUR	889,457		2.750			04/20/20		997,949
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA3, Class A1 (1M LIBOR + 0.140%)
$	352,114		2.630			07/25/47		329,613
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3 (1M USD LIBOR + 3.300%)
	260,000		5.790			10/25/27		281,815
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ2, Class M3 (1M USD LIBOR + 3.250%)
	1,000,000		5.740			05/25/25		1,083,114
	Harben Finance PLCSeries 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	876,598		1.689			08/20/56		1,140,990
	London Wall Mortgage Capital PLCSeries 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
	1,305,719		1.737			11/15/49		1,697,653

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(c) – (continued)
	Master Adjustable Rate MortgagesTrust Series 2006-OA2, Class 4A1B (12M MTA + 1.200%)
$	188,844		3.532	%		12/25/46		$	281,198
	Ripon Mortgages PLC Series 1X, Class A1 (3M GBP LIBOR + 0.800%)
GBP	306,558		1.689			08/20/56			397,786
	Ripon Mortgages PLC Series 1X, Class A2 (3M GBP LIBOR + 0.800%)
	2,662,334		1.689			08/20/56			3,452,698
	Station Place SecuritizationTrust Series 2015-2, Class A(b) (1M USD LIBOR + 0.550%)
$	950,000		3.044	%		07/15/19			950,000
	Warwick Finance Residential Mortgages No. One PLC Series 1, Class A (3M GBP LIBOR + 1.000%)
GBP	1,430,321		1.910			09/21/49			1,866,021
									13,966,318
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	18,176,712
Commercial Mortgage-Backed Securities(b)(c) – 0.6%
Sequential Floating Rate – 0.6%
	Bancorp Commercial MortgageTrust Series 2018-CRE4, Class A (1M LIBOR + 0.900%)
$	948,115		3.384	%		09/15/35		$	942,876
	Exantas Capital Corp. Ltd.Series 2018-RSO6, Class A (1M LIBOR + 0.830%)
	2,000,000		3.314			06/15/35			1,992,521
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES							$	2,935,397
Federal Agencies – 33.5%
Adjustable Rate FHLMC(c) – 0.0%
	(12M USD LIBOR + 1.768%)
$	35,902		4.542	%		09/01/35		$	37,597
FHLMC – 1.0%
	134,405		6.000			08/01/27			145,478
	14,609		5.000			08/01/33			15,708
	2,733		5.000			09/01/33			2,938
	3,375		5.000			10/01/33			3,629
	3,525		5.000			11/01/34			3,790
	203,010		5.000			12/01/34			218,309
	5,205		5.000			07/01/35			5,597
	2,963		5.000			11/01/35			3,186
	35,494		5.000			03/01/39			38,309
	8,594		5.000			05/01/39			9,276
	26,062		5.000			04/01/40			28,116
	4,700		5.000			08/01/40			5,071
	57,736		4.000			02/01/41			60,079
	788		5.000			04/01/41			851
	4,451		5.000			06/01/41			4,793
	3,882,152		4.500			08/01/48			4,144,001
									4,689,131
FNMA – 15.7%
	5,326		6.000			06/01/21			5,450
	14,793		5.000			08/01/23			15,223
	6,948		5.500			09/01/23			7,174
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	4,548		5.500			10/01/23			4,700
	30,150		5.000			02/01/24			30,944
	11,863		5.500			05/01/25			12,028
	11,132		4.500			02/01/39			11,702
	10,218		4.500			04/01/39			10,879
	9,136		4.500			08/01/39			9,727
	138,215		4.500			12/01/39			147,149
	113,739		4.500			06/01/40			120,025
	56,021		4.500			08/01/41			59,354
	72,749		3.000			12/01/42			72,961
	167,634		3.000			01/01/43			168,148
	47,329		3.000			02/01/43			47,474
	16,713		3.000			03/01/43			16,764
	239,440		3.000			04/01/43			240,172
	40,671		3.000			05/01/43			40,795
	53,153		3.000			06/01/43			53,317
	17,436		3.000			07/01/43			17,490
	60,607		5.000			06/01/44			64,939
	24,868		3.500			03/01/45			25,290
	615,669		3.000			04/01/45			615,055
	2,355,717		4.500			04/01/45			2,513,890
	264,774		4.500			05/01/45			282,635
	1,558,318		4.500			06/01/45			1,635,679
	731,406		4.000			11/01/45			755,806
	234,335		4.000			03/01/46			242,163
	161,427		4.000			06/01/46			166,825
	39,614		4.000			08/01/46			40,938
	259,054		4.000			10/01/46			267,717
	250,588		4.000			06/01/47			261,328
	2,282,143		4.500			07/01/47			2,410,415
	515,766		4.500			11/01/47			544,756
	572,223		4.000			12/01/47			597,820
	1,731,610		4.000			01/01/48			1,809,068
	3,362,202		4.000			02/01/48			3,508,765
	2,575,805		4.000			03/01/48			2,687,179
	945,774		4.000			05/01/48			985,715
	1,911,187		4.000			06/01/48			1,995,483
	973,210		4.500			09/01/48			1,036,503
	44,000,000		4.500			TBA-30yr	(h)		45,834,091
	3,000,000		5.000			TBA-30yr	(h)		3,171,802
									72,545,338
GNMA – 16.8%
	32,995		5.500			11/15/32			35,676
	18,867		5.500			01/15/33			20,274
	46,933		5.500			02/15/33			51,675
	47,501		5.500			03/15/33			52,314
	50,793		5.500			07/15/33			55,500
	23,404		5.500			08/15/33			25,654
	9,893		5.500			09/15/33			10,676
	33,771		5.500			04/15/34			36,994
	8,347		5.500			05/15/34			8,932
	209,342		5.500			09/15/34			230,223
	214,816		5.500			12/15/34			236,251
	150,074		5.500			01/15/35			164,948
	879		5.500			05/15/36			940
	8,201		4.000			02/20/41			8,564

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

GOLDMAN SACHS BOND FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	12,538		4.000	%		11/20/41		$	13,089
	2,071		4.000			01/20/42			2,162
	6,643		4.000			04/20/42			6,934
	3,703		4.000			10/20/42			3,862
	1,142,624		4.000			08/20/43			1,190,330
	1,421,549		4.000			10/20/43			1,480,901
	7,032		4.000			03/20/44			7,318
	8,540		4.000			05/20/44			8,881
	588,843		4.000			11/20/44			612,324
	133,670		4.000			12/20/44			139,001
	38,859		4.000			05/20/45			40,335
	152,539		4.000			07/20/45			158,335
	1,291,844		4.000			08/20/45			1,340,937
	887,288		4.000			01/20/46			920,174
	4,891,900		4.500			10/20/48			5,084,868
	987,285		4.500			11/20/48			1,027,001
	1,260,021		5.000			11/20/48			1,317,554
	11,919,832		4.500			12/20/48			12,408,651
	991,888		5.000			12/20/48			1,037,178
	4,981,122		4.500			01/20/49			5,187,728
	7,703,351		5.000			01/20/49			8,055,092
	997,590		5.000			02/20/49			1,046,562
	33,000,000		4.500			TBA-30yr	(h)		34,266,045
	1,000,000		5.000			TBA-30yr	(h)		1,044,609
									77,338,492
	TOTAL FEDERAL AGENCIES							$	154,610,558
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $173,561,074)							$	175,722,667
Agency Debentures – 3.2%
	FHLB
$	2,400,000		4.625	%		09/11/20		$	2,475,619
	400,000		5.375			08/15/24			460,640
	FNMA
	4,000,000		1.875			09/24/26			3,824,920
	800,000		6.250			05/15/29			1,052,584
	Hashemite Kingdom of Jordan Government AID Bond(i)
	1,600,000		2.503			10/30/20			1,604,224
	Israel Government AID Bond(i)
	2,000,000		5.500			09/18/23			2,261,060
	300,000		5.500			12/04/23			339,696
	877,000		5.500			04/26/24			1,005,384
	40,000		5.500			09/18/33			52,139
	NCUA Guaranteed Notes Series A4(i)
	600,000		3.000			06/12/19			600,338
	Tennessee Valley Authority
	1,200,000		3.875			02/15/21			1,232,568
	TOTAL AGENCY DEBENTURES
	(Cost $14,911,657)							$	14,909,172
Asset-Backed Securities(c) – 12.8%
Collateralized Loan Obligations – 4.6%
	Crown Point CLO III Ltd.Series 2015-3A, Class A1AR(b) (3M USD LIBOR + 0.910%)
	3,200,000		3.346			12/31/27			3,187,117
	KREF Ltd.Series 2018-FL1, Class A(b) (1M USD LIBOR + 1.100)
	1,950,000		3.589			06/15/36			1,950,304
	Madison Park Funding XXX Ltd.Series 2018-30A, Class A(b) (3M USD LIBOR + 0.750%)
	4,050,000		3.186			04/15/29			3,979,117
	MidOcean Credit CLOSeries 2018-8X, Class A2(a) (3M USD LIBOR + 1.300%)
	500,000		3.945			02/20/31			497,068
	Orec Ltd.Series 2018-CRE1, Class A(b) (1M USD LIBOR + 1.180%)
	1,475,000		3.669			06/15/36			1,475,005
	Ready Capital Mortgage Financing LLCSeries 2018-FL2, Class A(b) (1M USD LIBOR + 0.850%)
	681,953		3.340			06/25/35			680,609
	Recette CLO Ltd.Series 2015-1A, Class AR(b) (3M USD LIBOR + 0.920%)
	4,350,000		3.389			10/20/27			4,328,067
	TPG Real Estate Finance Issuer Ltd.Series 2018-FL2, Class A(b) (1M USD LIBOR + 1.130%)
	2,400,000		3.619			11/15/37			2,399,987
	Whitehorse Ltd.Series 2014-9A, Class AR(b) (3M USD LIBOR + 1.160%)
	2,746,690		3.609			07/17/26			2,746,688
									21,243,962
Home Equity – 0.6%
	Bear Stearns Asset Backed SecuritiesTrust Series 2001-3, Class A2 (1M LIBOR + 0.800%)
	6,055		3.290			10/27/32			5,784
	Bear Stearns Asset Backed SecuritiesTrust Series 2002-2, Class A1 (1M USD LIBOR + 0.660%)
	1,728		3.150			10/25/32			1,702
	CS First Boston Mortgage Securities Corp.Series 2001-HE17, Class A1 (1M USD LIBOR + 0.620%)
	1,109		3.110			01/25/32			1,062
	GMAC Mortgage Home Equity LoanTrust Series 2007-HE3, Class 1A1
	14,530		6.941			09/25/37			14,584
	GMAC Mortgage Home Equity LoanTrust Series 2007-HE3, Class 2A1
	24,289		6.763			09/25/37			24,955
	Home Equity AssetTrust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%)
	257		3.090			11/25/32			237
	Home Equity LoanTrust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%)
	1,400,000		2.720			04/25/37			1,283,453
	Morgan Stanley Mortgage LoanTrust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.220%)
	3,136,796		2.710			04/25/37			1,253,788
	Renaissance Home Equity LoanTrust Series 2003-2, Class A (1M USD LIBOR + 0.880%)
	988		3.370			08/25/33			974

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(c) – (continued)
Home Equity – (continued)
	Renaissance Home Equity LoanTrust Series 2003-3, Class A (1M USD LIBOR + 1.000%)
$	2,686		3.490	%		12/25/33	$	2,656
								2,589,195
Student Loan – 7.6%
	Academic Loan FundingTrust Series 2012-1A, Class A2(b) (1M USD LIBOR + 1.100%)
	2,359,626		3.590			12/27/44		2,371,116
	Access Group, Inc.Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	1,588,113		3.032			09/26/33		1,549,963
	ECMC Group Student LoanTrust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.350%)
	1,782,506		3.840			07/26/66		1,799,236
	Edsouth Indenture No. 9 LLCSeries 2015-1, Class A(b) (1M USD LIBOR + 0.800%)
	1,032,472		3.290			10/25/56		1,022,216
	EFS Volunteer No. 2 LLCSeries 2012-1, Class A2(b) (1M USD LIBOR + 1.350%)
	2,600,000		3.840			03/25/36		2,649,958
	EFS Volunteer No. 3 LLCSeries 2012-1, Class A3(b) (1M USD LIBOR + 1.000%)
	1,626,531		3.490			04/25/33		1,633,731
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3 (1M USD LIBOR + 1.050%)
	1,500,000		3.530			07/20/43		1,504,694
	Navient Student LoanTrust Series 2016-5A, Class A(b) (1M USD LIBOR + 1.250%)
	3,923,409		3.740			06/25/65		3,975,904
	Navient Student LoanTrust Series 2016-7A, Class A(b) (1M USD LIBOR + 1.150%)
	1,963,094		3.640			03/25/66		1,980,177
	Navient Student LoanTrust Series 2017-2A, Class A(b) (1M USD LIBOR + 1.050%)
	3,824,390		3.540			12/27/66		3,838,915
	Nelnet Student LoanTrust Series 2006-1, Class A6(b) (3M USD LIBOR + 0.450%)
	2,600,000		3.103			08/23/36		2,545,379
	PHEAA Student LoanTrust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	1,772,778		3.640			09/25/65		1,801,056
	Scholar FundingTrust Series 2010-A, Class A(b) (3M USD LIBOR + 0.750%)
	442,818		3.259			10/28/41		438,794
	SLM Student LoanTrust Series 2003-7A, Class A5A(b) (3M USD LIBOR + 1.200%)
	1,693,496		3.988			12/15/33		1,694,023
	SLM Student LoanTrust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%)
	255,075		2.610			01/25/27		253,661
	SLM Student LoanTrust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	1,411,821		2.630			10/25/28		1,403,978
	SLM Student LoanTrust Series 2006-10, Class A5A (3M USD LIBOR + 0.100%)
	400,598		2.590			04/25/27		400,324
Asset-Backed Securities(c) – (continued)
Student Loan – (continued)
	SLM Student LoanTrust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	830,237		2.820			01/25/22		815,471
	SLM Student LoanTrust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	230,159		3.240			04/25/23		228,647
	SLM Student LoanTrust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	545,427		4.140			07/25/22		551,982
	SLM Student LoanTrust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	992,830		4.190			07/25/23		1,003,127	��
	SLM Student LoanTrust Series 2008-6, Class A4 (3M USD LIBOR + 1.100%)
	1,168,838		3.590			07/25/23		1,176,516
	SLM Student LoanTrust Series 2008-8, Class A4 (3M USD LIBOR + 1.500%)
	490,354		3.990			04/25/23		495,032
								35,133,900
	TOTAL ASSET-BACKED SECURITIES
	(Cost $58,385,743)						$	58,967,057
Foreign Debt Obligations – 1.0%
Sovereign – 1.0%
	Dominican Republic
DOP	100,000		10.375	%		03/04/22	$	2,018
	300,000		14.500			02/10/23		6,690
	100,000		11.375			07/06/29		2,133
	Ecuador Government International Bond(b)
$	300,000		8.875			10/23/27		300,900
	Perusahaan Penerbit SBSN(b)
	220,000		4.150			03/29/27		222,392
	Republic of Argentina
EUR	410,000		5.250			01/15/28		337,697
	40,000		3.380	(j)		12/31/38		25,410
$	110,000		3.750	(j)		12/31/38		63,580
EUR	100,000		6.250			11/09/47		80,766
$	790,000		6.875			01/11/48		579,074
	Republic of Ecuador
	360,000		9.625			06/02/27		375,660
	Republic of Indonesia(b)
EUR	250,000		2.150			07/18/24		293,788
$	1,060,000		4.750			01/08/26		1,119,196
	Republic of South Africa
ZAR	1,650,000		8.000			01/31/30		105,368
	4,340,000		7.000			02/28/31		252,061
	4,894,000		8.250			03/31/32		310,665
	1,520,000		8.875			02/28/35		99,172
	2,515,000		6.250			03/31/36		126,552
	40,000		9.000			01/31/40		2,582
	870,000		6.500			02/28/41		42,693
	2,330,000		8.750			01/31/44		146,420
	Republic of Sri Lanka
$	200,000		6.850			11/03/25		201,901

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

GOLDMAN SACHS BOND FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	United Mexican States
MXN	257,600		6.500	%		06/10/21	$	12,914
	403,700		8.000			12/07/23		20,932
	1,125,400		7.750			11/23/34		55,262
	48,700		8.000			11/07/47		2,371
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $5,085,511)						$	4,788,197
Municipal Debt Obligations – 2.2%
California(a) – 0.4%
	California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%		04/01/39	$	318,931
	California State GO Bonds Build America Taxable Series 2010
	625,000		7.950			03/01/36		654,831
	East Bay Municipal Utility Disrtict Water System RB Build America SubSeries 2010
	900,000		5.874			06/01/40		1,184,463
								2,158,225
Illinois – 1.2%
	Chicago Illinois GO Bonds Prerefunded Taxable Series B(a)
	2,374,000		7.750			01/01/42		3,031,574
	Illinois State GO Bonds Build America Series 2010(a)
	115,000		6.630			02/01/35		124,813
	730,000		7.350			07/01/35		829,448
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,460,000		5.100			06/01/33		1,434,625
								5,420,460
Minnesota(a)(c) – 0.1%
	Northstar Education Finance, Inc. (Student Loan Asset Backed) Series 2007-1, Class A1 (3M USD LIBOR + 0.100%)
	270,725		2.609			04/28/30		269,708
New York(a) – 0.1%
	Port Authority of New York & New Jersey Consolidated Bonds – 192 Series 2015
	375,000		4.810			10/15/65		441,143
Ohio(a) – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	250,000		6.270			02/15/50		325,755
Puerto Rico – 0.3%
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-1
	28,000		0.000	(k)		07/01/24		23,510
	48,000		0.000	(k)		07/01/27		35,791
	47,000		0.000	(a)(k)		07/01/29		31,164
	60,000		0.000	(a)(k)		07/01/31		35,495
	68,000		0.000	(a)(k)		07/01/33		36,086
	49,000		4.500	(a)		07/01/34		49,541
	25,000		4.550	(a)		07/01/40		24,601
	643,000		0.000	(a)(k)		07/01/46		138,309
	524,000		0.000	(a)(k)		07/01/51		82,907
	184,000		4.750	(a)		07/01/53		174,463
	465,000		5.000	(a)		07/01/58		459,443
Municipal Debt Obligations – (continued)
Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-2(a)
	255,000		4.550			07/01/40		225,040
	8,000		4.750			07/01/53		6,860
	102,000		5.000			07/01/58		89,251
								1,412,461
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $9,515,306)						$	10,027,752
U.S. Treasury Obligations – 4.3%
	United States Treasury Bonds
$	1,560,000		2.750	%		11/15/42	$	1,555,269
	5,790,000		3.625	(l)		02/15/44		6,673,895
	United States Treasury Inflation Indexed Note
	9,716,260		0.750			07/15/28		9,942,841
	United States Treasury Strip Coupon(k)
	2,800,000		0.000			02/15/35		1,824,156
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $19,006,121)						$	19,996,161

Shares	Dividend Rate			Value
Investment Company(m) – 9.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
45,426,180		2.437	%	$	45,426,180
(Cost $45,426,180)
TOTAL INVESTMENTS – 114.4%
(Cost $522,020,026)				$	528,160,369
LIABILITIES IN EXCESS OF     OTHER ASSETS – (14.4)%					(66,377,163	)
NET ASSETS – 100.0%				$	461,783,206

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(d)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $12,230,570, which represents approximately 2.7% of the Fund’s net assets as of March 31, 2019.
(e)	Security is currently in default and/or non-income producing.
(f)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

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

GOLDMAN SACHS BOND FUND

(g)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(h)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $84,316,547 which represents approximately 18.3% of the Fund’s net assets as of March 31, 2019.
(i)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $5,862,841, which represents approximately 1.3% of the Fund’s net assets as of March 31, 2019.
(j)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2019.
(k)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(l)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(m)	Represents an affiliated issuer.

Currency Abbreviations:
ARS	—Argentine Peso
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
COP	—Colombian Peso
CZK	—Czech Koruna
DOP	—Dominican Peso
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysian Ringgit
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PHP	—Philippine Peso
PLN	—Polish Zloty
RON	—New Romanian Leu
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand

Investment Abbreviations:
AUDOR	—Australian Dollar Offered Rate
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc Offered Rate
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
EURO	—Euro Offered Rate
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GBP	—British Pound Offered Rate
GMAC	—General Motors Acceptance Corporation
GNMA	—Government National Mortgage Association
GO	—General Obligation
JIBAR	—Johannesburg Interbank Agreed Rate
JYOR	—Japanese Yen Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MTA	—Monthly Treasury Average
NCUA	—National Credit Union Administration
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
PLC	—Public Limited Company
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
STIBOR	—Stockholm Interbank Offered Rate
STRIPS	—Separate Trading of Registered Interest and Principal of Securities
TIIE	—La Tasa de Interbank Equilibrium Interest Rate

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

GOLDMAN SACHS BOND FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	ARS	9,602,952	USD	202,722		06/04/19	$	693
	AUD	369,499	EUR	230,090		06/19/19		2,896
	AUD	5,871,421	USD	4,166,243		06/19/19		8,970
	BRL	13,405,784	USD	3,411,401		05/03/19		5,095
	CAD	12,579,521	USD	9,422,509		06/19/19		9,658
	CHF	753,921	USD	759,716		06/19/19		3,183
	CNH	21,504,688	USD	3,194,493		06/19/19		3,482
	COP	9,860,657,884	USD	3,090,205		04/01/19		2,636
	COP	1,166,311,653	USD	365,270		04/15/19		236
	EUR	327,212	GBP	282,001		06/19/19		783
	EUR	362,623	JPY	45,011,712		06/19/19		857
	EUR	1,495,120	PLN	6,448,880		06/19/19		4,646
	EUR	574,645	SEK	5,996,711		06/19/19		102
	EUR	726,288	USD	819,802		06/19/19		447
	GBP	963,000	USD	1,241,704		04/12/19		13,322
	IDR	17,372,909,182	USD	1,211,980		04/25/19		2,471
	INR	311,826,621	USD	4,391,616		04/02/19		106,053
	JPY	89,432,929	EUR	717,887		06/19/19		1,238
	JPY	744,625,128	USD	6,721,234		06/19/19		39,533
	KRW	927,690,013	USD	815,988		04/18/19		94
	MXN	38,714,627	USD	1,963,266		06/19/19		5,867
	NOK	21,257,496	EUR	2,177,060		06/19/19		13,556
	NOK	1,982,506	USD	230,294		06/19/19		274
	NZD	543,368	EUR	326,489		06/19/19		1,878
	PHP	52,789,112	USD	995,510		04/12/19		6,602
	RUB	286,160,810	USD	4,289,304		04/15/19		61,099
	SEK	11,360,162	EUR	1,073,313		06/19/19		17,079
	SGD	5,790,145	USD	4,270,932		06/19/19		7,895
	USD	162,966	ARS	6,792,420		04/22/19		10,828
	USD	1,078,961	AUD	1,498,377		04/04/19		14,944
	USD	939,771	AUD	1,318,961		06/19/19		1,847
	USD	3,229,391	BRL	12,276,952		04/02/19		94,279
	USD	489,923	BRL	1,918,232		05/03/19		1,058
	USD	2,290,470	CAD	3,051,172		04/08/19		6,773
	USD	804,630	CAD	1,072,498		06/19/19		468
	USD	4,081,748	CLP	2,720,825,820		04/04/19		83,469
	USD	699,912	CLP	471,555,403		04/18/19		6,943
	USD	85,635	CLP	56,801,961		04/22/19		2,162
	USD	84,641	CLP	56,024,466		04/25/19		2,310
	USD	614,881	CNH	4,134,312		06/19/19		65
	USD	3,160,379	COP	9,860,657,884		04/01/19		67,538
	USD	848,995	COP	2,662,286,968		04/15/19		14,670
	USD	12,271,977	EUR	10,701,976		04/26/19		240,596
	USD	15,702,981	EUR	13,787,554		06/19/19		131,703
	USD	413,591	GBP	313,000		04/12/19		5,675
	USD	4,875,185	GBP	3,651,006		06/19/19		100,916
	USD	589,185	HUF	162,615,057		06/19/19		17,952
	USD	401,571	IDR	5,689,259,834		04/25/19		3,864
	USD	7,371,127	INR	508,781,815		04/02/19		32,649

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)
	USD	1,250,816	JPY	134,495,731		04/03/19	$	37,001
	USD	4,742,844	JPY	519,935,530		06/19/19		22,128
	USD	400,221	KRW	453,746,596		04/05/19		954
	USD	780,817	KRW	881,131,684		04/18/19		5,690
	USD	898,810	KRW	1,019,713,128		04/30/19		1,578
	USD	2,804,505	MXN	54,551,151		06/19/19		29,883
	USD	1,010,107	NOK	8,621,442		06/19/19		7,426
	USD	1,356,643	PHP	71,010,786		04/12/19		8,623
	USD	833,595	RON	3,518,187		06/19/19		9,302
	USD	1,311,455	RUB	84,967,241		04/15/19		19,728
	USD	2,592,069	SEK	23,492,607		04/25/19		60,541
	USD	2,438,712	SGD	3,293,508		06/19/19		4,861
	USD	878,283	TRY	5,063,337		06/19/19		33,191
	USD	1,656,470	TWD	51,052,398		04/08/19		2,007
	USD	1,010,756	TWD	31,028,257		04/11/19		5,111
	USD	671,548	TWD	20,696,714		04/29/19		320
	USD	1,002,270	ZAR	14,031,577		04/03/19		30,156
	USD	1,299,123	ZAR	18,733,242		06/19/19		13,221
	ZAR	39,448,612	USD	2,701,003		06/19/19		6,863
TOTAL							$	1,459,938

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	ARS	9,602,952	USD	232,236		04/03/19	$	(11,672	)
	ARS	16,797,452	USD	404,033		04/22/19		(27,800	)
	ARS	7,038,534	USD	161,000		04/26/19		(4,169	)
	ARS	46,981,977	USD	1,065,955		05/28/19		(62,521	)
	AUD	1,403,634	USD	1,010,737		04/04/19		(13,999	)
	AUD	1,710,695	USD	1,221,481		06/19/19		(4,993	)
	BRL	25,682,736	USD	6,773,536		04/02/19		(215,041	)
	CAD	3,427,000	USD	2,572,599		04/08/19		(7,607	)
	CLP	2,720,825,820	USD	4,108,186		04/04/19		(109,907	)
	CLP	1,641,064,241	USD	2,424,468		04/18/19		(12,860	)
	CLP	57,033,176	USD	85,635		04/22/19		(1,822	)
	CLP	56,455,287	USD	84,641		04/25/19		(1,677	)
	COP	9,860,657,883	USD	3,175,911		04/01/19		(83,070	)
	COP	6,259,102,410	USD	1,993,946		04/15/19		(32,428	)
	COP	639,618,221	USD	200,666		05/02/19		(425	)
	CZK	22,065,452	EUR	855,460		06/19/19		(5,092	)
	CZK	24,396,463	USD	1,078,821		06/19/19		(16,254	)
	EUR	717,922	AUD	1,144,158		06/19/19		(2,819	)
	EUR	1,445,079	GBP	1,250,022		06/19/19		(2,570	)
	EUR	216,898	JPY	27,118,450		06/19/19		(1,262	)
	EUR	1,642,715	NOK	15,988,351		06/19/19		(4,224	)
	EUR	1,239,592	SEK	13,001,774		06/19/19		(6,921	)
	EUR	8,709,603	USD	9,985,636		04/26/19		(194,122	)
	EUR	2,915,385	USD	3,320,153		06/19/19		(27,598	)
	EUR	351,979	ZAR	5,793,748		06/19/19		(184	)
	GBP	171,283	CAD	303,018		06/19/19		(3,224	)

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

GOLDMAN SACHS BOND FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)
	GBP	3,749,126	EUR	4,356,504		06/19/19	$	(17,535	)
	GBP	664,000	USD	869,933		04/12/19		(4,578	)
	GBP	1,648,702	USD	2,182,339		06/19/19		(26,397	)
	HUF	163,901,859	EUR	510,939		06/19/19		(1,286	)
	HUF	82,910,044	PLN	1,121,194		06/19/19		(1,515	)
	IDR	11,534,265,985	USD	811,078		04/05/19		(2,366	)
	IDR	17,065,900,816	USD	1,206,753		04/25/19		(13,763	)
	INR	311,826,622	USD	4,518,977		04/02/19		(21,309	)
	INR	225,185,234	USD	3,252,508		04/22/19		(18,471	)
	JPY	101,561,365	USD	944,525		04/03/19		(27,941	)
	JPY	111,699,792	USD	1,015,974		06/19/19		(1,803	)
	KRW	453,746,596	USD	403,198		04/05/19		(3,931	)
	KRW	5,616,434,449	USD	4,989,529		04/18/19		(48,791	)
	MXN	25,883,200	USD	1,342,489		06/19/19		(25,997	)
	MYR	2,373,462	USD	582,416		04/05/19		(787	)
	NOK	1,538,209	USD	180,699		06/19/19		(1,804	)
	NZD	4,078,275	USD	2,801,977		06/19/19		(20,388	)
	PLN	20,344,743	EUR	4,718,651		06/19/19		(16,794	)
	RUB	16,171,824	USD	250,883		04/11/19		(4,866	)
	RUB	73,990,994	USD	1,145,282		04/15/19		(20,422	)
	SEK	18,803,000	USD	2,074,639		04/25/19		(48,456	)
	SEK	3,040,660	USD	330,422		06/19/19		(1,401	)
	SGD	1,076,702	USD	798,520		06/19/19		(2,854	)
	TRY	5,063,337	USD	880,668		06/19/19		(35,576	)
	TWD	51,052,398	USD	1,658,414		04/08/19		(3,952	)
	TWD	165,457,484	USD	5,396,212		04/11/19		(33,629	)
	TWD	51,052,398	USD	1,658,025		04/29/19		(2,313	)
	USD	219,496	ARS	9,602,952		04/03/19		(1,068	)
	USD	274,983	AUD	387,189		06/19/19		(350	)
	USD	3,418,099	BRL	13,405,784		04/02/19		(5,281	)
	USD	1,046,468	CAD	1,400,368		06/19/19		(3,532	)
	USD	1,884,432	CHF	1,874,896		06/19/19		(12,793	)
	USD	1,776,332	CNH	11,969,912		06/19/19		(3,721	)
	USD	3,090,205	COP	9,860,657,883		04/01/19		(2,636	)
	USD	10,278,083	GBP	7,971,139		04/12/19		(110,268	)
	USD	807,552	IDR	11,534,265,985		04/05/19		(1,161	)
	USD	1,636,209	INR	114,871,428		04/02/19		(20,652	)
	USD	1,106,292	KRW	1,259,192,390		04/30/19		(1,655	)
	USD	276,152	MXN	5,436,834		06/19/19		(380	)
	USD	577,618	NZD	848,238		06/19/19		(923	)
	USD	1,607,869	RUB	106,334,418		04/15/19		(8,696	)
	USD	197,482	SEK	1,826,567		06/19/19		(166	)
	USD	2,392,226	SGD	3,240,150		06/19/19		(2,194	)
	USD	1,104,784	TWD	34,094,735		04/29/19		(964	)
	ZAR	20,137,607	USD	1,385,930		06/19/19		(3,630	)
TOTAL							$	(1,443,256	)

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS— At March 31, 2019, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
FNMA		4.000	%	TBA-30yr		05/13/19	$	(2,000,000	)	$	(2,055,208	)
GNMA		4.000		TBA-30yr		04/17/19		(3,000,000	)		(3,097,567	)
GNMA		4.000		TBA-30yr		05/21/19		(2,000,000	)		(2,063,248	)
TOTAL(Proceeds Receivable: $7,168,242)										$	(7,216,023	)

(a) TBA (To Be Announced) Securities are purchased or sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 3 Year Government Bonds		24		06/17/19	$	1,936,597		$	2,601
Australian 10 Year Government Bonds		16		06/17/19		1,574,112			9,650
Ultra Long U.S. Treasury Bonds		160		06/19/19		26,880,000			998,525
10 Year German Euro-Bund		21		06/06/19		3,918,431			84,301
2 Year U.S. Treasury Notes		92		06/28/19		19,604,625			(7,260	)
5 Year U.S. Treasury Notes		325		06/28/19		37,644,141			206,867
10 Year U.S. Treasury Notes		215		06/19/19		26,707,031			204,335
20 Year U.S. Treasury Bonds		199		06/19/19		29,781,594			657,212
Total								$	2,156,231
Short position contracts:
Canada 10 Year Government Bonds		(33	)	06/19/19		(3,433,472	)		(73,169	)
Eurodollars		(24	)	09/16/19		(5,852,400	)		(20,456	)
Eurodollars		(29	)	06/17/19		(7,065,487	)		39,464
Eurodollars		(323	)	12/16/19		(78,787,775	)		(272,821	)
French 10 Year Government Bonds		(22	)	06/06/19		(4,014,453	)		(109,147	)
Ultra 10 Year U.S. Treasury Notes		(130	)	06/19/19		(17,261,562	)		(357,017	)
5 Year German Euro-Bobl		(24	)	06/06/19		(3,584,396	)		(1,103	)
10 Year U.K. Long Gilt		(26	)	06/26/19		(4,380,946	)		(53,847	)
Total								$	(848,096	)
TOTAL FUTURES CONTRACTS								$	1,308,135

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

GOLDMAN SACHS BOND FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund (%)		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
8.360(a)		Mexico IB TIIE 28D	03/18/20	MXN	192,750		$	(1,236	)	$	(2,803	)	$	1,567
3M JIBAR(b)		7.500	09/19/20	ZAR	10,300			3,948			610			3,338
7.950(a)		Mexico IB TIIE 28D	06/16/21	MXN	46,425	(c)		(1,487	)		(572	)		(915	)
3M NZDOR(b)		1.750(d)	06/19/21	NZD	62,690	(c)		127,013			(72,220	)		199,233
3.000(d)		3M LIBOR(b)	06/19/21	$	28,850	(c)		(375,087	)		(244,113	)		(130,974	)
2.500(d)		6M CDOR	06/19/21	CAD	13,770	(c)		(123,567	)		(106,796	)		(16,771	)
1M BID Avg(b)		7.900	01/02/23	BRL	7,875			(10,131	)		(6,401	)		(3,730	)
6M EURO(d)		0.250(e)	06/19/23	EUR	14,360	(c)		187,916			99,287			88,629
0.500(e)		3M STIBOR(b)	06/19/23	SEK	114,510	(c)		(94,831	)		(46,500	)		(48,331	)
1.100(e)		6M GBP(d)	08/01/23	GBP	1,150			(24,319	)		(10,369	)		(13,950	)
2.218(d)		3M LIBOR(b)	08/31/23	$	25,830	(c)		41,607			4,573			37,034
6M EURO(d)		0.500(e)	06/19/24	EUR	36,230	(c)		934,991			612,126			322,865
6M AUDOR(d)		2.500	06/19/24	AUD	16,480	(c)		447,558			444,417			3,141
3.000(d)		3M LIBOR(b)	06/19/24	$	5,480	(c)		(188,561	)		(212,567	)		24,006
0.500(e)		3M STIBOR(b)	06/19/24	SEK	302,500	(c)		(152,992	)		52,273			(205,265	)
2.500(d)		6M CDOR	06/19/24	CAD	7,320	(c)		(156,188	)		(177,736	)		21,548
6M JYOR(d)		0.500	03/22/28	JPY	690,640	(c)		110,827			105,260			5,567
1.900(d)		6M GBP	08/03/28	GBP	4,930	(c)		(177,098	)		(40,616	)		(136,482	)
6M CHFOR(d)		1.050(e)	08/07/28	CHF	7,880	(c)		287,432			(64,112	)		351,544
Mexico IB TIIE 28D(a)		9.290	10/18/28	MXN	22,625	(c)		29,630			(42,286	)		71,916
6M EURO(d)		1.450(e)	01/15/29	EUR	7,620	(c)		233,590			(21,982	)		255,572
0.350(d)		6M JYOR	01/16/29	JPY	1,744,750	(c)		(107,219	)		(247,835	)		140,616
6M EURO(d)		1.200(e)	02/12/29	EUR	10,220	(c)		162,847			22,246			140,601
3M LIBOR(b)		2.800(d)	02/12/29	$	10,730	(c)		120,889			(2,108	)		122,997
1.500(d)		6M GBP	02/12/29	GBP	15,510	(c)		(149,418	)		29,967			(179,385	)
6M EURO(d)		1.200(e)	02/21/29	EUR	3,760	(c)		58,897			459			58,438
2.300(e)		6M NIBOR(d)	02/21/29	NOK	40,740	(c)		(34,929	)		2,238			(37,167	)
3M KWCDC(c)		1.800	03/20/29	KRW	3,939,170			24,544			5,621			18,923
3M LIBOR		2.500	03/29/29	$	9,560	(c)		(17,952	)		736			(18,688	)
1.000(e)		6M EURO(d)	03/29/29	EUR	9,420	(c)		(33,644	)		(46,924	)		13,280
6M EURO(d)		1.000(e)	06/19/29		2,470	(c)		136,451			76,432			60,019
3M LIBOR(b)		3.000(d)	06/19/29	$	13,240	(c)		245,670			60,972			184,698
3.250(d)		3M NZDOR(b)	06/19/29	NZD	2,950	(c)		(53,918	)		(20,469	)		(33,449	)
1.000(e)		3M STIBOR(b)	06/19/29	SEK	27,600	(c)		(38,001	)		16,367			(54,368	)
3.000(d)		6M AUDOR	06/19/29	AUD	7,260	(c)		(132,174	)		(79,459	)		(52,715	)
3.000(d)		6M CDOR	06/19/29	CAD	4,840	(c)		(113,819	)		(99,834	)		(13,985	)
1.000(e)		6M CHFOR(d)	06/19/29	CHF	1,630	(c)		(42,824	)		(29,295	)		(13,529	)
1.500(e)		6M EURO(d)	06/19/29	EUR	13,460	(c)		(388,440	)		(241,745	)		(146,695	)
3M LIBOR(b)		3.000(d)	06/20/39	$	5,090	(c)		85,871			(4,216	)		90,087
1.750(e)		6M EURO(d)	06/20/39	EUR	1,690	(c)		(33,518	)		(33,646	)		128
3M LIBOR(b)		2.750(d)	06/15/49	$	3,250	(c)		21,840			(20,888	)		42,728
1.000(d)		6M JYOR	06/15/49	JPY	235,590	(c)		(34,944	)		(23,572	)		(11,372	)
TOTAL							$	775,224		$	(365,480	)	$	1,140,704

(a) Payments made monthly.

(b) Payments made quarterly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

(d) Payments made semi-annually.

(e) Payments made annually.

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)			Credit Spread at March 31, 2019(b)	Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000	)%	0.169%	Barclays Bank PLC		06/20/21	$	80	$	(1,482	)	$	325		$	(1,807	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)	0.221	Barclays Bank PLC		12/20/21		1,130		(23,824	)		(2,161	)		(21,663	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)	0.131	BoA Securities LLC		12/20/20		830		(12,613	)		1,697			(14,310	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)	0.169	BoA Securities LLC		06/20/21		900		(16,664	)		4,442			(21,106	)
People’s Republic of China, 4.250%, 10/28/19		(1.000	)	0.084	BoA Securities LLC		06/20/19		100		(244	)		(28	)		(216	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)	0.131	Citibank NA		12/20/20		720		(10,942	)		2,094			(13,036	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)	0.169	Citibank NA		06/20/21		560		(10,367	)		2,335			(12,702	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)	0.256	Citibank NA		06/20/22		280		(6,608	)		(2,725	)		(3,883	)
People’s Republic of China, 4.250%, 10/28/19		(1.000	)	0.084	Citibank NA		06/20/19		4,390		(10,673	)		(875	)		(9,798	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)	0.169	Deutsche Bank AG (London)		06/20/21		460		(8,517	)		2,387			(10,904	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)	0.131	JPMorgan Securities, Inc.		12/20/20		6,410		(97,411	)		17,327			(114,738	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)	0.169	JPMorgan Securities, Inc.		06/20/21		10		(185	)		43			(228	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)	0.256	JPMorgan Securities, Inc.		06/20/22		580		(13,688	)		(5,681	)		(8,007	)
People’s Republic of China, 4.250%, 10/28/19		(1.000)		0.084	JPMorgan Securities, Inc.		06/20/19		120		(291	)		(35	)		(256	)
TOTAL										$	(213,509	)	$	19,145		$	(232,654	)

(a) Payments made quarterly.

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

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

GOLDMAN SACHS BOND FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at March 31, 2019(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
iTraxx Europe Series 31	(1.000)%		0.650%		06/20/24	EUR	22,690	$	(468,720	)	$	(437,269	)	$	(31,451	)
Protection Sold:
Boeing Co., 8.750%, 08/15/21	1.000		0.513		06/20/24	$	500		12,116			11,333			783
CDX.NA.IG Index 32	1.000		0.635		06/20/24		18,775		338,993			286,515			52,478
TOTAL								$	(117,611	)	$	(139,421	)	$	21,810

(a) Payments made quarterly.

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar	$97.75		06/15/2020		413	$	1,032,500	$	237,476	$	208,411	$	29,065

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
1Y IRS	Citibank NA		3.010	%		11/01/2019		9,700,000	$	9,700,000	$	527,399	$	139,174	$	388,225
6M IRS	Citibank NA		2.608			07/15/2019		4,900,000		4,900,000		108,808		46,905		61,903
6M IRS	JPMorgan Securities, Inc.		2.625			07/16/2019		2,300,000		2,300,000		53,882		22,217		31,665
								16,900,000	$	16,900,000	$	690,089	$	208,296	$	481,793
Puts
3M IRS	JPMorgan Securities, Inc.		3.340	%		05/13/2019		5,000,000		5,000,000		5		1,400		(1,395	)
3M IRS	JPMorgan Securities, Inc.		2.665			06/10/2019		6,700,000		6,700,000		13,701		63,817		(50,116	)
3M IRS	JPMorgan Securities, Inc.		3.165			06/10/2019		6,700,000		6,700,000		442		4,020		(3,578	)
3M IRS	JPMorgan Securities, Inc.		2.840			05/13/2019		5,000,000		5,000,000		1,028		28,600		(27,572	)
								23,400,000	$	23,400,000	$	15,176	$	97,837	$	(82,661	)
Total Over-the-Counter Interest Rate Swaptions								40,300,000	$	40,300,000	$	705,265	$	306,133	$	399,132
Total purchased option contracts								40,300,413	$	41,332,500	$	942,741	$	514,544	$	428,197

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
1Y IRS	Citibank NA		3.098	%		11/01/2019		(4,200,000	)	$	(4,200,000	)	$	(466,416	)	$	(138,600	)	$	(327,816	)
6M IRS	Citibank NA		2.724			07/15/2019		(2,100,000	)		(2,100,000	)		(88,000	)		(41,877	)		(46,123	)
6M IRS	JPMorgan Securities, Inc.		2.730			07/16/2019		(1,000,000	)		(1,000,000	)		(42,961	)		(19,788	)		(23,173	)
								(7,300,000	)	$	(7,300,000	)	$	(597,377	)	$	(200,265	)	$	(397,112	)
Puts
3M IRS	JPMorgan Securities, Inc.		2.915	%		06/10/2019		(13,400,000	)		(13,400,000	)		(5,155	)		(34,170	)		29,015
3M IRS	JPMorgan Securities, Inc.		3.090			05/13/2019		(10,000,000	)		(10,000,000	)		(167	)		(12,875	)		12,708
								(23,400,000	)	$	(23,400,000	)	$	(5,322	)	$	(47,045	)	$	41,723
Total written option contracts								(30,700,000	)	$	(30,700,000	)	$	(602,699	)	$	(247,310	)	$	(355,389	)

Abbreviations:
3M IRS	—3 Month Interest Rate Swaptions
6M IRS	—6 Month Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
1M BID Avg	—1 Month Brazilian Interbank Deposit Average
BoA Securities LLC	—Bank of America Securities LLC
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 38.7%
Aerospace & Defense – 1.0%
	Northrop Grumman Corp.(a)
$	3,175,000		2.930	%		01/15/25	$	3,133,534
	2,750,000		3.250			01/15/28		2,705,642
	The Boeing Co.(a)
	1,575,000		3.450			11/01/28		1,606,217
	United Technologies Corp.
	725,000		3.350			08/16/21		734,730
	1,775,000		3.950	(a)		08/16/25		1,845,769
	(3M USD LIBOR + 0.650%)
	725,000		3.333	(a)(b)		08/16/21		725,363
								10,751,255
Agriculture – 0.8%
	Altria Group, Inc.(a)
	1,975,000		3.800			02/14/24		2,010,688
	25,000		4.400			02/14/26		25,745
	BAT Capital Corp.(a)
	1,685,000		3.222			08/15/24		1,646,750
	BAT International Finance PLC(c)
	4,875,000		2.750			06/15/20		4,857,450
	Reynolds American, Inc.(a)
	125,000		4.450			06/12/25		128,359
								8,668,992
Airlines – 0.4%
	Delta Air Lines, Inc.
	4,250,000		3.400			04/19/21		4,269,508
Automotive – 0.1%
	Ford Motor Credit Co. LLC
	1,200,000		5.875			08/02/21		1,243,296
Banks – 9.0%
	AIB Group PLC(c)
	2,800,000		4.750			10/12/23		2,874,332
	Banco Santander SA
	400,000		4.250			04/11/27		402,504
	Bank of America Corp.
	3,050,000		4.125			01/22/24		3,192,435
	1,250,000		4.200			08/26/24		1,294,275
	350,000		6.110			01/29/37		416,889
	(3M USD LIBOR + 0.940%)
	2,625,000		3.864	(a)(b)		07/23/24		2,699,077
	(3M USD LIBOR + 1.370%)
	1,550,000		3.593	(a)(b)		07/21/28		1,545,071
	Barclays PLC(a)(b) (3M USD LIBOR + 1.400%)
	2,725,000		4.610			02/15/23		2,782,552
	BNP Paribas SA(c)
	4,350,000		3.500			03/01/23		4,355,133
	900,000		3.375			01/09/25		882,711
	BPCE SA
	925,000		2.650			02/03/21		921,920
	2,250,000		4.000	(c)		09/12/23		2,288,227
	1,150,000		4.625	(c)		09/12/28		1,204,545
	Capital One NA(a)
	1,700,000		2.650			08/08/22		1,677,560
	Citibank NA(a)
	2,550,000		3.050			05/01/20		2,558,874
Corporate Obligations – (continued)
Banks – (continued)
	Citigroup, Inc.
	1,300,000		4.600			03/09/26		1,358,656
	3,175,000		3.400			05/01/26		3,164,522
	1,150,000		4.125			07/25/28		1,154,865
	Credit Agricole SA(c)
	1,050,000		3.250			10/04/24		1,031,835
	Credit Suisse Group AG(a)(c)
	1,400,000		4.282			01/09/28		1,417,458
	(3M USD LIBOR + 1.410%)
	1,675,000		3.869	(b)		01/12/29		1,643,460
	Credit Suisse Group Funding Guernsey Ltd.
	683,000		4.550			04/17/26		713,701
	Deutsche Bank AG
	3,350,000		2.700			07/13/20		3,313,897
	HSBC Holdings PLC(a)(b)
	(3M USD LIBOR + 1.000%)
	850,000		3.683			05/18/24		844,186
	(3M USD LIBOR + 1.055%)
	2,200,000		3.262			03/13/23		2,205,588
	(3M USD LIBOR + 1.211%)
	1,625,000		3.803			03/11/25		1,648,562
	Huntington Bancshares, Inc.(a)
	1,625,000		4.000			05/15/25		1,688,115
	JPMorgan Chase & Co.(a)(b)
	(3M USD LIBOR + 1.000%)
	5,300,000		4.023			12/05/24		5,500,605
	(3M USD LIBOR + 1.245%)
	2,275,000		3.960			01/29/27		2,350,029
	(3M USD LIBOR + 1.337%)
	3,750,000		3.782			02/01/28		3,823,500
	(3M USD LIBOR + 1.360%)
	800,000		3.882			07/24/38		785,328
	(3M USD LIBOR + 3.800%)
	2,250,000		5.300			12/29/49		2,272,702
	Lloyds Bank PLC(b) (3M USD LIBOR + 0.490%)
	1,550,000		3.229			05/07/21		1,546,636
	Morgan Stanley, Inc.
	3,300,000		3.700			10/23/24		3,365,109
	700,000		4.000			07/23/25		721,889
	(3M USD LIBOR + 0.847%)
	3,725,000		3.737	(a)(b)		04/24/24		3,798,867
	(3M USD LIBOR + 1.400%)
	2,575,000		4.179	(a)(b)		10/24/23		2,612,260
	(3M USD LIBOR + 1.628%)
	2,350,000		4.431	(a)(b)		01/23/30		2,479,156
	Royal Bank of Canada(b) (3M USD LIBOR + 0.390%)
	1,525,000		3.141			04/30/21		1,527,775
	Royal Bank of Scotland Group PLC
	1,336,000		3.875			09/12/23		1,341,999
	(3M USD LIBOR + 1.480%)
	1,883,000		3.498	(a)(b)		05/15/23		1,870,233
	(3M USD LIBOR + 1.550%)
	2,100,000		4.519	(a)(b)		06/25/24		2,147,712
	(3M USD LIBOR + 1.754%)
	200,000		4.892	(a)(b)		05/18/29		207,720
	(3M USD LIBOR + 1.762%)
	1,350,000		4.269	(a)(b)		03/22/25		1,365,107

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
$	3,008,000		4.247	%		01/20/23	$	3,056,489
	The Bank of New York Mellon Corp.(a)
	825,000		3.300			08/23/29		824,060
	UBS Group Funding Switzerland AG(c)
	2,550,000		4.125			09/24/25		2,634,303
	Wells Fargo & Co.
	2,700,000		3.000			10/23/26		2,629,692
	925,000		4.150	(a)		01/24/29		967,532
								97,109,653
Beverages(a) – 1.5%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(c)
	850,000		4.700			02/01/36		849,473
	1,175,000		4.900			02/01/46		1,180,652
	Anheuser-Busch InBev Worldwide, Inc.
	3,225,000		4.000			04/13/28		3,276,825
	2,000,000		4.750			01/23/29		2,129,920
	550,000		4.600			04/15/48		529,171
	Bacardi Ltd.(c)
	1,500,000		5.300			05/15/48		1,436,055
	Constellation Brands, Inc.
	1,375,000		4.400			11/15/25		1,442,774
	625,000		3.700			12/06/26		621,794
	1,075,000		3.600			02/15/28		1,051,479
	(3M USD LIBOR + 0.700%)
	2,100,000		3.384	(b)		11/15/21		2,101,785
	Keurig Dr Pepper, Inc.(c)
	1,400,000		4.057			05/25/23		1,440,796
								16,060,724
Biotechnology(a) – 0.2%
	Celgene Corp.
	1,275,000		3.875			08/15/25		1,307,653
	700,000		3.900			02/20/28		714,658
								2,022,311
Chemicals – 1.0%
	DowDuPont, Inc.(a)
	1,575,000		4.205			11/15/23		1,647,356
	975,000		4.493			11/15/25		1,039,974
	175,000		5.419			11/15/48		198,455
	Huntsman International LLC(a)
	850,000		4.500			05/01/29		846,400
	SASOL Financing USA LLC(a)
	200,000		5.875			03/27/24		211,750
	Syngenta Finance NV(c)
	2,115,000		3.698			04/24/20		2,123,904
	2,590,000		3.933			04/23/21		2,606,084
	The Sherwin-Williams Co.(a)
	400,000		2.750			06/01/22		397,716
	325,000		3.125			06/01/24		322,751
	1,900,000		3.450			06/01/27		1,865,401
								11,259,791
Corporate Obligations – (continued)
Commercial Services – 0.0%
	Ecolab, Inc.
	133,000		5.500			12/08/41		163,175
	231,000		3.950	(a)		12/01/47		235,950
								399,125
Computers(a) – 1.1%
	Apple, Inc.
	1,925,000		2.750			01/13/25		1,915,548
	4,050,000		2.450			08/04/26		3,917,200
	725,000		4.650			02/23/46		820,519
	Dell International LLC/EMC Corp.(c)
	1,625,000		5.450			06/15/23		1,731,454
	1,100,000		6.020			06/15/26		1,181,609
	450,000		8.350			07/15/46		545,094
	Hewlett Packard Enterprise Co.
	1,782,000		4.900			10/15/25		1,895,086
	410,000		6.350			10/15/45		429,910
								12,436,420
Diversified Financial Services – 1.0%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	2,075,000		4.625			07/01/22		2,144,741
	1,450,000		3.300	(a)		01/23/23		1,426,220
	900,000		4.875	(a)		01/16/24		935,532
	American Express Co.(a)
	700,000		3.625			12/05/24		718,543
	GE Capital International Funding Co.
	2,900,000		3.373			11/15/25		2,820,134
	Huarong Finance II Co. Ltd.
	210,000		5.000			11/19/25		219,228
	Nuveen LLC(a)(c)
	950,000		4.000			11/01/28		1,013,422
	TD Ameritrade Holding Corp.(a)
	1,950,000		2.950			04/01/22		1,966,575
								11,244,395
Electrical – 1.4%
	Alliant Energy Finance LLC(a)(c)
	825,000		3.750			06/15/23		839,966
	225,000		4.250			06/15/28		230,445
	Arizona Public Service Co.(a)
	1,175,000		2.950			09/15/27		1,149,291
	Berkshire Hathaway Energy Co.(a)
	400,000		3.250			04/15/28		397,808
	Duke Energy Corp.(a)
	2,100,000		3.150			08/15/27		2,065,434
	Emera US Finance LP(a)
	950,000		2.700			06/15/21		941,745
	Enel Finance International NV(c)
	1,375,000		2.875			05/25/22		1,351,652
	Entergy Corp.(a)
	1,025,000		2.950			09/01/26		985,292
	Exelon Corp.(a)
	1,125,000		3.497			06/01/22		1,137,105
	Florida Power & Light Co.(a)
	1,532,000		4.125			02/01/42		1,626,478

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electrical – (continued)
	Sempra Energy(a)(b) (3M USD LIBOR + 0.500%)
$	1,900,000		3.287	%		01/15/21	$	1,884,420
	Southern California Edison Co.(a)
	1,075,000		4.200			03/01/29		1,093,060
	The Southern Co.(a)
	1,730,000		3.250			07/01/26		1,697,372
								15,400,068
Engineering & Construction(a) – 0.2%
	Mexico City Airport Trust
	400,000		4.250			10/31/26		384,600
	440,000		3.875	(c)		04/30/28		397,727
	200,000		5.500	(c)		10/31/46		184,520
	420,000		5.500			07/31/47		386,459
	340,000		5.500	(c)		07/31/47		312,847
								1,666,153
Food & Drug Retailing – 0.6%
	Kraft Heinz Foods Co.(a)
	250,000		5.200			07/15/45		241,145
	Mars, Inc.(a)(c)
	525,000		2.700			04/01/25		523,016
	925,000		3.200			04/01/30		924,371
	Smithfield Foods, Inc.(c)
	1,200,000		2.700			01/31/20		1,192,740
	2,350,000		2.650	(a)		10/03/21		2,266,034
	Tyson Foods, Inc.(a)
	1,250,000		3.900			09/28/23		1,286,613
								6,433,919
Gas(a) – 0.4%
	NiSource, Inc.
	1,275,000		3.650			06/15/23		1,300,959
	2,500,000		3.490			05/15/27		2,491,775
								3,792,734
Hand/Machine Tools(a) – 0.1%
	Stanley Black & Decker, Inc.
	1,400,000		4.250			11/15/28		1,507,128
Healthcare Providers & Services – 0.9%
	Aetna, Inc.(a)
	750,000		2.800			06/15/23		737,415
	Becton Dickinson & Co.(a)
	2,575,000		2.894			06/06/22		2,560,271
	2,475,000		3.363			06/06/24		2,477,698
	(3M USD LIBOR + 0.875%)
	1,669,000		3.476	(b)		12/29/20		1,669,067
	Stryker Corp.(a)
	575,000		2.625			03/15/21		573,367
	475,000		3.375			11/01/25		483,768
	Thermo Fisher Scientific, Inc.(a)
	450,000		3.000			04/15/23		450,360
	UnitedHealth Group, Inc.
	650,000		4.625			07/15/35		728,299
								9,680,245
Corporate Obligations – (continued)
Insurance – 1.2%
	AIA Group Ltd.(a)(c)
	875,000		3.900			04/06/28		903,184
	American International Group, Inc.(a)
	2,375,000		3.900			04/01/26		2,387,516
	750,000		4.200			04/01/28		760,852
	Arch Capital Finance LLC(a)
	1,200,000		4.011			12/15/26		1,245,732
	Arch Capital Group Ltd.
	1,125,000		7.350			05/01/34		1,512,574
	Great-West Lifeco Finance 2018 LP(a)(c)
	1,125,000		4.047			05/17/28		1,182,881
	Marsh & McLennan Cos., Inc.(a)
	1,325,000		4.375			03/15/29		1,404,195
	MetLife, Inc.
	250,000		4.050			03/01/45		249,478
	Prudential Financial, Inc.(a)
	1,825,000		3.878			03/27/28		1,919,287
	Swiss Re Finance Luxembourg SA(a)(b)(c) (5 year CMT + 3.582%)
	800,000		5.000			04/02/49		808,680
	Teachers Insurance & Annuity Association of America(c)
	560,000		4.900			09/15/44		626,013
								13,000,392
Internet(a) – 0.5%
	Amazon.com, Inc.
	2,300,000		5.200			12/03/25		2,615,054
	1,300,000		4.800			12/05/34		1,510,925
	700,000		3.875			08/22/37		728,574
	Expedia Group, Inc.
	825,000		3.800			02/15/28		796,760
								5,651,313
Media – 1.8%
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	2,300,000		4.464			07/23/22		2,380,500
	1,750,000		4.500			02/01/24		1,820,805
	2,350,000		4.908			07/23/25		2,476,171
	Comcast Corp.(a)
	4,100,000		3.700			04/15/24		4,236,940
	1,173,000		3.300			02/01/27		1,170,853
	1,550,000		3.150			02/15/28		1,519,419
	1,775,000		4.150			10/15/28		1,871,311
	1,325,000		4.250			10/15/30		1,407,985
	Fox Corp.(a)(c)
	700,000		4.030			01/25/24		726,565
	600,000		4.709			01/25/29		642,582
	The Walt Disney Co.(c)
	500,000		6.150			03/01/37		650,760
	Time Warner Cable LLC(a)
	275,000		5.875			11/15/40		285,632
								19,189,523
Mining(c) – 0.2%
	Glencore Funding LLC
	1,300,000		4.125	(a)		03/12/24		1,313,013
	1,181,000		4.625			04/29/24		1,219,808
								2,532,821

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing – 0.1%
	General Electric Co.
$	225,000		2.700	%		10/09/22	$	220,793
	625,000		3.100			01/09/23		620,931
								841,724
Oil Field Services – 2.6%
	Anadarko Petroleum Corp.
	475,000		5.550	(a)		03/15/26		518,520
	775,000		6.450			09/15/36		892,691
	BP Capital Markets America, Inc.(a)
	1,775,000		3.224			04/14/24		1,798,998
	1,300,000		4.234			11/06/28		1,391,962
	Cenovus Energy, Inc.(a)
	1,025,000		4.250			04/15/27		1,008,241
	Concho Resources, Inc.(a)
	1,050,000		4.300			08/15/28		1,084,282
	Continental Resources, Inc.(a)
	4,650,000		4.500			04/15/23		4,806,937
	275,000		4.375			01/15/28		282,862
	Devon Energy Corp.(a)
	514,000		5.850			12/15/25		583,529
	355,000		5.600			07/15/41		392,389
	Dolphin Energy Ltd. LLC(c)
	75,864		5.888			06/15/19		75,580
	Gazprom OAO Via Gaz Capital SA(c)
	990,000		5.150			02/11/26		1,003,984
	Halliburton Co.(a)
	1,600,000		3.250			11/15/21		1,618,240
	Marathon Oil Corp.(a)
	1,775,000		4.400			07/15/27		1,827,096
	Marathon Petroleum Corp.(a)
	850,000		3.625			09/15/24		857,786
	700,000		3.800	(c)		04/01/28		693,189
	Newfield Exploration Co.
	1,649,000		5.625			07/01/24		1,801,532
	Petroleos Mexicanos
	628,000		6.375			02/04/21		648,096
	EUR 1,250,000		5.125			03/15/23		1,528,630
$	220,000		6.500			03/13/27		220,266
	86,000		6.375			01/23/45		75,964
	20,000		6.750			09/21/47		18,451
	80,000		6.350			02/12/48		70,532
	Phillips 66(a)
	1,600,000		3.900			03/15/28		1,632,608
	Pioneer Natural Resources Co.(a)
	295,000		3.950			07/15/22		303,599
	Reliance Industries Ltd.
	250,000		4.125			01/28/25		253,714
	450,000		3.667	(c)		11/30/27		438,046
	Valero Energy Corp.
	950,000		3.650			03/15/25		963,490
	825,000		4.350	(a)		06/01/28		857,068
								27,648,282
Corporate Obligations – (continued)
Pharmaceuticals – 2.1%
	AbbVie, Inc.
	2,325,000		3.375			11/14/21		2,355,248
	1,575,000		3.750	(a)		11/14/23		1,616,533
	Bayer US Finance II LLC(a)(c)
	850,000		3.875			12/15/23		856,622
	2,125,000		4.250			12/15/25		2,149,522
	Cigna Corp.(a)(c)
	4,775,000		3.750			07/15/23		4,893,372
	CVS Health Corp.(a)
	1,100,000		4.125			05/15/21		1,123,463
	2,100,000		3.500			07/20/22		2,128,203
	2,450,000		3.875			07/20/25		2,480,674
	1,400,000		4.780			03/25/38		1,387,232
	300,000		5.125			07/20/45		304,776
	575,000		5.050			03/25/48		579,290
	Elanco Animal Health, Inc.(c)
	1,675,000		3.912			08/27/21		1,702,095
	650,000		4.272	(a)		08/28/23		669,621
	Teva Pharmaceutical Finance Netherlands III B.V.
	920,000		2.800			07/21/23		822,719
								23,069,370
Pipelines – 3.0%
	Abu Dhabi Crude Oil Pipeline LLC(c)
	1,190,000		4.600			11/02/47		1,225,700
	Columbia Pipeline Group, Inc.(a)
	925,000		3.300			06/01/20		928,839
	Energy Transfer Operating LP(a)
	1,375,000		4.650			06/01/21		1,416,456
	775,000		5.200			02/01/22		814,556
	1,950,000		4.200			09/15/23		2,016,768
	400,000		4.950			06/15/28		419,812
	1,225,000		5.250			04/15/29		1,315,809
	675,000		5.300			04/15/47		665,354
	Enterprise Products Operating LLC(a)
	215,000		3.350			03/15/23		218,175
	85,000		3.750			02/15/25		87,805
	(3M USD LIBOR + 2.778%)
	1,350,000		5.404	(b)		06/01/67		1,246,144
	EQM Midstream Partners LP(a)
	3,625,000		4.750			07/15/23		3,696,739
	Kinder Morgan Energy Partners LP(a)
	4,500,000		3.450			02/15/23		4,553,100
	MPLX LP(a)
	575,000		4.800			02/15/29		605,619
	700,000		4.500			04/15/38		665,756
	925,000		5.500			02/15/49		988,779
	ONEOK, Inc.(a)
	2,000,000		4.550			07/15/28		2,071,380
	Plains All American Pipeline LP/PAA Finance Corp.(a)
	525,000		3.650			06/01/22		529,074
	1,100,000		3.850			10/15/23		1,111,660
	650,000		4.500			12/15/26		668,200
	Sabine Pass Liquefaction LLC(a)
	1,475,000		6.250			03/15/22		1,593,885
	1,650,000		5.625			03/01/25		1,815,000

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – (continued)
	The Williams Cos., Inc.(a)
$	785,000		3.600	%		03/15/22	$	796,320
	1,400,000		3.900			01/15/25		1,430,744
	800,000		4.000			09/15/25		822,480
	Western Midstream Operating LP(a)
	900,000		3.950			06/01/25		887,625
								32,591,779
Real Estate Investment Trust(a) – 2.0%
	Alexandria Real Estate Equities, Inc.
	750,000		3.800			04/15/26		760,815
	American Campus Communities Operating Partnership LP
	2,575,000		3.750			04/15/23		2,612,492
	American Homes 4 Rent LP
	1,851,000		4.900			02/15/29		1,918,080
	American Tower Corp.
	2,100,000		3.375			05/15/24		2,114,805
	Crown Castle International Corp.
	2,150,000		3.150			07/15/23		2,148,710
	CubeSmart LP
	1,500,000		4.000			11/15/25		1,516,545
	Digital Realty Trust LP
	1,525,000		2.750			02/01/23		1,491,419
	Healthcare Trust of America Holdings LP
	2,275,000		3.700			04/15/23		2,291,198
	Kilroy Realty LP
	1,500,000		3.800			01/15/23		1,526,115
	1,025,000		4.750			12/15/28		1,089,739
	National Retail Properties, Inc.
	1,150,000		4.000			11/15/25		1,177,175
	Ventas Realty LP
	975,000		3.500			02/01/25		976,394
	VEREIT Operating Partnership LP
	1,675,000		4.625			11/01/25		1,732,050
	675,000		3.950			08/15/27		665,213
								22,020,750
Retailing(a) – 0.6%
	Dollar Tree, Inc.
	975,000		4.000			05/15/25		987,022
	899,000		4.200			05/15/28		895,269
	Starbucks Corp.
	1,850,000		3.800			08/15/25		1,907,498
	The Home Depot, Inc.
	1,250,000		3.900			12/06/28		1,329,387
	Walmart, Inc.
	800,000		4.050			06/29/48		854,752
								5,973,928
Semiconductors – 1.6%
	Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	1,725,000		3.000			01/15/22		1,717,427
	775,000		2.650			01/15/23		753,564
	2,800,000		3.625			01/15/24		2,794,232
	975,000		3.125			01/15/25		932,519
Corporate Obligations – (continued)
Semiconductors – (continued)
	Broadcom, Inc.(c)
	2,675,000		3.125			10/15/22		2,662,775
	1,950,000		3.625	(a)		10/15/24		1,934,751
	1,550,000		4.250	(a)		04/15/26		1,538,545
	Microchip Technology, Inc.(c)
	1,025,000		3.922			06/01/21		1,033,984
	Micron Technology, Inc.(a)
	1,225,000		4.975			02/06/26		1,249,500
	NXP B.V./NXP Funding LLC(c)
	1,975,000		4.125			06/01/21		2,012,209
	NXP B.V./NXP Funding LLC(c)
	725,000		4.125			06/15/20		734,063
	225,000		4.625			06/01/23		234,000
								17,597,569
Software(a) – 0.2%
	Fiserv, Inc.
	700,000		3.800			10/01/23		717,647
	1,075,000		4.200			10/01/28		1,106,885
								1,824,532
Telecommunication Services – 2.8%
	AT&T, Inc.
	2,875,000		3.800			03/15/22		2,949,951
	2,400,000		3.000	(a)		06/30/22		2,405,544
	3,779,000		3.600	(a)		02/17/23		3,850,536
	3,100,000		3.400	(a)		05/15/25		3,075,975
	100,000		4.125	(a)		02/17/26		102,248
	1,975,000		4.250	(a)		03/01/27		2,030,359
	100,000		5.450	(a)		03/01/47		106,934
	Telefonica Emisiones SA
	1,375,000		4.570			04/27/23		1,456,758
	Verizon Communications, Inc.
	5,066,000		4.329			09/21/28		5,366,971
	625,000		3.875	(a)		02/08/29		641,169
	3,351,000		4.016	(a)(c)		12/03/29		3,463,024
	500,000		5.250			03/16/37		563,900
	25,000		4.125			08/15/46		24,272
	50,000		4.862			08/21/46		53,392
	693,000		5.012			04/15/49		755,682
	Vodafone Group PLC
	2,925,000		3.750			01/16/24		2,955,332
								29,802,047
Transportation(a) – 0.1%
	Burlington Northern Santa Fe LLC
	800,000		4.050			06/15/48		824,480
Trucking & Leasing(c) – 0.2%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,225,000		3.375	(a)		02/01/22		1,230,439
	1,425,000		4.250			01/17/23		1,472,111
								2,702,550
	TOTAL CORPORATE OBLIGATIONS
	(Cost $411,034,284)						$	419,216,777

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 32.7%
Collateralized Mortgage Obligations – 2.4%
Interest Only(b)(d)(e) – 0.0%
	CS First Boston Mortgage Securities Corp.Series 2003-AR20, Class 2X (1 Year CMT + 2.912%)
$	49,891		0.000	%		08/25/33	$	—
	CS First Boston Mortgage-Backed Pass-Through Certificates Series 2003-AR18, Class 2X (1 Year CMT + 2.999%)
	139,683		0.000			07/25/33		—
								—
Inverse Floaters(b) – 0.0%
	GNMA REMICSeries 2002-13, Class SB(-1x1M LIBOR + 37.567%)
	36,993		25.987			02/16/32		50,451
Sequential Fixed Rate – 0.5%
	FHLMC REMIC Series 2755, Class ZA
	487,141		5.000			02/15/34		526,801
	FHLMC REMIC Series 4273, Class PD
	1,064,555		6.500			11/15/43		1,222,817
	FNMA REMICSeries 2003-134, Class ME
	187		4.500			06/25/33		187
	FNMA REMICSeries 2011-52, Class GB
	1,041,933		5.000			06/25/41		1,128,788
	FNMA REMICSeries 2011-99, Class DB
	1,038,326		5.000			10/25/41		1,123,482
	FNMA REMICSeries 2012-111, Class B
	165,265		7.000			10/25/42		188,910
	FNMA REMICSeries 2012-153, Class B
	585,178		7.000			07/25/42		672,107
								4,863,092
Sequential Floating Rate(b) – 1.9%
	Harben Finance PLCSeries 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	1,991,338		1.689			08/20/56		2,591,950
	HarborView Mortgage LoanTrust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
$	319,019		2.961			01/19/36		287,297
	Impac CMBTrust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	191,264		3.210			10/25/34		185,588
	London Wall Mortgage Capital PLCSeries 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	2,822,037		1.737			11/15/49		3,669,122
	Master Adjustable Rate MortgagesTrust Series 2006-OA2, Class 4A1A (12M MTA + 0.850%)
$	755,375		3.182			12/25/46		1,124,699
	Ripon Mortgages PLC Series 1X, Class A1 (3M GBP LIBOR + 0.800%)
GBP	467,904		1.689			08/20/56		607,147
	Ripon Mortgages PLC Series 1X, Class A2 (3M GBP LIBOR + 0.800%)
	4,913,239		1.689			08/20/56		6,371,826
	Sequoia MortgageTrust Series 2003-4, Class 1A2 (6M USD LIBOR + 0.660%)
$	449,560		3.513			07/20/33		432,374
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	Station Place SecuritizationTrust Series 2015-2, Class A(c) (1M USD LIBOR + 0.550%)
	1,800,000		3.044			07/15/19		1,800,000
	Warwick Finance Residential Mortgages No. One PLC Series 1, Class A (3M GBP LIBOR + 1.000%)
GBP	3,025,680		1.910			09/21/49		3,947,353
	Washington Mutual Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 (1 Year CMT + 2.592%)
$	23,953		4.485			02/25/33		24,399
								21,041,755
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	25,955,298
Commercial Mortgage-Backed Securities(b)(c) – 0.6%
Sequential Floating Rate – 0.6%
	Exantas Capital Corp. Ltd.Series 2018-RSO6, Class A (1M LIBOR + 0.830%)
$	4,300,000		3.314	%		06/15/35	$	4,283,920
	Bancorp Commercial MortgageTrust Series 2018-CRE4, Class A (1M LIBOR + 0.900%)
	2,180,664		3.384			09/15/35		2,168,614
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	6,452,534
Federal Agencies – 29.7%
Adjustable Rate FNMA(b) – 0.3%
	(1 Year CMT + 2.220%)
$	4,169		4.370	%		06/01/33	$	4,346
	(12M USD LIBOR + 1.233%)
	162,260		4.102			06/01/35		166,929
	(12M USD LIBOR + 1.562%)
	1,119,969		4.247			09/01/34		1,164,142
	(12M USD LIBOR + 1.660%)
	632,744		4.346			07/01/34		659,841
	(12M USD LIBOR + 1.739%)
	1,142,398		4.313			05/01/35		1,194,435
								3,189,693
FHLMC – 0.5%
	405		5.000			06/01/19		405
	35,585		5.000			05/01/23		37,655
	108,479		4.500			10/01/23		113,214
	39,733		5.500			10/01/25		42,575
	10,312		7.500			12/01/30		10,630
	11,765		7.500			01/01/31		12,506
	11,862		5.000			10/01/33		12,759
	2,358		5.000			04/01/35		2,535
	17,820		5.000			07/01/35		19,162
	96,216		5.000			12/01/35		104,073
	197,772		5.000			01/01/38		213,176
	472,797		5.000			01/01/39		510,688
	149,210		5.000			06/01/39		161,041
	22,357		4.000			06/01/40		23,268
	13,966		5.000			08/01/40		15,066
	3,836		4.500			11/01/40		4,053
	200,260		4.000			02/01/41		208,388

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	2,340		5.000	%		04/01/41		$	2,529
	13,225		5.000			06/01/41			14,242
	14,155		4.000			11/01/41			14,739
	3,882,152		4.500			08/01/48			4,144,000
									5,666,704
FNMA – 13.1%
	40,311		5.500			09/01/23			41,624
	13,643		5.500			10/01/23			14,100
	120,601		5.000			02/01/24			123,776
	30,480		7.000			08/01/27			33,658
	1,098		6.500			09/01/27			1,201
	124,587		7.000			03/01/28			138,583
	1,677		6.500			05/01/28			1,849
	16,499		8.000			02/01/31			18,717
	48,364		7.000			03/01/31			50,683
	27,099		4.500			04/01/39			28,851
	9,013		4.500			05/01/39			9,596
	7,051		4.500			07/01/39			7,507
	37,644		4.500			08/01/39			40,077
	366,543		4.500			12/01/39			390,238
	805,581		4.500			05/01/41			852,193
	118,267		4.500			08/01/41			125,302
	27,808		3.000			11/01/42			27,875
	624,177		3.000			12/01/42			625,579
	875,920		3.000			01/01/43			878,606
	131,770		3.000			02/01/43			132,174
	906,422		3.000			03/01/43			909,200
	1,549,019		3.000			04/01/43			1,553,766
	1,108,556		3.000			05/01/43			1,111,953
	103,743		3.000			06/01/43			104,060
	964,636		3.000			07/01/43			967,592
	1,036,135		5.000			05/01/44			1,115,796
	3,533,575		4.500			04/01/45			3,770,835
	397,160		4.500			05/01/45			423,952
	1,558,318		4.500			06/01/45			1,635,679
	234,335		4.000			03/01/46			242,163
	161,427		4.000			06/01/46			166,825
	39,614		4.000			08/01/46			40,938
	259,054		4.000			10/01/46			267,717
	501,176		4.000			06/01/47			522,655
	6,085,713		4.500			07/01/47			6,427,772
	1,375,378		4.500			11/01/47			1,452,683
	572,223		4.000			12/01/47			597,820
	2,308,813		4.000			01/01/48			2,412,091
	6,040,449		4.000			02/01/48			6,301,752
	4,738,167		4.000			03/01/48			4,941,538
	945,774		4.000			05/01/48			985,715
	3,822,372		4.000			06/01/48			3,990,966
	4,823,532		4.000			07/01/48			5,027,832
	1,946,421		4.500			09/01/48			2,073,006
	1,000,000		5.000			TBA-30yr	(f)		1,057,267
	87,000,000		4.500			TBA-30yr	(f)		90,627,037
									142,270,799
Mortgage-Backed Obligations – (continued)
GNMA – 15.8%
	8,014		6.000			11/15/38			9,046
	117,475		5.000			07/15/40			126,058
	90,192		5.000			01/15/41			96,782
	8,201		4.000			02/20/41			8,564
	12,538		4.000			11/20/41			13,089
	2,071		4.000			01/20/42			2,162
	6,643		4.000			04/20/42			6,934
	3,703		4.000			10/20/42			3,862
	68,101		4.000			08/20/43			70,945
	11,618,846		4.000			10/20/43			12,103,950
	7,032		4.000			03/20/44			7,318
	8,540		4.000			05/20/44			8,881
	588,843		4.000			11/20/44			612,324
	38,859		4.000			05/20/45			40,335
	5,689,362		4.000			07/20/45			5,905,567
	1,291,844		4.000			08/20/45			1,340,937
	98,292		4.000			10/20/45			102,027
	907,737		4.500			02/20/48			946,192
	2,771,862		4.500			04/20/48			2,885,966
	988,420		5.000			09/20/48			1,033,552
	17,624,627		4.500			10/20/48			18,319,855
	1,974,570		4.500			11/20/48			2,054,002
	4,510,940		5.000			11/20/48			4,716,912
	21,853,026		4.500			12/20/48			22,749,194
	991,888		5.000			12/20/48			1,037,178
	6,973,571		4.500			01/20/49			7,262,819
	11,424,040		5.000			01/20/49			11,945,669
	1,995,179		5.000			02/20/49			2,093,123
	69,000,000		4.500			TBA-30yr	(f)		71,647,185
	4,000,000		5.000			TBA-30yr	(f)		4,178,438
									171,328,866
	TOTAL FEDERAL AGENCIES							$	322,456,062
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $353,433,309)							$	354,863,894
Agency Debentures – 5.5%
	FHLB
$	6,800,000		2.125	%		06/09/23		$	6,744,868
	3,500,000		3.375			09/08/23			3,660,659
	750,000		3.375			12/08/23			783,928
	2,400,000		5.000			09/28/29			2,890,950
	FNMA
	3,700,000		1.875			09/24/26			3,538,051
	4,200,000		6.250			05/15/29			5,526,066
	Hashemite Kingdom of Jordan Government AID Bond(g)
	7,400,000		2.503			10/30/20			7,419,536
	Israel Government AID Bond(g)
	7,827,000		5.500			09/18/23			8,848,658
	1,200,000		5.500			12/04/23			1,358,784
	2,400,000		5.500			04/26/24			2,751,336
	4,700,000		5.500			09/18/33			6,126,309
	Mexico Government International Bond
	230,000		4.500			04/22/29			237,475

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Agency Debentures – (continued)
	NCUA Guaranteed Notes Series A4(g)
$	3,500,000		3.000	%		06/12/19	$	3,501,971
	Republic of Colombia(a)
	350,000		4.500			03/15/29		370,125
	470,000		5.200			05/15/49		503,605
	Tennessee Valley Authority
	5,400,000		3.875			02/15/21		5,546,556
	TOTAL AGENCY DEBENTURES
	(Cost $58,203,586)						$	59,808,877
Asset-Backed Securities(b) – 9.5%
Collateralized Loan Obligations(c) – 3.9%
	Catamaran CLO Ltd.Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
$	5,000,000		3.359	%		01/27/28	$	4,960,580
	Cutwater Ltd.Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	3,625,368		3.686			07/15/26		3,625,466
	Halcyon Loan Advisors Funding Ltd.Series 2014-1A, Class A1R (3M USD LIBOR + 1.130%)
	1,492,301		3.575			04/18/26		1,492,285
	KREF Ltd.Series 2018-FL1, Class A (1M USD LIBOR + 1.100)
	4,200,000		3.589			06/15/36		4,200,655
	Madison Park Funding XXX Ltd.Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	6,900,000		3.186			04/15/29		6,779,237
	Orec Ltd.Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	2,450,000		3.669			06/15/36		2,450,008
	Palmer Square Loan Funding Ltd.Series 2017-1A, Class A1 (3M USD LIBOR + 0.740%)
	3,223,113		3.176			10/15/25		3,209,425
	Recette CLO Ltd.Series 2015-1A, Class AR (3M USD LIBOR + 0.920%)
	7,000,000		3.389			10/20/27		6,964,706
	TPG Real Estate Finance Issuer Ltd.Series 2018-FL2, Class A (1M USD LIBOR + 1.130%)
	3,850,000		3.619			11/15/37		3,849,980
	WhiteHorse VIII Ltd.Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	4,976,171		3.441			05/01/26		4,967,522
								42,499,864
Other(c) – 0.9%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
	5,700,000		3.639			06/15/28		5,689,364
	BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	3,100,000		3.539			09/15/35		3,090,341
	Ready Capital Mortgage Financing LLCSeries 2018-FL2, Class A (1M USD LIBOR + 0.850%)
	1,484,250		3.340			06/25/35		1,481,325
								10,261,030
Asset-Backed Securities(b) – (continued)
Student Loan – 4.7%
	Access Group, Inc.Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	2,673,863		3.032			09/26/33		2,609,632
	Access Group, Inc.Series 2015-1, Class A(c) (1M USD LIBOR + 0.700%)
	1,429,238		3.190			07/25/56		1,389,964
	Chase Education LoanTrust Series 2007-A, Class A3 (3M USD LIBOR + 0.070%)
	110,426		2.883			12/28/23		110,290
	ECMC Group Student LoanTrust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.350%)
	3,342,199		3.840			07/26/66		3,373,568
	Edsouth Indenture No. 9 LLCSeries 2015-1, Class A(c) (1M USD LIBOR + 0.800%)
	2,130,847		3.290			10/25/56		2,109,681
	Education Loan Asset-Backed Trust ISeries 2013-1, Class A2(c) (1M USD LIBOR + 0.800%)
	8,200,000		3.290			04/26/32		8,217,998
	Educational Funding of the South, Inc.Series 2011-1, Class A2 (3M USD LIBOR + 0.650%)
	2,065,953		3.140			04/25/35		2,055,472
	Higher Education Funding ISeries 2014-1, Class A(c) (3M USD LIBOR + 1.050%)
	4,091,055		3.739			05/25/34		4,120,059
	Navient Student LoanTrust Series 2016-5A, Class A(c) (1M USD LIBOR + 1.250%)
	7,351,974		3.740			06/25/65		7,450,343
	Navient Student LoanTrust Series 2016-7A, Class A(c) (1M USD LIBOR + 1.150%)
	3,635,359		3.640			03/25/66		3,666,995
	Nelnet Student LoanTrust Series 2006-1, Class A5 (3M USD LIBOR + 0.110%)
	1,325,394		2.763			08/23/27		1,323,588
	Nelnet Student LoanTrust Series 2006-1, Class A6(c) (3M USD LIBOR + 0.450%)
	5,200,000		3.103			08/23/36		5,090,757
	Nelnet Student LoanTrust Series 2013-5A, Class A(c) (1M USD LIBOR + 0.630%)
	492,994		3.120			01/25/37		490,466
	North Carolina State Education Assistance Authority Series 2010-1, Class A1 (3M USD LIBOR + 0.900%)
	1,687,153		3.390			07/25/41		1,683,655
	PHEAA Student LoanTrust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.150%)
	3,482,242		3.640			09/25/65		3,537,789
	Scholar FundingTrust Series 2010-A, Class A(c) (3M USD LIBOR + 0.750%)
	1,180,849		3.259			10/28/41		1,170,117
	SLC Student LoanTrust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	1,645,004		2.888			09/15/26		1,643,096
	SLM Student LoanTrust Series 2005-3, Class A5 (3M USD LIBOR + 0.090%)
	611,575		2.580			10/25/24		610,291
								50,653,761
	TOTAL ASSET-BACKED SECURITIES
	(Cost $102,882,700)						$	103,414,655

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Debt Obligations – 1.3%
Sovereign – 1.3%
	Abu Dhabi Government International Bond
$	460,000		2.500	%(c)		10/11/22	$	455,400
	420,000		3.125	(c)		10/11/27		416,325
	240,000		4.125	(c)		10/11/47		241,800
	450,000		4.125			10/11/47		453,375
	Perusahaan Penerbit SBSN Indonesia III
	2,030,000		4.550			03/29/26		2,110,317
	Republic of Indonesia
	790,000		3.700	(c)		01/08/22		798,415
	200,000		5.875			01/15/24		220,557
EUR	280,000		2.150	(c)		07/18/24		329,042
$	420,000		4.125	(c)		01/15/25		430,221
	380,000		4.125			01/15/25		389,247
	1,380,000		4.350	(c)		01/08/27		1,425,340
	Republic of Kuwait
	4,120,000		3.500			03/20/27		4,196,385
	Republic of Qatar(c)
	210,000		3.875			04/23/23		216,037
	230,000		4.500			04/23/28		246,387
	2,210,000		5.103			04/23/48		2,421,044
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $13,770,247)						$	14,349,892
Municipal Debt Obligations – 2.0%
California(a) – 0.5%
	California State GO Bonds Build America Taxable Series 2009
$	950,000		7.500	%		04/01/34		1,371,467
	1,650,000		7.550			04/01/39		2,505,888
	California State GO Bonds Build America Taxable Series 2010
	1,645,000		7.950			03/01/36		1,723,516
								5,600,871
Illinois – 1.0%
	Chicago Illinois GO Bonds Prerefunded Taxable Series B(a)
	5,475,000		7.750			01/01/42		6,991,520
	Illinois State GO Bonds Build America Series 2010(a)
	160,000		6.630			02/01/35		173,653
	1,595,000		7.350			07/01/35		1,812,287
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,170,000		5.100			06/01/33		1,149,665
								10,127,125
New Hampshire(a)(b) – 0.3%
	New Hampshire Higher Education Loan Corp.Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	3,500,000		3.340			10/25/37		3,523,486
Ohio(a) – 0.2%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,700,000		6.270			02/15/50		2,215,134
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $19,458,352)						$	21,466,616
U.S. Treasury Obligations – 13.3%
	United States Treasury Bonds
$	3,670,000		2.750			11/15/42	$	3,658,869
	8,270,000		3.750			11/15/43		9,714,194
	31,750,000		3.000	(h)		11/15/44		33,006,600
	3,810,000		2.875			11/15/46		3,866,948
	1,190,000		3.000			05/15/47		1,236,193
	11,300,000		2.750			11/15/47		11,163,242
	7,370,000		3.000			02/15/48		7,643,525
	United States Treasury Inflation Indexed Note
	7,750,948		0.750			07/15/28		7,931,699
	United States Treasury Note
	8,630,000		2.250			03/31/26		8,596,240
	United States Treasury Notes
	17,510,000		2.750			06/30/25		17,970,043
	2,800,000		3.000			09/30/25		2,917,260
	8,760,000		2.625			12/31/25		8,933,014
	4,570,000		2.250			02/15/27		4,538,628
	1,900,000		2.875			08/15/28		1,976,215
	United States Treasury Strip Coupon(e)
	3,200,000		0.000			02/15/36		2,023,000
	16,940,000		0.000			02/15/40		9,459,931
	8,440,000		0.000			11/15/40		4,593,866
	8,440,000		0.000			08/15/41		4,465,287
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $138,128,577)						$	143,694,754

Shares		Dividend Rate	Value
Investment Company(i) – 7.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	82,512,155	2.437%	$	82,512,155
	(Cost $82,512,155)
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $1,179,423,210)		$	1,199,327,620

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments(c)(e) – 1.3%
Commercial Paper – 1.3%
	AT&T, Inc.
$	5,000,000		0.000	%		05/28/19	$	4,976,250
	Bell Canada, Inc.
	5,000,000		0.000			04/22/19		4,990,993
	VW Credit, Inc.
	4,200,000		0.000			12/06/19		4,109,331
	TOTALSHORT-TERM INVESTMENTS
	(Cost $14,074,540)						$	14,076,574
	TOTAL INVESTMENTS – 111.9%
	(Cost $1,193,497,750)						$	1,213,404,194
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (11.9)%							(129,483,443	)
	NET ASSETS – 100.0%						$	1,083,920,751

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

GOLDMAN SACHS CORE FIXED INCOME FUND

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $167,509,927, which represents approximately 15.5% of the Fund’s net assets as of March 31, 2019.
(g)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $30,006,594, which represents approximately 2.8% of the Fund’s net assets as of March 31, 2019.
(h)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(i)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CHF	—Swiss Franc
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
SEK	—Swedish Krona
USD	—U.S. Dollar
Investment Abbreviations:
AUDOR	—Australian Dollar Offered Rate
BP	—British Pound Offered Rate
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc Offered Rate
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
EURO	—Euro Offered Rate
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
JYOR	—Japanese Yen Offered Rate
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MTA	—Monthly Treasury Average
NCUA	—National Credit Union Administration
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
PLC	—Public Limited Company
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
STIBOR	—Stockholm Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Barclays Bank PLC	JPY	1,110,552,443	USD	10,021,607		06/19/19	$	61,570
	USD	2,042,071	JPY	223,858,363		06/19/19		9,567
BoA Securities LLC	AUD	7,372,696	USD	5,229,395		06/19/19		13,387
	EUR	666,406	GBP	574,328		06/19/19		1,594
	EUR	1,480,587	USD	1,671,253		06/19/19		881
	USD	1,637,365	JPY	180,054,802		06/19/19		2,571
Citibank NA	AUD	740,442	EUR	461,080		06/19/19		5,803
	CAD	24,827,134	USD	18,596,408		06/19/19		19,061
	CHF	360,187	USD	361,888		06/19/19		2,589
	EUR	1,149,291	SEK	11,993,422		06/19/19		205
	GBP	1,622,000	USD	2,106,088		04/12/19		7,777
	JPY	305,491,440	USD	2,761,906		06/19/19		11,779
	NOK	28,520,732	EUR	2,920,052		06/19/19		19,163
	USD	2,081,998	EUR	1,816,604		04/26/19		39,735
	USD	593,439	EUR	519,176		06/19/19		7,096

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Citibank NA (continued)	USD	365,381	GBP	275,626		06/19/19	$	4,956
	USD	468,429	JPY	51,271,302		06/19/19		2,915
Deutsche Bank AG	EUR	738,233	JPY	91,635,415		06/19/19		1,743
	JPY	182,353,491	EUR	1,463,770		06/19/19		2,524
	USD	1,636,248	CAD	2,180,967		06/19/19		951
	USD	30,678,425	EUR	26,934,053		06/19/19		259,859
	USD	1,643,457	JPY	180,776,983		06/19/19		2,106
HSBC Bank PLC	USD	1,646,912	GBP	1,242,097		06/19/19		22,672
JPMorgan Securities, Inc.	AUD	506,888	USD	358,605		06/19/19		1,847
	CHF	457,485	USD	461,447		06/19/19		1,487
	JPY	40,006,444	USD	362,014		06/19/19		1,221
	NZD	1,104,883	EUR	663,881		06/19/19		3,818
	USD	597,614	AUD	837,678		06/19/19		1,934
	USD	818,292	NOK	7,000,609		06/19/19		4,115
State Street Bank (London)	CHF	686,620	USD	692,521		06/19/19		2,277
	NOK	2,353,051	EUR	242,141		06/19/19		195
	SEK	15,079,012	EUR	1,424,672		06/19/19		22,670
	USD	7,808,511	GBP	5,837,157		06/19/19		175,502
	USD	570,436	JPY	62,560,881		06/19/19		2,419
	USD	422,344	NOK	3,548,384		06/19/19		9,663
UBS AG (London)	NOK	7,213,721	EUR	738,649		06/19/19		4,753
	NOK	4,030,666	USD	468,214		06/19/19		556
	USD	866,309	EUR	764,687		06/19/19		2,693
	USD	3,285,193	JPY	359,027,213		06/19/19		25,432
	USD	784,976	NOK	6,739,173		06/19/19		1,204
TOTAL							$	762,290

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Australia & New Zealand Banking Group	AUD	1,154,851	USD	824,719		06/19/19	$	(3,496	)
	NZD	1,195,086	USD	822,068		06/19/19		(6,958	)
Barclays Bank PLC	EUR	720,194	USD	822,858		06/19/19		(9,491	)
	GBP	4,413,671	EUR	5,121,824		06/19/19		(12,869	)
	GBP	1,241,919	USD	1,631,856		06/19/19		(7,851	)
	JPY	44,782,576	USD	406,920		06/19/19		(320	)
BoA Securities LLC	USD	830,133	CAD	1,110,188		06/19/19		(2,290	)
Citibank NA	AUD	1,147,417	USD	821,046		06/19/19		(5,109	)
	EUR	719,542	NOK	7,001,363		06/19/19		(1,634	)
	EUR	719,158	SEK	7,508,294		06/19/19		(253	)
	GBP	342,249	CAD	605,474		06/19/19		(6,442	)
	GBP	392,315	EUR	456,424		06/19/19		(2,459	)
	GBP	1,013,452	USD	1,344,255		06/19/19		(19,007	)
	NOK	3,068,737	USD	360,495		06/19/19		(3,598	)
	NZD	3,009,018	USD	2,074,749		06/19/19		(22,447	)
	SEK	6,172,028	USD	670,701		06/19/19		(2,844	)
	USD	558,169	AUD	785,927		06/19/19		(710	)
	USD	394,746	SEK	3,651,121		06/19/19		(331	)
Deutsche Bank AG	AUD	1,155,123	USD	822,871		06/19/19		(1,455	)
	EUR	731,817	AUD	1,168,695		06/19/19		(4,575	)

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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Deutsche Bank AG (continued)	EUR	719,477	USD	822,172		06/19/19	$	(9,614	)
	GBP	1,871,903	EUR	2,180,085		06/19/19		(14,316	)
HSBC Bank PLC	EUR	2,917,653	GBP	2,523,838		06/19/19		(5,202	)
JPMorgan Securities, Inc.	EUR	440,267	JPY	55,045,973		06/19/19		(2,561	)
	EUR	723,395	NOK	7,058,068		06/19/19		(3,878	)
	EUR	3,789,692	USD	4,308,591		06/19/19		(28,619	)
	GBP	269,291	EUR	314,915		06/19/19		(3,515	)
	GBP	318,925	USD	423,372		06/19/19		(6,326	)
	NZD	2,992,198	USD	2,050,099		06/19/19		(9,268	)
	USD	1,299,955	CAD	1,740,219		06/19/19		(4,867	)
State Street Bank (London)	EUR	1,121,568	NOK	10,911,622		06/19/19		(2,364	)
	EUR	371,622	USD	424,851		06/19/19		(5,152	)
	GBP	623,002	EUR	723,194		06/19/19		(2,080	)
	JPY	182,734,193	USD	1,662,476		06/19/19		(3,354	)
	NZD	807,848	USD	552,999		06/19/19		(2,006	)
	USD	19,428,511	GBP	15,067,730		04/12/19		(208,439	)
	USD	1,178,381	NZD	1,728,485		06/19/19		(533	)
UBS AG (London)	EUR	739,545	NOK	7,184,434		06/19/19		(334	)
	EUR	1,763,926	SEK	18,536,302		06/19/19		(13,628	)
	USD	3,711,786	CHF	3,693,005		06/19/19		(25,199	)
Westpac Banking Corp.	EUR	730,024	AUD	1,161,052		06/19/19		(1,165	)
TOTAL							$	(466,559	)

FORWARD SALES CONTRACTS— At March 31, 2019, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
FNMA		3.000	%	TBA-30yr		05/13/19	$	(4,000,000	)	$	(3,977,915	)
GNMA		4.000		TBA-30yr		05/21/19		(5,000,000	)		(5,158,120	)
GNMA		4.000		TBA-30yr		04/17/19		(14,000,000	)		(14,455,312	)
TOTAL(Proceeds Receivable: $23,403,477)										$	(23,591,347	)

(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		(6	)		06/17/19	$	(1,461,825	)	$	8,165
Australian 10 Year Government Bonds		16			06/17/19		1,574,113			10,390
Australian 3 Year Government Bonds		19			06/17/19		1,533,139			2,014
Ultra Long U.S. Treasury Bonds		34			06/19/19		5,712,000			113,631
Ultra 10 Year U.S. Treasury Notes		84			06/19/19		11,153,625			143,497
2 Year U.S. Treasury Notes		456			06/28/19		97,170,750			249,982
5 Year U.S. Treasury Notes		577			06/28/19		66,832,828			493,504

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS(continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts: (continued)
10 Year German Euro-Bund		17			06/06/19	$	3,172,063		$	68,243
20 Year U.S. Treasury Bonds		139			06/19/19		20,802,219			410,489
Total									$	1,499,915
Short position contracts:
Eurodollars		(21	)		09/16/19	$	(5,120,850	)	$	(17,899	)
Eurodollars		(240	)		12/16/19		(58,542,000	)		(196,127	)
Canada 10 Year Government Bonds		(28	)		06/19/19		(2,913,249	)		(61,709	)
French 10 Year Government Bonds		(17	)		06/06/19		(3,102,077	)		(84,337	)
5 Year German Euro-Bobl		(26	)		06/06/19		(3,883,095	)		(7,870	)
10 Year U.K. Long Gilt		(21	)		06/26/19		(3,538,456	)		(40,684	)
10 Year U.S. Treasury Notes		(13	)		06/19/19		(1,614,844	)		(14	)
Total									$	(408,640	)
TOTAL FUTURES CONTRACTS									$	1,091,275

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund (%)	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M NZDOR(a)	1.750(b)	06/19/21	NZD	53,640	(c)	$	108,677		$	(61,791	)	$	170,468
3.000(b)	3M LIBOR(a)	06/19/21	$	23,260	(c)		(302,411	)		(196,814	)		(105,597	)
2.500(b)	3M CDOR	06/19/21	CAD	11,770	(c)		(105,620	)		(91,285	)		(14,335	)
6M EURO(b)	0.250(d)	06/19/23	EUR	11,400	(c)		149,182			78,822			70,360
0.500(d)	3M STIBOR(a)	06/19/23	SEK	80,850	(c)		(66,955	)		(32,831	)		(34,124	)
1.100(d)	6M GBP	08/01/23	GBP	1,140			(24,107	)		(10,279	)		(13,828	)
2.218(b)	3M LIBOR(a)	08/31/23	$	21,990	(c)		35,422			(1,514	)		36,936
6M EURO(b)	0.500(d)	06/19/24	EUR	32,720	(c)		844,408			554,003			290,405
6M AUDOR(b)	2.500	06/19/24	AUD	14,360	(c)		389,985			387,243			2,742
3.000(b)	3M LIBOR(a)	06/19/24	$	4,780	(c)		(164,476	)		(185,382	)		20,906
0.500(d)	3M STIBOR(a)	06/19/24	SEK	257,550	(c)		(130,259	)		43,321			(173,580	)
2.500(b)	3M CDOR	06/19/24	CAD	6,380	(c)		(136,131	)		(154,902	)		18,771
6M JYOR(b)	0.500	03/22/28	JPY	763,700	(c)		122,552			116,327			6,225
1.900(b)	6M GBP	08/03/28	GBP	4,720	(c)		(169,555	)		(9,429	)		(160,126	)
6M CHFOR(b)	1.050(d)	08/07/28	CHF	7,460	(c)		272,113			(4,842	)		276,955
6M EURO(b)	1.450(d)	01/15/29	EUR	6,240	(c)		191,287			(20,871	)		212,158
0.350(b)	6M JYOR	01/16/29	JPY	1,425,010	(c)		(87,571	)		(207,237	)		119,666
6M EURO(b)	1.200(d)	02/12/29	EUR	8,740	(c)		139,265			19,091			120,174
3M LIBOR(a)	2.800(b)	02/12/29	$	9,170	(c)		103,313			(1,803	)		105,116
1.500(b)	6M GBP	02/12/29	GBP	13,250	(c)		(127,647	)		25,607			(153,254	)
6M EURO(b)	1.200(d)	02/21/29	EUR	3,220	(c)		50,438			393			50,045
2.300(d)	6M NIBOR(b)	02/21/29	NOK	34,830	(c)		(29,862	)		1,914			(31,776	)
3M LIBOR(a)	2.500(b)	03/29/29	$	8,330	(c)		(15,642	)		637			(16,279	)
1.000(d)	6M EURO(b)	03/29/29	EUR	8,200	(c)		(29,286	)		(40,836	)		11,550
6M EURO(b)	1.000(d)	06/19/29		3,040	(c)		167,940			94,070			73,870
3M LIBOR(a)	3.000(b)	06/19/29	$	14,820	(c)		288,408			84,399			204,009
3.250(b)	3M NZDOR(a)	06/19/29	NZD	3,570	(c)		(65,250	)		(25,136	)		(40,114	)
1.000(d)	3M STIBOR(a)	06/19/29	SEK	16,710	(c)		(23,008	)		9,909			(32,917	)

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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund (%)		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3.000(b)		6M AUDOR	06/19/29	AUD	5,330	(c)	$	(97,037	)	$	(41,563	)	$	(55,474	)
3.000(b)		3M CDOR	06/19/29	CAD	2,510	(c)		(59,026	)		(45,174	)		(13,852	)
1.000(d)		6M CHFOR(b)	06/19/29	CHF	1,670	(c)		(43,876	)		(30,014	)		(13,862	)
1.500(d)		6M EURO(b)	06/19/29	EUR	10,510	(c)		(303,306	)		(152,025	)		(151,281	)
3M LIBOR(a)		3.000(b)	06/20/39	$	4,430	(c)		74,737			(3,135	)		77,872
1.750(d)		6M EURO(b)	06/20/39	EUR	1,500	(c)		(29,750	)		(29,088	)		(662	)
3M LIBOR(a)		2.750(b)	06/15/49	$	2,910	(c)		19,555			(18,343	)		37,898
1.000(b)		6M JYOR	06/15/49	JPY	214,130	(c)		(31,761	)		(22,238	)		(9,523	)
TOTAL							$	914,746		$	29,204		$	885,542

(a) Payments made quarterly.

(b) Payments made semi-annually.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

(d) Payments made annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at March 31, 2019(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
iTraxx Europe Index Series 31		(1.000)%	0.650%		06/20/24	EUR	36,725	$	(758,898	)	$	(670,157	)	$	(88,741	)
Protection Sold:
Boeing Co., 8.750%, 08/15/21		1.000	0.513		06/20/24	$	1,225		29,684			27,782			1,902
CDX.NA.IG Index 32		1.000	0.635		06/20/24		44,100		796,251			672,957			123,294
TOTAL								$	67,037		$	30,582		$	36,455

(a) Payments made quarterly.

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

PURCHASED OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$97.75		06/15/2020		296	$	740,000	$	170,200	$	147,850	$	22,350

Abbreviations:
BoA Securities LLC	—Bank of America Securities LLC
CDX.NA.IG Index 32	—CDX North America Investment Grade Index 32

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Sovereign Debt Obligations – 31.7%
British Pound – 2.1%
	United Kingdom Treasury
GBP	1,450,000		4.500	%		09/07/34	$	2,720,686
	3,970,000		3.500			01/22/45		7,291,291
	1,270,000		3.500			07/22/68		2,857,444
								12,869,421
Canadian Dollar – 2.5%
	British Columbia Province of Canada
CAD	800,000		3.250			12/18/21		621,939
	2,600,000		2.850			06/18/25		2,033,636
	2,000,000		4.950			06/18/40		2,048,760
	Canadian Government Bond
	1,760,000		2.750			12/01/48		1,569,941
	Ontario Province of Canada
	1,800,000		4.400			06/02/19		1,352,771
	3,700,000		2.850			06/02/23		2,865,365
	1,700,000		2.600			06/02/25		1,305,451
	2,300,000		4.650			06/02/41		2,255,251
	Quebec Province of Canada
	1,800,000		4.250			12/01/21		1,433,804
								15,486,918
Czech Koruna – 0.1%
	Czech Republic Government Bond
CZK	11,190,000		1.500			10/29/19		485,751
Danish Krone – 0.1%
	Kingdom of Denmark
DKK	3,000,000		4.500			11/15/39		825,137
Euro – 6.3%
	French Republic Government Bond OAT(a)
EUR	800,000		1.750			05/25/66		956,629
	Government of France
	1,700,000		4.500			04/25/41		3,222,789
	Ireland Government Bond
	1,030,000		0.900			05/15/28		1,206,761
	Italy Buoni Poliennali Del Tesoro
	1,100,000		0.950			03/01/23		1,218,205
	7,280,000		1.450			05/15/25		7,951,322
	1,360,000		2.800			12/01/28		1,569,151
	1,750,000		2.950	(a)		09/01/38		1,886,405
	1,000,000		2.800	(a)		03/01/67		950,829
	Kingdom of Belgium(a)
	1,040,000		0.200			10/22/23		1,193,499
	580,000		0.800			06/22/27		684,278
	1,020,000		0.900			06/22/29		1,200,285
	910,000		2.150			06/22/66		1,165,643
	Portugal Obrigacoes do Tesouro OT(a)
	640,000		1.950			06/15/29		765,313
	Republic of Austria(a)
	450,000		1.500			11/02/86		533,369
	460,000		2.100	(b)		09/20/17		681,354
	Republic of Indonesia(a)
	650,000		2.625			06/14/23		775,620
	240,000		2.150			07/18/24		282,036
	420,000		3.750			06/14/28		545,304
Foreign Sovereign Debt Obligations – (continued)
Euro – (continued)
	Spain Government Bond(a)
EUR	2,230,000		3.800			04/30/24		2,954,550
	1,250,000		2.750			10/31/24		1,591,469
	1,215,000		5.900			07/30/26		1,874,583
	3,250,000		1.500			04/30/27		3,846,384
	1,110,000		3.450			07/30/66		1,551,074
								38,606,852
Indonesian Rupiah – 0.2%
	Republic of Indonesia
IDR	18,441,000,000		8.750			05/15/31		1,375,305
Israeli Shekel – 0.1%
	Israel Government Bond
ILS	2,430,000		2.000			03/31/27		689,113
Japanese Yen – 13.7%
	Government of Japan
JPY	692,300,000		1.300			06/20/20		6,359,253
	436,000,000		2.200			03/20/31		4,963,272
	225,000,000		1.700			09/20/32		2,471,813
	214,000,000		1.400			09/20/34		2,293,235
	2,029,200,000		2.500			09/20/34		24,816,184
	394,000,000		1.400			09/20/45		4,386,578
	181,600,000		2.000			03/20/52		2,361,652
	312,700,000		1.400			03/20/55		3,586,245
	Japan Government Five Year Bond
	1,624,000,000		0.100			09/20/21		14,758,574
	Japanese Government CPI Linked Bond
	819,111,800		0.100			03/10/25		7,625,729
	1,151,146,394		0.100			03/10/26		10,789,596
								84,412,131
Mexican Peso – 0.2%
	United Mexican States
MXN	239,200		6.500			06/10/21		11,992
	1,339,300		8.000			12/07/23		69,443
	2,098,900		7.750			11/23/34		103,064
	13,763,300		10.000			11/20/36		818,498
	2,436,600		8.500			11/18/38		126,382
	94,300		8.000			11/07/47		4,592
								1,133,971
Russian Ruble – 0.1%
	Russian Federation Bond
RUB	26,160,000		7.050			01/19/28		373,133
Singapore Dollar – 0.3%
	Singapore Government Bond
SGD	2,150,000		2.750			07/01/23		1,634,968
South African Rand – 0.2%
	Republic of South Africa
ZAR	15,500,000		10.500			12/21/26		1,187,576
	290,000		8.750			01/31/44		18,224
								1,205,800
South Korean Won – 1.8%
	Inflation Linked Korea Treasury Bond
KRW	11,926,527,573		1.000			06/10/26		10,810,961

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

GOLDMAN SACHS GLOBAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Sovereign Debt Obligations – (continued)
Swedish Krona – 0.4%
	Sweden Government Bond
SEK	21,290,000		3.500	%		06/01/22	$	2,572,739
United States Dollar – 3.0%
	Abu Dhabi Government International Bond
$	500,000		2.500(a)			10/11/22		495,000
	790,000		3.125	(a)		10/11/27		783,088
	600,000		4.125	(a)		10/11/47		604,500
	1,370,000		4.125			10/11/47		1,380,275
	Republic of Indonesia
	970,000		5.875			01/15/24		1,069,701
	200,000		4.125	(a)		01/15/25		204,867
	4,340,000		4.125			01/15/25		4,445,614
	790,000		3.850	(a)		07/18/27		789,704
	Republic of Korea
	660,000		7.125			04/16/19		661,202
	Republic of Kuwait
	6,250,000		3.500			03/20/27		6,365,875
	Republic of Qatar(a)
	1,820,000		5.103			04/23/48		1,993,801
								18,793,627
Thai Baht – 0.6%
	Thailand Government Bond
THB	126,490,000		1.875			06/17/22		3,964,791
	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $187,509,966)						$	195,240,618
Corporate Obligations – 30.7%
Aerospace & Defense(c) – 0.6%
	General Dynamics Corp.
$	400,000		3.375	%		05/15/23	$	411,520
	Northrop Grumman Corp.
	1,700,000		2.930			01/15/25		1,677,798
	900,000		3.250			01/15/28		885,483
	United Technologies Corp.
	628,000		4.125			11/16/28		653,918
								3,628,719
Agriculture – 0.3%
	Altria Group, Inc.(c)
EUR	200,000		3.125			06/15/31		230,733
	BAT Capital Corp.(c)
$	450,000		3.222			08/15/24		439,785
	50,000		3.557			08/15/27		47,397
	BAT International Finance PLC(a)
	800,000		2.750			06/15/20		797,120
	200,000		3.500			06/15/22		201,044
	Reynolds American, Inc.
	108,000		3.250			06/12/20		108,289
	150,000		4.000			06/12/22		153,355
								1,977,723
Automotive – 0.2%
	Volkswagen Leasing GmbH
EUR	1,050,000		1.625			08/15/25		1,172,679
Corporate Obligations – (continued)
Banks – 12.6%
	Banco Bilbao Vizcaya Argentaria SA
EUR	600,000		0.750			09/11/22		676,765
	Banco de Sabadell SA
	400,000		0.875			03/05/23		445,303
	Bank of America Corp.
$	1,450,000		4.125			01/22/24		1,517,715
	150,000		3.875			08/01/25		155,397
	2,300,000		3.248	(c)		10/21/27		2,254,621
	(3M USD LIBOR + 0.630%)
	900,000		3.499	(c)(d)		05/17/22		910,710
	Barclays PLC(c)
	900,000		3.684			01/10/23		899,154
	BNP Paribas SA
	1,450,000		3.375	(a)		01/09/25		1,422,145
	1,250,000		3.375			01/09/25		1,225,988
	BPCE SA(a)
	2,350,000		4.000			09/12/23		2,389,926
	CaixaBank SA
EUR	400,000		1.125			05/17/24		456,274
	Citigroup, Inc.(c)
GBP	600,000		2.750			01/24/24		803,406
$	1,300,000		3.200			10/21/26		1,272,310
	(3M USD LIBOR + 1.192%)
	300,000		4.075	(d)		04/23/29		307,878
	Cooperatieve Rabobank UA
EUR	550,000		3.875			07/25/23		702,696
	Credit Agricole SA(a)
$	800,000		3.375			01/10/22		804,192
	300,000		3.750			04/24/23		303,243
	Credit Suisse Group Funding Guernsey Ltd.
EUR	500,000		1.250			04/14/22		576,193
	Deutsche Bank AG
$	150,000		2.850			05/10/19		149,921
	2,400,000		2.700			07/13/20		2,374,135
	100,000		3.125			01/13/21		98,714
	Dexia Credit Local SA
GBP	5,900,000		1.125			06/15/22		7,660,016
	HSBC Holdings PLC
$	200,000		4.250			08/18/25		204,912
	(3M USD LIBOR + 1.211%)
	1,950,000		3.803	(c)(d)		03/11/25		1,978,275
	JPMorgan Chase & Co.(c)(d)
	(3M USD LIBOR + 0.890%)
	2,250,000		3.797			07/23/24		2,309,130
	(3M USD LIBOR + 1.000%)
	2,050,000		4.023			12/05/24		2,127,592
	(3M USD LIBOR + 1.245%)
	1,700,000		3.960			01/29/27		1,756,066
	KBC Group NV
EUR	800,000		0.750			10/18/23		910,009
	Kreditanstalt fuer Wiederaufbau(e)
AUD	3,000,000		6.000			08/20/20		2,253,421
EUR	12,260,000		0.000	(f)		12/15/22		13,904,763
	5,800,000		0.375			03/15/23		6,674,336
	3,000,000		0.625			01/07/28		3,494,342

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Macquarie Group Ltd.(c)(d) (3M Euribor + 0.839%)
EUR	550,000		1.250	%		03/05/25	$	616,642
	Morgan Stanley, Inc.
$	50,000		3.875			04/29/24		51,500
	1,700,000		3.700			10/23/24		1,733,541
	300,000		4.000			07/23/25		309,381
	(3M USD LIBOR + 1.628%)
	1,050,000		4.431	(c)(d)		01/23/30		1,107,708
	Royal Bank of Scotland Group PLC
	200,000		3.875			09/12/23		200,898
	(3M USD LIBOR + 1.480%)
	1,200,000		3.498	(c)(d)		05/15/23		1,191,864
	(3M USD LIBOR + 1.550%)
	900,000		4.519	(c)(d)		06/25/24		920,448
	(3M USD LIBOR + 1.754%)
	1,100,000		4.892	(c)(d)		05/18/29		1,142,460
	The Huntington National Bank(c)
	1,950,000		3.250			05/14/21		1,967,433
	The PNC Financial Services Group, Inc.(c)
	600,000		3.500			01/23/24		616,062
	UBS Group Funding Switzerland AG(a)
	2,400,000		3.000			04/15/21		2,398,728
	Wells Fargo Bank NA(c)
	2,600,000		3.550			08/14/23		2,668,250
								77,944,463
Beverages(c) – 0.7%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	500,000		4.900			02/01/46		502,405
	Anheuser-Busch InBev Worldwide, Inc.
	2,300,000		4.750			01/23/29		2,449,408
	700,000		4.600			04/15/48		673,491
	Bacardi Ltd.(a)
	600,000		4.700			05/15/28		600,180
								4,225,484
Chemicals(c) – 1.0%
	DowDuPont, Inc.
	600,000		4.493			11/15/25		639,984
	1,600,000		4.725			11/15/28		1,728,704
	Syngenta Finance NV(a)
	750,000		4.441			04/24/23		765,847
	600,000		4.892			04/24/25		611,676
	200,000		5.182			04/24/28		203,306
	200,000		5.676			04/24/48		189,304
	The Sherwin-Williams Co.
	2,000,000		3.450			06/01/27		1,963,580
								6,102,401
Commercial Services – 0.1%
	Societa Iniziative Autostradali e Servizi SpA
EUR	550,000		3.375			02/13/24		675,703
Diversified Financial Services – 1.5%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
$	2,550,000		3.750			05/15/19		2,551,861
	1,400,000		3.500	(c)		05/26/22		1,401,946
	2,149,000		4.625			07/01/22		2,221,228
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Capital One Financial Corp.(c)
	1,600,000		2.500			05/12/20		1,595,008
	GE Capital International Funding Co.
	1,100,000		3.373			11/15/25		1,069,706
	Huarong Finance II Co. Ltd.
	370,000		5.000			11/19/25		386,260
	Synchrony Financial(c)
	250,000		3.000			08/15/19		250,028
								9,476,037
Electrical – 0.6%
	Electricite de France SA(a)(c)
	2,400,000		4.500			09/21/28		2,477,616
	innogy Finance BV
GBP	250,000		6.125			07/06/39		471,855
	Sempra Energy(c)
$	700,000		3.400			02/01/28		675,430
								3,624,901
Engineering & Construction(c) – 0.2%
	Mexico City Airport Trust
	540,000		3.875	(a)		04/30/28		488,120
	200,000		5.500	(a)		10/31/46		184,520
	430,000		5.500	(a)		07/31/47		395,660
	200,000		5.500			07/31/47		184,028
								1,252,328
Food & Drug Retailing(c) – 0.1%
	Kraft Heinz Foods Co.
	600,000		2.800			07/02/20		598,734
Healthcare Providers & Services(c) – 1.1%
	Abbott Ireland Financing DAC
EUR	2,000,000		1.500			09/27/26		2,356,573
	Becton Dickinson & Co.
$	1,600,000		2.894			06/06/22		1,590,848
	275,000		3.363			06/06/24		275,300
	Medtronic Global Holdings SCA
EUR	1,500,000		0.375			03/07/23		1,696,844
	800,000		1.125			03/07/27		924,645
								6,844,210
Insurance – 0.6%
	Aviva PLC(c)(d)
	(5 Year EUR Swap + 5.130%)
	450,000		6.125			07/05/43		582,868
	(5 Year UK Government Bond + 2.850%)
GBP	450,000		6.125			11/14/36		665,777
	Chubb INA Holdings, Inc.(c)
EUR	900,000		2.500			03/15/38		1,075,773
	MetLife, Inc.
$	500,000		4.368			09/15/23		533,490
	110,000		3.600			04/10/24		113,662
	NN Group NV(c)(d) (3M Euribor + 3.950%)
EUR	800,000		4.625			04/08/44		981,334
								3,952,904

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

GOLDMAN SACHS GLOBAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Lodging(c) – 0.1%
	Marriott International, Inc.
$	550,000		4.650	%		12/01/28	$	581,994
Media – 1.3%
	Charter Communications Operating LLC/Charter Communications Operating Capital(c)
	150,000		3.579			07/23/20		151,092
	900,000		4.500			02/01/24		936,414
	2,400,000		4.908			07/23/25		2,528,856
	Comcast Corp.
	1,000,000		3.700	(c)		04/15/24		1,033,400
	750,000		3.950	(c)		10/15/25		784,267
	800,000		4.150	(c)		10/15/28		843,408
	300,000		4.250	(c)		10/15/30		318,789
	300,000		6.400			03/01/40		384,357
	Fox Corp.(a)(c)
	200,000		4.030			01/25/24		207,590
	Time Warner Cable LLC
	450,000		5.000			02/01/20		457,367
	100,000		4.125	(c)		02/15/21		101,662
	Warner Media LLC(c)
	100,000		4.850			07/15/45		100,724
								7,847,926
Mining(a) – 0.3%
	Glencore Funding LLC
	1,400,000		4.125			05/30/23		1,427,818
	650,000		4.125	(c)		03/12/24		656,507
								2,084,325
Miscellaneous Manufacturing – 0.1%
	General Electric Co.
	100,000		2.700			10/09/22		98,130
	300,000		3.100			01/09/23		298,047
								396,177
Multi-National – 0.6%
	European Investment Bank
EUR	3,400,000		0.875			01/14/28		4,029,401
Oil Field Services – 1.6%
	Anadarko Petroleum Corp.
$	600,000		6.450			09/15/36		691,116
	BP Capital Markets America, Inc.(c)
	2,100,000		3.790			02/06/24		2,178,540
	450,000		4.234			11/06/28		481,833
	BP Capital Markets PLC
	250,000		3.814			02/10/24		260,035
	Continental Resources, Inc.(c)
	150,000		4.500			04/15/23		155,063
	Devon Energy Corp.(c)
	500,000		3.250			05/15/22		504,205
	100,000		5.850			12/15/25		113,527
	Dolphin Energy Ltd. LLC
	40,984		5.888			06/15/19		40,830
	61,040		5.888	(a)		06/15/19		60,811
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Gazprom OAO Via Gaz Capital SA
	210,000		5.150			02/11/26		212,966
	310,000		5.150	(a)		02/11/26		314,379
	240,000		8.625	(g)		04/28/34		309,336
	310,000		7.288			08/16/37		364,166
	Marathon Oil Corp.(c)
	900,000		4.400			07/15/27		926,415
	Petroleos Mexicanos
	32,000		6.375			02/04/21		33,024
EUR	820,000		5.125			03/15/23		1,002,781
	Reliance Industries Ltd.(a)
$	510,000		3.667			11/30/27		496,452
	Total Capital SA
	1,750,000		3.883			10/11/28		1,856,872
	Valero Energy Corp.(c)
	150,000		4.350			06/01/28		155,831
								10,158,182
Pharmaceuticals(c) – 1.5%
	AbbVie, Inc.
	300,000		3.750			11/14/23		307,911
	200,000		4.250			11/14/28		203,942
	Bayer US Finance II LLC(a)
	750,000		3.875			12/15/23		755,842
	1,000,000		4.250			12/15/25		1,011,540
	550,000		4.375			12/15/28		546,491
	Cigna Corp.(a)
	2,350,000		3.750			07/15/23		2,408,256
	450,000		4.125			11/15/25		466,034
	100,000		4.375			10/15/28		103,693
	200,000		4.900			12/15/48		206,834
	CVS Health Corp.
	550,000		2.800			07/20/20		549,313
	950,000		4.300			03/25/28		964,259
	750,000		4.780			03/25/38		743,160
	250,000		5.050			03/25/48		251,865
	Takeda Pharmaceutical Co. Ltd.(a)
EUR	700,000		2.250			11/21/26		846,198
								9,365,338
Pipelines – 1.6%
	Abu Dhabi Crude Oil Pipeline LLC(a)
$	1,260,000		4.600			11/02/47		1,297,800
	Energy Transfer Operating LP(c)
	400,000		5.250			04/15/29		429,652
	Enterprise Products Operating LLC(c)
	700,000		2.850			04/15/21		700,385
	500,000		3.750			02/15/25		516,500
	EQM Midstream Partners LP(c)
	550,000		4.750			07/15/23		560,884
	MPLX LP(c)
	400,000		4.500			04/15/38		380,432
	150,000		5.500			02/15/49		160,343
	Plains All American Pipeline LP/PAA Finance Corp.(c)
	1,050,000		4.500			12/15/26		1,079,400
	50,000		4.700			06/15/44		46,422

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – (continued)
	Sabine Pass Liquefaction LLC(c)
$	1,500,000		5.625	%		03/01/25	$	1,650,000
	Sunoco Logistics Partners Operations LP(c)
	1,050,000		4.000			10/01/27		1,038,964
	350,000		5.300			04/01/44		341,684
	150,000		5.400			10/01/47		149,603
	The Williams Cos., Inc.(c)
	550,000		3.600			03/15/22		557,931
	450,000		3.900			01/15/25		459,882
	Western Midstream Operating LP(c)
	250,000		4.750			08/15/28		253,787
								9,623,669
Real Estate Investment Trust(c) – 0.4%
	American Tower Corp.
	450,000		3.300			02/15/21		452,632
	HCP, Inc.
	100,000		2.625			02/01/20		99,753
	Ventas Realty LP/Ventas Capital Corp.
	200,000		3.250			08/15/22		201,460
	VEREIT Operating Partnership LP
	900,000		4.625			11/01/25		930,654
	WEA Finance LLC/Westfield UK & Europe Finance PLC(a)
	350,000		2.700			09/17/19		349,797
	400,000		3.750			09/17/24		408,432
								2,442,728
Retailing(c) – 0.4%
	Dollar Tree, Inc.
	650,000		4.000			05/15/25		658,015
	800,000		4.200			05/15/28		796,680
	Starbucks Corp.
	700,000		4.000			11/15/28		731,717
								2,186,412
Semiconductors – 1.0%
	Broadcom Corp./Broadcom Cayman Finance Ltd.(c)
	500,000		3.000			01/15/22		497,805
	Broadcom, Inc.(a)
	1,850,000		3.125			10/15/22		1,841,545
	1,850,000		3.625			10/15/24		1,835,533
	1,850,000		4.250			04/15/26		1,836,329
								6,011,212
Supranational(e) – 0.2%
	European Financial Stability Facility
EUR	900,000		1.375			05/31/47		1,047,717
Telecommunication Services – 2.0%
	America Movil SAB de CV
MXN	5,260,000		6.000			06/09/19		266,899
	AT&T, Inc.(c)
$	2,000,000		2.800			02/17/21		1,999,140
	1,450,000		3.200			03/01/22		1,462,296
	250,000		3.000			06/30/22		250,578
	300,000		3.950			01/15/25		306,264
	150,000		3.400			05/15/25		148,838
	700,000		4.100			02/15/28		707,448
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	1,600,000		4.350			03/01/29		1,635,520
	100,000		4.350			06/15/45		92,247
	British Telecommunications PLC(c)
	1,200,000		5.125			12/04/28		1,282,212
	Deutsche Telekom International Finance B.V.(a)(c)
	350,000		4.375			06/21/28		363,881
	Verizon Communications, Inc.
	1,884,000		4.329			09/21/28		1,995,928
	650,000		5.012			04/15/49		708,792
	Vodafone Group PLC
	1,050,000		3.750			01/16/24		1,060,888
								12,280,931
	TOTAL CORPORATE OBLIGATIONS
	(Cost $188,431,617)						$	189,532,298
Asset-Backed Securities(d) – 11.4%
Collateralized Loan Obligations(a) – 5.1%
	AIMCO CLOSeries 2014-AA, Class AR (3M USD LIBOR + 1.100%)
$	3,432,297		3.569	%		07/20/26	$	3,432,211
	Catamaran CLO Ltd.Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
	3,800,000		3.359			01/27/28		3,770,041
	GoldentTree Loan Management US CLO 1 Ltd.Series 2017-1A, Class A (3M USD LIBOR + 1.220%)
	4,650,000		3.689			04/20/29		4,649,939
	Halcyon Loan Advisors Funding Ltd.Series 2013-1A, Class A1 (3M USD LIBOR + 1.150%)
	338,105		3.586			04/15/25		338,105
	Halcyon Loan Advisors Funding Ltd.Series 2014-1A, Class A1R (3M USD LIBOR + 1.130%)
	2,457,908		3.575			04/18/26		2,457,881
	Madison Park Funding XII Ltd.Series 2014-12A, Class AR (3M USD LIBOR + 1.260%)
	3,062,605		3.729			07/20/26		3,062,728
	Madison Park Funding XXX Ltd.Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,300,000		3.186			04/15/29		5,207,239
	OFSI Fund VII Ltd.Series 2014-7A, Class AR (3M USD LIBOR + 0.900%)
	1,668,430		3.345			10/18/26		1,665,948
	Trinitas CLO II Ltd.Series 2014-2A, Class A1R (3M USD LIBOR + 1.180%)
	802,576		3.616			07/15/26		802,861
	Tryon Park CLO Ltd.Series 2013-1A, Class A1SR (3M USD LIBOR + 0.890%)
	3,700,000		3.326			04/15/29		3,669,194
	WhiteHorse VIII Ltd.Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	2,322,213		3.441			05/01/26		2,318,177
								31,374,324

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

GOLDMAN SACHS GLOBAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(d) – (continued)
Home Equity – 0.0%
	GMAC Mortgage Home Equity LoanTrust Series 2007-HE3, Class 1A1
$	8,586		6.941	%		09/25/37	$	8,618
	GMAC Mortgage Home Equity LoanTrust Series 2007-HE3, Class 2A1
	52,626		6.763			09/25/37		54,068
								62,686
Student Loans – 6.3%
	Chase Education LoanTrust Series 2007-A, Class A3 (3M USD LIBOR + 0.070%)
	66,256		2.883			12/28/23		66,174
	ECMC Group Student LoanTrust Series 2017-1A, Class A(a) (1M USD LIBOR + 1.200%)
	5,777,243		3.690			12/27/66		5,784,452
	Education Loan Asset-Backed Trust ISeries 2013-1, Class A2(a) (1M USD LIBOR + 0.800%)
	6,750,000		3.290			04/26/32		6,764,816
	Educational Services of America, Inc.Series 2010-1, Class A1(a) (3M USD LIBOR + 0.850%)
	214,894		3.340			07/25/23		215,174
	Educational Services of America, Inc.Series 2015-2, Class A(a) (1M USD LIBOR + 1.000%)
	1,254,662		3.490			12/25/56		1,263,605
	Higher Education Funding ISeries 2014-1, Class A(a) (3M USD LIBOR + 1.050%)
	3,363,757		3.739			05/25/34		3,387,604
	Knowledgeworks Foundation Student LoanSeries 2010-1, Class A (3M USD LIBOR + 0.950%)
	398,246		3.639			02/25/42		399,334
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3 (1M USD LIBOR + 1.050%)
	2,450,000		3.530			07/20/43		2,457,666
	Navient Student LoanTrust Series 2017-2A, Class A(a) (1M USD LIBOR + 1.050%)
	5,493,214		3.540			12/27/66		5,514,078
	Nelnet Student LoanTrust Series 2006-1, Class A6(a) (3M USD LIBOR + 0.450%)
	4,300,000		3.103			08/23/36		4,209,665
	Nelnet Student LoanTrust Series 2006-2, Class A7(a) (3M Euribor + 0.580%)
	4,050,000		3.070			01/26/37		3,967,526
	Nelnet Student LoanTrust Series 2011-1A, Class A(a) (1M USD LIBOR + 0.850%)
	216,591		3.340			02/25/48		218,362
	North Carolina State Education Assistance Authority Series 2010-1, Class A1 (3M USD LIBOR + 0.900%)
	1,396,265		3.390			07/25/41		1,393,370
	PHEAA Student LoanTrust Series 2016-1A, Class A(a) (1M USD LIBOR + 1.150%)
	2,849,107		3.640			09/25/65		2,894,554
	Scholar FundingTrust Series 2010-A, Class A(a) (3M USD LIBOR + 0.750%)
	701,129		3.259			10/28/41		694,757
								39,231,137
	TOTAL ASSET-BACKED SECURITIES
	(Cost $70,138,966)						$	70,668,147
Mortgage-Backed Obligations – 18.1%
Collateralized Mortgage Obligations – 3.3%
Interest Only(h) – 0.5%
	FHLMC REMIC Series 3852, Class SW(d) (-1x1M LIBOR + 6.000%)
$	479,822		3.511			05/15/41	$	68,138
	FHLMC REMIC Series 4314, Class SE(d) (-1x1M LIBOR + 6.050%)
	389,863		3.561			03/15/44		61,843
	FHLMC REMIC Series 4320, Class SD(d) (-1x1M LIBOR + 6.100%)
	287,400		3.611			07/15/39		42,558
	FHLMC REMIC Series 4583, Class ST(d) (-1x1M LIBOR + 6.000%)
	1,354,819		3.512			05/15/46		229,481
	FHLMC STRIPS Series 304, Class C45
	327,457		3.000			12/15/27		25,779
	FNMA REMICSeries 2011-124, Class SC(d) (-1x1M LIBOR + 6.550%)
	438,604		4.060			12/25/41		72,456
	FNMA REMICSeries 2012-5, Class SA(d) (-1x1M LIBOR + 5.950%)
	627,370		3.460			02/25/42		92,573
	FNMA REMICSeries 2014-6, Class SA(d) (-1x1M LIBOR + 6.600%)
	489,664		4.110			02/25/44		83,521
	GNMA REMICSeries 2010-101, Class S(d) (-1x1M LIBOR + 6.000%)
	947,437		3.515			08/20/40		146,203
	GNMA REMICSeries 2010-20, Class SE(d) (-1x1M LIBOR + 6.250%)
	704,956		3.765			02/20/40		115,273
	GNMA REMICSeries 2013-124, Class CS(d) (-1x1M LIBOR + 6.050%)
	753,059		3.565			08/20/43		125,701
	GNMA REMICSeries 2013-134, Class DS(d) (-1x1M LIBOR + 6.100%)
	154,062		3.615			09/20/43		24,259
	GNMA REMICSeries 2013-152, Class SG(d) (-1x1M LIBOR + 6.150%)
	276,367		3.665			06/20/43		43,535
	GNMA REMICSeries 2013-152, Class TS(d) (-1x1M LIBOR + 6.100%)
	270,183		3.615			06/20/43		40,801
	GNMA REMICSeries 2013-181, Class SA(d) (-1x1M LIBOR + 6.100%)
	892,082		3.615			11/20/43		142,170
	GNMA REMICSeries 2014-117, Class SJ(d) (-1x1M LIBOR + 5.600%)
	2,169,907		3.115			08/20/44		313,640
	GNMA REMICSeries 2014-132, Class SL(d) (-1x1M LIBOR + 6.100%)
	640,863		3.615			10/20/43		79,103
	GNMA REMICSeries 2014-133, Class BS(d) (-1x1M LIBOR + 5.600%)
	319,860		3.115			09/20/44		43,196

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(h) – (continued)
	GNMA REMICSeries 2014-158, Class SA(d) (-1x1M LIBOR + 5.600%)
$	1,021,300		3.119	%		10/16/44	$	144,272
	GNMA REMICSeries 2015-110, Class MS(d) (-1x1M LIBOR + 5.710%)
	1,870,889		3.225			08/20/45		247,341
	GNMA REMICSeries 2015-111, Class IM
	895,072		4.000			08/20/45		137,240
	GNMA REMICSeries 2015-123, Class SP(-1x1M LIBOR + 6.250%)
	456,834		3.762			09/20/45		70,968
	GNMA REMICSeries 2015-129, Class IC
	370,507		4.500			09/16/45		70,346
	GNMA REMICSeries 2015-167, Class AS(d) (-1x1M LIBOR + 6.250%)
	325,260		3.765			11/20/45		46,894
	GNMA REMICSeries 2015-168, Class SD(d) (-1x1M LIBOR + 6.200%)
	214,114		3.715			11/20/45		34,593
	GNMA REMICSeries 2015-57, Class AS(d) (-1x1M LIBOR + 5.600%)
	1,492,700		3.115			04/20/45		190,568
	GNMA REMICSeries 2016-1, Class ST(d) (-1x1M LIBOR + 6.200%)
	416,363		3.715			01/20/46		61,752
	GNMA REMICSeries 2016-138, Class GI
	979,349		4.000			10/20/46		152,888
	GNMA REMICSeries 2016-27, Class IA
	566,975		4.000			06/20/45		75,658
								2,982,750
Sequential Fixed Rate – 0.2%
	FNMA REMICSeries 2011-52, Class GB
	450,837		5.000			06/25/41		488,418
	FNMA REMICSeries 2011-99, Class DB
	427,546		5.000			10/25/41		462,610
	FNMA REMICSeries 2012-111, Class B
	50,851		7.000			10/25/42		58,126
	FNMA REMICSeries 2012-153, Class B
	206,533		7.000			07/25/42		237,214
								1,246,368
Sequential Floating Rate(d) – 2.6%
	Countrywide Alternative LoanTrust Series 2005-38, Class A1 (12M MTA + 1.500%)
	87,361		3.832			09/25/35		86,264
	Countrywide Alternative LoanTrust Series 2006-OA1, Class 2A1 (1M USD LIBOR + 0.210%)
	273,365		2.690			03/20/46		243,959
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1
	35,945		4.329			04/20/35		34,735
	Harben Finance PLCSeries 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	916,136		1.689			08/20/56		1,192,454
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(d) – (continued)
	Harborview Mortgage LoanTrust Series 2006-6, Class 3A1A
$	384,140		4.425			08/19/36		358,501
	London Wall Mortgage Capital PLCSeries 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	1,432,078		1.737			11/15/49		1,861,942
	Residential Accredit Loans, Inc.Series 2005-QO5, Class A1 (12M MTA + 1.000%)
$	613,407		3.332			01/25/46		551,314
	Ripon Mortgages PLC Series 1X, Class A1 (3M GBP LIBOR + 0.800%)
GBP	395,298		1.689			08/20/56		512,935
	Ripon Mortgages PLC Series 1X, Class A2 (3M GBP LIBOR + 0.800%)
	3,476,819		1.689			08/20/56		4,508,978
	Sequoia MortgageTrust Series 2004-10, Class A3A (6M USD LIBOR + 0.660%)
$	80,755		3.354			11/20/34		79,020
	Station Place SecuritizationTrust Series 2015-2, Class A(a) (1M USD LIBOR + 0.550%)
	1,400,000		3.044			07/15/19		1,400,000
	Towd Point Mortgage Funding Auburn 11 PLC Series 2017-A11X, Class A1 (3M GBP LIBOR + 0.850%)
GBP	2,497,805		1.739			05/20/45		3,253,795
	Warwick Finance Residential Mortgages No. One PLC Series 1, Class A (3M GBP LIBOR + 1.000%)
	1,650,371		1.910			09/21/49		2,153,102
								16,236,999
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							20,466,117
Federal Agencies – 14.8%
FHLMC – 0.1%
$	2,522		5.000	%		01/01/33	$	2,669
	463		5.000			06/01/33		498
	4,828		5.000			07/01/33		5,191
	5,965		5.000			08/01/33		6,413
	978		5.000			10/01/33		1,052
	2,833		5.000			11/01/33		3,047
	1,434		5.000			12/01/33		1,542
	4,522		5.000			02/01/34		4,862
	1,756		5.000			03/01/34		1,888
	2,824		5.000			04/01/34		3,036
	5,292		5.000			05/01/34		5,691
	70,503		5.000			06/01/34		75,810
	964		5.000			11/01/34		1,036
	19,810		5.000			04/01/35		21,301
	2,382		5.000			11/01/35		2,561
	7,677		5.000			02/01/37		8,331
	542		5.000			11/01/37		583
	30,108		5.000			01/01/40		32,546
	16,768		4.000			06/01/40		17,451
	150,195		4.000			02/01/41		156,291
	10,616		4.000			11/01/41		11,054
								362,853

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

GOLDMAN SACHS GLOBAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – 5.6%
$	8		5.000	%		04/01/19		$	8
	352,616		4.500			07/01/36			373,593
	38,961		4.500			12/01/36			41,218
	35,162		4.500			05/01/38			37,157
	24,265		4.500			05/01/39			25,835
	14,225		4.500			06/01/39			15,145
	9,136		4.500			08/01/39			9,727
	16,471		4.500			09/01/39			17,434
	23,957		4.500			10/01/39			25,359
	9,207		4.500			03/01/40			9,746
	131,453		4.500			04/01/40			138,717
	9,458		4.500			12/01/40			9,981
	137,529		4.500			01/01/41			145,754
	38,022		4.500			04/01/41			40,284
	71,895		4.500			06/01/41			76,055
	52,957		4.500			07/01/41			56,107
	79,135		4.500			08/01/41			83,805
	247,837		4.500			09/01/41			262,521
	215,114		4.500			10/01/41			227,575
	167,208		4.500			11/01/41			176,893
	104,640		4.500			12/01/41			110,694
	99,929		4.500			01/01/42			105,713
	25,008		4.500			03/01/42			26,414
	43,938		4.500			04/01/42			46,408
	103,150		3.000			12/01/42			103,453
	249,249		3.000			01/01/43			250,011
	306,409		3.000			04/01/43			307,347
	779,159		4.500			06/01/45			817,840
	4,455,048		4.500			11/01/47			4,705,452
	7,549,527		4.000			01/01/48			7,870,717
	973,210		4.500			09/01/48			1,036,503
	17,000,000		4.500			TBA-30yr	(i)		17,709,098
									34,862,564
GNMA – 9.1%
	6,025,549		4.000			10/20/43			6,277,125
	588,843		4.000			11/20/44			612,324
	55,599		4.000			05/20/45			57,712
	1,380,805		4.000			07/20/45			1,433,277
	2,066,951		4.000			08/20/45			2,145,498
	1,024,539		4.000			01/20/46			1,062,513
	680,482		4.500			02/20/48			709,310
	221,510		4.500			03/20/48			230,893
	923,954		4.500			04/20/48			961,989
	988,420		5.000			09/20/48			1,033,552
	3,428,926		4.500			10/20/48			3,564,185
	1,260,021		5.000			11/20/48			1,317,554
	5,959,916		4.500			12/20/48			6,204,326
	3,486,785		4.500			01/20/49			3,631,409
	4,716,354		5.000			01/20/49			4,931,706
	997,590		5.000			02/20/49			1,046,561
	17,000,000		4.500			TBA-30yr	(i)		17,652,205
	3,000,000		5.000			TBA-30yr	(i)		3,133,828
									56,005,967
	TOTAL FEDERAL AGENCIES							$	91,231,384
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $112,030,728)							$	111,697,501
Agency Debenture – 0.4%
	FHLMC
$	1,800,000		6.750	%		03/15/31		$	2,521,224
	(Cost $2,282,203)
Municipal Debt Obligation(c)(d) – 0.5%
Ohio – 0.5%
	New Hampshire Higher Education Loan Corp.Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
$	2,900,000		3.340	%		10/25/37		$	2,919,460
	(Cost $2,875,878)
U.S. Treasury Obligations – 4.8%
	United States Treasury Inflation Indexed Note
$	9,305,149		0.750	%		07/15/28		$	9,522,143
	United States Treasury Note
	19,780,000		2.375			01/31/23			19,891,262
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $29,032,444)							$	29,413,405

Shares		Dividend Rate	Value
Investment Company(j) – 5.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	35,651,263	2.437%	$	35,651,263
	(Cost 35,651,263)
	TOTAL INVESTMENTS – 103.4%
	(Cost $627,953,065)		$	637,643,916
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.4)%			(21,131,847	)
	NET ASSETS – 100.0%		$	616,512,069

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Actual maturity date is September 20, 2117.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(e)	Guaranteed by a foreign government until maturity.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2019.

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

(h)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(i)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $38,495,131, which represents approximately 6.2% of the Fund’s net assets as of March 31, 2019.
(j)	Represents an affiliated issuer.

Currency Abbreviations:
ARS	—Argentine Peso
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
COP	—Colombian Peso
CZK	—Czech Koruna
DKK	—Danish Krone
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysian Ringgit
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PHP	—Philippine Peso
PLN	—Polish Zloty
RON	—New Romanian Leu
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
THB	—Thai Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
AUDOR	—Australian Dollar Offered Rate
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc Offered Rate
CLO	—Collateralized Loan Obligation
CPI	—Consumer Price Index
EURO	—Euro Offered Rate
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GMAC	—General Motors Acceptance Corporation
GNMA	—Government National Mortgage Association
JYOR	—Japanese Yen Offered Rate
KLIBOR	—Kuala Lumpur Interbank Offered Rate
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MTA	—Monthly Treasury Average
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
PLC	—Public Limited Company
REMIC	—Real Estate Mortgage Investment Conduit
STIBOR	—Stockholm Interbank Offered Rate
STRIPS	—Separate Trading of Registered Interest and Principal of Securities
TIIE	—La Tasa de Interbank Equilibrium Interest Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	ARS	9,662,598	USD	203,981		06/04/19	$	698
	AUD	373,275	EUR	232,442		06/19/19		2,925
	AUD	5,678,868	USD	4,029,841		06/19/19		8,447
	BRL	14,610,232	USD	3,717,900		05/03/19		5,552
	CAD	12,212,997	USD	9,147,969		06/19/19		9,376
	CHF	758,529	USD	764,360		06/19/19		3,202
	CNH	21,990,063	USD	3,266,595		06/19/19		3,561
	COP	9,447,433,267	USD	2,960,706		04/01/19		2,525

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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	COP	1,192,039,124	USD	373,327		04/15/19	$	242
	EUR	336,429	GBP	289,944		06/19/19		805
	EUR	369,616	JPY	45,879,707		06/19/19		873
	EUR	1,614,798	PLN	6,965,029		06/19/19		5,034
	EUR	582,640	SEK	6,080,143		06/19/19		104
	EUR	742,294	USD	837,869		06/19/19		457
	GBP	335,719	USD	435,878		04/12/19		1,647
	IDR	17,686,878,636	USD	1,233,883		04/25/19		2,516
	INR	317,095,085	USD	4,465,855		04/02/19		107,804
	JPY	91,799,538	EUR	736,884		06/19/19		1,271
	JPY	727,094,945	USD	6,563,154		06/19/19		38,449
	KRW	948,153,762	USD	833,988		04/18/19		97
	MXN	38,171,880	USD	1,935,743		06/19/19		5,785
	NOK	19,746,152	EUR	2,022,341		06/19/19		12,520
	NOK	2,010,991	USD	233,602		06/19/19		278
	NZD	551,448	EUR	331,344		06/19/19		1,905
	PHP	53,734,830	USD	1,013,345		04/12/19		6,720
	RUB	298,283,734	USD	4,470,978		04/15/19		63,725
	SEK	12,772,136	EUR	1,206,717		06/19/19		19,201
	SGD	5,504,486	USD	4,060,224		06/19/19		7,505
	USD	164,966	ARS	6,875,762		04/22/19		10,961
	USD	2,328,742	AUD	3,233,978		04/04/19		32,254
	USD	1,008,294	AUD	1,415,176		06/19/19		1,952
	USD	3,286,819	BRL	12,495,596		04/02/19		95,870
	USD	499,922	BRL	1,957,379		05/03/19		1,079
	USD	15,632,765	CAD	20,823,546		04/08/19		47,054
	USD	827,619	CAD	1,103,140		06/19/19		481
	USD	4,008,714	CLP	2,670,409,851		04/04/19		84,520
	USD	712,866	CLP	480,300,200		04/18/19		7,047
	USD	86,685	CLP	57,498,068		04/22/19		2,189
	USD	86,951	CLP	57,553,670		04/25/19		2,373
	USD	621,317	CNH	4,177,585		06/19/19		66
	USD	3,029,803	COP	9,447,433,267		04/01/19		66,572
	USD	861,040	COP	2,700,099,602		04/15/19		14,864
	USD	634,342	DKK	4,144,174		04/08/19		11,211
	USD	89,191,970	EUR	77,834,107		04/26/19		1,689,267
	USD	15,409,869	EUR	13,530,249		06/19/19		129,184
	USD	4,794,399	GBP	3,590,783		06/19/19		98,880
	USD	767,157	HUF	211,735,373		06/19/19		23,375
	USD	2,617,363	IDR	37,271,254,000		04/22/19		10,899
	USD	412,532	IDR	5,844,549,802		04/25/19		3,970
	USD	684,895	ILS	2,461,480		05/30/19		4,421
	USD	7,576,923	INR	522,989,067		04/02/19		33,526
	USD	87,186,350	JPY	9,374,834,372		04/03/19		2,579,123
	USD	4,867,493	JPY	533,600,716		06/19/19		22,705
	USD	408,166	KRW	462,753,978		04/05/19		973
	USD	789,283	KRW	890,686,125		04/18/19		5,753
	USD	10,191,723	KRW	11,452,744,337		04/19/19		116,641
	USD	915,194	KRW	1,038,297,949		04/30/19		1,609
	USD	1,423,520	MXN	27,419,752		04/25/19		16,553
	USD	2,846,592	MXN	55,370,532		06/19/19		30,292
	USD	1,021,862	NOK	8,721,451		06/19/19		7,548

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	1,107,940	PHP	57,992,894		04/12/19	$	7,042
	USD	741,110	RON	3,127,856		06/19/19		8,270
	USD	1,333,034	RUB	86,365,212		04/15/19		20,054
	USD	2,665,165	SEK	24,155,095		04/25/19		62,248
	USD	1,613,793	SGD	2,181,103		04/04/19		4,291
	USD	2,496,705	SGD	3,371,825		06/19/19		4,979
	USD	3,969,763	THB	125,613,224		06/19/19		3,343
	USD	831,515	TRY	4,784,074		06/19/19		33,032
	USD	1,687,017	TWD	51,993,854		04/08/19		2,044
	USD	1,016,576	TWD	31,207,625		04/11/19		5,116
	USD	681,752	TWD	21,011,191		04/29/19		325
	USD	1,284,850	ZAR	17,987,647		04/03/19		38,658
	USD	1,348,922	ZAR	19,452,699		06/19/19		13,635
	ZAR	40,664,833	USD	2,784,248		06/19/19		7,102
TOTAL							$	5,676,575

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	ARS	9,662,598	USD	233,678		04/03/19	$	(11,745	)
	ARS	17,046,037	USD	410,016		04/22/19		(28,216	)
	ARS	7,257,122	USD	166,000		04/26/19		(4,299	)
	ARS	35,403,598	USD	803,258		05/28/19		(47,113	)
	AUD	1,749,691	USD	1,249,311		06/19/19		(5,093	)
	BRL	27,105,829	USD	7,135,340		04/02/19		(213,439	)
	CLP	2,670,409,851	USD	4,032,694		04/04/19		(108,500	)
	CLP	1,573,867,565	USD	2,325,640		04/18/19		(12,781	)
	CLP	57,732,117	USD	86,685		04/22/19		(1,845	)
	CLP	57,996,250	USD	86,951		04/25/19		(1,722	)
	COP	9,447,433,268	USD	3,042,016		04/01/19		(78,786	)
	COP	5,751,180,191	USD	1,832,840		04/15/19		(30,498	)
	COP	653,727,423	USD	205,092		05/02/19		(434	)
	CZK	22,612,381	EUR	876,673		06/19/19		(5,228	)
	CZK	31,441,401	USD	1,390,351		06/19/19		(20,948	)
	EUR	735,920	AUD	1,172,841		06/19/19		(2,888	)
	EUR	1,470,579	GBP	1,272,083		06/19/19		(2,620	)
	EUR	221,237	JPY	27,660,965		06/19/19		(1,287	)
	EUR	1,670,100	NOK	16,254,860		06/19/19		(4,290	)
	EUR	1,258,293	SEK	13,198,014		06/19/19		(7,037	)
	EUR	3,374,510	USD	3,855,081		04/26/19		(61,387	)
	EUR	2,972,310	USD	3,384,893		06/19/19		(28,048	)
	EUR	361,894	ZAR	5,956,952		06/19/19		(190	)
	GBP	172,466	CAD	305,110		06/19/19		(3,246	)
	GBP	3,814,870	EUR	4,432,847		06/19/19		(17,787	)
	GBP	1,501,831	USD	1,985,973		06/19/19		(22,091	)
	HUF	166,366,675	EUR	518,622		06/19/19		(1,306	)
	HUF	84,308,150	PLN	1,140,100		06/19/19		(1,540	)
	IDR	11,719,125,418	USD	824,078		04/05/19		(2,404	)
	IDR	15,942,450,662	USD	1,121,286		04/22/19		(6,394	)
	IDR	21,063,576,801	USD	1,489,434		04/25/19		(16,987	)

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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	INR	317,095,085	USD	4,595,328		04/02/19	$	(21,669	)
	INR	234,469,978	USD	3,386,599		04/22/19		(19,218	)
	JPY	120,549,000	USD	1,107,326		04/03/19		(19,379	)
	JPY	114,279,147	USD	1,039,433		06/19/19		(1,844	)
	KRW	462,753,978	USD	411,202		04/05/19		(4,009	)
	KRW	5,456,707,249	USD	4,847,398		04/18/19		(47,171	)
	MXN	26,209,162	USD	1,359,309		06/19/19		(26,239	)
	MYR	1,921,474	USD	471,504		04/05/19		(637	)
	NOK	1,547,747	USD	181,819		06/19/19		(1,815	)
	NZD	3,986,556	USD	2,739,331		06/19/19		(20,299	)
	PLN	20,972,927	EUR	4,864,781		06/19/19		(17,801	)
	RUB	16,272,093	USD	252,438		04/11/19		(4,896	)
	RUB	75,138,210	USD	1,163,042		04/15/19		(20,741	)
	SEK	3,101,480	USD	337,031		06/19/19		(1,429	)
	SGD	1,083,023	USD	803,207		06/19/19		(2,870	)
	TRY	4,784,073	USD	832,003		06/19/19		(33,521	)
	TWD	51,993,853	USD	1,689,007		04/08/19		(4,035	)
	TWD	159,983,456	USD	5,217,623		04/11/19		(32,457	)
	TWD	51,993,854	USD	1,688,600		04/29/19		(2,355	)
	USD	220,859	ARS	9,662,598		04/03/19		(1,074	)
	USD	280,483	AUD	394,932		06/19/19		(357	)
	USD	3,725,199	BRL	14,610,232		04/02/19		(5,755	)
	USD	1,065,106	CAD	1,425,306		06/19/19		(3,594	)
	USD	2,135,589	CHF	2,124,783		06/19/19		(14,498	)
	USD	1,802,409	CNH	12,145,628		06/19/19		(3,775	)
	USD	2,960,705	COP	9,447,433,268		04/01/19		(2,526	)
	USD	35,868,141	GBP	27,814,230		04/12/19		(380,627	)
	USD	820,495	IDR	11,719,125,418		04/05/19		(1,179	)
	USD	1,583,720	INR	111,201,103		04/02/19		(20,203	)
	USD	1,122,187	KRW	1,277,284,329		04/30/19		(1,679	)
	USD	281,155	MXN	5,535,328		06/19/19		(387	)
	USD	590,560	NZD	867,243		06/19/19		(944	)
	USD	1,632,229	RUB	107,945,847		04/15/19		(8,834	)
	USD	199,380	SEK	1,844,128		06/19/19		(167	)
	USD	2,424,749	SGD	3,284,202		06/19/19		(2,225	)
	USD	1,120,657	TWD	34,584,605		04/29/19		(977	)
	ZAR	20,399,138	USD	1,403,928		06/19/19		(3,674	)
TOTAL							$	(1,485,009	)

FORWARD SALES CONTRACTS— At March 31, 2019, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
FNMA		4.000	%	TBA-30yr		05/13/19	$	(3,000,000	)	$	(3,082,812	)
GNMA		4.000		TBA-30yr		05/21/19		(3,000,000	)		(3,094,872	)
GNMA		4.000		TBA-30yr		04/17/19		(8,000,000	)		(8,260,178	)
TOTAL(Proceeds Receivable: $14,337,383)										$	(14,437,862	)

(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 3 Year Government Bonds		102		06/17/19	$	8,230,539		$	24,859
Australian 10 Year Government Bonds		55		06/17/19		5,411,012			62,243
Euro Buxl 30 Year Bonds		3		06/06/19		644,984			31,562
French 10 Year Government Bonds		32		06/06/19		5,839,204			165,521
Italian 10 Year Government Bonds		27		06/06/19		3,361,886			11,467
Japan 10 Year Government Bonds		9		06/13/19		12,447,171			43,819
Ultra Long U.S. Treasury Bonds		134		06/19/19		22,512,000			874,046
2 Year German Euro-Schatz		188		06/06/19		23,614,302			50,322
10 Year German Euro-Bund		81		06/06/19		15,113,947			325,160
2 Year U.S. Treasury Notes		55		06/28/19		11,720,156			(5,250	)
5 Year U.S. Treasury Notes		107		06/28/19		12,393,609			(9,803	)
10 Year U.S. Treasury Notes		40		06/19/19		4,968,750			59,926
20 Year U.S. Treasury Bonds		39		06/19/19		5,836,594			40,736
Total								$	1,674,608
Short position contracts:
Canada 10 Year Government Bonds		(67	)	06/19/19		(6,970,988	)		(148,555	)
Eurodollars		(30	)	06/17/19		(7,309,125	)		40,825
Eurodollars		(33	)	09/16/19		(8,047,050	)		(11,814	)
Eurodollars		(43	)	12/16/19		(10,488,775	)		(25,692	)
Ultra 10 Year U.S. Treasury Notes		(73	)	06/19/19		(9,693,031	)		(214,438	)
5 Year German Euro-Bobl		(25	)	06/06/19		(3,733,746	)		(2,383	)
10 Year U.K. Long Gilt		(34	)	06/26/19		(5,728,929	)		(86,526	)
Total								$	(448,583	)
TOTAL FUTURES CONTRACTS								$	1,226,025

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Counterparty	Termination Date	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
3M KLIBOR(a)	3.565%	JPMorgan Securities, Inc.	03/14/24	MYR	10,040	$	8,796

* There are no upfront payments on the swap contract(s), therefore the unrealized gain (loss) on the swap contract(s) is equal to their market value.

(a) Payments made quarterly.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund (%)	Termination Date	Notional Amount (000s)				Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
8.360%(a)	Mexico IB TIIE 28 Days	03/18/20		MXN	196,225		$	(1,259	)	$	(2,786	)	$	1,527
7.950(a)	Mexico IB TIIE 28 Days	06/16/21			56,125	(b)		(1,797	)		(691	)		(1,106	)
3M NZDOR(c)	1.750%(d)	06/19/21		NZD	61,190	(b)		123,974			(70,490	)		194,464
3.000(d)	3M LIBOR(c)	06/19/21		$	26,050	(b)		(338,684	)		(220,421	)		(118,263	)

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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund (%)		Termination Date		Notional Amount (000s)				Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.500(d)		6M CDOR		06/19/21		CAD	13,850	(b)	$	(124,285	)	$	(107,417	)	$	(16,868	)
1M BID Avg(a)		7.900		01/02/23		BRL	8,525			(10,967	)		(6,932	)		(4,035	)
6M EURO(d)		0.250(e)		06/19/23		EUR	12,660	(b)		165,670			87,533			78,137
0.500(e)		3M STIBOR(c)		06/19/23		SEK	101,010	(b)		(83,651	)		(41,018	)		(42,633	)
6M GBP(e)		1.100		08/01/23		GBP	1,180			24,953			5,425			19,528
2.218(d)		3M LIBOR(c)		08/31/23		$	24,520	(b)		39,497			4,340			35,157
6M EURO(d)		0.500(e)		06/19/24		EUR	41,540	(b)		1,072,027			701,016			371,011
6M AUDOR(d)		2.500		06/19/24		AUD	16,750	(b)		454,892			451,698			3,194
3.000(d)		3M LIBOR(c)		06/19/24		$	5,580	(b)		(192,003	)		(216,396	)		24,393
0.500(e)		3M STIBOR(c)		06/19/24		SEK	291,980	(b)		(147,671	)		49,401			(197,072	)
2.500(d)		6M CDOR		06/19/24		CAD	7,430	(b)		(158,535	)		(180,401	)		21,866
6M EURO(d)		0.750(e)		06/19/26		EUR	3,820	(b)		157,179			99,600			57,579
1.500(d)		6M GBP		06/19/26		GBP	1,380	(b)		(46,155	)		(10,881	)		(35,274	)
6M JYOR(d)		0.500		03/22/28		JPY	899,890	(b)		144,406			137,116			7,290
6M CDOR(d)		2.750		06/21/28		CAD	8,010	(b)		152,889			(52,195	)		205,084
1.500(e)		6M EURO(d)		06/21/28		EUR	5,050	(b)		(200,778	)		(59,157	)		(141,621	)
1.900(d)		6M GBP		08/03/28		GBP	5,370	(b)		(192,904	)		(10,492	)		(182,412	)
6M CHFOR(d)		1.050(e)		08/07/28		CHF	8,460	(b)		308,589			(5,776	)		314,365
6M EURO(d)		1.450(e)		01/15/29		EUR	6,780	(b)		207,840			(22,920	)		230,760
0.350(d)		6M JYOR		01/16/29		JPY	1,537,990	(b)		(94,514	)		(234,573	)		140,059
6M EURO(d)		1.200(e)		02/12/29		EUR	10,180	(b)		162,211			22,404			139,807
3M LIBOR(c)		2.800(d)		02/12/29		$	10,690	(b)		120,439			(2,124	)		122,563
1.500(d)		6M GBP		02/12/29		GBP	15,440	(b)		(148,744	)		29,866			(178,610	)
6M EURO(d)		1.200(e)		02/21/29		EUR	3,810	(b)		59,679			468			59,211
2.300(a)		6M NIBOR(d)		02/21/29		NOK	41,220	(b)		(35,340	)		2,265			(37,605	)
3M LIBOR(c)		2.500(d)		03/29/29		$	9,700	(b)		(18,215	)		736			(18,951	)
1.000(d)		6M EURO		03/29/29		EUR	9,550	(b)		(34,109	)		(47,570	)		13,461
6M CHFOR(d)		0.250(e)		06/19/29		CHF	1,200	(b)		25,518			(5,287	)		30,805
6M EURO(d)		1.000(e)		06/19/29		EUR	5,860	(b)		323,725			181,332			142,393
6M GBP(d)		1.500		06/19/29		GBP	3,450	(b)		125,717			(3,045	)		128,762
3M LIBOR(c)		3.000(d)		06/19/29		$	16,940	(b)		314,325			84,856			229,469
3.250(d)		3M NZDOR(c)		06/19/29		NZD	4,070	(b)		(74,389	)		(28,654	)		(45,735	)
1.000(a)		3M STIBOR(c)		06/19/29		SEK	23,990	(b)		(33,031	)		14,226			(47,257	)
3.000(d)		6M AUDOR		06/19/29		AUD	6,300	(b)		(114,697	)		(48,994	)		(65,703	)
3.000(d)		6M CDOR		06/19/29		CAD	3,060	(b)		(71,960	)		(55,072	)		(16,888	)
1.000(a)		6M CHFOR(d)		06/19/29		CHF	2,050	(b)		(53,859	)		(36,843	)		(17,016	)
1.500(a)		6M EURO(d)		06/19/29		EUR	12,390	(b)		(357,560	)		(180,321	)		(177,239	)
1.750(d)		6M GBP		06/19/34		GBP	1,360	(b)		(109,712	)		(37,072	)		(72,640	)
6M EURO(d)		1.500(e)		06/19/39		EUR	1,100	(b)		117,585			117,585			—
6M GBP(d)		1.750		06/19/39		GBP	520	(b)		49,474			14,983			34,491
3M LIBOR(c)		3.000(d)		06/20/39		$	5,260	(b)		88,739			(3,704	)		92,443
1.750(c)		6M EURO(d)		06/20/39		EUR	1,720	(b)		(34,113	)		(33,176	)		(937	)
3M LIBOR(c)		2.750(d)		06/15/49		$	3,370	(b)		22,647			(21,387	)		44,034
1.000(d)		6M JYOR		06/15/49		JPY	239,630	(b)		(35,544	)		(28,650	)		(6,894	)
6M GBP(d)		1.750		06/19/49		GBP	520	(b)		68,636			22,731			45,905
TOTAL									$	1,616,135		$	253,136		$	1,362,999

(a) Payments made monthly.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

(c) Payments made quarterly.

(d) Payments made semi-annually.

(e) Payments made annually.

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)	Credit Spread at March 31, 2019(b)		Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27	(1.000)%		0.221%		Barclays Bank PLC		12/20/21	$	460	$	(9,698	)	$	(997	)	$	(8,701	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.131		Citibank NA		12/20/20		13,280		(201,812	)		34,682			(236,494	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.169		Deutsche Bank AG (London)		06/20/21		100		(1,852	)		(11	)		(1,841	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.316		JPMorgan Securities, Inc.		12/20/22		9,110		(226,728	)		(155,389	)		(71,339	)
TOTAL										$	(440,090	)	$	(121,715	)	$	(318,375	)

(a) Payments made quarterly.

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at March 31, 2019(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
iTraxx Europe Series 31		(1.000)%		0.650%		06/20/24	EUR	28,435	$	(587,396	)	$	(543,703	)	$	(43,693	)
Protection Sold:
CDX.NA.IG Index 32		1.000		0.635		06/20/24	$	25,125		453,646			383,396			70,250
CDX.NA.IG Index 31		1.000		0.561		12/20/23		82,060		1,625,000			1,111,494			513,506
TOTAL									$	1,491,250		$	951,187		$	540,063

(a) Payments made quarterly.

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$97.750		06/15/2020		71	$	177,500	$	40,826	$	37,603	$	3,223

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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
1Y IRS	Citibank NA		3.010	%		11/01/2019		8,300,000		$	8,300,000		$	451,280		$	119,087		$	332,193
6M IRS	Citibank NA		2.608			07/15/2019		4,500,000			4,500,000			99,926			43,076			56,850
6M IRS	JPMorgan Securities, Inc.		2.625			07/16/2019		4,300,000			4,300,000			100,735			41,536			59,199
								17,100,000		$	17,100,000		$	651,941		$	203,699		$	448,242
Puts
3M IRS	JPMorgan Securities, Inc.		2.665	%		06/10/2019		6,700,000			6,700,000			13,701			63,817			(50,116	)
3M IRS	JPMorgan Securities, Inc.		2.840			05/13/2019		5,000,000			5,000,000			1,028			28,600			(27,572	)
3M IRS	JPMorgan Securities, Inc.		3.165			06/10/2019		6,700,000			6,700,000			442			4,020			(3,578	)
3M IRS	JPMorgan Securities, Inc.		3.340			05/13/2019		5,000,000			5,000,000			5			1,400			(1,395	)
								23,400,000		$	23,400,000		$	15,176		$	97,837		$	(82,661	)
Total Over-the-Counter Interest Rate Swaptions								40,500,000		$	40,500,000		$	667,117		$	301,536		$	365,581
Total purchased option contracts								40,500,071		$	40,677,500		$	707,943		$	339,139		$	368,804
Written option contracts
Calls
1Y IRS	Citibank NA		3.098	%		11/01/2019		(3,600,000	)	$	(3,600,000	)	$	(399,785	)	$	(118,800	)	$	(280,985	)
6M IRS	JPMorgan Securities, Inc.		2.730			07/16/2019		(1,900,000	)		(1,900,000	)		(81,626	)		(37,597	)		(44,029	)
6M IRS	Citibank NA		2.724			07/15/2019		(1,900,000	)		(1,900,000	)		(79,619	)		(37,889	)		(41,730	)
								(7,400,000	)	$	(7,400,000	)	$	(561,030	)	$	(194,286	)	$	(366,744	)
Puts
3M IRS	JPMorgan Securities, Inc.		2.915	%		06/10/2019		(13,400,000	)	$	(13,400,000	)	$	(5,155	)	$	(34,170	)	$	29,015
3M IRS	JPMorgan Securities, Inc.		3.090			05/13/2019		(10,000,000	)		(10,000,000	)		(167	)		(12,875	)		12,708
								(23,400,000	)	$	(23,400,000	)	$	(5,322	)	$	(47,045	)	$	41,723
Total written option contracts								(30,800,000	)	$	(30,800,000	)	$	(566,352	)	$	(241,331	)	$	(325,021	)

Abbreviations:
1M BID Avg	—1 Month Brazilian Interbank Deposit Average
CDX.NA.IG Index 31	—CDX North America Investment Grade Index 31
CDX.NA.IG Index 32	—CDX North America Investment Grade Index 32
CS International (London)	—Credit Suisse International (London)
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – 2.9%
Building Materials(b) – 0.2%
	CPG International, Inc. (6M LIBOR + 3.750%)
$	2,743,002		6.633	%		05/05/24	$	2,715,573
Chemicals(b) – 0.1%
	Starfruit Finco B.V.
	(1M LIBOR + 3.250%)
	1,750,000		5.740			10/01/25		1,722,665
	(3M EURIBOR + 3.750%)
EUR	650,000		3.750			10/01/25		727,541
								2,450,206
Environmental(b) – 0.3%
	EnergySolutions LLC (3M LIBOR + 3.750%)
$	5,384,313		6.351			05/09/25		4,729,203
Food & Beverages(b) – 0.2%
	Shearer’s Foods, Inc. (1M LIBOR + 6.750%)
	3,507,256		9.249			06/30/22		3,375,734
Health Care – Services(b) – 0.2%
	MPH Acquisition Holdings LLC (3M LIBOR + 2.750%)
	1,977,046		5.351			06/07/23		1,910,954
	Sotera Health Holdings LLC (1M LIBOR + 3.000%)
	1,994,911		5.499			05/15/22		1,958,344
								3,869,298
Media – Broadcasting & Radio(b) – 0.1%
	Getty Images, Inc. (1M LIBOR + 4.500%)
	947,625		7.000			02/19/26		939,333
Media – Cable(b) – 0.1%
	CSC Holdings LLC (1M LIBOR + 2.250%)
	2,000,000		4.734			07/17/25		1,940,360
Noncaptive – Financial(b) – 0.2%
	Avolon TLB Borrower 1 (US) LLC (1M LIBOR + 2.000%)
	3,703,900		4.488			01/15/25		3,670,157
Packaging(b) – 0.2%
	BWAY Holding Co. (3M LIBOR + 3.250%)
	3,939,975		6.033			04/03/24		3,838,520
Real Estate Investment Trust(b) – 0.1%
	Brookfield Property REIT, Inc. (1M LIBOR + 2.250%)
	2,050,000		4.746			08/28/23		1,988,500
Services Cyclical – Business Services(c) – 0.2%
	Travelport Finance (Luxembourg) S.a.r.l.
	3,650,000		4.750			03/13/26		3,545,063
Services Cyclical – Consumer Services(b) – 0.2%
	Asurion LLC (1M LIBOR + 3.000%)
	2,997,476		5.499			08/04/22		2,979,282
Technology – Software/Services(b) – 0.8%
	Ancestry.com Operations, Inc. (1M LIBOR + 3.250%)
	2,075,000		5.750			10/19/23		2,060,309
	Infor (US), Inc. (1M LIBOR + 2.750%)
	2,025,000		5.249			02/01/22		2,013,923
	ION Trading Technologies S.A.R.L. (3M LIBOR + 4.000%)
	3,507,243		6.651			11/21/24		3,396,380
	MA FinanceCo. LLC (1M LIBOR + 2.500%)
	418,986		4.999			06/21/24		407,673
Bank Loans(a) – (continued)
Technology – Software/Services(b) – (continued)
	Seattle SpinCo, Inc. (1M LIBOR + 2.500%)
	2,829,514		4.999			06/21/24		2,753,117
	Vertafore, Inc. (1M LIBOR + 3.250%)
	3,940,125		5.749			07/02/25		3,864,120
								14,495,522
	TOTAL BANK LOANS
	(Cost $51,541,495)						$	50,536,751
Corporate Obligations – 28.1%
Advertising(d)(e) – 0.0%
	Getty Images, Inc.
$	300,000		9.750	%		03/01/27	$	302,250
Aerospace & Defense(e) – 0.6%
	Bombardier, Inc.(d)
	850,000		7.875			04/15/27		873,375
	Northrop Grumman Corp.
	6,950,000		2.930			01/15/25		6,859,233
	TransDigm, Inc.
	2,000,000		6.500			05/15/25		2,025,000
	800,000		6.375			06/15/26		790,000
								10,547,608
Banks – 1.9%
	Banco do Brasil SA(b)(e) (10 Year CMT + 6.362%)
	630,000		9.000			06/18/49		665,110
	Bank of America Corp.(b)(e) (3M USD LIBOR + 0.930%)
	6,100,000		2.816			07/21/23		6,056,385
	BNP Paribas SA(d)
	5,700,000		3.375			01/09/25		5,590,503
	Citigroup, Inc.(e)
	6,250,000		3.200			10/21/26		6,116,875
	ING Groep NV(d)
	4,000,000		4.625			01/06/26		4,195,800
	JPMorgan Chase & Co.(b)(e) (3M USD LIBOR + 1.245%)
	4,150,000		3.960			01/29/27		4,286,867
	Royal Bank of Scotland Group PLC(b)(e) (3M USD LIBOR + 1.762%)
	1,975,000		4.269			03/22/25		1,997,100
	UBS Group Funding Switzerland AG(d)
	5,050,000		4.125			09/24/25		5,216,953
								34,125,593
Beverages(e) – 0.7%
	Constellation Brands, Inc.
	2,325,000		4.400			11/15/25		2,439,599
	Keurig Dr Pepper, Inc.(d)
	5,650,000		4.057			05/25/23		5,814,641
	3,475,000		4.417			05/25/25		3,606,946
								11,861,186
Chemicals – 1.1%
	DowDuPont, Inc.(e)
	5,900,000		4.205			11/15/23		6,171,046

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Chemicals – (continued)
	PQ Corp.(d)(e)
$	2,705,000		6.750	%		11/15/22	$	2,806,437
	Sasol Financing International Ltd.
	4,008,000		4.500			11/14/22		4,043,070
	SASOL Financing USA LLC(e)
	2,580,000		5.875			03/27/24		2,731,575
	Starfruit Finco B.V./Starfruit US Holdco LLC(d)(e)
	2,300,000		8.000			10/01/26		2,305,750
	The Sherwin-Williams Co.(e)
	2,149,000		3.125			06/01/24		2,134,129
								20,192,007
Commercial Services(e) – 0.5%
	Refinitiv US Holdings, Inc.(d)
	4,350,000		8.250			11/15/26		4,273,875
	The Hertz Corp.(d)
	1,750,000		7.625			06/01/22		1,789,375
	United Rentals North America, Inc.
	2,050,000		6.500			12/15/26		2,155,062
								8,218,312
Computers(e) – 0.7%
	Banff Merger Sub, Inc.(d)
	750,000		9.750			09/01/26		733,125
	Dell International LLC/EMC Corp.(d)
	5,625,000		6.020			06/15/26		6,042,319
	850,000		8.350			07/15/46		1,029,622
	Hewlett Packard Enterprise Co.
	3,725,000		4.900			10/15/25		3,961,388
								11,766,454
Diversified Financial Services – 0.6%
	Huarong Finance II Co. Ltd.
	2,090,000		5.500			01/16/25		2,223,896
	Navient Corp.
	2,050,000		8.000			03/25/20		2,129,438
	2,100,000		5.875			03/25/21		2,160,375
	Springleaf Finance Corp.
	4,050,000		7.750			10/01/21		4,368,937
								10,882,646
Electrical(e) – 0.5%
	Calpine Corp.(d)
	4,325,000		5.875			01/15/24		4,422,312
	Vistra Energy Corp.
	3,851,000		7.375			11/01/22		3,995,413
								8,417,725
Engineering & Construction(e) – 0.3%
	Mexico City Airport Trust
	200,000		4.250			10/31/26		192,300
	320,000		4.250	(d)		10/31/26		307,680
	310,000		3.875	(d)		04/30/28		280,216
	468,000		5.500			10/31/46		431,777
	690,000		5.500	(d)		10/31/46		636,594
	2,985,000		5.500			07/31/47		2,746,618
	1,250,000		5.500	(d)		07/31/47		1,150,175
								5,745,360
Corporate Obligations – (continued)
Entertainment(e) – 0.4%
	Mohegan Gaming & Entertainment(d)
	2,000,000		7.875			10/15/24		1,987,500
	Scientific Games International, Inc.
	2,700,000		10.000			12/01/22		2,841,750
	2,750,000		8.250	(d)		03/15/26		2,801,563
								7,630,813
Food & Drug Retailing(d)(e) – 0.1%
	Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC
	1,590,000		7.500			03/15/26		1,631,738
Hand/Machine Tools(d)(e) – 0.0%
	Colfax Corp.
	475,000		6.000			02/15/24		494,000
Healthcare Providers & Services – 1.8%
	Acadia Healthcare Co., Inc.(e)
	100,000		6.125			03/15/21		100,000
	800,000		5.125			07/01/22		800,000
	Becton Dickinson & Co.(e)
	16,825,000		2.894			06/06/22		16,728,761
	3,475,000		3.363			06/06/24		3,478,788
	CHS/Community Health Systems, Inc.(d)(e)
	1,955,000		8.000			03/15/26		1,871,913
	Envision Healthcare Corp.(d)(e)
	2,100,000		8.750			10/15/26		1,871,625
	HCA, Inc.
	1,950,000		5.875			03/15/22		2,091,375
	Polaris Intermediate Corp.(d)(e)(f) (PIK 9.250%, Cash 8.500%)
	550,000		8.500			12/01/22		544,500
	Tenet Healthcare Corp.
	1,950,000		6.000			10/01/20		2,020,687
	2,400,000		8.125			04/01/22		2,586,000
								32,093,649
Insurance(e) – 0.4%
	American International Group, Inc.
	3,400,000		3.750			07/10/25		3,407,310
	Arch Capital Finance LLC
	2,253,000		4.011			12/15/26		2,338,862
	Swiss Re Finance Luxembourg SA(b)(d) (5 year CMT + 3.582%)
	1,200,000		5.000			04/02/49		1,213,020
								6,959,192
Internet – 0.2%
	Netflix, Inc.
	3,350,000		5.500			02/15/22		3,509,125
Iron/Steel – 0.1%
	ABJA Investment Co. Pte Ltd.
	560,000		5.950			07/31/24		571,992
	629,000		5.450			01/24/28		591,260
								1,163,252
Lodging – 0.3%
	MGM Resorts International
	4,000,000		7.750			03/15/22		4,420,000

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – 2.0%
	Altice Financing SA(d)(e)
$	4,150,000		6.625	%		02/15/23	$	4,243,375
	Altice Luxembourg SA(d)(e)
	2,000,000		7.750			05/15/22		1,995,000
	CCO Holdings LLC/CCO Holdings Capital Corp.(d)(e)
	2,950,000		4.000			03/01/23		2,935,250
	Charter Communications Operating LLC/Charter Communications Operating Capital(e)
	5,950,000		4.464			07/23/22		6,158,250
	3,325,000		4.908			07/23/25		3,503,519
	Clear Channel Worldwide Holdings, Inc.(d)(e)
	1,000,000		9.250			02/15/24		1,060,000
	Comcast Corp.(e)
	8,300,000		3.950			10/15/25		8,679,227
	DISH DBS Corp.
	1,200,000		7.875			09/01/19		1,218,000
	3,400,000		5.875			07/15/22		3,281,000
	Meredith Corp.(e)
	2,000,000		6.875			02/01/26		2,107,664
								35,181,285
Mining(e) – 0.5%
	First Quantum Minerals Ltd.(d)
	4,350,000		7.250			04/01/23		4,246,905
	Freeport-McMoRan, Inc.
	4,500,000		3.550			03/01/22		4,449,375
								8,696,280
Oil Field Services – 3.1%
	Antero Resources Corp.(e)
	4,400,000		5.375			11/01/21		4,427,500
	Gazprom OAO Via Gaz Capital SA(d)
	4,280,000		5.150			02/11/26		4,340,455
	Gulfport Energy Corp.(e)
	2,800,000		6.000			10/15/24		2,541,000
	Laredo Petroleum, Inc.(e)
	4,050,000		5.625			01/15/22		3,685,500
	Petroleos de Venezuela SA(g)
	146,890,000		6.000			10/28/22		25,522,138
	Petroleos Mexicanos
EUR	2,880,000		5.125			03/15/23		3,521,964
	QEP Resources, Inc.(e)
$	2,650,000		5.375			10/01/22		2,577,125
	Reliance Industries Ltd.(d)
	2,780,000		3.667			11/30/27		2,706,149
	Transocean, Inc.(d)(e)
	2,050,000		7.500			01/15/26		2,029,500
	Whiting Petroleum Corp.
	2,950,000		1.250			04/01/20		2,851,653
								54,202,984
Packaging(e) – 0.8%
	ARD Finance SA(f)
	(PIK 7.375%, Cash 6.625%)
EUR	325,000		6.625			09/15/23		368,955
	(PIK 7.875%, Cash 7.125%)
$	1,650,000		7.125			09/15/23		1,643,813
Corporate Obligations – (continued)
Packaging(e) – (continued)
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(d)
	4,275,000		6.000			02/15/25		4,269,656
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
	5,087,815		5.750			10/15/20		5,087,815
	Sealed Air Corp.(d)
	2,450,000		6.500			12/01/20		2,548,000
								13,918,239
Pharmaceuticals(e) – 1.2%
	Bausch Health Cos., Inc.(d)
	3,150,000		6.500			03/15/22		3,256,312
	1,250,000		5.750			08/15/27		1,281,250
	Cigna Corp.(d)
	4,975,000		4.125			11/15/25		5,152,259
	CVS Health Corp.
	11,775,000		4.000			12/05/23		12,103,876
								21,793,697
Pipelines(e) – 2.3%
	Energy Transfer Operating LP
	6,075,000		3.600			02/01/23		6,127,974
	EQM Midstream Partners LP
	9,775,000		4.750			07/15/23		9,968,447
	Genesis Energy LP/Genesis Energy Finance Corp.
	2,400,000		6.750			08/01/22		2,451,000
	Plains All American Pipeline LP/PAA Finance Corp.
	4,925,000		3.600			11/01/24		4,911,013
	Sabine Pass Liquefaction LLC
	5,100,000		5.625			04/15/23		5,533,245
	5,550,000		5.625			03/01/25		6,105,000
	The Williams Cos., Inc.
	5,975,000		3.600			03/15/22		6,061,160
								41,157,839
Real Estate Investment Trust – 0.9%
	China Evergrande Group(e)
	750,000		8.250			03/23/22		737,813
	800,000		8.750			06/28/25		754,000
	Corporacion Geo SA(h)
	557,340		8.000			04/13/21		—
	iStar, Inc.(e)
	2,850,000		4.625			09/15/20		2,882,062
	Kaisa Group Holdings Ltd.(e)
	1,560,000		9.375			06/30/24		1,395,865
	SBA Communications Corp.(e)
	3,800,000		4.000			10/01/22		3,809,500
	Starwood Property Trust, Inc.(e)
	1,550,000		5.000			12/15/21		1,592,625
	VEREIT Operating Partnership LP(e)
	4,300,000		3.950			08/15/27		4,237,650
								15,409,515
Semiconductors – 2.6%
	Amkor Technology, Inc.(d)(e)
	1,700,000		6.625			09/15/27		1,725,500

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Semiconductors – (continued)
	Broadcom Corp./Broadcom Cayman Finance Ltd.(e)
$	3,625,000		3.000	%		01/15/22	$	3,609,086
	2,775,000		3.875			01/15/27		2,652,539
	Broadcom, Inc.(d)
	3,800,000		3.125			04/15/21		3,795,516
	10,775,000		3.625	(e)		10/15/24		10,690,740
	9,100,000		4.250	(e)		04/15/26		9,032,751
	6,750,000		4.750	(e)		04/15/29		6,717,938
	Micron Technology, Inc.(e)
	2,200,000		4.975			02/06/26		2,244,000
	NXP B.V./NXP Funding LLC(d)
	3,325,000		4.125			06/01/21		3,387,643
	NXP B.V./NXP Funding LLC(d)(e)
	1,975,000		4.875			03/01/24		2,083,289
								45,939,002
Software(d)(e) – 0.3%
	Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
	4,650,000		5.750			03/01/25		4,603,500
Telecommunication Services – 3.9%
	Altice France SA(d)(e)
	4,225,000		6.250			05/15/24		4,235,562
	America Movil SAB de CV
MXN	256,740,000		6.000			06/09/19		13,027,304
	AT&T, Inc.(e)
$	5,975,000		3.800			03/01/24		6,122,463
	CenturyLink, Inc.
	4,250,000		5.800			03/15/22		4,340,312
	CommScope Finance LLC(d)(e)
	350,000		5.500			03/01/24		357,000
	250,000		6.000			03/01/26		256,250
	550,000		8.250			03/01/27		570,625
	Digicel Group One Ltd.(d)(e)
	2,172,000		8.250			12/30/22		1,324,920
	Digicel Group Two Ltd.(d)(e)
	3,956,000		8.250			09/30/22		1,326,981
	Digicel Ltd.(e)
	7,300,000		6.000	(d)		04/15/21		6,132,000
	1,884,000		6.000			04/15/21		1,582,560
	Frontier Communications Corp.(d)(e)
	2,475,000		8.500			04/01/26		2,295,563
	Intelsat Jackson Holdings SA(e)
	2,100,000		5.500			08/01/23		1,863,750
	2,900,000		8.000	(d)		02/15/24		3,023,250
	Sprint Corp.
	4,250,000		7.125			06/15/24		4,313,750
	Telecom Italia Capital SA
	4,800,000		7.721			06/04/38		4,944,000
	Verizon Communications, Inc.
	9,348,000		2.625			08/15/26		8,954,730
	Wind Tre SpA(d)(e)
	5,135,000		5.000			01/20/26		4,672,850
								69,343,870
Corporate Obligations – (continued)
Water Utilities(b)(e) – 0.3%
	Thames Water Utilities Finance PLC (3M GBP LIBOR + 7.970%)
GBP	3,975,000		5.750			09/13/30		5,665,813
	TOTAL CORPORATE OBLIGATIONS
	(Cost $522,666,356)						$	495,872,934
Mortgage-Backed Obligations – 13.0%
Collateralized Mortgage Obligations – 10.7%
Interest Only(i) – 2.5%
	FHLMC REMIC Series 3753, Class SK(b) (-1x1M LIBOR + 6.050%)
$	8,743,052		3.561	%		11/15/38	$	452,559
	FHLMC REMIC Series 3852, Class SW(b) (-1x1M LIBOR + 6.000%)
	3,802,589		3.511			05/15/41		539,992
	FHLMC REMIC Series 4320, Class SD(b) (-1x1M LIBOR + 6.100%)
	9,808,051		3.611			07/15/39		1,452,361
	FHLMC REMIC Series 4468, Class SY(b) (-1x1M LIBOR + 6.100%)
	11,002,811		3.611			05/15/45		1,716,388
	FHLMC STRIPS Series 304, Class C45
	22,108,359		3.000			12/15/27		1,740,505
	FNMA REMICSeries 2011-100, Class S(b) (-1x1M LIBOR + 6.450%)
	9,650,235		3.960			10/25/41		1,444,089
	FNMA REMICSeries 2012-88, Class SB(b) (-1x1M LIBOR + 6.670%)
	8,161,681		4.180			07/25/42		1,325,651
	GNMA REMICSeries 2010-35, Class DS(b) (-1x1M LIBOR + 5.680%)
	8,819,322		3.195			03/20/40		1,216,176
	GNMA REMICSeries 2010-85, Class SN(b)(e) (-1x1M LIBOR + 5.940%)
	10,772,017		3.455			07/20/40		1,710,248
	GNMA REMICSeries 2010-9, Class XD(b) (-1x1M LIBOR + 6.600%)
	18,041,202		4.119			01/16/40		3,112,484
	GNMA REMICSeries 2013-103, Class DS(b) (-1x1M LIBOR + 6.150%)
	10,813,430		3.665			07/20/43		1,721,154
	GNMA REMICSeries 2013-117, Class PS(b) (-1x1M LIBOR + 6.150%)
	15,036,517		3.665			04/20/43		1,965,850
	GNMA REMICSeries 2013-134, Class DS(b) (-1x1M LIBOR + 6.100%)
	93,777		3.615			09/20/43		14,767
	GNMA REMICSeries 2013-152, Class TS(b) (-1x1M LIBOR + 6.100%)
	270,183		3.615			06/20/43		40,802
	GNMA REMICSeries 2014-11, Class NI
	7,758,632		4.500			12/16/42		922,242
	GNMA REMICSeries 2014-132, Class SL(b) (-1x1M LIBOR + 6.100%)
	18,790,981		3.615			10/20/43		2,319,397

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(i) – (continued)
	GNMA REMICSeries 2014-133, Class BS(b) (-1x1M LIBOR + 5.600%)
$	8,636,207		3.115	%		09/20/44	$	1,166,281
	GNMA REMICSeries 2014-180, Class PI
	9,970,316		4.000			08/20/44		1,574,611
	GNMA REMICSeries 2015-111, Class SM(b) (-1x1M LIBOR + 6.200%)
	11,433,195		3.715			08/20/45		1,721,230
	GNMA REMICSeries 2015-126, Class LS(b) (e) (-1x1M LIBOR + 6.200%)
	7,444,681		3.715			09/20/45		1,120,772
	GNMA REMICSeries 2015-129, Class IC
	3,705,071		4.500			09/16/45		703,456
	GNMA REMICSeries 2015-133, Class SA(b) (-1x1M LIBOR + 5.700%)
	4,247,686		3.215			09/20/45		564,908
	GNMA REMICSeries 2015-133, Class SB(b) (-1x1M LIBOR + 5.700%)
	5,955,494		3.215			09/20/45		760,867
	GNMA REMICSeries 2015-144, Class QS(b)(e) (-1x1M LIBOR + 5.700%)
	12,149,064		3.215			10/20/45		1,618,783
	GNMA REMICSeries 2015-168, Class SD(b) (-1x1M LIBOR + 6.200%)
	21,058,126		3.715			11/20/45		3,402,235
	GNMA REMICSeries 2015-95, Class GI
	33,937,180		4.500			07/16/45		7,201,235
	GNMA REMICSeries 2016-6, Class S(b) (-1x1M LIBOR + 5.650%)
	15,429,670		3.165			01/20/46		2,109,083
								43,638,126
Regular Floater(b) – 0.3%
	FHLMC REMIC Series 3231, Class FB (1M LIBOR + 0.350%)
	385,068		2.839			10/15/36		383,465
	FHLMC REMIC Series 3314, Class FC (1M LIBOR + 0.400%)
	234,424		2.889			12/15/36		233,893
	FHLMC REMIC Series 3371, Class FA (1M LIBOR + 0.600%)
	341,012		3.089			09/15/37		343,422
	FHLMC REMIC Series 3545, Class FA (1M LIBOR + 0.850%)
	227,028		3.339			06/15/39		229,244
	FHLMC REMIC Series 3827, Class KF (1M LIBOR + 0.370%)
	592,225		2.859			03/15/41		591,269
	FNMA REMICSeries 2006-45, Class TF (1M LIBOR + 0.400%)
	723,604		2.890			06/25/36		723,035
	FNMA REMICSeries 2006-76, Class QF (1M LIBOR + 0.400%)
	780,214		2.890			08/25/36		779,603
	FNMA REMICSeries 2006-79, Class PF (1M LIBOR + 0.400%)
	804,305		2.890			08/25/36		802,676
	FNMA REMICSeries 2007-33, Class HF (1M LIBOR + 0.350%)
	997,218		2.840			04/25/37		993,117
	FNMA REMICSeries 2007-75, Class VF (1M LIBOR + 0.450%)
	285,508		2.940			08/25/37		285,836
	FNMA REMICSeries 2009-84, Class WF (1M LIBOR + 1.100%)
	106,790		3.590			10/25/39		108,382
								5,473,942
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – 0.5%
	Citicorp Mortgage Securities, Inc.Series 2007-4, Class 2A1
	40,967		5.500			05/25/22		40,542
	Countrywide Alternative LoanTrust Series 2005-77T1, Class 1A2
	1,642,689		6.000			02/25/36		1,171,858
	Countrywide Home Mortgage Pass-ThroughTrust Series 2007-1, Class A4
	836,969		6.000			03/25/37		687,262
	Countrywide Home Mortgage Pass-Through Trust Series 2007-10, Class A5
	1,349,948		6.000			07/25/37		1,086,502
	Morgan Stanley Mortgage LoanTrust Series 2005-4, Class 1A
	130,035		5.000			08/25/35		126,751
	Residential Accredit Loans, Inc.Series 2006-QS2, Class 1A9
	436,057		5.500			02/25/36		388,333
	Residential Accredit Loans, Inc.Series 2006-QS6, Class 1A13
	715,152		6.000			06/25/36		637,451
	Residential Accredit Loans, Inc.Series 2006-QS9, Class 1A11
	1,423,589		6.500			07/25/36		1,257,134
	Residential Asset SecuritizationTrust Series 2006-A8, Class 1A1
	1,150,846		6.000			08/25/36		995,050
	Residential Funding Mortgage Securities ISeries 2007-S9, Class 1A1
	3,377,649		6.000			10/25/37		2,577,392
								8,968,275
Sequential Floating Rate(b) – 7.4%
	American Home Mortgage InvestmentTrust Series 2007-2, Class 11A1 (1M USD LIBOR + 0.230%)
	3,612,691		2.950			03/25/47		2,266,583
	Banc of America FundingTrust Series 2006-H, Class 6A1 (1M USD LIBOR + 0.190%)
	15,980,714		2.670			10/20/36		13,622,740
	Banc of America FundingTrust Series 2007-2, Class 2A1
	48,332		4.578			03/25/37		47,662
	Countrywide Alternative LoanTrust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%)
	550,455		2.990			07/25/35		450,736
	Countrywide Alternative LoanTrust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%)
	721,765		3.290			12/25/35		650,814
	Countrywide Alternative LoanTrust Series 2005-9CB, Class 1A5 (1M USD LIBOR + 0.500%)
	586,314		2.990			05/25/35		517,724
	Countrywide Alternative LoanTrust Series 2006-0C8, Class 2A2B (1M USD LIBOR + 0.170%)
	966,287		2.660			11/25/36		998,526
	Countrywide Alternative LoanTrust Series 2007-16CB, Class 4A3 (1M USD LIBOR + 0.500%)
	3,588,536		2.990			08/25/37		2,971,393
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A(d)(h) (3M EURIBOR + 2.750%)
EUR	13,675,406		2.750			04/20/20		15,343,459
	FHLMC Structured Agency Credit Risk Debt Notes Trust Series 2016-DNA3, Class M3 (1M USD LIBOR + 5.000%)
$	1,190,000		7.490			12/25/28		1,348,552

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	FHLMC Structured Agency Credit Risk Debt Notes Trust Series 2019-DNA1, Class M2(d) (1M USD LIBOR + 2.650%)
$	1,030,000		5.140	%		01/25/49	$	1,042,766
	FNMA Connecticut Avenue SecuritiesSeries 2018-C06, Class 1M2 (1M USD LIBOR + 2.000%)
	1,541,000		4.490			03/25/31		1,522,031
	FNMA Connecticut Avenue SecuritiesTrust Series 2018-R07, Class 1M2(d) (1M USD LIBOR + 2.400%)
	3,180,000		4.890			04/25/31		3,202,161
	Indymac Index Mortgage LoanTrust Series 2005-AR10, Class A1 (1M USD LIBOR + 0.260%)
	3,430,522		3.010			06/25/35		3,292,207
	JPMorgan Alternative LoanTrust Series 2006-A2, Class 2A2
	4,403,219		4.245			05/25/36		3,792,561
	Lehman XSTrust Series 2007-5H, Class 3A4
	4,257,131		3.327			05/25/37		3,750,382
	London Wall Mortgage Capital PLCSeries 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	10,193,029		1.737			11/15/49		13,252,648
	Master Adjustable Rate MortgagesTrust Series 2006-OA2, Class 1A1 (12M MTA + 0.800%)
$	6,047,121		3.132			12/25/46		9,184,313
	Master Adjustable Rate MortgagesTrust Series 2006-OA2, Class 4A1A (12M MTA + 0.850%)
	2,360,546		3.182			12/25/46		3,514,685
	Master Adjustable Rate MortgagesTrust Series 2007-3, Class 12A1 (1M LIBOR + 0.200%)
	1,207,959		2.690			05/25/47		1,253,566
	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR4, Class A4A (1M USD LIBOR + 0.240%)
	1,586,241		2.730			12/25/36		1,499,549
	Residential Accredit Loans, Inc.Series 2005-QA12, Class CB3
	3,138,582		5.025			12/25/35		2,877,973
	Residential Accredit Loans, Inc.Series 2005-QO5, Class A1 (12M MTA + 1.000%)
	3,427,410		3.332			01/25/46		3,080,467
	Residential Accredit Loans, Inc.Series 2006-QO1, Class 3A1 (1M USD LIBOR + 0.270%)
	1,952,407		3.030			02/25/46		1,426,415
	Residential Accredit Loans, Inc.Series 2006-QO7, Class 1A1 (12M MTA + 0.800%)
	3,689,825		3.132			09/25/46		3,474,453
	Residential Accredit Loans, Inc.Series 2006-QO7, Class 3A2 (1M USD LIBOR + 0.205%)
	175,715		2.695			09/25/46		165,536
	Residential Funding Mortgage Securities ISeries 2005-SA5, Class 2A
	1,481,029		4.682			11/25/35		1,404,758
	Ripon Mortgages PLC Series 1X, Class A1 (3M GBP LIBOR + 0.800%)
GBP	2,355,655		1.689			08/20/56		3,056,672
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	Ripon Mortgages PLC Series 1X, Class A2 (3M GBP LIBOR + 0.800%)
GBP	24,033,575		1.689			08/20/56	$	31,168,390
								130,179,722
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	188,260,065
Commercial Mortgage-Backed Securities – 2.2%
Sequential Fixed Rate – 0.6%
	WF-RBS Commercial MortgageTrust Series 2012-C6, Class B
$	2,500,000		4.697	%		04/15/45	$	2,594,184
	CSMCTrust Series 2014-USA, Class E(d)
	9,050,000		4.373			09/15/37		8,301,918
								10,896,102
Sequential Floating Rate(b)(d) – 1.6%
	CGBAM Commercial MortgageTrust Series 2015-SMRT, Class E
	12,450,000		3.786			04/10/28		12,558,556
	Exantas Capital Corp. Ltd.Series 2018-RSO6, Class A (1M LIBOR + 0.830%)
	15,900,000		3.314			06/15/35		15,840,544
								28,399,100
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	39,295,202
Federal Agencies – 0.1%
FHLMC – 0.1%
$	15,328		5.000	%		01/01/33	$	16,223
	1,624		5.000			03/01/33		1,746
	8,690		5.000			04/01/33		9,344
	1,284		5.000			05/01/33		1,380
	4,763		5.000			06/01/33		5,122
	29,344		5.000			07/01/33		31,553
	42,023		5.000			08/01/33		45,189
	5,246		5.000			09/01/33		5,641
	8,681		5.000			10/01/33		9,335
	17,222		5.000			11/01/33		18,518
	10,270		5.000			12/01/33		11,043
	9,809		5.000			01/01/34		10,548
	30,170		5.000			02/01/34		32,442
	12,731		5.000			03/01/34		13,690
	21,164		5.000			04/01/34		22,759
	34,546		5.000			05/01/34		37,146
	428,555		5.000			06/01/34		460,817
	7,329		5.000			11/01/34		7,881
	120,414		5.000			04/01/35		129,478
	14,479		5.000			11/01/35		15,569
								885,424
FNMA – 0.0%
	170		5.500			04/01/19		170
	215		5.500			05/01/19		215
	1,680		5.500			06/01/19		1,679
	7,860		5.500			07/01/19		7,861
	9,199		5.500			08/01/19		9,198

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	10,598		5.500	%		09/01/19	$	10,610
	3,653		5.500			10/01/19		3,659
	5,402		5.500			11/01/19		5,416
	9,297		5.500			12/01/19		9,326
	833		5.500			01/01/20		836
	63		5.500			06/01/20		63
	75,840		5.500			07/01/20		76,063
	68,210		5.500			05/01/25		69,162
	42,708		4.500			08/01/37		45,112
	10,275		4.500			04/01/39		10,900
	15,214		4.000			08/01/39		15,821
	8,694		4.000			09/01/39		9,041
	41,026		4.500			10/01/39		43,665
	6,986		4.500			05/01/41		7,431
	25,449		4.500			06/01/41		26,959
	35,999		4.500			08/01/41		38,382
	8,289		4.500			10/01/41		8,817
	3,750		4.500			11/01/42		3,932
	39,060		4.500			12/01/43		41,548
								445,866
	TOTAL FEDERAL AGENCIES						$	1,331,290
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $209,283,940)						$	228,886,557
Asset-Backed Securities(b) – 31.2%
Collateralized Loan Obligations(d) – 12.0%
	ACIS CLO Ltd.Series 2014-4A, Class A (3M USD LIBOR + 1.420%)
$	67,000,000		3.961	%		05/01/26	$	67,013,132
	Crown Point CLO III Ltd.Series 2015-3A, Class A1AR (3M USD LIBOR + 0.910%)
	31,350,000		3.346			12/31/27		31,223,785
	Madison Park Funding XXX Ltd.Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	36,000,000		3.186			04/15/29		35,369,928
	OCP CLO Ltd.Series 2014-5A, Class A2R (3M USD LIBOR + 1.400%)
	2,950,000		3.908			04/26/31		2,880,126
	OCP CLO Ltd.Series 2014-5A, Class BR (3M USD LIBOR + 1.800%)
	2,200,000		4.308			04/26/31		2,093,679
	OCP CLO Ltd.Series 2015-10A, Class A1R (3M USD LIBOR + 0.820%)
	27,800,000		3.328			10/26/27		27,623,331
	OCP CLO Ltd.Series 2015-8A, Class A2AR (3M USD LIBOR + 1.450%)
	850,000		3.899			04/17/27		841,583
	Recette CLO Ltd.Series 2015-1A, Class AR (3M USD LIBOR + 0.920%)
	45,100,000		3.389			10/20/27		44,872,606
								211,918,170
Asset-Backed Securities(b) – (continued)
Home Equity – 1.4%
	ACE Securities Corp. Home Equity Loan Trust Series 2007-ASAP1, Class A2C (1M USD LIBOR + 0.260%)
	8,605,504		2.750			03/25/37		5,254,770
	ACE Securities Corp. Home Equity LoanTrust Series 2007-HE2, Class A2D (1M USD LIBOR + 0.270%)
	16,327,976		2.760			05/25/36		14,975,877
	Lehman XSTrust Series 2007-3, Class 1BA2 (6M USD LIBOR + 0.500%)
	189,402		3.356			03/25/37		180,342
	Morgan Stanley Mortgage LoanTrust Series 2006-16AX, Class 1A (1M USD LIBOR + 0.170%)
	830,011		2.660			11/25/36		313,325
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-EQ1, Class A1 (1M USD LIBOR + 0.215%)
	3,986,250		2.705			03/25/37		3,299,917
	Wachovia Mortgage LoanTrust Series 2005-WMC1, Class M1 (1M USD LIBOR + 0.660%)
	1,356,884		3.150			10/25/35		1,349,468
								25,373,699
Other(d) – 1.3%
	Orec Ltd.Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	3,947,000		3.669			06/15/36		3,947,013
	Ready Capital Mortgage Financing LLCSeries 2018-FL2, Class A (1M USD LIBOR + 0.850%)
	5,575,965		3.340			06/25/35		5,564,979
	TPG Real Estate Finance Issuer Ltd.Series 2018-FL2, Class A (1M USD LIBOR + 1.130%)
	13,225,000		3.619			11/15/37		13,224,931
								22,736,923
Student Loan – 16.5%
	Academic Loan FundingTrust Series 2012-1A, Class A2(d) (1M USD LIBOR + 1.100%)
	39,984,932		3.590			12/27/44		40,179,646
	Access Group, Inc.Series 2015-1, Class A(d) (1M USD LIBOR + 0.700%)
	22,367,574		3.190			07/25/56		21,752,935
	Bank of America Student LoanTrust Series 2010-1A, Class A(d) (3M USD LIBOR + 0.800%)
	75,687		3.290			02/25/43		75,993
	EFS Volunteer No. 2 LLCSeries 2012-1, Class A2(d) (1M USD LIBOR + 1.350%)
	40,450,000		3.840			03/25/36		41,227,235
	EFS Volunteer No. 3 LLCSeries 2012-1, Class A3(d) (1M USD LIBOR + 1.000%)
	24,940,137		3.490			04/25/33		25,050,542
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3 (1M USD LIBOR + 1.050%)
	22,700,000		3.530			07/20/43		22,771,031
	Nelnet Student LoanTrust Series 2006-2, Class A7(d) (3M Euribor + 0.580%)
	23,300,000		3.070			01/25/37		22,825,516

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(b) – (continued)
Student Loan – (continued)
	Panhandle-Plains Higher Education Authority, Inc.Series 2011-1, Class A2 (3M USD LIBOR + 0.950%)
$	662,529		3.346	%		07/01/24	$	662,976
	Scholar FundingTrust Series 2010-A, Class A(d) (3M USD LIBOR + 0.750%)
	22,116,316		3.259			10/28/41		21,915,321
	SLC Student LoanTrust Series 2005-3, Class A3 (3M USD LIBOR + 0.120%)
	6,575,864		2.908			06/15/29		6,539,620
	SLM Student LoanTrust Series 2003-7A, Class A5A(d) (3M USD LIBOR + 1.200%)
	27,002,310		3.988			12/15/33		27,010,715
	SLM Student LoanTrust Series 2006-10, Class A5A (3M USD LIBOR + 0.100%)
	125,187		2.590			04/25/27		125,101
	SLM Student LoanTrust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	12,556,460		3.240			04/25/23		12,473,958
	SLM Student LoanTrust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%)
	13,603,315		3.490			10/25/21		13,627,025
	SLM Student LoanTrust Series 2008-6, Class A4 (3M USD LIBOR + 1.100%)
	18,860,029		3.590			07/25/23		18,983,918
	SLM Student LoanTrust Series 2008-8, Class A4 (3M USD LIBOR + 1.500%)
	7,845,671		3.990			04/25/23		7,920,516
	South Texas Higher Education Authority, Inc.Series 2013-1, Class A1 (1M USD LIBOR + 0.600%)
	6,992,899		3.109			12/03/29		6,974,019
	Wachovia Student LoanTrust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	1,722,983		2.620			01/26/26		1,722,643
								291,838,710
	TOTAL ASSET-BACKED SECURITIES
	(Cost $544,551,737)						$	551,867,502
Foreign Debt Obligations – 5.8%
Sovereign – 5.8%
	Dominican Republic
DOP	61,100,000		10.375	%		03/04/22	$	1,232,952
	98,700,000		14.500			02/10/23		2,200,944
$	1,000,000		8.625			04/20/27		1,172,565
DOP	30,000,000		18.500			02/04/28		822,315
	58,700,000		11.375			07/06/29		1,251,920
	Japanese Government CPI Linked Bond
JPY	4,948,270,257		0.100			03/10/26		46,379,709
	Republic of Argentina
EUR	13,530,000		3.375			01/15/23		12,142,205
	16,660,000		5.250			01/15/28		13,722,022
	460,000		3.380	(j)		12/31/38		292,216
	1,050,000		6.250			11/09/47		848,043
$	410,000		6.875			01/11/48		300,532
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	(Argentina Blended Historical Policy Rate + 0.000%)
ARS	76,600,000		54.470	%(b)		06/21/20		1,947,108
	Republic of Indonesia
$	5,310,000		4.450			02/11/24		5,520,122
	Republic of South Africa
ZAR	73,460,000		8.250			03/31/32		4,663,155
	101,925,000		6.250			03/31/36		5,128,744
	United Mexican States
MXN	15,162,300		6.500			06/10/21		760,136
	68,477,500		8.000			12/07/23		3,550,588
	1,546,000		7.750			11/23/34		75,915
	15,377,700		8.500			11/18/38		797,610
	2,663,200		8.000			11/07/47		129,685
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $116,785,804)						$	102,938,486
Municipal Debt Obligations – 1.8%
Illinois – 0.5%
	Illinois State GO Bonds Build America Series 2010(e)
$	4,470,000		7.350	%		07/01/35	$	5,078,948
	Illinois State GO Bonds Taxable-Pension Series 2003
	4,280,000		5.100			06/01/33		4,205,614
								9,284,562
Minnesota(b)(e) – 0.3%
	Northstar Education Finance, Inc. (Student Loan Asset Backed) Series 2007-1, Class A1 (3M USD LIBOR + 0.100%)
	4,430,052		2.871			04/28/30		4,413,406
Puerto Rico – 1.0%
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-1
	365,000		0.000	(k)		07/01/24		306,465
	619,000		0.000	(k)		07/01/27		461,551
	603,000		0.000	(e)(k)		07/01/29		399,831
	777,000		0.000	(e)(k)		07/01/31		459,658
	875,000		0.000	(e)(k)		07/01/33		464,345
	641,000		4.500	(e)		07/01/34		648,070
	324,000		4.550	(e)		07/01/40		318,823
	8,325,000		0.000	(e)(k)		07/01/46		1,790,708
	6,782,000		0.000	(e)(k)		07/01/51		1,073,048
	2,379,000		4.750	(e)		07/01/53		2,255,696
	6,017,000		5.000	(e)		07/01/58		5,945,097
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-2(e)
	3,295,000		4.550			07/01/40		2,907,870
	99,000		4.750			07/01/53		84,895
	1,321,000		5.000			07/01/58		1,155,888
								18,271,945
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $31,181,815)						$	31,969,913

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations(l) – 3.9%
	United States Treasury Bonds
$	10,000		2.750	%		11/15/47	$	9,879
	2,880,000		3.000			02/15/48		2,986,886
	United States Treasury Inflation Indexed Notes
	42,186,540		0.375			07/15/27		41,899,264
	21,949,322		0.750			07/15/28		22,461,176
	United States Treasury Notes
	600,000		2.625			08/31/20		602,123
	1,470,000		2.750			02/28/25		1,507,922
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $66,115,853)						$	69,467,250

Shares		Description	Value
Common Stocks(m)(n) – 1.6%
Oil, Gas & Consumable Fuels – 1.6%
	2,064,330	Montage Resources Corp.	$	28,801,743
	(Cost $69,796,760)
Units		Expiration Date	Value
Warrant(g) – 0.0%
	True Religion Warrant
	2,355	10/27/22	$	—
	True Religion Warrant 2
	8,897	10/27/22		—
	TOTAL WARRANT
	(Cost $ —)		$	—
Shares		Dividend Rate	Value
Investment Company(m) – 1.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	21,405,495	2.437%	$	21,405,495
	(Cost $21,405,495)
	TOTAL INVESTMENTS BEFORESHORT-TERM INVESTMENT
	(Cost $1,633,329,255)		$	1,581,746,631

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments(k) – 6.5%
Certificate of Deposit – 0.6%
	First Republic Bank
$	10,000,000		0.000	%		04/01/19	$	10,000,024
Commercial Paper – 5.9%
	Anheuser-Busch InBev Worldwide, Inc.(d)
	7,000,000		0.000			06/12/19		6,960,479
Short-term Investments(k) – (continued)
Commercial Paper – (continued)
	BAT International Finance PLC(d)
	12,000,000		0.000			04/08/19		11,991,143
	Bell Canada, Inc.(d)
	5,000,000		0.000			07/19/19		4,955,916
	Duke Energy Corp.(d)
	7,500,000		0.000			06/21/19		7,450,160
	4,000,000		0.000			08/16/19		3,953,598
	Electricite de France SA(d)
	8,000,000		0.000			04/03/19		7,997,061
	General Electric Co.
	10,000,000		0.000			04/25/19		9,979,503
	4,500,000		0.000			06/03/19		4,476,801
	Marriott International, Inc.(d)
	6,000,000		0.000			04/24/19		5,988,170
	11,000,000		0.000			04/30/19		10,973,180
	Mondelez International, Inc.(d)
	11,675,000		0.000			06/06/19		11,611,941
	Suncor Energy, Inc. (d)
	8,100,000		0.000			06/03/19		8,058,242
	VW Credit, Inc.(d)
	2,500,000		0.000			06/12/19		2,485,260
	Walgreens Boots Alliance, Inc.
	7,700,000		0.000			07/16/19		7,632,576
								104,514,030
	TOTALSHORT-TERM INVESTMENTS
	(Cost $114,523,101)						$	114,514,054
	TOTAL INVESTMENTS – 96.0%
	(Cost $1,747,852,356)						$	1,696,260,685
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.0%							71,120,577
	NET ASSETS – 100.0%						$	1,767,381,262

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2019. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.

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

GOLDMAN SACHS STRATEGIC INCOME FUND

(c)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Pay-in-kind securities.
(g)	Security is currently in default and/or non-income producing.
(h)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(i)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(j)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2019.
(k)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(l)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(m)	Represents an affiliated issuer.
(n)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $28,801,743, which represents approximately 1.6% of the Fund’s net assets as of March 31, 2019.

Restricted Security	Acquisition Date		Cost
Montage Resources Corp. (Common Stocks)		05/06/16 – 08/18/16	$	69,796,760

Currency Abbreviations:
ARS	—Argentine Peso
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
COP	—Colombian Peso
CZK	—Czech Koruna
DOP	—Dominican Peso
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysian Ringgit
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PHP	—Philippine Peso
PLN	—Polish Zloty
RON	—New Romanian Leu
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
AUDOR	—Australian Dollar Offered Rate
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc Offered Rate
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
CPI	—Consumer Price Index
EURO	—Euro Offered Rate
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
JIBAR	—Johannesburg Interbank Agreed Rate
JYOR	—Japanese Yen Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MTA	—Monthly Treasury Average
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
PI	—Private Investment
PLC	—Public Limited Company
RB	—Revenue Bond
REIT	—Real Estate Investment Trust
REMIC	—Real Estate Mortgage Investment Conduit
STIBOR	—Stockholm Interbank Offered Rate
STRIPS	—Separate Trading of Registered Interest and Principal of Securities
TIIE	—La Tasa de Interbank Equilibrium Interest Rate

The accompanying notes are an integral part of these financial statements. 91

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	ARS	39,194,394	USD	827,410		06/04/19	$	2,831
	AUD	3,311,368	EUR	2,062,019		06/19/19		25,954
	AUD	60,088,990	USD	42,640,004		06/19/19		89,743
	BRL	116,184,589	USD	29,565,766		05/03/19		44,155
	CAD	114,403,591	USD	85,692,365		06/19/19		87,833
	CHF	6,708,994	USD	6,760,539		06/19/19		28,353
	CNH	179,284,347	USD	26,632,453		06/19/19		29,031
	COP	99,438,378,930	USD	31,162,723		04/01/19		26,586
	COP	10,270,974,792	USD	3,216,704		04/15/19		2,081
	EUR	2,944,904	GBP	2,538,007		06/19/19		7,046
	EUR	3,189,687	JPY	395,929,472		06/19/19		7,531
	EUR	15,683,124	PLN	67,644,183		06/19/19		49,167
	EUR	5,122,838	SEK	53,459,373		06/19/19		914
	EUR	6,305,500	USD	7,117,371		06/19/19		3,884
	GBP	2,630,855	USD	3,392,256		04/12/19		36,394
	IDR	156,673,753,534	USD	10,929,980		04/25/19		22,280
	INR	2,862,020,578	USD	40,304,170		04/02/19		976,533
	JPY	794,807,126	EUR	6,379,996		06/19/19		11,003
	JPY	7,407,480,104	USD	66,859,073		06/19/19		396,592
	KRW	8,168,447,009	USD	7,184,893		04/18/19		832
	MXN	388,048,096	USD	19,678,394		06/19/19		58,808
	NOK	189,608,213	EUR	19,418,533		06/19/19		120,860
	NOK	17,381,598	USD	2,019,096		06/19/19		2,400
	NZD	4,781,262	EUR	2,872,873		06/19/19		16,520
	PHP	479,029,558	USD	9,033,737		04/12/19		59,834
	RUB	2,829,092,619	USD	42,404,874		04/15/19		604,835
	SEK	102,226,707	EUR	9,658,425		06/19/19		153,686
	SGD	57,663,606	USD	42,533,880		06/19/19		78,622
	USD	1,459,695	ARS	60,840,081		04/22/19		96,989
	USD	1,341,910	AUD	1,874,163		04/04/19		11,043
	USD	9,708,489	AUD	13,626,943		06/19/19		18,265
	USD	29,061,546	BRL	110,472,574		04/02/19		850,620
	USD	4,310,327	BRL	16,876,523		05/03/19		9,304
	USD	6,938,204	CAD	9,242,000		04/08/19		20,884
	USD	7,255,663	CAD	9,671,131		06/19/19		4,216
	USD	38,876,214	CLP	25,926,178,018		04/04/19		777,455
	USD	6,131,894	CLP	4,130,846,577		04/18/19		61,453
	USD	765,052	CLP	507,458,720		04/22/19		19,317
	USD	762,186	CLP	504,498,251		04/25/19		20,799
	USD	5,521,805	CNH	37,127,282		06/19/19		585
	USD	31,841,624	COP	99,438,378,930		04/01/19		652,315
	USD	7,621,958	COP	23,901,843,316		04/15/19		131,443
	USD	65,783,480	EUR	57,496,044		04/26/19		1,145,245
	USD	146,926,498	EUR	129,003,717		06/19/19		1,233,310
	USD	4,162,338	GBP	3,150,000		04/12/19		57,114
	USD	43,349,605	GBP	32,464,851		06/19/19		896,661
	USD	3,726,477	HUF	1,028,507,561		06/19/19		113,544
	USD	3,616,134	IDR	51,231,573,911		04/25/19		34,796
	USD	68,109,647	INR	4,701,188,047		04/02/19		301,489

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	48,462,764	JPY	5,217,431,770		04/03/19	$	1,375,806
	USD	42,572,080	JPY	4,666,987,616		06/19/19		198,513
	USD	3,717,189	KRW	4,214,326,371		04/05/19		8,864
	USD	7,002,158	KRW	7,901,767,645		04/18/19		51,030
	USD	7,845,240	KRW	8,900,484,317		04/30/19		13,822
	USD	13,823,154	MXN	266,260,674		04/25/19		160,741
	USD	24,984,811	MXN	485,984,199		06/19/19		266,306
	USD	9,046,551	NOK	77,213,403		06/19/19		66,561
	USD	14,339,761	PHP	750,586,095		04/12/19		91,145
	USD	4,536,505	PLN	17,091,000		05/30/19		76,280
	USD	6,896,442	RON	29,106,433		06/19/19		76,959
	USD	11,425,603	RUB	740,249,397		04/15/19		171,849
	USD	21,596,447	SGD	29,166,200		06/19/19		43,083
	USD	8,976,862	TRY	51,935,169		06/19/19		308,671
	USD	8,549,819	TWD	263,505,410		04/08/19		10,360
	USD	9,327,740	TWD	286,313,015		04/11/19		48,151
	USD	5,804,264	TWD	178,883,928		04/29/19		2,769
	USD	10,217,562	ZAR	143,043,818		04/03/19		307,421
	USD	12,248,454	ZAR	176,649,374		06/19/19		122,750
	ZAR	378,039,091	USD	25,883,212		06/19/19		66,441
TOTAL							$	12,868,677

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	ARS	39,194,394	USD	947,869		04/03/19	$	(47,639	)
	ARS	508,397,462	USD	12,262,810		04/22/19		(875,644	)
	ARS	63,477,955	USD	1,452,000		04/26/19		(37,603	)
	ARS	138,312,193	USD	3,138,110		05/28/19		(184,059	)
	AUD	15,358,284	USD	10,966,119		06/19/19		(44,725	)
	BRL	226,657,164	USD	59,764,233		04/02/19		(1,883,727	)
	CAD	8,510,256	USD	6,486,204		04/08/19		(116,569	)
	CLP	25,926,178,018	USD	39,143,000		04/04/19		(1,044,243	)
	CLP	15,781,554,814	USD	23,310,259		04/18/19		(118,646	)
	CLP	509,524,359	USD	765,052		04/22/19		(16,282	)
	CLP	508,377,775	USD	762,186		04/25/19		(15,098	)
	COP	99,438,378,931	USD	32,040,772		04/01/19		(851,463	)
	COP	66,160,988,220	USD	21,062,304		04/15/19		(328,343	)
	COP	5,551,196,272	USD	1,741,561		05/02/19		(3,688	)
	CZK	197,348,159	EUR	7,651,313		06/19/19		(45,849	)
	CZK	227,604,007	USD	10,064,739		06/19/19		(151,642	)
	EUR	6,361,308	AUD	10,138,064		06/19/19		(24,974	)
	EUR	12,711,735	GBP	10,995,828		06/19/19		(22,512	)
	EUR	1,941,572	JPY	242,751,839		06/19/19		(11,290	)
	EUR	14,650,216	NOK	142,590,901		06/19/19		(37,910	)
	EUR	11,115,420	SEK	116,588,546		06/19/19		(62,247	)
	EUR	12,775,297	USD	14,612,598		04/26/19		(250,347	)
	EUR	26,004,134	USD	29,615,039		06/19/19		(246,695	)
	EUR	3,169,793	ZAR	52,176,371		06/19/19		(1,656	)
	GBP	1,531,912	CAD	2,710,113		06/19/19		(28,834	)

The accompanying notes are an integral part of these financial statements. 93

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	GBP	33,172,883	EUR	38,548,224		06/19/19	$	(156,476	)
	GBP	2,334,700	USD	3,044,208		04/12/19		(1,521	)
	GBP	14,775,647	USD	19,557,586		06/19/19		(236,083	)
	HUF	1,429,012,831	EUR	4,454,814		06/19/19		(11,318	)
	HUF	731,636,335	PLN	9,893,930		06/19/19		(13,368	)
	IDR	105,072,772,009	USD	7,388,664		04/05/19		(21,598	)
	IDR	164,273,415,358	USD	11,615,996		04/25/19		(132,482	)
	INR	2,862,020,578	USD	41,476,275		04/02/19		(195,572	)
	INR	2,091,369,660	USD	30,206,936		04/22/19		(171,373	)
	JPY	987,936,218	USD	8,985,804		06/19/19		(15,911	)
	KRW	4,214,326,371	USD	3,744,836		04/05/19		(36,511	)
	KRW	48,551,991,741	USD	43,130,364		04/18/19		(419,525	)
	MXN	229,374,427	USD	11,897,588		06/19/19		(230,969	)
	MYR	24,768,852	USD	6,077,947		04/05/19		(8,213	)
	NOK	13,682,350	USD	1,607,314		06/19/19		(16,044	)
	NZD	36,571,452	USD	25,126,638		06/19/19		(183,059	)
	PLN	224,921,636	EUR	52,163,117		06/19/19		(181,138	)
	PLN	16,889,887	USD	4,483,123		05/30/19		(75,383	)
	RUB	143,848,145	USD	2,231,598		04/11/19		(43,279	)
	RUB	425,293,377	USD	6,574,659		04/15/19		(109,071	)
	SEK	27,218,557	USD	2,957,781		06/19/19		(12,544	)
	SGD	9,572,488	USD	7,099,290		06/19/19		(25,372	)
	TRY	51,935,169	USD	9,034,802		06/19/19		(366,610	)
	TWD	263,505,409	USD	8,557,558		04/08/19		(18,100	)
	TWD	1,652,884,272	USD	53,908,692		04/11/19		(337,655	)
	TWD	263,505,410	USD	8,557,843		04/29/19		(11,937	)
	USD	895,872	ARS	39,194,394		04/03/19		(4,358	)
	USD	2,461,515	AUD	3,465,927		06/19/19		(3,132	)
	USD	29,623,812	BRL	116,184,589		04/02/19		(45,768	)
	USD	9,162,367	CAD	12,260,792		06/19/19		(30,816	)
	USD	17,576,637	CHF	17,487,699		06/19/19		(119,326	)
	USD	15,490,444	CNH	104,384,289		06/19/19		(32,607	)
	USD	31,162,723	COP	99,438,378,931		04/01/19		(26,586	)
	USD	56,717,043	GBP	43,986,750		04/12/19		(608,488	)
	USD	7,356,492	IDR	105,072,772,010		04/05/19		(10,574	)
	USD	14,568,270	INR	1,022,853,109		04/02/19		(184,976	)
	USD	9,699,400	KRW	11,039,954,324		04/30/19		(14,508	)
	USD	2,483,370	MXN	48,892,111		06/19/19		(3,419	)
	USD	5,104,560	NZD	7,496,102		06/19/19		(8,160	)
	USD	14,679,215	RUB	970,775,754		04/15/19		(79,151	)
	USD	1,766,506	SEK	16,338,943		06/19/19		(1,481	)
	USD	26,258,444	SGD	35,562,869		06/19/19		(21,961	)
	USD	9,686,180	TWD	298,925,186		04/29/19		(8,449	)
	ZAR	180,192,521	USD	12,401,361		06/19/19		(32,448	)
TOTAL							$	(10,719,005	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 3 Year Government Bonds		210			06/17/19	$	16,945,226		$	23,350
Australian 10 Year Government Bonds		146			06/17/19		14,363,778			92,114
Ultra Long U.S. Treasury Bonds		273			06/19/19		45,864,000			1,724,787
Ultra 10 Year U.S. Treasury Notes		43			06/19/19		5,709,594			133,624
2 Year U.S. Treasury Notes		2,047			06/28/19		436,202,906			227,684
5 Year U.S. Treasury Notes		22			06/28/19		2,548,219			(8,514	)
10 Year German Euro-Bund		186			06/06/19		34,706,101			746,663
Total									$	2,939,708
Short position contracts:
Eurodollars		(1,225	)		06/17/19		(298,455,938	)		1,667,017
Eurodollars		(196	)		09/16/19		(47,794,600	)		(167,055	)
Eurodollars		(4,860	)		12/16/19		(1,185,475,500	)		(4,860,459	)
Eurodollars		(859	)		12/14/20		(210,143,613	)		(1,835,969	)
Canada 10 Year Government Bonds		(306	)		06/19/19		(31,837,647	)		(678,289	)
French 10 Year Government Bonds		(186	)		06/06/19		(33,940,372	)		(922,759	)
Japan 10 Year Government Bonds		(21	)		06/13/19		(29,043,400	)		(102,393	)
5 Year German Euro-Bobl		(187	)		06/06/19		(27,928,419	)		1,572
10 Year U.K. Long Gilt		(212	)		06/26/19		(35,721,557	)		(441,761	)
10 Year U.S. Treasury Notes		(276	)		06/19/19		(34,284,375	)		(3,114	)
20 Year U.S. Treasury Bonds		(754	)		06/19/19		(112,840,812	)		(2,698,214	)
Total									$	(10,041,424	)
TOTAL FUTURES CONTRACTS									$	(7,101,716	)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M EURO(a)	0.250%(b)	06/19/23	EUR	151,640	(c)	$	1,984,378		$	1,146,256		$	838,122
6M EURO(a)	0.500(b)	06/19/24		392,140	(c)		10,119,996			6,951,047			3,168,949
6M JYOR(a)	0.500(b)	03/22/28	JPY	7,260,860	(c)		1,165,157			1,119,958			45,199
6M EURO(a)	1.000(b)	06/19/29	EUR	27,670	(c)		1,528,582			856,222			672,360
6M CHFOR(a)	1.050(b)	08/07/28	CHF	78,600	(c)		2,867,031			(1,841,954	)		4,708,985
6M EURO(a)	1.200(b)	02/12/29	EUR	119,010	(c)		1,896,334			610,239			1,286,095
6M EURO(a)	1.200(b)	02/21/29		35,360	(c)		553,875			4,314			549,561
6M EURO(a)	1.450(b)	01/15/29		72,880	(c)		2,233,830			52,585			2,181,245
3M NZDOR(d)	1.750(a)	06/19/21	NZD	681,690	(c)		1,381,133			(523,563	)		1,904,696
3M KWCDC(d)	1.800	03/20/29	KRW	35,054,710			218,416			49,328			169,088
3M LIBOR(d)	2.500(a)	03/29/29	$	84,120	(c)		(157,960	)		6,421			(164,381	)
3M LIBOR(d)	2.500(a)	03/28/29		15,880	(c)		(44,448	)		(44,437	)		(11	)
6M AUDOR(a)	2.500	06/19/24	AUD	171,980	(c)		4,670,581			4,642,823			27,758
3M LIBOR(d)	2.750(a)	06/15/49	$	33,740	(c)		226,739			(204,859	)		431,598
3M LIBOR(d)	2.800(a)	02/12/29		107,180	(c)		1,207,544			124,886			1,082,658

The accompanying notes are an integral part of these financial statements. 95

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M LIBOR(d)	3.000%(a)	06/19/29	$	137,870	(c)	$	2,558,205		$	891,356		$	1,666,849
3M LIBOR(d)	3.000(a)	06/20/39		53,040	(c)		894,812			4,704			890,108
2.218%(a)	3M LIBOR(d)	08/31/23		347,040	(c)		559,012			61,418			497,594
3.000(a)	3M LIBOR(d)	06/19/21		313,600	(c)		(4,077,208	)		(2,845,781	)		(1,231,427	)
3.000(a)	3M LIBOR(d)	06/19/24		56,760	(c)		(1,953,061	)		(2,167,019	)		213,958
3.000(a)	3M LIBOR(d)	06/19/49		3,600	(c)		(325,468	)		(131,326	)		(194,142	)
2.300(b)	6M NIBOR(a)	02/21/29	NOK	383,220	(c)		(328,558	)		21,056			(349,614	)
3.250(a)	3M NZDOR(d)	06/19/29	NZD	28,880	(c)		(527,852	)		(202,692	)		(325,160	)
0.500(b)	3M STIBOR(d)	06/19/24	SEK	3,287,720	(c)		(1,662,797	)		72,379			(1,735,176	)
0.500(b)	3M STIBOR(d)	06/19/23		1,204,270	(c)		(997,309	)		(551,881	)		(445,428	)
1.000(b)	3M STIBOR(d)	06/19/29		240,900	(c)		(331,686	)		142,855			(474,541	)
3.000(a)	6M AUDOR	06/19/29	AUD	77,260	(c)		(1,406,587	)		(926,475	)		(480,112	)
2.500(a)	6M CDOR	06/19/24	CAD	76,840	(c)		(1,639,546	)		(1,830,115	)		190,569
2.500(a)	6M CDOR	06/19/21		146,650	(c)		(1,315,982	)		(1,164,741	)		(151,241	)
3.000(a)	6M CDOR	06/19/29		50,810	(c)		(1,194,863	)		(1,079,471	)		(115,392	)
1.000(b)	6M CHFOR(a)	06/19/29	CHF	16,770	(c)		(440,591	)		(320,795	)		(119,796	)
0.250(b)	6M EURO(a)	06/19/22	EUR	13,890	(c)		(173,271	)		(122,278	)		(50,993	)
0.950(b)	6M EURO(a)	03/28/29		15,690	(c)		6,688			6,695			(7	)
1.000(b)	6M EURO(a)	03/29/29		82,840	(c)		(295,866	)		(412,622	)		116,756
1.250(b)	6M EURO(a)	12/19/28		2,630			(242,822	)		(76,867	)		(165,955	)
1.500(b)	6M EURO(a)	06/19/29		140,630	(c)		(4,058,416	)		(2,692,111	)		(1,366,305	)
1.750(b)	6M EURO(a)	06/20/39		17,910	(c)		(355,210	)		(360,693	)		5,483
1.100(b)	6M GBP	08/01/23	GBP	13,670			(289,080	)		(123,261	)		(165,819	)
1.500(a)	6M GBP	02/12/29		156,490	(c)		(1,507,577	)		(14,867	)		(1,492,710	)
1.900(a)	6M GBP	08/03/28		50,240	(c)		(1,804,752	)		(1,160,962	)		(643,790	)
0.350(a)	6M JYOR	01/16/29	JPY	18,502,700	(c)		(1,137,041	)		(2,460,930	)		1,323,889
1.000(a)	6M JYOR	06/15/49		2,466,890	(c)		(365,912	)		(260,458	)		(105,454	)
1M BID Avg(e)	7.250	01/02/20	BRL	3			7			1			6
3M JIBAR(d)	7.500	09/19/20	ZAR	529,600			203,030			28,432			174,598
1M BID Avg(f)	7.900	01/02/23	BRL	101,125			(130,097	)		(54,479	)		(75,618	)
Mexico IB TIIE 28D(f)	8.250	06/06/29	MXN	20,000	(c)		9,617			(529	)		10,146
Mexico IB TIIE 28D(f)	9.290	10/18/28		191,075	(c)		250,227			(357,121	)		607,348
7.950(f)	Mexico IB TIIE 28D	06/16/21		703,425	(c)		(22,523	)		(8,660	)		(13,863	)
8.360(f)	Mexico IB TIIE 28D	03/18/20		3,771,775			(24,043	)		(50,088	)		26,045
TOTAL						$	7,724,668		$	(5,198,060	)	$	12,922,728

(a) Payments made semi-annually.

(b) Payments made annually.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

(d) Payments made quarterly.

(e) Payments made at the termination date.

(f) Payments made monthly.

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)		Credit Spread at March 31, 2019(b)		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000)%		0.169%	Barclays Bank PLC		06/20/21	$	10,330	$	(191,257	)	$	20,800		$	(212,057	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.169	Citibank NA		06/20/21		2,060		(38,140	)		8,908			(47,048	)
People’s Republic of China, 4.250%, 10/28/19		(1.000)		0.084	Citibank NA		06/20/19		545,080		(1,325,163	)		(130,167	)		(1,194,996	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.169	Deutsche Bank AG (London)		06/20/21		11,160		(206,624	)		18,810			(225,434	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.169	JPMorgan Securities, Inc.		06/20/21		3,640		(67,394	)		8,407			(75,801	)
People’s Republic of China, 4.250%, 10/28/19		(1.000)		0.084	JPMorgan Securities, Inc.		06/20/19		24,020		(58,395	)		(6,178	)		(52,217	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.169	UBS AG (London)		06/20/21		5,910		(109,422	)		13,243			(122,665	)
TOTAL										$	(1,996,395	)	$	(66,177	)	$	(1,930,218	)

(a) Payments made quarterly.

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at March 31, 2019(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
iTraxx Europe Index Series 31		(1.000)%		0.650%		06/20/24	EUR	137,200	$	(2,834,204	)	$	(2,755,097	)	$	(79,107	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.417		12/20/23	$	49,090		(1,299,478	)		(541,233	)		(758,245	)
Republic of Argentine, 7.500%, 04/22/26		(5.000)		7.847		12/20/22		9,560		801,773			402,924			398,849
Protection Sold:
CDX.NA.IG Index 32		1.000		0.635		06/20/24		73,275		1,323,022			1,118,205			204,817
Republic of Colombia, 10.375%, 01/28/33		1.000		0.980		12/20/23		16,980		20,866			(309,196	)		330,062
TOTAL									$	(1,988,021	)	$	(2,084,397	)	$	96,376

(a) Payments made quarterly.

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

The accompanying notes are an integral part of these financial statements. 97

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Received by the Fund#		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67		1M LIBOR	CS International (London)		01/12/38	$	12,924	$	60,224		$	19,413	$	40,811
JPGS1GAS Index(a)		0.040%	JPMorgan Securities, Inc.		03/04/20		30,648		(1,146,469	)		—		(1,146,469	)
Markit MBX Ginnie-Mae Index, 30 yr Fixed Rate, 4.500%, Series 10		1M LIBOR	JPMorgan Securities, Inc.		01/12/41		13,622		(52,989	)		38,011		(91,000	)
TOTAL								$	(1,139,234	)	$	57,424	$	(1,196,658	)

# The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

(a) The components are shown below.

A basket (JPGS1GAS) of common stocks

Common Stocks	Sector	Shares		Value			Weight
Cabot Oil & Gas Corp	Energy		4,726	$	(123,364	)		10.76	%
Gulfport Energy Corp	Energy		13,190		(105,780	)		9.23
Southwestern Energy Co	Energy		21,315		(99,967	)		8.72
CNX Resources Corp	Energy		8,371		(90,157	)		7.86
Range Resources Corp	Energy		7,003		(78,715	)		6.86
Antero Resources Corp	Energy		8,601		(75,947	)		6.62
Encana Corp	Energy		10,479		(75,869	)		6.62
Noble Energy Inc	Energy		2,743		(67,825	)		5.92
Continental Resources Inc	Energy		1,464		(65,540	)		5.72
QEP Resources Inc	Energy		8,408		(65,498	)		5.71
Devon Energy Corp	Energy		1,777		(56,095	)		4.89
Cimarex Energy Co	Energy		784		(54,787	)		4.78
Murphy Oil Corp	Energy		1,749		(51,239	)		4.47
Concho Resources Inc	Energy		421		(46,767	)		4.08
SM Energy Co	Energy		2,574		(45,016	)		3.93
Matador Resources Co	Energy		2,271		(43,903	)		3.83

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures		$	97.750		06/15/2020		4,256	$	10,640,000	$	2,447,200	$	2,169,577	$	277,623

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER CREDIT DEFAULT SWAPTIONS

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
5Y CDS	CS International (London)	$	55.000		04/17/2019		778,300,000	$	778,300,000	$	459,119	$	329,999	$	129,120
1M CDS	BoA Securities LLC		55.000		04/17/2019		819,300,000		819,300,000		332,696		455,374		(122,678	)
Total Over-the-Counter Credit Default Swaptions							1,597,600,000	$	1,597,600,000	$	791,815	$	785,373	$	6,442

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
1Y IRS	Citibank NA		3.010	%		11/01/2019		106,500,000		$	106,500,000		$	5,790,522		$	1,528,043		$	4,262,479
1Y IRS	Citibank NA		3.030			11/01/2019		58,900,000			58,900,000			3,296,886			832,283			2,464,603
6M IRS	Citibank NA		2.608			07/15/2019		127,500,000			127,500,000			2,831,214			1,220,477			1,610,737
6M IRS	JPMorgan Securities, Inc.		2.625			07/16/2019		54,900,000			54,900,000			1,286,137			530,313			755,824
								347,800,000		$	347,800,000		$	13,204,759		$	4,111,116		$	9,093,643
Puts
3M IRS	JPMorgan Securities, Inc.		2.665	%		06/10/2019		44,100,000			44,100,000			90,184			420,052			(329,868	)
3M IRS	JPMorgan Securities, Inc.		2.840			05/13/2019		64,900,000			64,900,000			13,344			371,228			(357,884	)
3M IRS	JPMorgan Securities, Inc.		2.840			05/13/2019		34,600,000			34,600,000			7,114			197,912			(190,798	)
3M IRS	JPMorgan Securities, Inc.		3.165			06/10/2019		44,100,000			44,100,000			2,906			26,460			(23,554	)
3M IRS	JPMorgan Securities, Inc.		3.340			05/13/2019		64,900,000			64,900,000			71			18,172			(18,101	)
3M IRS	JPMorgan Securities, Inc.		3.340			05/13/2019		34,600,000			34,600,000			38			9,688			(9,650	)
								287,200,000		$	287,200,000		$	113,657		$	1,043,512		$	(929,855	)
Total Over-the-Counter Interest Rate Swaptions								635,000,000		$	635,000,000		$	13,318,416		$	5,154,628		$	8,163,788
Total purchased option contracts								2,232,604,256		$	2,243,240,000		$	16,557,431		$	8,109,578		$	8,447,853
Written option contracts
Calls
1Y IRS	Citibank NA		3.098	%		11/01/2019		(46,300,000	)		(46,300,000	)		(5,141,680	)		(1,527,900	)		(3,613,780	)
1Y IRS	Citibank NA		3.115			11/01/2019		(25,600,000	)		(25,600,000	)		(2,924,562	)		(832,000	)		(2,092,562	)
6M IRS	Citibank NA		2.724			07/15/2019		(53,900,000	)		(53,900,000	)		(2,258,679	)		(1,074,854	)		(1,183,825	)
6M IRS	JPMorgan Securities, Inc.		2.730			07/16/2019		(24,400,000	)		(24,400,000	)		(1,048,249	)		(482,825	)		(565,424	)
								(150,200,000	)	$	(150,200,000	)	$	(11,373,170	)	$	(3,917,579	)	$	(7,455,591	)
Puts
3M IRS	JPMorgan Securities, Inc.		2.915	%		06/10/2019		(88,200,000	)		(88,200,000	)		(33,930	)		(224,910	)		190,980
3M IRS	JPMorgan Securities, Inc.		3.090			05/13/2019		(129,800,000	)		(129,800,000	)		(2,167	)		(167,117	)		164,950
3M IRS	JPMorgan Securities, Inc.		3.090			05/13/2019		(69,200,000	)		(69,200,000	)		(1,157	)		(89,095	)		87,938
								(287,200,000	)	$	(287,200,000	)	$	(37,254	)	$	(481,122	)	$	443,868
Total written option contracts								(437,400,000	)	$	(437,400,000	)	$	(11,410,424	)	$	(4,398,701	)	$	(7,011,723	)

The accompanying notes are an integral part of these financial statements. 99

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
1M BID Avg	—1 Month Brazilian Interbank Deposit Average
BoA Securities LLC	—Bank of America Securities LLC
CDX.NA.IG Index 30	—CDX North America Investment Grade Index 30
CS International (London)	—Credit Suisse International (London)
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2019

	Bond Fund			Core Fixed Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $476,593,846 and $1,110,985,595)	$	482,734,189		$	1,130,892,039
Investments of affiliated issuers, at value (cost $45,426,180 and $82,512,155)		45,426,180			82,512,155
Purchased options (cost $514,544 and $147,850)		942,741			170,200
Cash		6,919,985			16,691,047
Foreign currencies, at value (cost $68,012 and $75,860 , respectively)		63,373			71,405
Unrealized gain on forward foreign currency exchange contracts		1,459,938			762,290
Variation margin on swap contracts		140,043			121,466
Receivables:
Investments sold on an extended-settlement basis		26,859,215			82,102,115
Investments sold		10,845,850			8,659,050
Collateral on certain derivative contracts(a)		6,754,581			3,014,490
Interest		2,968,667			6,883,276
Fund shares sold		697,662			12,644,165
Reimbursement from investment adviser		165,300			126,557
Upfront payments made on swap contracts		30,650			—
Due from broker — upfront payment		169			—
Other assets		72,614			108,300
Total assets		586,081,157			1,344,758,555
Liabilities:
Forward sale contracts, at value (proceeds receivable $7,168,242 and $23,403,477, respectively)		7,216,023			23,591,347
Unrealized loss on swap contracts		232,654			—
Upfront payments received on swap contracts		11,505			—
Unrealized loss on forward foreign currency exchange contracts		1,443,256			466,559
Variation margin on futures contracts		237,275			315,926
Written option contracts, at value (premium received $247,310 and $0, respectively)		602,699			—
Payables:
Investments purchased on an extended — settlement basis		103,456,209			208,661,828
Fund shares redeemed		188,640			9,001,594
Management fees		155,800			353,132
Distribution and Service fees and Transfer Agency fees		73,846			55,445
Income distribution		73,565			46,600
Investments purchased		10,033,663			17,378,604
Collateral on other investments(b)		—			560,000
Accrued expenses		572,816			406,769
Total liabilities		124,297,951			260,837,804
Net Assets:
Paid-in capital		474,204,436			1,077,192,662
Total distributable earnings (loss)		(12,421,230	)		6,728,089
NET ASSETS	$	461,783,206		$	1,083,920,751
Net Assets:
Class A	$	85,671,430		$	57,753,760
Class C		8,217,271			6,584,770
Institutional		155,541,319			181,701,915
Service		65,553			854,547
Investor		33,495,151			17,645,426
Class P		87,881,391			595,009,604
Class R		19,263,274			4,443,697
Class R6		71,647,817			219,927,032
Total Net Assets	$	461,783,206		$	1,083,920,751
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,517,932			5,547,451
Class C		817,753			629,449
Institutional		15,469,471			17,385,821
Service		6,520			81,734
Investor		3,341,633			1,693,862
Class P		8,743,434			56,841,060
Class R		1,917,636			426,637
Class R6		7,127,646			21,020,853
Net asset value, offering and redemption price per share:(c)
Class A		$10.06			$10.41
Class C		10.05			10.46
Institutional		10.05			10.45
Service		10.05			10.46
Investor		10.02			10.42
Class P		10.05			10.47
Class R		10.05			10.42
Class R6		10.05			10.46

(a) Segregated for initial margin and/or collateral as follows:

Fund	Forward Foreign Currrencies		Futures		Swaps
Bond	$	3,830,000	$	600,000	$	2,324,581
Core Fixed Income		—		—		3,014,490

(b) Includes segregated cash for initial margin and/or collateral on TBA transactions of $560,000 for the Core Fixed Income Fund.

(c) Maximum public offering price per share for Class A Shares of the Bond and Core Fixed Income Funds is $10.45 and $10.82, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

The accompanying notes are an integral part of these financial statements. 101

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities(continued)

March 31, 2019

	Global Income Fund		Strategic Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $592,301,802 and $1,656,650,101)	$	601,992,653	$	1,646,053,447
Investments of affiliated issuers, at value (cost $35,651,263 and $91,202,255)		35,651,263		50,207,238
Purchased options (cost $339,139 and $8,109,578)		707,943		16,557,431
Cash		10,352,737		28,329,535
Foreign currencies, at value (cost $613,911 and $337,817, respectively)		608,816		300,510
Unrealized gain on swap contracts		8,796		40,811
Unrealized gain on forward foreign currency exchange contracts		5,676,575		12,868,677
Variation margin on futures contracts		—		133,397
Variation margin on swap contracts		423,947		314,336
Receivables:
Investments sold on an extended-settlement basis		31,914,034		3,349,425
Investments sold		20,133,019		408,363
Collateral on certain derivative contracts(a)		8,152,147		64,672,089
Interest		3,450,482		11,890,324
Fund shares sold		178,504		715,858
Reimbursement from investment adviser		136,463		167,465
Upfront payments made on swap contracts		34,682		127,592
Due from broker — upfront payment		135		1,341
Other assets		58,729		139,044
Total assets		719,480,925		1,836,276,883
Liabilities:
Forward sale contracts, at value (proceeds receivable $14,337,383 and $0, respectively)		14,437,862		—
Unrealized loss on swap contracts		318,375		3,167,687
Upfront payments received on swap contracts		156,397		136,345
Unrealized loss on forward foreign currency exchange contracts		1,485,009		10,719,005
Variation margin on futures contracts		3,189		—
Written option contracts, at value (premium received $241,331 and $4,398,701, respectively)		566,352		11,410,424
Payables:
Investments purchased on an extended — settlement basis		64,014,077		37,442,897
Fund shares redeemed		805,956		3,345,951
Management fees		333,776		874,922
Distribution and Service fees and Transfer Agency fees		49,271		269,321
Income distribution		33,391		—
Investments purchased		20,160,793		96,593
Collateral on certain derivative contracts(b)		—		260,000
Accrued expenses		604,408		1,172,476
Total liabilities		102,968,856		68,895,621
Net Assets:
Paid-in capital		608,134,140		3,858,039,279
Total distributable earnings (loss)		8,377,929		(2,090,658,017	)
NET ASSETS	$	616,512,069	$	1,767,381,262
Net Assets:
Class A	$	63,453,135	$	202,336,896
Class C		8,725,373		150,513,839
Institutional		252,456,155		950,664,895
Service		1,929,590		—
Investor		53,614,844		96,018,572
Class P		8,169,801		336,978,552
Class R		—		4,986,023
Class R6		228,163,171		25,882,485
Total Net Assets	$	616,512,069	$	1,767,381,262
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		5,087,282		21,808,387
Class C		705,301		16,263,819
Institutional		20,274,853		102,394,474
Service		155,822		—
Investor		4,313,514		10,344,451
Class P		655,639		36,355,092
Class R		—		538,271
Class R6		18,319,584		2,788,299
Net asset value, offering and redemption price per share:(c)
Class A		$12.47		$9.28
Class C		12.37		9.25
Institutional		12.45		9.28
Service		12.38		—
Investor		12.43		9.28
Class P		12.46		9.27
Class R		—		9.26
Class R6		12.45		9.28

(a) Segregated for initial margin and/or collateral as follows:

Fund		Forward Foreign Currrencies		Futures		Swaps
	Global Income	$	3,580,000	$	1,358,593	$	3,213,554
	Strategic Income		28,110,000		1,013,000		35,549,089

(b) Includes segregated cash for initial margin and/or collateral on swap transactions of $260,000 for the Strategic Income Fund.

(c) Maximum public offering price per share for Class A Shares of the Global Income and Strategic Income Funds is $12.96 and $9.64, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2019

	Bond Fund			Core Fixed Income Fund
Investment income:
Interest (net of foreign withholding taxes of $0 and $491)	$	17,053,327		$	34,557,033
Dividends — affiliated issuers		120,474			601,462
Dividends — unaffiliated issuers		166			—
Total investment income		17,173,967			35,158,495
Expenses:
Management fees		2,083,133			4,307,159
Custody, accounting and administrative services		565,127			410,251
Distribution and Service fees(a)		447,943			245,954
Transfer Agency fees(a)		333,638			469,966
Professional fees		201,233			142,344
Registration fees		118,637			167,439
Printing and mailing costs		94,017			102,220
Trustee fees		16,560			17,630
Service Share fees — Service Plan		606			2,302
Service Share fees — Shareholder Administration Plan		606			2,302
Prime Broker Fees		15,827			—
Other		36,282			55,037
Total expenses		3,913,609			5,922,604
Less — expense reductions		(1,020,810	)		(792,576	)
Net expenses		2,892,799			5,130,028
NET INVESTMENT INCOME		14,281,168			30,028,467
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(6,240,523	)		(3,593,888	)
Purchased options		(162,038	)		(11,090	)
Futures contracts		110,583			(475,518	)
Written options		282,441			—
Swap contracts		2,909,913			1,861,521
Forward foreign currency exchange contracts		(4,748,469	)		(625,216	)
Foreign currency transactions		3,005			343,478
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		9,048,482			20,080,432
Purchased options		374,320			(34,560	)
Futures contracts		846,172			(120,404	)
Written options		(331,898	)		—
Swap contracts		125,959			406,468
Forward foreign currency exchange contracts		585,341			881,085
Foreign currency translation		(803	)		(1,582	)
Net realized and unrealized gain		2,802,485			18,710,726
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,083,653		$	48,739,193

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

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P(b)		Class R		Class R6
Bond	$	242,193	$	103,185	$	102,565	$	125,941	$	13,414	$	84,392	$	97	$	42,097	$	20,786	$	26,667	$	20,244
Core Fixed Income		146,294		77,229		22,431		76,073		10,040		147,366		368		47,624		123,748		5,832		58,915

(b) Class P Shares commenced operations on April 20, 2018.

The accompanying notes are an integral part of these financial statements. 103

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations(continued)

For the Fiscal Year Ended March 31, 2019

	Global Income Fund			Strategic Income Fund
Interest (net of foreign withholding taxes of $26,397 and $14,440)	$	14,865,888		$	149,303,005
Dividends — affiliated issuers		294,081			818,459
Total investment income		15,159,969			150,121,464
Management fees		4,065,367			17,478,726
Custody, accounting and administrative services		588,909			1,157,446
Transfer Agency fees(a)		349,689			1,761,173
Distribution and Service fees(a)		281,232			2,619,068
Professional fees		151,638			188,725
Printing and mailing costs		122,143			561,567
Registration fees		96,883			269,245
Trustee fees		16,729			20,624
Service Share fees — Service Plan		4,582			—
Service Share fees — Shareholder Administration Plan		4,582			—
Prime Broker Fees		24,456			229,078
Other		42,136			62,997
Total expenses		5,748,346			24,348,649
Less — expense reductions		(1,017,472	)		(600,269	)
Net expenses		4,730,874			23,748,380
NET INVESTMENT INCOME		10,429,095			126,373,084
Net realized gain (loss) from:
Investments — unaffiliated issuers		(386,355	)		(87,378,171	)
Investments — affiliated issuers		—			(3,573,102	)
Purchased options		(150,704	)		(3,643,628	)
Futures contracts		2,081,705			(3,224,148	)
Written options		262,855			6,888,046
Swap contracts		3,513,195			86,807,481
Forward foreign currency exchange contracts		15,099,871			(27,788,726	)
Foreign currency transactions		(728,410	)		(8,983,485	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(13,154,611	)		(57,558,064	)
Investments — affiliated issuers		—			(28,701,480	)
Purchased options		273,630			6,126,087
Futures contracts		(176,463	)		910,953
Written options		(305,903	)		(6,355,111	)
Swap contracts		665,083			(40,368,818	)
Forward foreign currency exchange contracts		6,514,041			18,391,294
Foreign currency translation		(103,186	)		12,554
Net realized and unrealized gain (loss)		13,404,748			(148,438,318	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	23,833,843		$	(22,065,234	)

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

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P(b)		Class R		Class R6
Global Income	$	173,809	$	107,423	$	—	$	90,381	$	13,965	$	109,831	$	733	$	70,395	$	1,834	$	—	$	62,550
Strategic Income		605,399		1,979,774		33,895		314,807		257,371		876,530		—		178,265		108,372		8,813		17,015

(b) Class P Shares commenced operations on April 20, 2018.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Bond Fund						Core Fixed Income Fund
	For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018
From operations:
Net investment income	$	14,281,168		$	13,646,629		$	30,028,467		$	21,672,004
Net realized loss		(7,845,088	)		(8,191,195	)		(2,500,713	)		(10,189,879	)
Net change in unrealized gain (loss)		10,647,573			(3,319,295	)		21,211,439			(3,340,215	)
Net increase (decrease) in net assets resulting from operations		17,083,653			2,136,139			48,739,193			8,141,910
Distributions to shareholders:
From distributable earnings:
Class A Shares		(2,346,462	)		(2,124,616	)(a)		(1,504,319	)		(2,020,569	)(a)
Class C Shares		(169,625	)		(197,434	)(a)		(138,472	)		(159,796	)(a)
Institutional Shares		(5,740,892	)		(7,096,797	)(a)		(10,291,006	)		(21,767,196	)(a)
Service Shares		(5,121	)		(18,743	)(a)		(22,157	)		(26,080	)(a)
Investor Shares		(866,606	)		(882,919	)(a)		(1,020,405	)		(1,082,715	)(a)
Class P Shares(b)		(1,946,046	)		—			(12,475,336	)		—
Class R Shares		(444,289	)		(407,217	)(a)		(104,062	)		(79,323	)(a)
Class R6 Shares		(1,876,845	)		(1,316,945	)(a)		(5,799,985	)		(47,399	)(a)
Return of capital
Class A Shares		(244,669	)		(374,264	)		—			—
Class C Shares		(26,060	)		(34,779	)		—			—
Institutional Shares		(532,844	)		(1,250,145	)		—			—
Service Shares		(612	)		(3,302	)		—			—
Investor Shares		(81,784	)		(155,532	)		—			—
Class P Shares(b)		(186,212	)		—			—			—
Class R Shares		(51,807	)		(71,734	)		—			—
Class R6 Shares		(170,427	)		(231,988	)		—			—
Total distributions to shareholders		(14,690,301	)		(14,166,415	)		(31,355,742	)		(25,183,078	)
From share transactions:
Proceeds from sales of shares		218,721,578			206,702,307			986,499,098			358,885,599
Reinvestment of distributions		13,847,454			13,261,166			30,920,666			24,752,893
Cost of shares redeemed		(333,810,042	)		(235,157,954	)		(932,859,923	)		(422,219,246	)
Net increase (decrease) in net assets resulting from share transactions		(101,241,010	)		(15,194,481	)		84,559,841			(38,580,754	)
TOTAL INCREASE (DECREASE)		(98,847,658	)		(27,224,757	)		101,943,292			(55,621,922	)
Net assets:(c)
Net assets:(c)
Beginning of year		560,630,864			587,855,621			981,977,459			1,037,599,381
End of year	$	461,783,206		$	560,630,864		$	1,083,920,751		$	981,977,459

(a) Prior year information has been revised to conform to current year presentation. Distributions to shareholders for the Bond and Core Fixed Income Funds consisted solely of net investment income for the fiscal year ended March 31, 2018.

(b) Class P Shares commenced operations on April 20, 2018.

(c) Prior year information has been revised to conform with current year presentation . Undistributed (distributions in excess of) net investment income was $(1,319,272) and $5,130,882 for the Bond and Core Fixed Income Funds as of March 31, 2018, respectively.

The accompanying notes are an integral part of these financial statements. 105

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets(continued)

	Global Income Fund						Strategic Income Fund
	For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018
From operations:
Net investment income	$	10,429,095		$	8,226,893		$	126,373,084		$	129,220,870
Net realized gain (loss)		19,692,157			(25,179,796	)		(40,895,733	)		(354,705,578	)
Net change in unrealized gain (loss)		(6,287,409	)		31,188,920			(107,542,585	)		177,336,068
Net increase (decrease) in net assets resulting from operations		23,833,843			14,236,017			(22,065,234	)		(48,148,640	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,017,618	)		(1,950,180	)(a)		(1,046,263	)		(3,166,962	)(a)
Class C Shares		(75,805	)		(147,542	)(a)		(653,211	)		(1,018,077	)(a)
Institutional Shares		(4,967,706	)		(11,500,248	)(a)		(10,054,263	)		(43,609,266	)(a)
Service Shares		(24,270	)		(33,170	)(a)		—			—
Investor Shares		(934,660	)		(1,700,313	)(a)		(635,964	)		(2,069,449	)(a)
Class P Shares(b)		(116,187	)		—			(1,794,734	)		—
Class R Shares		—			—			(27,364	)		(39,300	)(a)
Class R6 Shares		(3,792,977	)		(558,140	)(a)		(224,128	)		(378,424	)(a)
Return of capital
Class A Shares		—			—			(6,491,310	)		(1,327,576	)
Class C Shares		—			—			(4,052,701	)		(426,774	)
Institutional Shares		—			—			(62,379,439	)		(18,280,809	)
Investor Shares		—			—			(3,945,699	)		(867,505	)
Class P Shares(b)		—			—			(11,135,030	)		—
Class R Shares		—			—			(169,774	)		(16,474	)
Class R6 Shares		—			—			(1,390,551	)		(158,632	)
Total distributions to shareholders		(10,929,223	)		(15,889,593	)		(104,000,431	)		(71,359,248	)
From share transactions:
Proceeds from sales of shares		172,259,396			532,282,325			1,328,491,815			1,358,352,013
Reinvestment of distributions		10,461,498			15,128,643			93,927,115			61,641,867
Cost of shares redeemed		(325,070,222	)		(689,751,785	)		(4,164,007,815	)		(4,617,932,601	)
Net decrease in net assets resulting from share transactions		(142,349,328	)		(142,340,817	)		(2,741,588,885	)		(3,197,938,721	)
TOTAL DECREASE		(129,444,708	)		(143,994,393	)		(2,867,654,550	)		(3,317,446,609	)
Net assets:(c)
Beginning of year		745,956,777			889,951,170			4,635,035,812			7,952,482,421
End of year	$	616,512,069		$	745,956,777		$	1,767,381,262		$	4,635,035,812

(a) Prior year information has been revised to conform to current year presentation. Distributions to shareholders the Global Income and Strategic Income Funds consisted solely of net investment income for the fiscal year ended March 31, 2018.

(b) Class P Shares commenced operations on April 20, 2018.

(c) Prior year information has been revised to conform with current year presentation . Undistributed (distributions in excess of) net investment income was $ (17,034,231) and $(148,951,984) for the Global Income and Strategic Income Funds as of March 31, 2018, respectively.

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

GOLDMAN SACHS BOND FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Bond Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.95		$	10.14		$	10.28		$	10.44		$	10.42
Net investment income(a)		0.25			0.21			0.19			0.21			0.17
Net realized and unrealized gain (loss)		0.12			(0.19	)		(0.07	)		(0.03	)		0.25
Total from investment operations		0.37			0.02			0.12			0.18			0.42
Distributions to shareholders from net investment income		(0.24	)		(0.18	)		(0.25	)		(0.34	)		(0.24	)
Distributions to shareholders from net realized gains		—			—			(0.01	)		—	(b)		(0.16	)
Distributions to shareholders from return of capital		(0.02	)		(0.03	)		—			—			—
Total distributions		(0.26	)		(0.21	)		(0.26	)		(0.34	)		(0.40	)
Net asset value, end of year	$	10.06		$	9.95		$	10.14		$	10.28		$	10.44
Total return(c)		3.84	%		0.22	%		1.15	%		1.83	%		4.09	%
Net assets, end of year (in 000s)	$	85,671		$	101,231		$	117,249		$	129,351		$	106,694
Ratio of net expenses to average net assets		0.80	%		0.79	%		0.78	%		0.78	%		0.80	%
Ratio of total expenses to average net assets		1.00	%		0.93	%		0.97	%		1.00	%		1.06	%
Ratio of net investment income to average net assets		2.59	%		2.03	%		1.87	%		2.00	%		1.64	%
Portfolio turnover rate(d)		429	%		372	%		517	%		588	%		454	%

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

(b) Rounds to less than $0.01 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 107

GOLDMAN SACHS BOND FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Bond Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.95		$	10.14		$	10.27		$	10.44		$	10.41
Net investment income(a)		0.18			0.13			0.11			0.13			0.10
Net realized and unrealized gain (loss)		0.11			(0.18	)		(0.05	)		(0.03	)		0.25
Total from investment operations		0.29			(0.05	)		0.06			0.10			0.35
Distributions to shareholders from net investment income		(0.17	)		(0.12	)		(0.18	)		(0.27	)		(0.16	)
Distributions to shareholders from net realized gains		—			—			(0.01	)		—	(b)		(0.16	)
Distributions to shareholders from return of capital		(0.02	)		(0.02	)		—			—			—
Total distributions		(0.19	)		(0.14	)		(0.19	)		(0.27	)		(0.32	)
Net asset value, end of year	$	10.05		$	9.95		$	10.14		$	10.27		$	10.44
Total return(c)		2.97	%		(0.53	)%		0.50	%		0.98	%		3.41	%
Net assets, end of year (in 000s)	$	8,217		$	14,476		$	19,081		$	17,254		$	11,813
Ratio of net expenses to average net assets		1.55	%		1.54	%		1.53	%		1.53	%		1.56	%
Ratio of total expenses to average net assets		1.74	%		1.68	%		1.72	%		1.75	%		1.82	%
Ratio of net investment income to average net assets		1.82	%		1.29	%		1.10	%		1.25	%		0.97	%
Portfolio turnover rate(d)		429	%		372	%		517	%		588	%		454	%

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

(b) Rounds to less than $0.01 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

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

GOLDMAN SACHS BOND FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Bond Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.95		$	10.14		$	10.28		$	10.44		$	10.42
Net investment income(a)		0.28			0.24			0.23			0.24			0.22
Net realized and unrealized gain (loss)		0.12			(0.18	)		(0.07	)		(0.02	)		0.24
Total from investment operations		0.40			0.06			0.16			0.22			0.46
Distributions to shareholders from net investment income		(0.28	)		(0.21	)		(0.29	)		(0.38	)		(0.28	)
Distributions to shareholders from net realized gains		—			—			(0.01	)		—	(b)		(0.16	)
Distributions to shareholders from return of capital		(0.02	)		(0.04	)		—			—			—
Total distributions		(0.30	)		(0.25	)		(0.30	)		(0.38	)		(0.44	)
Net asset value, end of year	$	10.05		$	9.95		$	10.14		$	10.28		$	10.44
Total return(c)		4.19	%		0.56	%		1.50	%		2.18	%		4.45	%
Net assets, end of year (in 000s)	$	155,541		$	314,928		$	329,358		$	279,435		$	302,035
Ratio of net expenses to average net assets		0.46	%		0.45	%		0.44	%		0.44	%		0.47	%
Ratio of total expenses to average net assets		0.64	%		0.59	%		0.63	%		0.66	%		0.73	%
Ratio of net investment income to average net assets		2.89	%		2.37	%		2.19	%		2.33	%		2.06	%
Portfolio turnover rate(d)		429	%		372	%		517	%		588	%		454	%

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

(b) Rounds to less than $0.01 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 109

GOLDMAN SACHS BOND FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Bond Fund
	Service Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.95		$	10.14		$	10.28		$	10.44		$	10.42
Net investment income(a)		0.22			0.19			0.17			0.18			0.17
Net realized and unrealized gain (loss)		0.13			(0.18	)		(0.06	)		(0.01	)		0.24
Total from investment operations		0.35			0.01			0.11			0.17			0.41
Distributions to shareholders from net investment income		(0.23	)		(0.17	)		(0.24	)		(0.33	)		(0.23	)
Distributions to shareholders from net realized gains		—			—			(0.01	)		—	(b)		(0.16	)
Distributions to shareholders from return of capital		(0.02	)		(0.03	)		—			—			—
Total distributions		(0.25	)		(0.20	)		(0.25	)		(0.33	)		(0.39	)
Net asset value, end of year	$	10.05		$	9.95		$	10.14		$	10.28		$	10.44
Total return(c)		3.67	%		0.06	%		0.99	%		1.68	%		3.94	%
Net assets, end of year (in 000s)	$	66		$	410		$	1,293		$	1,119		$	15
Ratio of net expenses to average net assets		0.96	%		0.95	%		0.94	%		0.94	%		0.96	%
Ratio of total expenses to average net assets		1.11	%		1.09	%		1.13	%		1.17	%		1.23	%
Ratio of net investment income to average net assets		2.28	%		1.87	%		1.69	%		1.74	%		1.61	%
Portfolio turnover rate(d)		429	%		372	%		517	%		588	%		454	%

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

(b) Rounds to less than $0.01 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

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

GOLDMAN SACHS BOND FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Bond Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.92		$	10.11		$	10.25		$	10.40		$	10.38
Net investment income(a)		0.28			0.23			0.22			0.23			0.19
Net realized and unrealized gain (loss)		0.11			(0.18	)		(0.07	)		(0.01	)		0.26
Total from investment operations		0.39			0.05			0.15			0.22			0.45
Distributions to shareholders from net investment income		(0.27	)		(0.20	)		(0.28	)		(0.37	)		(0.27	)
Distributions to shareholders from net realized gains		—			—			(0.01	)		—	(b)		(0.16	)
Distributions to shareholders from return of capital		(0.02	)		(0.04	)		—			—			—
Total distributions		(0.29	)		(0.24	)		(0.29	)		(0.37	)		(0.43	)
Net asset value, end of year	$	10.02		$	9.92		$	10.11		$	10.25		$	10.40
Total return(c)		4.10	%		0.47	%		1.40	%		2.18	%		4.36	%
Net assets, end of year (in 000s)	$	33,495		$	36,267		$	44,207		$	39,939		$	24,680
Ratio of net expenses to average net assets		0.55	%		0.54	%		0.53	%		0.53	%		0.54	%
Ratio of total expenses to average net assets		0.75	%		0.68	%		0.72	%		0.75	%		0.80	%
Ratio of net investment income to average net assets		2.85	%		2.27	%		2.12	%		2.23	%		1.80	%
Portfolio turnover rate(d)		429	%		372	%		517	%		588	%		454	%

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

(b) Rounds to less than $0.01 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 111

GOLDMAN SACHS BOND FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout The Period

	Goldman Sachs Bond Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	9.87
Net investment income(b)		0.27
Net realized and unrealized gain		0.19
Total from investment operations		0.46
Distributions to shareholders from net investment income		(0.26	)
Distributions to shareholders from return of capital		(0.02	)
Total distributions		(0.28	)
Net asset value, end of period	$	10.05
Total return(c)		4.72	%
Net assets, end of period (in 000s)	$	87,881
Ratio of net expenses to average net assets		0.44	%(d)
Ratio of total expenses to average net assets		0.67	%(d)
Ratio of net investment income to average net assets		3.00	%(d)
Portfolio turnover rate(e)		429	%

(a) Class P Shares commenced operations on April 20, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The 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.

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

GOLDMAN SACHS BOND FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Bond Fund
	Class R Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.94		$	10.13		$	10.27		$	10.43		$	10.41
Net investment income(a)		0.23			0.18			0.16			0.18			0.15
Net realized and unrealized gain (loss)		0.12			(0.18	)		(0.06	)		(0.02	)		0.25
Total from investment operations		0.35			—			0.10			0.16			0.40
Distributions to shareholders from net investment income		(0.22	)		(0.16	)		(0.23	)		(0.32	)		(0.22	)
Distributions to shareholders from net realized gains		—			—			(0.01	)		—	(b)		(0.16	)
Distributions to shareholders from return of capital		(0.02	)		(0.03	)		—			—			—
Total distributions		(0.24	)		(0.19	)		(0.24	)		(0.32	)		(0.38	)
Net asset value, end of year	$	10.05		$	9.94		$	10.13		$	10.27		$	10.43
Total return(c)		3.58	%		(0.03	)%		0.90	%		1.58	%		3.84	%
Net assets, end of year (in 000s)	$	19,263		$	22,970		$	25,639		$	9,241		$	363
Ratio of net expenses to average net assets		1.05	%		1.04	%		1.03	%		1.03	%		1.06	%
Ratio of total expenses to average net assets		1.25	%		1.18	%		1.22	%		1.26	%		1.33	%
Ratio of net investment income to average net assets		2.34	%		1.78	%		1.58	%		1.77	%		1.47	%
Portfolio turnover rate(d)		429	%		372	%		517	%		588	%		454	%

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

(b) Rounds to less than $0.01 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 113

GOLDMAN SACHS BOND FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Bond Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31 2016(a)
	2019			2018			2017
Per Share Data
Net asset value, beginning of year	$	9.95		$	10.14		$	10.28		$	10.33
Net investment income(b)		0.29			0.24			0.23			0.16
Net realized and unrealized gain (loss)		0.11			(0.18	)		(0.07	)		0.08
Total from investment operations		0.40			0.06			0.16			0.24
Distributions to shareholders from net investment income		(0.28	)		(0.22	)		(0.29	)		(0.29	)
Distributions to shareholders from net realized gains		—			—			(0.01	)		—	(c)
Distributions to shareholders from return of capital		(0.02	)		(0.03	)		—			—
Total distributions		(0.30	)		(0.25	)		(0.30	)		(0.29	)
Net asset value, end of year	$	10.05		$	9.95		$	10.14		$	10.28
Total return(d)		4.10	%		0.58	%		1.51	%		2.42	%
Net assets, end of year (in 000s)	$	71,648		$	70,350		$	51,028		$	10
Ratio of net expenses to average net assets		0.45	%		0.44	%		0.43	%		0.47	%(e)
Ratio of total expenses to average net assets		0.65	%		0.58	%		0.60	%		0.69	%(e)
Ratio of net investment income to average net assets		2.95	%		2.37	%		2.24	%		2.37	%(e)
Portfolio turnover rate(f)		429	%		372	%		517	%		588	%

(a) Commenced operations on July 31, 2015.

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

(c) Rounds to less than $0.01 per share.

(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) 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.

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Core Fixed Income Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.23		$	10.40		$	10.53		$	10.64		$	10.38
Net investment income(a)		0.25			0.19			0.19			0.21			0.20
Net realized and unrealized gain (loss)		0.19			(0.13	)		(0.09	)		(0.07	)		0.29
Total from investment operations		0.44			0.06			0.10			0.14			0.49
Distributions to shareholders from net investment income		(0.26	)		(0.23	)		(0.23	)		(0.25	)		(0.23	)
Net asset value, end of year	$	10.41		$	10.23		$	10.40		$	10.53		$	10.64
Total return(b)		4.40	%		0.56	%		0.94	%		1.35	%		4.77	%
Net assets, end of year (in 000s)	$	57,754		$	62,399		$	148,548		$	142,299		$	150,677
Ratio of net expenses to average net assets		0.79	%		0.79	%		0.79	%		0.78	%		0.83	%
Ratio of total expenses to average net assets		0.86	%		0.84	%		0.84	%		0.85	%		0.85	%
Ratio of net investment income to average net assets		2.45	%		1.82	%		1.77	%		1.98	%		1.86	%
Portfolio turnover rate(c)		396	%		273	%		363	%		450	%		388	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 115

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Core Fixed Income Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.29		$	10.46		$	10.59		$	10.69		$	10.43
Net investment income(a)		0.17			0.11			0.11			0.13			0.12
Net realized and unrealized gain (loss)		0.19			(0.13	)		(0.09	)		(0.06	)		0.29
Total from investment operations		0.36			(0.02	)		0.02			0.07			0.41
Distributions to shareholders from net investment income		(0.19	)		(0.15	)		(0.15	)		(0.17	)		(0.15	)
Net asset value, end of year	$	10.46		$	10.29		$	10.46		$	10.59		$	10.69
Total return(b)		3.52	%		(0.18	)%		0.20	%		0.69	%		3.98	%
Net assets, end of year (in 000s)	$	6,585		$	9,817		$	15,714		$	18,124		$	19,477
Ratio of net expenses to average net assets		1.54	%		1.54	%		1.54	%		1.53	%		1.58	%
Ratio of total expenses to average net assets		1.61	%		1.59	%		1.59	%		1.60	%		1.60	%
Ratio of net investment income to average net assets		1.67	%		1.09	%		1.02	%		1.23	%		1.12	%
Portfolio turnover rate(c)		396	%		273	%		363	%		450	%		388	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Core Fixed Income Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.27		$	10.45		$	10.57		$	10.68		$	10.42
Net investment income(a)		0.27			0.23			0.22			0.24			0.23
Net realized and unrealized gain (loss)		0.21			(0.14	)		(0.07	)		(0.06	)		0.30
Total from investment operations		0.48			0.09			0.15			0.18			0.53
Distributions to shareholders from net investment income		(0.30	)		(0.27	)		(0.27	)		(0.29	)		(0.27	)
Net asset value, end of year	$	10.45		$	10.27		$	10.45		$	10.57		$	10.68
Total return(b)		4.75	%		0.81	%		1.38	%		1.69	%		5.11	%
Net assets, end of year (in 000s)	$	181,702		$	850,477		$	776,135		$	697,260		$	758,542
Ratio of net expenses to average net assets		0.45	%		0.45	%		0.44	%		0.44	%		0.49	%
Ratio of total expenses to average net assets		0.51	%		0.50	%		0.50	%		0.51	%		0.51	%
Ratio of net investment income to average net assets		2.66	%		2.20	%		2.11	%		2.31	%		2.21	%
Portfolio turnover rate(c)		396	%		273	%		363	%		450	%		388	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 117

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Core Fixed Income Fund
	Service Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.28		$	10.45		$	10.58		$	10.69		$	10.43
Net investment income(a)		0.23			0.18			0.17			0.19			0.18
Net realized and unrealized gain (loss)		0.20			(0.14	)		(0.09	)		(0.07	)		0.30
Total from investment operations		0.43			0.04			0.08			0.12			0.48
Distributions to shareholders from net investment income		(0.25	)		(0.21	)		(0.21	)		(0.23	)		(0.22	)
Net asset value, end of year	$	10.46		$	10.28		$	10.45		$	10.58		$	10.69
Total return(b)		4.23	%		0.41	%		0.79	%		1.19	%		4.59	%
Net assets, end of year (in 000s)	$	855		$	1,035		$	1,522		$	1,578		$	1,882
Ratio of net expenses to average net assets		0.95	%		0.95	%		0.94	%		0.94	%		0.99	%
Ratio of total expenses to average net assets		1.02	%		1.00	%		1.00	%		1.01	%		1.01	%
Ratio of net investment income to average net assets		2.28	%		1.68	%		1.61	%		1.82	%		1.71	%
Portfolio turnover rate(c)		396	%		273	%		363	%		450	%		388	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Core Fixed Income Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.24		$	10.41		$	10.54		$	10.65		$	10.39
Net investment income(a)		0.27			0.22			0.21			0.23			0.22
Net realized and unrealized gain (loss)		0.20			(0.13	)		(0.08	)		(0.06	)		0.30
Total from investment operations		0.47			0.09			0.13			0.17			0.52
Distributions to shareholders from net investment income		(0.29	)		(0.26	)		(0.26	)		(0.28	)		(0.26	)
Net asset value, end of year	$	10.42		$	10.24		$	10.41		$	10.54		$	10.65
Total return(b)		4.66	%		0.81	%		1.19	%		1.60	%		5.03	%
Net assets, end of year (in 000s)	$	17,645		$	45,129		$	38,620		$	5,058		$	5,054
Ratio of net expenses to average net assets		0.54	%		0.54	%		0.53	%		0.53	%		0.56	%
Ratio of total expenses to average net assets		0.60	%		0.59	%		0.59	%		0.60	%		0.60	%
Ratio of net investment income to average net assets		2.66	%		2.11	%		2.01	%		2.23	%		2.10	%
Portfolio turnover rate(c)		396	%		273	%		363	%		450	%		388	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 119

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout The Period

	Goldman Sachs Core Fixed Income Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	10.20
Net investment income(b)		0.28
Net realized and unrealized gain		0.27
Total from investment operations		0.55
Distributions to shareholders from net investment income		(0.28	)
Net asset value, end of period	$	10.47
Total return(c)		5.50	%
Net assets, end of period (in 000s)	$	595,010
Ratio of net expenses to average net assets		0.44	%(d)
Ratio of total expenses to average net assets		0.52	%(d)
Ratio of net investment income to average net assets		2.91	%(d)
Portfolio turnover rate(e)		396	%

(a) Class P Shares commenced operations on April 20, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The 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.

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Core Fixed Income Fund
	Class R Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.24		$	10.41		$	10.54		$	10.65		$	10.39
Net investment income(a)		0.22			0.17			0.16			0.19			0.17
Net realized and unrealized gain (loss)		0.20			(0.14	)		(0.09	)		(0.08	)		0.30
Total from investment operations		0.42			0.03			0.07			0.11			0.47
Distributions to shareholders from net investment income		(0.24	)		(0.20	)		(0.20	)		(0.22	)		(0.21	)
Net asset value, end of year	$	10.42		$	10.24		$	10.41		$	10.54		$	10.65
Total return(b)		4.14	%		0.31	%		0.69	%		1.09	%		4.51	%
Net assets, end of year (in 000s)	$	4,444		$	4,637		$	944		$	9,524		$	1,126
Ratio of net expenses to average net assets		1.04	%		1.04	%		1.03	%		1.03	%		1.07	%
Ratio of total expenses to average net assets		1.11	%		1.09	%		1.10	%		1.11	%		1.10	%
Ratio of net investment income to average net assets		2.20	%		1.63	%		1.50	%		1.79	%		1.60	%
Portfolio turnover rate(c)		396	%		273	%		363	%		450	%		388	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 121

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Core Fixed Income Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2016(a)
	2019			2018			2017
Per Share Data
Net asset value, beginning of year	$	10.28		$	10.45		$	10.57		$	10.52
Net investment income(b)		0.29			0.26			0.23			0.16
Net realized and unrealized gain (loss)		0.19			(0.16	)		(0.08	)		0.08
Total from investment operations		0.48			0.10			0.15			0.24
Distributions to shareholders from net investment income		(0.30	)		(0.27	)		(0.27	)		(0.19	)
Net asset value, end of year	$	10.46		$	10.28		$	10.45		$	10.57
Total Return(c)		4.76	%		0.92	%		1.40	%		2.34	%
Net assets, end of year (in 000s)	$	219,927		$	8,482		$	56,117		$	57,091
Ratio of net expenses to average net assets		0.44	%		0.43	%		0.42	%		0.43	%(d)
Ratio of total expenses to average net assets		0.51	%		0.47	%		0.48	%		0.49	%(d)
Ratio of net investment income to average net assets		2.84	%		2.50	%		2.13	%		2.36	%(d)
Portfolio turnover rate(e)		396	%		273	%		363	%		450	%

(a) Commenced operations on July 31, 2015.

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Global Income Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	12.17		$	12.21		$	12.24		$	12.76		$	12.70
Net investment income(a)		0.17			0.09			0.09			0.13			0.16
Net realized and unrealized gain		0.31			0.08			0.05			0.07			0.50
Total from investment operations		0.48			0.17			0.14			0.20			0.66
Distributions to shareholders from net investment income		(0.18	)		(0.21	)		(0.12	)		(0.71	)		(0.31	)
Distributions to shareholders from net realized gains		—			—			(0.05	)		(0.01	)		(0.29	)
Total distributions		(0.18	)		(0.21	)		(0.17	)		(0.72	)		(0.60	)
Net asset value, end of year	$	12.47		$	12.17		$	12.21		$	12.24		$	12.76
Total return(b)		3.99	%		1.38	%		1.14	%		1.67	%		5.27	%
Net assets, end of year (in 000s)	$	63,453		$	78,752		$	136,317		$	111,852		$	64,939
Ratio of net expenses to average net assets		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%
Ratio of total expenses to average net assets		1.20	%		1.14	%		1.13	%		1.15	%		1.18	%
Ratio of net investment income to average net assets		1.39	%		0.76	%		0.71	%		1.06	%		1.26	%
Portfolio turnover rate(c)		302	%		172	%		289	%		261	%		226	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 123

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Global Income Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	12.07		$	12.11		$	12.14		$	12.67		$	12.61
Net investment income(a)		0.08			0.01			—	(b)		0.04			0.06
Net realized and unrealized gain		0.31			0.07			0.05			0.05			0.51
Total from investment operations		0.39			0.08			0.05			0.09			0.57
Distributions to shareholders from net investment income		(0.09	)		(0.12	)		(0.03	)		(0.61	)		(0.22	)
Distributions to shareholders from net realized gains		—			—			(0.05	)		(0.01	)		(0.29	)
Total distributions		(0.09	)		(0.12	)		(0.08	)		(0.62	)		(0.51	)
Net asset value, end of year	$	12.37		$	12.07		$	12.11		$	12.14		$	12.67
Total return(c)		3.24	%		0.68	%		0.42	%		0.83	%		4.53	%
Net assets, end of year (in 000s)	$	8,725		$	12,984		$	20,808		$	12,653		$	6,592
Ratio of net expenses to average net assets		1.78	%		1.74	%		1.74	%		1.77	%		1.77	%
Ratio of total expenses to average net assets		1.94	%		1.89	%		1.88	%		1.90	%		1.93	%
Ratio of net investment income (loss) to average net assets		0.63	%		0.05	%		(0.03	)%		0.31	%		0.50	%
Portfolio turnover rate(d)		302	%		172	%		289	%		261	%		226	%

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

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Global Income Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	12.15		$	12.19		$	12.22		$	12.74		$	12.68
Net investment income(a)		0.21			0.13			0.13			0.17			0.20
Net realized and unrealized gain		0.31			0.08			0.05			0.07			0.50
Total from investment operations		0.52			0.21			0.18			0.24			0.70
Distributions to shareholders from net investment income		(0.22	)		(0.25	)		(0.16	)		(0.75	)		(0.35	)
Distributions to shareholders from net realized gains		—			—			(0.05	)		(0.01	)		(0.29	)
Total distributions		(0.22	)		(0.25	)		(0.21	)		(0.76	)		(0.64	)
Net asset value, end of year	$	12.45		$	12.15		$	12.19		$	12.22		$	12.74
Total return(b)		4.34	%		1.72	%		1.48	%		2.00	%		5.63	%
Net assets, end of year (in 000s)	$	252,456		$	321,021		$	627,253		$	639,915		$	437,007
Ratio of net expenses to average net assets		0.69	%		0.69	%		0.69	%		0.69	%		0.70	%
Ratio of total expenses to average net assets		0.86	%		0.80	%		0.79	%		0.81	%		0.84	%
Ratio of net investment income to average net assets		1.73	%		1.08	%		1.05	%		1.41	%		1.60	%
Portfolio turnover rate(c)		302	%		172	%		289	%		261	%		226	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 125

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Global Income Fund
	Service Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	12.09		$	12.12		$	12.16		$	12.71		$	12.66
Net investment income(a)		0.15			0.07			0.07			0.09			0.14
Net realized and unrealized gain		0.30			0.09			0.04			0.05			0.49
Total from investment operations		0.45			0.16			0.11			0.14			0.63
Distributions to shareholders from net investment income		(0.16	)		(0.19	)		(0.10	)		(0.68	)		(0.29	)
Distributions to shareholders from net realized gains		—			—			(0.05	)		(0.01	)		(0.29	)
Total distributions		(0.16	)		(0.19	)		(0.15	)		(0.69	)		(0.58	)
Net asset value, end of year	$	12.38		$	12.09		$	12.12		$	12.16		$	12.71
Total return(b)		3.75	%		1.31	%		0.90	%		1.23	%		5.03	%
Net assets, end of year (in 000s)	$	1,930		$	1,799		$	2,772		$	2,280		$	358
Ratio of net expenses to average net assets		1.19	%		1.19	%		1.19	%		1.18	%		1.20	%
Ratio of total expenses to average net assets		1.36	%		1.30	%		1.29	%		1.29	%		1.34	%
Ratio of net investment income to average net assets		1.24	%		0.60	%		0.56	%		0.75	%		1.12	%
Portfolio turnover rate(c)		302	%		172	%		289	%		261	%		226	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Global Income Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	12.13		$	12.17		$	12.20		$	12.72		$	12.66
Net investment income(a)		0.20			0.12			0.11			0.16			0.15
Net realized and unrealized gain		0.31			0.08			0.06			0.07			0.54
Total from investment operations		0.51			0.20			0.17			0.23			0.69
Distributions to shareholders from net investment income		(0.21	)		(0.24	)		(0.15	)		(0.74	)		(0.34	)
Distributions to shareholders from net realized gains		—			—			(0.05	)		(0.01	)		(0.29	)
Total distributions		(0.21	)		(0.24	)		(0.20	)		(0.75	)		(0.63	)
Net asset value, end of year	$	12.43		$	12.13		$	12.17		$	12.20		$	12.72
Total return(b)		4.25	%		1.63	%		1.39	%		1.95	%		5.54	%
Net assets, end of year (in 000s)	$	53,615		$	62,988		$	97,332		$	31,548		$	10,261
Ratio of net expenses to average net assets		0.78	%		0.78	%		0.78	%		0.78	%		0.77	%
Ratio of total expenses to average net assets		0.95	%		0.89	%		0.88	%		0.90	%		0.90	%
Ratio of net investment income to average net assets		1.64	%		1.00	%		0.90	%		1.26	%		1.20	%
Portfolio turnover rate(c)		302	%		172	%		289	%		261	%		226	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 127

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout The Period

	Goldman Sachs Global Income Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	12.10
Net investment income(b)		0.21
Net realized and unrealized gain		0.36
Total from investment operations		0.57
Distributions to shareholders from net investment income		(0.21	)
Net asset value, end of period	$	12.46
Total return(c)		4.77	%
Net assets, end of period (in 000s)	$	8,170
Ratio of net expenses to average net assets		0.69	%(d)
Ratio of total expenses to average net assets		0.87	%(d)
Ratio of net investment income to average net assets		1.82	%(d)
Portfolio turnover rate(e)		302	%

(a) Commenced operations on April 20, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The 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.

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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Global Income Fund
	Class R6 Shares
	Year Ended March 31,
	2019			2018			2017			2016(a)
Per Share Data
Net asset value, beginning of year	$	12.16		$	12.19		$	12.22		$	12.55
Net investment income(b)		0.21			0.15			0.11			0.09
Net realized and unrealized gain		0.30			0.07			0.07			0.26
Total from investment operations		0.51			0.22			0.18			0.35
Distributions to shareholders from net investment income		(0.22	)		(0.25	)		(0.16	)		(0.67	)
Distributions to shareholders from net realized gains		—			—			(0.05	)		(0.01	)
Total distributions		(0.22	)		(0.25	)		(0.21	)		(0.68	)
Net asset value, end of year	$	12.45		$	12.16		$	12.19		$	12.22
Total return(c)		4.35	%		1.73	%		1.50	%		2.92	%
Net assets, end of year (in 000s)	$	228,163		$	268,413		$	5,468		$	520
Ratio of net expenses to average net assets		0.68	%		0.68	%		0.67	%		0.68	%(d)
Ratio of total expenses to average net assets		0.85	%		0.78	%		0.77	%		0.79	%(d)
Ratio of net investment income to average net assets		1.74	%		1.25	%		0.92	%		1.10	%(d)
Portfolio turnover rate(e)		302	%		172	%		289	%		261	%

(a) Commenced operations on July 31, 2015.

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 129

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Strategic Income Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.54		$	9.70		$	9.41		$	10.06		$	10.64
Net investment income(a)		0.35			0.17			0.19			0.28			0.22
Net realized and unrealized gain (loss)		(0.31	)		(0.25	)		0.26			(0.52	)		(0.51	)
Total from investment operations		0.04			(0.08	)		0.45			(0.24	)		(0.29	)
Distributions to shareholders from net investment income		(0.05	)		(0.05	)		(0.11	)		(0.41	)		(0.29	)
Distributions to shareholders from return of capital		(0.25	)		(0.03	)		(0.05	)		—			—	(b)
Total distributions		(0.30	)		(0.08	)		(0.16	)		(0.41	)		(0.29	)
Net asset value, end of year	$	9.28		$	9.54		$	9.70		$	9.41		$	10.06
Total return(c)		0.46	%		(0.86	)%		4.84	%		(2.49	)%		(2.78	)%
Net assets, end of year (in 000s)	$	202,337		$	311,146		$	646,435		$	1,383,885		$	2,648,848
Ratio of net expenses to average net assets		0.99	%		0.95	%		0.92	%		0.90	%		0.91	%
Ratio of total expenses to average net assets		1.01	%		0.95	%		0.93	%		0.91	%		0.91	%
Ratio of net investment income to average net assets		3.72	%		1.81	%		1.96	%		2.83	%		2.10	%
Portfolio turnover rate(d)		169	%		128	%		184	%		212	%		188	%

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

(b) Rounds to less than $0.01 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Strategic Income Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.52		$	9.71		$	9.41		$	10.06		$	10.64
Net investment income(a)		0.28			0.10			0.12			0.21			0.14
Net realized and unrealized gain (loss)		(0.32	)		(0.26	)		0.28			(0.52	)		(0.51	)
Total from investment operations		(0.04	)		(0.16	)		0.40			(0.31	)		(0.37	)
Distributions to shareholders from net investment income		(0.04	)		(0.02	)		(0.07	)		(0.34	)		(0.21	)
Distributions to shareholders from return of capital		(0.19	)		(0.01	)		(0.03	)		—			—	(b)
Total distributions		(0.23	)		(0.03	)		(0.10	)		(0.34	)		(0.21	)
Net asset value, end of year	$	9.25		$	9.52		$	9.71		$	9.41		$	10.06
Total return(c)		(0.41	)%		(1.60	)%		4.25	%		(3.21	)%		(3.51	)%
Net assets, end of year (in 000s)	$	150,514		$	252,929		$	448,657		$	710,230		$	1,096,577
Ratio of net expenses to average net assets		1.74	%		1.70	%		1.60	%		1.65	%		1.66	%
Ratio of total expenses to average net assets		1.76	%		1.70	%		1.68	%		1.66	%		1.66	%
Ratio of net investment income to average net assets		2.97	%		1.01	%		1.26	%		2.08	%		1.34	%
Portfolio turnover rate(d)		169	%		128	%		184	%		212	%		188	%

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

(b) Rounds to less than $0.01 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 131

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Strategic Income Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.55		$	9.70		$	9.41		$	10.06		$	10.64
Net investment income(a)		0.38			0.20			0.22			0.31			0.25
Net realized and unrealized gain (loss)		(0.32	)		(0.25	)		0.26			(0.52	)		(0.50	)
Total from investment operations		0.06			(0.05	)		0.48			(0.21	)		(0.25	)
Distributions to shareholders from net investment income		(0.06	)		(0.07	)		(0.13	)		(0.44	)		(0.33	)
Distributions to shareholders from return of capital		(0.27	)		(0.03	)		(0.06	)		—			—	(b)
Total distributions		(0.33	)		(0.10	)		(0.19	)		(0.44	)		(0.33	)
Net asset value, end of year	$	9.28		$	9.55		$	9.70		$	9.41		$	10.06
Total return(c)		0.71	%		(0.49	)%		5.19	%		(2.16	)%		(2.45	)%
Net assets, end of year (in 000s)	$	950,665		$	3,849,088		$	6,435,385		$	11,261,977		$	18,685,774
Ratio of net expenses to average net assets		0.65	%		0.61	%		0.58	%		0.56	%		0.57	%
Ratio of total expenses to average net assets		0.66	%		0.61	%		0.59	%		0.57	%		0.57	%
Ratio of net investment income to average net assets		4.10	%		2.08	%		2.31	%		3.17	%		2.43	%
Portfolio turnover rate(d)		169	%		128	%		184	%		212	%		188	%

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

(b) Rounds to less than $0.01 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Strategic Income Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.55		$	9.70		$	9.41		$	10.06		$	10.63
Net investment income(a)		0.37			0.19			0.21			0.31			0.24
Net realized and unrealized gain (loss)		(0.32	)		(0.24	)		0.26			(0.53	)		(0.49	)
Total from investment operations		0.05			(0.05	)		0.47			(0.22	)		(0.25	)
Distributions to shareholders from net investment income		(0.05	)		(0.07	)		(0.13	)		(0.43	)		(0.32	)
Distributions to shareholders from return of capital		(0.27	)		(0.03	)		(0.05	)		—			—	(b)
Total distributions		(0.32	)		(0.10	)		(0.18	)		(0.43	)		(0.32	)
Net asset value, end of year	$	9.28		$	9.55		$	9.70		$	9.41		$	10.06
Total return(c)		0.61	%		(0.56	)%		5.10	%		(2.24	)%		(2.44	)%
Net assets, end of year (in 000s)	$	96,019		$	189,884		$	345,997		$	332,917		$	684,204
Ratio of net expenses to average net assets		0.74	%		0.70	%		0.67	%		0.65	%		0.66	%
Ratio of total expenses to average net assets		0.76	%		0.70	%		0.68	%		0.66	%		0.66	%
Ratio of net investment income to average net assets		3.98	%		2.01	%		2.23	%		3.09	%		2.34	%
Portfolio turnover rate(d)		169	%		128	%		184	%		212	%		188	%

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

(b) Rounds to less than $0.01 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 133

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout The Period

	Goldman Sachs Strategic Income Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	9.62
Net investment income(b)		0.33
Net realized and unrealized loss		(0.35	)
Total from investment operations		(0.02	)
Distributions to shareholders from net investment income		(0.06	)
Distributions to shareholders from return of capital		(0.27	)
Total distributions		(0.33	)
Net asset value, end of period	$	9.27
Total return(c)		(0.12	)%
Net assets, end of period (in 000s)	$	336,979
Ratio of net expenses to average net assets		0.64	%(d)
Ratio of total expenses to average net assets		0.68	%(d)
Ratio of net investment income to average net assets		3.84	%(d)
Portfolio turnover rate(e)		169	%

(a) Commenced operations on April 20, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The 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.

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Strategic Income Fund
	Class R Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.53		$	9.70		$	9.40		$	10.05		$	10.63
Net investment income(a)		0.32			0.14			0.16			0.25			0.19
Net realized and unrealized gain (loss)		(0.31	)		(0.25	)		0.28			(0.52	)		(0.51	)
Total from investment operations		0.01			(0.11	)		0.44			(0.27	)		(0.32	)
Distributions to shareholders from net investment income		(0.05	)		(0.04	)		(0.10	)		(0.38	)		(0.26	)
Distributions to shareholders from return of capital		(0.23	)		(0.02	)		(0.04	)		—			—	(b)
Total distributions		(0.28	)		(0.06	)		(0.14	)		(0.38	)		(0.26	)
Net asset value, end of year	$	9.26		$	9.53		$	9.70		$	9.40		$	10.05
Total return(c)		0.10	%		(1.12	)%		4.71	%		(2.73	)%		3.03	%
Net assets, end of year (in 000s)	$	4,986		$	7,361		$	9,577		$	9,399		$	9,418
Ratio of net expenses to average net assets		1.24	%		1.20	%		1.14	%		1.15	%		1.16	%
Ratio of total expenses to average net assets		1.26	%		1.20	%		1.18	%		1.16	%		1.16	%
Ratio of net investment income to average net assets		3.46	%		1.46	%		1.66	%		2.58	%		1.85	%
Portfolio turnover rate(d)		169	%		128	%		184	%		212	%		188	%

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

(b) Rounds to less than $0.01 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 135

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Strategic Income Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2016(a)
	2019			2018			2017
Per Share Data
Net asset value, beginning of year	$	9.55		$	9.70		$	9.41		$	10.04
Net investment income(b)		0.35			0.21			0.21			0.20
Net realized and unrealized gain (loss)		(0.29	)		(0.26	)		0.27			(0.50	)
Total from investment operations		0.06			(0.05	)		0.48			(0.30	)
Distributions to shareholders from net investment income		(0.10	)		(0.06	)		(0.13	)		(0.33	)
Distributions to shareholders from return of capital		(0.23	)		(0.04	)		(0.06	)		—
Total distributions		(0.33	)		(0.10	)		(0.19	)		(0.33	)
Net asset value, end of year	$	9.28		$	9.55		$	9.70		$	9.41
Total return(c)		0.70	%		(0.48	)%		5.21	%		(3.05	)%
Net assets, end of year (in 000s)	$	25,882		$	24,628		$	66,431		$	19,708
Ratio of net expenses to average net assets		0.64	%		0.60	%		0.56	%		0.53	%(d)
Ratio of total expenses to average net assets		0.66	%		0.60	%		0.57	%		0.55	%(d)
Ratio of net investment income to average net assets		3.73	%		2.14	%		2.18	%		3.19	%(d)
Portfolio turnover rate(e)		169	%		128	%		184	%		212	%

(a) Commenced operations on July 31, 2015.

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2019

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 anopen-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-diversified
Bond and Core Fixed Income	A, C, Institutional, Service, Investor, P*, R and R6	Diversified
Global Income	A, C, Institutional, Service, Investor, P* and R6	Non-diversified
Strategic Income	A, C, Institutional, Investor, P*, R and R6	Diversified

* Commenced operations on April 20, 2018.

Class A Shares are sold with afront-end sales charge of up to 3.75%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class P, Class R, and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to each of the Bond, Core Fixed Income and Strategic Income Funds pursuant to management agreements with the Trust. Goldman Sachs Asset Management International (“GSAMI”), an affiliate of GSAM and Goldman Sachs, serves as investment adviser pursuant to a management agreement with the Trust on behalf of the Global Income Fund (the management agreements with GSAM and GSAMI are collectively referred to herein as the “Agreements”).

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized onex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to theex-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. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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

137

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Bond	Daily/Monthly	Annually
Core Fixed Income	Daily/Monthly	Annually
Global Income	Daily/Monthly	Annually
Strategic Income	Monthly/Monthly	Annually

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

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

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

F.  In-Kind Transactions— Each Fund may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known asin-kind transactions. Securities included as part ofin-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing a Fund’s NAV, in accordance with each Fund’s Valuation Procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Funds’ prospectus.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

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

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

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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

ii.  Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

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

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Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

vi.  Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss. Structured notes that are exchange traded are generally classified as Level 1 of the fair value hierarchy.

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

viii.  When-Issued Securities and Forward Commitments —When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Private Investments— Private investments may include, but are not limited to, investments in private equity or debt instruments. The investment manager estimates the fair value of private investments based upon various factors, including, but not limited to, transactions in similar instruments, completed or pending third-party transactions in underlying investments or comparable entities, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure, offerings in equity or debt capital markets, and changes in current and projected financial ratios or cash flows.

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

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

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

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

Aforward foreign currency exchange contractis a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at apre-determined price at a future date. All forward foreign currency exchange contracts aremarked-to-market daily at the applicable forward rate.Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

iii.  Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequentlymarked-to-market to reflect the current value of the option written. Swaptions are options on interest rate and/or credit default swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequentlymarked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv.  Swap Contracts —Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps aremarked-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 anymark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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

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

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

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A total return swap is an agreement that gives a Fund the right to receive the appreciation in the value of a specified security, basket of investments or indices, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

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

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2019:

BOND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	198,323,183		$	—
Mortgage-Backed Obligations		—			174,724,718			997,949
U.S. Treasury Obligations and/or Other U.S. Government Agencies		19,996,161			14,909,172			—
Asset-Backed Securities		—			58,967,057			—
Foreign Debt Obligations		—			4,788,197			—
Municipal Debt Obligations		—			10,027,752			—
Investment Company		45,426,180			—			—
Total	$	65,422,341		$	461,740,079		$	997,949
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(7,216,023	)	$	—
Total	$	—		$	(7,216,023	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,459,938		$	—
Futures Contracts(a)		2,202,955			—			—
Interest Rate Swap Contracts(a)		—			2,258,475			—
Credit Default Swap Contracts(a)		—			53,261			—
Options Purchased		237,476			705,265			—
Total	$	2,440,431		$	4,476,939		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,443,256	)	$	—
Futures Contracts(a)		(894,820	)		—			—
Interest Rate Swap Contracts(a)		—			(1,117,771	)		—
Credit Default Swap Contracts(a)		—			(264,105	)		—
Written Option Contracts		—			(602,699	)		—
Total	$	(894,820	)	$	(3,427,831	)	$	—

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

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Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	419,216,777		$	—
Mortgage-Backed Obligations		—			354,863,894			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		143,694,754			59,808,877			—
Asset-Backed Securities		—			103,414,655			—
Foreign Debt Obligations		—			14,349,892			—
Municipal Debt Obligations		—			21,466,616			—
Investment Company		82,512,155			—			—
Short-term Investments		—			14,076,574			—
Total	$	226,206,909		$	987,197,285		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(23,591,347	)	$	—
Total	$	—		$	(23,591,347	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	762,290		$	—
Futures Contracts(a)		1,499,915			—			—
Interest Rate Swap Contracts(a)		—			1,906,126			—
Credit Default Swap Contracts(a)		—			125,196			—
Options Purchased		170,200			—			—
Total	$	1,670,115		$	2,793,612		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(466,559	)	$	—
Futures Contracts		(408,640	)		—			—
Interest Rate Swap Contracts		—			(1,020,584	)		—
Credit Default Swap Contracts		—			(88,741	)		—
Total	$	(408,640	)	$	(1,575,884	)	$	—

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

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GLOBAL INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	130,523,800		$	64,716,818		$	—
Corporate Obligations		—			189,532,298			—
Asset-Backed Securities		—			70,668,147			—
Mortgage-Backed Obligations		—			111,697,501			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		29,413,405			2,521,224			—
Municipal Debt Obligation		—			2,919,460			—
Investment Company		35,651,263			—			—
Total	$	195,588,468		$	442,055,448		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(14,437,862	)	$	—
Total	$	—		$	(14,437,862	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	5,676,575		$	—
Futures Contracts(a)		1,730,486			—			—
Interest Rate Swap Contracts(a)		—			2,796,554			—
Credit Default Swap Contracts(a)		—			583,756			—
Options Purchased		40,826			667,117			—
Total	$	1,771,312		$	9,724,002		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,485,009	)	$	—
Futures Contracts(a)		(504,461	)		—			—
Interest Rate Swap Contracts(a)		—			(1,424,759	)		—
Credit Default Swap Contracts(a)		—			(362,068	)		—
Written Option Contracts		—			(566,352	)		—
Total	$	(504,461	)	$	(3,838,188	)	$	—

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

145

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

STRATEGIC INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	50,536,751		$	—
Corporate Obligations		—			495,872,934			—
Mortgage-Backed Obligations		—			213,543,098			15,343,459
Asset-Backed Securities		—			551,867,502			—
Foreign Debt Obligations		46,379,709			56,558,777			—
Municipal Debt Obligations		—			31,969,913			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		69,467,250			—			—
Common Stock and/or Other Equity Investments
North America		—			28,801,743			—
Investment Company		21,405,495			—			—
Short-term Investments		—			114,514,054			—
Total	$	137,252,454		$	1,543,664,772		$	15,343,459
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	12,868,677		$	—
Futures Contracts(a)		2,939,708			—			—
Interest Rate Swap Contracts(a)		—			22,789,663			—
Credit Default Swap Contracts(a)		—			933,728			—
Total Return Swap Contracts(a)		—			40,811			—
Purchased Options Contracts		2,447,200			14,110,231			—
Total	$	5,386,908		$	50,743,110		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(10,719,005	)	$	—
Futures Contracts(a)		(10,041,424	)		—			—
Interest Rate Swap Contracts(a)		—			(9,866,935	)		—
Credit Default Swap Contracts(a)		—			(2,767,570	)		—
Total Return Swap Contracts(a)		—			(1,237,469	)		—
Written Options Contracts		—			(11,410,424	)		—
Total	$	(10,041,424	)	$	(36,001,403	)	$	—

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

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

146

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2019. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

BOND
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value	$	5,404,171	(a)	Variation margin on swap contracts; Variation margin on futures contracts; Written options at value	$	(2,615,290)	(a)
Credit	Variation margin on swap contracts		53,261	(a)	Variation margin on swap contracts; Payable for unrealized loss on swap contracts		(264,105)	(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		1,459,938		Payable for unrealized loss on forward foreign currency exchange contracts.		(1,443,256)
Total		$	6,917,370			$	(4,322,651)
CORE FIXED INCOME
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts; Variation margin on futures contracts	$	3,576,241	(a)	Variation margin on swap contracts; Variation margin on futures contracts	$	(1,429,224)	(a)
Credit	Variation margin on swap contracts		125,196	(a)	Variation margin on swap contracts		(88,741)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		762,290		Payable for unrealized loss on forward foreign currency exchange contracts.		(466,559)
Total		$	4,463,727			$	(1,984,524)
GLOBAL INCOME
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Receivable for unrealized gain on swap contracts; Purchased options, at value	$	5,234,983	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(2,495,572)	(a)
Credit	Variation margin on swap contracts		583,756	(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts		(362,068)	(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		5,676,575		Payable for unrealized loss on forward foreign currency exchange contracts.		(1,485,009)
Total		$	11,495,314			$	(4,342,649)

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

(b) Aggregate of amounts include $232,654 and $318,375 for the Bond and Global Income Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, their failure to pay on their obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with theclose-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.

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Notes to Financial Statements(continued)

March 31, 2019

4. INVESTMENTS IN DERIVATIVES (continued)

STRATEGIC INCOME
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value	$	43,212,901	(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts; Written options, at value	$	(33,086,886)	(a)(b)
Credit	Variation margin on swap contracts; Purchased options, at value		1,725,543	(a)	Variation margin on swap contracts; Payable for unrealized loss on swap contracts		(2,767,570)	(a)(b)
Equity	—		—		Payable for unrealized loss on swap contracts		(1,146,469)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		12,868,677		Payable for unrealized loss on forward foreign currency exchange contracts		(10,719,005)
Total		$	57,807,121			$	(47,719,930)

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

(b) Aggregate of amounts include $3,167,687 for the Strategic Income Fund, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, it’s failure to pay on it’s obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with theclose-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2019. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

BOND
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options contracts, futures contracts, swap contracts and written option contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written option contracts		$3,285,734			$ 887,454		2,094
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(144,835	)		127,099		58
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(4,748,469	)		585,341		581
Total		$	(1,607,570	)	$	1,599,894		2,733

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2019.

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4. INVESTMENTS IN DERIVATIVES (continued)

CORE FIXED INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options contracts, futures contracts and swap contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts and swap contracts	$	1,339,513			$199,894		2,010
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		35,400			51,610		2
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(625,216	)		881,085		324
Total		$	749,697		$	1,132,589		2,336
GLOBAL INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options, futures contracts, swap contracts /Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts and written options	$	5,648,755			$ (36,208)		1,789
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		58,296			492,555		7
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		15,099,871			6,514,041		585
Total		$	20,806,922		$	6,970,388		2,381

STRATEGIC INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options contracts	$	105,477,207			$(55,725,030)			30,594
Credit	Net realized gain (loss) on purchased options contracts and swap contracts/Net change in unrealized gain (loss) on purchased options contracts and swap contracts		(20,930,464	)		17,184,610			50
Equity	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts		2,281,008			(1,146,469)			1
Currency	Net realized gain (loss) on forward foreign currency exchange/Net change in unrealized gain (loss) on forward foreign currency exchange contracts.		(27,788,726	)		18,391,294			594
Total		$	59,039,025		$	(21,295,595	)		31,239

(a) Average number of contracts is based on the average of month end balances for the fiscal year end March 31, 2019.

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Notes to Financial Statements(continued)

March 31, 2019

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 GSAM and GSAMI believe to be of good standing and by monitoring the financial stability of those counterparties.

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

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2019:

Global Income Fund
	Derivative Assets(1)								Derivative Liabilities(1)												Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total
Barclays Bank PLC	$	—	$	—	$	—	$	—	$	(8,701	)	$	—		$	—		$	(8,701	)	$	(8,701	)	$	—	$	(8,701	)
Citibank NA		551,206		—		—		551,206		(236,494	)		—			(479,404	)		(715,898	)		(164,692	)		—		(164,692	)
Deutsche Bank AG (London)		—		—		—		—		(1,841	)		—			—			(1,841	)		(1,841	)		—		(1,841	)
JPMorgan Securities, Inc.		115,911		8,796		—		124,707		(71,339	)		—			(86,948	)		(158,287	)		(33,580	)		—		(33,580	)
MS & Co. Int. PLC		—		—		5,676,575		5,676,575		—			(1,485,009	)		—			(1,485,009	)		4,191,566			—		4,191,566
Total	$	667,117	$	8,796	$	5,676,575	$	6,352,488	$	(318,375	)	$	(1,485,009	)	$	(566,352	)	$	(2,369,736	)	$	3,982,752		$	—	$	3,982,752

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

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

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4. INVESTMENTS IN DERIVATIVES (continued)

Strategic Income Fund
	Derivative Assets(1)								Derivative Liabilities(1)												Net  Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total
Barclays Bank PLC	$	—	$	—	$	—	$	—	$	(212,057	)	$	—		$	—		$	(212,057	)	$	(212,057	)	$	212,057		$	—
BoA Securities LLC		332,696		—		—		332,696		—			—			—			—			332,696			—			332,696
Citibank NA		11,918,622		—		—		11,918,622		(1,242,044	)		—			(10,324,921	)		(11,566,965	)		351,657			(260,000	)		91,657
CS International (London)		459,119		40,811		—		499,930		—			—			—			—			499,930			—			499,930
Deutsche Bank AG (London)		—		—		—		—		(225,434	)		—			—			(225,434	)		(225,434	)		220,000			(5,434	)
JPMorgan Securities, Inc.		1,399,794		—		—		1,399,794		(1,365,487	)		—			(1,085,503	)		(2,450,990	)		(1,051,196	)		980,000			(71,196	)
MS & Co. Int. PLC		—		—		12,868,677		12,868,677		—			(10,719,005	)		—			(10,719,005	)		2,149,672			—			2,149,672
UBS AG (London)		—		—		—		—		(122,665	)		—			—			(122,665	)		(122,665	)		—			(122,665	)
Total	$	14,110,231	$	40,811	$	12,868,677	$	27,019,719	$	(3,167,687	)	$	(10,719,005	)	$	(11,410,424	)	$	(25,297,116	)	$	1,722,603		$	1,152,057		$	2,874,660

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

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

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

As of March 31, 2019, the contractual management fee with GSAM and GSAMI were as stated below. The effective contractual management rates and effective net management rates represent the rates for the fiscal year ended March 31, 2019.

Fund	Contractual Management Rate																		Effective Net Management Rate*
	First $1 Billion			Next $1 Billion			Next $3 Billion			Next $3 Billion			Over $8 Billion			Effective Rate
Bond		0.41	%		0.37	%		0.35	%		0.34	%		0.34	%		0.41	%		0.41	%
Core Fixed Income		0.40			0.36			0.34			0.33			0.32			0.40			0.39
Global Income		0.65			0.59			0.56			0.55			0.54			0.65			0.65
Strategic Income		0.60			0.54			0.51			0.50			0.49			0.55			0.55

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

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM and GSAMI have agreed to waive a portion of their management fee payable by the Funds in an amount equal to the management fee they earn as investment advisers to the affiliated Underlying Fund in which the Funds invest. For the

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Notes to Financial Statements(continued)

March 31, 2019

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

fiscal year ended March 31, 2019, GSAM waived $8,929, $ 49,430 and $62,638 of the Fund’s management fee for the Bond, Core Fixed Income and Strategic Income Funds, respectively. For the fiscal year ended March 31, 2019, GSAMI waived $24,026 of the Global Income Fund’s management fee.

B. Distribution and/or Service(12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

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

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

C.  Distribution Agreement —Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended March 31, 2019, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Bond	$	2,359	$	54
Core Fixed Income		2,688		662
Global Income		1,864		—
Strategic Income		4,143		—

D.  Service and/or Shareholder Administration Plans —The Trust, on behalf of each applicable Fund, has adopted Service and/or Shareholder Administration Plans to allow Class C and Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance and/or shareholder administration services to their customers who are beneficial owners of such shares. The Service and/or Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% the average daily net assets attributable to Class C and/or Service Shares of the Funds, respectively.

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

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

as follows: 0.13% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F.  Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have 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 fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM or GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Bond, Core Fixed Income, Global Income and Strategic Income Funds are 0.004%, 0.014%, 0.004% and 0.054%, respectively. These Other Expense limitations will

remain in place through at least July 29, 2019 and prior to such date GSAM and GSAMI may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan, Service Plan

and Shareholder Administration Plan, Transfer Agency Agreement, and/or Management Agreement and these waivers may exceed what is stipulated in any fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the fiscal year ended March 31, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waivers/Credits		Distribution and Service Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Bond	$	8,929	$	347	$	1	$	1,011,533	$	1,020,810
Core Fixed Income		49,430		205		—		742,941		792,576
Global Income		24,026		251		99		993,096		1,017,472
Strategic Income		62,638		1,067		—		536,564		600,269

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

H.  Other Transactions with Affiliates —For the fiscal year ended March 31, 2019, Goldman Sachs earned $66,141, $68,536, and $946,639 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Bond, Core Fixed Income and Strategic Income Funds, respectively.

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. For the fiscal year ended March 31, 2019, the purchases at cost with an affiliated fund in compliance with Rule17a-7 under the Act for the Strategic Income Fund were $ 3,848,781.

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Notes to Financial Statements(continued)

March 31, 2019

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of March 31, 2019 the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Fund:

Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio
Global Income		20	%		13	%

As of March 31, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 24% or more of outstanding Service Shares of Goldman Sachs Bond Fund.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and For the fiscal year ended March 31, 2019:

Fund	Market Value as of March 31, 2018		Purchases at Cost		Proceeds from Sales			Market Value as of March 31, 2019		Shares as of March 31, 2019		Dividend Income
Bond	$	9,604,453	$	208,381,763	$	(172,560,036	)	$	45,426,180		45,426,180	$	120,474
Core Fixed Income		52,662		754,189,136		(671,729,643	)		82,512,155		82,512,155		601,462
Global Income		17,800,265		386,042,291		(368,191,293	)		35,651,263		35,651,263		294,081
Strategic Income		133,243		2,029,874,275		(2,008,602,023	)		21,405,495		21,405,495		818,459

The following table provides information about the investment in the shares of an issuer deemed to be an affiliate by the Strategic Income Fund for the fiscal year ended March 31, 2019:

Name of Affiliated Issuer	Market Value as of March 31, 2018	Proceeds from Sales			Net Realized Gain Loss			Net Change in Unrealized Gain (loss)			Market Value as of March 31, 2019
Montage Resource Corp. — Common Stock*	$64,216,133		(3,139,808	)		(3,573,102	)		(28,701,480	)	$	28,801,743

* Previously known as Blue Ridge Mountain Resource, Inc.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2019 were:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Bond	$	2,146,026,617	$	205,669,719	$	2,239,650,510	$	159,276,341
Core Fixed Income		4,341,495,348		405,047,449		4,262,952,755		250,218,143
Global Income		1,651,895,756		261,168,431		1,634,152,639		333,736,500
Strategic Income		3,565,810,696		1,033,400,145		4,005,431,751		2,683,179,868

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7. TAX INFORMATION

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

	Bond		Core Fixed Income		Global Income		Strategic Income
Distribution paid from:
Ordinary income	$	13,395,886	$	31,355,742	$	10,929,223	$	14,435,927
Total taxable distributions	$	13,395,886	$	31,355,742	$	10,929,223	$	14,435,927
Tax return of capital	$	1,294,415	$	—	$	—	$	89,564,504

The tax character of distributions paid during the fiscal year ended March 31, 2018 was as follows:

	Bond		Core Fixed Income		Global Income		Strategic Income
Distribution paid from:
Ordinary income	$	12,044,671	$	25,183,078	$	15,889,593	$	50,281,478
Total taxable distributions	$	12,044,671	$	25,183,078	$	15,889,593	$	50,281,478
Tax return of capital	$	2,121,744	$	—	$	—	$	21,077,770

As of March 31, 2019, the components of accumulated earnings (losses) on a tax basis were as follows:

	Bond			Core Fixed Income			Global Income			Strategic Income
Undistributed ordinary income — net	$	—		$	7,557,032		$	9,558,616		$	—
Total undistributed earnings	$	—		$	7,557,032		$	9,558,616		$	—
Capital loss carryforwards:
Perpetual Short-Term		(8,809,274	)		(10,640,997	)		(3,773,661	)		(1,226,425,904	)
Perpetual Long-Term		(8,605,687	)		(8,094,551	)		(4,647,018	)		(739,520,855	)
Total capital loss carryforwards	$	(17,414,961	)	$	(18,735,548	)	$	(8,420,679	)	$	(1,965,946,759	)
Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral, Straddle Loss Deferral/Distributions Payable)	$	(1,225,530	)	$	(2,513,782	)	$	(3,367,356	)	$	(54,028,914	)
Unrealized gains (losses) — net		6,219,261			20,420,387			10,607,348			(70,682,344	)
Total accumulated earnings (losses) net	$	(12,421,230	)	$	6,728,089		$	8,377,929		$	(2,090,658,017	)

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Notes to Financial Statements(continued)

March 31, 2019

7. TAX INFORMATION (continued)

As of March 31, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Bond			Core Fixed Income			Global Income			Strategic Income
Tax Cost	$	524,736,953		$	1,195,269,097		$	634,290,462		$	1,781,551,191
Gross unrealized gain		12,219,193			25,580,792			16,632,398			59,691,216
Gross unrealized loss		(5,999,932	)		(5,160,405	)		(6,025,050	)		(130,373,560	)
Net unrealized gains (losses)	$	6,219,261		$	20,420,387		$	10,607,348		$	(70,682,344	)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures contracts and options contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions, and material modification of debt securities.

The Bond Fund reclassed $360,698 from paid in capital to distributable earnings for the year ending March 31, 2019. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from return of capital distributions.

The Strategic Income Fund reclassed $13,010,276 from paid in capital to distributable earnings for the year ending March 31, 2019. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from return of capital distributions.

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

8. OTHER RISKS

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

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

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

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8. OTHER RISKS (continued)

Foreign Custody Risk— If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Geographic Risk— If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

Leverage Risk— Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. A Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

Liquidity Risk— A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to

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Notes to Financial Statements(continued)

March 31, 2019

8. OTHER RISKS (continued)

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

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

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

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

Non-Diversification Risk —The Global Income Fund isnon-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Sector Risk— To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

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8. OTHER RISKS (continued)

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

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU)2017-08 — Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. GSAM is currently evaluating the impact, if any, of the amendments.

11. SUBSEQUENT EVENTS

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

159

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Notes to Financial Statements(continued)

March 31, 2019

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Bond Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,185,022		$	21,344,637			2,918,449		$	29,628,226
Reinvestment of distributions		244,979			2,403,950			229,301			2,327,958
Shares redeemed		(4,082,586	)		(40,074,225	)		(4,537,779	)		(45,655,473	)
		(1,652,585	)		(16,325,638	)		(1,390,029	)		(13,699,289	)
Class C Shares
Shares sold		147,909			1,442,442			286,036			2,901,363
Reinvestment of distributions		17,007			166,764			19,364			196,593
Shares redeemed		(802,598	)		(7,844,001	)		(732,653	)		(7,426,739	)
		(637,682	)		(6,234,795	)		(427,253	)		(4,328,783	)
Institutional Shares
Shares sold		4,100,590			40,262,334			11,658,102			118,381,633
Reinvestment of distributions		609,579			5,980,318			785,928			7,974,545
Shares redeemed		(20,893,643	)		(204,776,401	)		(13,278,502	)		(134,149,405	)
		(16,183,474	)		(158,533,749	)		(834,472	)		(7,793,227	)
Service Shares
Shares sold		5,639			55,456			38,859			396,093
Reinvestment of distributions		584			5,733			2,036			20,734
Shares redeemed		(40,944	)		(397,946	)		(127,177	)		(1,292,623	)
		(34,721	)		(336,757	)		(86,282	)		(875,796	)
Investor Shares
Shares sold		1,066,729	��		10,426,901			1,895,986			19,251,067
Reinvestment of distributions		96,964			948,365			102,387			1,036,071
Shares redeemed		(1,478,173	)		(14,438,629	)		(2,715,839	)		(27,344,051	)
		(314,480	)		(3,063,363	)		(717,466	)		(7,056,913	)
Class P Shares(a)
Shares sold		12,346,083			121,371,840			—			—
Reinvestment of distributions		217,924			2,132,258			—			—
Shares redeemed		(3,820,573	)		(37,001,641	)		—			—
		8,743,434			86,502,457			—			—
Class R Shares
Shares sold		450,536			4,416,959			603,605			6,121,355
Reinvestment of distributions		18,226			178,638			15,418			156,332
Shares redeemed		(861,666	)		(8,435,190	)		(839,547	)		(8,479,340	)
		(392,904	)		(3,839,593	)		(220,524	)		(2,201,653	)
Class R6 Shares
Shares sold		1,983,266			19,401,009			2,951,844			30,022,570
Reinvestment of distributions		207,082			2,031,428			152,783			1,548,933
Shares redeemed		(2,134,114	)		(20,842,009	)		(1,067,075	)		(10,810,323	)
		56,234			590,428			2,037,552			20,761,180
NET DECREASE		(10,416,178	)	$	(101,241,010	)		(1,638,474	)	$	(15,194,481	)

(a) Class P Shares commenced operations on April 20, 2018.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Core Fixed Income Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		859,937		$	8,728,376			1,774,786		$	18,565,470
Reinvestment of distributions		139,982			1,421,931			185,675			1,939,189
Shares redeemed		(1,549,770	)		(15,676,729	)		(10,144,175	)		(106,377,446	)
		(549,851	)		(5,526,422	)		(8,183,714	)		(85,872,787	)
Class C Shares
Shares sold		124,329			1,268,027			199,266			2,086,521
Reinvestment of distributions		12,779			130,458			14,198			148,833
Shares redeemed		(462,158	)		(4,706,160	)		(761,660	)		(8,007,940	)
		(325,050	)		(3,307,675	)		(548,196	)		(5,772,586	)
Institutional Shares
Shares sold		4,845,565			49,377,460			29,813,621			313,417,436
Reinvestment of distributions		977,384			9,969,120			2,048,893			21,447,845
Shares redeemed		(71,216,558	)		(727,795,302	)		(23,386,298	)		(244,728,381	)
		(65,393,609	)		(668,448,722	)		8,476,216			90,136,900
Service Shares
Shares sold		32,626			331,593			3,762			39,556
Reinvestment of distributions		773			7,880			1,041			10,919
Shares redeemed		(52,385	)		(533,499	)		(49,740	)		(522,963	)
		(18,986	)		(194,026	)		(44,937	)		(472,488	)
Investor Shares
Shares sold		504,874			5,129,453			1,148,107			12,010,587
Reinvestment of distributions		100,545			1,020,223			103,733			1,082,541
Shares redeemed		(3,318,291	)		(33,652,171	)		(554,244	)		(5,745,542	)
		(2,712,872	)		(27,502,495	)		697,596			7,347,586
Class P Shares(a)
Shares sold		64,528,745			660,845,396			—			—
Reinvestment of distributions		1,221,263			12,475,336			—			—
Shares redeemed		(8,908,948	)		(90,620,729	)		—			—
		56,841,060			582,700,003			—			—
Class R Shares
Shares sold		77,977			793,451			407,639			4,273,475
Reinvestment of distributions		9,869			100,309			7,294			76,043
Shares redeemed		(114,084	)		(1,152,252	)		(52,720	)		(547,680	)
		(26,238	)		(258,492	)		362,213			3,801,838
Class R6 Shares
Shares sold		25,430,249			260,025,342			824,067			8,492,554
Reinvestment of distributions		567,747			5,795,409			4,592			47,523
Shares redeemed		(5,801,856	)		(58,723,081	)		(5,375,967	)		(56,289,294	)
		20,196,140			207,097,670			(4,547,308	)		(47,749,217	)
NET INCREASE (DECREASE)		8,010,594		$	84,559,841			(3,788,130	)	$	(38,580,754	)

(a) Class P Shares commenced operations on April 20, 2018.

161

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Notes to Financial Statements(continued)

March 31, 2019

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Global Income Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,156,585		$	13,991,043			1,995,652		$	24,522,175
Reinvestment of distributions		78,659			952,476			152,102			1,863,802
Shares redeemed		(2,617,348	)		(31,518,669	)		(6,845,470	)		(83,867,526	)
		(1,382,104	)		(16,575,150	)		(4,697,716	)		(57,481,549	)
Class C Shares
Shares sold		58,410			699,958			188,183			2,289,435
Reinvestment of distributions		5,789			69,529			11,222			136,207
Shares redeemed		(434,306	)		(5,199,309	)		(842,601	)		(10,268,266	)
		(370,107	)		(4,429,822	)		(643,196	)		(7,842,624	)
Institutional Shares
Shares sold		6,027,982			72,732,238			16,957,855			207,721,581
Reinvestment of distributions		381,282			4,609,921			885,843			10,838,416
Shares redeemed		(12,549,140	)		(151,516,859	)		(42,898,982	)		(522,185,661	)
		(6,139,876	)		(74,174,700	)		(25,055,284	)		(303,625,664	)
Service Shares
Shares sold		21,225			254,076			65,757			802,057
Reinvestment of distributions		1,934			23,273			2,641			32,122
Shares redeemed		(16,158	)		(193,580	)		(148,319	)		(1,809,824	)
		7,001			83,769			(79,921	)		(975,645	)
Investor Shares
Shares sold		1,661,824			19,972,695			2,112,928			25,841,984
Reinvestment of distributions		77,357			933,877			139,207			1,699,991
Shares redeemed		(2,617,963	)		(31,499,436	)		(5,060,157	)		(61,753,018	)
		(878,782	)		(10,592,864	)		(2,808,022	)		(34,211,043	)
Class P Shares(a)
Shares sold		754,785			9,132,869			—			—
Reinvestment of distributions		9,594			116,187			—			—
Shares redeemed		(108,740	)		(1,306,929	)		—			—
		655,639			7,942,127			—			—
Class R6 Shares
Shares sold		4,566,866			55,476,517			22,402,182			271,105,093
Reinvestment of distributions		310,362			3,756,235			45,940			558,105
Shares redeemed		(8,639,576	)		(103,835,440	)		(814,933	)		(9,867,490	)
		(3,762,348	)		(44,602,688	)		21,633,189			261,795,708
NET DECREASE		(11,870,577	)	$	(142,349,328	)		(11,650,950	)	$	(142,340,817	)

(a) Class P Shares commenced operations on April 20, 2018.

162

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Strategic Income Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		5,356,686		$	49,817,262			8,967,025		$	86,286,695
Reinvestment of distributions		752,267			6,978,071			438,497			4,218,311
Shares redeemed		(16,906,763	)		(157,792,364	)		(43,408,662	)		(416,606,844	)
		(10,797,810	)		(100,997,031	)		(34,003,140	)		(326,101,838	)
Class C Shares
Shares sold		426,260			3,960,874			681,947			6,544,243
Reinvestment of distributions		435,789			4,030,776			126,490			1,218,412
Shares redeemed		(11,173,371	)		(103,708,803	)		(20,446,200	)		(196,075,794	)
		(10,311,322	)		(95,717,153	)		(19,637,763	)		(188,313,139	)
Institutional Shares
Shares sold		25,791,693			242,001,210			125,331,448			1,203,595,796
Reinvestment of distributions		6,825,291			63,654,682			5,484,503			52,703,012
Shares redeemed		(333,238,154	)		(3,108,651,769	)		(390,945,597	)		(3,745,552,543	)
		(300,621,170	)		(2,802,995,877	)		(260,129,646	)		(2,489,253,735	)
Investor Shares
Shares sold		2,684,329			25,168,792			4,914,674			47,167,841
Reinvestment of distributions		492,863			4,577,904			305,093			2,932,452
Shares redeemed		(12,722,774	)		(118,818,224	)		(20,990,361	)		(201,417,714	)
		(9,545,582	)		(89,071,528	)		(15,770,594	)		(151,317,421	)
Class P Shares(a)
Shares sold		73,272,220			687,014,666			—			—
Reinvestment of distributions		1,403,686			12,929,764			—			—
Shares redeemed		(38,320,814	)		(352,851,481	)		—			—
		36,355,092			347,092,949			—			—
Class R Shares
Shares sold		150,959			1,402,682			206,080			1,972,892
Reinvestment of distributions		15,287			141,376			3,849			37,003
Shares redeemed		(400,550	)		(3,685,645	)		(425,003	)		(4,079,220	)
		(234,304	)		(2,141,587	)		(215,074	)		(2,069,325	)
Class R6 Shares
Shares sold		34,325,464			319,126,329			1,327,461			12,784,546
Reinvestment of distributions		174,234			1,614,542			55,445			532,677
Shares redeemed		(34,290,999	)		(318,499,529	)		(5,650,947	)		(54,200,486	)
		208,699			2,241,342			(4,268,041	)		(40,883,263	)
NET DECREASE		(294,946,397	)	$	(2,741,588,885	)		(334,024,258	)	$	(3,197,938,721	)

(a) Class P Shares commenced operations on April 20, 2018.

163

Report of Independent Registered Public

Accounting Firm

Tothe Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Global Income Fund, and Goldman Sachs Strategic Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, ofGoldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Global Income Fund, and Goldman Sachs Strategic Income Fund (four of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2019, the related statements of operations for the year ended March 31, 2019, the statements of changes in net assets for each of the two years in the period ended March 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 24, 2019

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

164

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2018 through March 31, 2019, which represents a period of 182 days of a 365 day year . This projection assumes that annualized expense ratios were in effect during the period.

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 ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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.

	Bond Fund							Core Fixed Income Fund							Global Income Fund							Strategic Income Fund
Share Class	Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*		Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*		Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*		Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*
Class A
Actual	$	1,000.00	$	1,048.80		$	4.04	$	1,000.00	$	1,046.00		$	4.03	$	1,000.00	$	1,048.00		$	5.26	$	1,000.00	$	1,016.70		$	5.03
Hypothetical 5% return		1,000.00		1,020.99	+		3.98		1,000.00		1,020.99	+		3.98		1,000.00		1,019.80	+		5.19		1,000.00		1,020.99	+		5.04
Class C
Actual		1,000.00		1,045.00			7.85		1,000.00		1,042.00			7.84		1,000.00		1,044.50			9.07		1,000.00		1,011.70			8.78
Hypothetical 5% return		1,000.00		1,017.25	+		7.75		1,000.00		1,017.25	+		7.75		1,000.00		1,016.06	+		8.95		1,000.00		1,016.21	+		8.80
Institutional
Actual		1,000.00		1,050.60			2.30		1,000.00		1,047.60			2.30		1,000.00		1,049.90			3.53		1,000.00		1,017.30			3.37
Hypothetical 5% return		1,000.00		1,022.69	+		2.27		1,000.00		1,022.69	+		2.27		1,000.00		1,021.49	+		3.48		1,000.00		1,021.59	+		3.38
Service
Actual		1,000.00		1,049.00			4.90		1,000.00		1,046.00			4.85		1,000.00		1,047.50			6.07		—		—			—
Hypothetical 5% return		1,000.00		1,020.14	+		4.84		1,000.00		1,020.19	+		4.78		1,000.00		1019.00	+		5.99		—		—			—
Investor
Actual		1,000.00		1,051.30			2.76		1,000.00		1,047.30			2.76		1,000.00		1,049.50			3.99		1,000.00		1,017.90			3.77
Hypothetical 5% return		1,000.00		1,022.24	+		2.72		1,000.00		1,022.24	+		2.72		1,000.00		1,021.04	+		3.93		1,000.00		1,021.19	+		3.78
Class P
Actual		1,000.00		1,050.70			2.25		1,000.00		1,047.60			2.25		1,000.00		1,049.90			3.48		1,000.00		1,018.50			3.22
Hypothethical 5% return		1,000.00		1,022.74	+		2.22		1,000.00		1,022.74	+		2.22		1,000.00		1,021.54	+		3.43		1,000.00		1,022.74	+		3.23
Class R
Actual		1,000.00		1,047.60			5.31		1,000.00		1,044.70			5.30		—		—			—		1,000.00		1,015.30			6.28
Hypothetical 5% return		1,000.00		1,019.75	+		5.24		1,000.00		1,019.75	+		5.24		—		—			—		1,000.00		1,019.75	+		6.29
Class R6
Actual		1,000.00		1,050.70			2.25		1,000.00		1,047.70			2.24		1,000.00		1,049.90			3.48		1,000.00		1,018.30			3.17
Hypothetical 5% return		1,000.00		1,022.74	+		2.22		1,000.00		1,022.75	+		2.21		1,000.00		1,021.54	+		3.43		1,000.00		1,021.79	+		3.18

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
Bond+		0.79	%		1.54	%		0.45	%		0.96	%		0.54	%		0.44	%		1.04	%		0.44	%
Core Fixed Income+		0.79			1.54			0.45			0.95			0.54			0.44			1.04			0.44
Global Income+		1.03			1.78			0.69			1.19			0.78			0.68			—			0.68
Strategic Income+		1.00			1.75			0.67			—			0.75			0.64			1.25			0.63

+ 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.

165

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer Age: 70	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/ Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Kathryn A. Cassidy Age: 65	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Diana M. Daniels Age: 69	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003- 2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Roy W. Templin Age: 58	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 67	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

166

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 56	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	156	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2019.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2019, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 29 portfolios (19 of which offered shares to the public).

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

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

167

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 56	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 47	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

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

¹  Information is provided as of March 31, 2019.

² Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

168

FUNDS PROFILE

Goldman Sachs Funds

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

Today, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.38 trillion in assets under supervision as of March 31, 2019, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Municipal Income Completion Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund⁴

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

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

TRUSTEES Jessica Palmer,Chair Kathryn A. Cassidy Diana M. Daniels James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara,President Joseph F. DiMaria,Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus,Secretary
	GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P.Investment Adviser

Visit our web site atwww.GSAMFUNDS.com to obtain the most recentmonth-end returns.

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

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

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent12-month period ended June 30 is available (i) without charge, upon request by calling1-800-526-7384 (for Retail Shareholders) or1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling1-800-526-7384 (for Retail Shareholders) or1-800-621-2550 (for Institutional Shareholders).

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

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

Fund holdings and allocations shown are as of March 31, 2019 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. LLC by calling (retail –1-800-526-7384) (institutional –1-800-621-2550).

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

© 2019 Goldman Sachs. All rights reserved. 165637-OTU-977782 MSFIAR-19

Goldman Sachs Funds

Annual Report	March 31, 2019
	Municipal Fixed Income Funds
	Dynamic Municipal Income
	High Yield Municipal
	Short Duration Tax-Free

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

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

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

Goldman Sachs Municipal Fixed Income Funds

∎ DYNAMIC MUNICIPAL INCOME

∎ HIGH YIELD MUNICIPAL

∎ SHORT DURATIONTAX-FREE

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	4
Schedules of Investments	22
Financial Statements	117
Financial Highlights	121
Dynamic Municipal Income	121
High Yield Municipal	128
Short Duration Tax-Free	134
Notes to the Financial Statements	141
Report of Independent Registered Public Accounting Firm	158
Other Information	159

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

What Differentiates the Goldman Sachs Asset Management Fixed IncomeInvestment 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:

∎ Assess relative value among securities and sectors

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

∎ 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

Fixed Income portfolios that:

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

∎ 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

1

MARKET REVIEW

Goldman Sachs Municipal Fixed Income Funds

Market Review

The municipal bond market generated positive returns during the 12 months ended March 31, 2019 (the “Reporting Period”), benefiting from falling municipal yields and supportive supply and demand conditions.

During the second quarter of 2018, when the Reporting Period began, municipal securities posted gains. The state budget cycle came and went with little fanfare, reflecting the benefit of tax receipts coming in at or above expectations. Investment flows to municipal bond mutual funds were slightly positive during the second calendar quarter. As for new issuance, it was significantly higher than the low volumes of the first calendar quarter, but it was below 2017’s second quarter volumes. In the third quarter of 2018, municipal securities declined slightly. July and August were dominated by seasonal factors, as municipal bond investors sought to reinvest the cash proceeds from maturing bonds, called bonds and coupon income. This seasonal reinvestment cycle created a net negative supply environment and pushed up the valuations of short-maturity municipal securities to fairly rich levels relative to recent history. In September 2018, interest rate volatility increased across the fixed income market, and municipal yields climbed. Yields on short-maturity municipal securities rose significantly due to what many considered their expensive valuations and because of a supply overhang from several large short-term new issue transactions. Investment flows to municipal bond mutual funds were modestly positive during the third calendar quarter overall, while new issuance declined.

During the fourth quarter of 2018, municipal securities recorded a positive return, as yields fell across the fixed income market in response to changing investor expectations about the path of future Federal Reserve (“Fed”) interest rate hikes. We believe the shift in market sentiment was driven by investors’ perceptions of the increased possibility of a U.S. economic recession as well as global trade headwinds and more cautious commentary from the Fed. Nevertheless, the municipal bond market showed remarkable resiliency during the fourth calendar quarter despite 12 consecutive weeks of significant investment outflows, uncertainty surrounding U.S.mid-term election results, increased tax loss harvesting activity by investors and continued selling of municipal securities by corporations. In the first quarter of 2019, municipal securities recorded gains. The advance was fueled by record investment inflows to municipal bond mutual funds in one of the best starts to a calendar year since 1992. New issuance in the first quarter of 2019 was 15% higher than new issuance during the first quarter of 2018.

During the Reporting Period overall, yields fell along the municipal yield curve. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.) The municipal yield curve flattened, with intermediate-term municipal yields falling more than longer-term municipal yields, which generally fell more than shorter-term municipal yields. (A flattening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows; opposite of a steepening yield curve.) The yield on atwo-yearAAA-rated municipal security decreased 16 basis points to 1.49%; the yield on a10-yearAAA-rated municipal security decreased 56 basis points to 1.86%; and the yield on a30-yearAAA-rated municipal security decreased 35 basis points to 2.60%. (A basis point is 1/100th of a percentage point.) By comparison, the yield on atwo-year U.S. Treasury security was unchanged at 2.27%; the yield on a10-year U.S. Treasury security fell 33 basis points to 2.41%; and the yield on a30-year U.S. Treasury security fell 16 basis points to 2.81%. (Source: GSAM, MMD and Bloomberg.)

2

MARKET REVIEW

Primary market issuance was low during the Reporting Period as a whole, with approximately $348 billion in new supply — a decline of approximately 15% year over year. Despite significant investment outflows during the fourth quarter of 2018, flows to municipal bond mutual funds were positive for the Reporting Period overall at approximately $13.8 billion. (Source: Lipper.) Although individual investor demand was strong, corporate demand, especially from banks and insurance companies, softened due to the corporate tax cuts that had taken effect on January 1, 2018.

High Yield Municipals

During the Reporting Period, the high yield municipal bond market outperformed the investment grade municipal bond market. The main drivers of outperformance among high yield municipal bonds were Puerto Rico credits, which returned 32.27%, as measured by the Bloomberg Barclays High Yield Municipal Bond Index. The water and sewer sector and the special tax sector, which returned 21.63% and 10.13%, respectively, were also top performers in the high yield municipal bond market during the Reporting Period.

Looking Ahead

At the end of the Reporting Period, we expected the performance of municipal bonds to be rather stable during 2019 given that credit fundamentals remained strong, in our view. Data released toward the end of the Reporting Period showed a positive trend in state and local governments’ finances and revenue growth. With some exceptions, most municipalities were exhibiting what we considered to be healthy credit metrics and were remaining fiscally austere by boosting theirrainy-day reserve funds and limiting their debt burdens.

Overall, we were constructive on municipal bonds at the end of the Reporting Period, as we expected increased new issue supply, record investment inflows to municipal bond mutual funds, continued strong credit fundamentals, and attractive valuations and opportunities in longer-maturity bonds and lower-rated municipal credits. We were positive about longer-maturity municipal bonds because of their valuations and due to the steepness of the municipal yield curve relative to the U.S. Treasury yield curve at the end of the Reporting Period.

Broadly speaking, we expect municipal securities to remain attractive due to theirtax-advantaged nature. In our view, individual investors’ appetite for municipal bonds will remain stable, if not more robust, given the minimal decrease in the highest individual income tax rates and the $10,000 cap on the federal deduction for state and local taxes. We anticipate increased demand from high income tax states such as California and New York.

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

3

PORTFOLIO RESULTS

Goldman Sachs Dynamic Municipal Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Municipal Fixed Income Investment Management Team discusses the Goldman Sachs Dynamic Municipal Income Fund’s (the “Fund”) performance and positioning for the12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor and Class R6 Shares generated average annual total returns, without sales charges, of 5.62%, 4.83%, 5.97%, 5.50%, 5.88% and 5.98%, respectively. These returns compare to the 4.63% average annual total return of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond1-10 Year Blend Index (the “Index”), during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 5.35% compared to the 4.92% cumulative total return of the Index.

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

A The Fund benefited from ourbottom-up issue selection during the Reporting Period. The Fund’s combined duration and yield curve positioning also added to relative returns. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.) Conversely, sector positioning held back the Fund’s relative performance.

Q Which segments of the municipal bond market significantly affected Fund performance during the Reporting Period?

A During the Reporting Period, individual issue selection bolstered the Fund’s performance. The Fund was helped by its holdings of Puerto Rico COFINA bonds, Puerto Rico Electric Power Authority bonds, New Jersey transportation bonds and Illinois state obligation bonds. (COFINA, or Corporación del Fondo de Interés Apremiante, is a Puerto Rico government-owned corporation that issues government bonds and uses other financing mechanisms to pay and refinance the commonwealth’s public debt.) Detracting from the Fund’s relative performance were investments in Ohio tobacco bonds, California’s Golden State tobacco bonds and New York airport bonds.

Within its sector positioning, the Fund was hurt by an overweight compared to the Index in tobacco bonds, though this was offset somewhat by its overweight position in state general obligation bonds, which added value. An overweight in Puerto Rico credits contributed positively, while an underweight in Ohio credits detracted from relative performance.

Overall, the Fund’s lower credit quality bias relative to the Index added to returns during the Reporting Period.

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

A During the Reporting Period, the Fund’s combined duration and yield curve positioning added to performance. The Fund benefited from its overweight relative to the Index in the longer-maturity segment of the municipal yield curve. These positive results were offset somewhat by the Fund’s overall shorter duration position compared to that of the Index, which dampened performance as municipal yields fell during the Reporting Period.

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

A During the Reporting Period, the Fund maintained a long position in credit default swaps (“CDS”), which means it sold CDS protection, as we sought to capture the upside potential of select securities that were trading below what we considered their intrinsic value.

4

PORTFOLIO RESULTS

The use of CDS had a neutral impact on the Fund’s performance during the Reporting Period. The Fund also employed U.S. Treasury futures to manage U.S. interest rate duration, which marginally detracted from results. In addition, to manage against potential changes in interest rates, the Fund used interest rate swaps. The use of interest rate swaps had a negative impact on the Fund’s performance during the Reporting Period.

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

A We increased the Fund’s exposure to airport and university bonds during the Reporting Period. We reduced its exposure to special assessment bonds andpre-refunded bonds.(Pre-refunding, also known as advance refunding, is a procedure in which a municipality issues a second bond at a lower interest rate and uses the proceeds from the sale of the second bond to invest in “escrow collateral” for the first bond. The escrow collateral is typically in Treasury securities.Pre-refunded municipal bonds no longer represent the credit risk profile of the original borrower, and given the high credit quality of the escrow collateral, they often increase in value — sometimes significantly.) From a state perspective, we increased the Fund’s allocations to Illinois and Puerto Rico credits and decreased its allocations to Florida and California credits. From a credit quality perspective, we increased the Fund’s overweight inA-rated issues and reduced its overweight inBBB-rated issues. In addition, we increased the Fund’s positions in the three- tosix-year segment of the municipal yield curve, while decreasing its positions in theone- totwo-year segment and the11- to12-year segment.

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

A At the end of the Reporting Period, the Fund was underweight relative to the Index in higher credit quality investment grade municipal bonds and overweight inBBB-rated and other lower credit quality issues. It was overweight Illinois and Florida municipal bonds and underweight New York and California municipal bonds at the end of the Reporting Period.

5

FUND BASICS

Dynamic Municipal Income Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			Bloomberg Barclays Municipal Bond 1-10 Yr Blend Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3			30-Day Taxable Equivalent Yield4
Class A		5.62	%		4.63	%		2.23	%		2.19	%		3.77	%
Class C		4.83			4.63			1.57			1.53			2.65
Institutional		5.97			4.63			2.65			2.61			4.48
Service		5.50			4.63			2.16			2.12			3.65
Investor		5.88			4.63			2.57			2.52			4.34
Class R6		5.98			4.63			2.66			2.62			4.49
April 20, 2018– March 31, 2019
Class P		5.35	%		4.92	%		2.66	%		2.62	%		4.49	%

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

²  The Bloomberg Barclays Municipal Bond1-10 Year Blend Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate, andtax-exempt issues, with a remaining maturity of at least one year. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the30-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. The30-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. The30-Day Standardized Unsubsidized Yielddoes 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, the30-Day Standard Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

⁴  The30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current30-Day Standardized Subsidized Yield by 1 minus the highest 2018 federal income tax rate of 40.8%.

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 recentmonth-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.

6

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		1.64	%		3.17	%		5.12	%		4.53	%	7/20/93
Class C		3.80			3.18			4.74			3.66		8/15/97
Institutional		5.97			4.31			5.88			4.81		8/15/97
Service		5.50			3.79			5.34			4.31		8/15/97
Investor		5.88			4.21			N/A			4.52		7/30/10
Class P		N/A			N/A			N/A			5.35		4/20/18
Class R6		5.98			N/A			N/A			5.44		11/30/17

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 calendarquarter-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. Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Service, Investor, Class P, and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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 recentmonth-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.76	%		0.80	%
Class C		1.51			1.55
Institutional		0.42			0.46
Service		0.92			0.96
Investor		0.51			0.55
Class P		0.41			0.45
Class R6		0.41			0.45

⁶ The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2019, 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.

7

FUND BASICS

SECTOR ALLOCATION⁷

Percentage of Market Value

⁷ The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Figures above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities.

8

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Performance Summary

March 31, 2019

The following graph shows the value as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond1-10 Year Blend Index (with distributions reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on capital gains and other taxable distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Investor, Class P and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

Dynamic Municipal Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced July 20, 1993)
Excluding sales charges	5.62%	3.96%	5.52%	4.69%
Including sales charges	1.64%	3.17%	5.12%	4.53%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	4.83%	3.18%	4.74%	3.66%
Including contingent deferred sales charges	3.80%	3.18%	4.74%	3.66%
Institutional (Commenced August 15, 1997)	5.97%	4.31%	5.88%	4.81%
Service (Commenced August 15, 1997)	5.50%	3.79%	5.34%	4.31%
Investor (Commenced July 30, 2010)	5.88%	4.21%	N/A	4.52%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	5.35%*
Class R6 (Commenced November 30, 2017)	5.98%	N/A	N/A	5.44%

* Total return for periods of less than one year represents cumulative total return.

9

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 the12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares generated average annual total returns, without sales charges, of 7.79%, 6.99%, 8.10%, 8.05% and 8.09%, respectively. These returns compare to the 7.03% average annual total return of the Fund’s benchmark, the Goldman Sachs High Yield Municipal Fund Composite Index (“High Yield Municipal Composite Index”), during the same time period.

The High Yield Municipal Composite Index is composed 60% of the Bloomberg Barclays Municipal High Yield Bond Index (with dividends reinvested) and 40% of the Bloomberg Barclays Municipal Bond Index (with dividends reinvested), which generated average annual total returns of 8.14% and 5.38%, respectively, during the Reporting Period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 7.14% compared to the 6.89% cumulative total return of the High Yield Municipal Composite Index. The components of the High Yield Municipal Composite Index, the Bloomberg Barclays Municipal High Yield Bond Index and the Bloomberg Barclays Municipal Bond Index, generated cumulative total returns of 7.65% and 5.76%, respectively, during the same time period.

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

A During the Reporting Period,bottom-up issue selection contributed positively to the Fund’s relative performance. The Fund also benefited from its combined duration and yield curve positioning. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.) Our sector positioning detracted from the Fund’s relative performance.

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

A Individual issue selection added to the Fund’s performance during the Reporting Period. Specifically, the Fund was helped by its holdings of Puerto Rico COFINA bonds, Puerto Rico Electric Power Authority bonds, New Jersey transportation bonds and California’s Golden State tobacco bonds. (COFINA, or Corporación del Fondo de Interés Apremiante, is a Puerto Rico government-owned corporation that issues government bonds and uses other financing mechanisms to pay and refinance the commonwealth’s public debt.) Conversely, the Fund’s performance was held back by investments in Michigan tobacco bonds, California County tobacco bonds and Oklahoma student housing bonds.

Within its sector positioning, the Fund was hurt by its overweight relative to the High Yield Municipal Composite Index in tobacco bonds. Its overweight position in state general obligation bonds contributed positively. An overweight in Puerto Rico municipal bonds bolstered relative performance, while an underweight in New York credits dampened results.

The Fund’s overweights compared to the High Yield Municipal Composite Index inA-rated andBBB-rated issues detracted from relative performance during the Reporting Period.

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

A The Fund’s combined duration and yield curve positioning added to relative performance. During the Reporting Period, the Fund benefited from its overweight versus the High Yield Municipal Composite Index in the longer-maturity segment

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PORTFOLIO RESULTS

of the municipal yield curve. These results were somewhat offset by the Fund’s overall shorter duration position compared to that of the High Yield Municipal Composite Index, which detracted as municipal yields fell during the Reporting Period.

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

A During the Reporting Period, the Fund maintained a long position in credit default swaps (“CDS”), which means it sold CDS protection, as we sought to capture the upside potential of select securities that were trading below what we considered to be their intrinsic value. The use of CDS had a marginally positive impact on Fund performance during the Reporting Period. In addition, the Fund employed interest rate swaps tied to LIBOR (London interbank offered rates, which are floating interest rates widely used as reference rates in bank, corporate and government lending agreements) to manage the Fund’s duration position during the Reporting Period. The use of interest rate swaps had a negative impact on the Fund’s performance during the Reporting Period.

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

A During the Reporting Period, we increased the Fund’s exposure to airport, state general obligation and hospital bonds. We reduced its exposure to tobacco, water and sewer, andpre-refunded bonds.(Pre-refunding, also known as advance refunding, is a procedure in which a municipality issues a second bond at a lower interest rate and uses the proceeds from the sale of the second bond to invest in “escrow collateral” for the first bond. The escrow collateral is typically in Treasury securities.Pre-refunded municipal bonds no longer represent the credit risk profile of the original borrower, and given the high credit quality of the escrow collateral, they often increase in value — sometimes significantly.) From a state perspective, we increased the Fund’s exposure to New Jersey credits and decreased its exposure to Texas credits. From a credit quality perspective, we increased the Fund’s overweight inBBB-rated issues and reduced its overweight inA-rated issues. Additionally, we increased the Fund’s positions in thesix- to seven-year segment and13- to14-year segment of the municipal yield curve, while reducing its positions in the segment of less thanone-year maturities and the eight- to nine-year segment.

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

A At the end of the Reporting Period, the Fund was overweight relative to the High Yield Municipal Composite Index in Illinois, Florida and New Jersey credits. It was underweight New York, Colorado and Texas credits. Compared to the High Yield Municipal Composite Index, the Fund was overweightBBB-rated andA-rated issues and underweight below investment grade credits at the end of the Reporting Period.

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FUND BASICS

High Yield Municipal Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			Goldman Sachs High Yield Municipal Fund Composite Index2			Bloomberg Barclays Municipal High Yield Bond Index3			Bloomberg Barclays Municipal Bond Index4			30-Day Standardized Subsidized Yield5			30-Day Standardized Unsubsidized Yield5			30-Day Taxable Equivalent Yield6
Class A		7.79	%		7.03	%		8.14	%		5.38	%		2.87	%		2.80	%		4.85	%
Class C		6.99			7.03			8.14			5.38			2.26			2.19			3.82
Institutional		8.10			7.03			8.14			5.38			3.29			3.27			5.56
Investor		8.05			7.03			8.14			5.38			3.25			3.18			5.49
Class R6		8.09			7.03			8.14			5.38			3.29			3.29			5.56
April 20, 2018– March 31, 2019
Class P		7.14	%		6.89	%		7.65	%		5.76	%		3.30	%		3.28	%		5.57	%

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

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

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

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

⁵  The method of calculation of the30-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. The30-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.

⁶  The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Subsidized Yield by 1 minus the highest 2018 federal income tax rate of 40.8%.

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 orhigher 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.

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FUND BASICS

STANDARDIZED TOTAL RETURNS7
For the period ended 3/31/19	One Year	Five Years			Ten Years			Since Inception			Inception Date
Class A	2.94%		5.55	%		7.97	%		4.75	%	4/3/00
Class C	5.96		5.73			7.66			4.22		4/3/00
Institutional	8.10		6.83			8.79			5.36		4/3/00
Investor	8.05		6.81			N/A			6.65		7/30/10
Class P	N/A		N/A			N/A			7.14		4/20/18
Class R6	8.09		N/A			N/A			7.85		11/30/17

⁷ 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 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). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Investor, Class P, and Class R6 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.

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

EXPENSE RATIOS8
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.85	%		0.92	%
Class C		1.60			1.67
Institutional		0.56			0.58
Investor		0.60			0.67
Class P		0.55			0.57
Class R6		0.55			0.57

⁸  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2019, 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.

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FUND BASICS

SECTOR ALLOCATION⁹

Percentage of Market Value

⁹  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Figures above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities.

14

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Performance Summary

March 31, 2019

The following graph shows the value as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Goldman Sachs High Yield Municipal Fund Composite Index, which is composed of the Bloomberg Barclays Municipal High Yield Bond Index (60%) and the Bloomberg Barclays Municipal Bond Index (40%) (with distributions reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on capital gains and other taxable distributions or the redemption of Fund shares. Performance of Class A, Class C, Investor, Class P and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

High Yield Municipal Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced April 3, 2000)
Excluding sales charges	7.79%	6.53%	8.47%	5.00%
Including sales charges	2.94%	5.55%	7.97%	4.75%
Class C (Commenced April 3, 2000)
Excluding contingent deferred sales charges	6.99%	5.73%	7.66%	4.22%
Including contingent deferred sales charges	5.96%	5.73%	7.66%	4.22%
Institutional (Commenced April 3, 2000)	8.10%	6.83%	8.79%	5.36%
Investor (Commenced July 30, 2010)	8.05%	6.81%	N/A	6.65%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	7.14%*
Class R6 (Commenced November 30, 2017)	8.09%	N/A	N/A	7.85%

* Total return for periods of less than one year represents cumulative total return.

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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 DurationTax-Free Fund’s (the “Fund”) performance and positioning for the12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor and Class R6 Shares generated average annual total returns, without sales charges, of 3.20%, 2.80%, 3.42%, 2.90%, 3.37% and 3.51%, respectively. These returns compare to the 2.71% average annual total return of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond1-3 Year Blend Index (with dividends reinvested) (the “Index”), during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 3.42% compared to the 2.88% cumulative total return of the Index.

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

A The Fund benefited from its sector positioning andbottom-up issue selection during the Reporting Period. Its combined duration and yield curve positioning also contributed positively. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

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

A During the Reporting Period, the Fund’s overweight versus the Index in state general obligation bonds added to relative performance. However, an overweight in the health care sector detracted from results. An overweight in Puerto Rico credits bolstered relative returns, though an overweight in Illinois credits hurt performance. The Fund’s lower credit quality bias added to relative results during the Reporting Period.

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

A The Fund’s combined duration and yield curve positioning added to relative performance. During the Reporting Period, the Fund benefited from its longer duration position compared to that of the Index, as municipal yields fell.

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

A During the Reporting Period, the Fund maintained a long position in credit default swaps (“CDS”), which means it sold CDS protection, as we sought to capture the upside potential of select securities that were trading below what we considered their intrinsic value. The use of CDS had a neutral impact on Fund performance during the Reporting Period.

Finally, a forward rate lock was used to help extend the duration of the Fund, which added to results.

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

A We reduced the Fund’s exposure to school district general obligation bonds and electric corporate bonds during the Reporting Period. We increased its exposure topre-refunded bonds.(Pre-refunding, also known as advance refunding, is a procedure in which a municipality issues a second bond at a lower interest rate and uses the proceeds from the sale of the second bond to invest in “escrow collateral” for the first bond. The escrow collateral is typically in Treasury securities.Pre-refunded municipal bonds no longer represent the credit risk profile of the original borrower, and given the

16

PORTFOLIO RESULTS

high credit quality of the escrow collateral, they often increase in value — sometimes significantly.) From a state perspective, we decreased the Fund’s allocation to Florida credits and increased its allocation to Georgia credits. Finally, we reduced the Fund’s position in theone- totwo-year segment of the municipal yield curve and increased its position in the segment of less thanone-year maturities.

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

A At the end of the Reporting Period, the Fund was overweight relative to the Index inBBB-rated issues and lower credit quality rated municipal bonds. It was underweight higher credit quality rated municipal bonds. In addition, the Fund was overweight Illinois, New Jersey and Texas credits. It was underweight California and New York credits at the end of the Reporting Period.

17

FUND BASICS

Short Duration Tax-Free Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			Bloomberg Barclays Municipal Bond 1-3 Year Blend Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3			30-Day Taxable Equivalent Yield4
Class A		3.20	%		2.71	%		1.64	%		1.57	%		2.77	%
Class C		2.80			2.71			1.27			0.86			2.15
Institutional		3.42			2.71			1.96			1.94			3.31
Service		2.90			2.71			1.47			1.44			2.48
Investor		3.37			2.71			1.91			1.85			3.23
Class R6		3.51			2.71			1.97			1.95			3.33
April 20, 2018– March 31, 2019
Class P		3.42	%		2.88	%		1.97	%		1.95	%		3.33	%

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

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

³  The method of calculation of the30-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. The30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

⁴  The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current30-Day Standardized Subsidized Yield by 1 minus the highest 2018 federal income tax rate of 40.8%.

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.

18

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		1.65	%		0.93	%		1.52	%		2.51	%	5/1/97
Class C		2.14			0.85			1.21			1.88		8/15/97
Institutional		3.42			1.56			2.00			3.14		10/1/92
Service		2.90			1.06			1.50			2.60		9/20/94
Investor		3.37			1.49			N/A			1.53		7/30/10
Class P		N/A			N/A			N/A			3.42		4/20/18
Class R6		3.51			N/A			N/A			3.09		11/30/17

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. Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Service, Investor, Class P, and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.69	%		0.75	%
Class C		1.09			1.50
Institutional		0.39			0.41
Service		0.89			0.91
Investor		0.44			0.50
Class P		0.38			0.40
Class R6		0.38			0.40

⁶  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2019, 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.

19

FUND BASICS

SECTOR ALLOCATION⁷

Percentage of Market Value

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Figures above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities.

20

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Performance Summary

March 31, 2019

The following graph shows the value as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays Municipal Bond1-3 Year Blend Index (with distributions reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on capital gains and other taxable distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Investor, Class P and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Fund.

Short Duration Tax-Free Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 1, 1997)
Excluding sales charges	3.20%	1.23%	1.68%	2.58%
Including sales charges	1.65%	0.93%	1.52%	2.51%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	2.80%	0.85%	1.21%	1.88%
Including contingent deferred sales charges	2.14%	0.85%	1.21%	1.88%
Institutional (Commenced October 1, 1992)	3.42%	1.56%	2.00%	3.14%
Service (Commenced September 20, 1994)	2.90%	1.06%	1.50%	2.60%
Investor (Commenced July 30, 2010)	3.37%	1.49%	N/A	1.53%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	3.42%*
Class R6 (Commenced November 30, 2017)	3.51%	N/A	N/A	3.09%

* Total return for periods of less than one year represents cumulative total return.

21

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – 95.2%
Alabama – 1.0%
	Alabama State Port Authority RB for Docks Facilities Series 2010 (A-/NR)(a)
$	2,500,000		5.750	%		10/01/2020	$	2,657,875
	Health Care Authority RB for Baptist Health Series 2006 D (BBB+/A3)
	100,000		5.000			11/15/2021		100,300
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	150,000		5.000			10/01/2024		170,285
	150,000		5.000			10/01/2025		172,911
	725,000		5.000			10/01/2030		820,562
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	700,000		5.0l00			10/01/2044		769,734
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	1,000,000		5.000			10/01/2021		1,066,610
	13,500,000		6.000			10/01/2042		15,701,040
	6,945,000		6.500			10/01/2053		8,216,421
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (A/A3)
	3,820,000		4.000			06/01/2024		4,109,938
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A3)(b)
	(1 Mo. LIBOR + 0.85%),
	10,000,000		2.518			06/01/2024		9,798,300
								43,583,976
Alaska – 0.2%
	Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (NR/NR)(c)
	37,350,000		0.000			06/01/2046		4,176,851
	State of Alaska GO Unlimited Bonds Series 2016 A (AA/Aa3)
	5,450,000		5.000			08/01/2027		6,431,436
								10,608,287
Arizona – 1.5%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(d)
	(3 Mo. LIBOR + 0.81%),
	14,575,000		2.684			01/01/2037		13,972,469
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BBB+/NR)
	570,000		5.000			01/01/2043		622,514
	1,500,000		4.500			01/01/2049		1,520,460
	1,300,000		5.000			01/01/2054		1,382,316
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BBB/NR)
	300,000		5.000			01/01/2043		319,662
	500,000		5.000			01/01/2049		523,530
	600,000		5.125			01/01/2054		627,900
Municipal Bonds – (continued)
Arizona – (continued)
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (NR/Baa1)
	365,000		5.000			05/01/2024		403,701
	300,000		5.000			05/01/2029		343,977
	650,000		5.000			05/01/2031		740,265
	Chandler Industrial Development Authority RB for Intel Corp. Series 2007 (AMT) (A+/A1)(b)(e)
	10,000,000		2.700			08/14/2023		10,173,900
	City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (AAA/Aa2)
	7,000,000		5.000			07/01/2030		8,372,210
	Entertainment Center Community Facilities District RB Series 2017 (AA+/NR)
	5,388,000		4.000			07/01/2037		5,629,975
	Glendale City Subordinate RB Refunding Series 2017 (AA/A1)
	2,500,000		5.000			07/01/2028		3,048,475
	Maricopa County IDA RB for Banner Health Series 2017 A (AA-/NR)
	4,360,000		4.000			01/01/2041		4,601,588
	Salt Verde Financial Corp. RB Gas SeniorSeries 2007-1 (BBB+/A3)
	8,905,000		5.000			12/01/2037		11,132,319
	Yavapai County IDA Solid Waste Disposal RB for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)(b)(e)
	4,000,000		2.800			06/01/2021		4,048,560
								67,463,821
Arkansas – 0.3%
	Arkansas State Development Finance Authority RB for Single Family Mortgage-Backed Securities Series 2008 B (AMT) (GNMA) (FNMA) (FHLMC) (AA+/NR)
	235,000		5.500			07/01/2023		235,616
	Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa2)
	5,395,000		3.000			02/01/2023		5,578,376
	5,185,000		3.000			02/01/2024		5,348,172
	Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	3,335,000		3.000			02/01/2023		3,398,198
								14,560,362
California – 10.4%
	Adelanto Public Utility Authority RB Refunding for Utility System Project Series 2009 A (NR/NR)(a)
	7,725,000		6.750			07/01/2019		7,825,579
	Alameda County Oakland Unified School District GO Refunding Bonds Series 2015 (A/NR)
	1,500,000		5.000			08/01/2019		1,517,055
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)(c)
	1,000,000		0.000			08/01/2037		548,380
	Anaheim Community Facilities DistrictNo. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR)
	875,000		4.000			09/01/2024		934,649
	745,000		4.000			09/01/2025		798,498

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	Anaheim Community Facilities DistrictNo. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR) – (continued)
$	535,000		4.000	%		09/01/2026	$	574,970
	590,000		4.000			09/01/2027		631,259
	575,000		4.000			09/01/2028		610,598
	465,000		4.000			09/01/2029		490,310
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	785,000		5.000			05/01/2040		911,620
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)(c)
	31,220,000		0.000			06/01/2055		2,080,813
	California Educational Facilities Authority RB for California Institute of Technology Series 2009 (AA-/Aa2)(a)
	5,000,000		5.000			11/01/2019		5,104,250
	California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (AAA/Aaa)
	5,000,000		5.250			04/01/2040		6,928,050
	California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (AAA/Aaa)
	3,500,000		5.000			05/01/2045		4,838,050
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	500,000		5.000			02/01/2042		571,065
	California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A+/A1)
	375,000		5.000			11/15/2028		463,590
	350,000		5.000			11/15/2029		429,502
	565,000		5.000			11/15/2030		687,306
	1,000,000		5.000			11/15/2042		1,153,150
	12,000,000		5.000			11/15/2056		13,519,680
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,300,000		5.000			02/01/2034		1,485,159
	1,150,000		5.000			02/01/2035		1,310,908
	450,000		5.000			02/01/2042		503,276
	1,450,000		5.000			02/01/2047		1,614,009
	California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (BBB+/NR)
	2,000,000		5.000			06/30/2028		2,406,720
	1,600,000		5.000			12/31/2028		1,919,104
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	200,000		5.000			10/01/2026		236,852
	200,000		5.000			10/01/2027		239,924
	150,000		5.000			10/01/2028		182,501
	225,000		5.000			10/01/2029		271,397
	125,000		5.000			10/01/2030		149,351
	225,000		5.000			10/01/2031		267,356
	225,000		5.000			10/01/2032		265,707
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	400,000		5.000			06/01/2035		436,464
	California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (AMT) (A-/NR)
	4,100,000		3.000			11/01/2025		4,206,805
Municipal Bonds – (continued)
California – (continued)
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)(f)
	2,000,000		6.750			12/01/2028		1,985,780
	10,075,000		7.500			12/01/2040		9,841,965
	California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (BBB-/Baa3)(f)
	13,845,000		5.000			07/01/2030		14,904,142
	California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (BBB-/Baa3)(f)
	280,000		5.000			07/01/2022		309,252
	360,000		5.000			07/01/2023		407,995
	445,000		5.000			07/01/2024		515,257
	1,330,000		5.000			07/01/2029		1,653,376
	California State Various Purpose GO Bonds Series 2009 (AA-/Aa3)
	5,000,000		5.250			10/01/2025		5,095,050
	California State Various Purpose GO Bonds Series 2010 (AA-/Aa3)
	1,250,000		6.000			03/01/2033		1,302,250
	1,500,000		5.500			03/01/2040		1,546,110
	California State Various Purpose GO Bonds Series 2017 (AA-/Aa3)
	1,500,000		5.000			08/01/2046		1,731,450
	California Statewide Communities Development Authority Community Facilities DistrictNo. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	310,000		5.000			09/01/2030		344,425
	340,000		5.000			09/01/2037		369,767
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2018 B (NR/NR)
	1,055,000		5.000			09/02/2033		1,196,381
	950,000		5.000			09/02/2038		1,056,200
	375,000		5.000			09/02/2043		412,515
	1,130,000		5.000			09/02/2048		1,236,469
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (A-/NR)
	250,000		5.000			08/01/2028		308,903
	300,000		5.000			08/01/2029		369,066
	315,000		5.000			08/01/2030		384,580
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (BB+/NR)(f)
	500,000		5.000			07/01/2024		544,900
	900,000		5.000			07/01/2029		1,008,360
	California Statewide Communities Development Authority RB for Sutter Health Series 2011 A (AA-/Aa3)(a)
	2,000,000		6.000			08/15/2020		2,124,600
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)
	150,000		5.000			04/01/2030		178,103
	70,000		5.000			04/01/2031		82,564

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR) – (continued)
$	385,000		4.000	%		04/01/2032	$	417,536
	455,000		4.000			04/01/2034		487,901
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (BB-/NR)(f)
	1,725,000		5.000			12/01/2031		1,917,079
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
	1,300,000		5.000			09/02/2038		1,445,327
	1,500,000		5.000			09/02/2048		1,641,330
	California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF – Irvine, LLC Series 2017 (NR/Baa1)
	975,000		5.000			05/15/2042		1,101,048
	1,000,000		5.000			05/15/2047		1,125,520
	800,000		5.000			05/15/2050		898,040
	California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF – Irvine, LLC Series 2017 (NR/Baa1)
	1,750,000		5.000			05/15/2022		1,912,627
	California Statewide Community Development Authority Water & Wastewater RB Balance Series 2004 (AGM) (AA/A2)
	5,000		5.250			10/01/2019		5,013
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (CCC/NR)(c)
	22,000,000		0.000			06/01/2046		3,457,300
	Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA/Aa2)(c)
	3,500,000		0.000			06/01/2034		2,197,125
	City of Oroville RB for Oroville Hospital Series 2019 (BB+/NR)
	1,140,000		5.000			04/01/2024		1,272,286
	1,325,000		5.000			04/01/2027		1,528,242
	1,000,000		5.000			04/01/2029		1,167,470
	1,250,000		5.000			04/01/2030		1,448,137
	1,500,000		5.000			04/01/2031		1,725,450
	City of Sacramento Natomas Meadows Community Facilities DistrictNo. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)(f)
	615,000		4.000			09/01/2028		642,078
	Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (AA/NR)
	275,000		3.125			08/01/2035		277,681
	County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A+/A2)
	1,225,000		5.000			07/01/2039		1,434,524
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (A-/Baa3)
	1,300,000		3.950			01/15/2053		1,332,097
Municipal Bonds – (continued)
California – (continued)
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)(g)
	3,000,000		0.000			01/15/2032		3,051,960
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2014 Subseries B-3 (A-/Baa3)(b)(e)
	675,000		5.500			01/15/2023		752,443
	Fullerton Community Facilities District No. 1 Special Tax Refunding Bonds for Amerige Heights Series 2012 (A+/NR)
	500,000		5.000			09/01/2032		546,105
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)(c)
	18,000,000		0.000			06/01/2047		2,865,960
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)(c)
	9,375,000		0.000			06/01/2047		1,492,688
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/A1)
	10,000,000		5.000			06/01/2045		11,182,300
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018A-1 (BBB/NR)
	22,180,000		5.000			06/01/2034		25,233,964
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018A-1 (NR/NR)
	2,440,000		5.000			06/01/2047		2,427,775
	10,080,000		5.250			06/01/2047		10,181,506
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018A-2 (NR/NR)
	14,450,000		5.000			06/01/2047		14,377,606
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007A-2 (B+/B3)
	3,915,000		5.300			06/01/2037		3,956,186
	Irvine Unified School DistrictNo. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	650,000		5.000			09/01/2025		751,153
	650,000		5.000			09/01/2026		760,773
	Irvine Unified School DistrictNo. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	480,000		5.000			09/01/2025		554,698
	Irvine Unified School DistrictNo. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	430,000		5.000			09/01/2026		503,281
	Irvine Unified School DistrictNo. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	180,000		4.000			09/01/2025		194,906
	175,000		4.000			09/01/2026		190,067
	Lammersville Joint Unified School District Improvement Community Facilities DistrictNo. 2014-1 Special Tax Bonds Series 2019 (NR/NR)
	775,000		5.000			09/01/2043		860,335
	2,500,000		5.000			09/01/2048		2,767,600

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (AA/NR)
$	3,000,000	3.500 %		09/01/2035	$	3,099,570
	Los Angeles Community College District GO Bonds for 2008 Election Series 2010 C (AA+/Aa1)(a)
	5,000,000	5.250		08/01/2020		5,256,850
	Los Angeles Department of Airports RB Senior Refunding Series 2018 B (AMT) (AA/Aa2)
	2,275,000	5.000		05/15/2034		2,723,357
	Los Angeles Department of Airports Subordinated RB Series 2016 B (AMT) (AA-/Aa3)
	1,000,000	5.000		05/15/2029		1,184,560
	Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (AA-/Aa3)
	7,000,000	5.250		05/15/2048		8,282,400
	Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (AA-/Aa3)
	5,000,000	5.000		05/15/2030		6,036,400
	1,000,000	5.000		05/15/2035		1,181,220
	Los Angeles Department of Airports Subordinated RB Series 2018 D (AMT) (AA-/Aa3)
	6,000,000	5.000		05/15/2030		7,435,860
	Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (ASSURED GTY) (AA/Aa3)(c)
	2,000,000	0.000		08/01/2037		1,077,160
	4,500,000	0.000		08/01/2038		2,321,010
	4,500,000	0.000		08/01/2039		2,221,470
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (AA-/NR)(c)
	1,205,000	0.000		08/01/2026		1,025,817
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)(c)
	2,470,000	0.000		08/01/2035		1,498,080
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	1,750,000	6.500		11/01/2039		2,537,833
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	3,500,000	6.125		11/01/2029		4,377,765
	2,000,000	6.500		11/01/2039		2,900,380
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa2)(g)
	5,000,000	0.000		08/01/2035		5,015,800
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A3)(d)
	(3 Mo. LIBOR + 0.72%),
	5,595,000	2.594		07/01/2027		5,441,026
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	11,335,000	5.000		11/01/2047		13,172,177
	Palomar Pomerado Health COPS Series 2009 (NR/WR)(a)
	2,500,000	6.750		11/01/2019		2,575,700
Municipal Bonds – (continued)
California – (continued)
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)
	2,150,000	0.000(c)		08/01/2031		1,473,674
	4,150,000	0.000(c)		08/01/2032		2,733,066
	3,500,000	0.000(c)		08/01/2033		2,216,025
	6,450,000	0.000(g)		08/01/2038		8,481,428
	Port of Oakland RB Refunding Senior Lien Series 2012 P (AMT) (A+/A1)
	4,000,000	5.000		05/01/2031		4,333,840
	Rancho Cordova Community Facilities DistrictNo. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	650,000	4.000		09/01/2020		665,548
	590,000	4.000		09/01/2023		625,235
	320,000	4.000		09/01/2024		341,315
	400,000	4.000		09/01/2025		428,724
	1,490,000	4.000		09/01/2026		1,604,790
	305,000	4.000		09/01/2027		325,133
	500,000	4.000		09/01/2028		527,555
	1,280,000	4.000		09/01/2029		1,344,486
	River Islands Public Financing Authority Community Facilities DistrictNo. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	4,815,000	5.000		09/01/2027		5,071,784
	1,000,000	5.375		09/01/2031		1,069,870
	485,000	5.250		09/01/2034		515,671
	Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	750,000	5.000		09/01/2025		854,730
	1,075,000	5.000		09/01/2026		1,235,422
	1,000,000	5.000		09/01/2027		1,160,620
	Sacramento City Unified School District CA GO RB Refunding Series 2012 (BBB/A2)
	125,000	5.000		07/01/2020		129,593
	Sacramento City Unified School District CA GO RB Refunding Series 2015 (AGM) (AA/NR)
	500,000	5.000		07/01/2020		520,265
	1,000,000	5.000		07/01/2029		1,135,970
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa3)(d)
	(3 Mo. LIBOR + 0.53%),
	13,150,000	2.290		12/01/2035		12,874,113
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA-/Aa2)(c)
	5,000,000	0.000		07/01/2039		2,593,000
	San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (AA-/Aa2)
	3,500,000	4.000		07/01/2042		3,622,430
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2011 C (AMT) (A+/A1)
	3,800,000	5.000		05/01/2021		4,056,576

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2013 A (AMT) (A+/A1)
$	2,000,000		5.500	%		05/01/2028	$	2,284,980
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2018 A (AMT) (A+/A1)
	10,000,000		5.000			05/01/2023		11,271,300
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2018 D (AMT) (A+/A1)
	20,000,000		5.000			05/01/2048		23,152,200
	San Francisco City & County Airport Commission San Francisco International Airport RB Series 2019 A (AMT) (A+/A1)
	9,380,000		5.000			05/01/2044		11,040,260
	21,500,000		5.000			05/01/2049		25,179,080
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2016 C (A-/NR)
	1,000,000		5.000			08/01/2033		1,173,430
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL-RE) (BBB/Baa2)(c)
	1,605,000		0.000			01/15/2026		1,314,270
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (A-/NR)
	1,000,000		5.000			01/15/2029		1,137,550
	State of California Various Purpose GO Bonds Series 2009 (AA-/Aa3)
	2,285,000		6.500			04/01/2033		2,286,942
	1,775,000		6.000			04/01/2038		1,776,367
	State of California Various Purpose GO Bonds Series 2009 (AA+/Aaa)(a)
	975,000		6.000			04/01/2019		975,000
	2,715,000		6.500			04/01/2019		2,715,000
	Stockton Unified School District GO Refunding Bonds Series 2016 (A+/A1)
	2,735,000		5.000			08/01/2025		3,260,776
	Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005A-1 (B-/B3)
	1,650,000		5.375			06/01/2038		1,657,491
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)(d)
	(3 Mo. LIBOR + 0.74%),
	7,880,000		2.538			05/15/2043		7,009,890
	Vernon California Redevelopment Agency Tax Allocation for Industrial Redevelopment Project Series 2005 (NATL-RE) (NR/Baa2)
	725,000		5.250			09/01/2019		725,537
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE) (AA-/Baa2)(c)
	1,175,000		0.000			08/01/2025		1,030,369
								462,404,224
Municipal Bonds – (continued)
Colorado – 3.5%
	Adams County School District No. 1 GO Bonds for Mapleton Public Schools Series 2017 (ST AID WITHHLDG) (NR/Aa2)
	7,235,000		5.250			12/01/2040		8,534,985
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	2,090,000		4.500			12/01/2029		2,127,536
	Board of Governors of Colorado State University System RB Refunding Series 2017 C (AA/Aa2)
	23,835,000		5.000			03/01/2043		27,946,776
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR)
	525,000		5.000			12/01/2037		542,377
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	1,000,000		5.250			12/01/2038		1,015,810
	Centerra Metropolitan District No. 1 Special RB Refunding & Improvement Bonds Series 2017 (NR/NR)(f)
	4,000,000		5.000			12/01/2029		4,287,120
	500,000		5.000			12/01/2047		514,225
	Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (AA+/Aa1)
	3,510,000		6.000			12/15/2029		4,638,675
	10,805,000		6.000			12/15/2030		14,177,457
	Colorado Health Facilities Authority RB Refunding for Covenant Retirement Communities, Inc. Series 2015 A (A-/NR)
	625,000		4.000			12/01/2019		633,606
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (BBB/NR)
	1,150,000		5.000			06/01/2047		1,262,930
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	500,000		3.500			12/01/2021		506,755
	500,000		4.500			12/01/2027		518,620
	Denver City & County Airport RB Refunding Series 2018 A (AMT) (A/A2)
	17,000,000		5.000			12/01/2030		21,063,340
	11,500,000		5.250			12/01/2048		13,559,190
	Denver City & County Airport RB Series 2013 A (AMT) (A/A2)
	5,000,000		5.500			11/15/2029		5,688,050
	Denver City & County COPS Series 2008A-2 (AA+/Aa1)(b)(e)
	1,895,000		1.500			04/01/2019		1,895,000
	Denver City & County COPS Series 2008A-3 (AA+/Aa1)(b)(e)
	1,175,000		1.500			04/01/2019		1,175,000
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (BB/NR)
	1,750,000		5.000			10/01/2032		1,877,505
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(f)
	4,995,000		5.000			12/01/2025		5,783,261
	2,490,000		5.000			12/01/2026		2,908,345
	Denver Colorado Health and Hospital Authority Healthcare RB Series 2007 B (BBB/NR)(d)
	(3 Mo. LIBOR+ 1.10%),
	4,890,000		2.859			12/01/2033		4,702,957

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate		Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
$	765,000		5.000 %		12/01/2024	$	875,313
	205,000		5.000		12/01/2025		237,624
	Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR)(f)
	5,655,000		5.250		12/01/2039		5,769,878
	E-470 Public Highway Authority RB Series 2010 A (A/A2)(c)
	6,000,000		0.000		09/01/2040		2,668,380
	E-470 Public Highway Authority Senior RB Series 2017 B (A/A2)(b)
	(1 Mo. LIBOR + 1.05%),
	2,000,000		2.722		09/01/2021		2,017,600
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	500,000		5.500		12/01/2048		502,130
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	500,000		4.375		12/01/2031		492,095
	500,000		5.000		12/01/2046		506,110
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	1,000,000		5.625		12/01/2048		1,017,340
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)
	2,000,000		6.250		11/15/2028		2,536,040
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	545,000		4.500		12/01/2028		551,099
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000		5.500		12/01/2048		504,540
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-1 (NR/Ba1)
	238,000		3.000		12/01/2022		237,831
	1,000,000		5.000		12/01/2037		1,077,110
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017A-2 (NR/Ba1)
	80,000		3.000		12/01/2022		79,943
	100,000		3.500		12/01/2027		100,056
	115,000		5.000		12/01/2037		123,868
	325,000		5.000		12/01/2047		344,913
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	1,000,000		5.000		12/01/2037		1,012,930
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa2)
	350,000		5.000		12/01/2032		400,365
	Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (MUN GOVT GTD) (NR/NR)
	1,000,000		5.000		12/01/2030		1,029,230
	6,920,000		5.000		12/01/2047		7,035,495
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bond Series 2018 A (NR/NR)
	1,250,000		5.375		12/01/2048		1,269,900
							155,749,310
Municipal Bonds – (continued)
Connecticut – 2.5%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	450,000		5.000		08/01/2026		516,199
	965,000		5.000		08/01/2027		1,116,235
	1,165,000		5.000		08/01/2028		1,357,796
	750,000		5.500		08/01/2029		898,448
	350,000		5.500		08/01/2030		416,346
	500,000		5.500		08/01/2031		591,365
	500,000		5.500		08/01/2032		589,105
	405,000		5.500		08/01/2033		475,506
	Connecticut State GO Bonds Series 2013 C (A/A1)
	7,555,000		5.000		07/15/2019		7,626,924
	Connecticut State GO Bonds Series 2018 C (A/A1)
	680,000		5.000		06/15/2028		822,929
	Connecticut State GO Refunding Bonds Series 2017 B (A/A1)
	5,000,000		5.000		04/15/2028		6,040,500
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-2 (AAA/Aaa)(b)(e)
	1,975,000		1.250		04/01/2019		1,975,000
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-1 (AAA/Aaa)(b)(e)
	22,650,000		5.000		02/01/2028		28,482,148
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)(b)(e)
	23,330,000		5.000		02/01/2023		26,181,626
	Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (AA/Aa3)
	5,540,000		5.000		11/01/2026		6,749,327
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (B-/NR)(f)
	3,755,000		7.000		02/01/2045		3,885,261
	State of Connecticut GO Bonds Series 2018 (A/A1)
	1,770,000		5.000		06/15/2027		2,116,018
	755,000		5.000		06/15/2029		907,608
	165,000		5.000		06/15/2032		194,670
	State of Connecticut GO Unlimited Bonds Series 2019 A (A/A1)(h)
	1,500,000		5.000		04/15/2025		1,739,655
	1,000,000		5.000		04/15/2028		1,207,590
	State of Connecticut State Revolving Fund RB Series 2017 A (AAA/Aaa)
	9,655,000		5.000		05/01/2036		11,456,237
	University of Connecticut RB Refunding Series 2010 A (AA-/A1)
	2,775,000		5.000		02/15/2021		2,849,980
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	325,000		5.000		11/01/2025		357,695
	325,000		5.000		11/01/2026		360,977
	325,000		5.000		11/01/2027		363,032
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	645,000		5.000		11/01/2024		702,611
	240,000		5.000		11/01/2026		266,568
							110,247,356
Delaware – 0.2%
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)
	700,000		5.000		06/01/2025		802,907
	760,000		5.000		06/01/2026		883,492

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Delaware – (continued)
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR) (continued)
$	685,000		5.000	%		06/01/2027	$	805,122
	600,000		5.000			06/01/2029		713,844
	Delaware State GO Bonds Series 2018 A (AAA/Aaa)
	2,455,000		5.000			02/01/2025		2,911,679
	University of Delaware RB Series 2005 (AA+/NR)(b)(e)
	1,755,000		1.450			04/01/2019		1,755,000
	University of Delaware RB Series 2015 (AA+/Aa1)
	1,805,000		5.000			11/01/2033		2,084,017
								9,956,061
District of Columbia – 0.7%
	District of Columbia GO Bonds Series 2007 A (NATL-RE) (AA+/Aaa)
	7,500,000		3.000			06/01/2030		7,502,625
	District of Columbia GO Refunding Bonds Series 2017 A (AA+/Aaa)
	10,000,000		5.000			06/01/2035		11,910,700
	1,300,000		4.000			06/01/2037		1,411,358
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A-/Baa1)
	750,000		6.500			05/15/2033		829,935
	Metropolitan Washington Airports Authority RB Refunding Series 2018 A (AMT) (AA-/Aa3)
	6,375,000		5.000			10/01/2034		7,597,024
								29,251,642
Florida – 6.7%
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
	175,000		4.000			05/01/2024		176,720
	220,000		4.500			05/01/2029		225,137
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016A-1 (A-/NR)
	360,000		2.500			05/01/2024		360,526
	370,000		3.000			05/01/2025		377,766
	380,000		3.000			05/01/2026		386,270
	395,000		3.125			05/01/2027		402,248
	Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016A-2 (NR/NR)
	365,000		4.250			05/01/2027		351,907
	410,000		4.750			05/01/2036		387,491
	Arbor Greene Community Development District Special Assessment Refunding Series 2006 (A/NR)
	210,000		5.000			05/01/2019		210,573
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018A-2 (NR/NR)
	1,000,000		4.125			05/01/2023		1,003,750
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)(f)
	505,000		4.200			05/01/2024		509,444
	630,000		4.550			05/01/2029		644,219
Municipal Bonds – (continued)
Florida – (continued)
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	210,000		5.000			05/01/2028		211,090
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017A-1 (NR/NR)
	605,000		5.375			05/01/2028		607,499
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	175,000		2.250			05/01/2022		176,585
	175,000		2.500			05/01/2023		177,741
	180,000		2.500			05/01/2024		182,155
	185,000		3.000			05/01/2025		190,776
	190,000		3.000			05/01/2026		195,730
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)(f)
	305,000		4.000			11/01/2024		305,854
	370,000		4.500			11/01/2029		375,660
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	100,000		4.500			11/01/2025		103,384
	185,000		5.000			11/01/2036		195,821
	320,000		5.000			11/01/2048		331,824
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015A-1 (A-/NR)
	495,000		4.250			05/01/2029		536,238
	490,000		4.500			05/01/2035		519,547
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	135,000		2.500			05/01/2023		137,219
	140,000		2.750			05/01/2024		143,144
	90,000		3.000			05/01/2025		92,605
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017A-1 (BBB-/NR)
	315,000		3.500			05/01/2023		331,430
	325,000		3.500			05/01/2024		344,250
	340,000		3.500			05/01/2025		360,560
	350,000		3.500			05/01/2026		371,136
	365,000		3.500			05/01/2027		385,882
	Bellagio Community Development District Special Assessment Bond Series 2016 (BBB/NR)
	160,000		2.500			11/01/2022		160,787
	160,000		2.750			11/01/2023		161,459
	170,000		3.000			11/01/2025		173,188
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)(f)
	13,650,000		5.250			12/01/2058		13,401,160
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)
	110,000		3.500			11/01/2025		114,886
	115,000		3.500			11/01/2026		121,068

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
$	235,000		2.500	%		05/01/2023	$	236,384
	245,000		2.500			05/01/2024		245,007
	250,000		3.000			05/01/2025		254,540
	255,000		3.000			05/01/2026		259,042
	535,000		4.250			05/01/2037		560,493
	Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)
	127,000		3.875			11/01/2024		128,302
	189,000		4.200			11/01/2029		193,126
	750,000		5.000			11/01/2049		771,712
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)(f)
	1,250,000		5.500			10/01/2036		1,264,675
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,000,000		4.000			10/01/2034		1,060,550
	City of West Palm Beach Utility System RB Series 2017 A (AA+/Aa2)
	15,000,000		5.000			10/01/2042		17,493,300
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)(g)
	5,000,000		0.000			05/01/2038		4,235,600
	Coco Palms Community Development District Special Assessment Bonds Expansion Area Project 2019 (NR/NR)(f)
	200,000		3.625			06/15/2024		201,498
	295,000		4.000			06/15/2029		299,145
	Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
	770,000		5.375			05/01/2036		770,223
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016A-1 (A/NR)
	880,000		2.375			05/01/2023		881,953
	900,000		2.500			05/01/2024		905,166
	925,000		2.750			05/01/2025		937,219
	915,000		3.000			05/01/2026		938,415
	980,000		3.200			05/01/2027		1,012,213
	1,015,000		3.250			05/01/2028		1,043,126
	1,500,000		3.750			05/01/2046		1,521,960
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(f)
	400,000		3.750			11/01/2023		400,692
	695,000		4.500			11/01/2028		704,869
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	129,000		3.000			05/01/2023		132,611
	133,000		3.250			05/01/2024		137,800
	138,000		3.500			05/01/2025		144,117
	143,000		3.625			05/01/2026		150,792
Municipal Bonds – (continued)
Florida – (continued)
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015A-1 (A-/NR)
	190,000		2.875			05/01/2021		194,178
	195,000		3.000			05/01/2022		200,705
	205,000		3.250			05/01/2023		213,620
	210,000		3.375			05/01/2024		220,053
	220,000		3.500			05/01/2025		232,538
	215,000		4.125			05/01/2035		227,324
	County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A-/A2)
	5,550,000		2.600			06/01/2023		5,644,239
	County of Miami-Dade Florida Transit System RB Refunding Series 2019 (AA/NR)(h)
	18,060,000		4.000			07/01/2039		19,536,766
	Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (BBB/NR)
	2,000,000		4.000			05/01/2024		2,098,180
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	300,000		3.750			11/01/2023		300,972
	730,000		4.500			11/01/2028		739,884
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)(f)
	3,695,000		5.400			05/01/2039		3,768,567
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	1,675,000		5.300			05/01/2039		1,721,381
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	750,000		4.250			12/15/2028		753,420
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017A-1 (AGM) (AA/NR)
	700,000		3.750			05/01/2034		721,630
	965,000		4.000			05/01/2037		1,003,214
	East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)
	200,000		3.750			11/01/2024		202,130
	East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR)
	280,000		4.125			11/01/2029		286,339
	Florida Development Finance Corp. Surface Transportation Facility RB for Brightline Passenger Rail Project Series 2017 (AMT) (NR/NR)(b)(e)(f)
	2,800,000		5.625			01/01/2028		2,908,136
	Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018A-1 (NR/NR)(f)
	2,000,000		4.500			06/01/2033		2,101,060
	250,000		4.750			06/01/2038		263,077
	4,500,000		5.000			06/01/2048		4,785,345

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date			Value
Municipal Bonds – (continued)
Florida – (continued)
	Florida State Full Faith and Credit State Board of Education Public Education Capital Outlay Tax-Exempt Refunding Bonds Series 2015 E (AAA/Aaa)
$	2,990,000		5.000	%		06/01/2022		$	3,310,468
	Florida State Municipal Power Agency RB Series 2009 A (A+/A2)(a)
	1,000,000		6.250			10/01/2019			1,023,390
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	200,000		4.000			11/01/2028			199,050
	500,000		5.000			11/01/2038			523,230
	Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR)
	840,000		4.250			05/01/2026			855,565
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (AMT) (NR/NR)
	920,000		5.000			11/15/2036			965,604
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A+/A1)
	1,290,000		5.000			10/01/2047			1,472,367
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (AMT) (AA-/Aa3)
	2,150,000		5.000			10/01/2021			2,319,334
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	280,000		3.375			05/01/2021			279,023
	550,000		3.875			05/01/2026			545,930
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017A-1 (A-/NR)(f)
	265,000		4.000			05/01/2024			287,154
	265,000		4.000			05/01/2025			288,161
	140,000		4.000			05/01/2026			153,150
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	215,000		4.000			05/01/2024			228,717
	225,000		4.000			05/01/2025			240,982
	235,000		4.000			05/01/2026			252,966
	240,000		4.000			05/01/2027			259,848
	250,000		4.000			05/01/2028			269,952
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	585,000		3.375			05/01/2023			610,342
	605,000		3.500			05/01/2024			634,893
	630,000		3.625			05/01/2025			663,403
	650,000		3.750			05/01/2026			682,740
	1,000,000		4.200			05/01/2031			1,068,330
	1,000,000		4.350			05/01/2036			1,050,550
	Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)(f)
	330,000		4.000			12/15/2024			332,419
	550,000		4.250			12/15/2029			556,814
Municipal Bonds – (continued)
Florida – (continued)
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,225,000		4.250			05/01/2031			1,332,322
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR)
	200,000		4.250			11/01/2022			201,852
	375,000		4.875			11/01/2027			386,932
	875,000		5.375			11/01/2037			913,763
	795,000		5.500			11/01/2047			827,492
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR)
	75,000		4.875			11/01/2027			77,386
	335,000		5.500			11/01/2047			349,405
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	790,000		4.000			11/01/2028			792,038
	700,000		4.500			11/01/2038			694,575
	Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)(f)
	210,000		4.000			11/01/2024			211,982
	250,000		5.000			11/01/2039			257,448
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)(f)
	1,175,000		4.500			05/01/2038			1,174,965
	1,855,000		4.625			05/01/2048			1,855,668
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)(f)
	510,000		3.650			05/01/2022			512,203
	520,000		4.300			05/01/2027			527,291
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR)
	1,605,000		4.250			05/01/2025			1,628,272
	1,675,000		4.875			05/01/2035			1,708,031
	960,000		4.875			05/01/2045			971,069
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	425,000		4.000			05/01/2022			428,868
	940,000		4.625			05/01/2027	��		972,336
	1,000,000		5.250			05/01/2037			1,052,380
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1A Series 2018 (NR/NR)
	350,000		3.900			05/01/2023			352,075
	535,000		4.250			05/01/2028			538,922
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1B Series 2018 (NR/NR)(f)
	1,570,000		4.350			05/01/2024			1,591,242
	1,970,000		4.750			05/01/2029			2,041,472
	2,250,000		5.300			05/01/2039			2,342,632

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
$	320,000		4.000	%		05/01/2021	$	322,339
	230,000		4.250			05/01/2026		233,616
	5,095,000		5.000			05/01/2036		5,213,306
	5,055,000		5.125			05/01/2046		5,175,208
	Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)(h)
	230,000		3.500			05/01/2024		230,264
	275,000		3.875			05/01/2029		276,040
	Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	250,000		3.625			11/01/2023		249,785
	560,000		4.125			11/01/2028		559,328
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017A-1 (A-/NR)
	330,000		3.500			05/01/2025		351,883
	340,000		3.500			05/01/2026		362,348
	500,000		4.000			05/01/2036		529,305
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
	1,480,000		5.000			05/01/2038		1,513,552
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	880,000		5.375			05/01/2030		880,590
	McJunkin Parkland Community Development District Special Assessment Bond Series 2018 (NR/NR)(f)
	1,000,000		4.750			11/01/2029		1,025,250
	Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (A-/NR)
	750,000		4.450			05/01/2030		810,510
	Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
	250,000		3.500			05/01/2023		250,090
	Miami Special Obligation Non-Ad Valorem RB Refunding Series 2011 A (AGM) (AA/Aa3)(a)
	2,700,000		6.000			02/01/2021		2,920,050
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (A+/Aa3)(f)
	9,500,000		5.000			03/01/2030		10,517,640
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	250,000		4.000			11/01/2023		254,040
	250,000		4.750			11/01/2027		259,800
	850,000		5.125			11/01/2039		882,530
	2,350,000		5.250			11/01/2049		2,443,671
	Miami-Dade County Industrial Development Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2018 A (AMT) (A-/NR)(b)
	(SIFMA Municipal Swap Index Yield + 0.80%),
	7,935,000		2.300			11/01/2021		7,932,937
Municipal Bonds – (continued)
Florida – (continued)
	Miromar Lakes Community Development District Capital Improvement RB Refunding Series 2015 (NR/NR)
	345,000		3.500			05/01/2020		345,800
	North Sumter County Utility Dependent District RB Series 2010 (AGM) (AA/A2)
	1,250,000		5.375			10/01/2040		1,313,150
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	3,285,000		5.875			11/01/2037		3,600,984
	3,500,000		6.000			11/01/2047		3,831,030
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	370,000		4.375			11/01/2023		375,954
	640,000		4.875			11/01/2028		663,603
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018A-1 (A/NR)
	215,000		3.500			11/01/2025		229,218
	225,000		3.500			11/01/2026		239,890
	230,000		3.500			11/01/2027		245,007
	240,000		3.500			11/01/2028		255,934
	585,000		4.000			11/01/2033		628,495
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	520,000		2.500			05/01/2022		526,240
	530,000		2.750			05/01/2023		542,826
	350,000		3.750			05/01/2031		366,321
	1,045,000		4.000			05/01/2036		1,092,725
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	410,000		3.500			05/01/2021		412,161
	300,000		4.000			05/01/2027		307,989
	Parkway Center Community Development District Special Assessment for Amenity Projects Series2018-2 (A-/NR)
	350,000		4.250			05/01/2031		376,026
	1,030,000		4.500			05/01/2038		1,101,029
	Parkway Center Community Development District Special Assessment RefundingSeries 2018-1 (BBB/NR)
	265,000		4.000			05/01/2026		279,331
	275,000		4.000			05/01/2027		290,414
	285,000		4.125			05/01/2028		303,878
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	450,000		4.000			05/01/2024		473,459
	490,000		4.000			05/01/2026		518,415
	530,000		4.000			05/01/2028		562,081
	1,350,000		4.500			05/01/2031		1,477,818
	Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (A-/NR)
	1,330,000		4.500			11/01/2033		1,363,516
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	275,000		4.750			11/01/2029		281,757
	Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR)(f)
	150,000		4.100			05/01/2024		151,380
	185,000		4.500			05/01/2029		189,434

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR)
$	620,000		4.250	%		11/01/2025	$	627,452
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016A-1 (A-/NR)
	890,000		4.000			05/01/2035		925,404
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)
	305,000		4.000			11/01/2024		305,604
	740,000		4.500			11/01/2029		745,247
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	250,000		4.000			11/01/2023		251,455
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,485,000		3.625			05/01/2024		1,494,444
	1,895,000		4.000			05/01/2029		1,921,303
	2,500,000		4.750			05/01/2039		2,562,350
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	420,000		3.000			05/01/2023		428,463
	435,000		3.250			05/01/2024		449,646
	450,000		3.450			05/01/2025		468,698
	465,000		3.625			05/01/2026		488,813
	995,000		4.125			05/01/2036		1,034,740
	South Fork III Community Development District Parcel V and W Special Assessment Bonds Series 2019 (NR/NR)(f)
	585,000		4.250			11/01/2024		590,282
	730,000		4.500			11/01/2029		740,432
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	475,000		4.000			05/01/2024		477,646
	590,000		4.625			05/01/2029		600,626
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	350,000		2.500			11/01/2023		350,788
	355,000		2.750			11/01/2024		358,351
	370,000		3.000			11/01/2025		376,264
	585,000		4.250			11/01/2037		614,981
	St. Petersburg Health Facilities Authority RB Refunding for All Children’s Hospital Series 2009 A (AA-/WR)(a)
	2,000,000		6.500			11/15/2019		2,060,500
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	265,000		2.500			05/01/2023		267,078
	270,000		2.500			05/01/2024		272,068
	280,000		3.000			05/01/2025		289,543
	290,000		3.000			05/01/2026		300,080
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016A-1 (BBB+/NR)
	190,000		2.500			05/01/2023		192,825
	190,000		2.500			05/01/2024		192,001
	200,000		3.000			05/01/2025		205,674
	205,000		3.000			05/01/2026		210,379
Municipal Bonds – (continued)
Florida – (continued)
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016A-1 (BBB+/NR) (continued)
	1,135,000		3.500			05/01/2031		1,178,777
	1,370,000		4.000			05/01/2036		1,438,760
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	120,000		3.625			05/01/2021		121,094
	Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016A-1 (A+/NR)
	205,000		3.000			05/01/2027		209,777
	215,000		3.125			05/01/2028		221,054
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018A-1 (AGM) (AA/NR)
	350,000		3.500			05/01/2032		359,982
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018A-2 (NR/NR)(f)
	585,000		5.200			05/01/2028		600,947
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		4.625			05/01/2028		302,310
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	1,065,000		4.375			11/01/2023		1,075,363
	2,005,000		5.000			11/01/2029		2,056,488
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	505,000		4.250			06/15/2028		507,172
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A-/Baa1)
	750,000		5.000			04/01/2030		885,645
	650,000		5.000			04/01/2031		761,410
	550,000		5.000			04/01/2033		637,648
	Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (AAA/Aaa)
	2,000,000		4.000			07/01/2043		2,161,680
	7,000,000		4.000			07/01/2047		7,507,850
	Trevesta Community Development District Special Assessment Area 1 Pase 2 Project Series 2018 (NR/NR)(f)
	335,000		4.375			11/01/2024		338,675
	500,000		5.250			11/01/2039		516,885
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	250,000		4.000			11/01/2024		251,770
	495,000		4.500			11/01/2029		503,509
	TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR)
	180,000		3.625			11/01/2020		180,311
	530,000		4.375			11/01/2025		537,452
	Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015A-1 (A/NR)
	1,000,000		4.250			05/01/2031		1,065,350

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016A-1 (A/NR)
$	350,000		2.125	%		05/01/2022	$	350,098
	360,000		2.250			05/01/2023		360,871
	370,000		2.500			05/01/2024		374,606
	375,000		2.625			05/01/2025		380,719
	390,000		3.000			05/01/2026		404,586
	400,000		3.125			05/01/2027		416,736
	415,000		3.250			05/01/2028		432,733
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(f)
	500,000		4.000			05/01/2024		504,120
	1,000,000		4.625			05/01/2029		1,009,770
	1,000,000		5.000			05/01/2038		1,018,130
	Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)
	325,000		4.000			11/01/2024		326,085
	395,000		4.500			11/01/2029		401,502
	Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR)
	300,000		4.000			11/01/2024		300,999
	375,000		4.500			11/01/2029		381,176
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	1,560,000		3.750			05/01/2026		1,538,956
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017A-1 (BBB/NR)(f)
	345,000		3.250			05/01/2024		357,451
	360,000		3.500			05/01/2025		376,168
	370,000		3.625			05/01/2026		390,161
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	610,000		4.750			11/01/2025		621,688
	Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013A-1 (A+/NR)
	500,000		4.250			05/01/2030		532,980
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(f)
	1,000,000		3.250			05/01/2023		1,010,590
	1,000,000		3.800			05/01/2028		1,026,470
	2,000,000		4.000			05/01/2033		2,050,520
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	355,000		4.000			05/01/2026		385,228
	350,000		4.000			05/01/2027		379,999
	355,000		4.000			05/01/2028		383,066
	375,000		4.000			05/01/2029		402,773
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (AA/NR)
	1,945,000		3.500			05/01/2032		1,996,484
	2,320,000		4.000			05/01/2037		2,410,202
Municipal Bonds – (continued)
Florida – (continued)
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	220,000		2.750			11/01/2024		220,825
	225,000		3.000			11/01/2025		226,912
	230,000		3.200			11/01/2026		233,333
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	780,000		5.500			05/01/2034		827,026
	925,000		5.750			05/01/2044		988,205
	Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015A-1 (BBB+/NR)
	2,150,000		4.000			05/01/2031		2,254,813
	Waterset Central Community Development District Special Assessment Bond Series 2018 (NR/NR)(f)
	500,000		5.125			11/01/2038		509,880
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	2,365,000		5.500			11/01/2045		2,478,071
	West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)(f)(h)
	500,000		4.000			05/01/2024		499,985
	750,000		4.250			05/01/2029		749,970
	Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR)(h)
	295,000		3.625			05/01/2024		294,926
	355,000		3.900			05/01/2029		353,822
	Willows Community Development District Special Assessment RB Series 2019 (NR/NR)(h)
	250,000		3.875			05/01/2024		250,243
	500,000		4.370			05/01/2029		500,995
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	200,000		4.250			11/01/2029		202,596
	680,000		4.875			11/01/2039		693,784
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	135,000		4.875			05/01/2036		137,299
	250,000		5.000			05/01/2047		253,880
	Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (BBB+/NR)
	1,460,000		4.500			05/01/2036		1,527,262
								295,760,707
Georgia – 1.6%
	Atlanta Airport RB Refunding Series 2012 C (AMT) (AA-/Aa3)
	1,250,000		5.000			01/01/2027		1,353,625
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2008 (A-/Baa1)(b)(e)
	3,500,000		1.650			06/18/2021		3,443,300

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Georgia – (continued)
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A-/NR)(b)(e)
$	2,500,000		2.925	%		03/12/2024	$	2,541,825
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corporation Vogtle Series 2017 F (A-/Baa1)(b)(e)
	9,475,000		3.000			02/01/2023		9,570,508
	City of Atlanta RB for Water & Wastewater Series 2018 B (AA-/Aa2)
	4,750,000		3.500			11/01/2043		4,794,317
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BBB-/NR)
	700,000		5.000			03/01/2027		762,139
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	2,500,000		5.000			05/15/2025		2,841,000
	3,000,000		5.000			05/15/2026		3,455,760
	3,000,000		5.000			05/15/2027		3,493,050
	2,455,000		5.000			05/15/2028		2,887,203
	2,800,000		5.000			05/15/2029		3,316,096
	4,875,000		5.000			05/15/2049		5,930,925
	Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A (NR/Aa2)(b)(e)
	14,250,000		4.000			09/01/2023		15,338,558
	Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Series 2009 A (AA+/Aa2)(a)
	4,075,000		5.250			07/01/2019		4,112,857
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)(d)
	(3 Mo. LIBOR + 0.65%),
	5,200,000		2.524			10/01/2033		4,862,676
	Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)(f)
	1,275,000		4.000			01/01/2038		1,291,868
								69,995,707
Guam – 0.6%
	Guam Government Business Privilege Tax RB Refunding Series 2015 D (BB/NR)
	3,000,000		5.000			11/15/2022		3,252,900
	Guam Government Business Privilege Tax RB Series 2012 B-1 (BB/NR)
	2,980,000		5.000			01/01/2029		3,124,441
	Guam Government Limited Obligation RB Section 30 Series 2009 A (NR/NR)(a)
	850,000		5.625			12/01/2019		873,460
	750,000		5.750			12/01/2019		771,315
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)
	2,755,000		5.000			12/01/2025		3,115,491
	2,255,000		5.000			12/01/2026		2,579,878
	2,000,000		5.000			12/01/2027		2,276,460
Municipal Bonds – (continued)
Guam – (continued)
	Guam Power Authority RB Refunding Series 2012 A (AGM) (AA/A2)
	1,500,000		5.000			10/01/2024		1,650,075
	Guam Power Authority RB Series 2014 A (AGM) (AA/A2)
	325,000		5.000			10/01/2039		359,300
	250,000		5.000			10/01/2044		275,803
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	1,030,000		5.000			01/01/2046		1,119,188
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	350,000		5.000			07/01/2025		398,314
	525,000		5.000			07/01/2026		604,616
	350,000		5.000			07/01/2027		407,288
	370,000		5.000			07/01/2028		428,090
	725,000		5.000			07/01/2029		833,163
	700,000		5.000			07/01/2030		798,154
	700,000		5.000			07/01/2031		793,254
	700,000		5.000			07/01/2032		789,901
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)
	400,000		5.000			07/01/2029		459,348
	600,000		5.000			07/01/2031		677,508
	250,000		5.000			07/01/2033		279,798
	225,000		5.000			07/01/2034		250,931
	425,000		5.000			07/01/2036		470,343
								26,589,019
Hawaii – 0.2%
	City & County Honolulu RB for Wastewater System Series 2018 A (AA/Aa2)
	3,000,000		4.000			07/01/2042		3,185,670
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (AMT) (A-/Baa2)
	5,025,000		4.000			03/01/2037		5,120,575
	Hawaii State GO Bonds Series 2013 EH (NR/NR)(a)
	1,275,000		5.000			08/01/2023		1,453,921
								9,760,166
Idaho – 0.3%
	Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (BBB-/Baa3)
	2,000,000		2.750			10/01/2024		2,035,840
	State of Idaho GO Bonds Series 2018 (SP-1+/MIG1)
	11,005,000		4.000			06/28/2019		11,069,269
								13,105,109
Illinois – 12.1%
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (B+/B2)
	555,000		5.382			12/01/2023		558,863
	2,250,000		5.482			12/01/2024		2,263,072
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)
	3,550,000		6.000			04/01/2046		4,113,456

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)
$	760,000		5.000	%		04/01/2034	$	832,816
	575,000		5.000			04/01/2035		628,004
	525,000		5.000			04/01/2036		572,633
	490,000		5.000			04/01/2037		533,394
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (B+/Baa2)(c)
	2,015,000		0.000			12/01/2026		1,531,742
	2,930,000		0.000			12/01/2029		1,939,133
	2,515,000		0.000			12/01/2030		1,577,433
	Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (BBB+/Ba1)(c)
	510,000		0.000			01/01/2031		321,494
	Chicago Illinois Board of Education GO Bonds Series 2015 C (B+/NR)
	2,500,000		6.000			12/01/2035		2,761,600
	Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL-RE) (B+/Baa2)(c)
	3,405,000		0.000			12/01/2023		2,920,128
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (B+/B2)
	4,785,000		5.000			12/01/2042		4,909,649
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (B+/B2)
	2,300,000		6.038			12/01/2029		2,336,892
	2,500,000		6.138			12/01/2039		2,509,500
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (B+/NR)
	5,160,000		7.000			12/01/2044		6,034,310
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (B+/NR)
	7,125,000		6.500			12/01/2046		8,175,225
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	1,825,000		5.000			12/01/2025		2,090,026
	2,190,000		5.000			12/01/2026		2,541,407
	2,375,000		5.000			12/01/2027		2,788,488
	7,445,000		5.000			12/01/2028		8,819,198
	700,000		5.000			12/01/2030		817,341
	1,800,000		5.000			12/01/2031		2,091,024
	1,000,000		5.000			12/01/2032		1,157,280
	2,000,000		5.000			12/01/2033		2,305,940
	600,000		5.000			12/01/2034		689,382
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (AA/NR)
	5,000,000		5.000			12/01/2027		5,870,500
	5,230,000		5.000			12/01/2028		6,195,353
	5,500,000		5.000			12/01/2029		6,468,000
	4,690,000		5.000			12/01/2030		5,476,185
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)(c)
	750,000		0.000			01/01/2032		449,917
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	300,000		5.500			01/01/2037		326,370
	2,720,000		5.500			01/01/2040		2,941,626
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	1,500,000		5.250			01/01/2033		1,597,365
	630,000		5.000			01/01/2034		662,772
	490,000		5.000			01/01/2036		513,540
	Chicago Illinois GO Bonds Project Refunding Series 2017 A (BBB+/NR)
	3,375,000		6.000			01/01/2038		3,850,200
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	650,000		5.000			01/01/2040		660,796
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	150,000		5.000			01/01/2034		154,759
	Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
	1,120,000		7.517			01/01/2040		1,268,691
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	1,320,000		5.500			01/01/2039		1,430,167
	Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	13,893,000		7.375			01/01/2033		15,496,113
	Chicago Illinois GO Refunding Bonds Capital Appreciation Series 2007 C (NATL-RE) (BBB+/Baa2)
	4,405,000		5.000			01/01/2030		4,418,039
	Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	2,385,000		5.432			01/01/2042		2,231,835
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	2,545,000		5.000			01/01/2024		2,754,377
	4,435,000		5.000			01/01/2025		4,856,768
	5,600,000		5.000			01/01/2038		5,935,944
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 A (AMT) (A/A3)
	2,500,000		5.500			01/01/2029		2,784,700
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)
	7,000,000		5.000			01/01/2039		8,213,660
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2012 A (AMT) (A/A2)
	4,550,000		5.000			01/01/2020		4,659,519
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (A/NR)
	2,095,000		5.000			01/01/2023		2,324,843
	4,740,000		5.000			01/01/2024		5,379,805
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (A/NR)
	9,105,000		5.000			01/01/2037		10,329,805
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (A/NR)
	3,000,000		5.250			01/01/2035		3,531,660
	Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (BBB-/NR)(a)
	1,000,000		5.000			01/01/2025		1,177,540

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Tax Increment Allocation RB Refunding for Pilsen Redevelopment Project Series 2014 A (A/NR)
$	1,135,000		5.000	%		06/01/2020	$	1,174,441
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	475,000		5.250			01/01/2042		544,445
	1,330,000		4.000			01/01/2052		1,368,238
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2000 (A/Baa2)
	600,000		5.000			11/01/2029		691,338
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	1,500,000		5.000			11/01/2026		1,760,325
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM) (AA/A2)
	5,650,000		6.314			01/01/2044		6,788,588
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM) (AA/A2)
	265,000		5.432			01/01/2042		285,977
	Cook County High School District No. 209 Proviso Township GO Bonds Limited Tax School Series 2018 B (AGM) (AA/NR)
	9,600,000		5.500			12/01/2036		11,606,208
	Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (NR/Aa2)
	840,000		4.000			12/01/2023		908,947
	County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)
	1,500,000		4.000			11/15/2047		1,585,515
	Illinois Finance Authority RB for Cook County School District No. 73 East Prairie Series 2018 (BAM) (AA/A1)
	2,325,000		4.000			12/01/2036		2,471,382
	1,420,000		4.000			12/01/2037		1,503,312
	4,230,000		4.000			12/01/2042		4,424,326
	Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (NR/Aa2)
	500,000		4.000			12/01/2038		525,500
	400,000		4.000			12/01/2040		418,968
	1,085,000		4.000			12/01/2042		1,131,525
	Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2007A-4 (AA+/Aa2)(b)(e)
	1,810,000		1.500			04/01/2019		1,810,000
	Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (AA+/Aa2)
	19,555,000		4.000			07/15/2047		20,541,941
	Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (A/NR)
	4,000,000		4.250			01/01/2044		4,140,480
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,425,000		4.000			05/15/2027		1,456,222
	Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (AA-/Aa2)
	2,100,000		5.000			10/01/2041		2,439,486
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
	10,685,000		5.000			01/01/2026		12,276,424
	8,170,000		5.000			01/01/2027		9,469,193
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR) – (continued)
	15,355,000		5.000			01/01/2028		17,959,208
	11,790,000		5.000			01/01/2029		13,900,528
	Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (AA/NR)
	4,160,000		5.000			06/15/2027		4,626,960
	Illinois State GO Bonds for Build America BondsSeries 2010-5 (BBB-/Baa3)
	1,780,000		7.350			07/01/2035		2,022,489
	Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	4,165,000		5.100			06/01/2033		4,092,612
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,000,000		5.500			07/01/2024		5,459,600
	5,500,000		5.250			07/01/2028		5,856,455
	5,120,000		5.500			07/01/2038		5,410,509
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	375,000		4.500			12/01/2041		381,199
	Illinois State GO Bonds Series 2017 B (BBB-/Baa3)
	27,575,000		5.000			11/01/2019		28,049,566
	Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	12,830,000		5.000			11/01/2029		14,065,786
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	5,150,000		5.000			11/01/2021		5,466,468
	41,500,000		5.000			11/01/2024		45,384,400
	2,000,000		5.000			11/01/2025		2,204,920
	2,995,000		5.000			11/01/2027		3,321,964
	600,000		5.000			11/01/2028		662,058
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	16,375,000		5.000			05/01/2031		17,893,454
	1,760,000		5.000			05/01/2042		1,865,424
	1,760,000		5.000			05/01/2043		1,862,379
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	3,950,000		4.000			02/01/2030		4,199,798
	1,185,000		4.000			02/01/2031		1,250,637
	Illinois State GO Refunding Bonds Series 2017 D (BBB-/Baa3)
	850,000		5.000			11/01/2020		883,924
	Illinois State Sales Tax RB Junior Obligation Series 2016 A (BBB/NR)
	1,475,000		5.000			06/15/2022		1,581,053
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (BBB/NR)
	675,000		4.000			06/15/2021		697,714
	2,875,000		5.000			06/15/2022		3,081,712
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (BBB/NR)
	3,185,000		4.000			06/15/2021		3,292,175
	Kendall Kane & Will Counties Community Unit School District No. 308 GO Bonds Series 2011 A (NR/Aa3)
	4,545,000		5.000			02/01/2029		4,766,114
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2)(c)
	5,535,000		0.000			12/15/2032		3,288,897

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/Baa2)(c)
$	2,685,000		0.000	%		12/15/2031	$	1,671,359
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/NR)
	1,555,000		5.700			06/15/2024		1,719,192
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (NR/NR)(a)
	460,000		5.700			06/15/2022		522,703
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2012 B (ST APPROP) (BBB/NR)
	4,390,000		5.000			12/15/2028		4,613,934
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)
	2,000,000		5.000			12/15/2028		2,257,400
	300,000		5.000			12/15/2032		331,179
	600,000		5.000			12/15/2033		659,946
	500,000		5.000			12/15/2034		547,775
	1,260,000		0.000	(g)		12/15/2037		745,340
	3,500,000		0.000	(g)		12/15/2042		2,079,455
	3,850,000		0.000	(g)		12/15/2047		2,280,317
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (BBB+/NR)(a)
	1,125,000		6.000			06/01/2021		1,230,086
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (AA/NR)(c)
	6,000,000		0.000			12/01/2025		4,948,980
	Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)
	4,000,000		3.500			03/01/2030		4,144,400
	State of Illinois GO BondsSeries 2010-1 (BBB-/Baa3)
	635,000		6.630			02/01/2035		689,185
	State of Illinois GO Bonds Series 2012 A (BBB-/Baa3)
	300,000		5.000			01/01/2034		307,125
	State of Illinois GO Bonds Series 2014 (BBB-/Baa3)
	570,000		5.000			02/01/2024		617,749
	State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)
	1,850,000		3.250			11/01/2026		1,795,999
	9,450,000		5.000			11/01/2026		10,429,587
	State of Illinois GO Refunding Bonds Series 2018 A (BBB-/Baa3)
	500,000		5.000			10/01/2028		556,685
	State of Illinois GO Unlimited Bonds Series 2016 (BBB-/Baa3)
	2,360,000		5.000			11/01/2020		2,454,188
	State of Illinois GO Unlimited Bonds Series 2017 A (BBB-/Baa3)
	1,500,000		4.000			12/01/2033		1,480,095
	5,000,000		4.250			12/01/2037		4,950,100
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB-/Baa3)
	5,100,000		5.000			10/01/2027		5,654,115
Municipal Bonds – (continued)
Illinois – (continued)
	Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR)
	1,150,000		5.000			01/01/2024		1,185,972
	2,690,000		5.000			01/01/2030		2,759,268
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB+/NR)
	210,000		4.125			10/01/2041		210,777
	420,000		4.125			10/01/2046		420,764
								533,894,738
Indiana – 0.2%
	City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2015 (AMT) (A-/A1)(b)(e)
	3,000,000		5.000			11/01/2022		3,297,720
	Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (AA-/Aa3)(b)
	(SIFMA Municipal Swap Index Yield + 0.55%),
	3,940,000		2.050			11/01/2023		3,940,670
	Jasper County PCRB Refunding for Northern Indiana Public Service Co. Project RMKT 08/25/08 Series 1994 C (NATL-RE) (BBB+/WR)
	650,000		5.850			04/01/2019		650,000
								7,888,390
Iowa – 0.1%
	City of Davenport GO Corporate Bonds Series 2019 (IA) (AA/Aa3)
	1,060,000		4.000			06/01/2031		1,177,734
	Coralville Iowa COPS Series 2016 E (BB/NR)
	300,000		4.000			06/01/2019		299,850
	460,000		4.000			06/01/2020		458,676
	500,000		4.000			06/01/2021		497,265
	Iowa Finance Authority Midwestern Disaster area Iowa Fertilizer Company Project RB Refunding series 2019 (B+/NR)(h)
	2,335,000		3.125			12/01/2022		2,349,290
								4,782,815
Kentucky – 2.7%
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)(d)
	(3 Mo. LIBOR + 0.53%),
	10,490,000		2.363			11/01/2027		10,213,589
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
	1,200,000		4.000			06/01/2037		1,251,972
	400,000		4.000			06/01/2045		411,460
	Kentucky Public Energy Authority Gas Supply RB Series 2018 B (NR/A1)(b)(e)
	25,000,000		4.000			01/01/2025		27,165,000
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A3)(b)(e)
	16,000,000		4.000			06/01/2025		17,328,160
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A3)(b)(e)
	22,080,000		4.000			06/01/2025		23,932,070

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Kentucky – (continued)
	Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A-/A1)
$	8,100,000		5.000	%		11/01/2025	$	9,429,939
	Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (A-/NR)
	2,000,000		4.000			10/01/2034		2,096,600
	Louisville & Jefferson County Metropolitan Government PCRB for Louisville Gas & Electric Company Project Series 2001 B (AMT) (A/A1)(b)(e)
	3,080,000		2.550			05/03/2021		3,120,440
	Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 (SP-1+/MIG1)
	10,000,000		4.000			11/01/2019		10,139,300
	Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (AA/Aa3)
	10,000,000		4.000			05/15/2038		10,795,300
	University of Kentucky General Receipts Refunding Bonds Series 2015 A (AA/Aa2)
	3,260,000		4.000			04/01/2026		3,652,928
								119,536,758
Louisiana – 0.9%
	East Baton Rouge Parish Louisiana Sales Tax RB for Road and Street Improvement Series 2009 A (ASSURED GTY) (AA/A2)(a)
	1,230,000		5.250			08/01/2019		1,245,080
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (BBB/Baa2)
	14,185,000		3.500			11/01/2032		14,269,117
	Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (A+/A1)
	6,250,000		4.375			02/01/2039		6,629,562
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
	900,000		2.750			10/01/2023		931,869
	670,000		5.000			10/01/2023		757,757
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	2,125,000		3.375			09/01/2028		2,138,090
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	1,625,000		3.500			06/01/2030		1,636,424
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A-/A3)
	3,695,000		4.000			05/15/2042		3,798,090
	3,000,000		5.000			05/15/2046		3,357,180
	New Orleans Aviation Board GARBs Series 2015 B (AMT) (A-/A3)
	3,750,000		5.000			01/01/2034		4,162,650
Municipal Bonds – (continued)
Louisiana – (continued)
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A-/A3)
	1,000,000		5.000			01/01/2048		1,114,690
	Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (AMT) (A/A3)
	500,000		5.000			04/01/2030		546,070
								40,586,579
Maine – 0.6%
	Maine Turnpike Authority RB Refunding Series 2015 (AA-/Aa3)
	1,565,000		5.000			07/01/2026		1,857,405
	State of Maine GO Bonds Series 2018 D (AA/Aa2)
	9,765,000		5.000			06/01/2024		11,381,010
	10,470,000		5.000			06/01/2025		12,491,652
								25,730,067
Maryland – 1.7%
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	425,000		4.000			09/01/2027		441,486
	650,000		4.500			09/01/2033		678,678
	City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (AA+/Aa2)
	1,725,000		4.000			08/01/2027		1,996,981
	County of Montgomery GO Bonds for Consolidated Public Improvement Series 2017 E (AAA/Aaa)(b)(e)
	3,500,000		1.470			04/01/2019		3,500,000
	County of Montgomery Public Improvement GO Bonds Series 2013 A (AAA/Aaa)
	13,475,000		4.000			11/01/2027		14,788,408
	Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (ASSURED GTY) (AA/NR)
	80,000		5.600			07/01/2020		80,251
	555,000		5.700			07/01/2029		560,927
	Maryland State Economic Development Corporation Student Housing RB Refunding for University of Maryland College Park Projects Series 2016 (AGM) (AA/A2)
	600,000		4.000			06/01/2020		615,966
	Maryland State GO Bonds for State & Local Facilities Loan Second Series 2014 B (AAA/Aaa)(a)
	15,900,000		5.000			08/01/2022		17,684,616
	Maryland State GO Bonds for State & Local Facilities Loan Series 2013 B (AAA/Aaa)
	10,000,000		5.000			03/15/2025		11,886,900
	State of Maryland Department of Transportation RB Series 2015 (AAA/Aa1)
	15,780,000		4.000			02/01/2030		17,032,143
	State of Maryland Department of Transportation Third Issue RB Series 2015 (AAA/Aa1)
	5,145,000		4.000			12/15/2026		5,679,308
								74,945,664
Massachusetts – 2.0%
	Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2018 Series 2018 A (AA/Aa1)
	10,000,000		5.000			01/01/2048		11,637,900

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Development Finance Agency RB for Harvard University Series 2010 B-2 (AAA/Aaa)(a)
$	5,000,000		5.250	%		02/01/2021	$	5,340,000
	Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (AAA/Aaa)
	5,000,000		5.000			07/15/2036		6,676,300
	16,500,000		5.000			07/15/2040		22,340,505
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)(f)
	2,000,000		4.000			11/15/2023		2,028,540
	1,200,000		5.000			11/15/2028		1,301,976
	Massachusetts Development Finance Agency RB Refunding Wellforce Obligation Group Series 2019 A (BBB+/NR)
	825,000		5.000			07/01/2038		949,856
	1,850,000		5.000			07/01/2039		2,118,620
	Massachusetts Health & Educational Facilities Authority RB for Tufts University Series 2012 G (AA-/Aa2)(b)(e)
	3,600,000		1.350			04/01/2019		3,600,000
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(d)
	(3 Mo. LIBOR + 0.57%),
	4,825,000		2.403			05/01/2037		4,696,124
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)(d)
	(3 Mo. LIBOR + 0.57%),
	5,000,000		2.403			05/01/2037		4,866,450
	Massachusetts State GO Bonds Consolidated Loan Series 2018 D (AA/Aa1)
	7,500,000		4.000			05/01/2039		8,077,725
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)(b)(e)
	5,525,000		5.000			01/01/2023		6,169,326
	Massachusetts Water Resources Authority RB Refunding Series 2012 B (AA+/Aa1)
	7,220,000		5.000			08/01/2029		7,958,389
								87,761,711
Michigan – 2.3%
	City of Detroit Financial Recovery Series 2014 B-1 (NR/NR)(e)
	13,203,183		4.000			04/01/2034		11,680,856
	City of Detroit Financial Recovery Series 2014 B-2 (NR/NR)(e)
	331,114		4.000			04/01/2034		289,771
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	1,075,000		5.000			07/01/2026		1,201,151
	1,130,000		5.000			07/01/2027		1,258,888
	1,000,000		5.000			07/01/2028		1,110,250
	1,000,000		5.000			07/01/2029		1,106,710
	3,435,000		5.000			07/01/2033		3,750,264
	3,330,000		5.000			07/01/2036		3,615,481
	Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien RB Series 2016C (AA-/A2)
	8,000,000		5.250			07/01/2033		9,495,920
	17,775,000		5.250			07/01/2034		21,037,779
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (BB+/NR)
	1,000,000		3.875			10/01/2023		1,048,400
Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 D-4 (AA-/A2)
	1,000,000		5.000			07/01/2034		1,113,450
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL-RE) (A+/A3)
	650,000		5.000			07/01/2036		719,615
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-1 (A+/A2)
	1,000,000		5.000			07/01/2044		1,069,120
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (AA/A2)
	325,000		5.000			07/01/2032		364,812
	250,000		5.000			07/01/2033		279,623
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage disposal System Second Lien Series 2015 C (A/A3)
	1,945,000		5.000			07/01/2033		2,194,446
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (AA/A2)
	400,000		5.000			07/01/2035		445,924
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (AA-/A2)
	1,000,000		5.000			07/01/2029		1,154,460
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (AA/A2)
	15,000,000		4.250			12/31/2038		15,681,000
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project Series 1995 CC (A/Aa3)(b)(e)
	1,115,000		1.450			09/01/2021		1,083,635
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC/NR)(c)
	9,500,000		0.000			06/01/2052		493,430
	Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (AA/NR)
	2,485,000		4.000			11/01/2026		2,839,560
	2,585,000		4.000			11/01/2027		2,961,169
	Warren Consolidated School District Unlimited Tax GO Refunding Bonds for School Building and Site Bonds Series 2016 (Q-SBLF) (AA/NR)
	1,145,000		5.000			05/01/2025		1,338,288
	1,215,000		5.000			05/01/2026		1,439,374
	3,705,000		5.000			05/01/2027		4,363,897
	Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2015 B (Q-SBLF) (AA/NR)
	2,160,000		5.000			05/01/2022		2,356,322

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Michigan – (continued)
	Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A/A2)
$	400,000		5.000	%		12/01/2033	$	463,564
	1,065,000		5.000			12/01/2034		1,229,436
	650,000		5.000			12/01/2035		747,370
	800,000		5.000			12/01/2036		916,440
	880,000		5.000			12/01/2037		1,004,846
								99,855,251
Minnesota – 0.2%
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)
	3,300,000		5.000			05/01/2048		3,856,743
	1,325,000		4.000			05/01/2049		1,393,701
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (A-/NR)
	1,535,000		4.250			02/15/2048		1,610,046
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)
	500,000		5.000			05/01/2047		538,510
	Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (AAA/Aa1)
	1,680,000		3.000			10/01/2029		1,766,016
								9,165,016
Mississippi – 0.5%
	County of Warren RB Refunding for International Paper Co. Series 2018 (BBB/Baa2)(b)(e)
	2,700,000		2.900			09/01/2023		2,749,167
	Jackson County PCRB Refunding for Chevron U.S.A., Inc. Project Series 1993 (AA/Aa2)(b)(e)
	3,435,000		1.480			04/01/2019		3,435,000
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development RB for Chevron USA, Inc. Series 2007 B (AA/Aa2)(b)(e)
	3,040,000		1.480			04/01/2019		3,040,000
	Mississippi Business Finance Corp. RB for Mississippi Power Co. Project First Series 2010 (A-/NR)(b)(e)
	4,120,000		2.750			12/09/2021		4,146,533
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	5,400,000		2.500			04/01/2022		5,422,032
	Mississippi Development Bank Special Obligation RB for Hinds Community College District Capital Improvement Project Series 2009 (ASSURED GTY) (AA/A1)(a)
	1,095,000		5.375			10/01/2019		1,116,155
	Mississippi State GO Bonds Series 2015 F (AA/Aa2)
	1,000,000		4.000			11/01/2035		1,076,790
								20,985,677
Missouri – 0.2%
	Branson IDA Tax Increment RB Refunding for Branson Shoppes Redevelopment Project Series 2017 A (NR/NR)
	400,000		3.000			11/01/2019		400,864
	400,000		3.000			11/01/2020		401,776
	350,000		3.000			11/01/2021		350,858
	350,000		4.000			11/01/2022		360,710
Municipal Bonds – (continued)
Missouri – (continued)
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)(f)
	1,000,000		4.500			12/01/2029		1,013,630
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)
	800,000		5.000			09/01/2038		913,592
	Missouri Health & Educational Facilities Authority RB Refunding Series 1996 C (AA+/Aa1)(b)(e)
	1,900,000		1.480			04/01/2019		1,900,000
	Missouri Health & Educational Facilities Authority RB Series 2003 B (AA+/Aa1)(b)(e)
	3,500,000		1.510			04/01/2019		3,500,000
	St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,405,000		4.375			11/15/2035		1,446,700
								10,288,130
Montana – 0.0%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	575,000		5.000			07/01/2029		699,275
Nevada – 0.6%
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	50,000		3.000			06/01/2019		50,046
	100,000		3.000			06/01/2020		100,568
	135,000		3.000			06/01/2021		135,871
	245,000		3.000			06/01/2022		245,877
	Clark County School District GO Building Bonds Series 2018 A (A+/A1)
	5,000,000		5.000			06/15/2030		6,013,200
	11,180,000		5.000			06/15/2031		13,342,771
	Henderson Nevada Local Improvement DistrictNo. T-18 (Inspirada) Special Assessment Refunding Limited Obligation Series 2016 (NR/NR)
	1,285,000		4.000			09/01/2025		1,331,311
	State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (AA/Aa2)
	5,000,000		5.000			11/01/2026		5,906,600
								27,126,244
New Hampshire – 1.3%
	New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (A-/Baa1)(b)(e)
	2,695,000		2.800			10/02/2023		2,760,084
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)(b)
	(SIFMA Municipal Swap Index Yield + 0.75%),
	7,400,000		2.250			10/01/2021		7,379,724
	New Hampshire Health and Education Facilities Authority Act Dartmouth-Hitchcock Obligation Group RB Refunding Series 2017 A (A/NR)
	3,690,000		5.000			08/01/2032		4,277,891
	3,880,000		5.000			08/01/2033		4,482,875
	4,075,000		5.000			08/01/2034		4,695,704
	4,290,000		5.000			08/01/2035		4,927,580

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Hampshire – (continued)
	New Hampshire Health and Education Facilities Authority Act Dartmouth-Hitchcock Obligation Group RB Refunding Series 2017 A (A/NR) – (continued)
$	4,505,000		5.000	%		08/01/2036	$	5,152,188
	4,735,000		5.000			08/01/2037		5,395,864
	4,980,000		5.000			08/01/2038		5,654,541
	5,235,000		5.000			08/01/2039		5,932,040
	5,505,000		5.000			08/01/2040		6,218,613
								56,877,104
New Jersey – 5.0%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	300,000		5.000			03/01/2024		338,454
	250,000		5.000			03/01/2026		292,350
	Borough of Stone Harbor GO Bonds Series 2018 (AA/NR)
	1,345,000		4.000			11/01/2026		1,514,067
	Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)(c)
	2,560,000		0.000			11/01/2021		2,439,680
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (BBB-/NR)
	500,000		5.000			07/01/2032		548,350
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 AA (BBB+/Baa1)
	1,315,000		5.500			12/15/2029		1,324,560
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2009 BB (BBB+/Baa1)(a)
	360,000		5.000			09/01/2019		365,008
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)
	4,000,000		5.500			06/15/2033		4,550,680
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (BBB+/Baa1)
	5,805,000		5.000			06/15/2028		6,678,827
	10,295,000		5.000			06/15/2029		11,779,539
	New Jersey Economic Development Authority RB Refunding for Port Newark Container Terminal LLC Project Series 2017 (AMT) (NR/Ba1)
	4,325,000		5.000			10/01/2047		4,680,861
	New Jersey Economic Development Authority RB Refunding for Provident Group – Montclair Properties L.L.C. – Montclair University Student Housing Project Series 2017 (AGM) (AA/A2)
	1,300,000		5.000			06/01/2042		1,465,776
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Bonds Series 2009 AA (NR/Baa1)(a)
	2,685,000		5.500			06/15/2019		2,706,587
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB+/Baa1)
	9,340,000		5.000			06/15/2029		10,686,828
	New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. – 2017 Project Series 2017 (A/NR)
	785,000		3.000			06/01/2032		788,540
	1,545,000		5.000			06/01/2032		1,836,171
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (BBB+/Baa1)
	5,380,000		5.000			06/15/2037		5,875,390
	New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (AAA/Aaa)
	2,675,000		5.000			07/01/2033		3,279,791
	New Jersey Educational Facilities Authority RB Refunding for The College of New Jersey Series 2016 F (A/A2)
	1,250,000		3.000			07/01/2040		1,197,937
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-5 (A+/A2)(b)
	(1 Mo. LIBOR + 0.46%),
	5,000,000		2.203			01/01/2021		5,009,450
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)(c)
	24,175,000		0.000			12/15/2035		12,551,177
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)(c)
	9,735,000		0.000			12/15/2026		7,662,029
	3,085,000		0.000			12/15/2029		2,100,854
	1,155,000		0.000			12/15/2031		716,274
	5,000,000		0.000			12/15/2036		2,460,750
	1,495,000		0.000			12/15/2037		696,012
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	755,000		5.000			06/15/2046		803,056
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)(c)
	18,200,000		0.000			12/15/2031		11,399,934
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2011 B (AMBAC) (BBB+/Baa1)
	1,470,000		5.250			12/15/2022		1,625,893
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2013 A (BBB+/Baa1)
	2,535,000		5.000			06/15/2020		2,626,412
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)(c)
	25,925,000		0.000			12/15/2036		12,758,989
	12,000,000		0.000			12/15/2037		5,586,720
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)(c)
	15,000,000		0.000			12/15/2038		6,614,850
	15,000,000		0.000			12/15/2039		6,259,500
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (BBB+/Baa1)
	6,515,000		5.500			06/15/2041		6,811,432
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (BBB+/Baa1)
	1,000,000		5.000			06/15/2042		1,034,440

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)
$	2,290,000		5.000	%		06/15/2030	$	2,597,478
	1,825,000		5.000			06/15/2031		2,059,768
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB+/Baa1)
	2,770,000		4.000			12/15/2031		2,888,362
	2,000,000		5.000			12/15/2032		2,251,020
	3,320,000		5.000			12/15/2033		3,719,861
	7,775,000		5.000			12/15/2034		8,681,487
	2,770,000		5.000			12/15/2035		3,081,874
	3,455,000		5.000			12/15/2036		3,828,486
	2,410,000		4.250			12/15/2038		2,477,697
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (BBB+/Baa1)
	3,060,000		5.000			06/15/2034		3,422,396
	10,000,000		5.000			06/15/2037		11,060,200
	3,000,000		5.250			06/15/2043		3,344,370
	10,000,000		4.500			06/15/2049		10,244,000
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM) (AA/A2)
	3,195,000		5.500			12/15/2022		3,574,119
	South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (BBB-/Baa1)
	1,670,000		4.000			01/01/2023		1,751,145
	730,000		4.000			01/01/2024		762,675
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)
	2,000,000		5.000			06/01/2046		2,109,660
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB+/NR)
	2,575,000		3.200			06/01/2027		2,651,838
	Township of Rockaway GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa1)
	1,535,000		2.000			07/15/2022		1,552,606
								221,126,210
New Mexico – 0.1%
	Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 A (BBB+/Baa2)(b)(e)
	1,200,000		5.200			06/01/2020		1,240,128
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB+/Baa2)
	2,500,000		5.900			06/01/2040		2,605,625
								3,845,753
New York – 7.4%
	Chautauqua County Industrial Development Agency Exempt Facility RB for Dunkirk NRG Power Project Series 2009 (BBB-/Baa3)
	200,000		5.875			04/01/2042		205,422
	City of New Rochelle Corp. for Local Development RB for Iona College Project Series 2015 A (BBB/Baa2)
	325,000		5.000			07/01/2025		370,867
	335,000		5.000			07/01/2026		381,220
	425,000		5.000			07/01/2027		482,503
Municipal Bonds – (continued)
New York – (continued)
	County of Suffolk GO Bonds Series 2018 (SP-1/NR)
	16,000,000		5.000			07/24/2019		16,159,520
	Freddie Mac Multifamily Certificates RB Pass Through Series 2017 (AAA/Aaa)(d)(f)
	(1 Mo. LIBOR + 0.50%),
	7,258,347		2.984			01/25/2033		7,226,403
	Long Island Power Authority RB Refunding Series 2014 C (A-/A3)(b)
	(1 Mo. LIBOR + 0.75%),
	9,000,000		2.493			10/01/2023		9,018,090
	Metropolitan Transportation Authority RB Refunding RMKT 11/01/16 Subseries 2012 G-3 (A/A1)(b)
	(1 Mo. LIBOR + 0.70%),
	5,000,000		2.368			02/01/2020		5,008,950
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A/A1)(b)
	(1 Mo. LIBOR + 0.55%),
	7,600,000		2.218			11/01/2022		7,582,824
	Metropolitan Transportation Authority RB Series 2011 B (A/A1)(b)
	(1 Mo. LIBOR + 0.55%),
	7,510,000		2.218			11/01/2022		7,493,027
	New York City GO Bonds Fiscal 2006 Series H Subseries H2 (AA/Aa1)(b)(e)
	3,010,000		1.500			04/01/2019		3,010,000
	New York City GO Bonds Fiscal 2014 Series D Subseries D-3 (AA/Aa1)(b)(e)
	3,500,000		1.500			04/01/2019		3,500,000
	New York City GO Bonds Fiscal 2014 Series I Subseries I-2 (AA/Aa1)(b)(e)
	3,550,000		1.500			04/01/2019		3,550,000
	New York City GO Bonds Fiscal 2015 Series F Subseries F6 (AA/Aa1)(b)(e)
	3,500,000		1.500			04/01/2019		3,500,000
	New York City Housing Development Corp. Multi-Family RB for Sustainable Neighborhood Series 2018 L-1 (AA+/Aa2)(b)(e)
	3,500,000		2.750			12/29/2023		3,561,880
	New York City Municipal Water Finance Authority RB for Water & Sewer System General Resolution Fiscal 2009 Series FF-2 (AA+/Aa1)
	9,210,000		5.500			06/15/2040		9,281,562
	New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2011 Subseries DD-2 (AA+/Aa1)(b)(e)
	3,750,000		1.500			04/01/2019		3,750,000
	New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2014 Series AA Subseries AA1 (AA+/Aa1)(b)(e)
	6,805,000		1.500			04/01/2019		6,805,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured Tax Exempt RB Series 2019A-4 (AAA/Aa1)(b)(e)
	3,500,000		1.500			04/01/2019		3,500,000

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	New York City Transitional Finance Authority RB Future Tax Secured Var-Nyc Recovery-Series 1 Subseries 2002 C (AAA/Aa1)(b)(e)
$	2,250,000		1.500	%		04/01/2019	$	2,250,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2002 Subseries C2 (AAA/Aaa)(b)(e)
	1,660,000		1.510			04/01/2019		1,660,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2013 Subseries C-4 (AAA/Aa1)(b)(e)
	2,825,000		1.500			04/01/2019		2,825,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2015 SubseriesE-3 (AAA/Aa1)(b)(e)
	1,600,000		1.500			04/01/2019		1,600,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2016 SubseriesE-4 (AAA/Aa1)(b)(e)
	1,850,000		1.500			04/01/2019		1,850,000
	New York City Water & Sewer System RB Refunding Series 2012 AA (AA+/Aa1)
	20,600,000		5.000			06/15/2033		22,008,216
	New York City Water & Sewer System Second General Resolution RB Refunding Series 2019 EE (AA+/Aa1)
	19,225,000		4.000			06/15/2040		20,934,487
	New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (BBB-/NR)
	4,840,000		3.500			02/15/2048		4,936,171
	New York Liberty Development Corporation RB for 3 World Trade Center Project Series 2014 (NR/NR)(f)
	515,000		5.150			11/15/2034		561,020
	2,825,000		5.000			11/15/2044		3,011,168
	New York State Dormitory Authority Columbia University RB Series 2011 A (AAA/Aaa)
	12,125,000		5.000			10/01/2041		12,877,599
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (AA+/Aa1)
	1,400,000		5.000			02/15/2027		1,700,958
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (AA+/Aa1)
	6,190,000		5.000			02/15/2027		7,520,664
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa1)
	25,000,000		5.000			03/15/2024		29,043,250
	5,275,000		5.000			03/15/2026		6,411,024
	New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (AA+/Aa1)
	425,000		4.900			03/15/2023		459,038
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A2)(e)
	5,350,000		3.381			07/01/2034		5,350,000
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (AA+/Aa1)
	5,000,000		5.000			03/15/2031		5,692,450
	New York State Urban Development Corp. State Personal Income Tax General Purpose RB Series 2019 B (AA+/Aa1)
	40,790,000		3.900			03/15/2033		42,447,298
Municipal Bonds – (continued)
New York – (continued)
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (AA+/Aa1)
	16,745,000		2.860			03/15/2024		16,826,715
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (AA+/Aa1)
	11,875,000		2.980			03/15/2025		12,024,981
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
	1,700,000		5.000			01/01/2033		1,975,825
	1,200,000		5.000			01/01/2034		1,389,888
	9,310,000		4.000			01/01/2036		9,646,836
	2,450,000		5.000			01/01/2036		2,813,188
	New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM) (AA/A2)
	1,500,000		4.000			07/01/2046		1,534,395
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	700,000		5.000			07/01/2041		760,431
	1,875,000		5.250			01/01/2050		2,044,894
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (BB-/NR)
	3,265,000		5.000			08/01/2021		3,447,154
	2,250,000		5.000			08/01/2031		2,343,420
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	2,075,000		5.000			07/01/2046		2,246,001
	Westchester County Local Development Corp. RB for Westchester Medical Center Obligated Group Project Series 2016 (BBB-/Baa2)
	1,000,000		5.000			11/01/2023		1,124,720
	1,000,000		5.000			11/01/2024		1,145,870
								326,849,929
North Carolina – 1.1%
	Charlotte North Carolina Water and Sewer System RB Series 2009 B (AAA/Aaa)
	2,000,000		5.000			07/01/2038		2,077,960
	County of Mecklenburg GO Bonds for Public Improvement Series 2018 (AAA/Aaa)
	5,250,000		5.000			03/01/2029		6,589,853
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)
	38,115,000		5.000			10/01/2041		40,914,547
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)
	620,000		4.000			09/01/2025		636,312
								50,218,672
Ohio – 2.6%
	Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 1st Subordinate Series 2007 B (BBB+/NR)(c)
	73,450,000		0.000			06/01/2047		4,422,424

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Ohio – (continued)
	Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 2nd Subordinate Series 2007 C (NR/NR)(c)
$	132,000,000		0.000	%		06/01/2052	$	3,313,200
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007A-2 (B-/B3)
	1,000,000		6.500			06/01/2047		1,002,310
	2,400,000		5.875			06/01/2047		2,340,144
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007A-2 (B-/Caa3)
	47,965,000		5.125			06/01/2024		45,746,619
	5,150,000		5.875			06/01/2030		5,032,425
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007A-3 (B-/Caa1)
	1,700,000		6.250			06/01/2037		1,705,168
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	275,000		5.000			11/01/2020		284,457
	285,000		5.000			11/01/2021		298,757
	400,000		5.000			11/01/2022		424,028
	420,000		5.000			11/01/2023		449,190
	City of Columbus Various Purpose Unlimited Tax Bonds Series 2017 A (AAA/Aaa)
	11,470,000		4.000			04/01/2033		12,676,300
	County of Miami Ohio Hospital Facilities Improvement RB Kettering Health Network Series 2019 (A+/A2)
	5,000,000		5.000			08/01/2049		5,659,100
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
	10,000,000		8.223			02/15/2040		12,463,900
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	2,865,000		5.500			02/15/2057		3,192,527
	Lakewood City School District GO Refundable Bonds Series 2014 C (AA/Aa2)
	3,215,000		5.000			12/01/2027		3,755,345
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)(f)
	700,000		4.500			01/15/2048		729,365
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)
	2,800,000		3.250			11/01/2022		2,868,992
	Ohio Water Development Authority RB for Water Pollution Control Loan Fund Series 2014 (AAA/Aaa)
	6,085,000		5.000			06/01/2021		6,534,621
								112,898,872
Oklahoma – 0.3%
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (AA/A2)
	3,670,000		4.000			08/15/2048		3,885,282
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	5,000,000		5.250			08/15/2048		5,677,500
Municipal Bonds – (continued)
Oklahoma – (continued)
	Oklahoma Turnpike Authority RB Second Senior Series 2017 C (AA-/Aa3)
	1,400,000		4.000			01/01/2042		1,490,006
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (BB-/NR)(b)(e)
	1,500,000		5.000			06/01/2025		1,646,580
								12,699,368
Oregon – 1.0%
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	1,385,000		3.500			03/01/2029		1,378,075
	1,540,000		3.750			03/01/2032		1,540,770
	Oregon State Business Development Commission Intel Corporation Project RB Series 2019 (AMT) (A+/A1)(b)(e)
	10,000,000		5.000			03/01/2022		10,871,000
	Oregon State Department of Transportation Highway User Tax RB Refunding Series 2015 A (AAA/Aa1)
	3,140,000		5.000			11/15/2025		3,700,615
	Oregon State Facilities Authority RB Refunding For Reed College Project Series 2017 A (AA-/Aa2)
	8,895,000		5.000			07/01/2047		10,311,529
	Portland Oregon Community College District GO Bonds Series 2013 (AA+/Aa1)
	2,000,000		5.000			06/15/2026		2,264,600
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)
	7,090,000		4.000			04/01/2029		7,974,974
	Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (NR/Aa1)
	4,155,000		5.000			06/15/2029		5,085,014
								43,126,577
Pennsylvania – 4.1%
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	4,000,000		5.000			04/01/2030		4,740,960
	16,000,000		4.000			04/01/2044		16,407,360
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba3)(f)
	2,420,000		5.000			05/01/2027		2,701,301
	1,600,000		5.000			05/01/2032		1,766,352
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)(f)
	750,000		5.000			05/01/2023		803,317
	750,000		5.000			05/01/2028		844,305
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	100,000		5.000			10/01/2031		111,442
	390,000		5.000			10/01/2032		433,578
	410,000		5.000			10/01/2033		454,768

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
$	1,000,000		5.000	%		08/01/2025	$	1,149,570
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	24,905,000		4.000			06/01/2039		26,139,541
	Commonwealth of Pennsylvania COP Series 2018 A (A/A2)
	1,250,000		4.000			07/01/2046		1,301,237
	Commonwealth of Pennsylvania GO Bonds Series 2015 (A+/Aa3)
	3,925,000		5.000			08/15/2025		4,660,035
	Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)
	750,000		5.000			12/01/2038		795,855
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa3)(d)
	(3 Mo. LIBOR + 0.77%),
	15,800,000		2.603			05/01/2037		14,766,680
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)(h)
	725,000		4.000			06/01/2044		766,716
	1,300,000		5.000			06/01/2044		1,532,765
	3,325,000		4.000			06/01/2049		3,492,181
	2,350,000		5.000			06/01/2049		2,756,715
	Lancaster County Hospital Authority RB for Brethren Village Project Series 2017 (BB+/NR)
	855,000		3.000			07/01/2019		855,838
	1,155,000		5.000			07/01/2020		1,185,596
	900,000		5.000			07/01/2022		952,677
	Pennsylvania Economic Development Financing Authority PCRB Refunding for PPL Electric Utilities Corp. Project RMKT 10/01/10 Series 2008 (A/A1)
	2,500,000		4.000			10/01/2023		2,587,875
	Pennsylvania Economic Development Financing Authority RB for Solid Waste Disposal Project Series 2009 (A-/NR)(b)(e)
	6,460,000		2.800			12/01/2021		6,559,484
	Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (AMT) (BBB/NR)
	750,000		5.000			06/30/2042		819,225
	Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2011 (AMT) (A-/NR)(b)(e)
	5,000,000		2.250			07/01/2019		5,001,200
	Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A/A2)
	350,000		4.000			03/01/2037		372,806
	675,000		5.000			03/01/2038		793,287
	500,000		5.000			03/01/2039		586,270
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (XLCA) (BBB/WR)(d)
	(3 Mo. LIBOR + 0.60%),
	1,550,000		2.474			07/01/2027		1,507,437
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM) (AA/Aa3)
	4,000,000		5.000			09/15/2025		4,784,200
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania State GO Bonds Consolidated Loan of 2018 Series 2018 A (A+/Aa3)
	6,675,000		5.000			08/15/2023		7,608,031
	Pennsylvania Turnpike Commission RB Refunding Series 2018 B (A+/A1)(d)
	(SIFMA Municipal Swap Index Yield + 0.70%),
	6,050,000		2.200			12/01/2023		6,038,687
	Pennsylvania Turnpike Commission RB Series 2013 C (A+/A1)(a)
	1,720,000		5.500			12/01/2023		2,017,732
	Pennsylvania Turnpike Commission RB Series 2018 A (AA/Aa3)
	30,675,000		5.250			12/01/2044		36,755,399
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A-/A3)
	3,500,000		5.500			12/01/2042		4,101,930
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	5,000,000		5.250			06/01/2047		5,673,300
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	4,500,000		5.000			07/01/2028		5,135,490
	Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)(b)
	(1 Mo. LIBOR + 0.64%),
	2,500,000		2.390			12/01/2020		2,501,075
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	265,000		5.000			11/15/2021		272,181
	450,000		5.000			11/15/2028		457,898
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000		5.000			01/01/2035		1,226,940
								183,419,236
Puerto Rico – 3.0%
	Commonwealth of Puerto Rico GO Bonds Public Improvement Series 1999 (NR/WR)(i)
	125,000		5.250			07/01/2018		80,312
	Commonwealth of Puerto Rico GO Bonds Public Improvement Series 2006 B (NR/WR)(i)
	390,000		5.250			07/01/2016		250,575
	500,000		5.250			07/01/2017		321,250
	Commonwealth of Puerto Rico Public Improvement Refunding GO Bonds Series 2009 B (D/Ca)(i)
	2,000,000		6.000			07/01/2039		1,295,000
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (C/Ca)
	2,890,000		6.125			07/01/2024		2,962,250
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (C/Ca)
	1,060,000		5.750			07/01/2037		1,057,350
	Puerto Rico Commonwealth GO Bonds Series 2014 A (D/Ca)(i)
	11,650,000		8.000			07/01/2035		6,043,438
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2001 A (AMBAC) (D/Ca)
	880,000		5.500			07/01/2019		885,157

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (D/Ca)(i)
$	3,955,000		5.000	%		07/01/2041	$	2,066,487
	Puerto Rico Commonwealth GO Refunding Bonds Subseries 2003 C-7 (NATL-RE) (NR/Baa2)
	2,000,000		6.000			07/01/2027		2,043,020
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	215,000		5.250			07/01/2041		235,421
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	5,430,000		5.250			07/01/2038		5,863,911
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	2,050,000		5.250			07/01/2033		2,297,251
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(d)
	(3 Mo. LIBOR + 0.52%),
	21,755,000		2.394			07/01/2029		20,449,700
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (D/Baa2)
	350,000		5.250			07/01/2029		377,289
	215,000		5.250			07/01/2030		231,452
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (D/Ca)(i)
	1,000,000		5.250			07/01/2019		707,500
	Puerto Rico Electric Power Authority RB Series 2007 VV (NATL-RE) (D/Baa2)
	2,695,000		5.250			07/01/2034		2,879,122
	Puerto Rico Electric Power Authority RB Series 2013 A (D/Ca)(i)
	8,205,000		6.750			07/01/2036		5,979,394
	Puerto Rico Electric Power Authority RB Series 2016E-1 (NR/NR)(i)
	590,915		10.000			01/01/2021		434,323
	Puerto Rico Electric Power Authority RB Series 2016E-2 (NR/NR)(i)
	590,915		10.000			07/01/2021		434,323
	Puerto Rico Electric Power Authority RB Series 2016E-3 (NR/NR)(i)
	196,972		10.000			01/01/2022		144,774
	Puerto Rico Electric Power Authority RB Series 2016E-4 (NR/NR)(i)
	196,972		10.000			07/01/2022		144,774
	Puerto Rico Highway & Transportation Authority RB Series 2007 N (AMBAC) (NR/C)
	55,000		5.500			07/01/2026		60,756
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)
	3,765,000		5.250			07/01/2035		4,002,835
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AA/A3)
	165,000		5.250			07/01/2034		184,655
	165,000		5.250			07/01/2036		183,424
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AGM-CR) (AA/A2)
	120,000		5.250			07/01/2034		134,294
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (FGIC) (AA/A3)
	180,000		5.250			07/01/2039		197,681
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	1,295,000		5.250			07/01/2030		1,418,660
	1,270,000		5.250			07/01/2031		1,390,205
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)
	255,000		5.250			07/01/2032		273,378
	930,000		5.250			07/01/2033		995,602
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)
	5,265,000		4.750			07/01/2038		5,238,728
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (NR/Ca)(e)
	3,240,000		10.000			07/01/2035		3,411,850
	Puerto Rico Public Buildings Authority RB Series 2003 H (AMBAC) (COMWLTH GTD) (NR/Ca)
	120,000		5.500			07/01/2019		120,703
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018A-1 (NR/NR)(c)
	515,000		0.000			07/01/2024		432,409
	9,965,000		0.000			07/01/2027		7,430,303
	1,714,000		0.000			07/01/2029		1,136,502
	1,099,000		0.000			07/01/2031		650,146
	1,236,000		0.000			07/01/2033		655,921
	11,769,000		0.000			07/01/2046		2,531,512
	9,587,000		0.000			07/01/2051		1,516,855
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018A-1 (NR/NR)
	1,114,000		4.500			07/01/2034		1,126,288
	460,000		4.550			07/01/2040		452,649
	8,614,000		4.750			07/01/2053		8,167,536
	20,800,000		5.000			07/01/2058		20,551,440
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018A-2 (NR/NR)
	14,568,000		4.550			07/01/2040		12,856,406
	139,000		4.750			07/01/2053		119,195
	1,869,000		5.000			07/01/2058		1,635,394
								134,059,400
Rhode Island – 0.0%
	Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (AGM) (MUN GOVT GTD) (AA/Aa3)
	500,000		5.000			05/15/2024		568,945
South Carolina – 0.4%
	Clemson University Athletic Facilities RB Series 2015 (NR/Aa3)
	1,385,000		4.000			05/01/2025		1,547,530
	1,570,000		4.000			05/01/2026		1,742,088
	Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (AA/Aa1)
	2,495,000		5.000			02/01/2031		3,082,647
	Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (AA/Aa1)
	4,520,000		5.000			03/01/2031		5,448,498
	1,590,000		4.000			03/01/2032		1,752,069

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
South Carolina – (continued)
	South Carolina Transportation Infrastructure Bank RB Refunding Series 2012 A (A/A1)
$	5,665,000		5.000	%		10/01/2024	$	6,119,843
								19,692,675
South Dakota – 0.1%
	Rapid City Area School DistrictNo. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)
	630,000		5.000			01/01/2024		722,112
	1,075,000		5.000			01/01/2025		1,256,471
	730,000		5.000			01/01/2026		870,372
								2,848,955
Tennessee – 0.5%
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	1,800,000		4.000			07/01/2040		1,848,510
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Charter Village Apartments Series 2007 (AMT) (FNMA) (NR/NR)(b)(e)
	955,000		4.850			06/01/2025		959,718
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A3)
	400,000		5.000			07/01/2040		448,052
	700,000		5.000			07/01/2046		782,005
	Metropolitan Government Nashville & Davidson County Industrial Development Board RB for Waste Management, Inc. Series 2001 (A-/NR)(b)(e)
	3,000,000		2.850			08/02/2021		3,044,970
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)(f)
	650,000		4.500			06/01/2028		690,476
	Tennergy Corporation Tenn Gas Supply RB Series 2019 A (AA/Aa2)(b)(e)
	11,325,000		5.000			10/01/2024		12,896,117
								20,669,848
Texas – 8.2%
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/Baa1)
	250,000		5.000			01/01/2040		280,197
	435,000		5.000			01/01/2046		483,285
	City of Anna Special Assessment Bond for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)(f)
	250,000		5.750			09/01/2029		252,210
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)(f)
	1,450,000		4.000			11/01/2023		1,474,694
	1,975,000		4.500			11/01/2024		1,996,666
	2,815,000		4.000			11/01/2028		2,848,836
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1 Project Series 2016 (NR/NR)
	250,000		4.200			09/01/2027		246,162
	575,000		4.800			09/01/2037		572,194
	650,000		5.250			09/01/2046		647,160
Municipal Bonds – (continued)
Texas – (continued)
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)(f)
	155,000		4.375			09/01/2023		156,294
	300,000		5.375			09/01/2038		309,147
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)
	245,000		4.625			09/01/2023		247,158
	370,000		5.000			09/01/2028		377,896
	City of Fort Worth Water & Sewer System RB Refunding & Improvement Series 2015 A (AA+/Aa1)
	8,245,000		5.000			02/15/2024		9,511,514
	City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)
	425,000		4.125			09/01/2027		427,711
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases #13-16 Project Series 2017 (NR/NR)
	175,000		3.250			09/01/2022		174,492
	570,000		4.500			09/01/2027		587,414
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)
	425,000		4.000			09/01/2024		457,806
	440,000		4.000			09/01/2025		475,103
	460,000		4.000			09/01/2026		497,876
	480,000		4.000			09/01/2027		520,450
	City of Houston RB Refunding for Airport System Subordinated Lien Series 2012 B (A+/NR)
	23,090,000		5.000			07/01/2028		25,311,027
	City of Lewisville Texas Combination Contract & Special Assessment RB Refunding for Lewisville Castle Hills Public Improvement District No. 3 Project Series 2015 (AGM) (AA/NR)
	1,415,000		4.000			09/01/2025		1,512,975
	City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)(f)
	250,000		4.000			09/01/2028		251,400
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2018 (AA-/Aa2)(b)(e)
	2,800,000		2.750			12/01/2022		2,874,060
	Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (AAA/NR)
	4,370,000		4.000			08/15/2036		4,712,215
	3,875,000		4.000			08/15/2037		4,157,991
	Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (NR/Aaa)
	1,970,000		5.000			02/01/2025		2,322,058
	2,095,000		5.000			02/01/2026		2,521,249
	County of Cameron State Highway 550 Project GO Bond Series 2012 (AGM) (AA/Aa3)
	8,870,000		5.000			02/15/2030		9,607,984

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	County of Fort Bend GO Refunding Bonds Series 2015 B (AA+/Aa1)
$	3,740,000		5.000	%		03/01/2023	$	4,212,586
	Dallas-Fort Worth International Airport Joint Improvement RB Series 2012 D (AMT) (A+/A1)
	18,430,000		5.000			11/01/2042		19,638,824
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (A+/NR)
	2,500,000		5.250			11/01/2030		2,831,925
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)(f)
	395,000		5.000			09/01/2027		410,658
	225,000		5.000			09/01/2032		228,854
	330,000		5.125			09/01/2037		333,241
	Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (AA+/NR)
	18,225,000		5.000			10/01/2037		21,727,845
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)(g)
	2,925,000		0.000			10/01/2046		2,906,485
	4,075,000		0.000			10/01/2047		4,041,503
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)(d)
	(SIFMA Municipal Swap Index Yield + 0.95%),
	6,770,000		2.450			06/01/2023		6,852,932
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)(d)
	(3 Mo. LIBOR + 0.67%),
	14,920,000		2.468			08/15/2035		13,485,144
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	95,000		3.000			09/01/2024		98,377
	100,000		3.500			09/01/2025		105,712
	100,000		3.500			09/01/2026		105,453
	105,000		3.500			09/01/2027		110,108
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (BB/NR)
	2,495,000		5.000			07/15/2028		2,906,999
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2015 B-2 (AMT) (BB/NR)
	2,500,000		5.000			07/15/2020		2,576,500
	Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A/A1)
	350,000		5.000			07/01/2031		426,923
	325,000		5.000			07/01/2032		394,267
	Houston Airport System RB Refunding Subordinate Lien Series 2018 D (A/A1)
	2,000,000		5.000			07/01/2029		2,477,840
	2,150,000		5.000			07/01/2030		2,642,565
	2,000,000		5.000			07/01/2031		2,439,560
	Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)
	3,425,000		4.000			02/15/2042		3,615,601
Municipal Bonds – (continued)
Texas – (continued)
	Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (BB/NR)
	1,545,000		5.000			12/01/2019		1,563,772
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(f)
	1,315,000		5.000			09/01/2038		1,325,757
	Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (AAA/NR)(a)(c)
	18,500,000		0.000			08/15/2024		5,810,670
	Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2016 (PSF-GTD) (AAA/NR)(c)
	2,500,000		0.000			08/16/2020		2,449,450
	Lower Colorado River Authority LCRA Transmission Serives Corportation Project RB Refunding Series 2019 (A/NR)
	2,000,000		5.000			05/15/2030		2,480,660
	1,495,000		5.000			05/15/2031		1,839,986
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project RMKT 07/01/09 Series 2001 A (A-/Baa1)
	1,300,000		6.300			11/01/2029		1,339,494
	Mission Economic Development Corp. RB for Waste Management, Inc. Series 2008 (A-/NR)
	2,500,000		2.500			08/01/2020		2,504,000
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)(f)
	5,000,000		4.625			10/01/2031		5,194,150
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,370,000		5.000			09/15/2032		1,525,920
	710,000		5.000			09/15/2033		790,052
	750,000		5.000			09/15/2034		832,440
	790,000		5.000			09/15/2035		874,167
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/Ba1)
	765,000		5.000			04/01/2027		815,842
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2014 A (BBB-/NR)
	1,000,000		5.000			04/01/2039		1,017,230
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (BB/B1)
	645,000		4.000			04/01/2022		646,986
	320,000		4.000			04/01/2023		320,586
	275,000		4.000			04/01/2024		274,260
	365,000		4.000			04/01/2025		361,927
	375,000		4.000			04/01/2026		369,821
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (BBB-/Baa3)
	250,000		5.000			04/01/2030		272,385

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (AA/NR)(a)(g)
$	1,000,000		0.000	%		09/01/2031	$	1,170,360
	North Texas Tollway Authority RB First Tier Series 2009 A (A+/A1)
	205,000		6.250			01/01/2039		205,664
	North Texas Tollway Authority RB First Tier Series 2009 A (A+/NR)
	470,000		6.250			01/01/2024		471,570
	North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A+/A1)
	2,750,000		5.000			01/01/2038		3,237,052
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	2,000,000		5.000			01/01/2032		2,353,300
	North Texas Tollway Authority RB Special Project System Series 2011 A (AA/NR)(a)
	1,000,000		5.500			09/01/2021		1,092,220
	1,000,000		6.000			09/01/2021		1,104,010
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	550,000		5.000			01/01/2022		599,924
	North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A+/A1)
	6,000,000		6.500			01/01/2043		7,358,040
	Round Rock Independent School District Unrefunded GO Bonds for School Building Series 2009 (AA/Aaa)(a)
	1,685,000		5.250			08/01/2019		1,706,046
	State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (AAA/Aaa)
	5,905,000		5.000			08/01/2026		7,090,075
	4,590,000		5.000			08/01/2027		5,605,905
	5,010,000		5.000			08/01/2028		6,207,841
	6,835,000		5.000			08/01/2029		8,459,474
	State of Texas RB Series 2018 (SP-1+/MIG1)
	35,000,000		4.000			08/29/2019		35,345,450
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)
	2,375,000		4.000			05/15/2019		2,379,156
	2,475,000		5.000			05/15/2020		2,534,796
	2,100,000		5.000			05/15/2021		2,188,641
	2,730,000		5.000			05/15/2022		2,887,166
	Tarrant County Cultural Education Facilities Finance Corporation Christus Health Obligation Group RB Series 2018 B (A+/A1)
	13,655,000		5.000			07/01/2036		15,934,293
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)(d)
	(3 Mo. LIBOR + 0.70%),
	6,260,000		2.449			12/15/2026		6,223,442
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A2)
	4,600,000		6.250			12/15/2026		5,342,440
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)(d)
	(SIFMA Municipal Swap Index Yield + 0.55%),
	3,290,000		2.050			09/15/2027		3,235,156
Municipal Bonds – (continued)
Texas – (continued)
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
	17,410,000		6.875			12/31/2039		18,031,711
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (BBB+/Baa1)
	1,380,000		5.000			08/15/2042		1,504,007
	Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR)(f)
	170,000		4.750			09/01/2023		171,584
	360,000		5.250			09/01/2028		367,895
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)(f)
	425,000		4.500			09/01/2027		421,171
	University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	8,500,000		3.250			02/15/2041		8,317,760
	University of Texas System Revenue Financing System RB Refunding Series 2017 C (AAA/Aaa)
	5,865,000		5.000			08/15/2026		7,163,394
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR)
	412,000		4.000			12/01/2023		418,052
	520,000		4.250			12/01/2029		526,563
	1,159,000		4.625			12/01/2035		1,176,176
	1,604,000		5.000			12/01/2045		1,631,910
								365,456,925
Utah – 1.2%
	Jordan School District GO School Building Bonds Series 2019 B (SCH BD GTY) (AAA/Aaa)
	1,600,000		5.000			06/15/2022		1,774,016
	2,175,000		5.000			06/15/2023		2,477,934
	2,355,000		5.000			06/15/2024		2,752,359
	2,400,000		5.000			06/15/2025		2,872,152
	2,750,000		5.000			06/15/2027		3,424,438
	Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A+/A2)
	18,640,000		5.250			07/01/2048		21,813,646
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)
	2,650,000		5.000			07/01/2047		3,007,326
	Salt Lake City RB for International Airport Series 2018 A (AMT) (A+/A2)
	5,000,000		5.000			07/01/2029		6,068,300
	5,500,000		5.000			07/01/2030		6,622,440
	Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (AAA/Aa2)
	3,065,000		4.000			06/15/2034		3,300,852
								54,113,463

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Vermont – 0.0%
	Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)
$	745,000		5.000	%		05/01/2025	$	806,135
	585,000		5.000			05/01/2026		636,152
								1,442,287
Virgin Islands – 0.2%
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)
	685,000		5.000			10/01/2020		671,300
	1,410,000		5.000			10/01/2029		1,364,175
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	700,000		5.000			10/01/2032		675,500
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (B/NR)
	1,450,000		5.000			10/01/2039		1,308,625
	Virgin Islands Public Finance Authority RB Series 2014 A (AGM) (AA/A2)(f)
	5,000,000		5.000			10/01/2034		5,385,450
								9,405,050
Virginia – 2.0%
	Amelia County IDA Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)(b)(e)
	2,500,000		2.125			04/01/2020		2,501,050
	Fairfax County Economic Development Authority Residential Care Facilities Mortgage RB Refunding for Goodwin House Incorporated Series 2016 A (BBB+/NR)
	1,250,000		4.000			10/01/2042		1,259,725
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC+/NR)(c)
	122,865,000		0.000			06/01/2047		12,747,244
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC/NR)(c)
	13,500,000		0.000			06/01/2047		1,277,235
	University of Virginia RB Series 2013 (AAA/Aaa)
	50,850,000		5.000			06/01/2037		56,350,444
	Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (A/WR)(a)
	2,750,000		5.000			07/01/2025		3,255,203
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	2,580,000		5.000			12/31/2047		2,831,679
	1,885,000		5.000			12/31/2056		2,053,462
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (NR/Baa3)
	1,000,000		5.000			12/31/2052		1,092,340
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB/NR)
	950,000		5.000			07/01/2034		1,007,855
	3,325,000		5.000			01/01/2040		3,509,770
Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Small Business Financing Authority Senior Lien RB for Elizabeth River Crossings Opco, LLC Project Series 2012 (AMT) (BBB/NR)
	750,000		5.500			01/01/2042		805,403
	Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)(b) (e) (f)
	300,000		5.000			07/01/2038		310,290
								89,001,700
Washington – 2.0%
	City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (AAA/Aaa)
	5,000,000		5.000			06/01/2026		5,952,800
	City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (AA/Aa2)
	3,340,000		4.000			01/01/2033		3,693,405
	6,715,000		4.000			01/01/2034		7,399,057
	11,655,000		4.000			01/01/2043		12,392,762
	City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (AA+/Aa1)
	6,555,000		4.000			07/01/2035		7,149,866
	County of King RB for Sewer RMKT 12/03/18 Series 2012 (AA/Aa2)(b)(e)
	5,900,000		2.600			12/01/2021		5,964,959
	Port of Seattle Wash RB Refunding Series 2011 B (AMT) (AA-/Aa2)
	1,625,000		5.000			09/01/2022		1,745,672
	State of Washington GO Bonds Various Purpose Series 2014 D (AA+/Aa1)
	15,055,000		5.000			02/01/2026		17,320,175
	University of Washington RB Refunding Series 2012 A (AA+/Aaa)
	2,500,000		5.000			07/01/2029		2,749,600
	Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 A (ASSURED GTY) (AA/Aa3)(a)
	250,000		6.000			08/15/2019		254,113
	Washington Health Care Facilities Authority RB for MultiCare Health System RMKT 02/26/09 Series 2008 B (ASSURED GTY) (AA/Aa3)(a)
	250,000		6.000			08/15/2019		254,020
	Washington State Convention Center Public Facilities District RB Series 2018 (A+/Aa3)
	6,825,000		5.000			07/01/2048		7,839,059
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (AA+/Aa1)(c)
	6,855,000		0.000			06/01/2028		5,542,542
	Washington State Various Purpose GO Bonds Series 2018 C (AA+/Aa1)
	8,950,000		5.000			02/01/2043		10,505,599
								88,763,629
West Virginia – 0.4%
	State of West Virginia GO Bonds Series 2018 B (AA-/Aa2)
	8,490,000		5.000			06/01/2035		10,251,166

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
West Virginia – (continued)
	West Virginia Hospital Finance Authority Hospital RB Refunding and Improvement for West Virginia United Health System Obligated Group Series 2009 C (A/WR)(a)
$	1,000,000		5.500	%		06/01/2019	$	1,006,410
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	770,000		5.000			01/01/2033		898,066
	910,000		5.000			01/01/2034		1,054,854
	1,095,000		5.000			01/01/2035		1,263,926
	2,330,000		5.000			01/01/2036		2,673,372
								17,147,794
Wisconsin – 0.5%
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB-/Baa3)
	1,000,000		4.300			11/01/2030		1,036,420
	Public Finance Authority Minnesota College of Osteopathic Medicine Senior RB Series 2019A-1 (NR/NR)(f)(h)
	800,000		5.500			12/01/2048		827,192
	Public Finance Authority Minnesota College of Osteopathic Medicine Senior Taxable RB Series 2019A-2 (NR/NR)(f)(h)
	1,700,000		7.250			12/01/2048		1,700,935
	Public Finance Authority RB for Denver International Airport Great Hall Project Series 2017 (AMT) (BBB-/NR)
	1,100,000		5.000			09/30/2037		1,240,030
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	500,000		5.200			12/01/2037		557,955
	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			07/01/2028		2,169,160
	Public Finance Authority Senior Living RB Refunding for Mary’s Woods at Marylhurst Project Series 2017 B-3 (BB/NR)(f)
	1,220,000		3.000			11/15/2022		1,220,232
	Public Finance Authority Waste Management Inc. Project RB Refunding Series 2016A-3 (AMT) (A-/NR)(b)(e)
	10,000,000		2.000			06/01/2021		9,960,300
	Wisconsin State Health & Educational Facilities Authority RB for Saint John’s Communities, Inc. Project Series 2018 A (BBB-/NR)
	275,000		4.000			09/15/2021		283,228
	225,000		4.000			09/15/2022		233,975
	250,000		4.000			09/15/2023		262,048
	365,000		4.000			09/15/2024		380,724
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Fort Healthcare, Inc. Series 2014 (BBB+/NR)
	285,000		4.000			05/01/2019		285,410
	410,000		5.000			05/01/2020		422,091
								20,579,700
	TOTAL MUNICIPAL BONDS
	(Cost $4,080,669,065)						$	4,217,094,154
Corporate Bonds – 0.1%
Commercial & Professional Services – 0.0%
	Catholic Health Initiatives
$	470,000		4.350	%		11/01/2042	$	451,152
Health Care Equipment & Services – 0.1%
	Prime Healthcare Foundation, Inc. Series B
	4,975,000		7.000			12/01/2027		5,715,586
	TOTAL CORPORATE BONDS
	(Cost $5,316,958)						$	6,166,738
	TOTAL INVESTMENTS – 95.3%
	(Cost $4,085,986,023)						$	4,223,260,892
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.7%							208,775,240
	NET ASSETS – 100.0%						$	4,432,036,132

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(b)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2019.
(c)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(e)	Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Zero coupon bond until next reset date.
(h)	When-issued security.
(i)	Security is currently in default.

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

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Investment Abbreviations:
AGC	—Insured by Assured Guaranty Corp.
AGC-ICC	—Agency Insured Custody Certificate
AGM	—Insured by Assured Guaranty Municipal Corp.
AGM-CR	—Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
ASSURED GTY	—Insured by Assured Guaranty
BAM	—Build America Mutual Assurance Co.
BHAC-CR	—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
COMWLTH GTD	—Commonwealth Guaranteed
COPS	—Certificates of Participation
ETM	—Escrowed to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
FHLMC	—Federal Home Loan Mortgage Corp.
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
Mo.	—Month
MUN GOVT GTD	—Municipal Government Guaranteed
NATL-RE	—Insured by National Public Finance Guarantee Corp.
NATL-RE-IBC	—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR	—Not Rated
PCRB	—Pollution Control Revenue Bond
PSF-GTD	—Guaranteed by Permanent School Fund
Q-SBLF	—Qualified School Board Loan Fund
RB	—Revenue Bond
RMKT	—Remarketed
SCH BD GTY	—School Bond Guaranty
SCSDE	—South Carolina State Department of Education
SIFMA	—The Securities Industry and Financial Markets Association
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation
USD	—United States Dollar
WR	—Withdrawn Rating
XLCA	—Insured by XL Capital Assurance, Inc.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
U.S. Treasury Ultra Bond		(45	)		06/19/2019	$	(7,576,875	)	$	(303,327	)

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund	Credit Spread at March 31, 2019(b)	Counterparty		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023	1.000%	0.199%		Bank of America NA		03/20/2023		USD 1,000	$	30,705	$	(19,697	)	$	50,402
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023	1.000	0.199		JPMorgan Chase Bank NA		03/20/2023		1,000		30,705		(19,698	)		50,403
TOTAL									$	61,410	$	(39,395	)	$	100,805

(a) Payments received quarterly.

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

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund		Termination Date	Notional Amount (000’s)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.250%		3 Month LIBOR	12/21/2041	USD	19,600		$	1,016,310		$	(1,176,911	)	$	2,193,221
3.000		3 Month LIBOR	06/19/2049		287,600	(b)		(26,001,307	)		(10,502,544	)		(15,498,763	)
TOTAL							$	(24,984,997	)	$	(11,679,455	)	$	(13,305,542	)

(a) Payments made semi-annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – 98.4%
Alabama – 2.0%
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
$	850,000		5.000	%		10/01/2024	$	964,946
	850,000		5.000			10/01/2025		979,829
	4,125,000		5.000			10/01/2030		4,668,716
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)(a)
	5,750,000		0.000			10/01/2038		5,261,883
	6,000,000		0.000			10/01/2042		5,457,120
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	8,300,000		6.000			10/01/2042		9,653,232
	19,850,000		7.000			10/01/2051		23,934,931
	78,270,000		6.500			10/01/2053		92,598,889
								143,519,546
Alaska – 0.1%
	Northern Tobacco Securitization Corp. RB Refunding Asset- Backed Bonds Series 2006 A (NR/B3)
	4,865,000		5.000			06/01/2046		4,723,137
	Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (NR/NR)(b)
	6,780,000		0.000			06/01/2046		758,207
								5,481,344
Arizona – 1.9%
	Apache County IDA PCRB for Tucson Electric Power Company Series 2012 A (A-/A3)
	4,500,000		4.500			03/01/2030		4,731,885
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(c)
	(3 Mo. LIBOR + 0.81%),
	59,820,000		2.684			01/01/2037		57,347,041
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BBB+/NR)
	1,000,000		5.000			01/01/2043		1,092,130
	2,550,000		4.500			01/01/2049		2,584,782
	2,300,000		5.000			01/01/2054		2,445,636
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BBB/NR)
	575,000		5.000			01/01/2043		612,685
	875,000		5.000			01/01/2049		916,178
	1,000,000		5.125			01/01/2054		1,046,500
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (NR/Baa1)
	1,000,000		5.000			05/01/2038		1,111,280
	2,780,000		5.000			05/01/2043		3,053,886
	2,500,000		5.000			05/01/2048		2,725,750
	2,000,000		5.000			05/01/2051		2,173,520
	City of Tempe IDA RB Refunding for Friendship Village Series 2012 A (NR/NR)
	1,250,000		6.250			12/01/2042		1,322,263
	1,325,000		6.250			12/01/2046		1,400,220
Municipal Bonds – (continued)
Arizona – (continued)
	La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR)(d)
	3,100,000		6.000			08/01/2028		3,109,145
	16,130,000		6.250			08/01/2040		16,167,260
	Maricopa County Arizona Pollution Control Corp. PCRB Refunding for Public Service Co. of New Mexico Palo Verde Project Series 2003 A (BBB+/Baa2)
	5,000,000		6.250			01/01/2038		5,204,000
	Maricopa County IDA RB for Banner Health Series 2017 A (AA-/NR)
	16,075,000		4.000			01/01/2041		16,965,716
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2012 A (A-/A3)
	5,350,000		4.500			06/01/2030		5,648,316
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A-/A3)
	3,390,000		4.000			09/01/2029		3,544,889
	The Industrial Development Authority of the City of Phoenix RB for Downtown Phoenix Student Housing LLC Series 2018 (NR/Baa3)
	1,000,000		5.000			07/01/2042		1,113,120
	The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (NR/Baa3)
	850,000		5.000			07/01/2037		957,015
	University Medical Center Corp. RB Series 2011 (NR/WR)(e)
	3,500,000		6.000			07/01/2021		3,835,230
								139,108,447
California – 14.0%
	ABC Unified School District GO Bonds Series 2001 C (NATL-RE) (A+/Aa3)(b)
	1,600,000		0.000			08/01/2026		1,355,184
	Alameda County Oakland Unified School District GO Bonds Election of 2012 Series 2015 A (A/A1)
	3,000,000		5.000			08/01/2040		3,360,840
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)(b)
	4,995,000		0.000			08/01/2037		2,739,158
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A2)(b)
	1,210,000		0.000			08/01/2036		652,142
	Atascadero Unified School District GO Bonds for 2014 Election Series 2014 B (NATL-RE) (NR/Aa3)
	3,000,000		4.000			08/01/2042		3,168,480
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	465,000		5.000			05/01/2040		540,004
	1,000,000		5.000			05/01/2043		1,157,960
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AA/A2)(b)
	1,055,000		0.000			08/01/2025		919,369
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BBB-/NR)
	2,755,000		5.250			05/01/2048		3,105,794
	2,850,000		5.250			05/01/2053		3,186,129

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)(b)
$	130,120,000		0.000	%		06/01/2055	$	8,672,498
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	1,500,000		5.000			02/01/2042		1,713,195
	4,000,000		5.000			02/01/2047		4,570,840
	California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A+/A1)
	8,100,000		5.000			11/15/2056		9,125,784
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,800,000		5.000			02/01/2042		2,013,102
	17,675,000		5.000			02/01/2047		19,674,219
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	250,000		5.000			10/01/2034		292,895
	250,000		5.000			10/01/2036		290,737
	300,000		5.000			10/01/2037		347,082
	300,000		5.000			10/01/2038		346,023
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB+/NR)
	5,600,000		5.000			12/31/2037		6,443,696
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)(d)
	7,550,000		6.750			12/01/2028		7,496,319
	37,550,000		7.500			12/01/2040		36,681,469
	California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (BBB-/Baa3)(d)
	9,200,000		5.000			07/01/2039		10,685,616
	15,850,000		5.000			11/21/2045		18,207,687
	California Statewide Communities Development Authority Community Facilities DistrictNo. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	1,835,000		5.000			09/01/2030		2,038,776
	1,945,000		5.000			09/01/2037		2,115,285
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)
	1,800,000		5.000			09/02/2033		2,041,218
	1,620,000		5.000			09/02/2038		1,801,100
	625,000		5.000			09/02/2043		687,525
	1,940,000		5.000			09/02/2048		2,122,787
	California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)
	1,875,000		5.875			11/01/2043		2,100,637
	California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (BB-/NR)(d)
	9,000,000		5.500			12/01/2058		10,187,910
Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (A-/NR)
	500,000		5.000			08/01/2038		588,745
	3,000,000		4.000			08/01/2045		3,066,480
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (BB+/NR)(d)
	2,350,000		5.250			07/01/2039		2,557,693
	3,125,000		5.250			07/01/2049		3,363,375
	1,450,000		5.250			07/01/2052		1,554,400
	California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)(d)
	1,685,000		3.000			11/01/2022		1,701,917
	935,000		5.000			11/01/2032		1,078,579
	1,875,000		5.000			11/01/2041		2,105,494
	California Statewide Communities Development Authority RB Refunding for Enloe Medical Center Series 2015 (CA MTG INS) (AA-/NR)
	2,850,000		5.000			08/15/2038		3,272,626
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)
	1,200,000		5.000			04/01/2047		1,362,420
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (BB-/NR)
	6,235,000		5.500			12/01/2054		6,816,850
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
	2,220,000		5.000			09/02/2038		2,468,174
	2,500,000		5.000			09/02/2048		2,735,550
	California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (NR/Baa1)
	3,750,000		5.000			05/15/2042		4,234,800
	5,750,000		5.000			05/15/2047		6,471,740
	5,640,000		5.000			05/15/2050		6,331,182
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (CCC/NR)(b)
	35,000,000		0.000			06/01/2046		5,500,250
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE) (NR/Baa2)(b)
	7,000,000		0.000			09/01/2033		4,257,890
	City of Davis Redevelopment Agency Tax Allocation for Davis Redevelopment Project Series 2011 A (A+/NR)
	750,000		6.500			12/01/2026		841,965
	2,830,000		7.000			12/01/2036		3,216,861
	City of Fremont Community Facilities District No. 1 Special Tax for Pacific Commons Series 2015 (NR/NR)
	3,000,000		5.000			09/01/2045		3,254,640
	City of Goleta Redevelopment Agency Tax Allocation for Goleta Old Town Redevelopment Project Series 2011 (NR/NR)
	670,000		7.750			12/01/2031		672,606
	5,000,000		8.000			06/01/2044		5,020,700

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	City of Oroville RB for Oroville Hospital Series 2019 (BB+/NR)
$	1,900,000		5.250	%		04/01/2034	$	2,206,793
	3,565,000		5.250			04/01/2039		4,064,777
	14,580,000		5.250			04/01/2049		16,354,969
	13,840,000		5.250			04/01/2054		15,464,263
	City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (A-/NR)
	600,000		5.000			09/02/2030		653,178
	City of Sacramento Natomas Meadows Community Facilities DistrictNo. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)(d)
	280,000		5.000			09/01/2032		307,798
	700,000		5.000			09/01/2037		754,985
	1,745,000		5.000			09/01/2047		1,877,603
	Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL-RE) (A-/Baa2)(b)
	1,305,000		0.000			08/01/2027		1,035,100
	Dublin Community Facilities DistrictNo. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)
	1,540,000		5.000			09/01/2027		1,721,689
	2,285,000		5.000			09/01/2037		2,554,059
	6,680,000		5.000			09/01/2047		7,332,636
	El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL-RE) (A-/Baa2)(b)
	5,400,000		0.000			08/01/2032		3,579,714
	Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (XLCA) (AA-/WR)(b)
	4,180,000		0.000			04/01/2029		3,179,851
	Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL-RE) (AA-/Aa3)(b)
	3,360,000		0.000			10/01/2032		2,228,453
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (AA/A2)(b)
	12,000,000		0.000			01/15/2035		7,112,760
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (A-/Baa3)
	37,510,000		3.950			01/15/2053		38,436,122
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (A-/Baa3)
	13,535,000		6.000			01/15/2053		15,783,840
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)(a)
	1,000,000		0.000			01/15/2032		1,017,320
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2014 Subseries B-3 (A-/Baa3)(f)(g)
	4,425,000		5.500			01/15/2023		4,932,680
	Fullerton Public Financing Authority Tax Allocation Series 2005 (AMBAC) (A/WR)
	200,000		5.000			09/01/2027		202,900
Municipal Bonds – (continued)
California – (continued)
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)(b)
	77,260,000		0.000			06/01/2047		12,301,337
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)(b)
	147,670,000		0.000			06/01/2047		23,512,017
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/A1)
	7,975,000		5.000			06/01/2040		8,961,029
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018A-1 (NR/NR)
	8,900,000		5.000			06/01/2047		8,855,411
	5,400,000		5.250			06/01/2047		5,454,378
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018A-2 (NR/NR)
	3,500,000		5.000			06/01/2047		3,482,465
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007A-2 (B+/B3)
	27,780,000		5.300			06/01/2037		28,072,246
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (CCC/NR)(b)
	101,195,000		0.000			06/01/2036		31,955,357
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (CCC/NR)(b)
	51,235,000		0.000			06/01/2047		7,484,409
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (CCC/NR)(b)
	260,660,000		0.000			06/01/2057		15,571,828
	Irvine Community Facilities DistrictNo. 2013-3 Special Tax Series 2018 (AGM) (AA/NR)
	1,150,000		5.000			09/01/2051		1,292,646
	Irvine Unified School DistrictNo. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	1,655,000		5.000			09/01/2047		1,830,711
	1,925,000		5.000			03/01/2057		2,119,079
	Lammersville Joint Unified School District Special Tax Bonds for Community Facilities DistrictNo. 2007-1 Series 2013 (NR/NR)
	2,750,000		6.000			09/01/2043		3,121,442
	Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (A-/NR)
	215,000		6.625			08/01/2024		215,697
	Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (AA-/Aa3)(b)
	49,925,000		0.000			08/01/2050		14,770,811
	Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (A/NR)
	1,625,000		6.750			09/01/2026		1,814,524
	1,500,000		7.000			09/01/2031		1,685,670
	875,000		7.250			09/01/2038		988,452

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)(b)
$	3,750,000		0.000	%		08/01/2035	$	2,274,413
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	8,250,000		6.500			11/01/2039		11,964,068
	M-S-R Energy Authority Gas RB Series 2009 B (BBB+/NR)
	2,000,000		6.500			11/01/2039		2,900,380
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	10,000,000		6.125			11/01/2029		12,507,900
	21,765,000		6.500			11/01/2039		31,563,385
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa2)(a)
	7,000,000		0.000			08/01/2030		7,145,670
	Natomas Unified School District GO Bonds Election of 2014 Series 2013 (BAM) (AA/A1)
	14,535,000		4.000			08/01/2042		15,254,628
	New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (ASSURED GTY) (AA/Aa3)(b)
	860,000		0.000			08/01/2025		752,259
	1,105,000		0.000			08/01/2026		938,642
	5,550,000		0.000			08/01/2030		4,063,766
	7,830,000		0.000			08/01/2032		5,211,022
	7,000,000		0.000			08/01/2034		4,275,810
	Orange County California Community Facilities District No. 2015-1 Village of Esencia Special Tax Bonds Series 2015 A (NR/NR)
	3,000,000		5.250			08/15/2045		3,291,900
	Orange County California Community Facilities District No. 2017-1 Village of Esencia Special Tax Bonds Series 2018 A (NR/NR)
	250,000		5.000			08/15/2027		285,563
	200,000		5.000			08/15/2028		230,512
	2,900,000		5.000			08/15/2047		3,191,276
	Oxnard School District GO Bonds Election of 2016 Series 2016 B (BAM) (AA/NR)(g)
	7,800,000		2.000			08/01/2021		8,139,378
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	11,500,000		5.000			11/01/2047		13,363,920
	Palomar Pomerado Health COPS Series 2010 (NR/Ba1)(e)
	6,500,000		6.000			11/01/2020		6,961,435
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)(a)
	10,750,000		0.000			08/01/2038		14,135,713
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE) (AA/Aa2)(b)
	1,805,000		0.000			08/01/2025		1,589,790
	Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (AA-/Aa3)(b)
	1,300,000		0.000			08/01/2040		622,063
	Rancho Cordova Community Facilities DistrictNo. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	500,000		4.000			09/01/2029		525,190
Municipal Bonds – (continued)
California – (continued)
	Rancho Cordova Community Facilities DistrictNo. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR) – (continued)
	500,000		4.000			09/01/2030		522,170
	650,000		4.000			09/01/2031		674,921
	900,000		3.000			09/01/2032		842,013
	820,000		3.000			09/01/2033		759,779
	750,000		3.000			09/01/2034		687,068
	Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (AA/A1)(b)
	6,170,000		0.000			08/01/2036		3,268,866
	River Islands Public Financing Authority Community Facilities DistrictNo. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	4,835,000		5.375			09/01/2031		5,172,821
	880,000		5.250			09/01/2034		935,651
	6,815,000		5.500			09/01/2045		7,295,458
	River Islands Public Financing Authority Special Tax for Community Facilities DistrictNo. 2003-1 Series 2015 B (NR/NR)
	22,500,000		5.500			09/01/2045		24,086,250
	Riverside County Public Financing Authority Tax Allocation RB Refunding Series 2017 A (BAM) (AA/NR)
	4,245,000		4.000			10/01/2040		4,466,929
	Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)(b)
	2,220,000		0.000			10/01/2033		1,361,149
	2,220,000		0.000			10/01/2035		1,247,684
	1,840,000		0.000			10/01/2037		943,920
	5,100,000		0.000			10/01/2038		2,504,457
	8,425,000		0.000			10/01/2039		3,950,988
	13,395,000		0.000			10/01/2040		6,001,630
	7,275,000		0.000			10/01/2041		3,122,721
	6,360,000		0.000			10/01/2042		2,620,447
	Riverside County Redevelopment Agency Tax Allocation for Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)
	1,225,000		6.500			10/01/2025		1,369,366
	1,950,000		6.750			10/01/2030		2,184,039
	Riverside County Redevelopment Successor Agency Tax Allocation Refunding for Mid-County Redevelopment Project Area Series 2017 C (BAM) (AA/NR)
	3,355,000		4.000			10/01/2040		3,561,064
	Riverside County Redevelopment Successor Agency Tax Allocation Refunding Series 2017 A (BAM) (AA/NR)
	8,585,000		4.000			10/01/2039		9,172,472
	Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (BBB/NR)
	2,000,000		5.750			06/01/2048		2,192,340
	Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	770,000		5.000			09/01/2029		881,896
	1,865,000		5.000			09/01/2033		2,094,768
	2,250,000		5.000			09/01/2035		2,502,743

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate		Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa3)(c)
	(3 Mo. LIBOR+ 0.53%),
$	6,405,000		2.290%		12/01/2035	$	6,270,623
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)(c)
	(3 Mo. LIBOR + 0.55%),
	3,920,000		2.309		06/01/2034		3,753,949
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE) (A+/A2)(b)
	1,420,000		0.000		08/01/2025		1,242,102
	San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (AA-/Aa2)(b)
	10,000,000		0.000		07/01/2030		7,377,600
	3,000,000		0.000		07/01/2031		2,123,250
	San Francisco City & County Airport Commission San Francisco International Airport RB Series 2019 A (AMT) (A+/A1)
	17,765,000		5.000		05/01/2044		20,909,405
	80,475,000		5.000		05/01/2049		94,245,882
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay North Redevelopment Series 2011 C (A-/NR)(e)
	500,000		6.750		02/01/2021		549,030
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2011 D (BBB+/NR)(e)
	435,000		6.625		02/01/2021		476,673
	2,500,000		7.000		02/01/2021		2,754,475
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (A-/NR)
	3,000,000		5.000		01/15/2029		3,412,650
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE) (A+/Aa2)(b)
	1,580,000		0.000		08/01/2024		1,427,514
	1,595,000		0.000		08/01/2025		1,408,353
	San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2013 (NR/NR)
	2,000,000		5.000		09/01/2042		2,119,480
	San Mateo Special Tax Bonds for Community Facilities District No. 2008-1 Bay Meadows Series 2014 (NR/NR)
	2,000,000		5.500		09/01/2044		2,154,980
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (AA/NR)
	2,000,000		5.000		07/01/2032		2,154,220
	2,000,000		5.000		07/01/2042		2,141,340
	Santee Community Development Commission Tax Allocation for Santee Community Redevelopment Project Series 2011 A (A/NR)(e)
	3,000,000		7.000		02/01/2021		3,305,370
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (NR/NR)(b)
	88,700,000		0.000		06/01/2056		7,103,096
Municipal Bonds – (continued)
California – (continued)
	State of California GO Unlimited Various Purpose Bonds Series 2019 (AA-/Aa3)
	4,030,000		4.000		04/01/2049		4,323,062
	4,730,000		5.000		04/01/2049		5,642,606
	Stockton Public Financing Authority Water RB for Delta Water Supply Project Series 2010 A (A/A3)
	2,000,000		6.250		10/01/2040		2,359,140
	Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities DistrictNo. 2008-1 Industrial Complex Public Improvements Series 2012 B (NR/NR)
	4,000,000		5.250		09/01/2042		4,240,320
	Temecula Redevelopment Agency Tax Allocation for Housing Redevelopment Project No. 1 Series 2011 A (BBB+/NR)(e)
	1,000,000		6.750		08/01/2021		1,122,720
	2,100,000		7.000		08/01/2021		2,367,624
	Tobacco Securitization Authority Southern California Tobacco Settlement RB Senior Asset-Backed Bonds for San Diego County Tobacco Asset Securitization Corp. Series 2006A-1 (BB+/B2)
	2,235,000		5.000		06/01/2037		2,235,246
	Tustin California Community Facilities DistrictNo. 2014-1 Tustin Legacy/Standard Pacific Special Tax Bonds Series 2015 A (NR/NR)
	750,000		5.000		09/01/2040		819,968
	1,000,000		5.000		09/01/2045		1,090,280
	Union City Community Redevelopment Agency Tax Allocation for Community Redevelopment Project Sub Lien Series 2011 (A+/NR)(e)
	1,500,000		6.875		12/01/2021		1,716,945
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)(c)
	(3 Mo. LIBOR + 0.74%),
	17,120,000		2.538		05/15/2043		15,229,610
	West Hollywood Community Development Commission Tax Allocation for East Side Redevelopment Project Series 2011 A (A-/NR)
	1,000,000		7.250		09/01/2031		1,139,350
	5,000,000		7.500		09/01/2042		5,690,900
	William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (AA/Aa2)(b)
	8,360,000		0.000		08/01/2034		5,137,471
	Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (AA-/Aa2)(a)
	19,135,000		0.000		08/01/2042		14,224,959
							1,024,489,882
Colorado – 4.0%
	9th Avenue Metropolitan District No. 2 Limited Tax GO Bonds Series 2018 (NR/NR)
	2,470,000		5.000		12/01/2048		2,531,454
	Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	750,000		5.000		12/01/2037		756,720
	1,065,000		5.125		12/01/2047		1,073,595

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Arista Metropolitan District GO Refunding Bonds Series 2018 A (NR/NR)
$	3,000,000		5.125	%		12/01/2048	$	3,086,910
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	2,375,000		5.125			12/01/2046		2,438,792
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR)
	670,000		7.000			12/15/2047		669,672
	Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR)
	1,000,000		6.375			12/15/2047		1,009,470
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	2,250,000		5.375			12/01/2048		2,284,402
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,750,000		6.000			12/01/2037		1,793,207
	4,000,000		6.125			12/01/2047		4,077,280
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	2,000,000		6.125			12/01/2047		2,009,020
	Centerra Metropolitan District No. 1 Special RB Refunding & Improvement Bonds Series 2017 (NR/NR)(d)
	6,500,000		5.000			12/01/2047		6,684,925
	Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR)
	500,000		7.375			12/15/2047		508,450
	Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	790,000		4.375			12/01/2032		800,215
	Colorado Crossing Metropolitan District No. 2 Limited Property Tax Supported RB Series 2017 (NR/NR)
	7,390,000		7.500			12/01/2047		7,472,546
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2012 A (A-/NR)
	3,500,000		4.500			12/01/2033		3,530,170
	3,500,000		5.000			12/01/2033		3,757,250
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (A-/NR)
	3,000,000		5.750			12/01/2036		3,420,480
	Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2013 (BBB/WR)
	3,000,000		5.625			06/01/2043		3,297,090
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (BBB/NR)
	4,410,000		5.000			06/01/2047		4,843,062
	Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (BBB/NR)
	965,000		5.000			12/31/2047		1,047,035
	965,000		5.000			12/31/2051		1,044,419
	2,980,000		5.000			12/31/2056		3,215,569
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Regional Transportation District Tax-Exempt Private Activity RB for Denver Transit Partners Eagle P3 Project Series 2010 (BBB+/Baa3)
	12,860,000		6.000			01/15/2041		13,214,293
	Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR)
	3,000,000		5.750			12/01/2047		3,016,350
	Copperleaf Metropolitan District No. 2 Limited Tax Convertible to Unlimited Tax GO Refunding Series 2015 (NR/NR)
	500,000		5.250			12/01/2030		524,145
	2,000,000		5.750			12/01/2045		2,095,880
	Copperleaf Metropolitan District No. 3 GO Bonds Series 2017 A (NR/NR)
	500,000		5.000			12/01/2037		506,180
	700,000		5.125			12/01/2047		705,649
	Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR)
	506,000		7.625			12/15/2047		509,471
	Copperleaf Metropolitan District No. 6 GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.250			12/01/2048		2,030,740
	Copperleaf Metropolitan District No. 6 GO Bonds Subordinate Series 2018 B (NR/NR)
	820,000		7.500			12/15/2048		830,381
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	1,000,000		5.125			12/01/2037		1,037,910
	2,100,000		5.250			12/01/2047		2,176,230
	Denver City & County COPS Series 2008A-1 (AA+/Aa1)(f)(g)
	6,500,000		1.500			04/01/2019		6,500,000
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (BB/NR)
	11,310,000		5.000			10/01/2032		12,134,047
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(d)
	2,655,000		5.000			12/01/2026		3,101,067
	5,285,000		5.000			12/01/2027		6,231,913
	5,555,000		5.000			12/01/2028		6,514,571
	7,200,000		5.000			12/01/2034		8,199,576
	4,800,000		4.000			12/01/2035		4,973,712
	4,800,000		4.000			12/01/2036		4,969,440
	Denver Colorado Health and Hospital Authority Healthcare RB Series 2007 B (BBB/NR)(c)
	(3 Mo. LIBOR + 1.10%),
	16,160,000		2.859			12/01/2033		15,541,880
	Denver Connection West Metropolitan District GO Bonds Series 2017 A (NR/NR)
	2,470,000		5.375			08/01/2047		2,516,164
	Denver Connection West Metropolitan District GO Bonds Subordinate Series 2017 B (NR/NR)
	1,269,000		8.000			08/01/2047		1,272,680
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	425,000		5.000			12/01/2032		489,541
	1,175,000		4.000			12/01/2038		1,219,121
	1,690,000		5.000			12/01/2048		1,885,702

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL-RE) (A/A2)(b)
$	3,000,000		0.000	%		09/01/2039	$	1,192,560
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)(b)
	15,000,000		0.000			09/01/2028		11,502,600
	4,100,000		0.000			09/01/2034		2,401,657
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (A/A2)(b)
	1,715,000		0.000			09/01/2028		1,057,400
	E-470 Public Highway Authority RB Series 2010 A (A/A2)(b)
	20,000,000		0.000			09/01/2040		8,894,600
	Forest Trace Metropolitan District No. 3 GO Unlimited Bonds Series 2016 A (NR/NR)
	1,000,000		5.000			12/01/2046		1,017,690
	Green Gables Metropolitan District No. 2 GO Bonds Senior Series 2018 A (NR/NR)
	4,500,000		5.750			12/01/2048		4,600,215
	High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL-RE) (NR/Baa2)
	3,930,000		4.000			12/01/2047		4,070,380
	Lakes at Centerra Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	1,695,000		5.125			12/01/2037		1,734,222
	3,445,000		5.250			12/01/2047		3,521,031
	Leyden Rock Metropolitan District No. 10 Limited Tax GO Refunding & Improvement Bonds Series 2016 A (NR/NR)
	1,250,000		5.000			12/01/2045		1,272,113
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	1,260,000		5.500			12/01/2048		1,265,368
	North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR)
	3,270,000		5.625			12/01/2037		3,308,619
	5,380,000		5.750			12/01/2047		5,444,775
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	2,135,000		4.375			12/01/2031		2,101,246
	1,825,000		5.000			12/01/2046		1,847,301
	Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)(d)
	1,000,000		5.000			12/01/2040		1,036,470
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	2,000,000		5.625			12/01/2048		2,034,680
	Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR)(d)
	3,000,000		5.000			12/15/2041		3,082,770
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)
	4,200,000		6.500			11/15/2038		6,117,426
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	550,000		5.125			12/01/2037		567,721
	1,000,000		5.125			12/01/2043		1,026,370
Municipal Bonds – (continued)
Colorado – (continued)
	Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)
	635,000		7.250			12/15/2035		639,070
	Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)
	750,000		4.500			12/01/2031		749,243
	1,500,000		5.500			12/01/2046		1,540,950
	South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR)
	2,208,000		8.000			12/15/2048		2,225,200
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000		5.500			12/01/2048		504,540
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	2,550,000		5.125			12/01/2047		2,580,677
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa2)
	650,000		5.000			12/01/2039		721,026
	Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (MUN GOVT GTD) (NR/NR)
	6,920,000		5.000			12/01/2038		7,068,642
	18,250,000		5.000			12/01/2047		18,554,592
	Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.625			12/01/2047		2,019,020
	Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (NR/Baa3)
	8,000,000		6.000			12/01/2050		9,271,840
	Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR)
	880,000		5.250			12/01/2037		887,665
	2,400,000		5.375			12/01/2047		2,421,552
	Vista Ridge Metropolitan District GO Refunding Bonds Limited Tax Subseries 2006 B (NR/NR)(e)
	1,725,000		9.500			12/01/2021		2,106,380
	Westown Metropolitan District GO Bonds Series 2017 A (NR/NR)
	880,000		5.000			12/01/2047		880,431
	Whispering Pines Metropolitan District No. 1 GO Bonds Subordinated Series 2017 B (NR/NR)
	1,490,000		7.375			12/15/2047		1,494,753
	Whispering Pines Metropolitan District No. 1 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2037		1,019,220
	2,500,000		5.000			12/01/2047		2,529,500
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bond Series 2018 A (NR/NR)
	3,470,000		5.375			12/01/2048		3,525,242
	Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,500,000		6.500			12/01/2047		1,634,490
								295,019,623

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Connecticut – 0.7%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
$	900,000		5.500	%		08/01/2034	$	1,053,018
	500,000		5.500			08/01/2035		583,085
	420,000		5.500			08/01/2036		487,981
	400,000		5.500			08/01/2037		463,036
	410,000		5.500			08/01/2038		473,202
	Connecticut State GO Bonds Series 2018 C (A/A1)
	1,850,000		5.000			06/15/2028		2,238,851
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-2 (AAA/Aaa)(f)(g)
	7,125,000		1.250			04/01/2019		7,125,000
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (B-/NR)(d)
	20,240,000		7.000			02/01/2045		20,942,126
	State of Connecticut GO Bonds Series 2018 (A/A1)
	4,860,000		5.000			06/15/2027		5,810,081
	2,100,000		5.000			06/15/2029		2,524,473
	450,000		5.000			06/15/2032		530,919
	State of Connecticut GO Unlimited Bonds Series 2019 A (A/A1)(h)
	1,000,000		5.000			04/15/2030		1,209,950
	1,000,000		5.000			04/15/2034		1,185,250
	1,000,000		5.000			04/15/2035		1,180,220
	1,000,000		5.000			04/15/2036		1,178,520
	500,000		4.000			04/15/2037		532,265
	1,000,000		5.000			04/15/2039		1,166,970
	Town of Hamden Refunding GO Series 2013 (AGM) (AA/A2)
	500,000		5.000			08/15/2023		560,685
								49,245,632
Delaware – 0.3%
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A (NR/NR)
	4,840,000		5.450			07/01/2035		4,839,855
	Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2010 (A-/Baa1)
	3,000,000		5.400			02/01/2031		3,127,530
	Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (A-/NR)
	3,785,000		5.000			11/15/2048		4,202,902
	Delaware Economic Development Authority RB for Indian River Power LLC Project Series 2010 (NR/Baa3)
	2,050,000		5.375			10/01/2045		2,128,720
	Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (AA-/NR)
	6,130,000		4.000			07/01/2043		6,404,746
								20,703,753
District of Columbia – 1.3%
	Metropolitan Washington Airports Authority RB Refunding Series 2018 A (AMT) (AA-/Aa3)
	14,485,000		5.000			10/01/2043		16,846,490
Municipal Bonds – (continued)
District of Columbia – (continued)
	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)
	37,100,000		6.500			10/01/2044		47,967,703
	Metropolitan Washington DC Airports Authority Dulles Toll Road RB Third Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2009 C (ASSURED GTY) (AA/A3)
	25,000,000		6.500			10/01/2041		31,749,250
								96,563,443
Florida – 11.5%
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
	635,000		5.000			05/01/2039		654,761
	1,035,000		5.100			05/01/2049		1,067,054
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
	3,475,000		6.300			05/01/2035		3,509,055
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016A-1 (A-/NR)
	1,725,000		3.500			05/01/2031		1,756,050
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018A-1 (AGM) (AA/NR)
	4,000,000		3.500			05/01/2032		4,088,640
	6,755,000		3.700			05/01/2036		6,911,108
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018A-2 (NR/NR)
	755,000		4.625			05/01/2028		763,297
	2,000,000		5.000			05/01/2036		2,069,640
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B (NR/NR)
	6,930,000		6.900			05/01/2025		7,643,236
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 BA-1 (NR/NR)
	3,780,000		6.900			05/01/2036		4,112,640
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 BA-2 (NR/NR)
	980,000		6.900			05/01/2036		1,056,205
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)(d)
	1,845,000		5.100			05/01/2039		1,899,169
	3,080,000		5.200			05/01/2049		3,169,967
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	750,000		5.750			05/01/2048		794,340

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017A-1 (NR/NR)
$	1,850,000		6.000	%		05/01/2048	$	1,940,058
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017A-2 (NR/NR)
	575,000		6.000			05/01/2029		586,920
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	1,070,000		3.625			05/01/2031		1,122,580
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	290,000		4.250			11/01/2021		293,912
	920,000		4.750			11/01/2026		946,615
	405,000		5.000			11/01/2031		417,851
	5,635,000		5.250			11/01/2046		5,847,214
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)(d)
	935,000		5.000			11/01/2049		952,671
	750,000		5.125			11/01/2049		764,393
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	375,000		4.500			11/01/2025		387,690
	1,000,000		5.000			11/01/2036		1,058,490
	1,100,000		5.000			11/01/2048		1,140,645
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015A-1 (A-/NR)
	1,970,000		4.250			05/01/2029		2,134,121
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015A-2 (NR/NR)
	1,000,000		5.000			05/01/2035		1,034,070
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	970,000		3.750			05/01/2031		1,030,188
	1,125,000		4.000			05/01/2037		1,155,938
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017A-1 (BBB-/NR)
	1,610,000		4.250			05/01/2031		1,727,900
	2,810,000		4.250			05/01/2037		2,964,382
	Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR)(d)
	2,800,000		6.375			11/01/2049		2,877,896
	Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB/NR)
	655,000		6.000			11/01/2027		744,008
	490,000		3.750			11/01/2031		504,332
	2,995,000		6.500			11/01/2043		3,638,236
	1,500,000		4.125			11/01/2046		1,532,640
	Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)
	775,000		6.125			11/01/2033		884,058
	1,000,000		6.500			11/01/2043		1,151,690
Municipal Bonds – (continued)
Florida – (continued)
	Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	315,000		3.500			05/01/2021		315,551
	500,000		4.100			05/01/2026		505,505
	1,755,000		4.700			05/01/2036		1,779,202
	3,200,000		4.875			05/01/2047		3,235,200
	Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR)
	7,575,000		5.750			05/01/2035		8,151,306
	Brookstone Community Development District Special Assessment RB Series 2018 (NR/NR)(d)
	600,000		3.875			11/01/2023		601,860
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)(d)
	33,460,000		5.250			12/01/2058		32,850,024
	Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR)
	355,000		4.000			05/01/2024		357,112
	500,000		5.125			05/01/2038		508,260
	1,000,000		5.250			05/01/2049		1,016,440
	Centre Lake Community Development District Special Assessment Series 2016 (NR/NR)
	375,000		4.125			12/15/2027		372,138
	500,000		4.500			12/15/2032		507,305
	975,000		4.700			12/15/2037		992,443
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A/NR)
	200,000		3.500			11/01/2020		206,488
	210,000		3.750			11/01/2021		221,290
	215,000		3.875			11/01/2022		227,741
	25,000		4.000			11/01/2023		26,611
	1,705,000		4.500			11/01/2031		1,813,285
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)(d)
	500,000		5.500			10/01/2036		505,870
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,750,000		4.000			10/01/2034		1,855,962
	City of Jacksonville RB for Jacksonville University Project Series 2018 B (NR/NR)(d)
	3,000,000		5.000			06/01/2053		3,162,150
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)(a)
	25,620,000		0.000			05/01/2046		21,486,213
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	2,250,000		5.000			05/01/2026		2,541,577
	Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR)(d)
	500,000		4.750			06/15/2039		512,575
	1,000,000		5.000			06/15/2049		1,024,840

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016A-1 (A/NR)
$	2,990,000		3.500	%		05/01/2032	$	3,052,760
	1,500,000		3.625			05/01/2035		1,533,990
	1,750,000		3.750			05/01/2046		1,775,620
	Concorde Estates Community Development District RB for Capital Improvement Series 2017 B (NR/NR)(b)
	4,705,000		0.000			11/01/2027		3,046,488
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)(i)
	3,305,000		5.850			05/01/2035		33
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)(i)
	3,980,000		5.000			05/01/2011		40
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011A-1 (NR/NR)
	3,450,000		5.850			05/01/2035		3,450,138
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011A-2 (NR/NR)
	2,130,000		5.850			05/01/2035		1,850,310
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)(b)(i)
	2,939,931		0.000			05/01/2017		1,558,163
	Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)(d)
	220,000		3.875			11/01/2024		221,936
	270,000		4.000			11/01/2029		273,739
	500,000		4.750			11/01/2038		516,265
	1,000,000		5.000			11/01/2049		1,032,050
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(d)
	4,290,000		5.125			11/01/2050		4,380,862
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	782,000		4.000			05/01/2031		828,881
	1,407,000		4.250			05/01/2038		1,478,166
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015A-1 (A-/NR)
	960,000		3.750			05/01/2029		1,000,685
	Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (BBB/NR)
	500,000		4.000			05/01/2038		514,390
	Covington Park Community Development District Special Assessment RB for Capital Improvement Bonds Series 2018 (BBB/NR)
	1,175,000		4.125			05/01/2048		1,211,025
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)
	3,170,000		5.125			11/01/2048		3,233,685
Municipal Bonds – (continued)
Florida – (continued)
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)(d)
	2,250,000		5.400			05/01/2039		2,294,797
	3,280,000		5.500			05/01/2044		3,352,062
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	2,665,000		5.400			05/01/2049		2,738,421
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)
	1,000,000		4.750			12/15/2038		1,022,530
	3,000,000		5.000			12/15/2048		3,066,600
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017A-1 (AGM) (AA/NR)
	3,110,000		3.750			05/01/2034		3,206,099
	4,295,000		4.000			05/01/2037		4,465,082
	East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)
	1,000,000		5.000			11/01/2048		1,014,790
	East Homestead Community Development District Special Assesment Expansion Area Bonds Project Series 2019 (NR/NR)
	500,000		4.750			11/01/2039		512,955
	920,000		5.000			11/01/2049		947,407
	Escambia County Health Facilities Authority Health Care Facilities RB for Baptist Hospital, Inc. Project Series 2010 A (A-/A3)
	27,000,000		6.000			08/15/2036		28,378,080
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,005,000		6.375			11/01/2026		1,118,002
	3,245,000		7.000			11/01/2045		3,859,538
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR)
	900,000		5.250			11/01/2035		935,550
	1,360,000		5.375			11/01/2046		1,412,292
	Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (A-/NR)
	1,480,000		4.375			05/01/2034		1,535,618
	Florida Development Finance Corp. Solid Waste Disposal RB for Waste Pro USA, Inc. Project Series 2017 (AMT) (NR/NR)(d)(f)(g)
	1,850,000		5.000			08/01/2022		1,922,261
	Florida Development Finance Corp. Surface Transportation Facility RB for Brightline Passenger Rail Project Series 2017 (AMT) (NR/NR)(d)(f)(g)
	13,800,000		5.625			01/01/2028		14,332,956
	Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018A-1 (NR/NR)(d)
	1,750,000		4.750			06/01/2038		1,841,542
	3,000,000		5.000			06/01/2048		3,190,230
	Florida Higher Educational Facilities Financing Authority RB Refunding for Nova Southeastern University Project Series 2012 A (A-/NR)
	600,000		5.000			04/01/2032		648,060
	5,820,000		5.250			04/01/2042		6,322,033

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
$	725,000		5.000	%		11/01/2047	$	755,805
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	700,000		4.000			05/01/2031		737,331
	1,000,000		4.125			05/01/2038		1,034,750
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (AMT) (NR/NR)
	3,165,000		5.000			11/15/2026		3,406,236
	5,000,000		5.000			11/15/2036		5,247,850
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A+/A1)
	3,540,000		5.000			10/01/2047		4,040,450
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	1,525,000		4.500			05/01/2036		1,532,884
	2,305,000		4.625			05/01/2046		2,319,683
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017A-1 (A-/NR)(d)
	1,725,000		4.000			05/01/2031		1,848,682
	1,335,000		4.250			05/01/2035		1,424,579
	1,810,000		4.250			05/01/2039		1,907,993
	Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	1,000,000		5.000			05/01/2034		1,069,320
	2,170,000		5.125			05/01/2045		2,346,313
	Heritage Harbour South Community Development District RB Refunding for Senior Lien Capital Improvement Series 2013 A-1 (A/NR)
	500,000		5.050			05/01/2031		544,025
	500,000		5.150			05/01/2034		541,770
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	1,540,000		3.400			05/01/2037		1,541,663
	Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
	2,045,000		5.700			05/01/2036		2,047,822
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	2,205,000		4.200			05/01/2031		2,355,668
	2,000,000		4.350			05/01/2036		2,101,100
	Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)(d)
	1,000,000		4.875			12/15/2038		1,023,820
	1,000,000		5.000			12/15/2048		1,024,940
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,000,000		4.250			05/01/2031		1,087,610
	2,150,000		4.250			05/01/2036		2,274,958
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	2,295,000		5.000			11/01/2048		2,339,982
Municipal Bonds – (continued)
Florida – (continued)
	Hunters Ridge Community Development District No 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)(d)
	470,000		5.125			11/01/2049		482,930
	Islands at Doral III Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	2,500,000		4.125			05/01/2035		2,578,700
	Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	1,000,000		5.000			11/01/2047		1,022,360
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)
	2,120,000		6.700			05/01/2033		2,287,077
	4,765,000		7.000			05/01/2043		5,197,090
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR)
	6,320,000		5.600			05/01/2044		6,777,505
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)(d)
	1,000,000		5.000			05/01/2037		1,032,150
	2,370,000		5.125			05/01/2047		2,433,777
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre & NW Sector Project Series 2011 (NR/NR)
	19,290,000		8.000			05/01/2040		21,431,383
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	675,000		4.000			05/01/2022		681,143
	1,125,000		4.625			05/01/2027		1,163,700
	2,500,000		5.250			05/01/2037		2,630,950
	5,820,000		5.375			05/01/2047		6,105,296
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1A Series 2018 (NR/NR)
	1,175,000		5.000			05/01/2038		1,193,741
	2,545,000		5.100			05/01/2048		2,587,553
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1B Series 2018 (NR/NR)(d)
	3,760,000		5.450			05/01/2048		3,954,881
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	1,665,000		4.000			05/01/2021		1,677,171
	1,335,000		4.250			05/01/2026		1,355,986
	3,705,000		5.000			05/01/2036		3,791,030
	14,585,000		5.125			05/01/2046		14,931,832
	Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)(h)
	1,160,000		4.700			05/01/2039		1,173,897
	1,250,000		4.875			05/01/2049		1,264,837
	Lee County IDA Health Care Facilities RB Refunding for Shell Point Project Series 2011 B (BBB+/NR)
	2,600,000		6.500			11/15/2031		2,860,442
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017A-1 (A-/NR)
	1,435,000		4.000			05/01/2031		1,537,975
	1,860,000		4.000			05/01/2036		1,969,015

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
$	985,000		5.125	%		05/01/2048	$	1,011,240
	1,775,000		5.125			05/01/2049		1,804,323
	Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
	4,000,000		5.400			05/01/2030		3,956,080
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	1,950,000		5.375			05/01/2030		1,951,307
	Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	1,940,000		5.000			05/01/2032		1,968,343
	McJunkin Parkland Community Development District Special Assessment Bond Series 2018 (NR/NR)(d)
	2,800,000		5.125			11/01/2038		2,892,596
	4,750,000		5.250			11/01/2049		4,895,825
	Meadow Pointe II Community Development District Special Assessment RB Series 2018 (AGM) (AA/NR)
	1,605,000		4.125			05/01/2039		1,696,084
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)(i)
	880,000		5.250			05/01/2015		105,600
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)(i)
	1,380,000		6.150			11/01/2014		165,600
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012A-1 (NR/NR)
	400,000		6.000			05/01/2036		409,564
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012A-2 (NR/NR)
	775,000		6.250			05/01/2038		805,202
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 B (NR/NR)
	210,000		6.810			05/01/2020		211,772
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR)
	610,000		7.250			05/01/2035		663,753
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 B (NR/NR)
	250,000		7.250			05/01/2022		266,228
	Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)(i)
	1,075,000		5.250			05/01/2015		129,000
	Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
	1,000,000		4.750			05/01/2037		1,016,030
	1,700,000		5.000			05/01/2048		1,728,220
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center of Florida Series 2014 (A-/Baa1)
	1,500,000		5.000			11/15/2039		1,617,540
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (A+/Aa3)(d)
	11,760,000		5.000			03/01/2030		13,019,731
Municipal Bonds – (continued)
Florida – (continued)
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	600,000		4.000			11/01/2023		609,696
	600,000		4.750			11/01/2027		623,520
	4,000,000		5.125			11/01/2039		4,153,080
	4,135,000		5.250			11/01/2049		4,299,821
	Miami-Dade County Educational Facilities Authority RB for University of Miami Series 2018 A (A-/A3)
	10,085,000		4.000			04/01/2053		10,450,581
	Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR)
	3,445,000		5.000			05/01/2029		3,619,730
	3,515,000		5.000			05/01/2037		3,664,845
	Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR)
	2,720,000		5.000			05/01/2028		2,860,379
	1,665,000		5.000			05/01/2035		1,721,743
	Monterra Community Development District Special Assessment Refunding Bonds Series 2015 (AGM) (AA/NR)
	1,820,000		3.500			05/01/2036		1,847,737
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	740,000		5.250			11/01/2035		780,907
	1,240,000		5.625			11/01/2045		1,318,219
	Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)
	1,185,000		5.125			11/01/2048		1,210,241
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010A-1 (NR/NR)
	1,855,000		5.750			05/01/2038		1,855,575
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 B-1 (NR/NR)
	20,000		5.000			05/01/2019		19,994
	New River Community Development District Special Assessment Series 2006 B (NR/NR)(i)
	3,260,000		5.000			05/01/2013		33
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A-/NR)
	1,680,000		5.000			04/01/2024		1,811,443
	1,765,000		5.000			04/01/2025		1,899,052
	1,005,000		5.000			04/01/2026		1,082,666
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)
	1,680,000		5.375			11/01/2038		1,762,891
	3,300,000		5.500			11/01/2049		3,461,832
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2010A-1 (NR/NR)
	915,000		6.125			05/01/2035		924,049
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2010A-2 (NR/NR)
	1,270,000		6.125			05/01/2035		1,283,970
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018A-1 (A/NR)
	400,000		4.000			11/01/2038		416,676
	3,290,000		4.200			11/01/2048		3,451,210

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
$	3,155,000		3.750	%		05/01/2031	$	3,302,117
	2,040,000		4.000			05/01/2036		2,133,167
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	700,000		4.000			05/01/2027		718,641
	2,380,000		5.000			05/01/2039		2,544,172
	Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (AA/NR)
	530,000		4.125			05/01/2035		554,984
	Parkway Center Community Development District Special Assessment for Amenity Projects Series2018-2 (A-/NR)
	2,285,000		4.700			05/01/2049		2,450,228
	Parkway Center Community Development District Special Assessment RefundingSeries 2018-1 (BBB/NR)
	800,000		4.375			05/01/2031		859,472
	1,065,000		4.500			05/01/2034		1,140,679
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	3,225,000		4.375			05/01/2036		3,417,371
	Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (BBB/NR)
	2,805,000		4.750			05/01/2033		2,955,432
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	1,045,000		5.375			11/01/2049		1,079,370
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 1 (NR/NR)
	3,015,000		6.600			05/01/2033		3,031,552
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 2 (NR/NR)
	835,000		6.600			05/01/2036		839,584
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 3 (NR/NR)
	2,465,000		6.600			05/01/2033		2,478,533
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
	3,070,000		5.000			05/01/2025		3,217,053
	6,830,000		5.000			05/01/2033		7,064,679
	Reunion East Community Development District Special Assessment Series 2002A-2 (NR/NR)(i)
	2,170,000		7.200			05/01/2022		22
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016A-1 (A-/NR)
	2,390,000		4.000			05/01/2031		2,533,042
	River Hall Community Development District Special Assessment for Capital Improvement Series 2011 A (NR/NR)
	4,630,000		5.450			05/01/2036		4,653,057
	Sandy Creek Community Development District Special Assessment Refunding Series 2007 B (NR/NR)
	1,100,000		5.500			05/01/2020		1,105,434
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)(d)
	2,200,000		5.250			11/01/2039		2,239,248
	2,825,000		5.375			11/01/2049		2,869,296
Municipal Bonds – (continued)
Florida – (continued)
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)
	3,800,000		5.250			11/01/2049		3,873,872
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	4,000,000		5.000			05/01/2049		4,098,560
	South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)(d)
	2,100,000		5.125			11/01/2039		2,160,417
	3,485,000		5.250			11/01/2049		3,570,173
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,310,000		5.000			05/01/2038		1,335,820
	2,505,000		5.375			05/01/2049		2,578,321
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,345,000		4.250			11/01/2037		1,413,931
	330,000		4.125			11/01/2040		339,148
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016A-1 (A/NR)
	800,000		3.500			05/01/2032		823,968
	500,000		3.625			05/01/2035		514,200
	1,715,000		3.750			05/01/2038		1,760,619
	South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016A-2 (NR/NR)
	555,000		4.350			05/01/2026		560,189
	490,000		4.875			05/01/2035		497,453
	95,000		5.000			05/01/2038		96,639
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)
	2,010,000		5.250			05/01/2034		2,158,479
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011A-1 (NR/NR)
	3,855,000		5.800			05/01/2035		3,764,292
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011A-2 (NR/NR)
	2,875,000		5.800			05/01/2035		2,565,334
	Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR)
	350,000		3.750			05/01/2024		350,917
	425,000		4.375			05/01/2029		431,107
	1,000,000		5.000			05/01/2039		1,011,010
	1,750,000		5.250			05/01/2049		1,782,848
	Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(d)
	1,250,000		5.125			11/01/2037		1,293,687
	1,790,000		5.250			11/01/2047		1,857,501
	Spring Ridge Community Development District Special Assessment RBSeries A-1 (NR/NR)
	1,245,000		4.800			05/01/2035		1,235,152

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)(i)
$	418,112		5.500	%		11/01/2010	$	267,592
	Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR)
	2,160,000		5.000			05/01/2034		2,280,463
	Stoneybrook South Community Development District Special Assessment Bonds Refunding for Assessment Area Two-A Project Series 2014 (NR/NR)
	1,750,000		5.125			11/01/2034		1,947,190
	3,500,000		5.500			11/01/2044		3,994,620
	Stoneybrook South Community Development District Special Assessment RB Refunding for Assessment Area One Project Series 2013 (NR/NR)
	2,435,000		6.500			05/01/2039		2,768,985
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016A-2 (NR/NR)
	505,000		3.250			05/01/2021		502,576
	965,000		3.750			05/01/2026		954,327
	1,600,000		4.000			05/01/2033		1,577,920
	Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,370,000		5.250			11/01/2034		1,409,196
	2,360,000		6.000			11/01/2044		2,553,237
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	390,000		4.250			05/01/2026		400,659
	1,110,000		4.800			05/01/2036		1,141,479
	1,715,000		5.000			05/01/2046		1,766,433
	Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016A-1 (A+/NR)
	700,000		3.375			05/01/2032		710,514
	1,345,000		3.600			05/01/2037		1,366,493
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018A-1 (AGM) (AA/NR)
	1,650,000		3.500			05/01/2032		1,697,058
	1,800,000		3.750			05/01/2040		1,834,830
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018A-2 (NR/NR)(d)
	410,000		5.625			05/01/2040		420,406
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		5.125			05/01/2039		305,328
	Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR)
	380,000		5.750			11/01/2027		413,927
	1,965,000		6.250			11/01/2044		2,226,718
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	2,840,000		5.375			11/01/2039		2,944,966
	4,750,000		5.500			11/01/2049		4,949,120
Municipal Bonds – (continued)
Florida – (continued)
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)
	1,560,000		4.625			06/15/2038		1,568,627
	2,445,000		4.750			06/15/2048		2,470,281
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A-/Baa1)
	13,300,000		5.000			04/01/2048		14,934,836
	Trevesta Community Development District Special Assessment Area 1 Pase 2 Project Series 2018 (NR/NR)(d)
	1,000,000		5.375			11/01/2049		1,033,610
	Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR)
	1,550,000		5.250			11/01/2027		1,611,054
	2,745,000		6.125			11/01/2046		2,941,460
	Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR)(d)
	830,000		4.700			11/01/2029		851,356
	1,605,000		5.125			11/01/2038		1,673,822
	2,295,000		5.375			11/01/2048		2,394,190
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	1,200,000		5.000			11/01/2039		1,229,304
	1,850,000		5.125			11/01/2049		1,894,900
	TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)
	570,000		3.500			11/01/2021		570,690
	1,340,000		4.000			11/01/2027		1,345,052
	3,160,000		4.625			11/01/2037		3,178,960
	2,790,000		4.750			11/01/2047		2,810,590
	TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR)
	250,000		4.250			11/01/2021		253,650
	2,430,000		5.625			11/01/2045		2,591,401
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015A-1 (A/NR)
	2,265,000		4.375			05/01/2035		2,405,339
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016A-1 (A/NR)
	1,710,000		3.500			05/01/2032		1,774,501
	2,550,000		3.625			05/01/2037		2,632,136
	Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016A-2 (NR/NR)
	615,000		4.750			05/01/2037		618,536
	Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)(d)
	1,530,000		3.250			12/15/2022		1,530,275
	2,000,000		4.000			12/15/2028		2,017,620
	1,000,000		5.000			12/15/2032		1,075,000
	1,705,000		5.000			12/15/2037		1,818,383
	3,800,000		5.000			12/15/2047		4,016,448
	Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017A-1 (NR/NR)(d)
	2,425,000		5.500			11/01/2047		2,535,313

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Venetian Community Development District Capital Improvement RB Refunding Series 2012A-1 (NR/NR)
$	500,000		5.500	%		05/01/2034	$	520,705
	750,000		6.125			05/01/2042		796,043
	Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR)
	505,000		6.000			11/01/2027		566,196
	2,050,000		6.500			11/01/2043		2,647,493
	Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR)
	725,000		6.375			11/01/2027		782,667
	2,300,000		7.125			11/01/2044		2,658,685
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(d)
	335,000		4.000			05/01/2024		337,760
	4,655,000		5.125			05/01/2049		4,742,235
	Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)
	1,000,000		5.000			11/01/2039		1,022,310
	1,700,000		5.125			11/01/2049		1,737,689
	Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR)
	980,000		5.000			11/01/2039		1,001,864
	1,600,000		5.125			11/01/2049		1,635,472
	Veranda Community Development District II Special Assessment Area 3 4 & 5 Series 2018 B (NR/NR)
	2,155,000		5.875			11/01/2032		2,176,658
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	1,075,000		3.375			05/01/2021		1,075,032
	2,450,000		3.750			05/01/2026		2,416,950
	4,360,000		4.000			05/01/2031		4,286,011
	1,750,000		4.125			05/01/2034		1,723,855
	1,000,000		4.250			05/01/2037		987,540
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017A-1 (BBB/NR)(d)
	1,985,000		4.000			05/01/2031		2,102,552
	2,940,000		4.000			05/01/2037		3,037,520
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	745,000		5.125			11/01/2035		783,442
	1,000,000		5.250			11/01/2046		1,049,650
	Village Community Development District No. 09 Special Assessment RB Series 2011 (NR/NR)
	4,505,000		7.000			05/01/2041		4,972,394
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	2,600,000		5.000			05/01/2032		2,791,646
	5,990,000		5.125			05/01/2043		6,475,490
	Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR)
	4,600,000		6.000			05/01/2044		5,205,498
Municipal Bonds – (continued)
Florida – (continued)
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(d)
	1,000,000		4.250			05/01/2043		1,025,750
	13,800,000		4.375			05/01/2050		14,158,662
	Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (A/NR)
	1,560,000		4.000			05/01/2033		1,600,576
	Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (A/NR)
	1,230,000		4.000			05/01/2034		1,260,197
	Village Community Development District No. 8 Special Assessment Refunding Phase II Series 2010 (NR/NR)
	7,535,000		6.125			05/01/2039		7,845,593
	Village Community Development District No. 9 Special Assessment Refunding Series 2012 (NR/NR)
	1,875,000		5.500			05/01/2042		1,983,544
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	1,000,000		3.750			11/01/2031		1,019,150
	1,000,000		4.000			11/01/2036		1,014,450
	1,300,000		4.125			11/01/2046		1,320,566
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	3,080,000		5.500			05/01/2034		3,265,693
	3,825,000		5.750			05/01/2044		4,086,362
	Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR)
	4,040,000		5.250			05/01/2049		4,106,418
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012A-1 (NR/NR)
	14,000		5.350			05/01/2039		13,999
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012A-2 (NR/NR)
	335,000		6.600			05/01/2039		336,025
	Waters Edge Community Development District Pasco County Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	3,235,000		4.200			05/01/2036		3,382,937
	Waterset Central Community Development District Special Assessment Bond Series 2018 (NR/NR)(d)
	440,000		4.000			11/01/2024		442,513
	1,640,000		5.125			11/01/2038		1,672,406
	2,800,000		5.250			11/01/2049		2,855,020
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	1,210,000		5.125			11/01/2035		1,264,510
	1,950,000		5.500			11/01/2045		2,043,230
	West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)(d)(h)
	2,390,000		4.750			05/01/2039		2,374,680
	3,790,000		5.000			05/01/2050		3,789,886
	Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR)(h)
	990,000		4.625			05/01/2039		986,763
	1,590,000		4.850			05/01/2049		1,593,720

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Westside Community Development District Special Assessment RB Series 2019 (NR/NR)(h)
$	1,200,000		5.000	%		05/01/2039	$	1,202,784
	2,000,000		5.200			05/01/2050		2,004,600
	Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)(d)
	550,000		5.000			05/01/2038		560,879
	600,000		5.200			05/01/2048		617,832
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	970,000		5.000			11/01/2049		987,518
	Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR)
	140,000		4.000			11/01/2020		140,946
	400,000		4.375			11/01/2025		412,564
	1,770,000		5.000			11/01/2045		1,816,852
	Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR)
	455,000		5.375			05/01/2035		479,256
	3,045,000		5.625			05/01/2045		3,223,833
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	780,000		4.875			05/01/2036		793,284
	1,445,000		5.000			05/01/2047		1,467,426
								840,464,244
Georgia – 1.5%
	Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015A-1 (A+/Aa3)
	1,500,000		5.250			07/01/2040		1,724,670
	5,500,000		5.250			07/01/2044		6,311,745
	Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A/A1)
	1,000,000		4.000			07/01/2040		1,038,990
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 A (BB+/Baa3)
	11,700,000		8.750			06/01/2029		12,597,858
	Fulton County Development Authority RB for Tuff Caub LLC Project Series 2007 A (NR/NR)
	1,690,000		5.250			11/01/2028		1,682,581
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BBB-/NR)
	900,000		5.000			03/01/2047		944,928
	900,000		5.125			03/01/2052		949,302
	Main Street Natural Gas Inc. Gas Supply RB Series 2019 A (A-/A3)
	6,650,000		5.000			05/15/2043		7,420,469
	22,600,000		5.000			05/15/2049		27,495,160
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)(c)
	(3 Mo. LIBOR + 0.65%),
	49,820,000		2.524			10/01/2033		46,588,177
Municipal Bonds – (continued)
Georgia – (continued)
	Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)(d)
	3,500,000		4.000			01/01/2038		3,546,305
								110,300,185
Guam – 1.1%
	A.B. Won Pat International Airport Authority RB Refunding General Series 2013 B (AGM) (AA/A2)
	1,500,000		5.750			10/01/2043		1,719,675
	Guam Government Department of Education COPS for John F. Kennedy High School Project Series 2010 A (B+/NR)
	2,500,000		6.625			12/01/2030		2,565,100
	3,355,000		6.875			12/01/2040		3,456,422
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)
	500,000		5.000			12/01/2031		554,095
	4,515,000		5.000			12/01/2046		4,833,985
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (AGM) (AA/A2)
	7,300,000		6.125			10/01/2043		8,434,712
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (BBB+/Baa2)
	2,560,000		6.375			10/01/2043		2,950,835
	Guam Power Authority RB Series 2010 A (BBB/Baa2)(e)
	10,000,000		5.500			10/01/2020		10,583,900
	Guam Waterworks Authority RB for Water & Wastewater System Series 2010 (A-/Baa2)(e)
	10,365,000		5.625			07/01/2020		10,885,738
	Guam Waterworks Authority RB for Water & Wastewater System Series 2013 (A-/Baa2)
	14,455,000		5.500			07/01/2043		15,649,850
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	9,675,000		5.000			01/01/2046		10,512,758
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	1,150,000		5.000			07/01/2033		1,293,555
	960,000		5.000			07/01/2035		1,073,155
	1,920,000		5.000			07/01/2036		2,139,110
	1,440,000		5.000			07/01/2037		1,598,818
	Port Authority of Guam RB Series 2018 A (A/Baa2)
	2,500,000		5.000			07/01/2048		2,803,175
								81,054,883
Illinois – 14.7%
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (B+/B2)
	1,400,000		5.382			12/01/2023		1,409,744
	5,440,000		5.482			12/01/2024		5,471,606
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)
	16,000,000		6.000			04/01/2046		18,539,520
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)
	1,700,000		5.000			04/01/2042		1,841,984
	1,625,000		5.000			04/01/2046		1,756,072

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (B+/Baa2)(b)
$	3,525,000		0.000	%		12/01/2027	$	2,568,033
	440,000		0.000			12/01/2028		305,945
	9,125,000		0.000			12/01/2029		6,039,108
	6,905,000		0.000			12/01/2030		4,330,885
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (B+/Baa2)(b)
	125,000		0.000			12/01/2029		82,727
	150,000		0.000			12/01/2030		94,082
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (B+/Baa2)(b)
	15,550,000		0.000			12/01/2031		9,272,154
	Chicago Illinois Board of Education GO Bonds Series 2017 A (B+/NR)(d)
	5,500,000		7.000			12/01/2046		6,649,720
	Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL-RE) (B+/Baa2)
	9,685,000		5.500			12/01/2026		10,875,286
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (B+/B2)
	8,965,000		5.500			12/01/2029		10,420,199
	Chicago Illinois Board of Education GO Refunding Bonds Series 2010 F (B+/B2)
	1,300,000		5.000			12/01/2031		1,316,679
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (B+/NR)
	19,705,000		5.250			12/01/2035		20,920,207
	10,235,000		5.250			12/01/2039		10,774,180
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2011 A (B+/B2)
	515,000		5.500			12/01/2039		532,407
	790,000		5.000			12/01/2041		805,753
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (B+/B2)
	2,300,000		5.500			12/01/2030		2,663,285
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (B+/B2)
	9,750,000		6.038			12/01/2029		9,906,390
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (B+/B2)
	9,025,000		4.000			12/01/2035		8,652,899
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (B+/NR)
	54,475,000		7.000			12/01/2044		63,705,244
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (B+/NR)
	61,135,000		6.500			12/01/2046		70,146,299
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	1,500,000		5.000			12/01/2029		1,764,000
	1,250,000		5.000			12/01/2030		1,459,537
	1,025,000		5.000			12/01/2031		1,190,722
	1,000,000		5.000			12/01/2032		1,157,280
	1,250,000		5.000			12/01/2034		1,436,213
	1,000,000		5.000			12/01/2035		1,144,870
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (AA/NR)
	6,535,000		5.000			12/01/2029		7,685,160
	1,000,000		5.000			12/01/2030		1,167,630
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)(b)
	11,415,000		0.000			01/01/2032		6,847,744
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	1,700,000		5.500			01/01/2037		1,849,430
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	8,375,000		5.250			01/01/2033		8,918,621
	6,295,000		5.000			01/01/2034		6,622,466
	10,500,000		5.000			01/01/2036		11,004,420
	Chicago Illinois GO Bonds Project Refunding Series 2017 A (BBB+/NR)
	6,100,000		6.000			01/01/2038		6,958,880
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	6,170,000		5.250			01/01/2035		6,321,103
	3,000,000		5.000			01/01/2040		3,049,830
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	18,325,000		5.000			01/01/2033		18,929,542
	3,850,000		5.000			01/01/2034		3,972,160
	Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
	3,145,000		7.517			01/01/2040		3,562,530
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	4,180,000		5.500			01/01/2039		4,528,863
	Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	14,603,000		7.375			01/01/2033		16,288,040
	Chicago Illinois GO Refunding & Project Bonds Series 2009 C (BBB+/Ba1)
	245,000		5.000			01/01/2034		245,470
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (BBB+/Ba1)
	3,775,000		5.500			01/01/2042		4,071,904
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (BBB+/Ba1)
	2,500,000		5.500			01/01/2042		2,696,625
	Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	6,615,000		5.432			01/01/2042		6,190,185
	Chicago Illinois GO Refunding Bonds Series 2014 A (BBB+/Ba1)
	4,230,000		5.000			01/01/2035		4,441,838
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	14,455,000		5.000			01/01/2038		15,322,155

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)
$	11,630,000		4.000	%		01/01/2044	$	12,111,831
	Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (A/NR)
	1,500,000		5.000			01/01/2039		1,624,215
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	1,950,000		5.250			01/01/2042		2,235,090
	5,460,000		4.000			01/01/2052		5,616,975
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2000 (A/Baa2)
	1,500,000		5.000			11/01/2028		1,738,560
	1,050,000		5.000			11/01/2029		1,209,842
	1,000,000		5.000			11/01/2030		1,144,740
	Chicago Park District GO Bonds Limited Tax Series 2018 A (AA+/NR)
	2,585,000		4.000			01/01/2041		2,642,387
	City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (BBB+/Ba1)
	2,835,000		5.500			01/01/2037		3,084,196
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM) (AA/A2)
	7,350,000		6.314			01/01/2044		8,831,172
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM) (AA/A2)
	735,000		5.432			01/01/2042		793,183
	Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series2007-1 (NR/NR)
	1,987,000		5.800			03/01/2037		1,931,523
	County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)
	2,500,000		4.000			11/15/2047		2,642,525
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)
	1,312,000		5.625			03/01/2036		1,315,149
	Illinois Finance Authority Multifamily Housing RB for Better Housing Foundation Ernst Portfolio Project Series 2018 A (CCC-/NR)
	1,500,000		5.100			12/01/2043		843,240
	2,150,000		5.250			12/01/2053		1,204,581
	Illinois Finance Authority RB for Blue Island LLC Series 2018 A-1 (BBB+/NR)
	1,400,000		5.000			12/01/2053		1,407,364
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (BBB-/NR)
	805,000		6.125			05/15/2027		832,096
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (NR/NR)(e)
	445,000		6.125			05/15/2020		467,139
	Illinois Finance Authority RB for Midwest Regional Medical Center Series 2006 A (NR/NR)(d)
	32,565,000		6.750			10/01/2046		32,578,677
	Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2007A-4 (AA+/Aa2)(f)(g)
	3,365,000		1.500			04/01/2019		3,365,000
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,645,000		4.000			05/15/2027		1,681,042
	2,825,000		5.000			05/15/2037		2,966,561
	1,055,000		5.000			05/15/2047		1,099,806
	Illinois Finance Authority RB Refunding for Franciscan Communities, Inc. Series 2013 A (BBB-/NR)
	4,500,000		5.250			05/15/2047		4,664,745
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa1)
	490,000		5.000			09/01/2036		542,685
	3,470,000		5.000			09/01/2046		3,793,161
	Illinois Finance Authority RB Refunding for OSF Healthcare System Series 2010 A (A/A2)
	3,395,000		6.000			05/15/2039		3,497,563
	Illinois Finance Authority Recovery Zone Facility RB for Navistar International Corp. Project Series 2010 (BB-/B2)(g)
	15,650,000		6.750			10/15/2040		16,348,929
	Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	500,000		5.000			03/01/2031		514,970
	750,000		5.000			03/01/2037		766,545
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,050,000		5.500			07/01/2038		5,336,537
	Illinois State GO Bonds Series 2014 (AGM) (AA/A2)
	20,000,000		5.000			02/01/2039		21,539,400
	Illinois State GO Bonds Series 2014 (BBB-/Baa3)
	2,500,000		5.000			05/01/2029		2,650,100
	10,000,000		5.000			05/01/2030		10,559,900
	2,000,000		5.000			04/01/2031		2,103,760
	5,000,000		5.000			05/01/2031		5,262,100
	5,000,000		5.000			05/01/2039		5,180,350
	Illinois State GO Bonds Series 2016 (BBB-/Baa3)
	4,415,000		5.000			11/01/2021		4,686,302
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	9,500,000		5.000			12/01/2035		10,166,805
	1,770,000		4.500			12/01/2041		1,799,258
	4,730,000		5.000			12/01/2042		4,997,482
	Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	52,270,000		5.000			11/01/2029		57,304,646
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	9,400,000		5.000			11/01/2021		9,977,630
	5,845,000		5.000			11/01/2025		6,443,879
	67,685,000		5.000			11/01/2027		75,074,171
	19,465,000		5.000			11/01/2028		21,478,265
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	5,280,000		5.000			05/01/2042		5,596,272
	5,280,000		5.000			05/01/2043		5,587,138
	Illinois State GO Refunding Bonds Series 2012 (BBB-/Baa3)
	7,300,000		5.000			08/01/2021		7,707,267
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	20,175,000		4.000			02/01/2030		21,450,867
	Illinois State GO Refunding Bonds Series 2017 D (BBB-/Baa3)
	1,650,000		5.000			11/01/2020		1,715,852
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
	1,946,000		6.250			03/01/2034		1,949,191

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2)(b)
$	13,500,000		0.000	%		12/15/2032	$	8,021,700
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL-RE) (NR/NR)(b)(e)
	530,000		0.000			06/15/2030		408,853
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/NR)(b)
	9,370,000		0.000			06/15/2030		6,242,200
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (AA/A2)(b)
	3,200,000		0.000			06/15/2044		1,128,608
	Metropolitan Pier & Exposition Authority RB Refunding for Mccormick Place Expansion Dedicated Sales Tax Project Series 2010 B2 (ST APPROP) (BBB/Ba1)
	50,030,000		5.000			06/15/2050		50,560,318
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (BBB/NR)(b)
	66,700,000		0.000			12/15/2056		11,556,442
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (AA/A2)(b)
	18,400,000		0.000			12/15/2056		3,628,848
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)(b)
	64,400,000		0.000			12/15/2054		12,425,980
	Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006 (NR/NR)(i)
	4,544,000		6.000			03/01/2036		3,408,000
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
	840,000		4.750			10/01/2029		899,934
	1,010,000		4.750			10/01/2032		1,059,510
	Regional Transportation Authority Illinois GO Bonds Series 2016 A (AA/A2)
	7,730,000		4.000			06/01/2046		8,009,671
	Sales Tax Securitization Corporation RB Refunding Series 2017 A (AA-/NR)
	3,750,000		5.000			01/01/2028		4,386,000
	5,830,000		5.000			01/01/2029		6,813,813
	Southwestern Illinois Development Authority Health Facility RB for Memorial Group, Inc. Series 2013 (NR/NR)(e)
	19,200,000		7.125			11/01/2023		23,742,336
	5,000,000		7.625			11/01/2023		6,292,550
	Southwestern Illinois Development Authority RB Capital Appreciation for United States Steel Corporation Project Series 2012 (AMT) (B/B2)
	12,505,000		5.750			08/01/2042		12,635,677
Municipal Bonds – (continued)
Illinois – (continued)
	Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)
	13,625,000		4.000			03/01/2040		14,108,143
	State of Illinois GO Bonds Series 2010 (BBB-/Baa3)
	7,500,000		5.250			02/01/2028		7,508,550
	State of Illinois GO Bonds Series 2010 A (BBB-/Baa3)
	3,500,000		4.000			01/01/2021		3,587,885
	State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)
	13,955,000		3.250			11/01/2026		13,547,653
	16,695,000		5.000			11/01/2026		18,425,604
	State of Illinois GO Refunding Bonds Series 2018 A (BBB-/Baa3)
	3,000,000		5.000			10/01/2027		3,325,950
	8,230,000		5.000			10/01/2028		9,163,035
	State of Illinois GO Unlimited Bonds Series 2017 A (BBB-/Baa3)
	2,750,000		4.000			12/01/2033		2,713,508
	7,950,000		4.250			12/01/2037		7,870,659
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB-/Baa3)
	2,000,000		5.000			10/01/2025		2,203,120
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB+/NR)
	540,000		4.125			10/01/2041		541,998
	1,080,000		4.125			10/01/2046		1,081,966
								1,075,268,801
Indiana – 0.4%
	Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (BBB+/NR)
	1,300,000		5.000			02/01/2029		1,458,938
	1,250,000		5.250			02/01/2034		1,396,462
	1,500,000		5.000			02/01/2039		1,635,060
	Indiana Finance Authority Environmental Improvement RB for United States Steel Corp. Project Series 2012 (AMT) (B/B2)
	795,000		5.750			08/01/2042		804,031
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2011 N (AA/Aa2)(e)
	2,000,000		5.125			03/01/2021		2,135,080
	Indiana Finance Authority Midwestern Disaster Relief RB for Ohio Valley Electric Co. Project Series 2012 A (BB+/Ba1)
	6,825,000		5.000			06/01/2039		6,854,416
	Indiana Finance Authority RB for Private Activity for Ohio River Bridges East End Crossing Project Series 2013 A (BBB+/NR)
	6,250,000		5.000			07/01/2048		6,658,375
	Indiana Municipal Power Agency Power Supply System RB Refunding Series 2016 A (A+/A1)
	7,750,000		5.000			01/01/2042		8,849,493
	Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (AMT) (NR/WR)(i)
	7,520,823		6.500			11/15/2031		2,256
								29,794,111
Iowa – 0.1%
	Iowa Finance Authority Midwestern Disaster Area Iowa Fertilizer Company Project RB Refunding Series 2019 (B+/NR)(h)
	3,945,000		3.125			12/01/2022		3,969,143

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Kentucky – 1.7%
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)(c)
	(3 Mo. LIBOR+ 0.53%),
$	8,680,000		2.363	%		11/01/2027	$	8,451,282
	Kentucky Economic Development Finance Authority Hospital RB for Owensboro Medical Health System, Inc. Series 2010 A (BB+/Baa3)(e)
	8,000,000		6.375			06/01/2020		8,441,440
	8,250,000		6.500			06/01/2020		8,716,043
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (AA/A2)
	900,000		4.000			12/01/2041		944,406
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
	3,300,000		4.000			06/01/2037		3,442,923
	3,000,000		4.000			06/01/2045		3,085,950
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (AA/A2)
	1,000,000		4.000			06/01/2037		1,044,040
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A3)(f)(g)
	37,725,000		4.000			06/01/2025		40,856,552
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A3)(f)(g)
	39,730,000		4.000			06/01/2025		43,062,552
	Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2013 A (A-/NR)
	5,000,000		5.750			10/01/2042		5,643,050
								123,688,238
Louisiana – 2.3%
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Westlake Chemical Corp. Projects Series 2010A-2 (BBB/Baa2)
	5,000,000		6.500			11/01/2035		5,329,850
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Women’s Hospital Foundation Project Series 2010 A (NR/A2)(e)
	19,265,000		6.000			10/01/2020		20,537,839
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
	2,600,000		5.000			10/01/2039		2,983,578
	4,850,000		4.000			10/01/2041		5,046,861
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	14,475,000		3.375			09/01/2028		14,564,166
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	13,950,000		3.500			06/01/2030		14,048,068
Municipal Bonds – (continued)
Louisiana – (continued)
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A-/A3)
	12,725,000		4.000			05/15/2042		13,080,027
	21,250,000		5.000			05/15/2046		23,780,025
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A-/A3)
	32,395,000		5.000			01/01/2045		35,546,062
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A-/A3)
	4,850,000		5.000			01/01/2048		5,406,247
	Port of New Orleans Board of Commissioners RB Series 2018 A (AGM) (AA/A2)
	2,000,000		5.000			04/01/2048		2,294,260
	State of Louisiana Gasoline & Fuels Tax Second Lien RB Refunding Series 2017 C (AA-/Aa3)
	20,100,000		5.000			05/01/2040		23,553,582
								166,170,565
Maine – 0.1%
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center 2018 A (A+/A1)
	4,000,000		5.000			07/01/2043		4,578,320
	5,250,000		5.000			07/01/2048		5,980,275
								10,558,595
Maryland – 0.6%
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	2,950,000		4.500			09/01/2033		3,080,154
	1,500,000		5.000			09/01/2038		1,604,010
	County of Prince George’s Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR)(d)
	1,885,000		5.250			07/01/2048		1,953,293
	Frederick County Maryland Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 A (NR/NR)
	2,955,000		7.250			07/01/2043		3,102,573
	Frederick County Maryland Tax Incremental & Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 B (NR/NR)(d)
	8,825,000		7.125			07/01/2043		8,886,069
	Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (BBB/NR)
	2,375,000		5.000			06/01/2058		2,601,385
	Maryland Stadium Authority RB for Baltimore City Public Schools Construction & Revitalization Program Series 2016 (AA-/Aa3)
	10,000,000		5.000			05/01/2046		11,346,000
	Maryland State Health & Higher Educational Facilities Authority RB for Doctors Community Hospital Series 2010 (BB+/WR)(e)
	9,500,000		5.750			07/01/2020		9,994,380
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (BBB/Baa2)
	2,100,000		5.000			07/01/2031		2,248,281
								44,816,145

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate		Maturity Date		Value
Municipal Bonds – (continued)
Massachusetts – 0.7%
	Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (AA/Aa1)
$	10,130,000		3.000 %		04/01/2044	$	9,606,684
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)(d)
	1,000,000		5.000		11/15/2033		1,062,730
	900,000		5.000		11/15/2038		939,069
	2,350,000		5.125		11/15/2046		2,446,773
	Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (BBB+/Baa1)
	1,950,000		5.000		10/01/2036		2,176,941
	Massachusetts Development Finance Agency RB for Suffolk University Issue Series 2009 A (BBB/Baa2)
	4,215,000		5.750		07/01/2039		4,258,246
	Massachusetts Development Finance Agency RB Series 2013 A (NR/NR)(d)(e)
	2,250,000		6.500		11/15/2023		2,705,603
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	2,125,000		5.000		07/01/2044		2,412,767
	Massachusetts Health & Educational Facilities Authority RB for Tufts University Series 2012 G (AA-/Aa2)(f)(g)
	1,535,000		1.350		04/01/2019		1,535,000
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(c)
	(3 Mo. LIBOR + 0.57%),
	15,550,000		2.403		05/01/2037		15,134,660
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)(c)
	(3 Mo. LIBOR + 0.57%),
	3,000,000		2.403		05/01/2037		2,919,870
	Massachusetts State GO Bonds Consolidated Loan Series 2018 D (AA/Aa1)
	6,370,000		4.000		05/01/2039		6,860,681
							52,059,024
Michigan – 1.8%
	City of Detroit Financial Recovery Series 2014 B-1 (NR/NR)(g)
	36,780,536		4.000		04/01/2034		32,539,740
	City of Detroit Financial Recovery Series 2014 B-2 (NR/NR)(g)
	971,333		4.000		04/01/2034		850,052
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	3,495,000		5.000		07/01/2037		3,792,774
	15,335,000		5.000		07/01/2048		16,537,877
	Detroit Michigan School District GO Bonds for School Building and Site Improvement Series 2002 A (FGIC) (Q-SBLF) (AA/Aa1)
	3,500,000		6.000		05/01/2020		3,655,400
	3,000,000		6.000		05/01/2021		3,234,810
	Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (AA/A2)(c)
	(3 Mo. LIBOR + 0.60%),
	4,675,000		2.474		07/01/2032		4,558,499
Municipal Bonds – (continued)
Michigan – (continued)
	Detroit Michigan Water & Sewerage Department Sewage Disposal System RB Refunding Senior Lien Series 2012 A (A+/A2)
	2,000,000		5.250		07/01/2039		2,159,440
	Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (A/NR)
	1,425,000		5.000		11/01/2045		1,607,286
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (AA/A2)
	2,175,000		5.000		07/01/2032		2,441,437
	1,750,000		5.000		07/01/2033		1,957,358
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A/A3)
	355,000		5.000		07/01/2033		400,529
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (AA/A2)
	2,600,000		5.000		07/01/2035		2,898,506
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-1 (AA-/A2)
	1,250,000		5.000		07/01/2034		1,417,450
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-2 (A+/A3)
	2,100,000		5.000		07/01/2034		2,381,316
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (AA-/A2)
	750,000		5.000		07/01/2035		848,453
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (AA/A2)
	22,545,000		4.125		06/30/2035		23,620,171
	7,065,000		4.500		06/30/2048		7,514,122
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (CCC+/NR)(b)
	238,600,000		0.000		06/01/2052		12,500,254
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC/NR)(b)
	180,100,000		0.000		06/01/2052		9,354,394
							134,269,868
Minnesota – 0.7%
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)
	5,725,000		5.000		05/01/2048		6,690,865
	2,300,000		4.000		05/01/2049		2,419,255
	Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2012 (NR/NR)
	2,500,000		5.750		06/15/2032		2,724,925
	3,750,000		6.000		06/15/2039		4,121,287

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Minnesota – (continued)
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (A-/NR)
$	3,265,000		4.250	%		02/15/2048	$	3,424,626
	23,575,000		5.250			02/15/2053		26,882,101
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)
	2,400,000		5.000			05/01/2047		2,584,848
								48,847,907
Mississippi – 0.2%
	Mississippi Business Finance Corp. Solid Waste Disposal RB for Waste Pro USA, Inc. Project Series 2017 (AMT) (NR/NR)(d)(f)(g)
	2,000,000		5.000			08/01/2022		2,078,120
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	9,800,000		2.500			04/01/2022		9,839,984
								11,918,104
Missouri – 0.3%
	Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 A (NR/NR)(d)(g)
	447,529		5.000			04/01/2023		68,409
	Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 B (NR/NR)(d)(g)
	2,259,512		5.000			04/01/2023		345,389
	Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Baa3)
	1,925,000		5.000			03/01/2036		2,139,445
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)(d)
	4,750,000		5.250			12/01/2048		4,830,560
	Kansas City Missouri Industrial Development Authority Senior Sales Tax RB Refunding and Improvement Bonds for Ward Parkway Center Community Improvement District Series 2016 A (NR/NR)(d)
	1,000,000		5.000			04/01/2036		1,020,100
	1,150,000		5.000			04/01/2046		1,156,739
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)
	2,430,000		5.000			09/01/2043		2,752,850
	2,470,000		5.000			09/01/2048		2,794,879
	Missouri Health & Educational Facilities Authority RB Series 2000 B (AA+/Aa1)(f)(g)
	7,000,000		1.500			04/01/2019		7,000,000
	St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,900,000		4.750			11/15/2047		1,961,199
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)(i)
	1,250,000		5.750			04/01/2027		350,000
								24,419,570
Municipal Bonds – (continued)
Nevada – 0.3%
	City of Las Vegas Special Improvement District No. 607 for Local Improvement Refunding Series 2013 (NR/NR)
	645,000		4.000			06/01/2019		646,180
	545,000		4.000			06/01/2020		552,548
	700,000		4.000			06/01/2021		715,575
	380,000		5.000			06/01/2022		401,584
	335,000		5.000			06/01/2023		357,375
	200,000		4.250			06/01/2024		205,782
	215,000		5.000			06/01/2024		229,268
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	320,000		4.250			06/01/2037		317,584
	475,000		4.375			06/01/2042		466,488
	545,000		4.500			06/01/2047		540,667
	Clark County School District Building GO Bonds Series 2018 A (A+/A1)
	7,335,000		5.000			06/15/2033		8,656,254
	Henderson Local Improvement DistrictNo. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,830,000		5.000			03/01/2020		1,815,543
	1,830,000		5.100			03/01/2021		1,801,672
	955,000		5.100			03/01/2022		930,170
	2,560,000		5.125			03/01/2025		2,428,646
	Henderson Local Improvement DistrictNo. T-18 Limited Obligation Series 2016 (NR/NR)
	2,200,000		4.000			09/01/2035		2,137,960
								22,203,296
New Hampshire – 1.3%
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)(c)
	(SIFMA Municipal Swap Index Yield + 0.75%),
	16,450,000		2.250			10/01/2021		16,404,927
	New Hampshire Health and Education Facilities Authority RB Refunding Dartmouth-Hitchcock Obligation Group Series 2017 A (A/NR)
	6,275,000		5.000			08/01/2032		7,274,733
	6,595,000		5.000			08/01/2033		7,619,731
	6,930,000		5.000			08/01/2034		7,985,578
	7,290,000		5.000			08/01/2035		8,373,440
	7,660,000		5.000			08/01/2036		8,760,436
	8,055,000		5.000			08/01/2037		9,179,236
	8,470,000		5.000			08/01/2038		9,617,261
	8,900,000		5.000			08/01/2039		10,085,035
	9,360,000		5.000			08/01/2040		10,573,337
								95,873,714
New Jersey – 7.3%
	Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	725,000		5.000			03/01/2032		836,490
	965,000		5.000			03/01/2037		1,093,027
	1,205,000		5.000			03/01/2042		1,350,612

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority Cigarette Tax RB Refunding Series 2012 (BBB+/Baa1)
$	2,500,000		5.000	%		06/15/2026	$	2,694,325
	1,000,000		5.000			06/15/2028		1,072,740
	New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (NR/Baa2)
	1,000,000		4.750			06/15/2032		1,035,060
	1,000,000		5.000			06/15/2037		1,036,730
	1,000,000		5.125			06/15/2043		1,038,020
	New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (BBB+/Baa2)
	3,500,000		4.000			07/01/2032		3,610,565
	New Jersey Economic Development Authority Private Activity RB for Goethals Bridge Replacement Project Series 2013 (AMT) (BBB-/NR)
	1,000,000		5.375			01/01/2043		1,103,840
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (BBB-/NR)
	500,000		5.000			07/01/2037		541,655
	1,150,000		5.000			07/01/2047		1,236,997
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)
	4,500,000		5.000			06/15/2041		4,855,050
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1998 (AMT) (BB/Ba3)
	7,500,000		5.500			04/01/2028		7,515,975
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (BB/Ba3)
	8,500,000		5.250			09/15/2029		9,282,850
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (BB/Ba3)
	5,000,000		5.625			11/15/2030		5,695,100
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (BB/Ba3)
	5,000,000		5.625			11/15/2030		5,695,100
	New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (BBB+/Baa1)
	2,470,000		5.000			06/15/2047		2,659,128
	New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (BBB+/Baa1)
	5,000,000		5.000			06/15/2042		5,409,100
	New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)
	1,000,000		5.000			07/01/2028		1,160,440
	1,000,000		5.000			07/01/2029		1,156,250
	900,000		5.000			07/01/2030		1,032,678
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (AA/A2)
	9,700,000		4.125			07/01/2038		10,102,744
	5,600,000		5.000			07/01/2046		6,177,472
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)(b)
	134,115,000		0.000			12/15/2035		69,629,826
	63,370,000		0.000			12/15/2036		31,187,545
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB+/Baa1)(b)
	41,545,000		0.000			12/15/2035		21,569,333
	5,000,000		0.000			12/15/2038		2,204,950
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)(b)
	12,000,000		0.000			12/15/2026		9,444,720
	9,180,000		0.000			12/15/2029		6,251,488
	1,900,000		0.000			12/15/2034		1,033,239
	New Jersey Transportation Trust Fund Authority RB for Federal Highway Reimbursement Notes Subseries 2016A-1 (A+/Baa1)
	3,335,000		5.000			06/15/2030		3,782,790
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)
	26,070,000		5.000			06/15/2038		27,773,935
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	2,500,000		5.250			06/15/2041		2,711,775
	5,075,000		5.000			06/15/2045		5,404,977
	1,750,000		5.000			06/15/2046		1,861,387
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (AA/A2)(b)
	11,150,000		0.000			12/15/2033		6,614,737
	25,400,000		0.000			12/15/2034		14,377,416
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)(b)
	12,500,000		0.000			12/15/2027		9,481,125
	23,445,000		0.000			12/15/2030		15,348,269
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)(b)
	52,985,000		0.000			12/15/2036		26,076,568
	48,000,000		0.000			12/15/2037		22,346,880
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)(b)
	2,550,000		0.000			12/15/2033		1,450,772
	25,000,000		0.000			12/15/2038		11,024,750
	740,000		0.000			12/15/2039		308,802
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (BBB+/Baa1)
	4,350,000		5.500			06/15/2041		4,547,925
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (BBB+/Baa1)
	12,875,000		5.000			06/15/2042		13,318,415

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)
$	5,765,000		5.000	%		06/15/2030	$	6,539,067
	4,600,000		5.000			06/15/2031		5,191,744
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB+/Baa1)
	6,070,000		4.000			12/15/2031		6,329,371
	7,280,000		5.000			12/15/2033		8,156,803
	6,070,000		5.000			12/15/2035		6,753,421
	7,585,000		5.000			12/15/2036		8,404,939
	5,275,000		4.250			12/15/2038		5,423,175
	New Jersey Transportation Trust Fund Authority Transportation Programme RB Series 2019 AA (BBB+/Baa1)
	5,675,000		5.000			06/15/2034		6,347,090
	20,000,000		5.250			06/15/2043		22,295,800
	New Jersey Turnpike Authority RB Series 2019 A (A+/A2)
	28,250,000		4.000			01/01/2048		29,985,398
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	25,675,000		5.000			01/01/2048		28,170,867
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)
	11,250,000		5.000			06/01/2046		11,866,838
								530,608,085
New Mexico – 0.2%
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 D (BBB+/Baa2)
	14,000,000		5.900			06/01/2040		14,591,500
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 F (AMT) (BBB+/Baa2)
	1,500,000		6.250			06/01/2040		1,568,490
								16,159,990
New York – 3.1%
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (AA/A2)
	1,240,000		3.000			07/15/2043		1,173,685
	Chautauqua County Industrial Development Agency Exempt Facility RB for Dunkirk NRG Power Project Series 2009 (BBB-/Baa3)
	2,650,000		5.875			04/01/2042		2,721,841
	Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (BBB/NR)
	645,000		5.000			07/01/2030		747,155
	865,000		5.000			07/01/2033		983,029
	815,000		5.000			07/01/2035		921,097
	640,000		5.000			07/01/2036		721,376
	455,000		5.000			07/01/2038		509,682
	New York City GO Bonds Fiscal 2006 Series H Subseries H2 (AA/Aa1)(f)(g)
	6,725,000		1.500			04/01/2019		6,725,000
	New York City GO Bonds Fiscal 2014 Series I Subseries I-2 (AA/Aa1)(f)(g)
	7,060,000		1.500			04/01/2019		7,060,000
Municipal Bonds – (continued)
New York – (continued)
	New York City Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 F (NR/NR)
	2,000,000		4.500			02/15/2048		2,081,180
	New York City Industrial Development Agency PILOT RB for Queens Baseball Stadium Project Series 2009 (ASSURED GTY) (AA/A3)
	1,000,000		6.125			01/01/2029		1,003,440
	3,000,000		6.375			01/01/2039		3,010,200
	5,000,000		6.500			01/01/2046		5,017,700
	New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (A-/Baa1)
	1,000,000		5.000			08/01/2040		1,116,600
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2018 Subseries B-4 (AAA/Aa1)(f)(g)
	6,955,000		1.500			04/01/2019		6,955,000
	New York City Water & Sewer System Second General Resolution RB Refunding Series 2019 EE (AA+/Aa1)
	34,750,000		4.000			06/15/2040		37,839,970
	New York State Dormitory Authority Personal Income Tax General Purpose RB Refunding Series 2018 A (AA+/Aa1)
	12,000,000		4.000			03/15/2048		12,836,400
	New York State Urban Development Corporation Personal Income General Purpose RB Series 2019 A (AA+/Aa1)
	13,620,000		4.000			03/15/2048		14,626,927
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
	5,025,000		5.000			01/01/2033		5,840,306
	3,600,000		5.000			01/01/2034		4,169,664
	5,565,000		4.000			01/01/2036		5,766,342
	7,175,000		5.000			01/01/2036		8,238,622
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (AGM) (AA/A2)
	5,000,000		4.000			07/01/2035		5,193,700
	12,600,000		4.000			01/01/2051		12,843,810
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	9,480,000		4.000			07/01/2033		9,824,314
	5,000,000		5.000			07/01/2034		5,502,900
	12,500,000		4.000			07/01/2041		12,731,375
	4,540,000		5.000			07/01/2041		4,931,938
	21,200,000		5.250			01/01/2050		23,120,932
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	12,250,000		5.000			07/01/2046		13,259,522
	Newburgh New York GO Serial Bonds Series 2012 A (NR/Baa2)
	1,565,000		5.750			06/15/2035		1,702,423
	Troy City Capital Resource Corp. RB for Rensselaer Polytechnic Institute Project Series 2010 A (BBB+/A3)
	5,000,000		5.125			09/01/2040		5,206,150
	Westchester County Local Development Corporation RB for Westchester Medical Center Obligated Group Project Series 2016 (BBB-/Baa2)
	4,375,000		5.000			11/01/2046		4,786,775
								229,169,055

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
North Carolina – 0.1%
	Columbus County Industrial Facilities and Pollution Control Financing Authority Recovery Zone Facility RB Series 2010 A (BBB/Baa2)
$	1,000,000		5.700	%		05/01/2034	$	1,038,020
	North Carolina Medical Care Commission Health Care Facilities RB Refunding First Mortgage for Lutheran Services for the Aging Series 2012 A (NR/NR)
	3,800,000		4.750			03/01/2032		3,929,314
	1,000,000		5.000			03/01/2037		1,040,900
	1,000,000		5.000			03/01/2042		1,038,090
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)
	1,000,000		4.500			09/01/2030		1,028,320
	2,000,000		5.000			09/01/2037		2,094,440
								10,169,084
Ohio – 4.3%
	Bowling Green City Student Housing RB for CFP I LLC – Bowling Green State University Project Series 2010 (NR/NR)(e)
	7,000,000		6.000			06/01/2020		7,360,290
	Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 1st Subordinate Series 2007 B (BBB+/NR)(b)
	293,270,000		0.000			06/01/2047		17,657,787
	Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 2nd Subordinate Series 2007 C (NR/NR)(b)
	686,320,000		0.000			06/01/2052		17,226,632
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007A-2 (B-/B3)
	2,500,000		5.875			06/01/2047		2,437,650
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007A-2 (B-/Caa3)
	85,225,000		5.125			06/01/2024		81,283,344
	35,615,000		5.875			06/01/2030		34,801,909
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007A-3 (B-/Caa1)
	23,905,000		6.250			06/01/2037		23,977,671
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	2,400,000		5.250			11/01/2037		2,553,216
	2,700,000		5.250			11/01/2047		2,838,807
	2,320,000		5.250			11/01/2050		2,430,850
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (BB/Ba3)
	22,320,000		5.375			09/15/2027		22,372,452
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
	29,500,000		8.223			02/15/2040		36,768,505
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	6,250,000		5.000			02/15/2037		6,842,750
	7,500,000		5.000			02/15/2042		8,147,175
	7,500,000		4.750			02/15/2047		7,785,825
	1,500,000		5.000			02/15/2057		1,607,190
	1,000,000		5.500			02/15/2057		1,114,320
Municipal Bonds – (continued)
Ohio – (continued)
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)
	2,000,000		5.000			01/01/2042		2,066,020
	1,610,000		5.000			01/01/2046		1,660,892
	Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (BB+/Ba2)
	8,000,000		5.000			02/15/2048		8,333,120
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)(d)
	2,400,000		3.750			01/15/2028		2,500,320
	2,880,000		4.250			01/15/2038		2,971,555
	18,110,000		4.500			01/15/2048		18,869,715
								313,607,995
Oklahoma – 0.9%
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (AA/A2)
	2,400,000		4.000			08/15/2052		2,519,808
	2,500,000		4.125			08/15/2057		2,628,950
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	15,000,000		5.500			08/15/2052		17,282,850
	9,500,000		5.500			08/15/2057		10,879,685
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR)
	2,680,000		5.500			12/01/2035		2,896,517
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)
	24,300,000		5.500			12/01/2035		26,263,197
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (BB-/NR)(f)(g)
	3,500,000		5.000			06/01/2025		3,842,020
								66,313,027
Oregon – 0.1%
	University of Oregon RB Series 2015 A (AA-/Aa2)
	7,345,000		5.000			04/01/2045		8,283,103
Pennsylvania – 3.1%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB-/NR)
	1,500,000		5.000			09/01/2030		1,567,830
	1,000,000		5.000			09/01/2035		1,035,780
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	30,000,000		4.000			04/01/2044		30,763,800
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba3)(d)
	2,000,000		5.000			05/01/2027		2,232,480
	1,400,000		5.000			05/01/2032		1,545,558
	6,950,000		5.000			05/01/2042		7,475,281
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)(d)
	250,000		5.000			05/01/2028		281,435

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)(d) – (continued)
$	1,000,000	5.000%		05/01/2033	$	1,109,230
	2,750,000	5.000		05/01/2042		2,978,497
	Allentown Neighborhood Improvement Zone Development Authority Tax RB Series 2012 A (NR/Baa3)
	18,000,000	5.000		05/01/2042		18,638,100
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	1,150,000	5.000	��	10/01/2037		1,265,230
	Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (NR/Baa3)
	500,000	5.000		08/01/2035		526,175
	1,000,000	5.000		08/01/2045		1,042,170
	City of Philadelphia GO Bonds Series 2011 (A/A2)(e)
	4,000,000	6.000		08/01/2020		4,237,800
	Clairton Municipal Authority Sewer RB Series 2012 B (BBB+/NR)
	1,000,000	5.000		12/01/2042		1,064,810
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	1,900,000	5.000		06/01/2034		2,208,332
	1,900,000	5.000		06/01/2035		2,197,863
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	6,000,000	4.000		06/01/2039		6,297,420
	County of Allegheny GO Notes Refunding Series 2007 C-59B (AGM) (AA/Aa3)(c)
	(3 Mo. LIBOR + 0.55%),
	830,000	2.383		11/01/2026		827,726
	Cumberland County Municipal Authority RB for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)
	1,500,000	5.000		01/01/2038		1,610,355
	Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)
	1,100,000	5.000		12/01/2043		1,153,977
	900,000	5.000		12/01/2048		939,204
	1,750,000	5.000		12/01/2053		1,812,300
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa3)(c)
	(3 Mo. LIBOR + 0.77%),
	52,950,000	2.603		05/01/2037		49,487,070
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)(h)
	1,300,000	4.000		06/01/2044		1,374,802
	2,300,000	5.000		06/01/2044		2,711,815
	5,700,000	4.000		06/01/2049		5,986,596
	4,150,000	5.000		06/01/2049		4,868,241
	Lancaster County Hospital Authority Health Facilities RB for St. Anne’s Retirement Community, Inc. Project Series 2012 (BB+/NR)
	1,400,000	5.000		04/01/2027		1,443,568
	1,500,000	5.000		04/01/2033		1,530,075
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Economic Development Financing Authority Sewage Sludge Disposal RB for Philadelphia Biosolids Facility Project Series 2009 (BBB+/Baa3)
	7,400,000	6.250		01/01/2032		7,579,894
	Pennsylvania Economic Development Financing Authority Special Facilities RB for US Airways Group, Inc. Project Series 2010 B (BB-/B1)
	2,460,000	8.000		05/01/2029		2,607,034
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (XLCA) (BBB/WR)(c)
	(3 Mo. LIBOR + 0.60%),
	12,005,000	2.474		07/01/2027		11,675,343
	(3 Mo. LIBOR + 0.65%),
	10,750,000	2.524		07/01/2039		9,319,282
	Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB-/NR)
	4,000,000	5.000		05/01/2042		4,128,120
	Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (NR/Baa3)
	365,000	5.000		07/01/2031		400,003
	400,000	5.000		07/01/2035		432,240
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	3,875,000	5.250		06/01/2047		4,396,808
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	500,000	5.000		07/01/2028		570,610
	2,000,000	5.000		07/01/2029		2,267,060
	3,000,000	5.000		07/01/2030		3,378,720
	2,615,000	5.000		07/01/2031		2,921,086
	1,000,000	5.000		07/01/2032		1,109,310
	4,500,000	5.000		07/01/2033		4,976,010
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	1,495,000	5.000		11/15/2021		1,535,514
	2,450,000	5.000		11/15/2028		2,492,998
	State Public School Building Authority RB Refunding for Philadelphia School District Project Series 2016 A (AGM) (ST AID WITHHLDG) (AA/A2)
	2,500,000	5.000		06/01/2031		2,916,700
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000	5.000		01/01/2035		1,226,940
	2,325,000	5.000		01/01/2038		2,578,030
	Washington County Redevelopment Authority RB Refunding for Victory Center Tax Increment Financing Project Series 2018 (BB/NR)
	1,000,000	5.000		07/01/2028		1,042,960
	1,000,000	5.000		07/01/2035		1,029,200
						228,797,382

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate		Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – 5.0%
	Commonwealth of Puerto Rico Public Improvement GO Unlimited Refunding Bonds 2011 E (D/Ca)(i)
$	2,000,000		6.000%		07/01/2029	$	1,145,000
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (C/Ca)
	7,495,000		6.000		07/01/2044		7,504,369
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (C/Ca)
	115,000		4.500		07/01/2027		109,825
	370,000		5.000		07/01/2030		364,450
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 A (NR/Ca)(i)
	115,000		5.250		07/01/2030		74,175
	Puerto Rico Commonwealth GO Bonds Series 2014 A (D/Ca)(i)
	40,295,000		8.000		07/01/2035		20,903,031
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (D/Ca)(i)
	5,185,000		5.500		07/01/2039		2,735,088
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	360,000		5.250		07/01/2041		394,193
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	28,730,000		5.250		07/01/2038		31,025,814
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	300,000		5.250		07/01/2033		336,183
	680,000		5.250		07/01/2034		761,002
	1,025,000		5.250		07/01/2036		1,139,523
	Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (NR/C)(i)
	215,000		5.000		07/01/2028		28,488
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)
	1,560,000		5.500		07/01/2023		1,676,641
	1,050,000		5.500		07/01/2027		1,165,815
	Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (D/Ca)(i)
	4,000,000		5.250		07/01/2032		2,580,000
	4,000,000		5.250		07/01/2037		2,580,000
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2011 C (D/Ca)(i)
	155,000		6.000		07/01/2035		88,738
	205,000		6.500		07/01/2040		117,362
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(c)
	(3 Mo. LIBOR + 0.52%),
	52,372,000		2.394		07/01/2029		49,229,680
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (D/Baa2)
	435,000		5.250		07/01/2035		463,440
	Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD (D/Ca)(i)
	215,000		3.300		07/01/2019		148,350
	80,000		3.500		07/01/2020		55,200
Municipal Bonds – (continued)
Puerto Rico – 5.0%
	Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD (D/Ca)(i) – (continued)
	155,000		3.625		07/01/2021		106,950
	60,000		3.750		07/01/2022		41,400
	390,000		3.875		07/01/2023		269,100
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (D/Ca)(i)
	3,130,000		5.000		07/01/2019		2,202,737
	245,000		4.250		07/01/2020		169,050
	25,000		5.250		07/01/2020		17,688
	80,000		4.375		07/01/2021		55,200
	100,000		4.375		07/01/2022		69,000
	65,000		5.000		07/01/2022		45,744
	190,000		4.500		07/01/2023		131,100
	126,000		5.000		07/01/2024		88,672
	90,000		4.625		07/01/2025		62,100
	9,700,000		5.250		07/01/2026		6,862,750
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (NR/WR)(i)
	65,000		3.700		07/01/2017		44,769
	1,230,000		5.000		07/01/2017		859,462
	145,000		4.250		07/01/2018		100,231
	Puerto Rico Electric Power Authority RB Refunding Series 2012 A (D/Ca)(i)
	19,720,000		5.000		07/01/2042		13,877,950
	Puerto Rico Electric Power Authority RB Series 2005 SS (D/Ca)(i)
	130,000		4.625		07/01/2030		89,700
	Puerto Rico Electric Power Authority RB Series 2007 TT (D/Ca)(i)
	275,000		4.200		07/01/2019		189,750
	1,295,000		5.000		07/01/2032		911,356
	1,385,000		5.000		07/01/2037		974,694
	Puerto Rico Electric Power Authority RB Series 2008 WW (D/Ca)(i)
	2,000,000		5.500		07/01/2020		1,420,000
	3,765,000		5.250		07/01/2033		2,663,737
	Puerto Rico Electric Power Authority RB Series 2010 AAA (D/Ca)(i)
	130,000		5.250		07/01/2023		91,975
	1,489,000		5.250		07/01/2027		1,053,467
	2,119,000		5.250		07/01/2028		1,499,193
	Puerto Rico Electric Power Authority RB Series 2010 BBB (D/Ca)(i)
	90,000		5.400		07/01/2028		61,425
	Puerto Rico Electric Power Authority RB Series 2010 CCC (D/Ca)(i)
	80,000		5.000		07/01/2022		56,300
	90,000		4.250		07/01/2023		62,100
	60,000		4.500		07/01/2023		41,400
	50,000		4.600		07/01/2024		34,500
	195,000		4.625		07/01/2025		134,550
	900,000		5.000		07/01/2025		633,375
	25,000		5.000		07/01/2026		17,594
	40,000		4.800		07/01/2027		27,600

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Series 2010 EEE (D/Ca)(i)
$	1,175,000		5.950	%		07/01/2030	$	810,750
	4,620,000		6.050			07/01/2032		3,234,000
	115,000		6.250			07/01/2040		80,500
	Puerto Rico Electric Power Authority RB Series 2010 XX (D/Ca)(i)
	10,000		4.875			07/01/2027		6,900
	7,590,000		5.250			07/01/2040		5,369,925
	Puerto Rico Electric Power Authority RB Series 2010 YY (D/Ca)(i)
	2,130,000		6.125			07/01/2040		1,491,000
	Puerto Rico Electric Power Authority RB Series 2012 A (D/Ca)(i)
	1,905,000		4.800			07/01/2029		1,314,450
	Puerto Rico Electric Power Authority RB Series 2013 A (D/Ca)(i)
	715,000		7.250			07/01/2030		521,950
	5,210,000		7.000			07/01/2033		3,803,300
	6,190,000		7.000			07/01/2040		4,518,700
	Puerto Rico Electric Power Authority RB Series 2016A-4 (NR/NR)(i)
	747,236		10.000			07/01/2019		549,218
	Puerto Rico Electric Power Authority RB Series 2016 B-4 (NR/NR)(i)
	747,235		10.000			07/01/2019		549,218
	Puerto Rico Electric Power Authority RB Series 2016E-1 (NR/NR)(i)
	5,036,850		10.000			01/01/2021		3,702,085
	Puerto Rico Electric Power Authority RB Series 2016E-2 (NR/NR)(i)
	5,036,850		10.000			07/01/2021		3,702,085
	Puerto Rico Electric Power Authority RB Series 2016E-3 (NR/NR)(i)
	1,678,950		10.000			01/01/2022		1,234,028
	Puerto Rico Electric Power Authority RB Series 2016E-4 (NR/NR)(i)
	1,678,950		10.000			07/01/2022		1,234,028
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)
	830,000		5.250			07/01/2035		882,431
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	265,000		5.250			07/01/2034		296,567
	960,000		5.250			07/01/2036		1,067,193
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	3,410,000		5.250			07/01/2031		3,732,757
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)
	510,000		5.250			07/01/2033		545,975
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)
	4,920,000		4.750			07/01/2038		4,895,449
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)(b)
	4,785,000		0.000			07/01/2034		2,082,911
	3,750,000		0.000			07/01/2035		1,528,575
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2009 P (COMWLTH GTD) (NR/Ca)(i)
	1,000,000		6.125			07/01/2023		732,500
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018A-1 (NR/NR)(b)
	2,025,000		0.000			07/01/2024		1,700,251
	6,880,000		0.000			07/01/2027		5,130,003
	4,736,000		0.000			07/01/2029		3,140,299
	4,301,000		0.000			07/01/2031		2,544,386
	4,843,000		0.000			07/01/2033		2,570,083
	76,371,000		0.000			07/01/2046		16,427,402
	39,344,000		0.000			07/01/2051		6,225,008
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018A-1 (NR/NR)
	3,939,000		4.500			07/01/2034		3,982,447
	2,312,000		4.550			07/01/2040		2,275,054
	23,051,000		4.750			07/01/2053		21,856,267
	55,274,000		5.000			07/01/2058		54,613,476
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018A-2 (NR/NR)
	35,148,000		4.550			07/01/2040		31,018,462
	549,000		4.750			07/01/2053		470,778
	7,663,000		5.000			07/01/2058		6,705,202
								366,138,599
Rhode Island – 0.2%
	Rhode Island Health and Educational Building Corp. RB Refunding for Care New England Series 2013 A (BBB-/NR)(e)
	2,500,000		6.000			09/01/2023		2,957,550
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (CCC/NR)(b)
	124,220,000		0.000			06/01/2052		11,858,041
								14,815,591
South Carolina – 0.3%
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
	3,262,000		6.875			11/01/2035		3,271,036
	South Carolina Jobs – Economic Development Authority Hospital RB Refunding for Palmetto Health Series 2011 A (AGM) (AA/WR)(e)
	4,000,000		6.500			08/01/2021		4,451,400
	South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (A-/NR)
	2,365,000		5.000			11/15/2047		2,622,288
	South Carolina Public Service Authority RB Tax-Exempt Series 2015 E (A+/A2)
	7,790,000		5.250			12/01/2055		8,686,785
								19,031,509
Tennessee – 0.3%
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	5,230,000		4.000			07/01/2040		5,370,948

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Tennessee – (continued)
	Johnson City Health & Educational Board Retirement Facilities RB for Mountain States Health Alliance Series 2012 A (A-/Baa1)
$	1,500,000		5.000	%		08/15/2042	$	1,588,425
	Johnson City Health & Educational Facilities Board RB for Mountain States Health Alliance Series 2010 A (A-/Baa1)(e)
	5,500,000		6.500			07/01/2020		5,832,695
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A3)
	2,500,000		5.000			07/01/2040		2,800,325
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)(d)
	850,000		5.125			06/01/2036		909,917
	Shelby County Health Educational & Housing Facilities Board RB Refunding for The Village at Germantown Residential Care Facility Mortgage Series 2012 (NR/NR)
	2,000,000		5.375			12/01/2047		2,061,780
								18,564,090
Texas – 5.0%
	Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)(d)
	825,000		4.250			09/01/2023		825,446
	500,000		4.625			09/01/2028		499,225
	2,160,000		5.125			09/01/2038		2,166,307
	2,580,000		5.250			09/01/2047		2,589,391
	Bexar County Texas Health Facilities Development Corp. RB for Army Retirement Residence Foundation Project Series 2010 (BBB/NR)(e)
	3,250,000		6.200			07/01/2020		3,430,862
	Board of Managers, Joint Guadalupe County – City of Seguin Hospital Mortgage Improvement RB Refunding Bonds Series 2015 (BB/NR)
	1,950,000		5.250			12/01/2035		2,126,807
	2,435,000		5.000			12/01/2040		2,543,625
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 A (A-/Baa1)
	3,900,000		5.000			01/01/2045		4,311,762
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/Baa1)
	1,600,000		5.000			01/01/2040		1,793,264
	2,465,000		5.000			01/01/2046		2,738,615
	City of Anna Special Assessment Bond for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)(d)
	2,190,000		6.500			09/01/2048		2,219,587
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)(d)
	6,000,000		5.125			11/01/2033		6,173,640
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)(d)
	400,000		5.500			09/01/2046		412,128
Municipal Bonds – (continued)
Texas – (continued)
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)
	1,125,000		5.625			09/01/2038		1,158,907
	1,700,000		5.750			09/01/2047		1,750,949
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR)
	3,890,000		7.500			09/01/2045		4,174,592
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighorhood Improvement Area #1 Project Series 2015 (NR/NR)
	1,820,000		6.250			09/01/2045		1,889,961
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR)(d)
	910,000		4.350			08/15/2039		910,318
	1,920,000		4.500			08/15/2048		1,920,653
	City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)
	2,000,000		5.000			09/01/2047		2,045,400
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases #13-16 Project Series 2017 (NR/NR)
	1,390,000		4.500			09/01/2037		1,392,849
	1,175,000		5.000			09/01/2044		1,204,140
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)
	2,235,000		4.500			09/01/2032		2,416,616
	4,715,000		4.500			09/01/2038		4,993,232
	City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)(d)
	1,355,000		4.125			09/01/2048		1,361,789
	1,470,000		4.500			09/01/2048		1,478,908
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR)(d)
	2,465,000		4.875			09/01/2048		2,494,605
	City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR)
	500,000		4.500			09/01/2023		500,230
	780,000		5.000			09/01/2028		778,806
	1,935,000		5.600			09/01/2038		1,940,515
	2,550,000		5.700			09/01/2047		2,559,078
	Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR)(d)
	3,250,000		5.000			04/01/2032		3,397,940
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (NR/Baa3)
	1,545,000		4.750			05/01/2038		1,587,920
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (NR/Baa3)
	5,685,000		4.750			11/01/2042		5,835,311

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate		Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)(d)
$	1,575,000		5.000 %		09/01/2027	$	1,637,433
	895,000		5.000		09/01/2032		910,332
	1,315,000		5.125		09/01/2037		1,327,913
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)(a)
	15,140,000		0.000		10/01/2046		15,044,164
	11,100,000		0.000		10/01/2047		11,008,758
	Grand Parkway Transportation Corp. System Toll RB First Tier Series 2013 A (BBB/NR)
	11,850,000		5.500		04/01/2053		13,177,318
	Gulf Coast IDA RB for Exxon Mobil Project Series 2012 (AA+/ Aaa)(f)(g)
	7,000,000		1.440		04/01/2019		7,000,000
	Harris County Cultural Education Facilities Finance Corp. RB First Mortgage for Brazos Presbyterian Homes, Inc. Project Series 2013 B (BBB-/NR)(e)
	3,030,000		7.000		01/01/2023		3,606,851
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)(c)
	(3 Mo. LIBOR + 0.67%),
	23,855,000		2.468		08/15/2035		21,560,865
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	595,000		3.750		09/01/2032		614,439
	510,000		3.875		09/01/2037		525,402
	955,000		4.000		09/01/2047		981,520
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (BB/NR)
	15,935,000		5.000		07/15/2028		18,566,347
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (BB/Ba3)
	10,000,000		6.625		07/15/2038		10,761,700
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (BB/Ba3)
	9,250,000		5.000		07/01/2029		10,218,013
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (BB/NR)
	9,250,000		5.000		07/15/2035		10,100,815
	Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (BB/NR)
	1,950,000		5.000		12/01/2045		2,031,861
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(d)
	510,000		4.500		09/01/2023		510,831
	785,000		5.000		09/01/2028		787,434
	1,170,000		5.375		09/01/2038		1,179,395
	1,930,000		5.125		09/01/2047		1,947,138
	1,500,000		5.500		09/01/2047		1,513,080
Municipal Bonds – (continued)
Texas – (continued)
	Lower Neches Valley Authority Industrial Development Corporation Exxonmobil Project RB Series 2012 (AA+/Aaa)(f)(g)
	7,000,000		1.470		04/01/2019		7,000,000
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project RMKT 07/01/09 Series 2001 A (A-/Baa1)
	5,200,000		6.300		11/01/2029		5,357,976
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)(d)
	17,450,000		4.625		10/01/2031		18,127,584
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,850,000		5.000		09/15/2043		2,008,675
	2,800,000		5.000		09/15/2048		3,032,428
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/Ba1)
	1,150,000		5.000		04/01/2037		1,172,759
	1,900,000		5.000		04/01/2042		1,917,442
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (BB/B1)
	335,000		5.000		04/01/2031		343,141
	300,000		5.000		04/01/2036		302,466
	1,250,000		5.000		04/01/2048		1,223,150
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (BBB-/Baa3)
	1,000,000		5.000		04/01/2047		1,052,310
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Texas A&M University at Galveston Collegiate Housing Project Series 2014 A (NR/Baa3)
	1,385,000		4.750		04/01/2046		1,372,507
	North Texas Tollway Authority RB First Tier Series 2009 A (A+/A1)
	4,790,000		6.250		01/01/2039		4,805,520
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	8,500,000		5.000		01/01/2048		9,661,440
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	3,000,000		5.000		01/01/2039		3,412,860
	Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR)
	175,000		5.750		09/15/2036		169,382
	460,000		6.000		09/15/2046		442,649
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)
	7,300,000		5.000		05/15/2045		7,605,651
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)(c)
	(3 Mo. LIBOR + 0.70%),
	7,200,000		2.449		12/15/2026		7,157,952

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A2)
$	17,465,000		6.250	%		12/15/2026	$	20,283,851
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (BBB-/Baa3)
	3,900,000		5.000			12/31/2050		4,228,848
	3,900,000		5.000			12/31/2055		4,216,602
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
	7,500,000		6.875			12/31/2039		7,767,825
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2013 (AMT) (BBB-/Baa3)
	5,000,000		6.750			06/30/2043		5,796,500
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (BBB+/Baa1)
	7,850,000		5.000			08/15/2042		8,555,401
	Texas Water Development Board RB for Water Implementation Series 2018 B (AAA/NR)
	14,145,000		5.000			04/15/2049		16,684,876
	Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR)(d)
	1,353,000		5.875			09/01/2047		1,394,334
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)(d)
	1,400,000		5.000			09/01/2047		1,395,730
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)
	187,000		4.000			12/01/2021		191,843
	500,000		4.000			12/01/2027		494,925
	1,547,000		4.750			12/01/2035		1,562,981
								361,374,595
Utah – 0.7%
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (AMT) (NR/NR)
	13,060,000		7.100			08/15/2023		14,027,354
	Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A+/A2)
	6,000,000		5.000			07/01/2036		7,041,540
	18,635,000		5.000			07/01/2037		21,786,551
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)
	6,000,000		5.000			07/01/2047		6,809,040
								49,664,485
Vermont – 0.1%
	Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)
	1,000,000		5.000			05/01/2047		1,067,720
	Vermont Educational & Health Buildings Financing Agency RB for St. Michael’s College Project Series 2012 (BBB/Baa1)
	2,250,000		5.000			10/01/2042		2,340,675
								3,408,395
Municipal Bonds – (continued)
Virgin Islands – 0.5%
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)
	10,775,000		5.000			10/01/2025		10,424,812
	7,910,000		5.000			10/01/2029		7,652,925
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	6,080,000		5.000			10/01/2032		5,867,200
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (B/NR)
	8,350,000		5.000			10/01/2039		7,535,875
	Virgin Islands Public Finance Authority RB Refunding Series 2014 C (AGM) (AA/A2)
	3,515,000		5.000			10/01/2039		3,802,422
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Notes Refunding for Cruzan Project Series 2009 A (NR/Caa3)
	2,000,000		6.000			10/01/2039		1,920,000
								37,203,234
Virginia – 1.2%
	Alexandria City IDA for Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2015 (BBB+/NR)
	2,700,000		5.000			10/01/2045		2,924,397
	Mosaic District Community Development Authority RB Series 2011 A (NR/NR)
	1,830,000		6.250			03/01/2021		1,935,554
	2,000,000		6.625			03/01/2026		2,121,520
	7,000,000		6.875			03/01/2036		7,448,140
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC+/NR)(b)
	236,845,000		0.000			06/01/2047		24,572,669
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC/NR)(b)
	34,250,000		0.000			06/01/2047		3,240,392
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	22,780,000		5.000			12/31/2056		24,815,849
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (NR/Baa3)
	3,950,000		5.000			12/31/2052		4,314,743
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB/NR)
	3,900,000		5.000			07/01/2034		4,137,510
	13,650,000		5.000			01/01/2040		14,408,531
	Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)(d)(f)(g)
	1,000,000		5.000			07/01/2038		1,034,300
								90,953,605
Washington – 1.6%
	Central Puget Sound Regional Transit Authority Sales Tax & Motor Vehicle Excise Tax RB Series 2016S-1 (AAA/Aa1)
	10,000,000		5.000			11/01/2046		13,713,400

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Washington – (continued)
	Skagit County Public Hospital District No. 1 RB for Skagit Valley Hospital Series 2010 (NR/Baa2)
$	4,000,000		5.750	%		12/01/2035	$	4,187,600
	Washington Health Care Facilities Authority RB for Kadlec Regional Medical Center Series 2012 (NR/WR)(e)
	3,000,000		5.000			12/01/2021		3,265,740
	Washington State Convention Center Public Facilities District RB Series 2018 (A+/Aa3)
	16,450,000		5.000			07/01/2048		18,894,141
	37,700,000		4.000			07/01/2058		38,806,872
	30,975,000		5.000			07/01/2058		35,027,459
								113,895,212
West Virginia – 0.3%
	Monongalia County Commission Special District Excise Tax RB Refunding and Improvement for University Town Center Economic Opportunity Development District Series 2017 A (NR/NR)(d)
	900,000		5.750			06/01/2043		940,428
	West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. – Amos Project Series 2010 A (A-/Baa1)
	4,000,000		5.375			12/01/2038		4,215,680
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	5,170,000		5.000			01/01/2043		5,839,515
	13,000,000		4.125			01/01/2047		13,188,110
								24,183,733
Wisconsin – 0.5%
	Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Series 2019 A (AGM) (AA/A2)
	900,000		5.000			07/01/2044		1,009,692
	2,350,000		4.125			07/01/2049		2,453,447
	1,300,000		5.000			07/01/2054		1,434,342
	1,600,000		5.000			07/01/2058		1,748,064
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB-/Baa3)
	5,900,000		4.300			11/01/2030		6,114,878
	Public Finance Authority Minnesota College of Osteopathic Medicine Senior RB Series 2019A-1 (NR/NR)(d)(h)
	1,380,000		5.500			12/01/2048		1,426,906
	Public Finance Authority Minnesota College of Osteopathic Medicine Senior Taxable RB Series 2019A-2 (NR/NR)(d)(h)
	2,800,000		7.250			12/01/2048		2,801,540
	Public Finance Authority of Waste Disposal RB Refunding Series 2016A-4 (AMT) (A-/NR)(f)(g)
	7,000,000		2.000			06/01/2021		6,975,080
	Public Finance Authority RB for Denver International Airport Great Hall Project Series 2017 (AMT) (BBB-/NR)
	4,000,000		5.000			09/30/2037		4,509,200
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	2,600,000		5.200			12/01/2037		2,901,366
	1,525,000		5.350			12/01/2045		1,704,172
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority Student Housing RB for CHF- Cullowhee, LLC-Western Carolina University Project Series 2015 A (BBB-/NR)
	3,250,000		5.250			07/01/2047		3,444,740
								36,523,427
	TOTAL MUNICIPAL BONDS
	(Cost $6,760,410,448)						$	7,188,672,259
Corporate Bonds – 0.3%
Commercial & Professional Services – 0.0%
	Catholic Health Initiatives
$	1,293,000		4.350	%		11/01/2042	$	1,241,147
Health Care Equipment & Services – 0.3%
	Prime Healthcare Foundation, Inc. Series B
	16,525,000		7.000			12/01/2027		18,984,937
	TOTAL CORPORATE BONDS
	(Cost $17,395,621)						$	20,226,084
	TOTAL INVESTMENTS – 98.7%
	(Cost $6,777,806,069)						$	7,208,898,343
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%							93,765,769
	NET ASSETS – 100.0%						$	7,302,664,112

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Zero coupon bond until next reset date.
(b)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(f)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2019.
(g)	Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(h)	When-issued security.
(i)	Security is currently in default.

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

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments(continued)

March 31, 2019

Investment Abbreviations:
AGC-ICC	—Agency Insured Custody Certificate
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
ASSURED GTY	—Insured by Assured Guaranty
BAM	—Build America Mutual Assurance Co.
BHAC-CR	—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
CA MTG INS	—Insured by California Mortgage Insurance
COMWLTH GTD	—Commonwealth Guaranteed
COPS	—Certificates of Participation
ETM	—Escrowed to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
GO	—General Obligation
IDA	—Industrial Development Authority
LIBOR	—London Interbank Offered Rate
Mo.	—Month
MUN GOVT GTD	—Municipal Government Guaranteed
NATL-RE	—Insured by National Public Finance Guarantee Corp.
NATL-RE-IBC	—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR	—Not Rated
PCRB	—Pollution Control Revenue Bond
PILOT	—Payment in Lieu of Taxes
Q-SBLF	—Qualified School Board Loan Fund
RB	—Revenue Bond
RMKT	—Remarketed
SIFMA	—The Securities Industry and Financial Markets Association
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation
USD	—United States Dollar
WR	—Withdrawn Rating
XLCA	—Insured by XL Capital Assurance, Inc.

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS— At March 31, 2019, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund	Credit Spread at March 31, 2019(b)	Counterparty		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023	1.000%	0.199%		Bank of America NA		03/20/2023		USD   4,000	$	122,819	$	(78,791	)	$	201,610
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023	1.700	0.122		JPMorgan Chase Bank NA		06/20/2021		10,000		349,466		—			349,466
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023	1.000	0.199				03/20/2023		9,000		276,343		(177,279	)		453,622

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund	Credit Spread at March 31, 2019(b)	Counterparty	Termination Date		Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023	1.000%	0.221%	JPMorgan Chase Bank NA (continued)		09/20/2023		USD 15,000	$	499,737		$	(312,377	)	$	812,114
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029	1.830	1.235			06/20/2021		10,000		129,709			—			129,709
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023	1.000	0.234	Morgan Stanley Co., Inc.		12/20/2023		10,000		344,494			(133,846	)		478,340
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029	1.000	1.706			12/20/2023		10,000		(278,305	)		(362,293	)		83,988
TOTAL								$	1,444,263		$	(1,064,586	)	$	2,508,849

(a) Payments received quarterly.

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

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund		Termination Date	Notional Amount (000’s)			Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.250%		3 Month LIBOR	12/21/2041		USD 169,400		$	8,783,820		$	(10,181,814	)	$	18,965,634
3.000		3 Month LIBOR	06/19/2049		165,280	(b)		(14,942,614	)		(6,078,955	)		(8,863,659	)
TOTAL							$	(6,158,794	)	$	(16,260,769	)	$	10,101,975

(a) Payments made semi-annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – 99.0%
Alabama – 1.4%
	Alabama Public School & College Authority RB Refunding for Capital Improvement Series 2015 A (AA/Aa1)
$	3,385,000		5.000	%		05/01/2023	$	3,838,184
	Auburn University General Fee RB Series 2011 A (AA-/Aa2)(a)
	35,355,000		5.000			06/01/2021		37,987,180
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	160,000		3.000			10/01/2019		160,653
	75,000		4.000			10/01/2020		76,971
	85,000		4.000			10/01/2021		88,608
	85,000		4.000			10/01/2022		89,935
	Huntsville Health Care Authority RB Series 2010 A (NR/A1)(a)
	7,470,000		5.500			06/01/2020		7,802,639
	Industrial Development Board PCRB for Alabama Power Company Barry Plant Project RMKT 03/20/17 Series 2007 A (A-/A1)(b)(c)
	6,000,000		1.850			03/24/2020		5,961,960
	Jefferson County RB Refunding Warrants Series 2017 (AA/NR)
	3,000,000		5.000			09/15/2021		3,226,200
	1,200,000		5.000			09/15/2022		1,325,304
	2,000,000		5.000			09/15/2023		2,262,360
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	1,300,000		5.000			10/01/2021		1,386,593
	1,745,000		5.000			10/01/2022		1,900,985
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A3)(b)
	(1 Mo. LIBOR + 0.85%),
	25,000,000		2.518			06/01/2024		24,495,750
								90,603,322
Alaska – 0.0%
	Borough of North Slope GO Bonds for General Purpose Series 2018 A (AA/Aa2)
	1,000,000		5.000			06/30/2021		1,072,650
	1,000,000		5.000			06/30/2023		1,073,950
	Northern Tobacco Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/A3)
	840,000		4.625			06/01/2023		840,202
								2,986,802
Arizona – 2.6%
	Arizona Department of Transportation State Highway RB Series 2013 A (AA+/Aa2)
	14,250,000		5.000			07/01/2023		15,782,160
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(d)
	(3 Mo. LIBOR + 0.81%),
	59,270,000		2.684			01/01/2037		56,819,778
	Arizona Health Facilities Authority Hospital RB Refunding for Phoenix Children’s Hospital Series 2013 A (A/A1)(b)
	(SIFMA Municipal Swap Index Yield + 1.85%),
	5,000,000		3.350			02/05/2020		5,026,250
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BBB+/NR)
	675,000		5.000			01/01/2022		727,758
	600,000		5.000			01/01/2023		661,026
	575,000		5.000			01/01/2024		646,507
Municipal Bonds – (continued)
Arizona – (continued)
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BBB/NR)
	485,000		5.000			01/01/2022		519,542
	505,000		5.000			01/01/2023		551,975
	560,000		5.000			01/01/2024		623,229
	Arizona School Facilities Board COPS Refunding Series 2015 A (AA-/Aa3)
	8,000,000		5.000			09/01/2020		8,384,400
	Arizona State University System RB Refunding Series 2015 B (AA/Aa2)
	3,000,000		5.000			07/01/2019		3,025,500
	Arizona Transportation Board Excise Tax RB Refunding for Regional Area Road Series 2016 (AA+/Aa1)
	5,820,000		5.000			07/01/2021		6,266,103
	City of Phoenix Civic Improvement Corporation RB Refunding Junior Lien Series 2010 A (A+/A1)(a)
	24,365,000		5.000			07/01/2020		25,408,066
	City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (A+/A1)(a)
	5,000,000		5.000			07/01/2020		5,214,050
	County of Pinal RB Refunding Series 2014 (AA-/NR)
	2,465,000		5.000			08/01/2021		2,655,421
	Glendale City GO Refunding Bonds Series 2015 (AGM) (AA/A1)
	3,000,000		4.000			07/01/2020		3,090,000
	3,400,000		4.000			07/01/2021		3,574,182
	1,665,000		5.000			07/01/2022		1,839,559
	Maricopa County Arizona School Improvement Refunding for Peoria Unified School District No. 11 Series 2015 (AGM) (AA/A2)
	3,000,000		4.000			07/01/2019		3,017,850
	Maricopa County Community College District GO Refunding Bonds Series 2016 (AAA/Aaa)
	9,495,000		5.000			07/01/2021		10,222,792
	16,400,000		5.000			07/01/2023		18,670,088
								172,726,236
Arkansas – 0.2%
	Fort Smith School District No. 100 GO Bonds for Arkansas Construction Series 2018 A (ST AID WITHHLDG) (NR/Aa2)
	1,295,000		3.000			02/01/2021		1,327,090
	1,950,000		3.000			02/01/2022		2,022,482
	1,510,000		3.000			02/01/2023		1,576,153
	Little Rock Arkansas Sewer RB Refunding Series 2015 (NR/Aa3)
	1,075,000		3.000			10/01/2020		1,097,661
	Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	6,000,000		3.000			02/01/2021		6,148,680
	Springdale Arkansas Sales and Use Tax RB Series 2012 (A+/NR)
	720,000		2.000			11/01/2019		721,569
								12,893,635

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – 6.4%
	Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (AMBAC) (BBB+/Baa2)(e)
$	745,000		0.000	%		10/01/2019	$	736,001
	255,000		0.000			10/01/2020		245,524
	Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (ETM) (AMBAC) (AAA/Aaa)(a)(e)
	9,420,000		0.000			10/01/2019		9,352,082
	12,300,000		0.000			10/01/2020		12,026,079
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	500,000		5.000			05/01/2021		536,530
	325,000		5.000			05/01/2022		358,130
	300,000		5.000			05/01/2023		339,276
	265,000		5.000			05/01/2024		306,841
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (AA/Aa3)(b)
	(SIFMA Municipal Swap Index Yield + 0.90%),
	10,000,000		2.400			05/01/2023		10,146,400
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (AA/Aa3)(b)
	(SIFMA Municipal Swap Index Yield + 0.90%),
	7,000,000		2.400			05/01/2023		7,102,480
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 12/20/12 Series 2007E-3 (AA/Aa3)(b)
	(SIFMA Municipal Swap Index Yield + 0.70%),
	1,225,000		2.200			04/01/2047		1,225,000
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (AA/NR)(b)
	(SIFMA Municipal Swap Index Yield + 1.25%),
	15,000,000		2.750			04/01/2027		15,658,200
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2017 C (AA/Aa3)(b)(c)
	11,175,000		2.100			04/01/2022		11,261,271
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BBB-/NR)
	255,000		5.000			05/01/2021		269,527
	1,000,000		5.000			05/01/2023		1,100,990
	535,000		5.000			05/01/2024		598,997
	California Infrastructure & Economic Development Bank RB Refunding for The J. Paul Getty Trust Project Series 2013A-1 (AAA/Aaa)(b)
	(1 Mo. LIBOR + 0.33%),
	20,000,000		2.072			04/01/2022		19,962,200
	California Municipal Finance Authority RB for Anaheim Electric System Distribution Facilities 2nd Lien Qualified Obligations Series 2015 (A+/NR)(b)
	(SIFMA Municipal Swap Index Yield + 0.35%),
	10,000,000		1.850			12/01/2020		9,989,200
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,100,000		5.000			02/01/2020		1,129,414
Municipal Bonds – (continued)
California – (continued)
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	550,000		5.000			10/01/2019		559,141
	325,000		5.000			10/01/2020		340,811
	250,000		5.000			10/01/2021		269,497
	250,000		5.000			10/01/2022		276,515
	225,000		5.000			10/01/2023		254,678
	275,000		5.000			10/01/2024		316,319
	275,000		5.000			10/01/2025		321,684
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	150,000		3.000			06/01/2020		151,489
	100,000		4.000			06/01/2022		105,000
	California State Various Purpose GO Bonds RMKT 11/15/17 Series 2013 B (AA-/Aa3)(b)
	(SIFMA Municipal Swap Index Yield + 0.38%),
	15,000,000		1.880			12/01/2022		15,003,900
	California State Various Purpose GO Bonds Series 2011 (AA-/Aa3)
	5,070,000		5.000			10/01/2019		5,160,652
	California State Various Purpose GO Refunding Bonds Series 2012 (AA-/Aa3)
	2,055,000		5.000			09/01/2019		2,085,558
	California Statewide Communities Development Authority RB for Irvine East Campus Apartments, CHF-Irvine LLC Series 2017 (NR/Baa1)
	1,545,000		5.000			05/15/2021		1,646,197
	California Statewide Communities Development Authority RB for Methodist Hospital of Southern California Obligated Group Series 2018 (BBB+/NR)
	250,000		5.000			01/01/2020		255,847
	300,000		5.000			01/01/2021		316,068
	500,000		5.000			01/01/2022		541,030
	500,000		5.000			01/01/2023		554,280
	California Statewide Communities Development Authority RB Refunding for Irvine East Campus Apartments, CHF-Irvine LLC Series 2016 (NR/Baa1)
	1,150,000		5.000			05/15/2020		1,191,733
	1,250,000		5.000			05/15/2021		1,331,875
	City of Los Angeles RB for Wastewater System Series 2009 A (NR/NR)(a)
	8,135,000		5.750			06/01/2019		8,191,538
	City of Los Angeles RB Series 2018 (SP-1+/MIG1)
	40,000,000		4.000			06/27/2019		40,235,600
	City of Upland COPS for San Antonio Regional Hospital Project Series 2017 (BBB+/Baa2)
	425,000		5.000			01/01/2022		456,327
	450,000		5.000			01/01/2023		494,064
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2017A-1 (A/NR)
	6,000,000		5.000			06/01/2020		6,230,640
	5,000,000		5.000			06/01/2021		5,333,550
	6,000,000		5.000			06/01/2022		6,554,820
	6,000,000		5.000			06/01/2023		6,687,600

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018A-1 (BBB/NR)
$	16,000,000	3.500 %		06/01/2036	$	16,037,760
	Irvine City Limited Obligation Improvement Bond Reassessment DistrictNo. 12-1 Series 2012 Act 1915 (A+/NR)
	1,895,000	4.000		09/02/2019		1,915,693
	Irvine City Limited Obligation Improvement Bond Reassessment DistrictNo. 15-2 Series 2015 (NR/NR)
	1,000,000	4.000		09/02/2019		1,008,570
	725,000	4.000		09/02/2020		746,068
	775,000	5.000		09/02/2021		829,669
	Irvine Unified School DistrictNo. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	1,765,000	5.000		09/01/2022		1,926,038
	1,135,000	5.000		09/01/2023		1,265,934
	Irvine Unified School DistrictNo. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	600,000	4.000		09/01/2023		640,230
	Irvine Unified School DistrictNo. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	520,000	4.000		09/01/2023		554,866
	Irvine Unified School DistrictNo. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	255,000	3.000		09/01/2022		259,814
	415,000	4.000		09/01/2023		442,826
	Lake Elsinore Public Financing Authority Local Agency RB Refunding for Community Facilities DistrictNo. 88-3 Series 2015 B (AGM) (AA/NR)
	1,235,000	5.000		09/01/2020		1,299,516
	Lake Elsinore Public Financing Authority Local Agency RB Refunding Series 2015 (NR/NR)
	935,000	4.000		09/01/2019		942,770
	785,000	5.000		09/01/2021		836,763
	Los Angeles Unified School District General Obligation Bonds Series KRY 2010 CA (A+/Aa2)
	29,145,000	5.250		07/01/2028		30,503,448
	Miramar Ranch North California Special Tax Refunding for Community Facilities District No. 1 Series 2012 (AA-/NR)
	3,075,000	4.000		09/01/2019		3,109,625
	Murrieta Public Financing Authority Special Tax RB Refunding Series 2012 (A/NR)
	1,000,000	5.000		09/01/2019		1,013,320
	Natomas Unified School District GO Refunding Bonds Series 2013 (BAM) (AA/A1)
	730,000	4.000		09/01/2020		756,893
	650,000	4.000		09/01/2021		688,688
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A3)(d)
	(3 Mo. LIBOR + 0.72%),
	10,855,000	2.594		07/01/2027		10,556,270
	Rancho Cordova Community Facilities DistrictNo. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	380,000	4.000		09/01/2022		398,662
Municipal Bonds – (continued)
California – (continued)
	Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	725,000	3.000		09/01/2019		728,321
	1,000,000	4.000		09/01/2020		1,028,160
	675,000	5.000		09/01/2021		721,649
	800,000	5.000		09/01/2022		873,544
	1,835,000	5.000		09/01/2023		2,040,153
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa3)(d)
	(3 Mo. LIBOR + 0.53%),
	47,675,000	2.290		12/01/2035		46,674,779
	San Bernardino City Unified School District GO Refunding Bonds Series 2013 A (AGM) (AA/A2)
	150,000	5.000		08/01/2019		151,746
	San Diego Public Facilities Financing Authority Sewer RB Series 2009 B (AA+/Aa2)(a)
	11,195,000	5.000		05/15/2019		11,243,139
	San Francisco City & County GO Bonds for Clean & Safe Neighborhood Parks Series 2012 B (AAA/Aaa)
	2,750,000	4.000		06/15/2019		2,765,153
	San Marcos Public Financing Authority Special Tax RB Refunding Series 2012 (AA-/NR)
	1,000,000	4.000		09/01/2019		1,011,260
	State of California Various Purpose GO Bonds for Bid Group A Series 2018 (AA-/Aa3)
	52,000,000	5.000		10/01/2022		58,152,120
	Stockton Unified School District GO Refunding Bonds Series 2012 (AGM) (AA/A1)
	1,090,000	5.000		07/01/2019		1,099,734
	Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005A-1 (BB+/Baa2)
	970,000	4.750		06/01/2023		975,025
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)(d)
	(3 Mo. LIBOR + 0.61%),
	3,500,000	2.408		05/15/2030		3,414,425
	(3 Mo. LIBOR + 0.74%),
	15,000,000	2.538		05/15/2043		13,343,700
	Ventura County Capital Appreciation GO Bonds for Conejo Valley Unified School District for Election of 2014 Series A (AGM) (AA/Aa3)(e)
	1,775,000	0.000		08/01/2020		1,736,305
						428,903,191
Colorado – 1.7%
	City of Boulder Water & Sewer RB Refunding Series 2012 (AAA/Aa1)
	1,000,000	5.000		12/01/2020		1,056,940
	ColoradoE-470 Public Highway Authority Senior RB Refunding Series 2015 A (A/A2)
	1,000,000	5.000		09/01/2020		1,040,030

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Health Facilities Authority RB Refunding for Covenant Retirement Communities, Inc. Series 2015 A (A-/NR)
$	1,000,000		5.000	%		12/01/2020	$	1,048,700
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (BBB/NR)
	500,000		5.000			06/01/2019		502,300
	400,000		5.000			06/01/2020		412,920
	700,000		5.000			06/01/2021		740,642
	500,000		5.000			06/01/2022		541,000
	Denver City & County School District No. 1 GO Bonds Series 2012 B (ST AID WITHHLDG) (AA+/Aa1)(a)
	24,390,000		5.000			12/01/2022		27,393,872
	Denver City & County School District No. 1 GO Refunding Bonds Series 2012 A (ST AID WITHHLDG) (AA+/Aa1)(a)
	4,045,000		5.000			12/01/2021		4,414,389
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(f)
	2,000,000		5.000			12/01/2019		2,040,520
	2,415,000		5.000			12/01/2020		2,535,871
	4,110,000		5.000			12/01/2021		4,429,717
	4,315,000		5.000			12/01/2022		4,751,203
	4,530,000		5.000			12/01/2023		5,086,828
	4,760,000		5.000			12/01/2024		5,438,252
	Denver Colorado Health and Hospital Authority Healthcare RB Series 2007 B (BBB/NR)(d)
	(3 Mo. LIBOR + 1.10%),
	16,000,000		2.859			12/01/2033		15,388,000
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	110,000		5.000			12/01/2020		115,543
	220,000		5.000			12/01/2021		237,235
	300,000		5.000			12/01/2022		330,549
	Jefferson County School District R-1 GO Bonds Series 2012 (ST AID WITHHLDG) (AA/Aa2)(a)
	5,925,000		4.000			12/15/2022		6,449,777
	12,000,000		5.000			12/15/2022		13,493,160
	University of Colorado Hospital Authority RB Series 2017 C-1 (AA-/Aa3)(b)(c)
	6,360,000		4.000			03/01/2020		6,413,869
	University of Colorado Hospital Authority RB Series 2017 C-2 (AA-/Aa3)(b)(c)
	7,215,000		5.000			03/01/2022		7,763,124
								111,624,441
Connecticut – 2.9%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	1,250,000		5.000			08/01/2021		1,328,500
	1,000,000		5.000			08/01/2023		1,103,380
	920,000		5.000			08/01/2024		1,031,007
	600,000		5.000			08/01/2025		681,072
	Connecticut State GO Bonds Series 2013 A (A/A1)
	5,195,000		5.000			10/15/2023		5,873,415
Municipal Bonds – (continued)
Connecticut – (continued)
	Connecticut State GO Bonds Series 2015 C (A/A1)(d)
	(SIFMA Municipal Swap Index Yield + 0.80%),
	10,000,000		2.300			06/15/2020		10,059,300
	Connecticut State GO Bonds Series 2015 F (A/A1)
	6,500,000		5.000			11/15/2021		7,027,085
	5,685,000		5.000			11/15/2022		6,301,368
	4,435,000		5.000			11/15/2023		5,023,524
	Connecticut State GO Bonds Series 2017 A (A/A1)
	1,705,000		5.000			04/15/2022		1,861,553
	Connecticut State GO Refunding Bonds Series 2010 D (A/A1)
	7,500,000		5.000			10/01/2022		7,845,525
	Connecticut State GO Refunding Bonds Series 2017 B (A/A1)
	18,110,000		3.000			04/15/2022		18,708,717
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2010A-3 (AAA/Aaa)(b)(c)
	11,250,000		1.800			02/09/2021		11,262,150
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2017 T-2 (AAA/Aaa)(b)(c)
	2,440,000		1.650			02/03/2020		2,439,780
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 B-1 (AAA/Aaa)(b)(c)
	4,925,000		5.000			07/01/2020		5,129,585
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)(b)(c)
	62,750,000		5.000			02/01/2023		70,419,932
	Connecticut State Health & Educational Facilities Authority Yale University Issue RB Series 2019 U-1 (AAA/Aaa)(b)(c)
	13,300,000		2.000			02/08/2022		13,432,335
	New Haven GO Refunding Bonds Series 2015 B (ETM) (BAM) (AA/Baa1)(a)
	6,115,000		5.000			08/15/2021		6,605,301
	State of Connecticut Special Tax Obligation RB Refunding for Transportation Infrastructure Purposes Series 2011 B (A+/A1)
	5,000,000		3.000			12/01/2022		5,153,150
	Town of Hamden GO Refunding Bonds Series 2013 (ETM) (A/Baa2)(a)
	2,000,000		5.000			08/15/2019		2,025,200
	University of Connecticut GO Bonds Series 2015 A (AA-/A1)
	8,640,000		5.000			02/15/2021		9,142,589
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	300,000		3.000			11/01/2019		300,252
	400,000		4.000			11/01/2020		406,368
	400,000		4.000			11/01/2021		409,312
	415,000		5.000			11/01/2022		441,581
	400,000		5.000			11/01/2023		430,308
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	200,000		3.000			11/01/2019		200,168
	390,000		4.000			11/01/2020		396,209
	790,000		5.000			11/01/2022		840,599
								195,879,265
Delaware – 0.6%
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)
	475,000		5.000			06/01/2023		527,212
	305,000		5.000			06/01/2024		344,653

The accompanying notes are an integral part of these financial statements. 91

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Delaware – (continued)
	Delaware State GO Bonds Series 2014 (AAA/Aaa)(a)
$	15,000,000		5.000	%		03/01/2022	$	16,468,650
	Delaware State GO Bonds Series 2018 A (AAA/Aaa)
	3,250,000		5.000			02/01/2021		3,453,353
	3,500,000		5.000			02/01/2022		3,835,125
	1,750,000		5.000			02/01/2023		1,973,615
	State of Delaware GO Unlimited Bonds Series 2014 (AAA/Aaa)(a)
	14,800,000		4.000			03/01/2022		15,829,044
								42,431,652
District of Columbia – 0.1%
	District of Columbia RB for National Public Radio, Inc. Series 2010 A (A+/A2)(a)
	3,200,000		5.000			04/01/2020		3,306,560
Florida – 3.4%
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016A-1 (A-/NR)
	320,000		2.000			05/01/2019		320,013
	325,000		2.000			05/01/2020		324,889
	335,000		2.250			05/01/2021		335,382
	340,000		2.250			05/01/2022		339,038
	350,000		2.500			05/01/2023		351,792
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018A-1 (AGM) (AA/NR)
	1,065,000		2.000			05/01/2019		1,064,957
	1,085,000		2.000			05/01/2020		1,084,989
	1,110,000		2.125			05/01/2021		1,109,589
	1,135,000		2.250			05/01/2022		1,136,487
	1,160,000		2.500			05/01/2023		1,170,452
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	165,000		2.000			05/01/2019		165,053
	170,000		2.000			05/01/2020		170,559
	170,000		2.000			05/01/2021		170,680
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015A-1 (A-/NR)
	580,000		2.300			05/01/2019		580,336
	600,000		2.600			05/01/2020		605,682
	615,000		3.000			05/01/2021		629,453
	500,000		3.125			05/01/2022		517,245
	500,000		3.250			05/01/2023		522,220
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	105,000		2.000			05/01/2019		105,036
	125,000		2.250			05/01/2020		125,731
	130,000		2.250			05/01/2021		131,234
	135,000		2.250			05/01/2022		136,182
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017A-1 (BBB-/NR)
	275,000		3.500			05/01/2019		275,369
	285,000		3.500			05/01/2020		289,879
	295,000		3.500			05/01/2021		304,012
	305,000		3.500			05/01/2022		317,526
Municipal Bonds – (continued)
Florida – (continued)
	Bonterra Community Development District Special Assessment Bonds Senior Series 2017A-1 (A-/NR)
	175,000		2.000			05/01/2019		175,028
	180,000		2.000			05/01/2020		180,322
	185,000		2.100			05/01/2021		185,662
	185,000		2.375			05/01/2022		186,203
	190,000		2.500			05/01/2023		191,712
	Broward County School Board COPS Series 2017 C (A+/Aa3)
	2,015,000		5.000			07/01/2023		2,282,390
	Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (AA/A2)
	960,000		1.900			09/01/2020		958,791
	1,205,000		2.125			09/01/2022		1,201,156
	1,065,000		2.250			09/01/2023		1,065,394
	Caribe Palm Community Development District Special Assessment Refunding Series 2017 (A-/NR)
	77,000		3.500			05/01/2019		77,118
	81,000		3.500			05/01/2020		82,571
	85,000		3.500			05/01/2021		88,002
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)
	95,000		3.000			11/01/2020		96,015
	95,000		3.000			11/01/2021		96,431
	100,000		3.000			11/01/2022		101,923
	105,000		3.000			11/01/2023		106,812
	105,000		3.500			11/01/2024		109,340
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	215,000		2.000			05/01/2019		214,991
	220,000		2.000			05/01/2020		219,646
	225,000		2.250			05/01/2021		225,349
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A/NR)
	195,000		3.250			11/01/2019		197,237
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	1,890,000		5.000			05/01/2019		1,895,046
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016A-1 (A/NR)
	810,000		2.000			05/01/2019		810,024
	830,000		2.000			05/01/2020		829,369
	840,000		2.000			05/01/2021		837,052
	860,000		2.125			05/01/2022		857,179
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	117,000		2.125			05/01/2019		117,034
	119,000		2.375			05/01/2020		119,600
	122,000		2.625			05/01/2021		123,487
	126,000		2.750			05/01/2022		128,182
	Country Walk Community Development District Special Assessment Senior Lien RB Refunding Series 2015A-1 (A-/NR)
	180,000		2.500			05/01/2019		180,151
	185,000		2.750			05/01/2020		187,328

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	County of Escambia Solid Waste Disposal System RB for Gulf Power Company First Series 2009 (A/A2)(b)(c)
$	14,400,000		1.800	%		11/19/2020	$	14,246,640
	County of Miami-Dade Florida Transit System RB Refunding Series 2019 (AA/NR)(g)
	3,490,000		5.000			07/01/2024		4,059,917
	County of Miami-Dade RB for Water & Sewer System Series 2010 (AA-/Aa3)(a)
	17,800,000		5.000			10/01/2020		18,713,496
	County of Orange Sales Tax RB Refunding Series 2012 C (AA/Aa1)
	8,885,000		5.000			01/01/2020		9,114,322
	Double Branch Community Development District Special Assessment Refunding Senior Lien Series 2013A-1 (A-/NR)
	250,000		2.700			05/01/2019		250,250
	250,000		3.000			05/01/2020		253,810
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017A-1 (AGM) (AA/NR)
	1,445,000		2.000			05/01/2019		1,445,174
	1,475,000		2.000			05/01/2020		1,473,584
	1,505,000		2.125			05/01/2021		1,505,346
	Enclave at Black Point Marina Community Development District Special Assessment Refunding & Improvement Series 2017 (BBB/NR)
	115,000		3.000			05/01/2019		115,108
	120,000		3.000			05/01/2020		121,378
	Florida Department of Management Services COP Refunding Series 2018 A (AA+/Aa1)
	7,000,000		5.000			11/01/2019		7,136,920
	10,000,000		5.000			11/01/2022		11,180,100
	Florida Higher Educational Facilities Financing Authority RB for Nova Southeastern University Project Series 2012 A (A-/WR)
	500,000		5.000			04/01/2019		500,000
	Florida State Full Faith and Credit State Board of Education Public Education Capital Outlay Tax-Exempt Bonds Series 2011 A (AAA/Aaa)
	5,810,000		5.000			06/01/2021		6,051,754
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	220,000		2.000			05/01/2019		220,066
	225,000		2.000			05/01/2020		225,619
	230,000		2.000			05/01/2021		230,685
	235,000		2.500			05/01/2022		238,525
	245,000		2.500			05/01/2023		248,354
	245,000		2.500			05/01/2024		247,345
	255,000		2.750			05/01/2025		258,657
	260,000		3.000			05/01/2026		266,991
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017A-1 (A-/NR)(f)
	215,000		3.500			05/01/2019		215,331
	225,000		3.500			05/01/2020		229,363
	235,000		3.500			05/01/2021		243,105
	245,000		3.500			05/01/2022		256,182
	250,000		3.500			05/01/2023		263,642
Municipal Bonds – (continued)
Florida – (continued)
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	175,000		4.000			05/01/2019		175,301
	185,000		4.000			05/01/2020		188,335
	190,000		4.000			05/01/2021		196,040
	200,000		4.000			05/01/2022		208,926
	205,000		4.000			05/01/2023		216,386
	Heritage Landing Community Development District Special Assessment Refunding Series 2015 (BBB/NR)
	425,000		2.250			05/01/2019		425,064
	535,000		2.500			05/01/2020		537,434
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	280,000		2.000			05/01/2019		280,023
	285,000		2.250			05/01/2020		285,721
	290,000		2.250			05/01/2021		290,743
	295,000		2.250			05/01/2022		295,038
	305,000		2.500			05/01/2023		307,510
	315,000		2.750			05/01/2024		320,405
	320,000		3.000			05/01/2025		327,984
	Hillsborough County School Board COPS Refunding for Florida Master Lease Program Series 2017 C (AA-/Aa3)
	1,350,000		5.000			07/01/2019		1,361,502
	Lake Frances Community Development District Special Assessment Refunding Series 2018 (BBB-/NR)
	72,000		3.000			05/01/2019		72,069
	71,000		3.000			05/01/2020		71,922
	75,000		3.000			05/01/2021		76,762
	79,000		3.000			05/01/2022		81,455
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017A-1 (A-/NR)
	270,000		3.500			05/01/2019		270,367
	275,000		3.500			05/01/2020		279,826
	290,000		3.500			05/01/2021		299,280
	300,000		3.500			05/01/2022		312,960
	305,000		3.500			05/01/2023		322,010
	320,000		3.500			05/01/2024		340,381
	Miami Special Obligation Non-Ad Valorem RB for Port of Miami Tunnel Project Series 2012 (A+/Aa3)(f)
	2,510,000		5.000			03/01/2020		2,588,237
	2,635,000		5.000			03/01/2021		2,775,524
	2,770,000		5.000			03/01/2022		2,991,628
	Miami-Dade County Industrial Development Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2018 A (AMT) (A-/NR)(b)
	(SIFMA Municipal Swap Index Yield + 0.80%),
	15,065,000		2.300			11/01/2021		15,061,083
	North Broward Hospital District RB Refunding for Broward Health Series 2017 B (BBB+/Baa2)
	1,000,000		5.000			01/01/2020		1,022,110
	1,000,000		5.000			01/01/2021		1,050,550
	1,000,000		5.000			01/01/2022		1,078,160
	Orange County School Board COP Series 2012 B (AA/Aa2)(a)
	18,650,000		5.000			08/01/2022		20,743,276

The accompanying notes are an integral part of these financial statements. 93

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Orlando & Orange County Expressway Authority RB Series 2010 C (A+/NR)(a)
$	12,860,000		5.000	%		07/01/2020	$	13,410,537
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A-/NR)
	1,305,000		5.000			04/01/2019		1,305,000
	1,375,000		5.000			04/01/2020		1,416,360
	Orlando Utilities Commission, Utility System RB Refunding Series 2017 A (AA/Aa2)(b)(c)
	7,340,000		3.000			10/01/2020		7,465,147
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018A-1 (A/NR)
	185,000		3.000			11/01/2020		187,756
	190,000		3.000			11/01/2021		194,347
	195,000		3.000			11/01/2022		201,051
	205,000		3.000			11/01/2023		211,947
	210,000		3.000			11/01/2024		217,911
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	485,000		2.000			05/01/2019		484,976
	Parklands Lee Community Development District Special Assessment Refunding Senior Lien Series 2013A-1 (A/NR)
	140,000		2.875			05/01/2019		140,167
	Parkway Center Community Development District Special Assessment for Amenity ProjectsSeries 2018-2 (A-/NR)
	85,000		3.500			05/01/2021		86,533
	85,000		3.500			05/01/2022		86,931
	90,000		3.500			05/01/2023		92,597
	95,000		3.500			05/01/2024		97,950
	Parkway Center Community Development District Special Assessment RefundingSeries 2018-1 (BBB/NR)
	235,000		3.500			05/01/2023		240,774
	245,000		3.500			05/01/2024		251,203
	255,000		3.500			05/01/2025		261,120
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	300,000		4.000			05/01/2020		304,437
	405,000		4.000			05/01/2021		415,797
	420,000		4.000			05/01/2022		435,204
	435,000		4.000			05/01/2023		454,862
	Portofino Isles Community Development District Special Assessment Refunding Series 2013 (BBB/NR)
	230,000		3.000			05/01/2019		230,200
	Reunion East Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	1,310,000		4.000			05/01/2020		1,321,594
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016A-1 (A-/NR)
	355,000		2.000			05/01/2019		355,124
	365,000		2.000			05/01/2020		366,277
	375,000		2.000			05/01/2021		376,654
	385,000		2.500			05/01/2022		391,583
	395,000		2.500			05/01/2023		401,494
	405,000		2.500			05/01/2024		410,241
	415,000		2.750			05/01/2025		422,126
	425,000		3.000			05/01/2026		437,818
Municipal Bonds – (continued)
Florida – (continued)
	Sausalito Bay Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	90,000		2.750			05/01/2019		90,095
	100,000		3.000			05/01/2020		101,524
	School District of Broward County COP Series 2012 A (NR/NR)(a)
	7,310,000		5.000			07/01/2022		8,085,883
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	380,000		2.125			05/01/2019		380,053
	390,000		2.250			05/01/2020		390,741
	400,000		2.625			05/01/2021		403,408
	405,000		2.875			05/01/2022		411,091
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	325,000		2.000			11/01/2019		324,997
	330,000		2.250			11/01/2020		330,373
	330,000		2.250			11/01/2021		329,878
	335,000		2.250			11/01/2022		333,790
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016A-1 (A/NR)
	300,000		2.000			05/01/2019		300,036
	310,000		2.000			05/01/2020		310,226
	100,000		2.000			05/01/2021		100,155
	100,000		2.125			05/01/2022		100,236
	100,000		2.375			05/01/2023		100,727
	100,000		2.500			05/01/2024		100,861
	100,000		2.750			05/01/2025		101,774
	100,000		3.000			05/01/2026		103,082
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB/NR)
	345,000		4.125			05/01/2019		345,552
	375,000		4.375			05/01/2021		391,703
	390,000		4.500			05/01/2022		415,424
	Spicewood Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	115,000		2.875			05/01/2019		115,123
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	245,000		2.000			05/01/2019		245,020
	250,000		2.000			05/01/2020		250,557
	255,000		2.250			05/01/2021		254,776
	260,000		2.250			05/01/2022		259,649
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016A-1 (BBB+/NR)
	175,000		2.000			05/01/2019		175,058
	175,000		2.000			05/01/2020		175,520
	180,000		2.250			05/01/2021		181,524
	185,000		2.250			05/01/2022		186,399
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018A-1 (AGM) (AA/NR)
	960,000		2.000			05/01/2019		959,981
	980,000		2.000			05/01/2020		979,990
	1,000,000		2.125			05/01/2021		997,810
	1,020,000		2.250			05/01/2022		1,019,827
	1,045,000		2.500			05/01/2023		1,053,600

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR)
$	110,000		3.250	%		05/01/2019	$	110,158
	115,000		3.500			05/01/2020		117,367
	115,000		3.750			05/01/2021		119,599
	125,000		3.875			05/01/2022		131,831
	125,000		4.000			05/01/2023		131,789
	135,000		4.125			05/01/2024		143,406
	140,000		4.150			05/01/2025		148,284
	145,000		4.250			05/01/2026		153,841
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015A-1 (A/NR)
	400,000		2.300			05/01/2019		400,060
	125,000		2.600			05/01/2020		125,581
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016A-1 (A/NR)
	160,000		2.000			05/01/2019		160,040
	160,000		2.000			05/01/2020		160,373
	345,000		2.250			05/01/2021		347,146
	Venetian Isles Community Development District Special Assessment RB Refunding Series 2013 (A+/NR)
	235,000		2.875			05/01/2019		235,221
	240,000		3.000			05/01/2020		243,350
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017A-1 (BBB/NR)(f)
	300,000		2.250			05/01/2019		300,114
	305,000		2.500			05/01/2020		306,943
	315,000		2.750			05/01/2021		319,703
	325,000		3.000			05/01/2022		333,037
	335,000		3.100			05/01/2023		345,543
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	760,000		4.500			05/01/2023		799,930
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	250,000		4.000			05/01/2019		250,445
	340,000		4.000			05/01/2020		348,150
	350,000		4.000			05/01/2021		361,921
	375,000		4.000			05/01/2022		393,218
	395,000		4.000			05/01/2023		418,988
	415,000		4.000			05/01/2024		444,336
	320,000		4.000			05/01/2025		344,778
	Village Community Development District No. 7 Special Assessment RB Refunding Series 2015 (A/NR)
	2,020,000		3.000			05/01/2019		2,021,252
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	195,000		2.000			11/01/2019		194,830
	200,000		2.250			11/01/2020		199,886
	205,000		2.250			11/01/2021		204,262
	210,000		2.250			11/01/2022		208,314
	215,000		2.500			11/01/2023		214,282
Municipal Bonds – (continued)
Florida – (continued)
	Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015A-1 (BBB+/NR)
	385,000		2.000			05/01/2019		385,135
	390,000		2.375			05/01/2020		392,882
	400,000		2.625			05/01/2021		406,600
	Wyndam Park Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	95,000		2.875			05/01/2019		95,109
								225,675,871
Georgia – 4.4%
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (A-/Baa1)(b)(c)
	8,000,000		1.850			08/22/2019		7,993,040
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A-/NR)(b)(c)
	4,000,000		2.925			03/12/2024		4,066,920
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corporation Vogtle Series 2017 F (A-/Baa1)(b)(c)
	29,150,000		3.000			02/01/2023		29,443,832
	City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (BBB/A3)
	575,000		5.000			12/01/2021		620,201
	500,000		5.000			12/01/2022		552,030
	500,000		5.000			12/01/2023		565,250
	City of Augusta GO Bonds Series 2016 (NR/Aa2)
	12,810,000		5.000			10/01/2019		13,031,869
	12,135,000		5.000			10/01/2020		12,757,768
	De Kalb County School District GO Sales Tax Bonds Series 2017 (ST AID WITHHLDG) (AA+/Aa1)
	31,115,000		4.000			10/01/2021		32,981,277
	18,845,000		4.000			10/01/2022		20,394,813
	Georgia State GO Refunding Bonds Series 2011E-2 (AAA/Aaa)
	9,265,000		5.000			09/01/2021		10,030,660
	Georgia State GO Refunding Bonds Series 2016 E (AAA/Aaa)
	21,500,000		5.000			12/01/2022		24,150,305
	Georgia State GO Refunding Bonds Series 2016 F (AAA/Aaa)
	20,745,000		5.000			07/01/2022		23,024,253
	Georgia State Road & Tollway Authority RB Refunding Series 2011 B (AAA/Aaa)
	5,445,000		5.000			10/01/2021		5,910,057
	Henry County School District GO Bonds Series 2018 (ST AID WITHHLDG) (AA+/Aa1)
	3,250,000		5.000			08/01/2021		3,507,270
	5,340,000		5.000			08/01/2022		5,933,755
	Main Street Natural Gas Inc. Gas Supply RB Series 2019 A (A-/A3)
	715,000		5.000			05/15/2020		737,716
	750,000		5.000			05/15/2021		792,375
	1,000,000		5.000			05/15/2022		1,079,670
	1,500,000		5.000			05/15/2023		1,652,115
	1,500,000		5.000			05/15/2024		1,680,540

The accompanying notes are an integral part of these financial statements. 95

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Georgia – (continued)
	Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A (NR/Aa2)(b)(c)
$	38,000,000		4.000	%		09/01/2023	$	40,902,820
	Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Refunding Series 2018 A (AA+/Aa2)
	25,580,000		3.000			07/01/2022		26,709,357
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)(d)
	(3 Mo. LIBOR + 0.60%),
	11,535,000		2.474			10/01/2024		11,543,651
	Public Gas Partners Inc., Gas Project RB for Gas Supply Pool No. 1 Series 2009 A (A+/WR)
	5,950,000		5.000			10/01/2019		6,045,022
	Richmond County Development Authority RB Subordinate Series 1991 C (ETM) (NR/Aaa)(a)(e)
	10,130,000		0.000			12/01/2021		9,660,373
								295,766,939
Guam – 0.3%
	Guam Government Limited Obligation RB Refunding Section 30 Series 2016 A (BB/NR)
	1,500,000		5.000			12/01/2019		1,528,995
	Guam Government Privilege Special Tax Refunding Bonds Series 2015 D (BB/NR)
	900,000		5.000			11/15/2019		916,236
	3,775,000		5.000			11/15/2021		4,025,094
	Guam Power Authority RB Series 2010 A (BBB/Baa2)(a)
	7,495,000		5.500			10/01/2020		7,932,633
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	310,000		5.000			07/01/2021		327,822
	500,000		5.000			07/01/2022		542,010
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	100,000		5.000			07/01/2019		100,652
	400,000		5.000			07/01/2021		422,996
	400,000		5.000			07/01/2022		433,608
	500,000		5.000			07/01/2023		552,090
	400,000		5.000			07/01/2024		449,536
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)
	250,000		5.000			07/01/2019		251,622
	800,000		5.000			07/01/2022		861,752
	500,000		5.000			07/01/2023		547,430
								18,892,476
Hawaii – 0.7%
	County of Maui GO Refunding Bonds Series 2014 (AA+/Aa1)
	4,015,000		5.000			06/01/2020		4,174,556
	Hawaii Pacific Health RB for Hawaii Pacific Health Obligated Group Series 2010 A (AA-/A1)(a)
	11,870,000		5.500			07/01/2020		12,451,155
	Hawaii State GO Bonds Series 2011 DZ (NR/NR)(a)
	3,185,000		5.000			12/01/2021		3,467,127
Municipal Bonds – (continued)
Hawaii – (continued)
	Hawaii State GO Bonds Series 2013 EH (NR/NR)(a)
	6,125,000		5.000			08/01/2023		6,984,521
	Hawaii State GO Refunding Bonds Series 2016 FH (AA+/Aa1)
	7,545,000		3.000			10/01/2021		7,813,376
	Honolulu City & County GO Bonds Series 2012 A (AA+/Aa1)(a)
	3,620,000		5.000			11/01/2022		4,042,599
	Honolulu City & County GO Bonds Series 2012 B (AA+/Aa1)
	3,000,000		5.000			11/01/2022		3,359,610
	Honolulu City & County GO Bonds Series 2017 A (AA+/Aa1)
	4,370,000		5.000			09/01/2021		4,724,669
								47,017,613
Idaho – 0.4%
	State of Idaho GO Bonds Series 2018 (SP-1+/MIG1)
	25,650,000		4.000			06/28/2019		25,799,796
Illinois – 8.3%
	Chicago Illinois Board of Education GO Bonds Series 1999 A (FGIC) (NATL-RE-IBC) (B+/Baa2)
	1,820,000		5.250			12/01/2020		1,895,858
	Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL-RE) (B+/Baa2)(e)
	6,595,000		0.000			12/01/2019		6,474,773
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	500,000		5.000			12/01/2022		543,905
	3,150,000		5.000			12/01/2023		3,492,940
	4,100,000		5.000			12/01/2024		4,623,816
	Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series 2009 C (BBB+/Ba1)(e)
	4,645,000		0.000			01/01/2023		4,130,288
	Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL-RE) (BBB+/Baa2)
	10,020,000		5.500			01/01/2023		10,750,558
	Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (BBB+/Ba1)
	4,980,000		5.000			01/01/2023		5,337,664
	Chicago Illinois GO Bonds Project and Refunding Series 2009 A (BBB+/Ba1)
	5,400,000		5.000			01/01/2022		5,532,840
	Chicago Illinois GO Bonds Project and Refunding Series 2014 A (BBB+/Ba1)
	2,125,000		5.000			01/01/2022		2,245,679
	Chicago Illinois GO Refunding Bonds Capital Appreciation Series 2007 C (NATL-RE) (BBB+/Baa2)
	4,400,000		5.000			01/01/2030		4,413,024
	Chicago Illinois GO Refunding Bonds Series 2012 C (BBB+/Ba1)
	14,445,000		5.000			01/01/2022		15,743,172
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	1,495,000		5.000			01/01/2020		1,523,674
	2,000,000		5.000			01/01/2021		2,115,940
	16,000,000		5.000			01/01/2022		16,908,640
	14,420,000		5.000			01/01/2023		15,455,644
	Chicago Illinois Modern Schools Across Chicago Program GO Bonds Series 2010 A (BBB+/Ba1)
	1,080,000		5.000			12/01/2019		1,098,425

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 B (A/NR)
$	4,000,000		5.000	%		01/01/2021	$	4,230,480
	Chicago Illinois Sales Tax RB Series 2011 A (NR/WR)(a)
	5,000,000		5.250			01/01/2022		5,489,900
	Chicago Illinois Sales Tax Refunding RMKT 06/09/15 Series 2002 (ETM) (BBB-/NR)(a)
	1,250,000		5.000			01/01/2021		1,323,575
	Chicago Illinois Wastewater Transmission RB Refunding Second Lien Project Series 2008 C (A/NR)
	1,000,000		5.000			01/01/2021		1,051,760
	Chicago Illinois Wastewater Transmission RB Refunding Second Lien Series 2017 B (A/NR)
	2,050,000		5.000			01/01/2021		2,156,108
	1,450,000		5.000			01/01/2022		1,566,565
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (A/NR)
	600,000		5.000			01/01/2021		631,056
	1,660,000		5.000			01/01/2022		1,793,447
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	2,500,000		5.000			11/01/2020		2,617,675
	Chicago Illinois Waterworks RB Refunding Second Lien Project Series 2017-2 (A/NR)
	2,500,000		5.000			11/01/2019		2,545,375
	1,400,000		5.000			11/01/2020		1,465,898
	1,000,000		5.000			11/01/2021		1,075,740
	Cook County Illinois GO Refunding Bonds Series 2009 C (AA-/A2)
	7,460,000		5.000			11/15/2021		7,599,278
	Cook County Illinois GO Refunding Bonds Series 2012 C (AA-/A2)
	1,500,000		5.000			11/15/2019		1,528,755
	1,000,000		4.000			11/15/2020		1,031,370
	Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (NR/Aa2)
	690,000		4.000			12/01/2019		700,005
	675,000		4.000			12/01/2020		697,309
	710,000		4.000			12/01/2021		746,714
	800,000		4.000			12/01/2022		853,400
	Cook Kane Lake & McHenry Counties Community College District No. 512 GO Refunding Bonds for William Rainey Harper College Series 2017 B (NR/Aaa)
	9,000,000		5.000			12/01/2022		10,078,650
	Illinois Educational Facilities Authority RB for University of Chicago Series 2001 B-1 (AA-/Aa2)(b)(c)
	7,625,000		1.800			02/13/2020		7,626,220
	Illinois Educational Facilities Authority RB for University of Chicago Series 2001 B-2 (AA-/Aa2)(b)(c)
	6,000,000		1.550			02/13/2020		5,988,180
	Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (BBB/NR)
	200,000		3.000			12/01/2019		200,546
	400,000		4.000			12/01/2020		408,540
	425,000		4.000			12/01/2021		438,035
	300,000		5.000			12/01/2022		321,984
	450,000		5.000			12/01/2023		489,681
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB for Prairie Power, Inc. Project RMKT 05/08/17 Series 2017 A (A/NR)(b)(c)
	6,650,000		1.750			05/06/2020		6,638,961
	Illinois Finance Authority RB for Trinity Health Credit Group Series 2011 L (AA-/Aa3)(a)
	6,960,000		5.000			12/01/2021		7,566,982
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	2,055,000		3.250			05/15/2022		2,066,816
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa1)
	255,000		4.000			09/01/2020		261,316
	500,000		4.000			09/01/2021		520,310
	Illinois Finance Authority RB Refunding for Northwestern Memorial Healthcare Series 2017 B (AA+/Aa2)(b)(c)
	8,365,000		5.000			12/15/2022		9,329,652
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2017 A (AA-/NR)
	300,000		5.000			01/01/2020		306,180
	500,000		5.000			01/01/2021		523,675
	1,000,000		5.000			01/01/2022		1,071,450
	1,500,000		5.000			01/01/2023		1,641,735
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
	4,180,000		5.000			01/01/2025		4,743,213
	Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	1,505,000		5.000			03/01/2021		1,574,275
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	3,645,000		5.000			07/01/2019		3,671,681
	3,995,000		5.500			07/01/2024		4,362,220
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	8,600,000		5.000			12/01/2020		8,947,956
	Illinois State GO Bonds Series 2017 B (BBB-/Baa3)
	40,650,000		5.000			11/01/2019		41,349,586
	4,750,000		5.000			12/01/2020		4,942,185
	9,000,000		5.000			12/01/2021		9,569,790
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	19,455,000		5.000			11/01/2021		20,650,510
	21,835,000		5.000			11/01/2022		23,540,968
	30,000,000		5.000			11/01/2023		32,539,200
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	12,500,000		5.000			05/01/2021		13,126,125
	Illinois State GO Bonds Series 2018 B (BBB-/Baa3)
	5,000,000		5.000			05/01/2019		5,011,900
	5,000,000		5.000			05/01/2021		5,250,450
	Illinois State GO Refunding Bonds Series 2009 A (BBB-/Baa3)
	16,000,000		4.000			09/01/2020		16,018,720
	Illinois State GO Refunding Bonds Series 2010 (BBB-/Baa3)
	16,490,000		5.000			01/01/2020		16,829,694
	Illinois State GO Refunding Bonds Series 2012 (BBB-/Baa3)
	7,295,000		5.000			08/01/2019		7,366,491
	1,000,000		5.000			08/01/2021		1,055,790
	Illinois State GO Refunding Bonds Series 2013 A (BBB-/Baa3)
	2,000,000		5.000			04/01/2021		2,096,020
	Illinois State GO Refunding Bonds Series 2016 (BBB-/Baa3)
	20,000,000		5.000			02/01/2020		20,457,800

The accompanying notes are an integral part of these financial statements. 97

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State GO Refunding Bonds Series 2017 D (BBB-/Baa3)
$	26,400,000		5.000	%		11/01/2020	$	27,453,624
	Illinois State Sales Tax RB for Build Junior Obligation Series 2013 IL (BBB/NR)
	12,500,000		5.000			06/15/2021		13,187,125
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (BBB/NR)
	550,000		4.000			06/15/2021		568,508
	Illinois State Toll Highway Authority RB Refunding Senior Series 2018 A (AA-/Aa3)
	2,250,000		5.000			01/01/2023		2,521,103
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (BBB+/NR)(a)
	17,325,000		5.500			06/01/2021		18,759,857
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2017 (A/NR)
	5,000,000		5.000			06/01/2022		5,466,050
	Springfield Electric RB Refunding Senior Lien Series 2015 (A/A3)
	2,000,000		5.000			03/01/2021		2,117,900
	State of Illinois GO Bonds Series 2014 (BBB-/Baa3)
	3,245,000		5.000			02/01/2023		3,480,425
	State of Illinois GO Bonds Series 2016 (BBB-/Baa3)
	14,885,000		5.000			06/01/2023		16,047,072
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	10,000,000		5.000			12/01/2023		10,859,100
	State of Illinois GO Refunding Bonds Series 2016 (BBB-/Baa3)
	2,360,000		5.000			02/01/2023		2,531,218
	University of Illinois Board Trustees COP RB Refunding Series 2016 A (A-/A1)
	5,250,000		5.000			08/15/2020		5,476,853
	5,000,000		5.000			08/15/2021		5,357,400
								553,800,972
Indiana – 0.6%
	City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2008 (A-/A1)(b)(c)
	15,000,000		1.850			10/01/2019		14,997,900
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2012 A (A/A2)
	855,000		5.000			05/01/2020		885,259
	Indiana Finance Authority RB for Community Foundation of Northwest Indiana Obligated Group Series 2012 (AA-/NR)
	650,000		5.000			03/01/2020		669,357
	Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (AA-/Aa3)(b)
	(SIFMA Municipal Swap Index Yield + 0.55%),
	7,625,000		2.050			11/01/2023		7,626,296
	Indiana Health Facility Financing Authority Ascension Health Subordinate Credit Group RB Series 2005A-9 (NR/NR)(a)(c)
	95,000		1.375			05/01/2020		94,358
	Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (AA+/NR)
	375,000		5.000			07/15/2020		391,597
	465,000		3.000			01/15/2021		476,992
	250,000		5.000			07/15/2021		268,020
Municipal Bonds – (continued)
Indiana – (continued)
	Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (AA+/NR) – (continued)
	405,000		3.000			01/15/2022		416,814
	200,000		5.000			07/15/2022		220,398
	300,000		5.000			01/15/2023		334,980
	375,000		3.000			07/15/2023		389,449
	Rockport City PCRB Refunding for Indiana Michigan Power Co. Project Series 2009 B (A-/A3)
	10,000,000		3.050			06/01/2025		10,215,600
								36,987,020
Iowa – 0.1%
	Iowa Finance Authority RB Refunding for Iowa Health System Obligation Group Series 2018 B (AA-/A1)
	195,000		5.000			02/15/2020		200,612
	650,000		5.000			02/15/2021		688,799
	600,000		5.000			02/15/2022		654,138
	500,000		5.000			02/15/2023		559,110
	Iowa Finance Authority State Revolving RB Series 2011 (AAA/Aaa)(a)
	5,000,000		5.000			08/01/2021		5,394,450
								7,497,109
Kansas – 0.1%
	Sedgwick County Kansas Unified School District No. 259 GO Refunding and Improvement Bonds Series 2015 A (NR/Aa2)
	3,000,000		4.000			10/01/2021		3,175,380
Kentucky – 1.8%
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)(d)
	(3 Mo. LIBOR + 0.53%),
	16,650,000		2.363			11/01/2027		16,211,272
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (BB+/Baa3)
	350,000		5.000			06/01/2019		351,523
	500,000		5.000			06/01/2020		514,690
	1,100,000		5.000			06/01/2021		1,158,135
	2,450,000		5.000			06/01/2022		2,633,799
	1,000,000		5.000			06/01/2023		1,093,240
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A3)
	12,000,000		4.000	(b)(c)		04/01/2024		12,884,280
	785,000		4.000			04/01/2020		799,020
	775,000		4.000			04/01/2021		801,327
	1,210,000		4.000			04/01/2022		1,268,394
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/WR)
	655,000		4.000			04/01/2019		655,000
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A3)
	660,000		4.000			06/01/2020		673,702
	1,085,000		4.000			12/01/2020		1,117,300
	1,080,000		4.000			06/01/2021		1,119,787

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Kentucky – (continued)
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A3) – (continued)
$	1,515,000		4.000	%		12/01/2021	$	1,582,493
	1,765,000		4.000			06/01/2022		1,853,409
	2,420,000		4.000			12/01/2022		2,559,586
	3,765,000		4.000			06/01/2023		3,992,933
	7,385,000		4.000			12/01/2023		7,876,029
	Kentucky State Turnpike Authority Economic Development Road RB for Revitalization Projects Series 2012 A (A-/Aa3)(a)
	3,490,000		5.000			07/01/2022		3,866,292
	Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2014 A (A-/Aa3)
	2,930,000		5.000			07/01/2023		3,295,781
	Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2016 A(A-/Aa3)
	950,000		2.000			07/01/2020		953,848
	Louisville & Jefferson County Metropolitan Sewer District RB for Sewer & Drainage System Series 2009 B (AA/Aa3)
	2,000,000		5.000			05/15/2019		2,008,220
	Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 (SP-1+/MIG1)
	45,000,000		4.000			11/01/2019		45,626,850
	Louisville & Jefferson County PCRB for Louisville Gas & Electric Company Project RMKT 04/03/17 Series 2003 A (A/A1)(b)(c)
	6,000,000		1.500			10/01/2033		6,000,000
								120,896,910
Louisiana – 0.4%
	City of Shreveport Louisiana Water and Sewer RB Refunding Series 2014 A (BAM) (AA/A3)
	3,000,000		5.000			12/01/2019		3,065,820
	Ernest N. Morial New Orleans Exhibition Hall Authority Special Tax Refunding Bonds Series 2012 (AA+/A1)
	1,000,000		5.000			07/15/2019		1,009,460
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
	735,000		2.250			10/01/2021		742,637
	815,000		5.000			10/01/2021		879,393
	800,000		2.500			10/01/2022		817,696
	950,000		5.000			10/01/2022		1,051,099
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2015 (A-/A3)
	250,000		4.000			05/15/2019		250,630
	300,000		4.000			05/15/2020		307,209
	Louisiana State GO Bonds Series 2011 A (NR/Aa3)(a)
	6,000,000		5.000			09/01/2020		6,290,880
	Louisiana State GO Bonds Series 2012 A (AA-/Aa3)
	5,000,000		5.000			08/01/2022		5,538,750
	State of Louisiana GO Unlimited Refunding Bonds Series 2012 C (AA-/Aa3)
	5,000,000		5.000			07/15/2020		5,218,700
								25,172,274
Municipal Bonds – (continued)
Maine – 0.6%
	County of Cumberland GO Unlimited Notes Series 2019 (ME) (SP-1+/NR)
	13,100,000		3.000			11/08/2019		13,217,376
	Maine Governmental Facilities Authority Lease Rental RB Series 2015 B (AA-/Aa3)
	1,985,000		4.000			10/01/2020		2,057,294
	1,345,000		4.000			10/01/2021		1,423,292
	Maine Turnpike Authority RB Refunding Series 2014 (AA-/Aa3)
	1,430,000		5.000			07/01/2020		1,491,219
	State of Maine GO Bonds Series 2018 D (AA/Aa2)
	8,545,000		5.000			06/01/2021		9,172,630
	8,000,000		5.000			06/01/2022		8,846,960
	4,250,000		5.000			06/01/2023		4,829,615
								41,038,386
Maryland – 2.9%
	Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (BBB-/NR)
	350,000		4.000			09/01/2019		353,139
	500,000		5.000			09/01/2020		520,085
	500,000		5.000			09/01/2021		533,580
	500,000		5.000			09/01/2022		546,310
	City of Baltimore RB for Water Projects Series 2002 Subseries B (NATL-RE) (AA-/Aa3)(c)
	11,350,000		3.633			07/01/2037		11,326,165
	City of Baltimore RB for Water Projects Series 2002 Subseries C (A+/A1)(c)
	7,025,000		3.588			04/03/2019		6,975,614
	County of Anne Arundel GO Refunding Bonds for Consolidated General Improvements Series 2015 (AAA/WR)
	6,220,000		5.000			04/01/2019		6,220,000
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2012 (AAA/Aaa)
	2,000,000		5.000			08/01/2022		2,223,760
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2017 (AAA/Aaa)
	2,825,000		5.000			03/01/2023		3,192,278
	County of Montgomery GO Bonds for Consolidated Public Improvement Series 2013 A (AAA/Aaa)(a)
	28,805,000		5.000			11/01/2023		33,141,017
	County of Montgomery GO Refunding Bonds for Consolidated Public Improvement Series 2017 D (AAA/Aaa)
	8,200,000		3.000			11/01/2022		8,599,176
	Howard County GO Bonds Consolidated Public Improvement Project & Refunding Series 2014 A (AAA/Aaa)
	2,590,000		5.000			02/15/2022		2,841,256
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Meritus Medical Center Obligation Group Series 2015 (BBB/NR)
	730,000		4.000			07/01/2020		748,761
	Maryland State Department of Transportation RB Refunding for Consolidated Transportation Series 2015 (AAA/Aa1)
	19,900,000		5.000			02/15/2020		20,500,781
	Maryland State Economic Development Corporation Student Housing RB Refunding for University of Maryland College Park Projects Series 2016 (AGM) (AA/A2)
	660,000		4.000			06/01/2021		692,175

The accompanying notes are an integral part of these financial statements. 99

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Maryland – (continued)
	Maryland State GO Bonds for State & Local Facilities Loan First Series 2018 A (AAA/Aaa)
$	10,470,000		5.000	%		03/15/2022	$	11,520,455
	Maryland State GO Bonds for State & Local Facilities Loan Second Series 2012 B (AAA/Aaa)(a)
	17,850,000		4.000			08/01/2020		18,442,620
	Maryland State GO Bonds for State & Local Facilities Loan Tax Exempt Second Series 2013 A (AAA/Aaa)(a)
	15,820,000		5.000			08/01/2021		17,086,866
	State of Maryland Department of Transportation Second Issue RB Series 2013 (AAA/Aa1)
	10,265,000		4.000			12/01/2026		10,901,943
	State of Maryland Department of Transportation Third Issue RB Series 2015 (AAA/Aa1)
	9,855,000		4.000			12/15/2026		10,878,442
	State of Maryland GO State and Local Facilities Loan Second Series A Tax Exempt Bonds 2013 (AAA/Aaa)
	19,935,000		4.000			08/01/2027		20,959,858
	University Maryland System Auxiliary Facility & Tuition RB Series 2018 A (AA+/Aa1)
	1,560,000		5.000			04/01/2020		1,613,680
	1,595,000		5.000			04/01/2022		1,755,856
	1,075,000		5.000			04/01/2023		1,217,577
								192,791,394
Massachusetts – 2.4%
	City of Worcester Municipal Purpose Loan GO Bonds Series 2018 A (AA-/Aa3)
	4,105,000		5.000			01/15/2021		4,354,173
	Massachusetts Clean Water Trust RB State Revolving Green Bonds Series 2017 (AAA/Aaa)
	3,795,000		5.000			02/01/2023		4,285,959
	Massachusetts Commonwealth Transportation Fund RB for Accelerated Bridge Program Series 2012 A (AA+/Aa1)(a)
	10,000,000		5.000			06/01/2021		10,744,500
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	485,000		5.000			07/01/2020		504,269
	460,000		5.000			07/01/2021		491,455
	875,000		5.000			07/01/2022		959,166
	725,000		5.000			07/01/2023		811,732
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(d)
	(3 Mo. LIBOR + 0.57%),
	21,375,000		2.403			05/01/2037		20,804,074
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)(d)
	(3 Mo. LIBOR + 0.57%),
	33,240,000		2.403			05/01/2037		32,352,160
	Massachusetts State GO Refunding Bonds Series 2007 A (AA/Aa1)(d)
	(3 Mo. LIBOR + 0.55%),
	38,250,000		2.383			11/01/2025		38,198,362
	Massachusetts State Health & Educational Facilities Authority RB for Foundation of Massachusetts Eye & Ear Obligated Group Series 2010 C (NR/WR)(a)
	1,500,000		5.375			07/01/2020		1,569,225
Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)(b)(c)
	40,050,000		5.000			01/01/2023		44,720,631
								159,795,706
Michigan – 2.2%
	Allen Park Public School District GO Refunding Bonds Series 2016 (Q-SBLF) (AA/NR)
	3,635,000		5.000			05/01/2021		3,881,998
	Allendale Public School GO Refunding Bonds Series 2016 (Q-SBLF) (AA/NR)
	1,275,000		5.000			11/01/2022		1,421,689
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	800,000		5.000			07/01/2022		870,360
	900,000		5.000			07/01/2023		999,531
	Detroit Downtown Development Authority Subordinate General RB Refunding for Development Area No. 1 Projects Series 2018 B (AGM) (AA/NR)
	130,000		5.000			07/01/2019		130,948
	600,000		5.000			07/01/2020		621,066
	1,500,000		5.000			07/01/2021		1,594,710
	1,500,000		5.000			07/01/2022		1,631,925
	1,500,000		5.000			07/01/2023		1,665,885
	500,000		5.000			07/01/2024		563,760
	550,000		5.000			07/01/2025		616,863
	Detroit Michigan Sewage Disposal System RB Refunding Senior Lien Series 2004 A (AGM) (AA/A2)
	3,015,000		5.250			07/01/2020		3,145,308
	Macomb County Michigan L’anse Creuse Public Schools Unlimited Tax GO Refunding Bonds Series 2015 (Q-SBLF) (AA/NR)
	1,250,000		5.000			05/01/2020		1,295,337
	Macomb County Michigan Roseville Community Schools Unlimited Tax GO Refunding Bonds Series 2014 (Q-SBLF) (AA/NR)
	900,000		5.000			05/01/2019		902,403
	Michigan Finance Authority Hospital Project RB Refunding Ascension Senior Credit Series 2016E-1 (AA+/Aa2)(b)(c)
	3,000,000		1.100			08/15/2019		2,993,700
	Michigan Finance Authority Hospital RB Refunding for Beaumont Health Credit Group Series 2015 A (A+/A1)
	2,300,000		4.000			08/01/2020		2,368,954
	3,635,000		5.000			08/01/2021		3,907,116
	Michigan Finance Authority Hospital RB Refunding for Henry Ford Health System Series 2016 (A/A3)
	500,000		5.000			11/15/2021		540,815
	Michigan Finance Authority Local Government Loan Program RB for City of Detroit Distributable State Aid Fourth Lien Utgo Refunding Local Project Bonds Series 2016 C-3 (AA-/Aa2)
	3,500,000		5.000			04/01/2020		3,611,615
	1,510,000		5.000			04/01/2021		1,598,864
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (BB+/NR)
	500,000		3.400			10/01/2020		506,360
	500,000		3.600			10/01/2021		511,130
	500,000		3.800			10/01/2022		518,510

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Local Government Loan Program RB for 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	%		07/01/2021	$	5,501,277
	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			07/01/2020		3,297,677
	10,000,000		5.000			07/01/2021		10,734,200
	9,225,000		5.000			07/01/2022		10,189,105
	5,000,000		5.000			07/01/2023		5,672,300
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-3 (NATL-RE) (AA-/A2)
	5,000,000		5.000			07/01/2019		5,041,250
	1,390,000		5.000			07/01/2020		1,447,560
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Series 2015 D-1 (AA-/A2)
	700,000		5.000			07/01/2019		705,775
	375,000		5.000			07/01/2020		390,529
	750,000		5.000			07/01/2021		799,065
	Michigan Finance Authority Local Government Loan Program RB for Public Lighting Authority Local Project Bonds Series 2014 B (BB+/NR)
	1,125,000		5.000			07/01/2019		1,132,526
	1,200,000		5.000			07/01/2020		1,240,320
	Michigan Finance Authority Local Government Loan Program RB Refunding for Regional Convention Facility Local Project Series 2014 H-1 (AA-/NR)
	825,000		5.000			10/01/2019		838,588
	1,140,000		5.000			10/01/2020		1,158,206
	Michigan Flushing Community Schools Unlimited Tax GO Refunding Bonds Series 2015 (Q-SBLF) (NR/Aa1)
	1,040,000		4.000			05/01/2019		1,042,007
	500,000		4.000			05/01/2020		512,910
	Michigan Municipal Bond Authority RB for Clean Water Revolving Pooled Project Series 2010 (AAA/NR)(a)
	4,850,000		5.000			10/01/2020		5,098,902
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/01/17 Series 2010 F-2 (AA+/Aa2)(b)(c)
	2,600,000		1.900			04/01/2021		2,608,398
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/15/17 Series 2010 F-5 (AA+/Aa2)(b)(c)
	4,400,000		2.400			03/15/2023		4,454,296
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (NR/Baa2)
	2,210,000		5.000			12/31/2023		2,476,371
	2,395,000		5.000			06/30/2024		2,706,566
	3,500,000		5.000			12/31/2024		3,990,455
Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Strategic Fund RB for Waste Management of Michigan, Inc. Series 2001 (A-/NR)(b)(c)
	11,700,000		2.850			08/02/2021		11,866,257
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project RMKT 09/01/16 Series 2008 ET-2 (A/Aa3)(b)(c)
	2,000,000		1.450			09/01/2021		1,943,740
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project Series 1995 CC (A/Aa3)(b)(c)
	4,000,000		1.450			09/01/2021		3,887,480
	Pinckney Community Schools Livingston and Washtenaw County GO Refunding Bonds Series 2014 (Q-SBLF) (AA/NR)
	2,475,000		5.000			05/01/2020		2,562,046
	Rochester Community School District GO Refunding Bonds Series 2012 (Q-SBLF) (AA/NR)
	700,000		4.000			05/01/2019		701,393
	Royal Oak Hospital Finance Authority RB for William Beaumont Hospital Series 2014 D (A+/A1)
	1,500,000		5.000			09/01/2019		1,520,805
	St. Clair County Michigan East China School District 2015 School Bus GO Refunding Bonds Series I (Q-SBLF) (AA/NR)
	3,170,000		3.000			05/01/2019		3,173,582
	University of Michigan General RB RMKT 02/26/18 Series 2012 E (AAA/Aaa)(b)
	(SIFMA Municipal Swap Index Yield + 0.27%),
	3,980,000		1.770			04/01/2022		3,962,448
	Warren Consolidated School District Unlimited Tax GO Refunding Bonds Series 2016 B (BAM) (AA/NR)
	1,790,000		5.000			05/01/2019		1,794,690
	Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2015 A (Q-SBLF) (AA/NR)
	1,420,000		4.000			05/01/2019		1,422,528
	Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2016 A (Q-SBLF) (AA/NR)
	1,000,000		5.000			05/01/2021		1,062,230
	1,000,000		5.000			05/01/2022		1,090,890
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2012 A (A/A2)
	1,385,000		5.000			12/01/2019		1,416,412
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2018 C (A/A2)
	895,000		4.000			12/01/2020		930,719
	600,000		5.000			12/01/2021		652,386
	500,000		5.000			12/01/2022		558,220
								145,482,956
Minnesota – 0.7%
	Circle Pines Minnesota Independent School District No. 012 GO Bonds Series 2015 A (SD CRED PROG) (AAA/NR)(e)
	675,000		0.000			02/01/2021		654,770
	City of Rochester RB for Mayo Clinic Series 2011 C (AA/Aa2)(b)(c)
	10,000,000		4.500			11/15/2021		10,726,100

The accompanying notes are an integral part of these financial statements. 101

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Minnesota – (continued)
	Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corporation Series 2017 (NR/Baa1)
$	500,000		4.000	%		05/01/2021	$	521,595
	500,000		4.000			05/01/2022		530,720
	500,000		5.000			05/01/2023		558,750
	Minnesota State Various Purpose GO Refunding Bonds Series 2015 A (AAA/Aa1)
	9,800,000		5.000			08/01/2021		10,580,472
	Minnesota State Various Purpose GO Refunding Bonds Series 2016 D (AAA/Aa1)
	6,295,000		5.000			08/01/2021		6,796,334
	Shakopee Independent School District No. 720 GO Bonds for School Building Series 2015 A (SD CRED PROG) (NR/Aa2)
	2,945,000		5.000			02/01/2020		3,023,514
	State of Minnesota GO Bonds Series 2015 A (AAA/Aa1)
	9,110,000		5.000			08/01/2020		9,529,516
	State of Minnesota State Trunk Highway GO Bonds Series 2015 B (AAA/Aa1)
	3,230,000		5.000			08/01/2022		3,591,372
	University of Minnesota GO Bonds Series 2017 (AA/Aa1)
	1,700,000		4.000			09/01/2019		1,717,085
								48,230,228
Mississippi – 1.0%
	County of Warren RB Refunding for International Paper Co. Series 2018 (BBB/Baa2)(b)(c)
	5,300,000		2.900			09/01/2023		5,396,513
	Jackson County PCRB Refunding for Chevron U.S.A., Inc. Project Series 1993 (AA/Aa2)(b)(c)
	7,000,000		1.480			04/01/2019		7,000,000
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development RB for Chevron USA, Inc. Series 2010 G (AA/Aa2)(b)(c)
	7,000,000		1.480			04/01/2019		7,000,000
	Mississippi Business Finance Corp. RB for Mississippi Power Co. Project First Series 2010 (A-/NR)(b)(c)
	7,725,000		2.750			12/09/2021		7,774,749
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	9,100,000		2.500			04/01/2022		9,137,128
	Mississippi State GO Refunding Bonds Series 2017 B (AA/Aa2)(b)
	(1 Mo. LIBOR + 0.33%),
	6,410,000		1.998			09/01/2020		6,410,513
	State of Minnesota GO Bonds for Capital Improvement Series 2011 A (AA/Aa2)(a)
	21,400,000		5.000			10/01/2021		23,234,622
								65,953,525
Missouri – 0.1%
	Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Baa3)
	325,000		5.000			03/01/2020		333,184
	400,000		5.000			03/01/2021		419,716
Municipal Bonds – (continued)
Missouri – (continued)
	Missouri State Development Finance Board Infrastructure Facilities Leasehold Improvement and RB Refunding for City of Independence Electric System Projects Series 2012 F (A/NR)
	960,000		4.000			06/01/2019		963,619
	1,000,000		4.000			06/01/2020		1,026,730
	St. Louis County Rockwood School District GO Refunding Bonds Series 2017 (AAA/NR)
	3,995,000		5.000			02/01/2021		4,246,445
								6,989,694
Montana – 0.2%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	240,000		4.000			07/01/2020		247,231
	210,000		4.000			07/01/2021		221,283
	310,000		5.000			07/01/2022		343,437
	Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A-/A3)
	8,750,000		2.000			08/01/2023		8,779,750
	Gallatin County High School District No. 7 GO Bonds for School Building Series 2017 A (NR/Aa2)
	445,000		5.000			12/01/2022		499,010
								10,090,711
Nebraska – 0.4%
	City of Lincoln Electric System RB Refunding Series 2012 (AA/NR)
	2,615,000		5.000			09/01/2021		2,829,822
	Gas Supply RB Refunding for Central Plains Energy Project Series 2014 (NR/Aa2)(b)(c)
	20,000,000		5.000			12/01/2019		20,385,200
	Lincoln County Hospital Authority No. 1 RB Refunding for Great Plains Regional Medical Center Project Series 2012 (A-/NR)
	750,000		4.000			11/01/2019		759,780
	690,000		4.000			11/01/2020		714,199
								24,689,001
Nevada – 0.3%
	Clark County Pollution Control RB Refunding for Nevada Power Company Project Series 2017 (A+/A2)(b)(c)
	1,850,000		1.600			05/21/2020		1,841,102
	Clark County Water Reclamation District GO Refunding Bonds for Water Reclamation Series 2016 (AAA/Aa1)
	3,640,000		5.000			07/01/2022		4,036,250
	Las Vegas Valley Nevada Water District GO Refunding Bonds Series 2018 B (AA+/Aa1)
	9,010,000		5.000			06/01/2021		9,667,820
	Washoe County Sierra Pacific Power Company Project RB Refunding for Nevada Gas & Water Facilities Series 2016 B (A+/A2)(b)(c)
	1,800,000		3.000			06/01/2022		1,853,370
								17,398,542
New Hampshire – 0.2%
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)(b)
	(SIFMA Municipal Swap Index Yield + 0.75%),
	14,550,000		2.250			10/01/2021		14,510,133

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – 6.3%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
$	220,000		5.000	%		03/01/2020	$	225,762
	500,000		5.000			03/01/2023		552,765
	City of Jersey GO Bonds Series 2019 A (NR/MIG1)
	50,000,000		3.250			01/14/2020		50,665,000
	County of Hudson GO Bonds Series 2018 (SP-1+/NR)
	25,000,000		4.000			12/10/2019		25,424,500
	Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)(e)
	5,750,000		0.000			11/01/2021		5,479,750
	Hudson County New Jersey GO Refunding Bonds Series 2015 (AGM) (AA/Aa3)
	725,000		4.000			02/15/2020		740,587
	1,025,000		4.000			02/15/2021		1,067,220
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (BBB-/NR)
	180,000		4.000			07/01/2021		185,143
	220,000		4.000			01/01/2022		227,280
	225,000		4.000			07/01/2022		233,388
	270,000		4.000			01/01/2023		281,537
	275,000		4.000			07/01/2023		287,669
	320,000		4.000			01/01/2024		335,350
	325,000		4.000			07/01/2024		341,305
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2017 DDD (BBB+/Baa1)
	500,000		5.000			06/15/2019		503,310
	600,000		5.000			06/15/2020		621,636
	New Jersey Economic Development Authority RB Refunding for Provident Group – Montclair Properties L.L.C. – Montclair University Student Housing Project Series 2017 (AGM) (AA/A2)
	1,835,000		4.000			06/01/2021		1,914,089
	1,000,000		4.000			06/01/2022		1,058,880
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (BBB+/Baa1)(d)
	(SIFMA Municipal Swap Index Yield + 1.25%),
	13,315,000		2.750			09/01/2025		13,115,674
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2014 PP (BBB+/Baa1)
	5,000,000		5.000			06/15/2019		5,033,100
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2015 XX (ST APPROP) (BBB+/Baa1)
	6,435,000		5.000			06/15/2019		6,477,600
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB+/Baa1)
	2,345,000		5.000			06/15/2023		2,581,118
	6,500,000		5.000			06/15/2024		7,242,235
	New Jersey Educational Facilities Authority RB Refunding for Stevens Institute of Technology Series 2017 A (A-/NR)
	315,000		5.000			07/01/2020		327,569
	485,000		5.000			07/01/2021		518,940
	440,000		5.000			07/01/2022		483,784
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Health Care Facilities Financing Authority RB for Princeton Healthcare System Issue Series 2016 A (AA/Aa3)
	750,000		5.000			07/01/2021		805,755
	New Jersey Health Care Facilities Financing Authority RB Refunding for Robert Wood Johnson University Hospital Series 2010 (NR/WR)(a)
	5,000,000		5.000			01/01/2020		5,126,800
	New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)
	1,530,000		5.000			07/01/2019		1,540,771
	1,000,000		5.000			07/01/2020		1,036,200
	1,000,000		5.000			07/01/2021		1,064,960
	1,240,000		5.000			07/01/2022		1,356,002
	New Jersey State Turnpike Authority RB Refunding Series 2014 C (A+/A2)
	22,000,000		5.000			01/01/2020		22,554,620
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-1 (A+/A2)(d)
	(1 Mo. LIBOR + 0.34%),
	1,290,000		2.082			01/01/2021		1,291,200
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-2 (A+/A2)(d)
	(1 Mo. LIBOR + 0.48%),
	5,000,000		2.223			01/01/2022		5,013,600
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A+/A2)(d)
	(1 Mo. LIBOR + 0.60%),
	15,565,000		2.342			01/01/2023		15,664,149
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)(e)
	24,355,000		0.000			12/15/2028		17,427,951
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2012 AA (ST APPROP) (BBB+/Baa1)
	2,945,000		5.000			06/15/2019		2,964,496
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)
	10,000,000		5.000			06/15/2021		10,606,100
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	1,000,000		5.000			06/15/2021		1,060,610
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (BBB+/Baa1)
	15,550,000		5.250			12/15/2020		16,402,140
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)(e)
	10,060,000		0.000			12/15/2025		8,271,030
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)(e)
	33,750,000		0.000			12/15/2027		25,599,038
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (BBB+/Baa1)
	3,015,000		5.000			12/15/2023		3,358,348

The accompanying notes are an integral part of these financial statements. 103

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2013 A (BBB+/Baa1)
$	1,485,000		5.000	%		06/15/2020	$	1,538,549
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (BBB+/Baa1)
	5,135,000		5.000			06/15/2023		5,429,544
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2013 A (BBB+/Baa1)
	6,235,000		5.000			12/15/2019		6,373,978
	New Jersey Transportation Trust Fund Authority RB Refund for Transportation System Bonds Series 2018 A (BBB+/Baa1)
	1,250,000		5.000			06/15/2019		1,258,275
	2,000,000		5.000			12/15/2023		2,227,760
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)
	5,000,000		5.000			06/15/2021		5,305,300
	5,000,000		5.000			06/15/2022		5,427,600
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (BBB+/Baa1)
	26,545,000		5.250			12/15/2023		29,861,001
	New Jersey Transportation Trust Fund Authority RB Subseries 2016A-1 & SubseriesA-2 (A+/Baa1)
	11,250,000		5.000			06/15/2023		12,477,713
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 AA (BBB+/Baa1)
	9,750,000		5.000			06/15/2019		9,814,545
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2011 B (BBB+/Baa1)
	4,995,000		5.250			06/15/2022		5,317,577
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM) (AA/A2)
	30,330,000		5.500			12/15/2022		33,928,958
	Plainsboro Township GO General Improvement Bonds Series 2016 (AAA/NR)
	1,000,000		2.000			08/01/2022		1,013,550
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB+/NR)
	7,350,000		3.200			06/01/2027		7,569,324
	Township of Old Bridge GO Bonds Series 2017 (NR/WR)
	2,600,000		2.000			04/01/2019		2,600,000
	Township of Woodbridge GO Bonds Series 2018 (SP-1+/NR)
	25,000,000		3.000			08/16/2019		25,143,000
								422,355,635
New Mexico – 0.9%
	City of Albuquerque General Purpose GO Bonds Series 2018 A (AAA/Aa2)
	6,480,000		5.000			07/01/2020		6,756,567
	6,480,000		5.000			07/01/2021		6,969,175
	5,480,000		5.000			07/01/2022		6,072,881
	Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan & Four Corners Projects Series 2016 A (BBB+/Baa2)(b)(c)
	4,000,000		1.875			10/01/2021		3,954,160
Municipal Bonds – (continued)
New Mexico – (continued)
	Farmington City PCRB Refunding for Public Servicing Co. of New Mexico San Juan & Four Corners Projects Series 2016 B (BBB+/Baa2)(b)(c)
	11,000,000		1.875			10/01/2021		10,873,940
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project RMKT 06/01/17 Series 2017 B (BBB+/Baa2)(b)(c)
	3,750,000		2.125			06/01/2022		3,713,062
	New Mexico Finance Authority RB Refunding for State Transportation Commission Series 2012 (AA+/Aa1)
	4,000,000		5.000			06/15/2022		4,424,440
	New Mexico Finance Authority RB Refunding for State Transportation Senior Lien Series 2010 B (AA+/Aa1)
	3,500,000		5.000			06/15/2021		3,763,130
	New Mexico Finance Authority Senior Lien Public Project Revolving Fund RB Series 2017 E (AAA/Aa1)
	2,885,000		5.000			06/01/2021		3,098,173
	New Mexico Severance Tax RB Series 2017 A (AA-/Aa2)
	1,830,000		5.000			07/01/2019		1,845,683
	New Mexico State GO Refunding Bonds Series 2017 B (AA/Aa2)
	9,485,000		5.000			03/01/2021		10,099,628
								61,570,839
New York – 12.3%
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (BBB-/Baa3)
	1,250,000		5.000			07/15/2021		1,334,000
	500,000		5.000			07/15/2022		546,970
	500,000		5.000			07/15/2023		558,780
	City of New York GO Bonds Series 2012 B (AA/Aa1)
	6,665,000		5.000			08/01/2023		7,396,884
	City of Yonkers New York School GO Refunding Bonds Series 2014 A (AGM) (AA/A2)
	3,135,000		5.000			09/01/2019		3,179,266
	County of Nassau GO Bonds for General Improvement Series 2017 B (A+/A2)
	2,535,000		5.000			04/01/2021		2,701,169
	2,345,000		5.000			04/01/2022		2,570,660
	County of Nassau GO Bonds for General Improvement Series 2018 B (AGM) (AA/A2)
	670,000		5.000			07/01/2020		696,901
	1,000,000		5.000			07/01/2022		1,105,180
	County of Suffolk GO Bonds Series 2018 (SP-1/NR)
	87,665,000		5.000			07/24/2019		88,539,020
	Long Island Power Authority RB Refunding Series 2014 C (A-/A3)(b)
	(1 Mo. LIBOR + 0.75%),
	18,300,000		2.493			10/01/2023		18,336,783
	Metropolitan Transportation Authority Dedicated Tax Fund Bond Anticipation Notes Series 2019 A (SP-1+/NR)
	25,000,000		5.000			03/01/2022		27,319,000
	Metropolitan Transportation Authority RB Refunding RMKT 11/01/16 Subseries 2012 G-3 (A/A1)(b)
	(1 Mo. LIBOR + 0.70%),
	20,000,000		2.368			02/01/2020		20,035,800

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate		Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A/A1)(b)
	(1 Mo. LIBOR + 0.55%),
$	26,925,000		2.218 %		11/01/2022	$	26,864,149
	Metropolitan Transportation Authority RB Refunding Subseries 2016 C-2B (A/A1)(b)(c)
	20,675,000		5.000		02/15/2020		21,226,402
	Metropolitan Transportation Authority RB Series 2011 B (A/A1)(b)
	(1 Mo. LIBOR + 0.55%),
	26,625,000		2.218		11/01/2022		26,564,827
	Metropolitan Transportation Authority RB Series 2018 B-1A (SP-1/MIG1)
	10,000,000		5.000		05/15/2020		10,353,700
	Metropolitan Transportation Authority RB Series 2018 B-2A (SP-1/MIG1)
	14,325,000		5.000		05/15/2021		15,247,243
	Metropolitan Transportation Authority RB Subseries 2014 D-2 (A/A1)(b)
	(SIFMA Municipal Swap Index Yield + 0.45%),
	15,000,000		1.950		11/15/2022		14,915,100
	Metropolitan Transportation Authority RB Subseries 2018 C-1 (SP-1/MIG1)
	69,410,000		5.000		09/01/2020		72,442,523
	New York City GO Bonds Fiscal 2006 Series H Subseries H2 (AA/Aa1)(b)(c)
	2,800,000		1.500		04/01/2019		2,800,000
	New York City GO Bonds Fiscal 2014 Series D Subseries D-3 (AA/Aa1)(b)(c)
	5,455,000		1.500		04/01/2019		5,455,000
	New York City GO Bonds Fiscal 2014 Series I Subseries I-2 (AA/Aa1)(b)(c)
	2,300,000		1.500		04/01/2019		2,300,000
	New York City GO Bonds Fiscal 2015 Series F Subseries F6 (AA/Aa1)(b)(c)
	7,000,000		1.500		04/01/2019		7,000,000
	New York City GO Refunding Bonds Series 2015 A (AA/Aa1)
	8,640,000		5.000		08/01/2021		9,319,795
	New York City Housing Development Corp. Multi-Family RB for Sustainable Neighborhood Series 2018 L-1 (AA+/Aa2)(b)(c)
	6,500,000		2.750		12/29/2023		6,614,920
	New York City Municipal Water Finance Authority RB for Water & Sewer System General Resolution Fiscal 2009 Series FF-2 (AA+/Aa1)
	30,780,000		5.500		06/15/2040		31,019,161
	New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2014 Series AA Subseries AA1 (AA+/Aa1)(b)(c)
	10,675,000		1.500		04/01/2019		10,675,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured Tax Exempt RB Series 2019A-4 (AAA/Aa1)(b)(c)
	7,055,000		1.500		04/01/2019		7,055,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2016 SubseriesE-4 (AAA/Aa1)(b)(c)
	4,065,000		1.500		04/01/2019		4,065,000
Municipal Bonds – (continued)
New York – (continued)
	New York Housing Development Corp. Multi-Family Mortgage RB for Sustainable Neighborhood Bonds Series 2017Class G-2 (AA+/Aa2)(b)(c)
	4,870,000		2.000		12/31/2021		4,876,428
	New York State Dormitory Authority General Purpose Personal Income Tax RB Refunding Series 2016 D (AA+/Aa1)
	1,150,000		4.000		02/15/2020		1,174,932
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa1)
	62,305,000		5.000		03/15/2023		70,585,958
	New York State Dormitory Authority RB Refunding for New York University Series 2015 A (AA-/Aa2)
	1,120,000		4.000		07/01/2020		1,155,582
	New York State Dormitory Authority Sales Tax RB Refunding Series 2015 A (AA+/Aa1)
	850,000		5.000		03/15/2021		907,035
	New York State Dormitory Authority Sales Tax RB Refunding Series 2018 E Group 1 (AA+/Aa1)
	31,815,000		5.000		03/15/2023		36,043,532
	New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (AA+/Aa1)
	710,000		4.900		03/15/2023		766,864
	New York State Energy Research & Development Authority PCRB for New York State Electric & Gas Corp. Project Series 2004 C (A-/A3)(b)(c)
	17,000,000		2.625		07/03/2023		17,608,770
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A2)(c)
	27,750,000		3.381		07/01/2034		27,750,000
	New York State Thruway Authority Junior Indebtedness RB Series 2013 A (A-/A2)
	30,525,000		5.000		05/01/2019		30,609,554
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2017 A (AA+/Aa1)
	945,000		5.000		03/15/2022		1,039,254
	New York State Urban Development Corp. Taxable RB Refunding Series 2017 B (AA+/Aa1)
	28,225,000		2.860		03/15/2024		28,362,738
	New York State Urban Development Corp. Taxable RB Refunding Series 2017 D-1 (AA+/Aa1)
	20,015,000		2.980		03/15/2025		20,267,789
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
	11,150,000		5.000		01/01/2022		12,015,240
	15,000,000		5.000		01/01/2023		16,514,250
	New York Transportation Development Corp. Special Facility RB Refunding for Terminal One Group Association L.P. Project Series 2015 (AMT) (A-/Baa1)
	4,800,000		5.000		01/01/2020		4,912,656
	2,310,000		5.000		01/01/2021		2,434,879
	Niagara Frontier Transportation Authority RB Refunding for Buffalo International Airport Series 2014 B (BBB+/WR)
	300,000		5.000		04/01/2019		300,000

The accompanying notes are an integral part of these financial statements. 105

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Oyster Bay Public Improvement GO Refunding Bonds Series 2018 (NR/Baa3)
$	9,385,000	4.000 %		02/15/2021	$	9,689,074
	Rockland County GO Bonds Series 2014 A (AGM) (AA/A2)
	3,000,000	5.000		03/01/2020		3,092,970
	Rockland County New York GO Refunding Bonds Series 2014 (BAM) (AA/A2)
	635,000	3.000		02/15/2020		642,804
	Suffolk County New York GO Bonds for Public Improvement Series 2016 B (BAM) (AA/NR)
	5,105,000	2.000		10/15/2020		5,128,126
	5,200,000	2.000		10/15/2021		5,235,516
	Suffolk County New York GO Bonds for Public Improvement Series 2018 A (AGM) (AA/NR)
	4,955,000	5.000		06/01/2021		5,302,494
	5,005,000	5.000		06/01/2022		5,505,500
	Suffolk County New York GO Refunding Serial Bonds Series 2017 A (AGM) (AA/NR)
	7,035,000	4.000		02/01/2023		7,599,699
	Suffolk County New York GO Refunding Serial Bonds Series 2017 B (AGM) (AA/NR)
	6,360,000	4.000		10/15/2023		6,950,590
	Suffolk Tobacco Asset Securitization Corp. RB Tobacco Settlement Asset-Backed Bonds Series 2012 B (A/NR)
	575,000	5.000		06/01/2019		577,588
	620,000	5.000		06/01/2020		638,445
	Triborough Bridge & Tunnel Authority RB Series 2001 B (AA-/Aa3)(b)
	10,880,000	(SOFR + 0.43%), 2.038		09/26/2019		10,890,554
	Triborough Bridge & Tunnel Authority RB Series 2018 D (AA-/Aa3)(b)
	25,000,000	(SOFR + 0.50%), 2.108		10/01/2020		25,044,500
	TSASC Inc., Tobacco Settlement RB Senior Series 2017 A (A/NR)
	2,000,000	5.000		06/01/2020		2,070,520
	1,000,000	5.000		06/01/2021		1,063,740
	TSASC Inc., Tobacco Settlement RB Subordinated Series 2017 B (BBB+/NR)
	1,000,000	5.000		06/01/2020		1,028,240
	Utility Debt Securitization Authority Restructuring RB Series 2016 B (AAA/WR)
	1,000,000	5.000		12/15/2023		1,092,980
						817,117,034
North Carolina – 2.0%
	County of Wake GO Bonds for Public Improvements Series 2014 (AAA/Aaa)
	7,000,000	5.000		09/01/2020		7,343,420
	County of Wake GO Refunding Bonds Series 2016 A (AAA/Aaa)
	9,150,000	5.000		03/01/2022		10,050,817
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)
	71,475,000	5.000		10/01/2041		76,724,839
	North Carolina State Capital Improvement RB Series 2011 A (ST APPROP) (AA+/Aa1)(a)
	10,745,000	5.000		05/01/2020		11,149,979
Municipal Bonds – (continued)
North Carolina – (continued)
	North Carolina State GO Refunding Bonds Series 2013 D (AAA/Aaa)
	21,000,000	4.000		06/01/2022		22,597,680
	5,590,000	4.000		06/01/2023		6,142,292
						134,009,027
North Dakota – 0.1%
	City of Williston RB Refunding for Airport Series 2018 (A+/NR)
	580,000	5.000		11/01/2019		590,423
	600,000	5.000		11/01/2020		627,762
	805,000	5.000		11/01/2021		865,133
	1,815,000	5.000		11/01/2022		1,994,576
	1,655,000	5.000		11/01/2023		1,852,193
	2,000,000	4.000		11/01/2024		2,140,960
						8,071,047
Ohio – 1.7%
	American Municipal Power, Inc., RB for Hydroelectric Projects Series 2009 C (A/A2)(a)
	4,000,000	5.000		02/15/2020		4,117,960
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007A-2 (B-/Caa3)
	13,140,000	5.125		06/01/2024		12,532,275
	3,265,000	5.375		06/01/2024		3,143,053
	City of Columbus Various Purpose Unlimited Tax Bonds Series 2018 A (AAA/Aaa)
	4,545,000	5.000		04/01/2020		4,701,848
	10,260,000	5.000		04/01/2022		11,294,721
	5,000,000	5.000		04/01/2023		5,663,150
	Cleveland Airport Various Purpose GO Refunding Bonds Series 2015 (AA+/A1)
	1,455,000	5.000		12/01/2020		1,535,636
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	1,750,000	5.000		02/15/2023		1,906,870
	3,000,000	5.000		02/15/2024		3,321,540
	1,500,000	5.000		02/15/2025		1,685,760
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)
	435,000	4.000		01/01/2020		439,141
	Ohio State GO Refunding Bonds for Higher Education Series 2014 B (AA+/Aa1)
	7,460,000	5.000		08/01/2023		8,514,471
	Ohio State Highway Capital Improvement GO Bonds Series 2012 Q (AAA/Aa1)(a)
	1,685,000	5.000		05/01/2022		1,861,335
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2018 C (A/A2)(b)(c)
	15,000,000	5.000		09/15/2021		16,131,000
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2018 D (A/A2)(b)(c)
	11,775,000	5.000		09/15/2023		13,287,381
	Ohio State Third Frontier Research & Development GO Bonds Series 2013 A (AA+/Aa1)(a)
	7,400,000	4.000		05/01/2021		7,779,028

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Ohio – (continued)
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)
$	8,250,000	3.250 %		11/01/2022	$	8,453,280
	Revere Local School District School Facilities Improvement GO Unlimited Bonds Series 2017 a (NR/Aa1)(a)
	1,240,000	5.000		06/01/2022		1,372,779
	University of Cincinnati RB Series 2018 C (SP-1+/Aa3)(d)
	(1 Mo. LIBOR + 0.34%),
	5,000,000	2.014		06/01/2020		4,999,200
	University of Toledo General Receipts RB Series 2011 B (A/A1)(a)
	355,000	5.000		06/01/2021		381,430
	Winton Woods City School District Class Room Facilities GO Unlimited Bonds Series 2017 A (SD CRED PROG) (AA/Aa2)(a)
	2,765,000	5.000		05/01/2022		3,054,357
						116,176,215
Oklahoma – 0.2%
	Oklahoma County Independent School District No. 1 Combined Purpose GO Bonds for Putnam City Board of Education District Series 2016 (A+/NR)
	2,900,000	2.000		01/01/2021		2,915,892
	Oklahoma County Independent School District No. 89 GO Bonds Series 2015 (AA/Aa3)
	6,200,000	3.000		07/01/2019		6,221,204
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	500,000	5.000		08/15/2022		543,155
	500,000	5.000		08/15/2023		553,405
	500,000	5.000		08/15/2024		562,555
	Oklahoma Turnpike Authority RB Refunding Second Senior Series 2017 D (AA-/Aa3)
	2,745,000	4.000		01/01/2023		2,976,431
						13,772,642
Oregon – 1.5%
	Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis GO Refunding Bonds Series 2007 (AGM) (SCH BD GTY) (NR/Aa1)
	2,000,000	5.000		06/15/2020		2,083,080
	City of Portland RB Refunding for Sewer System First Lien Series 2015 A (AA/Aa1)
	30,000,000	5.000		06/01/2020		31,202,700
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	995,000	4.000		03/01/2021		1,023,268
	385,000	5.000		03/01/2023		417,821
	200,000	5.000		03/01/2024		219,774
	200,000	5.000		03/01/2025		222,440
	Lane County Oregon Springfield School District No. 19 GO Refunding Bonds Series 2015 (SCH BD GTY) (AA+/Aa1)(e)
	3,740,000	0.000		06/15/2020		3,662,320
	3,780,000	0.000		06/15/2021		3,633,223
	Oregon Coast Community College District GO Refunding Bonds Series 2012 (SCH BD GTY) (NR/Aa1)
	1,445,000	3.000		06/15/2019		1,449,306
Municipal Bonds – (continued)
Oregon – (continued)
	Oregon State Business Development Commission RB for Intel Corp. Project Series 2010 232 (A+/A1)(b)(c)
	13,050,000	2.400		08/14/2023		13,251,231
	Portland Community College District GO Unlimited Bonds Series 2013 (AA+/Aa1)
	6,930,000	5.000		06/15/2025		7,861,946
	Portland Oregon Community College District GO Bonds Series 2018 (AA+/Aa1)
	10,240,000	4.000		06/15/2020		10,542,592
	12,520,000	4.000		06/15/2021		13,188,192
	Portland Oregon Community College District GO Refunding Bonds Series 2016 (AA+/Aa1)
	1,500,000	5.000		06/15/2020		1,562,130
	1,900,000	5.000		06/15/2021		2,042,405
	2,300,000	5.000		06/15/2022		2,547,112
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)
	2,130,000	5.000		04/01/2022		2,345,471
	State of Oregon GO Bonds Series 2018 A (AA+/Aa1)
	5,480,000	4.000		05/01/2020		5,625,659
						102,880,670
Pennsylvania – 4.2%
	Abington School District GO Bonds Series 2017 (ST AID WITHHLDG) (AA/NR)
	1,375,000	5.000		10/01/2021		1,490,321
	1,950,000	5.000		10/01/2022		2,174,348
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	2,250,000	5.000		04/01/2022		2,439,697
	2,250,000	5.000		04/01/2023		2,496,713
	4,000,000	5.000		04/01/2024		4,530,440
	Bethlehem Area School District Authority School RB Refunding for Bethlehem Area School District Refunding Project Series 2018 (ST AID WITHHLDG) (NR/A1)(b)
	(1 Mo. LIBOR + 0.48%),
	5,995,000	2.227		11/01/2021		5,987,027
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	475,000	5.000		10/01/2022		514,301
	740,000	5.000		10/01/2023		816,435
	Butler County Hospital Authority RB for Health System Project Series 2015 A (A+/Baa1)
	310,000	3.000		07/01/2019		310,688
	265,000	4.000		07/01/2020		271,416
	1,000,000	4.000		07/01/2021		1,042,660
	City of Philadelphia GO Bonds Series 2016 F (ST AID WITHHLDG) (A+/A2)
	1,000,000	5.000		09/01/2019		1,012,780
	4,000,000	5.000		09/01/2020		4,173,240
	4,000,000	5.000		09/01/2021		4,284,240
	City of Philadelphia GO Bonds Series 2017 (A/A2)
	4,500,000	5.000		08/01/2019		4,549,185

The accompanying notes are an integral part of these financial statements. 107

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
$	325,000		4.000	%		08/01/2020	$	333,226
	1,270,000		5.000			08/01/2021		1,350,061
	1,125,000		5.000			08/01/2022		1,224,067
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	950,000		5.000			06/01/2020		984,922
	2,250,000		5.000			06/01/2023		2,520,157
	Cumberland County Municipal Authority RB Refunding for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)
	1,000,000		4.000			01/01/2020		1,011,820
	Delaware River Port Authority RB Refunding Series 2018 B (A+/A2)
	4,000,000		5.000			01/01/2020		4,103,240
	5,000,000		5.000			01/01/2021		5,288,950
	5,000,000		5.000			01/01/2022		5,441,200
	General Authority of Southcentral Pennsylvania WellSpan Health Obligation Group RB Refunding Series 2019 B (AA-/Aa3)(b)(g)
	(SIFMA Municipal Swap Index Yield + 0.60%),
	15,000,000		0.000			06/01/2024		15,000,000
	Lehigh County Industrial Development Authority PCRB Refunding for PPL Electric Utilities Corp. Project RMKT 08/15/17 Series 2016 B (A/A1)(b)(c)
	9,000,000		1.800			08/15/2022		8,903,520
	Montgomery County Higher Education and Health Authority RB Refunding for Holy Redeemer Health System Series 2014 A (BBB/Ba1)
	1,000,000		4.000			10/01/2019		1,007,610
	Montgomery County IDA Pollution Control RB Refunding for PECO Energy Company Project Series 1999 B (BBB+/Baa2)(b)(c)
	30,425,000		2.500			04/01/2020		30,469,725
	Pennsylvania Economic Development Financing Authority RB for Solid Waste Disposal Project Series 2009 (A-/NR)(b)(c)
	12,265,000		2.800			12/01/2021		12,453,881
	Pennsylvania Higher Educational Facilities Authority RB for LA Salle University Series 2012 (BBB-/NR)
	360,000		5.000			05/01/2019		360,724
	Pennsylvania Higher Educational Facilities Authority RB for LA Salle University Series 2012 (ETM) (NR/NR)(a)
	640,000		5.000			05/01/2019		641,709
	Pennsylvania State Commonwealth GO Bonds First Series 2012 (A+/Aa3)(a)
	6,530,000		5.000			06/01/2022		7,229,232
	Pennsylvania State Commonwealth GO Bonds Second Series 2015 (A+/Aa3)
	2,175,000		5.000			08/15/2020		2,275,333
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2015 (A+/Aa3)
	8,115,000		5.000			08/15/2020		8,489,345
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (A+/Aa3)
	4,000,000		5.000			09/15/2019		4,061,440
	13,670,000		5.000			09/15/2020		14,338,736
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2017 (A+/Aa3)
	33,455,000		5.000			01/01/2023		37,511,753
	Pennsylvania State Commonwealth GO Refunding Bonds Second Series 2016 (A+/Aa3)
	4,500,000		5.000			01/15/2022		4,911,435
	Pennsylvania State GO Bonds First Refunding Series 2015 (AGM) (AA/Aa3)
	5,000,000		5.000			08/15/2022		5,556,900
	Pennsylvania Turnpike Commission RB Refunding Series 2018 B (A+/A1)(d)
	(SIFMA Municipal Swap Index Yield + 0.70%),
	11,750,000		2.200			12/01/2023		11,728,027
	Pennsylvania Turnpike Commission RB Refunding Subordinate Series 2016 A (AA/Aa3)
	1,000,000		5.000			12/01/2022		1,117,200
	Pennsylvania Turnpike Commission RB Series 2009 D (A/A3)(a)
	5,000,000		5.300			12/01/2019		5,124,600
	Pennsylvania Turnpike Commission RB Series 2014 B-1 (A+/A1)(d)
	(SIFMA Municipal Swap Index Yield + 0.88%),
	7,000,000		2.380			12/01/2020		7,036,120
	Pennsylvania Turnpike Commission RB Subordinate Series 2010 A-1 (AA-/A2)(a)
	18,670,000		5.000			12/01/2019		19,098,476
	Pennsylvania Turnpike Commission RB Subordinate Series 2015 B (A/A3)(a)
	1,400,000		5.000			12/01/2020		1,479,716
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	1,000,000		5.000			07/01/2020		1,030,310
	4,000,000		5.000			07/01/2022		4,304,840
	1,750,000		5.000			07/01/2023		1,919,698
	Pittsburgh & Allegheny County Sports & Exhibition Authority RB for Parking System Series 2017 (A/NR)
	530,000		4.000			12/15/2019		538,544
	365,000		4.000			12/15/2020		378,213
	600,000		4.000			12/15/2021		633,564
	280,000		5.000			12/15/2022		310,590
	Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)(b)
	(1 Mo. LIBOR + 0.64%),
	10,000,000		2.390			12/01/2020		10,004,300
	Scranton School District GO Refunding Bonds Series 2017 A (ST AID WITHHLDG) (A+/A2)
	500,000		5.000			06/01/2019		502,200
	645,000		5.000			06/01/2020		665,169
	680,000		5.000			06/01/2021		716,380
	Westmoreland County Municipal Authority RB Series 2013 (A+/A1)(a)
	1,965,000		5.000			08/15/2023		2,243,146
								280,393,570

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – 1.6%
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2002 A (FGIC) (NR/WR)(h)
$	633,450	5.500 %		07/01/2017	$	498,050
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(d)
	(3 Mo. LIBOR + 0.52%),
	54,710,000	2.394		07/01/2029		51,427,400
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 C (COMWLTH GTD) (CC/WR)(h)
	654,385	5.500		07/01/2016		477,701
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (NR/Ca)(c)
	1,000,000	10.000		07/01/2035		1,053,040
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (COMWLTH GTD) (NR/Ca)(h)
	10,835,000	10.000		07/01/2034		7,990,813
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018A-1 (NR/NR)(e)
	24,918,000	0.000		07/01/2024		20,921,900
	21,146,000	0.000		07/01/2027		15,767,303
	341,000	0.000		07/01/2029		226,107
	439,000	0.000		07/01/2031		259,704
	494,000	0.000		07/01/2033		262,156
	4,705,000	0.000		07/01/2046		1,012,046
	3,833,000	0.000		07/01/2051		606,457
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018A-1 (NR/NR)
	362,000	4.500		07/01/2034		365,993
	183,000	4.550		07/01/2040		180,076
	1,345,000	4.750		07/01/2053		1,275,288
	3,400,000	5.000		07/01/2058		3,359,370
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018A-2 (NR/NR)
	1,862,000	4.550		07/01/2040		1,643,234
	56,000	4.750		07/01/2053		48,021
	747,000	5.000		07/01/2058		653,632
						108,028,291
Rhode Island – 0.2%
	Providence Public Building Authority RB for Capital Improvement Program Project Series 2017 A (BBB-/Baa2)
	250,000	4.000		09/15/2019		252,080
	200,000	5.000		09/15/2020		208,796
	1,210,000	5.000		09/15/2021		1,296,406
	Rhode Island Health and Educational Building Corp. Higher Education Facility RB Refunding for Brown University Issue Series 2012 (AA+/Aa1)
	4,770,000	5.000		09/01/2021		5,160,663
	Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (MUN GOVT GTD) (NR/Aa3)
	815,000	4.000		05/15/2020		835,595
	820,000	5.000		05/15/2021		869,659
	1,415,000	5.000		05/15/2022		1,537,964
Municipal Bonds – (continued)
Rhode Island – (continued)
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2015 B (BBB+/NR)
	5,600,000	2.250		06/01/2041		5,602,968
						15,764,131
South Carolina – 1.1%
	Charleston County School District GO Bonds Series 2018 (SCSDE) (NR/Aa1)
	2,180,000	5.000		03/01/2021		2,321,264
	5,575,000	5.000		03/01/2022		6,118,841
	4,015,000	5.000		03/01/2023		4,530,486
	City of Charleston RB for Waterworks & Sewer System Capital Improvement Series 2006 B (AAA/Aaa)(b)
	(1 Mo. LIBOR + 0.37%),
	10,000,000	2.119		01/01/2022		9,997,800
	County of Charleston GO Bonds for Transportation Sales Tax Series 2011 (ST AID WITHHLDG) (AAA/Aaa)(a)
	4,920,000	4.000		11/01/2021		5,231,436
	County of Charleston GO Refunding Bonds for Transportation Sales Tax Series 2013 (AAA/Aaa)
	10,005,000	5.000		11/01/2021		10,886,840
	South Carolina Public Service Authority RB Tax-Exempt Series 2010 C (ETM) (A+/A2)(a)
	9,645,000	5.000		12/01/2019		9,866,353
	Spartanburg County School District No. 6 GO Bonds Series 2018 (SCSDE) (NR/MIG1)
	24,885,000	4.000		09/25/2019		25,182,127
						74,135,147
South Dakota – 0.0%
	Rapid City Area School DistrictNo. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)
	1,000,000	4.000		01/01/2020		1,017,290
	1,055,000	5.000		01/01/2021		1,115,030
	570,000	5.000		01/01/2022		621,260
						2,753,580
Tennessee – 1.7%
	City of Memphis RB Refunding for Sanitary Sewerage System Series 2018 (AA+/Aa2)
	2,980,000	5.000		10/01/2020		3,132,934
	City of Murfreesboro GO Bonds Series 2018 (AA/Aa1)
	2,720,000	5.000		06/01/2021		2,919,784
	2,400,000	5.000		06/01/2022		2,653,296
	County of Rutherford GO Bonds for School Series 2017 (AA+/Aa1)
	3,070,000	5.000		04/01/2022		3,381,513
	County of Williamson District GO Public Improvement & School Bonds Series 2017 (NR/Aaa)
	1,700,000	5.000		04/01/2022		1,872,499
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	2,000,000	5.000		07/01/2019		2,015,700
	2,500,000	5.000		07/01/2020		2,596,900
	3,500,000	5.000		07/01/2021		3,733,730

The accompanying notes are an integral part of these financial statements. 109

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Tennessee – (continued)
	Hamilton County GO Bonds Series 2018 A (AAA/Aaa)
$	6,185,000		5.000	%		04/01/2020	$	6,398,444
	7,860,000		5.000			04/01/2022		8,657,554
	Knox County Health Educational & Housing Facilities Board RB for University Health System, Inc. Series 2017 (BBB/NR)
	335,000		4.000			04/01/2019		335,000
	350,000		5.000			04/01/2020		359,194
	750,000		4.000			04/01/2021		774,135
	1,420,000		5.000			04/01/2022		1,527,281
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2013 A (AA/Aa2)
	9,625,000		5.000			01/01/2023		10,822,061
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2015 C (AA/Aa2)
	5,485,000		5.000			07/01/2023		6,246,647
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2018 (AA/Aa2)
	22,625,000		5.000			07/01/2022		25,087,958
	17,955,000		5.000			07/01/2023		20,448,231
	Metropolitan Government of Nashville & Davidson County GO Refunding Bonds Series 2010 D (AA/Aa2)
	6,960,000		5.000			07/01/2022		7,252,390
								110,215,251
Texas – 9.0%
	Alamo Community College District GO Refunding Bonds Series 2017 (AAA/Aaa)
	6,400,000		3.000			08/15/2022		6,694,592
	Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (BBB-/NR)
	500,000		5.000			01/01/2020		512,225
	500,000		5.000			01/01/2021		526,765
	465,000		5.000			01/01/2022		501,707
	750,000		5.000			01/01/2023		822,278
	Bexar County Texas Health Facilities Development Corp. RB Refunding for Army Retirement Residence Foundation Project Series 2018 (BBB/NR)
	100,000		5.000			07/15/2019		100,700
	Board of Regents of the University of Texas System RB Refunding Series 2017 C (AAA/Aaa)
	10,360,000		5.000			08/15/2023		11,836,300
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 B (A-/Baa1)(b)(c)
	7,500,000		5.000			01/07/2021		7,777,575
	Central Texas Regional Mobility Authority RB Senior Lien Series 2011 (A-/Baa1)(a)
	5,455,000		6.000			01/01/2021		5,859,925
	Central Texas Regional Mobility Authority Subordinate Lien RB Series 2018 (BBB+/Baa2)
	3,500,000		4.000			01/01/2022		3,649,205
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)(e)
	70,000		0.000			09/01/2019		68,911
	70,000		0.000			09/01/2020		66,353
	70,000		0.000			09/01/2021		63,708
	70,000		0.000			09/01/2022		61,024
	70,000		0.000			09/01/2023		58,393
Municipal Bonds – (continued)
Texas – (continued)
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)
	685,000		0.000	(e)		09/01/2019		678,864
	685,000		0.000	(e)		09/01/2020		663,258
	685,000		0.000	(e)		09/01/2021		646,346
	685,000		0.000	(e)		09/01/2022		628,785
	405,000		4.000			09/01/2023		433,366
	City of Houston RB Refunding for Combined Utility System Series 2011 A (AA/NR)(a)
	24,305,000		5.250			11/15/2020		25,749,446
	City of Houston RB Refunding for Combined Utility System Series 2018 C (AA/Aa2)(b)
	(1 Mo. LIBOR + 0.36%),
	12,500,000		2.107			08/01/2021		12,481,125
	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)
	375,000		3.000			09/01/2019		376,811
	City of San Antonio RB for Electric & Gas Systems Junior Lien Series 2015 D (AA-/Aa2)(b)(c)
	18,500,000		3.000			12/01/2020		18,883,505
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2018 (AA-/Aa2)(b)(c)
	5,200,000		2.750			12/01/2022		5,337,540
	City of San Antonio Water System Junior Lien RB Refunding Series 2014 B (AA/Aa2)(b)(c)
	5,750,000		2.000			11/01/2022		5,770,643
	Colorado River Municipal Water District RB Series 2011 (AA-/Aa3)(a)
	2,000,000		5.000			01/01/2021		2,121,300
	County of Bexar GO Bonds Certificates of Obligation Series 2013 B (AAA/Aaa)(a)
	37,200,000		5.125			06/15/2023		42,492,072
	County of Dallas GO Bonds Series 2016 (AAA/Aaa)
	1,000,000		5.000			08/15/2020		1,047,250
	Cypress-Fairbanks Independent School District GO Bonds for School Building Series 2017A-3 (PSF-GTD) (AAA/Aaa)(b)(c)
	9,325,000		3.000			08/17/2020		9,487,721
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A+/A1)
	5,000,000		5.000			11/01/2023		5,296,000
	Gulf Coast Authority RB for Waste Management, Inc. Series 2003 B (A-/NR)(b)(c)
	7,500,000		2.250			05/01/2019		7,500,600
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)(d)
	(SIFMA Municipal Swap Index Yield + 1.05%),
	5,685,000		2.550			06/01/2024		5,786,818
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)(d)
	(3 Mo. LIBOR + 0.67%),
	35,145,000		2.468			08/15/2035		31,765,105

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
$	85,000		3.000	%		09/01/2019	$	85,414
	85,000		3.000			09/01/2020		86,304
	90,000		3.000			09/01/2021		92,087
	90,000		3.000			09/01/2022		92,497
	95,000		3.000			09/01/2023		97,974
	Houston Independent School District Limited Tax Schoolhouse GO Bonds Series 2013 B (PSF-GTD) (AAA/Aaa)(b)(c)
	4,935,000		2.400			06/01/2021		4,993,825
	Houston Independent School District Limited Tax Schoolhouse GO Bonds Series 2014A-1B (PSF-GTD) (AAA/Aaa)(b)(c)
	4,520,000		2.200			06/01/2020		4,537,583
	Kaufman County Fresh Water Supply District No. 1 Refunding for Road Series 2016 C (AGM) (AA/NR)
	370,000		3.000			09/01/2019		371,787
	390,000		3.000			09/01/2020		394,422
	310,000		3.000			09/01/2021		317,778
	330,000		3.000			09/01/2022		341,362
	Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (AAA/NR)(a)(e)
	30,275,000		0.000			08/15/2024		9,500,636
	Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2015 A (PSF-GTD) (AAA/NR)(e)
	2,000,000		0.000			08/15/2019		1,988,400
	1,500,000		0.000			08/15/2020		1,466,940
	Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2016 (PSF-GTD) (AAA/NR)(e)
	5,000,000		0.000			08/16/2021		4,803,250
	Lower Colorado River Authority LCRA Transmission Services Corporation Project RB Refunding Series 2011A (A/A1)
	3,075,000		5.000			05/15/2023		3,291,019
	Mansfield Independent School District GO Bonds Series 2012 (PSF-GTD) (NR/Aaa)(b)(c)
	8,250,000		2.500			08/01/2021		8,366,242
	Metropolitan Transit Authority of Harris County Sales and Use Tax Contractual Obligations RB Series 2018 (AAA/Aa2)
	3,000,000		5.000			11/01/2022		3,352,920
	1,000,000		5.000			11/01/2023		1,147,790
	Midway Independent School District/McLennan County GO Refunding Bonds Capital Appreciation Series 2000 (PSF-GTD) (NR/Aaa)(e)
	5,705,000		0.000			08/15/2020		5,571,674
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/Ba1)
	770,000		4.000			04/01/2020		774,266
	810,000		4.000			04/01/2021		817,590
	855,000		4.000			04/01/2022		864,875
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/WR)
	500,000		4.000			04/01/2019		500,000
Municipal Bonds – (continued)
Texas – (continued)
	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)
	170,000		4.000			04/01/2020		173,053
	400,000		4.000			04/01/2021		414,232
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (BB/B1)
	300,000		4.000			04/01/2020		300,990
	620,000		4.000			04/01/2021		622,598
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (BB/WR)
	145,000		4.000			04/01/2019		145,000
	North East Independent School District Unlimited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)(b)(c)
	5,000,000		2.375			08/01/2022		5,090,800
	North Texas Tollway Authority RB Refunding First Tier Series 2010 (A+/A1)(a)
	5,000,000		6.000			01/01/2021		5,380,150
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	1,000,000		5.000			01/01/2024		1,115,080
	North Texas Tollway Authority System RB Refunding First Tier Series 2014 A (A+/A1)
	2,000,000		5.000			01/01/2020		2,050,260
	North Texas Tollway Authority System RB Refunding First Tier Series 2014 C (A+/A1)(b)
	(SIFMA Municipal Swap Index Yield + 0.67%),
	5,000,000		2.170			01/01/2020		4,997,450
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	1,500,000		5.000			01/01/2022		1,636,155
	Northside Texas Independent School District GO Refunding Bonds Series 2018 (PSF-GTD) (AAA/Aaa)
	10,820,000		5.000			08/15/2019		10,957,955
	Northside Texas Independent School District Unlimited Tax School Building GO Bonds Series 2017 (PSF-GTD) (AAA/Aaa)(b)(c)
	15,000,000		1.450			06/01/2020		14,956,800
	Pflugerville Independent School District GO Unlimited School Building Bonds Series 2019 B (PSF-GTD) (AAA/Aaa)(b)(c)
	7,500,000		2.500			08/15/2023		7,697,550
	Plano Independent School District Unlimited Tax Refunding Bonds Series 2016 B (PSF-GTD) (AAA/Aaa)
	10,580,000		5.000			02/15/2020		10,896,659
	Round Rock Independent School District Unlimited Tax GO Bonds for School Building RMKT 08/01/16 Series 2015 (PSF-GTD) (AAA/Aaa)(b)(c)
	18,595,000		1.500			08/01/2021		18,443,451
	Sam Rayburn Municipal Power Agency RB Refunding Series 2012 (BBB+/NR)
	2,315,000		5.000			10/01/2019		2,348,730

The accompanying notes are an integral part of these financial statements. 111

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	San Antonio Water System Junior Lien RB Series 2019 A (AA/Aa2)(b)(c)
$	15,000,000		2.625	%		05/01/2024	$	15,488,100
	State of Texas RB Series 2018 (SP-1+/MIG1)
	120,290,000		4.000			08/29/2019		121,477,262
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for CHRISTUS Health Obligation Group Series 2018 A (A+/A1)
	3,325,000		4.000			07/01/2019		3,343,952
	3,500,000		5.000			07/01/2020		3,640,980
	2,200,000		5.000			07/01/2021		2,356,486
	1,750,000		5.000			07/01/2022		1,924,143
	Tarrant Regional Water District RB Refunding for Water Control & Improvement District Series 2015 (AAA/NR)
	6,000,000		5.000			03/01/2021		6,386,460
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)(d)
	(3 Mo. LIBOR + 0.70%),
	12,150,000		2.449			12/15/2026		12,079,044
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)(d)
	(SIFMA Municipal Swap Index Yield + 0.55%),
	11,240,000		2.050			09/15/2027		11,052,629
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
	21,990,000		6.875			12/31/2039		22,775,263
	Texas Transportation Commission Central Turnpike System RB First Tier Series 2002 A (AMBAC) (A-/A3)(e)
	6,950,000		0.000			08/15/2023		6,332,979
	Texas Transportation Commission Central Turnpike System RB Refunding Series 2015 A (A-/A3)(b)(c)
	5,000,000		5.000			04/01/2020		5,152,900
	Texas Transportation Commission Highway Improvement GO Bonds Series 2016 (AAA/Aaa)
	6,925,000		5.000			04/01/2022		7,614,869
	Texas University System Financing RB Refunding Series 2017 A (AA/Aa2)
	1,800,000		5.000			03/15/2020		1,859,184
	1,800,000		5.000			03/15/2021		1,917,900
	Texas Water Development Board RB for Water Implementation Series 2018 A (AAA/NR)
	10,000,000		5.000			04/15/2019		10,012,500
	University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	6,355,000		5.000			02/15/2022		6,960,187
								597,204,602
Utah – 0.6%
	Board of Education of Alpine School District GO Refunding Bonds for Utah SCH BD GTY Program Series 2017 (SCH BD GTY) (AAA/Aaa)
	7,800,000		5.000			03/15/2021		8,318,700
	State of Utah GO Refunding Bonds Series 2015 (AAA/Aaa)
	19,000,000		5.000			07/01/2019		19,167,200
Municipal Bonds – (continued)
Utah – (continued)
	University of Utah RB General Series 2015 B (AA+/Aa1)
	5,105,000		5.000			08/01/2023		5,824,294
	University of Utah RB General Series 2016 B-1 (AA+/Aa1)
	2,405,000		5.000			08/01/2023		2,743,865
	Utah Associated Municipal Power Systems RB for Horse Butte Wind Project Series 2012 A (A/NR)
	500,000		5.000			09/01/2019		506,830
								36,560,889
Vermont – 0.0%
	Vermont Educational & Health Buildings Financing Agency RB Refunding for The University of Vermont Medical Center Project Series 2016 A (A/A2)
	400,000		4.000			12/01/2020		415,560
	350,000		5.000			12/01/2021		379,603
								795,163
Virgin Islands – 0.1%
	Virgin Islands Public Finance Authority Grant Anticipation RB for Federal Highway Grant Anticipation Revenue Loan Note Series 2015 (A/NR)(f)
	645,000		5.000			09/01/2019		651,230
	825,000		5.000			09/01/2020		851,194
	2,015,000		5.000			09/01/2021		2,119,619
	Virgin Islands Public Finance Authority Gross Receipts Taxes Loan NT RB Series 2012 A (AGM) (AA/A2)
	1,130,000		4.000			10/01/2022		1,149,301
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2012 A (B/NR)
	1,165,000		4.000			10/01/2022		1,118,400
								5,889,744
Virginia – 2.8%
	City of Alexandria GO Refunding Bonds Series 2017 D (ST AID WITHHLDG) (AAA/Aaa)
	355,000		5.000			07/01/2022		394,600
	County of Arlington GO Bonds for Public Improvement Series 2013 A (AAA/Aaa)(a)
	2,930,000		4.000			08/01/2021		3,094,344
	County of Arlington GO Bonds Series 2012 C (ST AID WITHHLDG) (AAA/Aaa)(a)
	9,665,000		5.000			02/15/2021		10,282,400
	County of Fairfax RB for Sewer Series 2012 (AAA/Aaa)(a)
	9,220,000		4.500			07/15/2021		9,841,336
	Fairfax County GO Bonds for Virginia Public Improvement Series 2018 A (ST AID WITHHLDG) (AAA/Aaa)
	10,255,000		4.000			10/01/2021		10,880,452
	Fairfax County GO Refunding Bonds for Virginia Public Improvement Series 2016 A (ST AID WITHHLDG) (AAA/Aaa)(a)
	8,450,000		5.000			10/01/2021		9,163,518
	Fairfax County Industrial Development Authority RB Refunding for Inova Health System Obligated Group Series 2018 B-1 (AA+/Aa2)(b)(c)
	24,350,000		5.000			05/15/2021		26,013,348

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Virginia – (continued)
	Franklin County Industrial Development Authority RB for Virginia Public Facility Series 2018 (AA/A1)
$	5,000,000		3.000	%		10/15/2023	$	5,085,450
	Louisa IDA Pollution Control RB Refunding for Virginia Electric & Power Company Project RMKT 12/01/16 Series 2008 C (A/A2)(b)(c)
	8,000,000		1.850			05/16/2019		7,999,520
	Peninsula Ports Authority of Virginia Coal Terminal RB Refunding for Dominion Terminal Associates Project Series 2003 (BBB/NR)(b)(c)
	2,750,000		1.550			10/01/2019		2,742,272
	Virginia College Building Authority Education Facilities RB Series 2014 A (AA+/Aa1)(a)
	7,880,000		4.000			02/01/2024		8,763,427
	Virginia College Building Authority RB for 21st Century College and Equipment Programs Series 2014 A (AA+/Aa1)
	2,925,000		5.000			02/01/2020		3,008,128
	Virginia Commonwealth Transportation Board Federal Transportation Grant Anticipation RB Series 2013 A (AA+/Aa1)(a)
	5,225,000		5.000			03/15/2023		5,915,693
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2011 (ST APPROP) (AA+/Aa1)(a)
	4,055,000		5.250			05/15/2021		4,371,858
	Virginia Commonwealth Transportation Board RB For Transportation Capital Project Series 2012 (AA+/Aa1)(a)
	9,365,000		5.000			05/15/2022		10,357,128
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2017 (AA+/Aa1)
	1,230,000		5.000			05/15/2022		1,358,474
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2017 (ST APPROP) (AA+/Aa1)(a)
	19,850,000		5.000			05/15/2021		21,298,058
	Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2014 B (AA+/Aa1)
	11,680,000		5.000			05/15/2020		12,133,301
	Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2016 C (AA+/Aa1)
	2,285,000		5.000			05/15/2023		2,594,549
	Virginia Electric and Power Company Industrial Development Authority of Wise County RB for Solid Waste and Sewage Disposal RMKT 08/13/15 Series 2009 A (BBB+/A2)(b)(c)
	6,000,000		2.150			09/01/2020		6,018,300
	Virginia Electric and Power Company Industrial Development Authority of Wise County RB for Solid Waste and Sewage Disposal RMKT 11/02/15 Series 2010 A (BBB+/A2)(b)(c)
	4,500,000		1.875			06/01/2020		4,497,120
	Virginia Housing Development Authority RB for Rental Housing Series 2018 E (AA+/Aa1)
	6,405,000		2.500			12/01/2022		6,434,911
Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Resources Authority Infrastructure and State Moral Obligation RB for Pooled Financing Program Series 2014 C (AMT) (AAA/NR)
	3,705,000		5.000			11/01/2021		4,035,523
	Virginia State Public Building Authority RB for Public Facilities Series 2011 A (AA+/Aa1)(a)
	5,375,000		5.000			08/01/2021		5,805,430
	Virginia State Public Building Authority RB Refunding for Public Facilities Series 2013 B (AA+/Aa1)
	1,000,000		5.000			08/01/2020		1,045,780
	York County Economic Development Authority Electricity and Power RB Refunding Series 2009 A (BBB+/A2)(b)(c)
	2,000,000		1.875			05/16/2019		1,999,840
								185,134,760
Washington – 2.7%
	City of Seattle RB for Municipal Light & Power Series 2015 A (AA/Aa2)
	5,545,000		5.000			05/01/2021		5,937,087
	City of Seattle RB Refunding for Municipal Light & Power Improvement Series 2012 A (AA/Aa2)
	10,325,000		5.000			06/01/2020		10,737,793
	County of King RB for Sewer RMKT 12/03/18 Series 2012 (AA/Aa2)(b)(c)
	11,600,000		2.600			12/01/2021		11,727,716
	King County School District No. 405 GO Bonds Series 2011 (SCH BD GTY) (AA+/Aaa)(a)
	5,000,000		5.000			06/01/2021		5,366,700
	Port of Seattle Intermediate Lien RB Series 2017 D (AMT) (A+/A1)
	2,000,000		5.000			05/01/2019		2,005,380
	Snohomish County Public Utility District No. 1 Electric Generation System RB Refunding Series 1986 A (ETM) (NR/WR)(a)
	11,000,000		5.000			01/01/2020		11,278,960
	State of Washington GO Bonds Various Purpose Series 2011 B (AA+/Aa1)(a)
	5,000,000		5.000			02/01/2021		5,317,550
	State of Washington GO Unlimited Refunding Bonds R-2017 C (AA+/Aa1)
	10,000,000		5.000			08/01/2022		11,111,900
	University of Washington RB Series 2019 A (AA+/Aaa)(b)(c)
	15,000,000		5.000			05/01/2022		16,234,800
	Washington State Motor Vehicle Fuel Tax GO Bonds for SR 520 Corridor Program Toll Revenue Series 2012 C (AA+/Aa1)
	1,685,000		5.000			06/01/2023		1,807,264
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2011 C (AA+/Aa1)
	10,000,000		5.000			07/01/2022		10,426,500
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2013 B (AA+/Aa1)
	5,000,000		5.000			07/01/2024		5,530,900
	Washington State Various Purpose GO Bonds Series 2011 A (AA+/Aa1)(a)
	17,845,000		5.000			08/01/2020		18,671,580

The accompanying notes are an integral part of these financial statements. 113

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Washington – (continued)
	Washington State Various Purpose GO Bonds Series 2011 B (AA+/Aa1)(a)
$	10,000,000		5.250	%		02/01/2021	$	10,680,000
	Washington State Various Purpose GO Bonds Series 2012 D (AA+/Aa1)(a)
	17,375,000		5.000			02/01/2022		19,033,444
	Washington State Various Purpose GO Bonds Series 2013 A (AA+/Aa1)
	9,130,000		5.000			08/01/2020		9,556,645
	Washington State Various Purpose GO Refunding Bonds Series R-2010B (AA+/Aa1)
	10,570,000		5.000			01/01/2023		10,839,641
	15,920,000		5.000			01/01/2024		16,321,343
								182,585,203
West Virginia – 0.2%
	Princeton West Virginia Hospitals RB Refunding Princeton Community Hospital Project Series 2012 A (BBB+/NR)
	1,565,000		5.000			05/01/2019		1,568,240
	West Virginia Economic Development Authority RB for Appalachian Power Co. Project Series 2009 A (A-/Baa1)(b)(c)
	2,900,000		2.625			06/01/2022		2,946,313
	West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. – Amos Project Series 2011 A (AMT) (A-/Baa1)(b)(c)
	3,500,000		1.700			09/01/2020		3,485,895
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	385,000		5.000			01/01/2020		394,121
	570,000		5.000			01/01/2021		600,529
	520,000		5.000			01/01/2022		562,525
	550,000		5.000			01/01/2023		609,081
								10,166,704
Wisconsin – 2.4%
	State of Wisconsin Environmental Improvement Fund RB Series 2018 A (AAA/NR)
	7,905,000		5.000			06/01/2022		8,741,902
	State of Wisconsin GO Unlimited Bonds Series 2011 B (AA/Aa1)(a)
	7,170,000		5.000			05/01/2021		7,675,987
	State of Wisconsin GO Unlimited Bonds Series 2014 A (AA/Aa1)(a)
	11,145,000		5.000			05/01/2022		12,311,324
	State of Wisconsin GO Unlimited Refunding Bonds Series 2017 (AA/Aa1)
	5,410,000		5.000			11/01/2021		5,883,970
	Wisconsin Health & Educational Facilities Authority RB Refunding for Advocate Aurora Health Obligated Group Series 2018 C-4 (AA/Aa3)(b)
	(SIFMA Municipal Swap Index Yield + 0.65%),
	4,000,000		2.150			07/31/2024		4,003,800
	Wisconsin State GO Bonds Series 2014 B (AA/Aa1)
	2,575,000		5.000			05/01/2021		2,758,186
	Wisconsin State GO Bonds Series 2015 A (AA/Aa1)(a)
	40,860,000		5.000			05/01/2023		46,412,874
Municipal Bonds – (continued)
Wisconsin – (continued)
	Wisconsin State GO Bonds Series 2018 A (AA/Aa1)
	16,090,000		5.000			05/01/2021		17,234,643
	16,555,000		5.000			05/01/2022		18,268,774
	9,495,000		5.000			05/01/2023		10,778,344
	Wisconsin State GO Refunding BondsSeries 2013-1 (AA/Aa1)
	17,775,000		5.000			05/01/2022		19,615,068
	Wisconsin State Health & Educational Facilities Authority RB for Saint John’s Communities, Inc. Project Series 2009 A (AAA/NR)(a)
	3,425,000		7.625			09/15/2019		3,517,509
								157,202,381
	TOTAL INVESTMENTS – 99.0%
	(Cost $6,514,219,978)						$	6,591,790,265
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%							68,278,339
	NET ASSETS – 100.0%						$	6,660,068,604

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(b)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2019.
(c)	Variable Rate Demand Instruments – rate shown is that which is in effect on March 31, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(d)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	When-issued security.
(h)	Security is currently in default.

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

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Investment Abbreviations:
AGM	—Insured by Assured Guaranty Municipal Corp.
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
BAM	—Build America Mutual Assurance Co.
BHAC-CR	—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
COMWLTH GTD	—Commonwealth Guaranteed
COPS	—Certificates of Participation
ETM	—Escrowed to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
GO	—General Obligation
IDA	—Industrial Development Authority
LIBOR	—London Interbank Offered Rate
Mo.	—Month
MUN GOVT GTD	—Municipal Government Guaranteed
NATL-RE	—Insured by National Public Finance Guarantee Corp.
NATL-RE-IBC	—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR	—Not Rated
PCRB	—Pollution Control Revenue Bond
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
SCSDE	—South Carolina State Department of Education
SD CRED PROG	—School District Credit Program
SIFMA	—The Securities Industry and Financial Markets Association
SOFR	—Secured Overnight Financing Rate
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation
U.S.	—United States
USD	—United States Dollar
WR	—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

FORWARD CONTRACTS — At March 31, 2019, the Fund had the following Rate Lock:

RATE LOCK WITH UNREALIZED GAIN/LOSS

Counterparty	Description	Referenced Obligation/Index	Notional Amount (000’s) Long (Short)		Termination Date		Unrealized Appreciation/ (Depreciation)
JPMorgan Chase Bank NA	Municipal Market Data (MMD) Rate Lock	10 Year MMD Index	USD	10,000		04/30/2019	$	—

The accompanying notes are an integral part of these financial statements. 115

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2019, the Fund has the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund		Credit Spread at March 31, 2019(b)			Counterparty		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023		1.000%		0.199	%		Bank of America NA		03/20/2023		USD   5,000	$	153,523	$	(98,489	)	$	252,012
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000		0.199			JPMorgan Chase Bank NA		03/20/2023		10,000		307,048		(196,977	)		504,025
TOTAL												$	460,571	$	(295,466	)	$	756,037

(a) Payments received quarterly.

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

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2019

	Dynamic Municipal Income Fund		High Yield Municipal Fund		Short Duration Tax-Free Fund
Assets:
Investments in unaffiliated issuers, at value (cost $4,085,986,023, $6,777,806,069 and $6,514,219,978)	$	4,223,260,892	$	7,208,898,343	$	6,591,790,265
Cash		149,686,061		31,341,308		18,492,611
Receivables:
Interest		47,203,153		89,410,146		72,667,519
Fund shares sold		38,928,707		17,227,983		20,431,976
Collateral on certain derivative contracts(a)		33,317,505		32,235,765		—
Investments sold on an extended-settlement basis		3,863,317		6,575,529		—
Reimbursement from investment adviser		123,558		132,143		146,033
Variation margin on swaps		2,637,981		2,565,639		—
Unrealized gain on swap contracts		100,805		2,508,849		756,037
Other assets		245,256		273,572		320,298
Total assets		4,499,367,235		7,391,169,277		6,704,604,739
Liabilities:
Payables:
Investments purchased on an extended-settlement basis		42,587,802		50,015,091		26,720,974
Investments purchased		14,898,315		19,140,285		—
Fund shares redeemed		6,760,013		12,572,191		13,556,453
Income distribution		1,276,873		797,310		1,360,532
Management fees		1,239,466		3,063,213		1,918,305
Distribution and Service fees and Transfer Agency fees		446,642		338,981		227,517
Upfront payments received on swap contracts		39,395		1,064,586		295,466
Collateral on certain derivative contracts(a)		—		1,330,000		250,000
Accrued expenses		82,597		183,508		206,888
Total liabilities		67,331,103		88,505,165		44,536,135
Net Assets:
Paid-in capital		4,324,840,003		6,973,712,713		6,599,012,909
Total distributable earnings (loss)		107,196,129		328,951,399		61,055,695
NET ASSETS	$	4,432,036,132	$	7,302,664,112	$	6,660,068,604
Net Assets:
Class A	$	769,893,922	$	377,941,766	$	119,675,327
Class C		83,931,246		60,898,541		15,681,114
Institutional		1,858,949,096		699,634,837		1,488,010,777
Service		37,850		—		293,409
Investor		480,723,517		202,256,092		65,719,037
Class P		1,193,566,117		5,961,921,818		4,965,674,733
Class R6		44,934,384		11,058		5,014,207
Total Net Assets	$	4,432,036,132	$	7,302,664,112	$	6,660,068,604
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		48,048,942		38,153,943		11,228,184
Class C		5,236,036		6,145,898		1,472,883
Institutional		116,072,444		70,616,696		139,810,640
Service		2,351		—		27,569
Investor		30,036,376		20,395,824		6,173,862
Class P		74,488,919		602,244,702		466,738,357
Class R6		2,804,654		1,116		471,331
Net asset value, offering and redemption price per share:(b)
Class A		$16.02		$9.91		$10.66
Class C		16.03		9.91		10.65
Institutional		16.02		9.91		10.64
Service		16.10		—		10.64
Investor		16.00		9.92		10.64
Class P		16.02		9.90		10.64
Class R6		16.02		9.91		10.64

(a) Segregated for initial margin and/or collateral on transactions as follows:

Fund	Futures		Swaps
Dynamic Municipal Income	$	180,675	$	33,136,830
High Yield Municipal		—		30,905,765
Short Duration Tax-Free		—		(250,000	)

(b) Maximum public offering price per share for Class A Shares of the Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds is $16.64, $10.38 and $10.82, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

The accompanying notes are an integral part of these financial statements. 117

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2019

	Dynamic Municipal Income Fund			High Yield Municipal Fund			Short Duration Tax-Free Fund
Investment income:
Interest	$	99,135,226		$	292,548,046		$	124,114,655
Expenses:
Management fees		10,350,411			31,151,206			19,404,750
Transfer Agency fees(a)		1,797,878			2,507,187			2,086,115
Distribution and Service fees(a)		1,793,096			1,314,387			442,267
Custody, accounting and administrative services		323,211			668,880			619,630
Registration fees		318,641			365,167			511,838
Professional fees		106,782			106,943			106,948
Printing and mailing costs		93,620			122,535			96,961
Trustee fees		20,278			25,841			24,805
Service share fees — Service and Shareholder Administration Plan		184			—			1,448
Other		54,222			89,285			60,948
Total expenses		14,858,323			36,351,431			23,355,710
Less — expense reductions		(1,069,148	)		(1,401,619	)		(1,345,244	)
Net expenses		13,789,175			34,949,812			22,010,466
NET INVESTMENT INCOME		85,346,051			257,598,234			102,104,189
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(12,713,231	)		(49,021,365	)		(29,699,210	)
Futures contracts		(225,938	)		—			—
Swap contracts		(14,955,649	)		(7,972,594	)		221,122
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		132,166,003			298,319,497			125,769,738
Futures contracts		(48,661	)		—			—
Swap contracts		(12,554,812	)		(12,938,271	)		(37,482	)
Net realized and unrealized gain		91,667,712			228,387,267			96,254,168
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	177,013,763		$	485,985,501		$	198,358,357

(a) Class specific Distribution and/or Service, and Transfer Agency fees were as follows:

	Distribution and/or Service Fees				Transfer Agency Fees
Fund	Class A		Class C		Class A		Class C		Institutional		Service		Investor		Class P(b)		Class R6
Dynamic Municipal Income	$	1,203,379	$	589,717	$	625,751	$	76,662	$	517,057	$	15	$	370,943	$	204,857	$	2,593
High Yield Municipal		755,428		558,959		392,819		72,664		778,291		—		172,404		1,091,005		4
Short Duration Tax-Free		266,102		176,165		138,372		22,901		939,406		116		46,605		938,419		296

(b) Commenced operations on April 20, 2018.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Dynamic Municipal Income Fund						High Yield Municipal Fund
	For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018
From operations:
Net investment income	$	85,346,051		$	45,459,947		$	257,598,234		$	218,279,401
Net realized gain (loss)		(27,894,818	)		11,964,988			(56,993,959	)		53,665,909
Net change in unrealized gain (loss)		119,562,530			(6,436,565	)		285,381,226			37,538,234
Net increase in net assets resulting from operations		177,013,763			50,988,370			485,985,501			309,483,544
Distributions to shareholders:
From distributable earnings:
Class A Shares		(13,157,456	)		(7,704,855	)(a)		(11,520,534	)		(9,188,853	)(a)
Class C Shares		(1,172,647	)		(961,029	)(a)		(1,711,565	)		(1,904,292	)(a)
Institutional Shares		(39,981,041	)		(32,129,746	)(a)		(79,994,592	)		(195,235,929	)(a)
Service Shares		(957	)		(995	)(a)		—			—
Investor Shares(b)		(8,509,026	)		(3,483,080	)(a)		(5,382,354	)		(2,051,059	)(a)
Class P Shares(c)		(20,886,847	)		—			(149,478,898	)		—
Class R6 Shares(d)		(264,944	)		(107	)(a)		(433	)		(140	)(a)
Total distributions to shareholders		(83,972,918	)		(44,279,812	)		(248,088,376	)		(208,380,273	)
From share transactions:
Proceeds from sales of shares		3,958,016,654			1,012,922,763			7,296,301,940			1,391,515,234
Reinvestment of distributions		73,770,862			39,394,133			240,537,834			203,308,409
Cost of shares redeemed		(1,511,981,331	)		(341,006,695	)		(5,893,955,119	)(e)		(902,221,212	)(f)
Net increase in net assets resulting from share transactions		2,519,806,185			711,310,201			1,642,884,655			692,602,431
TOTAL INCREASE		2,612,847,030			718,018,759			1,880,781,780			793,705,702
Net assets:(g)
Beginning of year		1,819,189,102			1,101,170,343			5,421,882,332			4,628,176,630
End of year	$	4,432,036,132		$	1,819,189,102		$	7,302,664,112		$	5,421,882,332

(a) Prior year information has been revised to conform to current year presentation. Distributions to shareholders consisted solely of net investment income for the fiscal year ended March 31, 2018.

(b) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(c) Commenced operations on April 20, 2018.

(d) Commenced operations on November 30, 2017.

(e) Net of $637,125 of redemption fees.

(f) Net of $118,078 of redemption fees.

(g) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $10,086,262 and $131,936,423 for the Dynamic Municipal Income and High Yield Municipal Funds, respectively, as of March 31, 2018.

The accompanying notes are an integral part of these financial statements. 119

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets(continued)

	Short Duration Tax-Free Fund
	For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018
From operations:
Net investment income	$	102,104,189		$	74,222,771
Net realized loss		(29,478,088	)		(6,003,126	)
Net change in unrealized gain (loss)		125,732,256			(19,241,571	)
Net increase in net assets resulting from operations		198,358,357			48,978,074
Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,553,290	)		(1,179,905	)(a)
Class C Shares		(184,887	)		(156,088	)(a)
Institutional Shares		(40,352,934	)		(68,136,786	)(a)
Service Shares		(3,628	)		(2,408	)(a)
Investor Shares(b)		(623,125	)		(207,448	)(a)
Class P Shares(c)		(56,450,528	)		—
Class R6 Shares(d)		(18,784	)		(51	)(a)
Total distributions to shareholders		(99,187,176	)		(69,682,686	)
From share transactions:
Proceeds from sales of shares		7,632,105,500			2,588,999,299
Reinvestment of distributions		88,168,766			66,379,827
Cost of shares redeemed		(6,235,205,237	)		(2,165,225,257	)
Net increase in net assets resulting from share transactions		1,485,069,029			490,153,869
TOTAL INCREASE		1,584,240,210			469,449,257
Net assets:(e)
Beginning of year		5,075,828,394			4,606,379,137
End of year	$	6,660,068,604		$	5,075,828,394

(a) Prior year information has been revised to conform to current year presentation. Distributions to shareholders consisted solely of net investment income for the fiscal year ended March 31, 2018.

(b) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(c) Commenced operations on April 20, 2018.

(d) Commenced operations on November 30, 2017.

(e) Prior fiscal year information has been revised to conform with current year presentation. Undistributed net investment income was $21,969,572 for the Short Duration Tax-Free Fund, as of March 31, 2018.

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Dynamic Municipal Income Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	15.59		$	15.46		$	15.69		$	15.81		$	15.45
Net investment income(a)		0.44			0.47			0.52			0.56			0.60
Net realized and unrealized gain (loss)		0.42			0.11			(0.25	)		(0.14	)		0.32
Total from investment operations		0.86			0.58			0.27			0.42			0.92
Distributions to shareholders from net investment income		(0.43	)		(0.45	)		(0.50	)		(0.54	)		(0.56	)
Net asset value, end of year	$	16.02		$	15.59		$	15.46		$	15.69		$	15.81
Total return(b)		5.62	%		3.81	%		1.73	%		2.70	%		6.00	%
Net assets, end of year (in 000s)	$	769,894		$	315,142		$	218,699		$	177,985		$	172,221
Ratio of net expenses to average net assets		0.74	%		0.76	%		0.78	%		0.78	%		0.78	%
Ratio of total expenses to average net assets		0.78	%		0.85	%		0.98	%		0.99	%		1.01	%
Ratio of net investment income to average net assets		2.78	%		2.98	%		3.34	%		3.62	%		3.79	%
Portfolio turnover rate(c)		16	%		12	%		28	%		15	%		14	%

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

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 121

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Dynamic Municipal Income Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	15.60		$	15.47		$	15.69		$	15.82		$	15.46
Net investment income(a)		0.32			0.35			0.41			0.45			0.48
Net realized and unrealized gain (loss)		0.42			0.12			(0.25	)		(0.16	)		0.32
Total from investment operations		0.74			0.47			0.16			0.29			0.80
Distributions to shareholders from net investment income		(0.31	)		(0.34	)		(0.38	)		(0.42	)		(0.44	)
Net asset value, end of year	$	16.03		$	15.60		$	15.47		$	15.69		$	15.82
Total return(b)		4.83	%		3.03	%		1.04	%		1.86	%		5.21	%
Net assets, end of year (in 000s)	$	83,931		$	47,379		$	42,353		$	30,116		$	22,182
Ratio of net expenses to average net assets		1.49	%		1.51	%		1.53	%		1.54	%		1.53	%
Ratio of total expenses to average net assets		1.53	%		1.60	%		1.73	%		1.75	%		1.76	%
Ratio of net investment income to average net assets		2.04	%		2.23	%		2.59	%		2.87	%		3.04	%
Portfolio turnover rate(c)		16	%		12	%		28	%		15	%		14	%

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

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) 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.

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Dynamic Municipal Income Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	15.59		$	15.46		$	15.68		$	15.81		$	15.45
Net investment income(a)		0.49			0.52			0.58			0.62			0.65
Net realized and unrealized gain (loss)		0.43			0.12			(0.25	)		(0.16	)		0.32
Total from investment operations		0.92			0.64			0.33			0.46			0.97
Distributions to shareholders from net investment income		(0.49	)		(0.51	)		(0.55	)		(0.59	)		(0.61	)
Net asset value, end of year	$	16.02		$	15.59		$	15.46		$	15.68		$	15.81
Total return(b)		5.97	%		4.17	%		2.13	%		2.98	%		6.36	%
Net assets, end of year (in 000s)	$	1,858,949		$	1,296,146		$	774,777		$	486,485		$	393,120
Ratio of net expenses to average net assets		0.40	%		0.42	%		0.44	%		0.44	%		0.44	%
Ratio of total expenses to average net assets		0.44	%		0.51	%		0.64	%		0.65	%		0.67	%
Ratio of net investment income to average net assets		3.14	%		3.32	%		3.67	%		3.96	%		4.12	%
Portfolio turnover rate(c)		16	%		12	%		28	%		15	%		14	%

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

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 123

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Year

		Goldman Sachs Dynamic Municipal Income Fund
		Service Shares
		Year Ended March 31,
		2019			2018			2017			2016			2015
	Per Share Data
	Net asset value, beginning of year	$	15.66		$	15.54		$	15.77		$	15.89		$	15.53
	Net investment income(a)		0.42			0.44			0.50			0.54			0.58
	Net realized and unrealized gain (loss)		0.43			0.11			(0.25	)		(0.15	)		0.32
	Total from investment operations		0.85			0.55			0.25			0.39			0.90
	Distributions to shareholders from net investment income		(0.41	)		(0.43	)		(0.48	)		(0.51	)		(0.54	)
	Net asset value, end of year	$	16.10		$	15.66		$	15.54		$	15.77		$	15.89
	Total return(b)		5.50	%		3.58	%		1.57	%		2.53	%		5.79	%
	Net assets, end of year (in 000s)	$	38		$	36		$	36		$	36		$	39
	Ratio of net expenses to average net assets		0.90	%		0.92	%		0.94	%		0.94	%		0.94	%
	Ratio of total expenses to average net assets		0.93	%		1.01	%		1.14	%		1.16	%		1.16	%
	Ratio of net investment income to average net assets		2.65	%		2.83	%		3.19	%		3.46	%		3.62	%
��	Portfolio turnover rate(c)		16	%		12	%		28	%		15	%		14	%

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

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) 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.

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Dynamic Municipal Income Fund
	Investor Shares(a)
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	15.57		$	15.45		$	15.67		$	15.79		$	15.43
Net investment income(b)		0.48			0.50			0.56			0.60			0.63
Net realized and unrealized gain (loss)		0.42			0.11			(0.24	)		(0.15	)		0.33
Total from investment operations		0.90			0.61			0.32			0.45			0.96
Distributions to shareholders from net investment income		(0.47	)		(0.49	)		(0.54	)		(0.57	)		(0.60	)
Net asset value, end of year	$	16.00		$	15.57		$	15.45		$	15.67		$	15.79
Total return(c)		5.88	%		4.01	%		2.03	%		2.95	%		6.27	%
Net assets, end of year (in 000s)	$	480,724		$	160,475		$	65,306		$	9,684		$	5,728
Ratio of net expenses to average net assets		0.49	%		0.51	%		0.53	%		0.53	%		0.53	%
Ratio of total expenses to average net assets		0.53	%		0.59	%		0.73	%		0.74	%		0.76	%
Ratio of net investment income to average net assets		3.03	%		3.22	%		3.57	%		3.87	%		4.00	%
Portfolio turnover rate(d)		16	%		12	%		28	%		15	%		14	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 125

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout the Period

	Goldman Sachs Dynamic Municipal Income Fund
	Class P Shares
	April 20, 2018* to March 31, 2019
Per Share Data
Net asset value, beginning of period	$	15.65
Net investment income(a)		0.46
Net realized and unrealized gain		0.36
Total from investment operations		0.82
Distributions to shareholders from net investment income		(0.45	)
Net asset value, end of period	$	16.02
Total return(b)		5.35	%
Net assets, end of period (in 000s)	$	1,193,566
Ratio of net expenses to average net assets		0.39	%(c)
Ratio of total expenses to average net assets		0.43	%(c)
Ratio of net investment income to average net assets		3.11	%(c)
Portfolio turnover rate(d)		16	%

 * Commencement of Operations.

(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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) 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.

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Municipal Income Fund
	Class R6 Shares
	Year Ended March 31, 2019			For the period November 30, 2017* to March 31, 2018
Per Share Data
Net asset value, beginning of period	$	15.59		$	15.56
Net investment income(a)		0.49			0.17
Net realized and unrealized gain		0.43			0.03
Total from investment operations		0.92			0.20
Distributions to shareholders from net investment income		(0.49	)		(0.17	)
Net asset value, end of period	$	16.02		$	15.59
Total return(b)		5.98	%		1.27	%
Net assets, end of period (in 000s)	$	44,934		$	10
Ratio of net expenses to average net assets		0.39	%		0.40	%(c)
Ratio of total expenses to average net assets		0.42	%		0.43	%(c)
Ratio of net investment income to average net assets		3.11	%		3.28	%(c)
Portfolio turnover rate(d)		16	%		12	%

 * Commencement of Operations.

(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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 127

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Municipal Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.55		$	9.35		$	9.36		$	9.34		$	8.93
Net investment income(a)		0.38			0.38			0.47			0.46			0.45
Net realized and unrealized gain (loss)		0.35			0.18			(0.06	)		(0.02	)		0.38
Total from investment operations		0.73			0.56			0.41			0.44			0.83
Distributions to shareholders from net investment income		(0.37	)		(0.36	)		(0.42	)		(0.42	)		(0.42	)
Net asset value, end of year	$	9.91		$	9.55		$	9.35		$	9.36		$	9.34
Total return(b)		7.79	%		6.10	%		4.48	%		4.89	%		9.47	%
Net assets, end of year (in 000s)	$	377,942		$	250,436		$	234,550		$	262,193		$	257,803
Ratio of net expenses to average net assets		0.85	%		0.85	%		0.85	%		0.86	%		0.86	%
Ratio of total expenses to average net assets		0.92	%		0.92	%		0.92	%		0.93	%		0.93	%
Ratio of net investment income to average net assets		3.97	%		4.00	%		4.93	%		4.98	%		4.89	%
Portfolio turnover rate(c)		16	%		16	%		31	%		11	%		14	%

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

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) 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.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Municipal Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.55		$	9.35		$	9.36		$	9.34		$	8.93
Net investment income(a)		0.31			0.31			0.40			0.39			0.38
Net realized and unrealized gain (loss)		0.35			0.18			(0.06	)		(0.02	)		0.39
Total from investment operations		0.66			0.49			0.34			0.37			0.77
Distributions to shareholders from net investment income		(0.30	)		(0.29	)		(0.35	)		(0.35	)		(0.36	)
Net asset value, end of year	$	9.91		$	9.55		$	9.35		$	9.36		$	9.34
Total return(b)		6.99	%		5.30	%		3.70	%		4.11	%		8.66	%
Net assets, end of year (in 000s)	$	60,899		$	59,381		$	66,772		$	73,498		$	81,018
Ratio of net expenses to average net assets		1.60	%		1.60	%		1.60	%		1.62	%		1.61	%
Ratio of total expenses to average net assets		1.67	%		1.67	%		1.67	%		1.68	%		1.68	%
Ratio of net investment income to average net assets		3.22	%		3.25	%		4.18	%		4.24	%		4.14	%
Portfolio turnover rate(c)		16	%		16	%		31	%		11	%		14	%

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

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 129

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Municipal Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.55		$	9.36		$	9.36		$	9.34		$	8.93
Net investment income(a)		0.41			0.41			0.49			0.48			0.48
Net realized and unrealized gain (loss)		0.35			0.17			(0.04	)		(0.01	)		0.38
Total from investment operations		0.76			0.58			0.45			0.47			0.86
Distributions to shareholders from net investment income		(0.40	)		(0.39	)		(0.45	)		(0.45	)		(0.45	)
Net asset value, end of year	$	9.91		$	9.55		$	9.36		$	9.36		$	9.34
Total return(b)		8.10	%		6.29	%		4.88	%		5.19	%		9.79	%
Net assets, end of year (in 000s)	$	699,635		$	5,026,846		$	4,284,703		$	3,754,010		$	3,005,752
Ratio of net expenses to average net assets		0.56	%		0.56	%		0.56	%		0.57	%		0.57	%
Ratio of total expenses to average net assets		0.58	%		0.58	%		0.58	%		0.59	%		0.59	%
Ratio of net investment income to average net assets		4.27	%		4.29	%		5.23	%		5.25	%		5.18	%
Portfolio turnover rate(c)		16	%		16	%		31	%		11	%		14	%

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

(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) 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.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Municipal Fund
	Investor Shares(a)
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.56		$	9.37		$	9.37		$	9.35		$	8.93
Net investment income(b)		0.41			0.41			0.50			0.48			0.48
Net realized and unrealized gain (loss)		0.34			0.17			(0.05	)		(0.01	)		0.39
Total from investment operations		0.75			0.58			0.45			0.47			0.87
Distributions to shareholders from net investment income		(0.39	)		(0.39	)		(0.45	)		(0.45	)		(0.45	)
Net asset value, end of year	$	9.92		$	9.56		$	9.37		$	9.37		$	9.35
Total return(c)		8.05	%		6.26	%		4.81	%		5.15	%		9.86	%
Net assets, end of year (in 000s)	$	202,256		$	85,209		$	42,152		$	20,741		$	17,265
Ratio of net expenses to average net assets		0.60	%		0.60	%		0.60	%		0.61	%		0.61	%
Ratio of total expenses to average net assets		0.66	%		0.67	%		0.67	%		0.68	%		0.68	%
Ratio of net investment income to average net assets		4.21	%		4.26	%		5.25	%		5.22	%		5.13	%
Portfolio turnover rate(d)		16	%		16	%		31	%		11	%		14	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

(c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 131

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout the Period

	Goldman Sachs High Yield Municipal Fund
	Class P Shares
	April 20, 2018* to March 31, 2019
Per Share Data
Net asset value, beginning of period	$	9.60
Net investment income(a)		0.39
Net realized and unrealized gain		0.28
Total from investment operations		0.67
Distributions to shareholders from net investment income		(0.37	)
Net asset value, end of period	$	9.90
Total return(b)		7.14	%
Net assets, end of period (in 000s)	$	5,961,922
Ratio of net expenses to average net assets		0.55	%(c)
Ratio of total expenses to average net assets		0.57	%(c)
Ratio of net investment income to average net assets		4.27	%(c)
Portfolio turnover rate(d)		16	%

 * Commencement of Operations.

(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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

(d) 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.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Yield Municipal Fund
	Class R6 Shares
	Year Ended March 31, 2019			For the period November 30, 2017* to March 31, 2018
Per Share Data
Net asset value, beginning of period	$	9.55		$	9.46
Net investment income(a)		0.41			0.14
Net realized and unrealized gain		0.35			0.08
Total from investment operations		0.76			0.22
Distributions to shareholders from net investment income		(0.40	)		(0.13	)
Net asset value, end of period	$	9.91		$	9.55
Total return(b)		8.09	%		2.33	%
Net assets, end of period (in 000s)	$	11		$	10
Ratio of net expenses to average net assets		0.55	%		0.57	%(c)
Ratio of total expenses to average net assets		0.55	%		0.60	%(c)
Ratio of net investment income to average net assets		4.28	%		4.36	%(c)
Portfolio turnover rate(d)		16	%		16	%

 * Commencement of Operations.

(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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 133

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Tax-Free Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.48		$	10.52		$	10.56		$	10.59	��	$	10.57
Net investment income(a)		0.16			0.12			0.12			0.10			0.10
Net realized and unrealized gain (loss)		0.17			(0.04	)		(0.05	)		(0.04	)		0.01
Total from investment operations		0.33			0.08			0.07			0.06			0.11
Distributions to shareholders from net investment income		(0.15	)		(0.12	)		(0.11	)		(0.09	)		(0.09	)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		—	(b)
Total distributions		(0.15	)		(0.12	)		(0.11	)		(0.09	)		(0.09	)
Net asset value, end of year	$	10.66		$	10.48		$	10.52		$	10.56		$	10.59
Total return(c)		3.20	%		0.74	%		0.63	%		0.62	%		1.01	%
Net assets, end of year (in 000s)	$	119,675		$	97,703		$	124,586		$	147,949		$	189,890
Ratio of net expenses to average net assets		0.69	%		0.68	%		0.70	%		0.73	%		0.73	%
Ratio of total expenses to average net assets		0.75	%		0.75	%		0.76	%		0.76	%		0.76	%
Ratio of net investment income to average net assets		1.51	%		1.18	%		1.09	%		0.98	%		0.90	%
Portfolio turnover rate(d)		44	%		35	%		40	%		24	%		24	%

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

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

(c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Tax-Free Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.47		$	10.51		$	10.55		$	10.58		$	10.55
Net investment income(a)		0.12			0.09			0.07			0.06			0.05
Net realized and unrealized gain (loss)		0.17			(0.05	)		(0.05	)		(0.04	)		0.02
Total from investment operations		0.29			0.04			0.02			0.02			0.07
Distributions to shareholders from net investment income		(0.11	)		(0.08	)		(0.06	)		(0.05	)		(0.04	)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		—	(b)
Total distributions		(0.11	)		(0.08	)		(0.06	)		(0.05	)		(0.04	)
Net asset value, end of year	$	10.65		$	10.47		$	10.51		$	10.55		$	10.58
Total return(c)		2.80	%		0.34	%		0.23	%		0.22	%		0.71	%
Net assets, end of year (in 000s)	$	15,681		$	19,813		$	23,220		$	33,787		$	35,443
Ratio of net expenses to average net assets		1.09	%		1.08	%		1.10	%		1.13	%		1.13	%
Ratio of total expenses to average net assets		1.50	%		1.50	%		1.51	%		1.51	%		1.51	%
Ratio of net investment income to average net assets		1.10	%		0.81	%		0.69	%		0.58	%		0.50	%
Portfolio turnover rate(d)		44	%		35	%		40	%		24	%		24	%

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

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

(c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 135

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Tax-Free Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.47		$	10.50		$	10.54		$	10.58		$	10.55
Net investment income(a)		0.19			0.16			0.15			0.14			0.13
Net realized and unrealized gain (loss)		0.16			(0.04	)		(0.05	)		(0.05	)		0.02
Total from investment operations		0.35			0.12			0.10			0.09			0.15
Distributions to shareholders from net investment income		(0.18	)		(0.15	)		(0.14	)		(0.13	)		(0.12	)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		—	(b)
Total distributions		(0.18	)		(0.15	)		(0.14	)		(0.13	)		(0.12	)
Net asset value, end of year	$	10.64		$	10.47		$	10.50		$	10.54		$	10.58
Total return(c)		3.42	%		1.15	%		0.94	%		0.86	%		1.45	%
Net assets, end of year (in 000s)	$	1,488,011		$	4,936,410		$	4,448,309		$	4,316,949		$	4,100,431
Ratio of net expenses to average net assets		0.38	%		0.38	%		0.39	%		0.39	%		0.39	%
Ratio of total expenses to average net assets		0.41	%		0.41	%		0.42	%		0.42	%		0.41	%
Ratio of net investment income to average net assets		1.77	%		1.52	%		1.41	%		1.32	%		1.23	%
Portfolio turnover rate(d)		44	%		35	%		40	%		24	%		24	%

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

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

(c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Tax-Free Fund
	Service Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.47		$	10.50		$	10.54		$	10.58		$	10.55
Net investment income(a)		0.14			0.11			0.10			0.09			0.08
Net realized and unrealized gain (loss)		0.16			(0.04	)		(0.05	)		(0.05	)		0.02
Total from investment operations		0.30			0.07			0.05			0.04			0.10
Distributions to shareholders from net investment income		(0.13	)		(0.10	)		(0.09	)		(0.08	)		(0.07	)
Distributions to shareholders from net realized gains		—			—			—	(b)		—	(b)		—	(b)
Total distributions		(0.13	)		(0.10	)		(0.09	)		(0.08	)		(0.07	)
Net asset value, end of year	$	10.64		$	10.47		$	10.50		$	10.54		$	10.58
Total return(c)		2.90	%		0.65	%		0.44	%		0.36	%		0.96	%
Net assets, end of year (in 000s)	$	293		$	287		$	263		$	161		$	60
Ratio of net expenses to average net assets		0.89	%		0.88	%		0.89	%		0.89	%		0.89	%
Ratio of total expenses to average net assets		0.91	%		0.91	%		0.92	%		0.92	%		0.92	%
Ratio of net investment income to average net assets		1.31	%		1.03	%		0.91	%		0.82	%		0.76	%
Portfolio turnover rate(d)		44	%		35	%		40	%		24	%		24	%

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

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

(c) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 137

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Tax-Free Fund
	Investor Shares(a)
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.47		$	10.51		$	10.55		$	10.58		$	10.55
Net investment income(b)		0.19			0.16			0.14			0.13			0.12
Net realized and unrealized gain (loss)		0.16			(0.05	)		(0.05	)		(0.04	)		0.02
Total from investment operations		0.35			0.11			0.09			0.09			0.14
Distributions to shareholders from net investment income		(0.18	)		(0.15	)		(0.13	)		(0.12	)		(0.11	)
Distributions to shareholders from net realized gains		—			—			—	(c)		—	(c)		—	(c)
Total distributions		(0.18	)		(0.15	)		(0.13	)		(0.12	)		(0.11	)
Net asset value, end of year	$	10.64		$	10.47		$	10.51		$	10.55		$	10.58
Total return(d)		3.37	%		1.01	%		0.88	%		0.87	%		1.36	%
Net assets, end of year (in 000s)	$	65,719		$	21,605		$	10,002		$	3,526		$	3,661
Ratio of net expenses to average net assets		0.44	%		0.43	%		0.45	%		0.48	%		0.48	%
Ratio of total expenses to average net assets		0.50	%		0.50	%		0.51	%		0.51	%		0.51	%
Ratio of net investment income to average net assets		1.79	%		1.48	%		1.37	%		1.23	%		1.16	%
Portfolio turnover rate(e)		44	%		35	%		40	%		24	%		24	%

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

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

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

(d) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(e) 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.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout the Period

	Goldman Sachs Short Duration Tax-Free Fund
	Class P Shares
	April 20, 2018* to March 31, 2019
Per Share Data
Net asset value, beginning of period	$	10.46
Net investment income(a)		0.18
Net realized and unrealized gain		0.17
Total from investment operations		0.35
Distributions to shareholders from net investment income		(0.17	)
Net asset value, end of period	$	10.64
Total return(b)		3.42	%
Net assets, end of period (in 000s)	$	4,965,675
Ratio of net expenses to average net assets		0.38	%(c)
Ratio of total expenses to average net assets		0.40	%(c)
Ratio of net investment income to average net assets		1.86	%(c)
Portfolio turnover rate(d)		44	%

 * Commencement of Operations.

(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 (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized.

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

The accompanying notes are an integral part of these financial statements. 139

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights(continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Tax-Free Fund
	Class R6 Shares
	Year Ended March 31, 2019			For the period November 30, 2017* to March 31, 2018
Per Share Data
Net asset value, beginning of period	$	10.46		$	10.45
Net investment income(a)		0.21			0.06
Net realized and unrealized gain		0.15			—	(b)
Total from investment operations		0.36			0.06
Distributions to shareholders from net investment income		(0.18	)		(0.05	)
Net asset value, end of period	$	10.64		$	10.46
Total return(c)		3.51	%		0.61	%
Net assets, end of period (in 000s)	$	5,014		$	10
Ratio of net expenses to average net assets		0.38	%		0.36	%(d)
Ratio of total expenses to average net assets		0.40	%		0.38	%(d)
Ratio of net investment income to average net assets		1.96	%		1.64	%(d)
Portfolio turnover rate(e)		44	%		35	%

 * Commencement of Operations.

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

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

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

(d) Annualized.

(e) The 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.

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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2019

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 anopen-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 DurationTax-Free	A, C, Institutional, Service, Investor, P(a) and R6	Diversified
High Yield Municipal	A, C, Institutional, Investor, P(a)and R6	Diversified

(a) Commenced operations on April 20, 2018.

Class A Shares of the Dynamic Municipal Income, High Yield Municipal and Short DurationTax-Free Funds are sold with afront-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 DurationTax-Free Funds are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, 1.00% and 0.65%, respectively, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class P and Class R6 Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B.  Investment Income and Investments— Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized onex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to theex-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.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date.

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

D.  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 afirst-infirst-out

141

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 toPaid-in Capital and are allocated to each share class of the Fund on apro-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 and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on theex-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, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

142

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

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

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

Arate lock forward is a type of forward contract between a Fund and a rate lock provider pursuant to which the parties agree to make payments to each other based on a notional amount, contingent upon whether the referenced obligation is above or below a specified yield level on the termination date of the contract.

ii.  Futures Contracts— Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

143

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

iii.  Swap Contracts— Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps aremarked-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 anymark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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

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

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

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

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

144

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy— The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2019:

DYNAMIC MUNICIPAL INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Municipal Debt Obligations	$	—		$	4,217,094,154		$	—
Corporate Bonds		—			6,166,738			—
Total	$	—		$	4,223,260,892		$	—
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—		$	100,805		$	—
Interest Rate Swap Contracts		—			2,193,221			—
Total	$	—		$	2,294,026		$	—
Liabilities(a)
Futures Contracts	$	(303,327	)	$	—		$	—
Interest Rate Swap Contracts		—			(15,498,763	)		—
Total	$	(303,327	)	$	(15,498,763	)	$	—
HIGH YIELD MUNICIPAL
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Municipal Debt Obligations	$	—		$	7,188,672,259		$	—
Corporate Bonds		—			20,226,084			—
Total	$	—		$	7,208,898,343		$	—
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—		$	2,508,849		$	—
Interest Rate Swap Contracts		—			18,965,634			—
Total	$	—		$	21,474,483		$	—
Liabilities(a)
Interest Rate Swap Contracts	$	—		$	(8,863,659	)	$	—

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

145

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT DURATIONTAX-FREE
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Debt Obligations	$	—	$	6,591,790,265	$	—
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—	$	756,037	$	—

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2019. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure:

DYNAMIC MUNICIPAL INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	100,805		—	$	—
Interest Rate	Variation margin on swaps contracts		2,193,221	(a)	Variation margin on futures and swaps contracts		(15,802,090)	(a)
Total		$	2,294,026			$	(15,802,090)
HIGH YIELD MUNICIPAL
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	2,508,849		—	$	—
Interest Rate	Variation margin on swaps contracts		18,965,634	(a)	Variation margin on swaps contracts		(8,863,659)	(a)
Total		$	21,474,483			$	(8,863,659)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of March 31, 2019 is reported within the Statements of Assets and Liabilities.

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4. INVESTMENTS IN DERIVATIVES (continued)

SHORT DURATIONTAX-FREE
Risk	Statements of Assets and Liabilities	Assets		Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	756,037	—	$	—

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2019. 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	$	30,201		$	(4,997	)		2
Interest Rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contract and swap contracts		(15,211,788	)		(12,598,476	)		50
Total		$	(15,181,587	)	$	(12,603,473	)		52
HIGH YIELD MUNICIPAL
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	1,057,248		$	(99,927	)		7
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(9,029,842	)		(12,838,344	)		2
Total		$	(7,972,594	)	$	(12,938,271	)		9
SHORT DURATIONTAX-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	$	221,122		$	(37,482	)		2

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2019.

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Notes to Financial Statements(continued)

March 31, 2019

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.

As of March 31, 2019, the contractual management fee with GSAM were as stated below. The effective contractual management rates and effective net management rates represent the rates for the fiscal year ended March 31, 2019:

	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
Dynamic Municipal Income		0.40	%		0.36	%		0.34	%		0.34	%		0.33	%		0.37	%		0.36	%(1)
High Yield Municipal		0.55			0.55			0.50			0.48			0.47			0.51			0.51
Short DurationTax-Free		0.39			0.35			0.33			0.33			0.32			0.34			0.34

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

(1) GSAM agreed to waive a portion of its management fee in order to achieve a net management rate, as defined in the Fund’s most recent prospectus. This waiver will be effective through at least July 29, 2019, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees.

B.  Distribution and/or Service(12b-1) Plans— The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

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

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

For the fiscal year ended March 31, 2019, 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 DurationTax-Free Fund. This arrangement will remain in place through at least July 29, 2019. Prior to such date, Goldman Sachs may not terminate this arrangement without the approval of the Trustees.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge and Class C Shares’ CDSC. During the fiscal year ended March 31, 2019, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Dynamic Municipal Income	$	53,498	$	6
High Yield Municipal		60,228		—
Short Duration Tax-Free		3,913		—

D.  Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service and/or Shareholder Administration Plans to allow Class C and Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance and/or shareholder administration services to their customers who are beneficial owners of such shares. The Service and/or Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and/or Service Shares of the Funds, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.13% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.05% and 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the High Yield Municipal and Short DurationTax-Free Funds, respectively. This arrangement will remain in effect through at least July 29, 2019, and 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 fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Funds is 0.004%. These Other Expense limitations will remain in place through at least July 29, 2019, 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.

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Notes to Financial Statements(continued)

March 31, 2019

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended March 31, 2019, 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 Waivers/Credits			Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Dynamic Municipal Income	$	246,314	$	—	$	—		$	804,349	$	18,485	$	1,069,148
High Yield Municipal		—		—		245,350	(a)		1,135,699		20,570		1,401,619
Short DurationTax-Free		—		61,657		63,964	(a)		1,195,607		24,016		1,345,244

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

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

H.  Other Transactions with Affiliates — As of March 31, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

Fund	Service			Class R6
Dynamic Municipal Income		10	%		—	%
High Yield Municipal		—			100

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. For the fiscal year ended March 31, 2019, the purchase and sale transactions and related net realized gain (loss) for the Funds with an affiliated fund in compliance with Rule17a-7 under the Act were as follows:

Fund	Purchases		Sales		Net Realized Gain (Loss)
Dynamic Municipal Income	$	85,977,503	$	76,094,405	$	(1,881,580	)
High Yield Municipal		12,092,021		19,627,726		(3,468,456	)
Short DurationTax-Free		89,085,909		91,433,302		(724,988	)

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6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2019, were as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Dynamic Municipal Income	$	8,927,608	$	2,647,609,429	$	9,024,977	$	437,209,982
High Yield Municipal		—		2,566,838,706		—		981,561,530
Short DurationTax-Free		20,831,086		3,471,639,466		20,848,172		2,355,893,623

7. TAX INFORMATION

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

	Dynamic Municipal Income		High Yield Municipal		Short Duration Tax-Free
Distributions paid from:
Ordinary income	$	4,577,609	$	15,101,341	$	7,918,123
Tax-exempt income		79,395,309		232,987,035		91,269,053
Total distributions	$	83,972,918	$	248,088,376	$	99,187,176

The tax character of distributions paid during the fiscal year ended March 31, 2018, was as follows:

	Dynamic Municipal Income		High Yield Municipal		Short Duration Tax-Free
Distributions paid from:
Ordinary income	$	418,899	$	12,110,778	$	1,563,530
Tax-exempt income		43,860,913		196,269,495		68,119,156
Total distributions	$	44,279,812	$	208,380,273	$	69,682,686

As of March 31, 2019, the components of accumulated earnings (losses) on atax-basis were as follows:

	Dynamic Municipal Income			High Yield Municipal			Short Duration Tax-Free
Undistributedtax-exempt income — net	$	11,445,302		$	109,406,802		$	12,963,171
Capital loss carryforwards:(1)
Perpetual Short-term		(2,062,146	)		(83,054,882	)		(12,642,473	)
Perpetual Long-term		(1,726,222	)		(159,608,804	)		(20,398,795	)
Total capital loss carryforwards	$	(3,788,368	)	$	(242,663,686	)	$	(33,041,268	)
Timing differences (Post October Loss Deferral, Defaulted Bond Income and Distribution Payable)		(27,464,686	)		(20,711,082	)		(7,997,621	)
Unrealized gains (losses) — net		127,003,881			482,919,365			89,131,413
Total accumulated earning (losses) — net	$	107,196,129		$	328,951,399		$	61,055,695

(1) The Dynamic Municipal Income and High Yield Municipal Funds had capital loss carryforwards of $704,599 and $11,866,582, respectively, which expired in the current fiscal year.

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Notes to Financial Statements(continued)

March 31, 2019

7. TAX INFORMATION (continued)

As of March 31, 2019, the Funds’ aggregate securities unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Dynamic Municipal Income			High Yield Municipal			Short Duration Tax-Free
Tax cost	$	4,082,857,062		$	6,739,505,883		$	6,503,410,722
Gross unrealized gain		154,229,171			604,302,907			115,116,020
Gross unrealized loss		(27,225,290	)		(121,383,542	)		(25,984,607	)
Net unrealized gain	$	127,003,881		$	482,919,365		$	89,131,413

The difference between GAAP-basis andtax-basis unrealized gains (losses), is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures, differences in the tax treatment of swap transactions, and market discount accretion and premium amortization.

The Dynamic Municipal Income Fund reclassified $907,147 from distributable earnings to paid in capital for the year ending March 31, 2019. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from expired capital loss carryforwards.

The High Yield Municipal Fund reclassified $11,866,582 from distributable earnings to paid in capital for the year ending March 31, 2019. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from expired capital loss carryforwards.

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

8. OTHER RISKS

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

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

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

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 ofnon-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs.

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8. OTHER RISKS (continued)

In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

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

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds).

State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

Tax Risk — The Funds may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal and state income tax rates or changes in thetax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal securities. This could in turn affect a Fund’s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, these Funds would not be a suitable investment for IRAs, othertax-exempt ortax-deferred accounts or for other investors who are not sensitive to the federal, state or local income tax consequences of their investments.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the 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.

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Notes to Financial Statements(continued)

March 31, 2019

10. OTHER MATTERS

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU)2017-08 — Receivables — Nonrefundable Fees and Other Costs (Subtopic310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. GSAM is currently evaluating the impact, if any, of the amendments.

11. SUBSEQUENT EVENTS

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

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12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Dynamic Municipal Income Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		32,719,854		$	515,555,671			10,734,144		$	167,761,694
Reinvestment of distributions		757,498			11,941,258			439,746			6,868,419
Shares redeemed		(5,642,916	)		(88,726,477	)		(5,101,311	)		(79,711,112	)
		27,834,436			438,770,452			6,072,579			94,919,001
Class C Shares
Shares sold		2,933,190			46,188,420			1,121,035			17,532,074
Reinvestment of distributions		62,130			979,794			52,420			819,194
Shares redeemed		(797,180	)		(12,562,849	)		(873,201	)		(13,643,468	)
		2,198,140			34,605,365			300,254			4,707,800
Institutional Shares
Shares sold		106,396,199			1,674,973,466			45,480,096			710,967,186
Reinvestment of distributions		1,979,556			31,191,054			1,807,256			28,223,818
Shares redeemed		(75,464,760	)		(1,190,444,813	)		(14,236,798	)		(222,390,486	)
		32,910,995			515,719,707			33,050,554			516,800,518
Service Shares
Reinvestment of distributions		27			431			28			442
		27			431			28			442
Investor Shares(a)
Shares sold		24,461,697			384,279,436			7,472,872			116,651,809
Reinvestment of distributions		540,158			8,507,496			223,188			3,482,154
Shares redeemed		(5,270,842	)		(82,785,044	)		(1,618,208	)		(25,261,629	)
		19,731,013			310,001,888			6,077,852			94,872,334
Class P Shares(b)
Shares sold		81,763,017			1,291,184,507			—			—
Reinvestment of distributions		1,324,455			20,885,913			—			—
Shares redeemed		(8,598,553	)		(135,459,788	)		—			—
		74,488,919			1,176,610,632			—			—
Class R6 Shares(c)
Shares sold		2,913,907			45,835,154			643			10,000
Reinvestment of distributions		16,673			264,916			7			106
Shares redeemed		(126,576	)		(2,002,360	)		—			—
		2,804,004			44,097,710			650			10,106
NET INCREASE		159,967,534		$	2,519,806,185			45,501,917		$	711,310,201

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 20, 2018.

(c) Commenced operations on November 30, 2017.

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Notes to Financial Statements(continued)

March 31, 2019

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	High Yield Municipal Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		17,348,123		$	168,495,943			5,383,813		$	51,256,769
Reinvestment of distributions		1,067,237			10,357,670			865,264			8,228,670
Shares redeemed		(6,478,559	)		(62,723,208	)		(5,107,308	)		(48,593,567	)
		11,936,801			116,130,405			1,141,769			10,891,872
Class C Shares
Shares sold		2,246,411			21,757,563			717,129			6,819,077
Reinvestment of distributions		148,215			1,439,057			165,429			1,573,159
Shares redeemed		(2,465,058	)		(24,028,646	)		(1,804,886	)		(17,159,151	)
		(70,432	)		(832,026	)		(922,328	)		(8,766,915	)
Institutional Shares
Shares sold		56,373,393			544,561,803			134,291,182			1,277,122,046
Reinvestment of distributions		7,645,602			74,127,468			20,133,215			191,492,416
Shares redeemed		(519,542,621	)		(5,076,189,724	)		(86,241,071	)		(820,212,574	)
		(455,523,626	)		(4,457,500,453	)		68,183,326			648,401,888
Investor Shares(a)
Shares sold		14,405,092			139,318,217			5,908,786			56,307,342
Reinvestment of distributions		529,659			5,148,547			211,516			2,014,024
Shares redeemed		(3,449,426	)		(33,335,946	)		(1,710,631	)		(16,255,920	)
		11,485,325			111,130,818			4,409,671			42,065,446
Class P Shares(b)
Shares sold		659,154,812			6,422,168,413			—			—
Reinvestment of distributions		15,405,726			149,464,659			—			—
Shares redeemed		(72,315,836	)		(697,677,594	)		—			—
		602,244,702			5,873,955,478			—			—
Class R6 Shares(c)
Shares sold		—			1			1,057			10,000
Reinvestment of distributions		44			433			15			140
Shares redeemed		—			(1	)		—			—
		44			433			1,072			10,140
NET INCREASE		170,072,814		$	1,642,884,655			72,813,510		$	692,602,431

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 20, 2018.

(c) Commenced operations on November 30, 2017.

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GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short DurationTax-Free Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		4,799,812		$	50,608,816			1,979,445		$	20,854,473
Reinvestment of distributions		114,402			1,208,102			86,167			907,168
Shares redeemed		(3,006,720	)		(31,682,335	)		(4,591,090	)		(48,398,632	)
		1,907,494			20,134,583			(2,525,478	)		(26,636,991	)
Class C Shares
Shares sold		341,415			3,598,006			308,383			3,245,834
Reinvestment of distributions		12,955			136,608			11,011			115,778
Shares redeemed		(773,774	)		(8,153,837	)		(637,313	)		(6,703,232	)
		(419,404	)		(4,419,223	)		(317,919	)		(3,341,620	)
Institutional Shares
Shares sold		128,732,129			1,354,847,820			241,724,046			2,543,353,202
Reinvestment of distributions		2,826,798			29,725,459			6,197,354			65,148,128
Shares redeemed		(463,363,255	)		(4,882,101,474	)		(199,845,080	)		(2,100,099,622	)
		(331,804,328	)		(3,497,528,195	)		48,076,320			508,401,708
Service Shares
Shares sold		—			—			12,299			130,001
Reinvestment of distributions		190			2,005			143			1,507
Shares redeemed		(35	)		(299	)		(10,049	)		(105,790	)
		155			1,706			2,393			25,718
Investor Shares(a)
Shares sold		5,213,414			54,976,193			2,036,029			21,405,789
Reinvestment of distributions		58,990			623,025			19,718			207,195
Shares redeemed		(1,162,355	)		(12,244,938	)		(943,852	)		(9,917,981	)
		4,110,049			43,354,280			1,111,895			11,695,003
Class P Shares(b)
Shares sold		584,827,374			6,162,899,894			—			—
Reinvestment of distributions		5,346,634			56,454,784			—			—
Shares redeemed		(123,435,651	)		(1,300,801,119	)		—			—
		466,738,357			4,918,553,559			—			—
Class R6 Shares(c)
Shares sold		489,470			5,174,771			957			10,000
Reinvestment of distributions		1,770			18,783			5			51
Shares redeemed		(20,871	)		(221,235	)		—			—
		470,369			4,972,319			962			10,051
NET INCREASE		141,002,692		$	1,485,069,029			46,348,173		$	490,153,869

(a) Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b) Commenced operations on April 20, 2018.

(c) Commenced operations on November 30, 2017.

157

Report of Independent Registered Public

Accounting Firm

Tothe Board of Trustees of Goldman Sachs Trust and Shareholders of

Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, and Goldman Sachs Short DurationTax-Free Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, ofGoldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, and Goldman Sachs Short DurationTax-Free Fund (three of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2019, the related statements of operations for the year ended March 31, 2019, the statements of changes in net assets for each of the two years in the period ended March 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 24, 2019

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

158

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2019 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2018 through March 31, 2019, which represents a period of 182 days of a 365 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 DurationTax-Free Fund
Share Class	Beginning Account Value 10/01/18		Ending Account Value 3/31/19			Expenses Paid for the 6 Months Ended 3/31/19*		Beginning Account Value 10/01/18		Ending Account Value 3/31/19			Expenses Paid for the 6 Months Ended 3/31/19*		Beginning Account Value 10/01/18		Ending Account Value 3/31/19			Expenses Paid for the 6 Months Ended 3/31/19*
Class A
Actual	$	1,000	$	1,031.70		$	3.75	$	1,000	$	1,035.90		$	4.31	$	1,000	$	1,020.20		$	3.48
Hypothetical 5% return		1,000		1,021.24	+		3.73		1,000		1,020.69	+		4.28		1,000		1,021.49	+		3.48
Class C
Actual		1,000		1,027.80			7.53		1,000		1,032.10			8.06		1,000		1,018.20			5.48
Hypothetical 5% return		1,000		1,017.50	+		7.49		1,000		1,017.00	+		8.00		1,000		1,019.50	+		5.49
Institutional
Actual		1,000		1,033.40			2.03		1,000		1,037.40			2.84		1,000		1,020.80			1.96
Hypothetical 5% return		1,000		1,022.94	+		2.02		1,000		1,022.14	+		2.82		1,000		1,022.99	+		1.97
Service
Actual		1,000		1,030.80			4.56		N/A		N/A			N/A		1,000		1,018.20			4.48
Hypothetical 5% return		1,000		1,020.44	+		4.53		N/A		N/A			N/A		1,000		1,020.49	+		4.48
Investor
Actual		1,000		1,032.40			2.48		1,000		1,037.20			3.00		1,000		1,020.50			2.22
Hypothetical 5% return		1,000		1,022.49	+		2.47		1,000		1,021.99	+		2.97		1,000		1,022.74	+		2.22
Class P
Actual		1,000		1,033.50			1.98		1,000		1,037.50			2.79		1,000		1,021.80			1.92
Hypothetical 5% return		1,000		1,022.99	+		1.97		1,000		1,022.19	+		2.77		1,000		1,023.04	+		1.92
Class R6
Actual		1,000		1,033.50			1.98		1,000		1,037.40			2.79		1,000		1,021.70			1.92
Hypothetical 5% return		1,000		1,022.99	+		1.97		1,000		1,022.19	+		2.77		1,000		1,023.04	+		1.92

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

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:    

Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R6
Dynamic Municipal Income		0.74	%		1.49	%		0.40	%		0.90	%		0.49	%		0.39	%		0.39	%
High Yield Municipal		0.85			1.59			0.56			N/A			0.59			0.55			0.55
Short DurationTax-Free		0.69			1.09			0.39			0.89			0.44			0.38			0.38

159

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer Age: 70	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Kathryn A. Cassidy Age: 65	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Diana M. Daniels Age: 69	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006-2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Roy W. Templin Age: 58	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004-2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 67	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

160

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 56	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	156	None

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

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2019.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2019, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 29 portfolios (19 of which offered shares to the public).

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

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

161

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 56	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 47	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

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

¹  Information is provided as of March 31, 2019.

² Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

162

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Goldman Sachs Municipal Fixed Income Funds — Tax Information (Unaudited)

During the period ended March 31, 2019, 94.55%, 93.91%, and 92.02% of the distributions from net investment income paid by the Dynamic Municipal Income Fund, the High Yield Municipal Fund, and the Short Duration Tax-Free Funds, respectively, were exempt-interest dividends and as such, are not subject to U.S. Federal income tax.

163

FUNDS PROFILE

Goldman Sachs Funds

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

Today, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.38 trillion in assets under supervision as of March 31, 2019, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Municipal Income Completion Fund

∎ Short Duration Tax-Free Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund⁴

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

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

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

TRUSTEES Jessica Palmer,Chair Kathryn A. Cassidy Diana M. Daniels James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara,President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus,Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

Fund holdings and allocations shown are as of March 31, 2019 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. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

© 2019 Goldman Sachs. All rights reserved. 165636-OTU-977780 TFFIAR-19

Goldman Sachs Funds

Annual Report	March 31, 2019
	Short Duration and Government Fixed Income Funds
	Enhanced Income
	Government Income
	High Quality Floating Rate
	Inflation Protected Securities
	Short Duration Government
	Short Duration Income
	Short-Term Conservative Income

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

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

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by callingtoll-free 800-621-2550 for Institutional, Service, Administration, Preferred, Class R6 and Class P shareholders or800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

Goldman Sachs Short Duration and Government Fixed Income Funds

∎ ENHANCED INCOME

∎ GOVERNMENT INCOME

∎ HIGH QUALITY FLOATING RATE

∎ INFLATION PROTECTED SECURITIES

∎ SHORT DURATION GOVERNMENT

∎ SHORT DURATION INCOME

∎ SHORT-TERM CONSERVATIVE INCOME

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	4
Schedules of Investments	47
Financial Statements	97
Financial Highlights	107
Enhanced Income	107
Government Income	113
High Quality Floating Rate	121
Inflation Protected Securities	127
Short Duration Government	134
Short Duration Income	141
Short-Term Conservative Income	148
Notes to Financial Statements	155
Report of Independent Registered Public Accounting Firm	183
Other Information	184

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

What Differentiates Goldman Sachs Asset Management’s 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:

∎ Assess relative value among securities and sectors

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

∎ 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

Fixed Income portfolios that:

∎ Include domestic and global investment options, income opportunities, and access to areas of specialization such as high yield

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

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

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

1

MARKET REVIEW

Goldman Sachs Short Duration and Government Fixed Income Funds

Market Review

During the 12 months ended March 31, 2019 (the “Reporting Period”), the performance of the fixed income markets was most influenced by economic data, central bank monetary policy and geopolitics.

In the second quarter of 2018, when the Reporting Period began, spread, ornon-government bond, sectors broadly weakened amid increased U.S.-China trade tensions, political events in emerging markets countries and Italy, higher U.S. interest rates and a stronger U.S. dollar. U.S. high yield corporate bonds, however, generated a small positive return. Rising oil prices were a tailwind for the broader high yield corporate bond sector, as many energy issuers are high yield rated. In June 2018, the U.S. Federal Reserve (“Fed”) raised short-term interest rates, the seventh rate hike since December 2015. The Fed’s dot plot pointed to two more interest rate increases in 2018, implying a total of four rate hikes in the calendar year. (The “dot plot” shows interest rate projections of the members of the Federal Open Market Committee.) U.S. economic growth strengthened, with the Gross Domestic Product expanding at an annualized rate of 4.2% in the second calendar quarter. In contrast, economic growth softened in the Eurozone, Japan and China. Meanwhile, the European Central Bank (“ECB”) announced plans to taper its quantitative easing program beginning September 2018. The U.S. dollar appreciated relative to many major currencies during the second quarter of 2018.

Spread sectors performed well during the third quarter of 2018, as the global economy — led by particularly strong economic growth in the U.S. — expanded. However, some major economies, including those of the Eurozone, the U.K. and China, continued to exhibit a gradual softening trend. Emerging markets debt broadly posted gains, with strength in July and September 2018 outweighing pronounced August weakness. High yield corporate bonds also advanced, recording their best quarterly performance since the first quarter of 2017. In September 2018, the Fed delivered the eighth interest rate hike of its current tightening cycle, with its dot plot pointing to another increase by calendaryear-end and three more during 2019. Fed Chair Jerome Powell delivered an upbeat assessment of the U.S. economy, which supported market expectations for these additional Fed rate hikes in 2019. U.S. Treasury yields rose in response, followed in turn by interest rates in other developed markets countries. In the third calendar quarter, the U.S. dollar appreciated modestly relative to many major currencies.

During the fourth quarter of 2018, investor concerns about slowing global economic growth momentum as well as tighter financial conditions, mainly in the U.S., weighed on spread sector performance. In particular, U.S. corporate bonds experienced weakness, as credit spreads, or yield differentials versus duration-equivalent U.S. Treasury securities, widened significantly. U.S. Treasury yields fell as investors grew fearful about the possible end of the global economic cycle, which led in turn to diminished expectations for further Fed interest rate hikes. In December 2018, Fed policymakers raised short-term interest rates, much as the market had expected, but lowered their projection for 2019 monetary policy tightening from three rate hikes to two. U.S. economic activity data — as reflected by Purchasing Managers’ Index and Institute for Supply Management surveys — remained in expansionary territory during the fourth calendar quarter but moderated from cycle highs. Headline inflation pressures eased as crude oil prices declined. In the fourth quarter of 2018, the U.S. dollar continued to appreciate versus many major currencies.

In the first quarter of 2019, spread sectors broadly posted gains, as dovish pivots by global central banks boosted investor sentiment and helped fuel rallies in both sovereign government bonds and riskier segments of the fixed income market. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Notably, high yield corporate bonds recorded their

2

MARKET REVIEW

strongest start to a calendar year on record. The Fed kept its monetary policy unchanged during the first calendar quarter, with its dot plot projecting no interest rate hikes at all during 2019. Meanwhile, the ECB extended its forward guidance, noting that its interest rates would remain unchanged through 2019. Other developed markets’ central banks — namely, those of Australia, New Zealand, Switzerland and, to some degree, the U.K. — also turned dovish. The U.S. economy continued to benefit from strength in household consumption, which was underpinned by a healthy labor market. During the first quarter of 2019, the U.S. dollar strengthened relative to many major currencies.

For the Reporting Period overall, spread sector performance was mixed. High yield corporate bonds outperformed U.S. Treasury securities, with commercial mortgage-backed securities and asset-backed securities also outpacing U.S. Treasury securities, though to a lesser extent. Sovereign emerging markets debt underperformed U.S. Treasury securities, followed at some distance by investment grade corporate bonds, agency securities and mortgage-backed securities. During the Reporting Period, the U.S. Treasury yield curve, or spectrum of maturities, flattened, as yields on maturities of two years and less rose and yields on longer-term maturities fell. (Yield curve is a spectrum of interest rates for U.S. Treasuries based on maturities of varying lengths. A flattening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows.) The yield on the bellwether10-year U.S. Treasury fell approximately 33 basis points to end the Reporting Period at 2.41%. Toward the end of the Reporting Period, the U.S. Treasury yield curve experienced a partial inversion. More specifically, the spread between the yields on three-month and10-year U.S. Treasury securities inverted for the first time since 2007, meaning three-month yields were higher than those of10-year U.S. Treasury securities. (A full inversion occurs when shorter-term yields exceed all longer-term yields.)

Looking Ahead

At the end of the Reporting Period, we believed the global economy had transitioned from a period of above-trend growth and rapid absorption of slack, particularly in the labor markets, to a period of near-trend growth with slower absorption of slack. In our opinion, global economic growth is likely to stabilize in the months ahead around levels seen at the end of the Reporting Period. Three key factors underpin our view. First, the Fed has pivoted from steady interest rate hikes to a dovish policy stance, and other developed markets central banks have followed suit. Second, China has taken a series of policy support steps to curtail the downward momentum in its economy, helping to ease external pressures on other Asian countries as well as on Europe. Third, the global trade backdrop has evolved from deteriorating to improving, with many investors anticipating a U.S.-China trade deal in the near term. Overall, we consider the short-term risk of recession to be low, should consumers broadly continue to drive economic growth, supported by healthy household balance sheets and strong labor markets.

Regarding global inflation, we think 2019 will likely be rather uneventful. The risks, we believe, are tilted toward softer inflation, as evidenced by easing pressures across core consumer prices, survey and market-based measures, producer prices, commodities, labor market slack and growth of money supply and credit.

As for the partial inversion of the U.S. Treasury yield curve, it is considered by some market participants to be a signal of an impending recession. However, we believe a comparison of the inversion that occurred during the Reporting Period with historical instances is flawed, given that short-term interest rates remain low relative to those during prior inversions. Furthermore, term premiums are lower following the Fed’s quantitative easing, and inflation expectations are comparatively more contained. (Term premium is the compensation that investors generally receive for the added risk of owning longer-term bonds.) In our view, both of these factors can result in lower yields across the entire U.S. Treasury yield curve.

3

FUND RESULTS

Goldman Sachs Enhanced Income Fund

Investment Objective

The Fund seeks to generate return in excess of traditional money market products while maintaining an emphasis on preservation of capital and liquidity.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Enhanced Income Fund’s (the “Fund”) performance and positioning for the12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Administration, Investor and Class R6 Shares generated average annual total returns, without sales charges, of 2.41%, 2.70%, 2.33%, 2.50% and 2.59%, respectively. These returns compare to the 2.35% average annual total return of the Goldman Sachs Enhanced Income Fund Composite Index (the “Enhanced Income Composite”) during the same period. The Enhanced Income Composite is comprised 50% of the ICE BofAMLSix-Month U.S. Treasury Bill Index (“BofAMLSix-Month U.S. Treasury Bill Index”) and 50% of the ICE BofAMLOne-Year U.S. Treasury Note Index (“BofAMLOne-Year U.S. Treasury Note Index”), which generated average annual total returns of 2.26% and 2.44%, respectively, over the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 2.36%. This compares to the 2.29% cumulative total return of the Enhanced Income Composite during the same time period. The BofAMLSix-Month U.S. Treasury Bill Index and the BofAMLOne-Year U.S. Treasury Note Index generated cumulative total returns of 2.16% and 2.42%, respectively, for the same time period.

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

A Bothtop-down andbottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within ourtop-down strategies, our cross-sector strategy contributed positively to the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration and yield curve positioning strategy detracted modestly from the Fund’s results during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Bottom-up individual issue selection overall generated positive results, with selection amongst corporate credit and government/swaps contributing most positively. However, selection amongst securitized debt detracted.

The Fund’s duration and government/swaps selection strategies are primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

Q Which fixed income market sectors most significantly affected Fund performance?

A Overall, our cross-sector strategy contributed positively to the Fund’s results during the Reporting Period primarily due to the Fund’s implicit, or indirect, exposure to U.S. Treasury spreads via swaps. Having an overweight to asset-backed securities also boosted the Fund’s performance. Only partially offsetting these positive contributors was the Fund’s exposure to investment grade corporate bonds, which detracted modestly.

Our individual security selection strategies generated positive results overall. Security selection of corporate credit proved beneficial, primarily due to tactical credit curve positioning as well as to effective selection of investment grade corporate credit. Selection within the government/swaps sector added value, driven by selections of commercial paper and certificates of deposit. Conversely, securitized selection detracted, largely based on selection of asset-backed securities.

4

FUND RESULTS

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

A Tactical management of the Fund’s duration and yield curve positioning detracted modestly from Fund performance during the Reporting Period. This was primarily due to the Fund’s underweight U.S. duration position relative to that of the Enhanced Income Composite, especially its underweights to theone-year andsix-month segments of the U.S. Treasury yield curve. These losses were partially offset by the Fund’s overweight exposure to the three-month segment of the U.S. Treasury yield curve and positioning around thetwo-year segment of the U.S. Treasury yield curve, which contributed positively.

A more dovish than expected U.S. Federal Reserve (“Fed”) meeting outcome in December 2018 and a pause in its interest rate hiking cycle during the first quarter of 2019 led to higher U.S. rate volatility. The Fed’s median “dot plot” projection at the end of the Reporting Period was no longer indicative of any interest rate hike in 2019, and its macro forecasts for economic growth and inflation were revised lower. (Dovish suggests lower interest rates; opposite of hawkish. The “dot plot” shows interest rate projections of the members of the Federal Open Market Committee.) At the end of the Reporting Period, we retained our discretionary view to maintain an underweight duration in the Fund at the front, or short-term, end of the U.S. Treasury yield curve.

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

A The Fund used Treasury futures and Eurodollar futures during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The use of derivatives had a rather neutral impact on the Fund’s performance during the Reporting Period.

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

A We increased the Fund’s exposure to U.S. Treasury securities and to investment grade corporate bonds overall. Within the investment grade corporate bond sector, we increased the Fund’s exposure to financials-related and industrials-related corporate bonds. We decreased the Fund’s exposure to asset-backed securities and to quasi-government securities, especially to agency government guaranteed securities. We also reduced the Fund’s position in cash during the Reporting Period. Additionally, as mentioned earlier, while we maintained the Fund’s shorter duration stance versus that of the Enhanced Income Composite, we did make adjustments in duration positioning as market conditions shifted.

Q How was the Fund positioned relative to its benchmark index at the end of March 2019?

A While the Fund’s benchmark is comprised of U.S. Treasury indices, it continued to hold a portion of its assets innon-Treasury sectors not represented in the Enhanced Income Composite. Indeed, the Fund maintained exposures to high quality spread, ornon-Treasury, sectors throughout the Reporting Period, most notably investment grade corporate bonds, asset-backed securities and quasi-government securities. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period. The Fund also had a significant position in cash at the end of the Reporting Period. Further, the Fund maintained a shorter duration position than that of the Enhanced Income Composite at the end of the Reporting Period.

Overall, the Fund continued to be flexibly guided by shifting market conditions, and thus we used our actively managed approach to position the Fund to seek to take advantage of such anticipated conditions. At the end of the Reporting Period, our outlook for the Fed’s monetary policy stance had changed slightly, and thus we intended to adjust duration guided by the context of market pricing in relation to our expectations. As always, we intend to continue to closely monitor economic data, Fed policy, inflation expectations, yield differentials across assets and any shifts in the yield curve, as we strive to navigate the market environment.

5

FUND BASICS

Enhanced Income Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			Enhanced Income Composite2			BofAML Six-Month U.S. Treasury Bill Index3			BofAML One-Year U.S. Treasury Note Index3			30-Day Standardized Subsidized Yield4			30-Day Standardized Unsubsidized Yield4
Class A		2.41	%		2.35	%		2.26	%		2.44	%		2.32	%		2.17	%
Institutional		2.70			2.35			2.26			2.44			2.55		��	2.41
Administration		2.33			2.35			2.26			2.44			2.32			2.16
Investor		2.50			2.35			2.26			2.44			2.47			2.32
Class R6		2.59			2.35			2.26			2.44			2.57			2.42
April 20, 2018–March 31, 2019
Class P		2.36	%		2.29	%		2.16	%		2.42	%		2.59	%		2.42	%

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

²  The Enhanced Income Composite is an equal weight blend of the BofAMLSix-Month U.S. Treasury Bill Index and the BofAMLOne-Year U.S. Treasury Note Index.

³  The BofAMLSix-Month U.S. Treasury Bill Index measures the performance of Treasury Bills with time to maturity of less than 6 months. The BofAMLOne-Year U.S. Treasury Note Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year. The BofAMLSix-Month U.S. Treasury Bill Index and BofAMLOne-Year U.S. Treasury Note Index, as reported by Bank of America Merrill Lynch, do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The method of calculation of the30-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. The30-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. The30-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, the30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

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 recentmonth-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.

6

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		2.41	%		0.85	%		0.84	%		1.95	%	8/2/00
Institutional		2.70			1.16			1.16			2.30		8/2/00
Administration		2.33			0.91			0.91			2.06		8/2/00
Investor		2.50			1.07			N/A			0.83		7/30/10
Class P		N/A			N/A			N/A			2.36		4/20/18
Class R6		2.59			N/A			N/A			1.61		7/31/15

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 calendarquarter-end. They assume reinvestment of all distributions at NAV. Prior to July 30, 2018, the maximum initial sales charge applicable to Class A Shares of the Fund was 1.5%, which is not reflected in the figures shown. Because Class A Shares, Institutional Shares, Administration Shares, Investor Shares, Class P Shares, and Class R6 Shares do not involve a sales charge, such a charge is also not applied to their Standardized Total Returns.

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 recentmonth-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.59	%		0.62	%
Institutional		0.35			0.38
Administration		0.60			0.63
Investor		0.44			0.47
Class P		0.34			0.37
Class R6		0.34			0.37

⁶  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2019, 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.

7

FUND BASICS

FUND COMPOSITION⁷

Percentage of Net Assets

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments represent certificates of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

8

GOLDMAN SACHS ENHANCED INCOME FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Goldman Sachs Enhanced Income Fund Composite Index, which is comprised of the ICE Bank of America Merrill Lynch One-Year U.S. Treasury Note Index (50%), and the ICE Bank of America Merrill Lynch Six-Month U.S. Treasury Bill Index (50%), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Administration, Investor, Class P and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Enhanced Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 2, 2000)	2.41%	0.85%	0.84%	1.95%
Institutional (Commenced August 2, 2000)	2.70%	1.16%	1.16%	2.30%
Administration (Commenced August 2, 2000)	2.33%	0.91%	0.91%	2.06%
Investor (Commenced July 30, 2010)	2.50%	1.07%	N/A	0.83%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	2.36%*
Class R6 (Commenced July 31, 2015)	2.59%	N/A	N/A	1.61%

* Total return for periods of less than one year represents cumulative total return.

9

FUND RESULTS

Goldman Sachs Government Income Fund

Investment Objective

The Fund seeks a high level of current income, consistent with safety of principal.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Government Income Fund’s (the “Fund”) performance and positioning for the12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 3.46%, 2.69%, 3.74%, 3.30%, 3.72%, 3.13% and 3.75%, respectively. These returns compare to the 4.30% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Government/Mortgage Index (the “Bloomberg Barclays Index”), during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 4.55%. This compares to the 5.17% cumulative total return of the Bloomberg Barclays Index during the same time period.

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

A Bothtop-down andbottom-up strategies had an impact on the Fund’s performance during the Reporting Period.Bottom-up individual issue selection overall detracted from the Fund’s relative results during the Reporting Period.

Within ourtop-down strategies, our duration strategy contributed positively to the Fund’s performance during the Reporting Period. The duration strategy is typically implemented via interest rate swaps and/or futures. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Our cross-sector strategy overall also contributed positively to the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

Q Which fixed income market sectors most significantly affected Fund performance?

A Individual issue selection among mortgage-backed securities detracted from the Fund’s relative results. While we saw higher coupon securities as inexpensive relative to the macro environment and other investment opportunities, a high conviction view on premium coupons within agency mortgage-backed securities in December 2018 was the largest detractor, as lower yields and yield curve flattening benefitted lower coupon mortgage-backed securities. (Yield curve is a spectrum of interest rates based on maturities of varying lengths. A flattening yield curve is one in which the differential in yields between longer-term and shorter-term maturities narrows.) This was partially offset by security selection of specific mortgage-backed securities pools and TBAs, which contributed positively during the Reporting Period. (TBAs are mortgage-backed securities forward agreements.)

Within our cross-sector strategy, the Fund’s underweight exposure to agency mortgage-backed securities relative to the Bloomberg Barclays Index contributed positively to performance during the Reporting Period. Agency mortgage-backed securities spreads, or yield differentials to duration-equivalent U.S. Treasuries, widened in response to the Federal Reserve’s (the “Fed”) balance sheet runoff, or reduced purchases of these securities, and muted bank demand. Additionally, an overweight to asset-backed securities added value, as asset-backed securities outperformed both mortgage-backed securities and U.S. Treasuries during the Reporting Period, driven by a strong U.S. consumer base.

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

A The Fund’s duration positioning overall contributed positively to the Fund’s relative results during the Reporting

10

FUND RESULTS

Period. The Fund tactically adjusted its duration in anticipation of interest rate hikes by the Fed but maintained a neutral to shorter duration than that of the Bloomberg Barclays Index through much of the Reporting Period. In particular, an underweight tofront-end, or short-term, U.S. Treasuries contributed positively, as U.S. interest rates sold off, or rose more significantly, at this end of the yield curve. This was partially offset by the Fund’s underweight when rates rallied, or decreased, in December 2018, which detracted from relative results, as investors fled to quality amid asell-off in risk assets.

The Fund’s yield curve positioning detracted from the Fund’s relative results during the Reporting Period. However, the underperformance was largely due to hedging mortgage-backed securities positions rather than targeted yield curve positioning.

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

A The Fund used Treasury futures, Eurodollar futures and bond exchange traded futures contracts to hedge interest rate exposure, i.e., to manage exposure to fluctuations in interest rates, and to facilitate specific duration and yield curve strategies. Interest rate swaps were used to hedge interest rate exposure and express an outright duration and term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund used forward contracts to help manage duration. The Fund also used collateralized mortgage obligations, inverse floaters, TBAs, IOs (mortgage-backed securities that receive interest only) and POs (mortgage-backed securities that receive principal only) as part of the Fund’s regular investment process as we sought to enhance return. Derivatives generally buoyed relative performance during the Reporting Period.

Overall, we employ derivatives for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate risks more effectively by allowing us both to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement.

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

A During the Reporting Period, we reduced the Fund’s exposure to asset-backed securities, as we found their relative value less attractive, yet maintained an overweight position compared to the Bloomberg Barclays Index. We modulated the Fund’s mortgage-backed securities positioning while remaining underweight relative to the Bloomberg Barclays Index on a contribution to duration basis. For example, going into the winter of 2018-2019, we reduced the Fund’s underweight due to reduced supply in those months and because of mortgage spread widening. However, we subsequently increased the underweight position going into the stronger spring/summer seasonal months and withstill-low interest rates that support a higher incentive to refinance. We increased the Fund’s overweight relative to the Bloomberg Barclays Index in quasi-government securities.

We maintained the Fund’s underweight to U.S. Treasury securities given the strong U.S. economy. However, we used thesell-off in global rates during the Reporting Period to scale back the underweight position. Within the U.S. Treasury yield curve, we retained our bias to be underweight short-term U.S. rates and remained overweight longer-term U.S. Treasuries, as we expect this segment of the yield curve to remain underpinned by demand from the pension fund community.

Additionally, as mentioned earlier, we shifted the Fund’s duration positioning during the Reporting Period as market conditions changed. As a residual of our investment strategies, the Fund’s position in cash was reduced.

Q How was the Fund positioned relative to its benchmark index at the end of March 2019?

A At the end of March 2019, the Fund had overweighted allocations relative to the Bloomberg Barclays Index on a market-value weighted basis in quasi-government securities, such as agency debentures, and, amid confidence the consumer remains in a strong place, in asset-backed securities, especially Federal Family Education Loan Program asset-backed securities, which usually benefit from strong government support and limited supply pressures. The Fund was overweight residential mortgage-backed securities overall on a market-value weighted basis, mostly through adjustable-rate mortgages and collateralized mortgage obligations, but was underweight agency pass-through mortgage-backed securities, as we expect these securities to underperform high quality assets as the Fed balance sheet runoff continues in 2019 and as supply increases in the spring and summer home-buying season. We continued to favor higher coupon agency mortgage-backed securities over lower-coupon securities given our expectations for increased

11

FUND RESULTS

mortgage-backed securities supply, the Fed’s tapering program, limited bank demand and our preference for the collateral and carry characteristics of higher-coupon mortgage-backed securities. (Carry of an asset is the return obtained from holding it, if positive, or the cost of holding it, if negative.)

The Fund was underweight relative to the Bloomberg Barclays Index in U.S. Treasury securities. The Fund had a modestly shorter duration than that of the Bloomberg Barclays Index at the end of the Reporting Period.

12

FUND BASICS

Government Income Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018–March 31, 2019	Fund Total Return (based on NAV)1			Bloomberg Barclays Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		3.46	%		4.30	%		1.85	%		1.48	%
Class C		2.69			4.30			1.19			0.81
Institutional		3.74			4.30			2.27			1.88
Service		3.30			4.30			1.77			1.38
Investor		3.72			4.30			2.18			1.80
Class R		3.13			4.30			1.68			1.29
Class R6		3.75			4.30			2.28			1.90
April 20, 2018–March 31, 2019
Class P		4.55	%		5.17	%		2.27	%		1.88	%

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

²  The Bloomberg Barclays Index, an unmanaged index, measures the performance of U.S. government bonds and mortgage-related securities. The Bloomberg Barclays Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the30-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. The30-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. The30-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, the30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

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 recentmonth-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.

13

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-0.42	%		0.82	%		1.98	%		4.40	%	2/10/93
Class C		1.68			0.84			1.61			3.31		8/15/97
Institutional		3.74			1.94			2.71			4.45		8/15/97
Service		3.30			1.43			2.20			3.93		8/15/97
Investor		3.72			1.85			2.62			2.93		11/30/07
Class P		N/A			N/A			N/A			4.55		4/20/18
Class R		3.13			1.34			2.11			2.43		11/30/07
Class R6		3.75			N/A			N/A			1.65		7/31/15

⁴ 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 calendarquarter-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 was 4.5%, which is not reflected in the figures shown. Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional Shares, Service Shares, Investor Shares, Class P Shares, Class R Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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 recentmonth-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio��(Current)			Gross Expense Ratio (Before Waivers)
Class A		0.91	%		1.06	%
Class C		1.66			1.81
Institutional		0.57			0.72
Service		1.07			1.22
Investor		0.66			0.81
Class P		0.56			0.71
Class R		1.16			1.31
Class R6		0.56			0.71

⁵  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, 2019, 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.

14

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁷  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.

⁸  “Agency Debentures” include agency securities offered by companies such as Federal Farm Credit Bank (“FFCB”), FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

15

GOLDMAN SACHS GOVERNMENT INCOME FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Government/Mortgage Index is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Investor, Class P, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Government Income Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced February 10, 1993)
Excluding sales charges	3.46%	1.59%	2.37%	4.55%
Including sales charges	-0.42%	0.82%	1.98%	4.40%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	2.69%	0.84%	1.61%	3.31%
Including contingent deferred sales charges	1.68%	0.84%	1.61%	3.31%
Institutional (Commenced August 15, 1997)	3.74%	1.94%	2.71%	4.45%
Service (Commenced August 15, 1997)	3.30%	1.43%	2.20%	3.93%
Investor (Commenced November 30, 2007)	3.72%	1.85%	2.62%	2.93%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	4.55%*
Class R (Commenced November 30, 2007)	3.13%	1.34%	2.11%	2.43%
Class R6 (Commenced July 31, 2015)	3.75%	N/A	N/A	1.65%

* Total return for periods of less than one year represents cumulative total return.

16

FUND RESULTS

Goldman Sachs High Quality Floating Rate Fund

Investment Objective

The Fund seeks to provide a high level of current income, consistent with low volatility of principal.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs High Quality Floating Rate Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Service, Investor and Class R6 Shares generated average annual total returns, without sales charges, of 1.84%, 2.23%, 1.73%, 2.14% and 2.23%, respectively. These returns compare to the 2.12% average annual total return of the Fund’s benchmark, the ICE BofAMLThree-Month U.S. Treasury Bill Index (“BofAMLThree-Month U.S. Treasury Bill Index���).

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 1.99%. This compares to the 2.88% cumulative total return of the BofAMLThree-Month U.S. Treasury Bill Index during the same time period.

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

A Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy contributed most positively to the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration and yield curve positioning strategy detracted from Fund performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths. Bottom-up individual issue selection overall contributed positively.

The Fund’s duration and government/swaps selection strategies are primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

Q Which fixed income market sectors most significantly affected Fund performance?

A Cross-sector positioning was the primary positive contributor to the Fund’s results during the Reporting Period, driven mostly by exposures to government swaps. An overweight to asset-backed securities also contributed positively to the Fund’s relative results.

Overall, individual security selection added value to the Fund’s relative results, especially within the securitized sector. Individual issue selection of specific collateralized loan obligations (“CLOs”) and mortgage-backed securities helped most. These positive contributors were only partially offset by security selection amongst asset-backed securities, which detracted.

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

A Tactical management of the Fund’s duration and yield curve positioning detracted from Fund performance during the Reporting Period. This was primarily due to the Fund’s underweight to the three-month segment of the U.S. Treasury yield curve. This detractor was partially offset by an overweight held for the majority of the Reporting Period to the six-month segment of the U.S. Treasury yield curve, which contributed positively.

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

A The Fund used Treasury futures and swaps during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.)

17

FUND RESULTS

The use of derivatives had a positive impact, on a net basis, on the Fund’s performance during the Reporting Period.

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

A During the Reporting Period, we increased the Fund’s exposure to U.S. Treasuries, quasi-government securities and asset-backed securities and decreased its exposure to residential mortgage-backed securities. We also reduced the Fund’s position in cash during the Reporting Period. Additionally, while we maintained the Fund’s shorter duration stance versus that of the BofAML Three-Month U.S. Treasury Bill Index, we did make adjustments in duration positioning as market conditions shifted.

Q How was the Fund positioned relative to its benchmark index at the end of March 2019?

A While the Fund’s benchmark is comprised of a U.S. Treasury index, it held a significant portion of its assets in non-Treasury sectors not represented in the benchmark index at the end of the Reporting Period. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably asset-backed securities and agency mortgage-backed securities. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period. Further, the Fund maintained a shorter duration position than that of the BofAML Three-Month U.S. Treasury Bill Index at the end of the Reporting Period. That said, our outlook for the Federal Reserve’s (“Fed”) monetary policy stance had shifted slightly, and thus we intended to adjust duration guided by the context of market pricing in relation to our expectations.

Overall, the Fund continued to be flexibly guided by shifting market conditions, and thus we used our actively managed approach to position the Fund to seek to take advantage of such anticipated conditions. At the end of the Reporting Period, we viewed floating rate securities as offering value. As always, we intend to continue to closely monitor economic data, Fed policy, inflation expectations, yield differentials across assets and any shifts in the yield curve, as we strive to navigate the market environment.

18

FUND BASICS

High Quality Floating Rate Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018–March 31, 2019	Fund Total Return (based on NAV)1			ICE BofAML Three-Month U.S. Treasury Bill Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		1.84	%		2.12	%		2.48	%		2.25	%
Institutional		2.23			2.12			2.71			2.49
Service		1.73			2.12			2.21			1.99
Investor		2.14			2.12			2.62			2.40
Class R6		2.23			2.12			2.73			2.50
April 20, 2018–March 31, 2019
Class P		1.99	%		2.88	%		2.73	%		2.50	%

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

²  The ICE BofAML Three-Month U.S. Treasury Bill Index, an unmanaged index, measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about90-day maturity, as reported by Bank of America Merrill Lynch, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

³  The method of calculation of the30-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. The30-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. The30-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, the30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

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 recentmonth-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.

19

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		1.84	%		0.75	%		0.69	%		2.54	%	5/15/95
Institutional		2.23			1.04			1.01			3.15		7/17/91
Service		1.73			0.57			0.54			2.09		3/27/97
Investor		2.14			0.94			0.91			0.81		11/30/07
Class P		N/A			N/A			N/A			1.99		4/20/18
Class R6		2.23			N/A			N/A			1.52		7/31/15

⁴  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 calendarquarter-end. They assume reinvestment of all distributions at NAV. Prior to July 30, 2018, the maximum initial sales charge applicable to Class A Shares of the Fund was 1.5%, which is not reflected in the figures shown. Because Class A Shares, Institutional Shares, Service Shares, Investor Shares, Class P Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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 recentmonth-end returns.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.60	%		0.65	%
Institutional		0.36			0.41
Service		0.86			0.91
Investor		0.45			0.50
Class P		0.35			0.40
Class R6		0.35			0.40

⁵  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, 2019, 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.

20

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represents commercial paper and repurchase agreements. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph does not depict the investment in the securities lending reinvestment vehicle. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁷  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.

⁸  “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

21

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s current benchmark, the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Service, Investor, Class P and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

High Quality Floating Rate Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 15, 1995)	1.84%	0.75%	0.69%	2.54%
Institutional (Commenced July 17, 1991)	2.23%	1.04%	1.01%	3.15%
Service (Commenced March 27, 1997)	1.73%	0.57%	0.54%	2.09%
Investor (Commenced November 30, 2007)	2.14%	0.94%	0.91%	0.81%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	1.99%*
Class R6 (Commenced July 31, 2015)	2.23%	N/A	N/A	1.52%

* Total return for periods of less than one year represents cumulative total return.

22

FUND RESULTS

Goldman Sachs Inflation Protected Securities Fund

Investment Objective

The Fund seeks real return consistent with preservation of capital.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Inflation Protected Securities Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 2.21%, 1.38%, 2.55%, 2.48%, 1.87% and 2.47%, respectively. These returns compare to the 2.70% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index (“Bloomberg Barclays U.S. TIPS Index”), during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 2.77%. This compares to the 3.09% cumulative total return of the Bloomberg Barclays U.S. TIPS Index during the same time period.

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

A The Fund’s cross-sector strategy dampened its results during the Reporting Period. The cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark, including interest rate swaps and/or futures.

The Fund’s duration strategy contributed positively to its results during the Reporting Period. The duration strategy for the Fund is primarily implemented via interest rate swaps and/or futures. Furthermore, derivatives are used in combination with cash securities to implement our views in the Fund. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve positioning, which indicates a spectrum of interest rates within a particular sector based on maturities of varying lengths, detracted from Fund performance during the Reporting Period.

Overall, bottom-up individual issue selection of various maturity U.S. Treasury inflation protected securities (“TIPS”) and inflation swaps was a key positive contributor to the Fund’s performance during the Reporting Period.

Q Which fixed income market sectors most significantly affected Fund performance?

A Individual issue selection of various maturity TIPS contributed positively to Fund performance during the Reporting Period. Particularly beneficial to relative results was selection of TIPS with a maturity of less than seven years. Selection of specific-issue TIPS and inflation swaps also aided Fund results during the Reporting Period. These gains were partially offset by selection of TIPS with a maturity of greater than seven years, which detracted.

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

A The Fund’s duration strategy contributed positively to its relative results during the Reporting Period. The Fund’s shorter duration than that of the Bloomberg Barclays U.S. TIPS Index helped, as U.S. interest rates increased in the short-term end of the yield curve, given the Federal Reserve’s (the “Fed”) three interest rate hikes during the Reporting Period.

Yield curve positioning detracted from the Fund’s results during the Reporting Period, primarily implemented via interest rate swaps and swap options.

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

A The Fund used Treasury futures and Eurodollar futures to hedge interest rate exposure and to facilitate specific duration and yield curve strategies. We used interest rate and bond exchange traded futures contracts to help implement duration

23

FUND RESULTS

positioning within the Fund. Interest rate swaps and options were similarly used to manage interest rate exposure and express an outright term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) Inflation-linked swaps were used to help grant us greater precision and versatility in the management of active strategies.

Overall, the use of derivatives detracted from the Fund’s performance during the Reporting Period. However, more specifically, the use of derivatives to manage interest rate risk contributed positively to performance, while the use of derivatives to express views on the yield curve detracted from performance. The use of inflation-linked swaps — from a bottom-up security selection perspective — contributed positively to performance during the Reporting Period.

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

A We tactically managed our views on inflation in the Fund via varying allocations to TIPS throughout the Reporting Period. More specifically, we increased the Fund’s position in TIPS with a maturity of less than seven years and also increased the Fund’s position in TIPS with a maturity of greater than seven years, reducing the Fund’s position in cash. That said, we had reduced the Fund’s allocations to TIPS across the maturity spectrum in August 2018 given negative late-summer seasonal factors and breakeven inflation rates appearing, in our opinion, full. We then increased TIPS allocations again by the middle of the Reporting Period. (Breakeven inflation is the difference between the nominal yield on a fixed rate investment and the real yield on an inflation-linked investment of similar maturity and credit quality.)

Overall, the Fund’s duration positioning shifted modestly during the Reporting Period as market conditions changed, but its duration positioning did not change materially. Throughout the Reporting Period, we retained our bias to underweight U.S. interest rates given continued strength in U.S. economic data and what we believe is market under-pricing of the likely path of Fed interest rate hikes through 2020.

Q How was the Fund positioned relative to its benchmark index at the end of March 2019?

A At the end of March 2019, the Fund had most of its total net assets invested in TIPS, with the remainder in cash. Within the Fund’s TIPS allocation, we maintained an underweight to the short, i.e. seven years and less, end of the TIPS rate curve and an overweight to TIPS with a maturity of greater than seven years, as measured on a market value basis. The Fund had a modestly shorter duration than that of the Bloomberg Barclays U.S. TIPS Index at the end of the Reporting Period. We expect the Fed’s policy rates to remain unchanged for the remainder of 2019 — in line with the median Fed policymaker projection, and we see scope for one interest rate hike in 2020 providing inflationary pressures emerge. That said, we believe risks are skewed toward no further interest rate hikes in this cycle. In Europe, we think the European Central Bank may begin to lift its policy rate out of negative territory from the second quarter of 2020, though we acknowledge that Europe’s central bank may skip this tightening cycle entirely. The ultra-accommodative monetary policy stance in Japan will likely remain intact, in our view, while we think the Bank of England may raise its rates once Brexit, or the U.K. path out of the European Union, uncertainty is resolved.

Going forward, we intend to continue to closely monitor macro developments both domestically and abroad for the potential impact on inflation expectations as we position the Fund’s portfolio.

24

FUND BASICS

Inflation Protected Securities Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018–March 31, 2019	Fund Total Return (based on NAV)1			Bloomberg Barclays Barclays U.S. TIPS Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		2.21	%		2.70	%		1.90	%		1.71	%
Class C		1.38			2.70			1.23			1.04
Institutional		2.55			2.70			2.31			2.11
Investor		2.48			2.70			2.21			2.02
Class R		1.87			2.70			1.73			1.53
Class R6		2.47			2.70			2.32			2.12
April 20, 2018–March 31, 2019
Class P		2.77	%		3.09	%		2.32	%		2.12	%

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

²  The Bloomberg Barclays U.S. TIPS Index represents securities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portion of the index, total a minimum amount outstanding of 100 million U.S. dollars. The Bloomberg Barclays U.S. TIPS Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the30-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. The30-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. The Fund invests in US TIPS bonds and similar inflation protected securities, and the 30-Day Standardized Yield of the Fund, as quoted above, includes the positive or negative income effect on those bonds of changes in the rate of inflation. When inflation factors increase, we expect the Fund’s 30-Day Standardized Yield to be higher than if the effects of inflation were excluded, and when the inflation factors decrease, we expect the Fund’s 30-Day Standardized Yield to be lower than if the effects of inflation were excluded. Relatively small changes in the rate of inflation can have significant positive or negative impacts on the 30-Day Standardized Yield of the Fund. To the extent the Yield shown above includes the positive effect of a rise in inflation, it may not be repeated.

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.

25

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-1.61	%		0.63	%		2.61	%		3.02	%	8/31/07
Class C		0.37			0.64			2.24			2.62		8/31/07
Institutional		2.55			1.74			3.36			3.74		8/31/07
Investor		2.48			1.64			3.24			3.16		11/30/07
Class P		N/A			N/A			N/A			2.77		4/20/18
Class R		1.87			1.12			2.74			2.66		11/30/07
Class R6		2.47			N/A			N/A			1.96		7/31/15

⁴ 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 4.50%, which is not reflected in the figures shown. Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional Shares, Investor Shares, Class P Shares, Class R Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.68	%		0.75	%
Class C		1.43			1.50
Institutional		0.34			0.41
Investor		0.43			0.50
Class P		0.33			0.40
Class R		0.93			1.00
Class R6		0.33			0.40

⁵ 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, 2019, 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.

26

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

⁶ The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁷  “U.S. Treasury Obligations” percentages are grouped by effective maturity. The weighted average maturity was 8.22 and 7.74 years, respectively, at March 31, 2019 and March 31, 2018.

27

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Investor, Class P, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Inflation Protected Securities Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 31, 2007)
Excluding sales charges	2.21%	1.40%	3.00%	3.36%
Including sales charges	-1.61%	0.63%	2.61%	3.02%
Class C (Commenced August 31, 2007)
Excluding contingent deferred sales charges	1.38%	0.64%	2.24%	2.62%
Including contingent deferred sales charges	0.37%	0.64%	2.24%	2.62%
Institutional (Commenced August 31, 2007)	2.55%	1.74%	3.36%	3.74%
Investor (Commenced November 30, 2007)	2.48%	1.64%	3.24%	3.16%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	2.77%*
Class R (Commenced November 30, 2007)	1.87%	1.12%	2.74%	2.66%
Class R6 (Commenced July 31, 2015)	2.47%	N/A	N/A	1.96%

* Total return for periods of less than one year represents cumulative total return.

28

FUND RESULTS

Goldman Sachs Short Duration Government Fund

Investment Objective

The Fund seeks a high level of current income and secondarily, in seeking current income, may also consider the potential for capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Short Duration Government Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor and Class R6 Shares generated average annual total returns, without sales charges, of 1.97%, 1.46%, 2.32%, 1.70%, 2.23% and 2.33%, respectively. These returns compare to the 2.61% average annual total return of the Fund’s benchmark, the ICE BofAML Two-Year U.S. Treasury Note Index (“BofAML Two-Year U.S. Treasury Note Index”), during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 2.39%. This compares to the 2.82% cumulative total return of the BofAML Two-Year U.S. Treasury Note Index during the same time period.

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

A Both bottom-up and top-down strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our duration and yield curve positioning strategy detracted from relative performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths. Our cross-sector strategy contributed positively to relative performance. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

Bottom-up individual issue selection overall contributed positively to the Fund’s performance during the Reporting Period.

The Fund’s duration and government/swaps selection strategies are primarily implemented via interest rates swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

Q Which fixed income market sectors most significantly affected Fund performance?

A Sector positioning overall contributed positively to the Fund’s results during the Reporting Period. Via the Fund’s cross-sector strategy, exposure to government/swaps boosted relative results most.

Individual issue selection overall also contributed positively. Specifically, selection within the government/swaps sector proved most beneficial, primarily due to selections of government debt. Individual issue selection within the securitized sector also added value, especially selection of mortgage-backed securities.

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

A Tactical management of the Fund’s duration and yield curve positioning detracted from its results during the Reporting Period. This was primarily due to the Fund’s positioning around the two-year segment of the U.S. Treasury yield curve. This was partially offset by the Fund’s positioning around the three-year segment of the U.S. Treasury yield curve and around the one-year segment of the U.S. Treasury yield curve, which contributed positively.

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

A The Fund used Treasury futures as well as interest rate swaps during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (Term structure,

29

FUND RESULTS

most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund used forward sales contracts and futures contracts to help manage duration. Overall, the use of derivatives had a negative impact, on a net basis, on the Fund’s performance during the Reporting Period, especially the use of futures.

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

A During the Reporting Period, we increased the Fund’s weighting in U.S. Treasuries and decreased its exposure to mortgage-pass through securities and agency collateralized mortgage obligations.

Q How was the Fund positioned relative to its benchmark index at the end of March 2019?

A While the Fund’s benchmark is comprised of a U.S. Treasury index, it continued to hold a portion of its assets in non-Treasury sectors not represented in the benchmark index. Indeed, the Fund maintained exposures to high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably mortgage pass-through securities, agency mortgage-backed securities, government guaranteed agency securities and non-government guaranteed agency securities. The Fund maintained an underweighted exposure to government bonds at the end of the Reporting Period. Further, the Fund maintained a rather neutral duration position than that of the BofAML Two-Year U.S. Treasury Note Index at the end of the Reporting Period.

Overall, the Fund continued to be flexibly guided by shifting market conditions, and thus we used our actively managed approach to position the Fund to seek to take advantage of such anticipated conditions. At the end of the Reporting Period, our outlook for the Federal Reserve’s (the “Fed”) monetary policy stance had changed slightly, and thus we intended to adjust duration guided by the context of market pricing in relation to our expectations. As always, we intend to continue to closely monitor economic data, Fed policy, inflation expectations, yield differentials across assets and any shifts in the yield curve, as we strive to navigate the market environment.

30

FUND BASICS

Short Duration Government Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018–March 31, 2019	Fund Total Return (based on NAV)1			ICE BofAML Two-Year U.S. Treasury Note Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		1.97	%		2.61	%		1.81	%		1.66	%
Class C		1.46			2.61			1.44			0.95
Institutional		2.32			2.61			2.18			2.02
Service		1.70			2.61			1.68			1.53
Investor		2.23			2.61			2.09			1.93
Class R6		2.33			2.61			2.18			2.03
April 20, 2018–March 31, 2019
Class P		2.39	%		2.82	%		2.19	%		2.03	%

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

²  The BofAML Two-Year U.S. Treasury Note Index is a one-security index comprised of the most recently issued two-year U.S. Treasury note. The BofAML Two-Year U.S. Treasury Note Index is rebalanced monthly. In order to qualify for inclusion, a two-year note must be auctioned on or before the third business day before the last business day of the month. The BofAML Two-Year U.S. Treasury Note Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

³  The method of calculation of the30-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. The30-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.

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.

31

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		0.43	%		0.30	%		0.74	%		3.04	%	5/1/97
Class C		0.80			0.18			0.45			2.40		8/15/97
Institutional		2.32			0.93			1.24			4.50		8/15/88
Service		1.70			0.41			0.73			3.12		4/10/96
Investor		2.23			0.85			1.16			1.88		11/30/07
Class P		N/A			N/A			N/A			2.39		4/20/18
Class R6		2.33			N/A			N/A			1.00		7/31/15

⁴  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. Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional Shares, Service Shares, Investor Shares, Class P Shares, and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.82	%		0.89	%
Class C		1.22			1.64
Institutional		0.48			0.55
Service		0.98			1.05
Investor		0.57			0.64
Class P		0.47			0.54
Class R6		0.47			0.54

⁵ 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, 2019, 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.

32

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

⁶ The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁷  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.

⁸  “Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

33

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the ICE Bank of America Merrill Lynch Two-Year U.S. Treasury Note Index is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Investor, Class P and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Short Duration Government Fund’s 10 Year Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced May 1, 1997)
Excluding sales charges	1.97%	0.59%	0.89%	3.11%
Including sales charges	0.43%	0.30%	0.74%	3.04%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	1.46%	0.18%	0.45%	2.40%
Including contingent deferred sales charges	0.80%	0.18%	0.45%	2.40%
Institutional (Commenced August 15, 1988)	2.32%	0.93%	1.24%	4.50%
Service (Commenced April 10, 1996)	1.70%	0.41%	0.73%	3.12%
Investor (Commenced November 30, 2007)	2.23%	0.85%	1.16%	1.88%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	2.39%*
Class R6 (Commenced July 31, 2015)	2.33%	N/A	N/A	1.00%

* Total return for periods of less than one year represents cumulative total return.

34

FUND RESULTS

Goldman Sachs Short Duration Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Short Duration Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 3.01%, 2.61%, 3.36%, 3.27%, 2.76% and 3.36%, respectively. These returns compare to the 3.79% average annual total return of the Goldman Sachs Short Duration Income Fund Composite Index (the “Short Duration Income Composite”) during the same period. The Short Duration Income Composite is comprised 50% of the Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index and 50% of the Bloomberg Barclays U.S. 1-5 Year Government Bond Index, which generated average annual total returns of 4.42% and 3.17%, respectively, over the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 3.51%. This compares to the 4.09% cumulative total return of the Short Duration Income Composite during the same time period. The Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index and the Bloomberg Barclays U.S. 1-5 Year Government Bond Index generated cumulative total returns of 4.58% and 3.59%, respectively, during the same time period.

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

A Both top-down and bottom-up strategies had an impact on the Fund’s performance during the Reporting Period. Within our top-down strategies, our currency strategy detracted most from the Fund’s performance. The Fund’s positions in various currencies underperformed the Short Duration Income Composite, which has no exposure to currency, and thus such exposure within the Fund hurt relative results. More specifically, positions in Latin American emerging market currencies detracted most from performance, especially positions in the Argentine peso. The Fund’s position in the South African rand also hurt performance during the Reporting Period.

Conversely, our cross-sector strategy contributed positively to the Fund’s results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our country strategy also added value to the Fund’s results during the Reporting Period, primarily due to target trades that were long euro rates and short other rates, including Swedish rates and U.K. rates. Our duration and yield curve positioning strategy also boosted Fund performance during the Reporting Period. Duration is a measure of the fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Bottom-up individual issue selection overall was a positive contributor to the Fund’s relative results during the Reporting Period.

The currency, country, duration and government/swaps selection strategies are primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.

Q Which fixed income market sectors most significantly affected Fund performance?

A Sector positioning contributed positively to the Fund’s results during the Reporting Period, with exposure to U.S. Treasury spread swaps adding the most value. Exposure to asset-backed securities and high yield corporate credit also contributed positively to Fund performance.

35

FUND RESULTS

Overall, security selection contributed positively to relative results as well. Boosting relative results most during the Reporting Period was selection within the corporate bond sector, especially among investment grade U.S. corporate bonds. Partially offsetting these positive contributors was security selection within the government/swaps sector, which detracted due to selection of government debt, and within the emerging markets debt sector, which detracted due to selection of Polish and Egyptian debt.

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

A Tactical management of the Fund’s duration and yield curve positioning contributed positively, albeit modestly, to its results during the Reporting Period, primarily due to target trades. These gains were partially offset by an underweight exposure to the five-year segment of the U.S. Treasury yield curve as well as by an underweight exposure to the one-year segment of the U.S. Treasury yield curve, which detracted. However, an underweight to the three-year segment of the U.S. Treasury yield curve benefited Fund performance during the Reporting Period.

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

A The Fund used Treasury futures, Eurodollar futures as well as interest rate swaps and options during the Reporting Period for the purpose of managing the duration and term structure of the Fund. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds.) The Fund employed credit default swaps to manage the credit profile of the Fund. Additionally, the Fund used currency forwards to hedge its exposure to foreign currency exposure and increase total return. Derivatives had a negative impact, on a net basis, on the Fund’s performance during the Reporting Period.

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

A During the Reporting Period, we increased the Fund’s exposure to U.S. Treasuries, quasi-government securities, commercial mortgage-backed securities and investment grade corporate bonds and decreased its exposure to asset-backed securities and residential mortgage-backed securities. We also reduced the Fund’s position in cash during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of March 2019?

A While the Fund is benchmarked to an equally-balanced composite of the Bloomberg Barclays U.S.1-5 Year Corporate Bond Index and the Bloomberg Barclays U.S.1-5 Year Government Bond Index, it held a portion of its assets in non-Treasury sectors not represented in the Short Duration Income Composite. Indeed, in addition to investment grade corporate bonds, the Fund maintained exposure to several other high quality spread, or non-Treasury, sectors throughout the Reporting Period, most notably asset-backed securities, mortgage pass-through securities and agency collateralized mortgage obligations. The Fund also had exposure to high yield corporate bonds, quasi-government bonds, commercial mortgage-backed securities and emerging markets debt at the end of the Reporting Period. Further, the Fund maintained a modestly shorter U.S. duration position than that of the Short Duration Income Composite at the end of the Reporting Period.

Overall, the Fund continued to be flexibly guided by shifting market conditions, and thus we used our actively managed approach to position the Fund to seek to take advantage of such anticipated conditions. At the end of the Reporting Period, our outlook for the Federal Reserve’s (the “Fed”) monetary policy stance had changed slightly, and thus we intended to adjust duration guided by the context of market pricing in relation to our expectations. As always, we intend to continue to closely monitor economic data, Fed policy, inflation expectations, yield differentials across assets and any shifts in the yield curve, as we strive to navigate the market environment.

36

FUND BASICS

Short Duration Income Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			Goldman Sachs Short Duration Income Fund Composite Index2			Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index3			Bloomberg Barclays U.S. 1-5 Year Government Bond Index4			30-Day Standardized Subsidized Yield5			30-Day Standardized Unsubsidized Yield5
Class A		3.01	%		3.79	%		4.42	%		3.17	%		2.46	%		2.22	%
Class C		2.61			3.79			4.42			3.17			2.09			1.49
Institutional		3.36			3.79			4.42			3.17			2.83			2.57
Investor		3.27			3.79			4.42			3.17			2.74			2.48
Class R		2.76			3.79			4.42			3.17			2.24			1.98
Class R6		3.36			3.79			4.42			3.17			2.82			2.55
April 20, 2018–March 31, 2019
Class P		3.51	%		4.09	%		4.58	%		3.59	%		2.84	%		2.58	%

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

²  The Goldman Sachs Short Duration Income Fund Composite Index is comprised of the Bloomberg Barclays U.S.1-5 Year Corporate Bond Index (50%) and the Bloomberg Barclays U.S.1-5 Year Government Bond Index (50%).

³  The Bloomberg Barclays U.S.1-5 Year Corporate Bond Index provides a broad based measure of the global investment grade corporate sector with final maturities ranging between one and five years. The corporate sectors include industrial, utility and finance, for U.S. andnon-U.S. corporations. The Bloomberg Barclays U.S.1-5 Year Corporate Bond Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The Bloomberg Barclays U.S.1-5 Year Government Bond Index provides a broad based measure of securities issued by the U.S. government with final maturities ranging from one to five years. This includes public obligations of the U.S. Treasury, U.S. government agencies, quasi-federal corporations and corporate or foreign debt guaranteed by the U.S. government. The Bloomberg Barclays U.S.1-5 Year Government Bond Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁵  The method of calculation of the30-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. The30-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. The30-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, the30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

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 recentmonth-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.

37

FUND BASICS

STANDARDIZED TOTAL RETURNS6
For the period ended 3/31/19	One Year			Five Years			Since Inception			Inception Date
Class A		1.45	%		0.88	%		1.27	%	2/29/12
Class C		1.94			0.80			1.09		2/29/12
Institutional		3.36			1.54			1.85		2/29/12
Investor		3.27			1.45			1.76		2/29/12
Class P		N/A			N/A			3.51		4/20/18
Class R		2.76			0.95			1.25		2/29/12
Class R6		3.36			N/A			1.75		7/31/15

⁶  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 calendarquarter-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). Because Institutional Shares, Investor Shares, Class P Shares, Class R Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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 recentmonth-end returns.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS7
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.79	%		0.87	%
Class C		1.19			1.62
Institutional		0.45			0.53
Investor		0.54			0.62
Class P		0.44			0.52
Class R		1.04			1.12
Class R6		0.44			0.52

⁷  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 leastJuly 29, 2019, 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.

38

FUND BASICS

FUND COMPOSITION⁸

Percentage of Net Assets

⁸  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁹  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.

39

GOLDMAN SACHS SHORT DURATION INCOME FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on February 29, 2012 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Goldman Sachs Short Duration Income Fund Composite Index, which is comprised of the Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index (50%), and the Bloomberg Barclays U.S. 1-5 Year Government Bond Index (50%), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Investor, Class P, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Short Duration Income Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from February 29, 2012 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Since Inception
Class A (Commenced February 29, 2012)
Excluding sales charges	3.01%	1.18%	1.48%
Including sales charges	1.45%	0.88%	1.27%
Class C (Commenced February 29, 2012)
Excluding contingent deferred sales charges	2.61%	0.80%	1.09%
Including contingent deferred sales charges	1.94%	0.80%	1.09%
Institutional (Commenced February 29, 2012)	3.36%	1.54%	1.85%
Investor (Commenced February 29, 2012)	3.27%	1.45%	1.76%
Class P (Commenced April 20, 2018)	N/A	N/A	3.51%*
Class R (Commenced February 29, 2012)	2.76%	0.95%	1.25%
Class R6 (Commenced July 31, 2015)	3.36%	N/A	1.75%

* Total return for periods of less than one year represents cumulative total return.

40

FUND RESULTS

Goldman Sachs Short-Term Conservative Income Fund

Investment Objective

The Fund seeks to generate current income and secondarily maintain an emphasis on preservation of capital and liquidity.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Short-Term Conservative Income Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Administration, Preferred and Class R6 Shares generated average annual total returns, without sales charges, of 2.41%, 2.82%, 2.46%, 2.52% and 2.82%, respectively. These returns compare to the 2.42% average annual total return of the Fund’s benchmark, the Bloomberg Barclays Short-Term Government/Corporate Index (“Bloomberg Barclays Index”), during the same time period. The Fund’s secondary benchmark, the ICE BofAML 3-6 Month U.S. Treasury Bill Index, had an average annual total return of 2.23% during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 2.48%. This compares to the 2.33% cumulative total return of the Bloomberg Barclays Index during the same time period. The Fund’s secondary benchmark, the ICE BofAML 3-6 Month U.S. Treasury Bill Index, had a cumulative total return of 2.12% during the same time period.

For the period since their inception on August 14, 2018 through March 31, 2019, the Fund’s Investor Class Shares generated a cumulative total return of 1.68%. This compares to the 1.63% cumulative total return of the Bloomberg Barclays Index during the same period. The Fund’s secondary benchmark, the ICE BofAML 3-6 Month U.S. Treasury Bill Index, had a cumulative total return of 1.50% during the same time period.

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

A Both bottom-up and top-down strategies had an impact on the Fund’s performance during the Reporting Period. Bottom-up individual issue selection contributed positively to the Fund’s performance during the Reporting Period.

Within our top-down strategies, our cross-sector strategy contributed positively to the Fund’s relative results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Our duration and yield curve positioning strategy detracted from the Fund’s performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates within a particular sector based on maturities of varying lengths.

Q Which fixed income market sectors most significantly affected Fund performance?

A Our individual security selection strategies overall contributed positively to the Fund’s relative results during the Reporting Period, driven primarily by tactical credit curve positioning and selection of investment grade financial and industrial names within the corporate credit sector. Selection within the securitized sector and among commercial paper and certificates of deposit also added significant value.

Cross-sector positioning was positive, driven in part by the Fund’s implicit exposure to U.S. Treasury spreads and, to a lesser extent, by its overweight to investment grade corporate credit, as spreads, or yield differentials to duration- equivalent U.S. Treasuries, tightened during the Reporting Period.

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

A Tactical management of the Fund’s duration and yield curve positioning detracted from relative results during the Reporting Period, as underweight exposure to the U.S. Treasury yield curve relative to that of the Bloomberg Barclays Index dampened results.

41

FUND RESULTS

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

A The Fund does not use derivatives.

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

A During the Reporting Period, we increased the Fund’s exposure to corporate debt and reduced its exposure to certificates of deposit and repurchase agreements. We increased the Fund’s position in cash. Additionally, while we maintained the Fund’s shorter duration stance versus that of the Bloomberg Barclays Index, we did make adjustments in duration positioning as market conditions shifted.

Q How was the Fund positioned relative to its benchmark index at the end of March 2019?

A At the end of the Reporting Period, the Fund had an emphasis on investment grade corporate bonds with lesser allocations to commercial paper, certificates of deposit, cash and cash equivalents and repurchase agreements. Further, the Fund maintained a shorter U.S. duration position than that of the Bloomberg Barclays Index at the end of the Reporting Period, as we think market-implied pricing that points to lower interest rates is too dovish. (Dovish suggests lower interest rates; opposite of hawkish.)

Overall, the Fund continued to be flexibly guided by shifting market conditions, and thus we used our actively managed approach to position the Fund to seek to take advantage of such anticipated conditions. At the end of the Reporting Period, we intended to adjust duration guided by the context of market pricing in relation to our expectations. As always, we intend to continue to closely monitor economic data, Federal Reserve policy, inflation expectations, yield differentials across assets and any shifts in the yield curve, as we strive to navigate the market environment.

42

FUND BASICS

Short-Term Conservative Income

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018–March 31, 2019	Fund Total Return (based on NAV)1			Bloomberg Barclays Short-Term Government/ Corporate Index2			ICE BofAML 3-6 Month US Treasury Bill Index3			30-Day Standardized Subsidized Yield4			30-Day Standardized Unsubsidized Yield4
Class A		2.41	%		2.42	%		2.23	%		2.46	%		2.29	%
Institutional		2.82			2.42			2.23			2.70			2.55
Administration		2.46			2.42			2.23			2.45			2.30
Preferred		2.52			2.42			2.23			2.61			2.46
Class R6		2.82			2.42			2.23			2.71			2.56
April 20, 2018–March 31, 2019
Class P		2.48	%		2.33	%		2.12	%		2.71	%		2.56	%
August 14, 2018–March 31, 2019
Investor		1.68	%		1.63	%		1.50	%		2.61	%		2.44	%

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

²  The Bloomberg Barclays Index, an unmanaged index measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government related bonds, and investment grade U.S. corporate bonds.

³  ICE BofAML3-6 Month US Treasury Bill Index measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90 to180-day maturity. The Bank of America Merrill Lynch3-6 Month U.S. Treasury Bill Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The method of calculation of the30-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. The30-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. The30-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, the30-Day Standard Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

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 recentmonth-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.

43

FUND BASICS

STANDARDIZED TOTAL RETURNS5
For the period ended 3/31/19	One Year			Five Year			Since Inception			Inception Date
Class A		2.41	%		N/A			1.60	%	10/31/16
Institutional		2.82			1.28	%		1.25		2/28/14
Administration		2.46			1.02			1.01		2/28/14
Preferred		2.52			N/A			1.84		10/31/16
Investor		N/A			N/A			1.68		8/14/18
Class P		N/A			N/A			2.48		4/20/18
Class R6		2.82			N/A			2.43		11/30/17

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 calendarquarter-end. They assume reinvestment of all distributions at NAV. Prior to July 30, 2018, the maximum initial sales charge applicable to Class A Shares of the Fund was 1.5%, which is not reflected in the figures shown. Because Class A Shares, Institutional Shares, Administration Shares, Investor Shares, Class P Shares, Preferred Shares and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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 recentmonth-end returns.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS6
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.48	%		0.57	%
Institutional		0.24			0.33
Administration		0.49			0.58
Investor		0.33			0.42
Class P		0.23			0.32
Preferred		0.34			0.43
Class R6		0.23			0.32

⁶  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least August 14, 2019 (with respect to Investor Shares) and July 29, 2019 (with respect to all other share classes), and prior to such date the investment adviser may not terminate the applicable 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.

44

FUND BASICS

FUND COMPOSITION⁷

Percentage of Net Assets

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit, commercial paper and repurchase agreements. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities.

45

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on February 28, 2014 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmarks, the Bloomberg Barclays Short-Term Government/Corporate Index and the ICE Bank of America Merrill Lynch3-6 Month U.S. Treasury Bill Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Administration, Investor, Class P, Preferred and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Short-Term Conservative Income Fund’s Lifetime Performance

Performance of a $1,000,000 Investment, with distributions reinvested, from February 28, 2014 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Year	Since Inception
Class A (Commenced October 31, 2016)	2.41%	N/A	1.60%
Preferred (Commenced October 31, 2016)	2.52%	N/A	1.84%
Institutional (Commenced February 28, 2014)	2.82%	1.28%	1.25%
Administration (Commenced February 28, 2014)	2.46%	1.02%	1.01%
Investor (Commenced August 14, 2018)	N/A	N/A	1.68%*
Class P (Commenced April 20, 2018)	N/A	N/A	2.48%*
Class R6 (Commenced November 30, 2017)	2.82%	N/A	2.43%

* Total return for periods of less than one year represents cumulative total return.

46

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date			Value
Corporate Obligations – 51.3%
Aerospace & Defense – 0.9%
	General Dynamics Corp.
$	1,700,000		3.000	%		05/11/21		$	1,713,906
	Northrop Grumman Corp.
	1,188,000		3.500			03/15/21			1,205,689
	United Technologies Corp.(a)(b) (3M USD LIBOR + 0.650%)
	1,925,000		3.333			08/16/21			1,925,963
									4,845,558
Agriculture – 0.9%
	Altria Group, Inc.(a)
	1,525,000		3.490			02/14/22			1,549,247
	Archer-Daniels-Midland Co.(a)
	750,000		3.375			03/15/22			766,073
	BAT Capital Corp.
	2,525,000		2.297			08/14/20			2,500,381
									4,815,701
Automotive – 3.1%
	BMW US Capital LLC(b)(c) (3M USD LIBOR + 0.370%)
	2,500,000		3.063			08/14/20			2,501,450
	Daimler Finance North America LLC(c)
	775,000		3.350			05/04/21			780,681
	(3M USD LIBOR + 0.390%)
	800,000		3.128	(b)		05/04/20			799,312
	Toyota Motor Credit Corp.(b) (3M USD LIBOR + 0.150%)
	8,000,000		2.791			08/21/20			7,980,400
	Volkswagen Group of America Finance LLC(b)(c) (3M USD LIBOR + 0.770%)
	4,000,000		3.458			11/13/20			4,008,280
									16,070,123
Banks – 16.5%
	ABN AMRO Bank NV(c)
	2,100,000		2.650			01/19/21			2,092,755
	600,000		3.400			08/27/21			607,476
	Bank of America Corp.
	1,150,000		2.625			10/19/20			1,146,791
	3,050,000		2.151	(a)		11/09/20			3,021,025
	(3M USD LIBOR + 0.630%)
	850,000		3.499	(a)(b)		05/17/22			860,115
	(3M USD LIBOR + 0.660%)
	1,375,000		2.369	(a)(b)		07/21/21			1,366,214
	Bank of America NA(a)(b) (3M USD LIBOR + 0.650%)
	500,000		3.335			01/25/23			505,980
	Banque Federative du Credit Mutuel SA(c)
	700,000		2.200			07/20/20			694,512
	(3M USD LIBOR + 0.490%)
	3,000,000		3.251	(b)		07/20/20			3,005,700
	Barclays Bank PLC(b) (3M USD LIBOR + 0.400%)
	5,000,000		3.041			08/21/20			4,972,500
	BNP Paribas SA
	900,000		2.375			05/21/20			897,120
	BNZ International Funding Ltd.(b)(c) (3M USD LIBOR + 0.700%)
	4,100,000		3.341			02/21/20			4,113,858
	BPCE SA
	1,725,000		2.650			02/03/21			1,719,256
Corporate Obligations – (continued)
Banks – (continued)
	Citibank NA(a)
	5,050,000		2.125			10/20/20			5,006,216
	Citigroup, Inc.
	875,000		2.400			02/18/20			872,261
	Citizens Bank NA(a)
	1,200,000		3.250			02/14/22			1,211,148
	(3M USD LIBOR + 0.540%)
	1,175,000		3.155	(b)		03/02/20			1,176,692
	Cooperatieve Rabobank UA
	550,000		3.125			04/26/21			553,812
	(3M USD LIBOR + 0.430%)
	450,000		3.195	(b)		04/26/21			451,058
	Credit Suisse Group Funding Guernsey Ltd.
	4,575,000		3.450			04/16/21	��		4,624,730
	Deutsche Bank AG
	2,075,000		2.700			07/13/20			2,052,638
	HSBC Holdings PLC(a)(b) (3M USD LIBOR + 0.600%)
	1,600,000		3.283			05/18/21			1,598,464
	ING Bank NV(c)
	1,725,000		2.750			03/22/21			1,720,636
	JPMorgan Chase & Co.(a)
	1,775,000		2.750			06/23/20			1,775,870
	(3M USD LIBOR + 0.610%)
	2,150,000		3.225	(b)		06/18/22			2,146,947
	(3M USD LIBOR + 0.610%)
	1,900,000		3.514	(b)		06/18/22			1,924,681
	Lloyds Bank PLC
	1,050,000		3.300			05/07/21			1,058,074
	(3M USD LIBOR + 0.490%)
	1,025,000		3.229	(b)		05/07/21			1,022,776
	Morgan Stanley, Inc.
	1,425,000		2.500			04/21/21			1,416,478
	(3M USD LIBOR + 1.180%)
	4,575,000		3.941	(a)(b)		01/20/22			4,619,652
	MUFG Bank Ltd.(c)
	1,625,000		2.300			03/05/20			1,618,435
	MUFG Union Bank NA(a)
	1,325,000		3.150			04/01/22			1,336,554
	National Bank of Canada(b) (3M USD LIBOR + 0.160%)
	3,000,000		2.804			08/20/20			3,000,165
	NatWest Markets PLC(c)
	2,000,000		3.625			09/29/22			2,002,460
	Nordea Bank Abp(c)
	1,900,000		2.500			09/17/20			1,891,507
	Santander UK PLC
	1,825,000		2.125			11/03/20			1,804,377
	775,000		2.500			01/05/21			768,870
	Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
	1,200,000		4.247			01/20/23			1,219,344
	SunTrust Bank(a)(b) (3M USD LIBOR + 0.500%)
	1,450,000		3.525			10/26/21			1,464,819
	The Huntington National Bank(a)
	1,250,000		3.125			04/01/22			1,260,625
	The Toronto-Dominion Bank(b) (3M USD LIBOR + 0.300%)
	3,000,000		2.700			05/01/20			3,004,140

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	UBS AG(a)(c)
$	2,600,000		2.200	%		06/08/20	$	2,584,530
	Wells Fargo & Co.
	3,200,000		2.100			07/26/21		3,149,856
	Westpac Banking Corp.
	2,425,000		2.300			05/26/20		2,413,918
								85,755,035
Beverages – 1.2%
	Anheuser-Busch InBev Finance, Inc.(a)
	2,475,000		3.300			02/01/23		2,511,704
	Constellation Brands, Inc.
	1,550,000		2.250			11/06/20		1,534,174
	975,000		2.700	(a)		05/09/22		966,371
	Diageo Capital PLC
	1,350,000		3.000			05/18/20		1,354,577
								6,366,826
Chemicals – 1.5%
	DowDuPont, Inc.(b) (3M USD LIBOR + 0.710%)
	1,725,000		3.394			11/15/20		1,735,195
	E.I. du Pont de Nemours & Co.(b) (3M USD LIBOR + 0.530%)
	825,000		3.266			05/01/20		827,161
	Syngenta Finance NV(c)
	1,210,000		3.698			04/24/20		1,215,094
	1,485,000		3.933			04/23/21		1,494,222
	The Sherwin-Williams Co.
	1,175,000		2.250			05/15/20		1,168,185
	1,300,000		2.750	(a)		06/01/22		1,292,577
								7,732,434
Computers – 1.0%
	Dell International LLC/EMC Corp.(a)(c)
	1,175,000		4.420			06/15/21		1,205,914
	DXC Technology Co.
	550,000		2.875			03/27/20		549,571
	Hewlett Packard Enterprise Co.(a)
	2,550,000		3.600			10/15/20		2,573,817
	625,000		3.500			10/05/21		633,013
								4,962,315
Diversified Financial Services – 3.0%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	725,000		4.450			12/16/21		744,097
	1,500,000		4.125			07/03/23		1,517,865
	AIG Global Funding(c)
	675,000		2.150			07/02/20		669,850
	675,000		3.350			06/25/21		679,435
	(3M USD LIBOR + 0.460%)
	525,000		3.062	(b)		06/25/21		524,354
	American Express Co.(a)
	1,350,000		3.375			05/17/21		1,367,320
	American Express Credit Corp.(a)
	1,275,000		2.375			05/26/20		1,270,742
	Capital One Financial Corp.(a)
	1,000,000		2.500			05/12/20		996,880
	1,600,000		3.450			04/30/21		1,620,416
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	(3M USD LIBOR + 0.720%)
	1,300,000		3.471	(b)		01/30/23		1,282,073
	TD Ameritrade Holding Corp.(a)(b) (3M USD LIBOR + 0.430%)
	2,950,000		3.166			11/01/21		2,935,810
	The Charles Schwab Corp.(a)
	1,125,000		3.250			05/21/21		1,139,411
	(3M USD LIBOR + 0.320%)
	1,100,000		2.961	(b)		05/21/21		1,099,197
								15,847,450
Electrical – 2.4%
	American Electric Power Co., Inc.
	1,475,000		2.150			11/13/20		1,460,781
	Emera US Finance LP
	1,375,000		2.150			06/15/19		1,372,333
	NextEra Energy Capital Holdings, Inc.
	925,000		3.342			09/01/20		932,465
	1,200,000		2.900			04/01/22		1,200,132
	Pinnacle West Capital Corp.
	575,000		2.250			11/30/20		568,934
	Public Service Enterprise Group, Inc.
	1,950,000		1.600			11/15/19		1,935,628
	Sempra Energy(a)(b) (3M USD LIBOR + 0.500%)
	1,700,000		3.287			01/15/21		1,686,060
	Southern Power Co.(a)
	1,150,000		2.500			12/15/21		1,137,189
	WEC Energy Group, Inc.
	1,400,000		3.375			06/15/21		1,416,590
	525,000		3.100			03/08/22		529,289
								12,239,401
Food & Drug Retailing – 1.3%
	Conagra Brands, Inc.(a)(b) (3M USD LIBOR + 0.750%)
	1,775,000		3.511			10/22/20		1,772,675
	General Mills, Inc.(b) (3M USD LIBOR + 0.540%)
	1,350,000		3.319			04/16/21		1,346,557
	Mondelez International Holdings Netherlands BV(b)(c) (3M USD LIBOR + 0.610%)
	1,800,000		3.375			10/28/19		1,803,474
	Nestle Holdings, Inc.(a)(c)
	1,200,000		3.100			09/24/21		1,215,468
	Sysco Corp.(a)
	625,000		2.600			10/01/20		623,900
								6,762,074
Gas(a) – 0.1%
	NiSource, Inc.
	525,000		2.650			11/17/22		517,471
Healthcare Providers & Services – 1.6%
	Abbott Laboratories(a)
	1,275,000		2.900			11/30/21		1,280,635
	Becton Dickinson & Co.
	1,250,000		2.133			06/06/19		1,248,225
	675,000		2.404			06/05/20		670,815
	(3M USD LIBOR + 0.875%)
	2,025,000		3.476	(a)(b)		12/29/20		2,025,081

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

GOLDMAN SACHS ENHANCED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	Humana, Inc.
$	1,550,000		2.500	%		12/15/20	$	1,538,127
	UnitedHealth Group, Inc.
	1,500,000		1.950			10/15/20		1,485,225
								8,248,108
Insurance – 1.3%
	Jackson National Life Global Funding(b)(c) (3M USD LIBOR + 0.300%)
	3,500,000		3.065			04/27/20		3,503,325
	Marsh & McLennan Cos., Inc.
	1,675,000		3.500			12/29/20		1,697,663
	Metropolitan Life Global Funding I(c)
	1,625,000		3.375			01/11/22		1,649,245
								6,850,233
Internet – 0.3%
	Amazon.com, Inc.
	1,825,000		1.900			08/21/20		1,810,199
Lodging(b) – 0.2%
	Marriott International, Inc. (3M USD LIBOR + 0.600%)
	1,250,000		3.226			12/01/20		1,251,479
Machinery-Diversified – 0.1%
	John Deere Capital Corp.
	300,000		3.200			01/10/22		304,956
Media – 2.4%
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	3,600,000		4.464			07/23/22		3,726,000
	Comcast Corp.
	1,550,000		3.300			10/01/20		1,564,973
	1,025,000		3.450			10/01/21		1,045,510
	(3M USD LIBOR + 0.330%)
	1,550,000		2.922	(b)		10/01/20		1,551,348
	(3M USD LIBOR + 0.440%)
	1,050,000		3.032	(b)		10/01/21		1,054,778
	Fox Corp.(c)
	2,475,000		3.666			01/25/22		2,527,099
	Time Warner Cable LLC(a)
	1,024,000		4.000			09/01/21		1,041,869
								12,511,577
Mining(a)(c) – 0.1%
	Glencore Funding LLC
	575,000		3.000			10/27/22		565,116
Miscellaneous Manufacturing – 0.5%
	General Electric Co.
	542,000		6.000			08/07/19		547,182
	(3M USD LIBOR + 0.800%)
	522,000		3.587	(b)		04/15/20		521,744
	Ingersoll-Rand Global Holding Co. Ltd.
	1,300,000		2.900			02/21/21		1,297,725
								2,366,651
Corporate Obligations – (continued)
Multi-National – 2.2%
	European Investment Bank
	11,440,000		2.375			05/13/21		11,441,030
Oil Field Services – 1.5%
	BP Capital Markets PLC
	2,550,000		3.561			11/01/21		2,602,810
	Marathon Oil Corp.(a)
	2,875,000		2.700			06/01/20		2,863,155
	Phillips 66(a)(b)(c) (3M USD LIBOR + 0.750%)
	750,000		3.537			04/15/20		750,143
	Schlumberger Finance Canada Ltd.(c)
	850,000		2.200			11/20/20		843,064
	Valero Energy Corp.
	868,000		6.125			02/01/20		889,856
								7,949,028
Pharmaceuticals – 2.9%
	AbbVie, Inc.
	1,225,000		3.375			11/14/21		1,240,937
	Bayer US Finance II LLC(a)(b)(c) (3M USD LIBOR + 0.630%)
	2,225,000		3.232			06/25/21		2,205,108
	Cigna Corp.(c)
	1,275,000		3.200			09/17/20		1,281,005
	2,900,000		3.400			09/17/21		2,930,856
	CVS Health Corp.
	500,000		3.125			03/09/20		501,355
	1,325,000		2.800	(a)		07/20/20		1,323,344
	900,000		3.350			03/09/21		907,434
	2,200,000		2.125	(a)		06/01/21		2,161,522
	(3M USD LIBOR + 0.630%)
	525,000		3.231	(b)		03/09/20		526,013
	(3M USD LIBOR + 0.720%)
	375,000		3.321	(b)		03/09/21		376,178
	Elanco Animal Health, Inc.(c)
	1,625,000		3.912			08/27/21		1,651,286
								15,105,038
Pipelines – 1.4%
	Enbridge Energy Partners LP
	846,000		5.200			03/15/20		864,510
	Enterprise Products Operating LLC
	1,450,000		5.250			01/31/20		1,477,579
	Kinder Morgan Energy Partners LP
	2,325,000		6.850			02/15/20		2,399,842
	Sabine Pass Liquefaction LLC(a)
	2,300,000		6.250			03/15/22		2,485,380
								7,227,311
Real Estate Investment Trust(a) – 0.4%
	American Tower Corp.
	1,125,000		3.300			02/15/21		1,131,581
	Digital Realty Trust LP
	1,125,000		3.400			10/01/20		1,133,494
								2,265,075
Retailing – 1.0%
	Alimentation Couche-Tard, Inc.(c)
	1,800,000		2.350			12/13/19		1,791,990

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Retailing – (continued)
	Dollar Tree, Inc.(a)(b) (3M USD LIBOR + 0.700%)
$	2,850,000		3.473	%		04/17/20	$	2,850,627
	The Home Depot, Inc.
	550,000		3.250			03/01/22		562,606
								5,205,223
Semiconductors – 1.5%
	Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	1,550,000		3.000			01/15/22		1,543,195
	Broadcom, Inc.(c)
	3,100,000		3.125			04/15/21		3,096,342
	3,125,000		3.125			10/15/22		3,110,719
								7,750,256
Software(a) – 0.2%
	Fiserv, Inc.
	1,025,000		2.700			06/01/20		1,023,637
Telecommunication Services – 1.8%
	AT&T, Inc.
	350,000		2.800	(a)		02/17/21		349,849
	425,000		3.875			08/15/21		435,570
	1,625,000		3.000			02/15/22		1,631,630
	474,000		3.200	(a)		03/01/22		478,020
	(3M USD LIBOR + 0.950%)
	1,245,000		3.737	(b)		07/15/21		1,257,836
	Verizon Communications, Inc.
	676,000		2.625			02/21/20		675,263
	4,375,000		2.946			03/15/22		4,396,394
								9,224,562
	TOTAL CORPORATE OBLIGATIONS
	(Cost $266,721,871)						$	267,013,867
Mortgage-Backed Obligations(b)(c) – 0.2%
Collateralized Mortgage Obligations – 0.2%
Sequential Floating Rate – 0.2%
	Station Place SecuritizationTrust Series 2015-2, Class A (1M USD LIBOR + 0.550%)
$	950,000		3.044	%		07/15/19	$	950,000
	(Cost $950,000)
Asset-Backed Securities – 20.0%
Automotive – 5.3%
	Ally Master OwnerTrust Series 2017-3, Class A2(a)
$	3,750,000		2.040	%		06/15/22	$	3,715,021
	Ally Master OwnerTrust Series 2018-1, Class A2
	5,900,000		2.700			01/17/23		5,894,961
	Chesapeake Funding II LLCSeries 2016-2A, Class A1(c)
	915,015		1.880			06/15/28		911,921
	Ford Credit Auto OwnerTrust Series 2016-2, Class A(c)
	500,000		2.030			12/15/27		492,019
	Ford Credit Floorplan Master OwnerTrust Series 2017-2, Class A1
	5,200,000		2.160			09/15/22		5,163,240
Asset-Backed Securities – (continued)
Automotive – (continued)
	Ford Credit Floorplan Master OwnerTrust Series 2018-3, Class A1
	3,250,000		3.520			10/15/23		3,309,973
	GMF Floorplan Owner RevolvingTrust Series 2016-1, Class A1(c)
	1,550,000		1.960			05/17/21		1,548,596
	NextGear Floorplan Master OwnerTrust Series 2018-1A, Class A1(b)(c) (1M USD LIBOR + 0.640%)
	1,750,000		3.129			02/15/23		1,753,525
	Nissan Master Owner ReceivablesTrust Series 2016-A, Class A2
	1,200,000		1.540			06/15/21		1,196,814
	Nissan Master Owner ReceivablesTrust Series 2017-C, Class A(b) (1M USD LIBOR + 0.320%)
	3,100,000		2.809			10/17/22		3,101,462
	Tesla Auto LeaseTrust Series 2018-A, Class A(a)(c)
	641,838		2.320			12/20/19		641,007
								27,728,539
Credit Card – 5.8%
	Barclays Dryrock IssuanceTrust Series 2015-1, Class A
	3,450,000		2.200			12/15/22		3,435,785
	Barclays Dryrock IssuanceTrust Series 2016-1, Class A
	1,600,000		1.520			05/16/22		1,594,609
	Capital One Multi-Asset ExecutionTrust Series 2016-A5, Class A5
	2,100,000		1.660			06/17/24		2,055,488
	Chase IssuanceTrust Series 2016-A2, Class A
	2,900,000		1.370			06/15/21		2,892,148
	Chase IssuanceTrust Series 2016-A5, Class A5
	3,950,000		1.270			07/15/21		3,934,744
	Evergreen Credit CardTrust Series 2019-1, Class A(b)(c) (1M USD LIBOR + 0.480%)
	6,300,000		3.056			01/15/23		6,316,705
	Golden Credit CardTrust Series 2016-5A, Class A(c)
	2,800,000		1.600			09/15/21		2,785,472
	Golden Credit CardTrust Series 2017-2A, Class A(c)
	800,000		1.980			04/15/22		793,881
	Master Credit Card Trust IISeries 2017-1A, Class A(c)
	2,600,000		2.260			07/21/21		2,588,553
	Trillium Credit Card Trust IISeries 2019-2A, Class A(c)
	3,450,000		3.038			01/26/24		3,461,690
								29,859,075
Home Equity(b) – 0.0%
	AMRESCO Residential Securities Corp. Mortgage Loan Trust Series 1998-2, Class M1F (6M USD LIBOR + 0.320%)
	341		6.745			06/25/28		1,262
	Centex Home Equity LoanTrust Series 2004-D, Class MV3 (1M USD LIBOR + 1.000%)
	56,884		3.990			09/25/34		56,780
	Morgan Stanley ABS Capital I, Inc.Trust Series 2004-HE4, Class M3 (1M USD LIBOR + 2.250%)
	22,803		4.740			05/25/34		22,723
								80,765

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

GOLDMAN SACHS ENHANCED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Manufactured Housing – 0.0%
	Lehman ABS Manufactured Housing ContractSeries 2001-B, Class A3
$	184		4.350	%		04/15/40	$	184
Student Loan(b) – 8.9%
	Access Group, Inc.Series 2013-1, Class A(c) (1M USD LIBOR + 0.500%)
	1,243,862		2.990			02/25/36		1,232,952
	ECMC Group Student LoanTrust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.350%)
	3,437,691		3.840			07/26/66		3,469,955
	ECMC Group Student LoanTrust Series 2017-1A, Class A(c) (1M USD LIBOR + 1.200%)
	2,943,124		3.690			12/27/66		2,946,796
	Education Loan Asset-Backed Trust ISeries 2013-1, Class A1(c) (1M USD LIBOR + 0.800%)
	921,481		3.290			06/25/26		922,563
	Educational Services of America, Inc.Series 2010-1, Class A1(c) (3M USD LIBOR + 0.850%)
	518,134		3.340			07/25/23		518,809
	Educational Services of America, Inc.Series 2014-1, Class A(c) (1M USD LIBOR + 0.700%)
	1,542,935		3.190			02/25/39		1,542,933
	GCO Education Loan Funding Master Trust IISeries 2007-1A, Class A6L(c) (3M LIBOR + 0.110%)
	1,229,394		2.787			11/25/26		1,223,725
	Illinois Student Assistance CommissionSeries 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,402,574		3.390			07/25/45		1,406,071
	Missouri Higher Education Loan AuthoritySeries 2011-1, Class A1 (3M USD LIBOR + 0.850%)
	2,548,586		3.672			06/25/36		2,560,866
	Navient Student LoanTrust Series 2016-5A, Class A(c) (1M USD LIBOR + 1.250%)
	3,852,717		3.740			06/25/65		3,904,266
	Navient Student LoanTrust Series 2016-7A, Class A(c) (1M USD LIBOR + 1.150%)
	1,926,740		3.640			03/25/66		1,943,507
	Navient Student LoanTrust Series 2017-2A, Class A(c) (1M USD LIBOR + 1.050%)
	2,850,909		3.540			12/27/66		2,861,737
	Nelnet Student LoanTrust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	620,865		2.590			01/25/30		620,681
	Nelnet Student LoanTrust Series 2012-3A, Class A(c) (1M USD LIBOR + 0.700%)
	3,942,627		3.190			02/25/45		3,923,568
	Northstar Education Finance, Inc.Series 2012-1, Class A(c) (1M USD LIBOR + 0.700%)
	1,060,969		3.190			12/26/31		1,060,455
	PHEAA Student LoanTrust Series 2014-3A, Class A(c) (1M USD LIBOR + 0.590%)
	5,879,492		3.080			08/25/40		5,824,296
	SLC Student Loan CenterSeries 2011-1, Class A(c) (1M USD LIBOR + 1.220%)
	4,301,035		3.710			10/25/27		4,323,741
Asset-Backed Securities – (continued)
Student Loan(b) – (continued)
	SLM Student LoanTrust Series 2007-1, Class A5 (3M USD LIBOR + 0.090%)
	2,915,168		2.580			01/26/26		2,909,862
	South Texas Higher Education Authority, Inc.Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	510,009		3.187			10/01/24		511,862
	Utah State Board of RegentsSeries 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,100,000		3.391			05/01/35		1,100,000
	Utah State Board of RegentsSeries 2016-1, Class A (1M USD LIBOR + 0.750%)
	1,537,984		3.240			09/25/56		1,532,151
	Wachovia Student LoanTrust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	46,567		2.620			01/26/26		46,558
								46,387,354
	TOTAL ASSET-BACKED SECURITIES
	(Cost $104,156,338)						$	104,055,917
Municipal Debt Obligation(a)(b) – 0.1%
Utah – 0.1%
	Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2 (3M USD LIBOR + 0.000%)
$	413,072		3.391	%		05/01/29	$	413,885
	(Cost $413,766)
U.S. Treasury Obligations – 6.1%
	United States Treasury Floating Rate Note – When issued(b)
$	25,900,000		2.540	%		01/31/21	$	25,874,919
	United States Treasury Notes
	940,000		1.375	(d)		04/30/21		922,998
	4,920,000		2.500			03/31/23		4,972,159
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $31,659,058)						$	31,770,076

Shares		Dividend Rate	Value
Investment Company(e) – 2.1%
	Goldman Sachs Financial Square Money Market Fund – Institutional Shares
	11,214,988	2.625%	$	11,219,474
	(Cost $11,218,361)
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $415,119,394)		$	415,423,219

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 19.6%
Certificates of Deposit – 17.2%
	Autozone,Inc. ..(c)(f)
$	3,000,000		0.000	%		04/09/19	$	2,997,562
	Banco Santander SA(b) (3M USD LIBOR + 0.350%)
	2,000,000		2.958			06/13/19		2,001,176
	BNZ International Funding Ltd.(b)(c) (3M USD LIBOR + 0.250%)
	5,672,000		3.045			04/05/19		5,672,158
	Canadian Imperial Bank of Commerce(b) (3M USD LIBOR + 0.400%)
	2,500,000		2.800			05/02/20		2,505,503
	Credit Agricole Corporate & Investment Bank(b)
	(3M USD LIBOR + 0.350%)
	2,500,000		3.101			07/30/20		2,499,986
	(3M USD LIBOR + 0.385%)
	2,650,000		3.082			05/11/20		2,655,894
	Credit Suisse AG(b) (3M USD LIBOR + 0.340%)
	3,000,000		3.137			04/09/19		3,000,247
	Duke Energy Corp.(c)(f)
	1,000,000		0.000			06/21/19		993,355
	First Republic Bank(f)
	7,500,000		0.000			04/01/19		7,500,018
	General Electric Co.
	2,500,000		0.000			06/03/19		2,487,112
	HSBC Bank PLC(b)(c) (3M USD LIBOR + 0.210%)
	3,000,000		2.990			04/18/19		3,000,329
	HSBC Bank USA NA(b) (3M USD LIBOR + 0.090%)
	1,950,000		2.855			04/26/19		1,950,125
	Lowe’s Cos., Inc.(f)
	3,000,000		0.000			04/11/19		2,997,124
	Mizuho Bank Ltd.(b) (3M USD LIBOR + 0.100%)
	3,000,000		2.908			04/03/19		3,000,015
	National Australia Bank Ltd.(b)(c) (3M USD LIBOR + 0.200%)
	4,000,000		2.995			04/05/19		4,000,095
	Nordea Bank AB NY(b)
	(3M USD LIBOR + 0.270%)
	2,270,000		2.967			08/10/20		2,270,603
	(3M USD LIBOR + 0.400%)
	3,200,000		3.009			03/27/20		3,208,083
	Societe Generale SA(b)(c) (3M USD LIBOR + 0.410%)
	4,900,000		3.025			12/18/19		4,909,993
	Standard Chartered Bank(b) (3M USD LIBOR + 0.420%)
	3,000,000		3.035			09/18/20		3,000,843
	Sumitomo Mitsui Banking Corp.(b)
	(3M USD LIBOR + 0.370%)
	2,900,000		3.153			01/10/20		2,905,958
	(3M USD LIBOR + 0.420%)
	5,190,000		3.199			07/24/20		5,197,978
	Suncor Energy, Inc.(c)(f)
	2,500,000		0.000			06/03/19		2,487,112
	Svenska Handelsbanken AB(b)
	(3M USD LIBOR + 0.270%)
	4,250,000		3.031			10/21/19		4,255,298
	(3M USD LIBOR + 0.400%)
	4,000,000		2.992			04/01/20		4,011,798
	Transcanada Pipelines Ltd.(c)(f)
	2,550,000		0.000			06/03/19		2,536,854
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	UBS AG(b)(c) (3M USD LIBOR + 0.210%)
	2,000,000		2.825			06/04/19		2,000,502
	Wells Fargo Bank NA(b) (3M USD LIBOR + 0.250%)
	5,500,000		3.047			04/05/19		5,500,154
								89,545,875
Commercial Paper(f) – 2.4%
	AT&T, Inc.(f)
	4,500,000		0.000			06/05/19		4,475,639
	Dominion Resources, Inc.
	2,350,000		0.000			06/27/19		2,333,197
	Marriott International, Inc.
	3,000,000		0.000			04/30/19		2,992,685
	National Securities Clearing Corp.(c)
	2,500,000		0.000			12/13/19		2,449,657
	VW Credit, Inc.(c)
	250,000		0.000			07/08/19		247,981
								12,499,159
	TOTALSHORT-TERM INVESTMENTS
	(Cost $101,978,531)						$	102,045,034
	TOTAL INVESTMENTS – 99.4%
	(Cost $517,097,925)						$	517,468,253
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%							3,170,375
	NET ASSETS – 100.0%						$	520,638,628

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(e)	Represents an affiliated issuer.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
BP	—British Pound Offered Rate
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
RB	—Revenue Bond

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

GOLDMAN SACHS ENHANCED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Eurodollars		(132	)		03/16/20	$	(32,236,050	)	$	225,346
Eurodollars		(79	)		06/15/20		(19,310,562	)		111,608
Eurodollars		(51	)		09/14/20		(12,474,600	)		520
Eurodollars		(167	)		12/14/20		(40,854,463	)		(240,562	)
Eurodollars		(143	)		03/15/21		(34,992,100	)		(265,232	)
2 Year U.S. Treasury Notes		(102	)		06/28/19		(21,735,563	)		(83,865	)
5 Year U.S. Treasury Notes		(56	)		06/28/19		(6,486,375	)		(61,545	)
TOTAL FUTURES CONTRACTS									$	(313,730	)

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 48.3%
Collateralized Mortgage Obligations – 2.1%
Interest Only(a) – 0.0%
	CS First Boston Mortgage Securities Corp.Series 2003-AR20, Class 2X(b)(c)
$	4,338		0.000	%		08/25/33	$	—
	CS First Boston Mortgage-Backed Pass-Through Certificates Series 2003-AR18, Class 2X(b)(c)
	12,146		0.000			07/25/33		—
	FNMA STRIPS Series 151, Class 2
	273		9.500			07/25/22		18
	Master Adjustable Rate MortgagesTrust Series 2003-2, Class 3AX(b)
	10,765		0.123			08/25/33		54
	Master Adjustable Rate MortgagesTrust Series 2003-2, Class 4AX(b)
	1,841		0.320			07/25/33		20
								92
Inverse Floaters(b) – 0.0%
	GNMA REMICSeries 2002-13, Class SB(-1x1M LIBOR + 37.567%)
	22,144		25.987			02/16/32		30,199
Principal Only(c) – 0.0%
	FNMA REMICSeries G-35, Class N
	540		0.000			10/25/21		532
Regular Floater(b) – 0.7%
	NCUA GuaranteedNotes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	746,928		2.963			10/07/20		746,575
	NCUA GuaranteedNotes Trust Series 2010-R2, Class 2A (1M LIBOR + 0.470%)
	1,399,321		2.983			11/05/20		1,398,943
								2,145,518
Sequential Fixed Rate – 1.3%
	FHLMC REMIC Series 2329, Class ZA
	371,751		6.500			06/15/31		411,686
	FHLMC REMIC Series 4273, Class PD
	593,459		6.500			11/15/43		681,686
	FNMA REMICSeries 2011-52, Class GB
	601,115		5.000			06/25/41		651,224
	FNMA REMICSeries 2011-99, Class DB
	598,564		5.000			10/25/41		647,654
	FNMA REMICSeries 2012-111, Class B
	76,276		7.000			10/25/42		87,189
	FNMA REMICSeries 2012-153, Class B
	327,011		7.000			07/25/42		375,589
	GNMA REMICSeries 2002-42, Class KZ
	994,815		6.000			06/16/32		1,090,087
								3,945,115
Sequential Floating Rate(b) – 0.1%
	FHLMC REMIC Series 1760, Class ZB (10Y – 0.600%)
	49,167		2.150			05/15/24		48,430
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	Merrill Lynch Mortgage InvestorsTrust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%)
	179,445		3.312			11/25/29		176,784
								225,214
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	6,346,670
Federal Agencies – 46.2%
Adjustable Rate FHLMC(b) – 0.2%
	(1 Year CMT + 2.224%)
$	20,574		4.724	%		11/01/32	$	21,625
	(1 Year CMT + 2.250%)
	373,788		4.535			09/01/33		393,458
								415,083
Adjustable Rate FNMA(b) – 0.5%
	(1 Year CMT + 2.195%)
	366,097		4.847			02/01/35		381,150
	(1 Year CMT + 2.220%)
	12,506		4.370			06/01/33		13,037
	(12M USD LIBOR + 1.494%)
	358,426		4.244			09/01/35		368,409
	(12M USD LIBOR + 1.591%)
	34,810		4.716			12/01/32		36,241
	(12M USD LIBOR + 1.656%)
	358,322		4.501			10/01/33		373,583
	(12M USD LIBOR + 1.670%)
	18,686		4.545			11/01/32		19,473
	(6M USD LIBOR + 1.413%)
	360,137		4.038			05/01/33		368,260
								1,560,153
Adjustable Rate GNMA(b) – 0.6%
	(1 Year CMT + 1.500%)
	24,164		3.625			06/20/23		24,399
	12,542		3.750			07/20/23		12,667
	11,719		3.750			08/20/23		11,838
	28,491		3.750			09/20/23		28,785
	10,302		3.375			03/20/24		10,436
	87,154		3.625			04/20/24		88,349
	10,789		3.625			05/20/24		10,983
	88,790		3.625			06/20/24		89,845
	55,046		3.750			07/20/24		55,711
	74,386		3.750			08/20/24		75,296
	22,542		3.750			09/20/24		22,822
	32,022		4.125			11/20/24		32,522
	32,527		4.125			12/20/24		33,040
	20,709		3.375			01/20/25		21,014
	12,127		3.375			02/20/25		12,308
	46,005		3.625			05/20/25		46,634
	36,395		3.750			07/20/25		36,917
	16,442		3.375			02/20/26		16,724
	881		3.750			07/20/26		895
	44,455		3.375			01/20/27		45,276
	17,239		3.375			02/20/27		17,556
	133,523		3.625			04/20/27		135,785

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(b) – (continued)
	(1 Year CMT + 1.500%) – (continued)
$	11,900		3.625	%		05/20/27		$	12,103
	18,862		3.625			06/20/27			19,196
	6,898		4.125			11/20/27			7,043
	21,109		4.125			12/20/27			21,555
	46,203		3.375			01/20/28			47,116
	15,593		3.375			02/20/28			15,903
	15,686		3.375			03/20/28			16,000
	74,473		3.750			07/20/29			76,015
	45,945		3.750			08/20/29			46,870
	8,399		3.750			09/20/29			8,568
	39,464		4.125			10/20/29			40,396
	51,703		4.125			11/20/29			52,930
	10,403		4.125			12/20/29			10,645
	15,672		3.375			01/20/30			16,023
	6,341		3.375			02/20/30			6,484
	42,523		3.375			03/20/30			43,480
	46,618		3.625			04/20/30			47,593
	123,310		3.625			05/20/30			125,901
	12,693		3.625			06/20/30			12,960
	116,017		3.750			07/20/30			118,476
	18,979		3.750			09/20/30			19,370
	33,003		4.125			10/20/30			33,796
	62,830		3.375			03/20/32			64,376
									1,692,601
FHLMC – 0.6%
	405		5.000			06/01/19			405
	8,663		6.500			07/01/21			8,890
	939		6.500			08/01/22			972
	19,813		9.000			10/01/22			20,938
	54,239		4.500			10/01/23			56,607
	255,788		5.000			08/01/24			265,603
	28,463		6.500			07/01/28			29,750
	334,350		4.500			03/01/29			349,817
	3,870		8.000			07/01/30			4,489
	14,629		5.000			08/01/33			15,730
	2,736		5.000			09/01/33			2,942
	5,583		5.000			10/01/33			6,003
	3,529		5.000			11/01/34			3,795
	203,291		5.000			12/01/34			218,611
	9,920		5.000			07/01/35			10,667
	2,967		5.000			11/01/35			3,191
	19,243		5.000			12/01/35			20,815
	27,314		5.000			02/01/37			29,416
	2,465		5.000			03/01/38			2,656
	122,126		5.000			07/01/39			131,903
	16,768		4.000			06/01/40			17,451
	7,775		5.000			08/01/40			8,387
	2,132		4.500			11/01/40			2,253
	150,195		4.000			02/01/41			156,291
	1,303		5.000			04/01/41			1,408
	7,362		5.000			06/01/41			7,928
	287,084		5.000			07/01/41			307,777
	10,616		4.000			11/01/41			11,054
	16,431		3.000			05/01/42			16,463
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	16,937		3.000			08/01/42			16,970
	18,518		3.000			01/01/43			18,545
	67,606		3.000			02/01/43			67,703
									1,815,430
FNMA – 26.3%
	1,377		6.500			08/01/19			1,521
	2,391		9.500			10/01/20			2,397
	92,610		5.500			02/01/23			98,838
	174,485		5.500			08/01/23			186,220
	3,893		6.500			11/01/28			4,111
	43,650		7.000			07/01/31			47,670
	464,709		5.500			07/01/33			499,098
	2,240		4.500			07/01/36			2,374
	2,451		4.500			04/01/39			2,595
	9,013		4.500			05/01/39			9,596
	4,607		4.000			08/01/39			4,791
	18,272		4.500			08/01/39			19,453
	366,543		4.500			12/01/39			390,237
	16,827		4.500			01/01/41			17,757
	179,516		4.500			05/01/41			189,902
	118,267		4.500			08/01/41			125,302
	101,173		4.500			08/01/42			107,682
	15,533		3.000			11/01/42			15,571
	187,530		3.000			12/01/42			188,078
	467,842		3.000			01/01/43			469,276
	87,847		3.000			02/01/43			88,116
	552,447		3.000			03/01/43			554,140
	904,576		3.000			04/01/43			907,349
	618,777		3.000			05/01/43			620,675
	103,743		3.000			06/01/43			104,061
	964,635		3.000			07/01/43			967,591
	2,020,858		4.500			10/01/44			2,121,183
	1,177,859		4.500			04/01/45			1,256,945
	132,387		4.500			05/01/45			141,317
	779,159		4.500			06/01/45			817,840
	731,406		4.000			11/01/45			755,806
	234,335		4.000			03/01/46			242,163
	21,155		4.500			05/01/46			22,166
	161,427		4.000			06/01/46			166,825
	39,614		4.000			08/01/46			40,938
	272,041		4.500			08/01/46			284,952
	259,054		4.000			10/01/46			267,717
	61,702		4.500			06/01/47			65,768
	2,762,697		4.500			11/01/47			2,917,980
	572,223		4.000			12/01/47			597,820
	577,204		4.000			01/01/48			603,023
	1,945,123		4.000			02/01/48			2,029,808
	1,621,772		4.000			03/01/48			1,690,769
	945,774		4.000			05/01/48			985,715
	1,911,187		4.000			06/01/48			1,995,483
	936,312		3.500			01/01/57			948,740
	53,000,000		4.500			TBA-30yr	(d)		55,208,099
	1,000,000		5.000			TBA-30yr	(d)		1,057,267
									79,842,725

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – 18.0%
$	54,058		7.000	%		12/15/27		$	59,723
	12,441		6.500			08/15/28			13,658
	79,409		6.000			01/15/29			86,185
	123,629		7.000			10/15/29			137,760
	37,119		5.500			11/15/32			40,135
	623,870		5.500			12/15/32			686,031
	21,225		5.500			01/15/33			22,809
	52,799		5.500			02/15/33			58,134
	53,439		5.500			03/15/33			58,854
	57,143		5.500			07/15/33			62,437
	26,329		5.500			08/15/33			28,861
	11,129		5.500			09/15/33			12,011
	37,992		5.500			04/15/34			41,619
	9,390		5.500			05/15/34			10,048
	321,627		5.500			06/15/34			353,708
	235,510		5.500			09/15/34			259,002
	241,668		5.500			12/15/34			265,782
	168,834		5.500			01/15/35			185,566
	120,338		5.000			03/15/38			129,126
	1,531		5.000			11/15/38			1,634
	8,201		4.000			02/20/41			8,564
	12,538		4.000			11/20/41			13,089
	2,071		4.000			01/20/42			2,162
	6,643		4.000			04/20/42			6,934
	3,703		4.000			10/20/42			3,862
	491,120		4.000			08/20/43			511,625
	4,955,845		4.000			10/20/43			5,162,759
	7,032		4.000			03/20/44			7,318
	8,540		4.000			05/20/44			8,881
	588,843		4.000			11/20/44			612,324
	2,636,674		4.000			06/20/45			2,736,871
	683,840		4.000			01/20/46			709,185
	907,738		4.500			02/20/48			946,192
	3,428,926		4.500			10/20/48			3,564,185
	1,127,093		5.000			11/20/48			1,178,556
	7,946,555		4.500			12/20/48			8,272,434
	3,486,785		4.500			01/20/49			3,631,409
	4,847,342		5.000			01/20/49			5,068,675
	997,590		5.000			02/20/49			1,046,562
	18,000,000		4.500			TBA-30yr	(d)		18,690,570
									54,695,240
	TOTAL FEDERAL AGENCIES							$	140,021,232
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $145,448,086)							$	146,367,902
Agency Debentures – 14.8%
	FFCB
$	3,000,000		3.430	%		12/06/28		$	3,167,820
	FHLB
	2,200,000		1.875			03/13/20			2,188,186
	3,700,000		2.125			06/09/23			3,670,002
	2,100,000		3.375			09/08/23			2,196,395
	300,000		3.375			12/08/23			313,571
Agency Debentures – (continued)
	FNMA
	(SOFR + 0.160%)
	4,260,000		2.810	(b)		01/30/20			4,263,677
	1,400,000		1.875			09/24/26			1,338,722
	2,600,000		6.250			05/15/29			3,420,898
	4,000,000		6.625			11/15/30			5,521,440
	Hashemite Kingdom of Jordan Government AID Bond(e)
	4,600,000		2.503			10/30/20			4,612,144
	Israel Government AID Bond(e)
	1,400,000		5.500			09/18/23			1,582,742
	500,000		5.500			12/04/23			566,160
	700,000		5.500			04/26/24			802,473
	NCUA Guaranteed Notes Series A4(e)
	3,400,000		3.000			06/12/19			3,401,914
	New Valley Generation V
	1,045,342		4.929			01/15/21			1,080,190
	Tennessee Valley Authority
	6,500,000		3.875			02/15/21			6,676,410
	TOTAL AGENCY DEBENTURES
	(Cost $44,696,477)							$	44,802,744
Asset-Backed Securities – 10.2%
Automotive – 3.6%
	Ally Master OwnerTrust Series 2018-1, Class A2
$	4,100,000		2.700	%		01/17/23		$	4,096,498
	Avis Budget Rental Car Funding AESOP LLCSeries 2015-2A, Class A(f)
	2,150,000		2.630			12/20/21			2,138,634
	Chesapeake Funding II LLCSeries 2017-2A, Class A1(f)
	1,085,838		1.990			05/15/29			1,078,370
	Ford Credit Auto OwnerTrust Series 2016-2, Class A(f)
	400,000		2.030			12/15/27			393,615
	GMF Floorplan Owner RevolvingTrust Series 2016-1, Class A1(f)
	1,250,000		1.960			05/17/21			1,248,868
	Mercedes-Benz Master OwnerTrust Series 2017-BA, Class A(b)(f) (1M LIBOR + 0.420%)
	1,850,000		2.909			05/16/22			1,852,663
									10,808,648
Student Loan(b) – 6.6%
	Access Group, Inc.Series 2005-2, Class A3 (3M USD LIBOR + 0.180%)
	11,298		2.833			11/22/24			11,281
	Access Group, Inc.Series 2015-1, Class A(f) (1M USD LIBOR + 0.700%)
	476,413		3.190			07/25/56			463,321
	ECMC Group Student LoanTrust Series 2016-1A, Class A(f) (1M USD LIBOR + 1.350%)
	1,305,049		3.840			07/26/66			1,317,298
	ECMC Group Student LoanTrust Series 2018-2A, Class A(f) (1M USD LIBOR + 0.800%)
	1,582,678		3.310			09/25/68			1,577,228
	Edsouth Indenture No. 9 LLCSeries 2015-1, Class A(f) (1M USD LIBOR + 0.800%)
	1,032,472		3.290			10/25/56			1,022,217

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Student Loan(b) – (continued)
	Education Loan Asset-Backed Trust ISeries 2013-1, Class A2(f) (1M USD LIBOR + 0.800%)
$	2,750,000		3.290	%		04/26/32	$	2,756,036
	GCO Education Loan Funding Master Trust IISeries 2007-1A, Class A6L(f) (3M LIBOR + 0.110%)
	874,761		2.787			11/25/26		870,728
	Higher Education Funding ISeries 2014-1, Class A(f) (3M USD LIBOR + 1.050%)
	1,363,685		3.739			05/25/34		1,373,353
	Navient Student LoanTrust Series 2016-5A, Class A(f) (1M USD LIBOR + 1.250%)
	2,898,374		3.740			06/25/65		2,937,154
	Navient Student LoanTrust Series 2016-7A, Class A(f) (1M USD LIBOR + 1.150%)
	1,345,083		3.640			03/25/66		1,356,788
	Navient Student LoanTrust Series 2017-4A, Class A2(f) (1M USD LIBOR + 0.500%)
	850,000		2.990			09/27/66		849,999
	Nelnet Student LoanTrust Series 2013-5A, Class A(f) (1M USD LIBOR + 0.630%)
	265,458		3.120			01/25/37		264,097
	North Carolina State Education Assistance Authority Series 2010-1, Class A1 (3M USD LIBOR + 0.900%)
	562,384		3.390			07/25/41		561,218
	PHEAA Student LoanTrust Series 2016-1A, Class A(f) (1M USD LIBOR + 1.150%)
	1,329,583		3.640			09/25/65		1,350,792
	Scholar FundingTrust Series 2013-A, Class A(f) (1M USD LIBOR + 0.650%)
	1,644,004		3.143			01/30/45		1,637,245
	SLM Student LoanTrust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	921,913		4.190			07/25/23		931,475
	Utah State Board of RegentsSeries 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	800,000		3.391			05/01/35		800,000
	Wachovia Student LoanTrust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	41,910		2.620			01/26/26		41,902
								20,122,132
	TOTAL ASSET-BACKED SECURITIES
	(Cost $30,810,082)						$	30,930,780
Municipal Debt Obligations – 1.9%
Alaska(b) – 0.6%
	Alaska State Student Loan Corp. Series 2013, Class A (1M USD LIBOR + 0.500%)
$	1,822,656		2.990	%		08/25/31	$	1,824,470
New Hampshire(b)(g) – 0.4%
	New Hampshire Higher Education Loan Corp.Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,200,000		3.340			10/25/37		1,208,052
New Jersey – 0.8%
	New Jersey Economic Development Authority Series A
	2,000,000		7.425			02/15/29		2,463,900
Municipal Debt Obligations – (continued)
Texas(b)(g) – 0.1%
	Brazos Higher Education Authority, Inc.Series 2005-2, Class I-A12 (1M USD LIBOR + 0.160%)
	452,488		2.982			03/27/23		451,909
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $5,453,376)						$	5,948,331
U.S. Treasury Obligations – 40.7%
	United States Treasury Bonds
$	3,830,000		3.625	%(h)		02/15/44	$	4,414,684
	3,320,000		3.125			08/15/44		3,526,564
	3,200,000		3.000			11/15/44		3,326,649
	1,570,000		2.875			08/15/45		1,594,690
	11,110,000		2.875			11/15/46		11,276,063
	60,000		3.000			05/15/47		62,329
	5,080,000		2.750			11/15/47		5,018,519
	United States Treasury Inflation Indexed Note
	4,010,840		0.750			07/15/28		4,104,372
	United States Treasury Note
	4,910,000		2.250			03/31/26		4,890,792
	United States Treasury Notes
	1,000,000		2.500			06/30/20		1,001,403
	15,440,000		2.625			06/15/21		15,565,732
	820,000		1.875			01/31/22		812,041
	500,000		2.000	(h)		07/31/22		496,454
	8,040,000		2.625			06/30/23		8,169,287
	19,300,000		2.125			07/31/24		19,173,580
	5,670,000		2.125			09/30/24		5,628,656
	3,600,000		2.125			11/30/24		3,571,804
	4,060,000		2.750			06/30/25		4,166,669
	7,260,000		2.875			07/31/25		7,505,712
	400,000		2.000			08/15/25		392,793
	9,180,000		1.625			05/15/26		8,761,366
	1,390,000		2.250			02/15/27		1,380,458
	United States Treasury Strip Coupon(c)
	6,400,000		0.000			11/15/35		4,077,250
	1,300,000		0.000			05/15/36		815,598
	6,000,000		0.000			11/15/37		3,595,547
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $121,223,813)						$	123,329,012

Shares		Dividend Rate	Value
Investment Company(i) – 8.3%
��	Goldman Sachs Financial Square Government Fund – Institutional Shares
	25,252,182	2.437%	$	25,252,182
	(Cost $25,252,182)
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $372,884,016)		$	376,630,951

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investment(c) – 0.4%
Commercial Paper – 0.4%
	VW Credit, Inc.
$	1,150,000		0.000	%		12/06/19	$	1,125,174
	(Cost $1,124,547)
	TOTAL INVESTMENTS – 124.6%
	(Cost $374,008,563)						$	377,756,125
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (24.6)%							(74,476,387	)
	NET ASSETS – 100.0%						$	303,279,738

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(c)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $74,955,936 which represents approximately 24.7% of the Fund’s net assets as of March 31, 2019.
(e)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $10,965,433, which represents approximately 3.6% of the Fund’s net assets as of March 31, 2019.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(h)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(i)	Represents an affiliated issuer.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
FFCB	—Federal Farm Credit Bank
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
NCUA	—National Credit Union Administration
REMIC	—Real Estate Mortgage Investment Conduit
STRIPS	—Separate Trading of Registered Interest and Principal of Securities
SOFR	—Secured Overnight Funding Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS— At March 31, 2019, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
FNMA		3.000	%	TBA-30yr		05/13/19	$	(2,000,000	)	$	(1,988,957	)
FNMA		4.000		TBA-30yr		04/10/19		(2,000,000	)		(2,056,927	)
GNMA		4.000		TBA-30yr		05/21/19		(2,000,000	)		(2,063,248	)
GNMA		4.000		TBA-30yr		04/17/19		(6,000,000	)		(6,195,134	)
TOTAL(Proceeds Receivable: $12,243,945)										$	(12,304,266	)

(a) TBA (To Be Announced) Securities are purchased or sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		157			12/14/20	$	38,408,087		$	216,035
2 Year U.S. Treasury Notes		74			06/28/19		15,768,938			(4,501	)
5 Year U.S. Treasury Notes		106			06/28/19		12,277,781			44,674
20 Year U.S. Treasury Bonds		30			06/19/19		4,489,688			70,297
Total									$	326,505
Short position contracts:
Eurodollars		(8	)		06/17/19		(1,949,100	)		10,887
Eurodollars		(12	)		09/16/19		(2,926,200	)		(10,228	)
Eurodollars		(129	)		12/16/19		(31,466,325	)		(103,259	)
Eurodollars		(34	)		03/16/20		(8,303,225	)		(61,279	)
Eurodollars		(34	)		06/15/20		(8,310,875	)		(61,415	)
Eurodollars		(34	)		09/14/20		(8,316,400	)		(77,004	)
Ultra Long U.S. Treasury Bonds		(28	)		06/19/19		(4,704,000	)		(102,414	)
Ultra 10 Year U.S. Treasury Notes		(52	)		06/19/19		(6,904,625	)		5,591
10 Year U.S. Treasury Notes		(21	)		06/19/19		(2,608,594	)		(8,063	)
Total									$	(407,184	)
TOTAL FUTURES CONTRACTS									$	(80,679	)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)	Market Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.218%(a)	3M LIBOR(b)	08/31/23	$12,410(c)	$	19,990	$	(855	)	$	20,845

(a) Payments made semi-annually.

(b) Payments made quarterly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

PURCHASED OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$97.75		06/15/2020		170	$	425,000	$	97,750	$	84,914	$	12,836

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations(a) – 1.9%
Supranational – 1.9%
	International Bank for Reconstruction & Development (SOFR + 0.220%)
$	9,000,000		2.870	%		08/21/20	$	8,998,650
	(Cost $9,000,000)
Mortgage-Backed Obligations – 31.7%
Collateralized Mortgage Obligations – 22.8%
Interest Only(b) – 0.0%
	FNMA REMICSeries 1990-145, Class B
$	5		1,004.961	%		12/25/20	$	17
Regular Floater(a) – 20.8%
	FHLMC REMIC Series 1826, Class F (1M LIBOR + 0.400%)
	5,706		2.889			09/15/21		5,707
	FHLMC REMIC Series 3371, Class FA (1M LIBOR + 0.600%)
	631,449		3.089			09/15/37		635,912
	FHLMC REMIC Series 3374, Class FT (1M LIBOR + 0.300%)
	130,170		2.789			04/15/37		129,657
	FHLMC REMIC Series 3545, Class FA (1M LIBOR + 0.850%)
	175,179		3.339			06/15/39		176,889
	FHLMC REMIC Series 4272, Class FD (1M LIBOR + 0.350%)
	3,573,245		2.839			11/15/43		3,558,871
	FHLMC REMIC Series 4316, Class FY (1M LIBOR + 0.400%)
	1,121,609		2.889			11/15/39		1,121,351
	FHLMC REMIC Series 4477, Class FG (1M LIBOR + 0.300%)
	3,280,414		2.820			10/15/40		3,267,048
	FHLMC REMIC Series 4508, Class CF (1M LIBOR + 0.400%)
	8,924,836		2.889			09/15/45		8,920,842
	FHLMC REMIC Series 4751, Class EF (1M LIBOR + 0.250%)
	10,402,685		2.739			05/15/41		10,337,691
	FHLMC REMIC Series 4751, Class FA (1M LIBOR + 0.250%)
	8,371,254		2.739			03/15/39		8,309,548
	FHLMC STRIPS Series 237, Class F23 (1M LIBOR + 0.400%)
	247,981		2.889			05/15/36		247,420
	FHLMC STRIPS Series 350, Class F2 (1M LIBOR + 0.350%)
	12,025,632		2.870			09/15/40		12,030,937
	FNMA REMICSeries 1998-66, Class FC (1M LIBOR + 0.500%)
	25,053		2.981			11/17/28		25,113
	FNMA REMICSeries 2006-42, Class CF (1M LIBOR + 0.450%)
	5,954,930		2.940			06/25/36		5,965,878
	FNMA REMICSeries 2006-72, Class XF (1M LIBOR + 0.500%)
	225,256		2.990			08/25/36		225,660
	FNMA REMICSeries 2007-33, Class HF (1M LIBOR + 0.350%)
	38,579		2.840			04/25/37		38,421
	FNMA REMICSeries 2007-36, Class F (1M LIBOR + 0.230%)
	798,985		2.720			04/25/37		791,846
	FNMA REMICSeries 2008-22, Class FD (1M LIBOR + 0.840%)
	345,104		3.330			04/25/48		349,628
	FNMA REMICSeries 2009-66, Class FP (1M LIBOR + 0.900%)
	14,119,954		3.390			09/25/39		14,357,289
	FNMA REMICSeries 2009-75, Class MF (1M LIBOR + 1.150%)
	537,572		3.640			09/25/39		548,523
	FNMA REMICSeries 2010-123, Class FL (1M LIBOR + 0.430%)
	1,232,331		2.920			11/25/40		1,231,854
Mortgage-Backed Obligations – (continued)
Regular Floater(a) – (continued)
	FNMA REMICSeries 2010-8, Class FE (1M LIBOR + 0.790%)
	6,457,316		3.280			02/25/40		6,520,975
	FNMA REMICSeries 2011-110, Class FE (1M LIBOR + 0.400%)
	2,063,337		2.890			04/25/41		2,061,143
	FNMA REMICSeries 2011-63, Class FG (1M LIBOR + 0.450%)
	428,403		2.940			07/25/41		428,728
	FNMA REMICSeries 2012-56, Class FG (1M LIBOR + 0.500%)
	1,348,891		2.990			03/25/39		1,350,833
	FNMA REMICSeries 2013-96, Class FW (1M LIBOR + 0.400%)
	112,787		2.890			09/25/43		112,802
	FNMA REMICSeries 2014-19, Class FA (1M LIBOR + 0.400%)
	961,364		2.890			11/25/39		961,158
	FNMA REMICSeries 2014-19, Class FJ (1M LIBOR + 0.400%)
	1,101,881		2.890			11/25/39		1,101,640
	FNMA REMICSeries 2017-45, Class FA (1M LIBOR + 0.320%)
	7,641,497		2.829			06/25/47		7,629,464
	NCUA GuaranteedNotes Series 2011-R1, Class 1A (1M LIBOR + 0.450%)
	240,382		2.963			01/08/20		240,260
	NCUA GuaranteedNotes Series 2011-R2, Class 1A (1M LIBOR + 0.400%)
	881,121		2.913			02/06/20		880,241
	NCUA GuaranteedNotes Series 2011-R3, Class 1A (1M LIBOR + 0.400%)
	660,401		2.917			03/11/20		659,729
	NCUA GuaranteedNotes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	1,059,459		2.963			10/07/20		1,058,959
	NCUA GuaranteedNotes Trust Series 2010-R2, Class 2A (1M LIBOR + 0.470%)
	2,762,860		2.983			11/05/20		2,762,114
								98,044,131
Sequential Fixed Rate – 0.1%
	FHLMC REMIC Series 4248, Class LM
	528,132		6.500			05/15/41		599,396
Sequential Floating Rate(a) – 1.9%
	FHLMC REMIC Series 3588, Class CW (1M USD LIBOR + 0.000%)
	957,892		4.645			10/15/37		1,002,347
	FNMA REMICSeries 1990-145, Class A (1 Year CMT + 0.000%)
	1,903		3.346			12/25/20		1,905
	FNMA REMICSeries 1997-20, Class F (1 Year CMT + 0.000%)
	64,782		2.749			03/25/27		64,967
	Holmes Master Issuer PLCSeries 2018-1A, Class A2(c) (3M USD LIBOR + 0.360%)
	3,200,000		2.796			10/15/54		3,189,654
	Permanent Master Issuer PLCSeries 2018-1A, Class 1A1(c) (3M USD LIBOR + 0.380%)
	4,500,000		2.816			07/15/58		4,482,171
								8,741,044
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	107,384,588

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities(a) – 7.1%
Sequential Floating Rate – 7.1%
	FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A (1M LIBOR + 0.340%)
$	457,000		2.830	%		01/25/21	$	456,948
	FHLMC Multifamily Structured Pass-Through Certificates Series KS02, Class A (1M LIBOR + 0.380%)
	1,246,058		2.870			08/25/23		1,245,504
	FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M LIBOR + 0.450%)
	2,898,803		2.940			06/25/23		2,898,800
	FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M LIBOR + 0.370%)
	4,404,718		2.860			04/25/24		4,389,550
	FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M LIBOR + 0.370%)
	8,164,670		2.860			05/25/24		8,150,326
	FHLMC Multifamily Structured Pass-Through Certificates Series J15L, Class AFL (1M LIBOR + 0.350%)
	4,580,388		2.840			08/25/25		4,572,206
	FNMA ACESSeries 2017-M13, Class FA (1M LIBOR + 0.400%)
	7,596,549		2.881			10/25/24		7,553,967
	FHLMC Multifamily Structured Pass-Through Certificates Series KF42, Class A (1M LIBOR + 0.250%)
	4,028,524		2.740			12/25/24		4,008,731
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	33,276,032
Federal Agencies – 1.8%
Adjustable Rate FHLMC(a) – 0.7%
	(1 Year CMT + 2.130%)
$	1,665		6.899	%		11/01/19	$	1,671
	(COF + 1.250%)
	596		5.301			01/01/20		601
	2,096		2.329			05/01/21		2,086
	1,001		2.329			10/01/26		992
	(3 Year CMT + 2.559%)
	309,020		4.316			08/01/28		311,901
	(6M CMT + 2.218%)
	66,483		4.735			05/01/29		68,351
	(COF + 1.250%)
	5,734		4.083			06/01/29		5,986
	14,137		2.265			04/01/30		13,989
	(COF + 1.249%)
	12,025		4.460			06/01/30		12,632
	(6M USD LIBOR + 2.268%)
	53,889		4.768			12/01/30		55,686
	(COF + 1.198%)
	3,778		2.448			02/01/31		3,763
	(12M MTA + 2.155%)
	5,518		3.944			06/01/31		5,754
	(12M USD LIBOR + 1.860%)
	662,137		4.485			05/01/34		690,452
	(12M USD LIBOR + 1.750%)
	576,893		4.168			05/01/35		603,274
	(3 Year CMT + 2.322%)
	14,118		4.612			05/01/35		14,421
Mortgage-Backed Obligations – (continued)
Adjustable Rate FHLMC(a) – (continued)
	(1 Year CMT + 2.276%)
	1,307,038		4.588			01/01/38		1,355,755
								3,147,314
Adjustable Rate FNMA(a) – 0.8%
	(COF + 1.250%)
	2,769		2.162			05/01/19		2,766
	1,178		2.207			06/01/20		1,177
	(1 Year CMT + 2.000%)
	840		6.884			02/01/22		856
	(1 year CMT + 1.500%)
	7,644		4.017			05/20/22		7,614
	(6M USD LIBOR + 1.750%)
	9,299		4.250			02/01/23		9,423
	(6M USD LIBOR + 1.891%)
	88,338		4.605			01/01/24		89,972
	(6M USD LIBOR + 1.925%)
	108,743		4.653			03/01/24		110,948
	(1 year CMT + 1.500%)
	55,120		3.659			06/20/24		54,951
	(COF + 1.250%)
	5,687		3.558			06/01/27		5,667
	3,844		4.250			12/01/27		3,984
	4,552		4.508			01/01/28		4,797
	3,494		2.267			06/01/29		3,511
	4,074		2.329			06/01/29		4,036
	(1 Year CMT + 2.266%)
	500,321		4.338			07/01/33		520,217
	(1 Year CMT + 2.360%)
	185,891		4.722			11/01/34		193,874
	(COF + 1.254%)
	2,612		4.064			05/01/36		2,641
	(12M USD LIBOR + 1.954%)
	1,026,037		4.788			03/01/37		1,075,626
	(12M MTA + 1.400%)
	46,240		3.732			06/01/40		47,159
	(12M MTA + 1.200%)
	4,274		3.532			02/01/41		4,331
	(12M USD LIBOR + 1.550%)
	1,673,464		2.567			09/01/44		1,709,599
								3,853,149
Adjustable Rate GNMA(a) – 0.2%
	(1 Year CMT + 1.500%)
	547,561		3.625			04/20/33		560,619
	131,298		3.625			05/20/33		136,102
	294,242		3.750			08/20/34		301,847
								998,568
FHLMC – 0.0%
	110		3.000			11/01/19		110
	3,477		5.500			01/01/20		3,485
	10,523		7.000			04/01/21		10,659
	11,385		7.000	%		08/01/21		11,642
	37,682		7.000			05/01/22		38,756
	104,498		7.000			06/01/22		107,447

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	954		4.500	%		05/01/23	$	982
								173,081
FNMA – 0.1%
	191		5.000			09/01/19		191
	806		5.000			01/01/20		824
	11,978		7.000			07/01/21		12,221
	31,192		7.000			11/01/21		31,943
	21,940		7.000			12/01/21		22,029
	52,173		7.000			01/01/22		52,783
	6,488		7.000			02/01/22		6,648
	16,526		6.000			05/01/38		18,590
	20,887		6.000			11/01/38		23,502
	46,132		6.000			09/01/39		51,899
	17,634		6.000			10/01/39		19,880
	12,052		6.000			10/01/40		13,555
	17,163		6.000			05/01/41		19,301
								273,366
GNMA – 0.0%
	18,006		7.000			04/15/26		19,178
	TOTAL FEDERAL AGENCIES						$	8,464,656
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $149,710,903)						$	149,125,276
Agency Debenture(d) – 0.8%
	Hashemite Kingdom of Jordan Government AID Bond
$	4,000,000		2.503	%		10/30/20	$	4,010,560
	(Cost $4,000,000)
Asset-Backed Securities(a) – 48.7%
Automotive – 6.2%
	Ally Master OwnerTrust Series 2017-3, Class A1(e) (1M USD LIBOR + 0.430%)
$	11,500,000		2.919	%		06/15/22	$	11,505,924
	Chesapeake Funding II LLCSeries 2016-2A, Class A2(c) (1M USD LIBOR + 1.000%)
	771,227		3.489			06/15/28		772,437
	Chesapeake Funding II LLCSeries 2017-3A, Class A2(c) (1M USD LIBOR + 0.340%)
	3,281,685		2.829			08/15/29		3,281,191
	GMF Floorplan Owner RevolvingTrust Series 2017-2, Class A2(c) (1M USD LIBOR + 0.430%)
	9,650,000		2.919			07/15/22		9,666,050
	Nissan Master Owner ReceivablesTrust Series 2017-C, Class A (1M USD LIBOR + 0.320%)
	4,100,000		2.809			10/17/22		4,101,933
								29,327,535
Asset-Backed Securities(a) – (continued)
Collateralized Loan Obligations(c) – 15.7%
	Anchorage Capital CLO Ltd.Series 2014-4RA, Class A (3M USD LIBOR + 1.050%)
	3,600,000		3.559			01/28/31		3,569,735
	Apex Credit CLO II LLCSeries 2017-2A, Class A (3M USD LIBOR + 1.270%)
	3,000,000		4.062			09/20/29		2,997,561
	Barings CLO Ltd.Series 2018-3A, Class A1 (3M USD LIBOR + 0.950%)
	4,000,000		3.419			07/20/29		3,966,872
	CBAM CLO Management LLCSeries 2017-2A, Class A (3M USD LIBOR + 1.240%)
	3,500,000		3.689			10/17/29		3,493,049
	Cedar Funding II CLO Ltd.Series 2013-1A, Class A1R (3M USD LIBOR + 1.230%)
	1,700,000		3.997			06/09/30		1,697,571
	Cedar Funding VII Clo Ltd.Series 18-7A, Class A1 (3M USD LIBOR + 1.000%)
	3,000,000		3.469			01/20/31		2,963,091
	Cutwater Ltd.Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	1,812,684		3.686			07/15/26		1,812,733
	Dryden 64 CLO Ltd.Series 18-64A, Class A(e) (3M USD LIBOR + 0.970%)
	5,950,000		3.415			04/18/31		5,860,286
	Jamestown CLO X Ltd.Series 2017-10A, Class A1 (3M USD LIBOR + 1.250%)
	4,750,000		3.699			07/17/29		4,742,875
	Madison Park Funding XXX Ltd.Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,200,000		3.186			04/15/29		5,108,990
	Newfleet CLO Ltd.Series 2016-1A, Class A1R (3M USD LIBOR + 0.950%)
	5,450,000		3.419			04/20/28		5,407,337
	OCP CLO Ltd.Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	10,000,000		3.588			04/26/31		9,865,950
	OCP CLO Ltd.Series 2015-8A, Class A1R (3M USD LIBOR + 0.850%)
	3,650,000		3.299			04/17/27		3,634,995
	OCP CLO Ltd.Series 2017-13A, Class A1A(e) (3M USD LIBOR + 1.260%)
	3,150,000		3.696			07/15/30		3,138,940
	OFSI Fund VII Ltd.Series 2014-7A, Class AR (3M USD LIBOR + 0.900%)
	2,632,412		3.345			10/18/26		2,628,495
	Palmer Square Loan Funding Ltd.Series 2017-1A, Class A1 (3M USD LIBOR + 0.740%)
	2,342,931		3.176			10/15/25		2,332,981
	Pikes Peak Clo 2Series 18-2A, Class A (3M USD LIBOR + 1.290%)
	6,700,000		4.109			01/18/32		6,689,266
	WhiteHorse X Ltd.Series 2015-10A, Class A1R (3M USD LIBOR + 0.930%)
	3,750,000		3.379			04/17/27		3,733,084
								73,643,811

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(a) – (continued)
Credit Card – 14.0%
	American Express Credit Account MasterTrust Series 2017-2, Class A (1M LIBOR + 0.450%)
$	6,700,000		2.939	%		09/16/24	$	6,729,045
	CARDS IITrust Series 2017-1A, Class A(c) (1M LIBOR + 0.370%)
	2,500,000		2.859			04/18/22		2,500,145
	CARDS IITrust Series 2017-2A, Class A(c) (1M LIBOR + 0.260%)
	3,600,000		2.849			10/17/22		3,600,384
	Citibank Credit Card IssuanceTrust Series 2017-A5, Class A5 (1M LIBOR + 0.620%)
	10,100,000		3.101			04/22/26		10,147,931
	Citibank Credit Card IssuanceTrust Series 2017-A7, Class A7 (1M LIBOR + 0.370%)
	10,750,000		2.883			08/08/24		10,760,431
	Evergreen Credit CardTrust Series 2019-1, Class A(c) (1M USD LIBOR + 0.480%)
	8,700,000		3.056			01/15/23		8,723,069
	Golden Credit CardTrust Series 2017-4A, Class A(c) (1M USD LIBOR + 0.520%)
	11,200,000		3.009			07/15/24		11,221,378
	Golden Credit CardTrust Series 2019-1A, Class A(c) (1M USD LIBOR + 0.450%)
	3,500,000		2.939			12/15/22		3,504,154
	Trillium Credit Card Trust IISeries 2018-1A, Class A(c)(e) (1M USD LIBOR + 0.250%)
	8,900,000		2.734			02/27/23		8,898,321
								66,084,858
Other(c) – 0.1%
	Mill City Mortgage LoanTrust Series 2016-1, Class A1
	604,932		2.500			04/25/57		596,113
Student Loan – 12.7%
	Academic Loan FundingTrust Series 2013-1, Class A(c) (1M USD LIBOR + 0.800%)
	2,220,519		3.290			12/26/44		2,206,955
	Access Group, Inc.Series 2005-2, Class A3 (3M USD LIBOR + 0.180%)
	13,152		2.833			11/22/24		13,133
	Access Group, Inc.Series 2015-1, Class A(c) (1M USD LIBOR + 0.700%)
	1,024,287		3.190			07/25/56		996,141
	Access to Loans for Learning Student Loan Corp.Series 2013-I, Class A (1M USD LIBOR + 0.800%)
	1,865,191		3.290			02/25/41		1,860,567
	ALG Student Loan Trust ISeries 2006-1A, Class A3(c) (3M USD LIBOR + 0.150%)
	3,946,800		2.915			10/28/23		3,941,891
	Bank of America Student LoanTrust Series 2010-1A, Class A(c) (3M USD LIBOR + 0.800%)
	873,311		3.290			02/25/43		876,842
	Brazos Higher Education Authority, Inc.Series 2011-1, Class A2 (3M USD LIBOR + 0.800%)
	5,828,641		3.477			02/25/30		5,828,653
Asset-Backed Securities(a) – (continued)
Student Loan – (continued)
	ECMC Group Student LoanTrust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.350%)
	1,241,388		3.840			07/26/66		1,253,039
	Education Loan Asset-Backed Trust ISeries 2013-1, Class A1(c) (1M USD LIBOR + 0.800%)
	1,082,740		3.290			06/25/26		1,084,012
	Education Loan Asset-Backed Trust ISeries 2013-1, Class A2(c) (1M USD LIBOR + 0.800%)
	3,000,000		3.290			04/26/32		3,006,585
	Educational Funding of the South, Inc.Series 2012-1, Class A (1M USD LIBOR + 1.050%)
	1,674,351		3.540			03/25/36		1,683,052
	Educational Services of America, Inc.Series 2010-1, Class A1(c) (3M USD LIBOR + 0.850%)
	656,621		3.340			07/25/23		657,477
	Educational Services of America, Inc.Series 2012-1, Class A1(c) (1M USD LIBOR + 1.150%)
	1,649,282		3.640	%		09/25/40		1,653,381
	Educational Services of America, Inc.Series 2014-1, Class A(c) (1M USD LIBOR + 0.700%)
	1,725,433		3.190			02/25/39		1,725,431
	EFS Volunteer No. 2 LLCSeries 2012-1, Class A2(c) (1M USD LIBOR + 1.350%)
	1,950,000		3.840			03/25/36		1,987,469
	EFS Volunteer No. 3 LLCSeries 2012-1, Class A3(c) (1M USD LIBOR + 1.000%)
	1,182,931		3.490			04/25/33		1,188,168
	GCO Education Loan Funding Master Trust IISeries 2007-1A, Class A6L(c) (3M LIBOR + 0.110%)
	969,330		2.787			11/25/26		964,860
	Goal Capital FundingTrust Series 2010-1, Class A(c) (3M USD LIBOR + 0.700%)
	42,558		3.389			08/25/48		42,799
	Higher Education Funding ISeries 2014-1, Class A(c) (3M USD LIBOR + 1.050%)
	1,500,054		3.739			05/25/34		1,510,688
	Illinois Student Assistance CommissionSeries 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,112,386		3.390			07/25/45		1,115,160
	Kentucky Higher Education Student Loan Corp.Series 2015-1, Class A1 (1M USD LIBOR + 0.750%)
	3,694,200		3.259			12/01/31		3,647,246
	Knowledgeworks Foundation Student LoanSeries 2010-1, Class A (3M USD LIBOR + 0.950%)
	1,308,522		3.639			02/25/42		1,312,099
	Massachusetts Educational Financing AuthoritySeries 2008-1, Class A1 (3M USD LIBOR + 0.950%)
	403,261		3.440			04/25/38		404,485
	Missouri Higher Education Loan AuthoritySeries 2010-2, Class A1 (3M USD LIBOR + 0.850%)
	2,183,852		3.527			08/27/29		2,217,538
	Missouri Higher Education Loan AuthoritySeries 2011-1, Class A1 (3M USD LIBOR + 0.850%)
	3,531,797		3.672			06/25/36		3,548,814

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(a) – (continued)
Student Loan – (continued)
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
$	2,290,648		3.480	%		05/20/30	$	2,308,658
	NCUA GuaranteedNotes Series 2010-A1, Class A (1M LIBOR + 0.350%)
	185,932		2.862			12/07/20		186,094
	Nelnet Student LoanTrust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	583,909		2.590			01/25/30		583,735
	Northstar Education Finance, Inc.Series 2012-1, Class A(c) (1M USD LIBOR + 0.700%)
	463,412		3.190			12/26/31		463,187
	Rhode Island Student Loan AuthoritySeries 2012-1, Class A1 (1M USD LIBOR + 0.900%)
	1,604,860		3.409			07/01/31		1,595,478
	Scholar FundingTrust Series 2010-A, Class A(c) (3M USD LIBOR + 0.750%)
	811,834		3.259			10/28/41		804,456
	Scholar FundingTrust Series 2013-A, Class A(c) (1M USD LIBOR + 0.650%)
	2,191,552		3.143			01/30/45		2,182,542
	SLC Student Loan CenterSeries 2011-1, Class A(c) (1M USD LIBOR + 1.220%)
	753,466		3.710			10/25/27		757,444
	SLC Student LoanTrust Series 2010-1, Class A (3M USD LIBOR + 0.875%)
	632,881		3.552			11/25/42		637,553
	SLM Student LoanTrust Series 2004-8A, Class A5(c) (3M USD LIBOR + 0.500%)
	363,655		2.990			04/25/24		363,997
	SLM Student LoanTrust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	511,465		3.240			04/25/23		508,104
	SLM Student LoanTrust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	301,395		4.190			07/25/23		304,521
	SLM Student LoanTrust Series 2012-3, Class A (1M USD LIBOR + 0.650%)
	904,043		3.140			12/27/38		902,202
	South Texas Higher Education Authority, Inc.Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	388,578		3.187			10/01/24		389,990
	Utah State Board of RegentsSeries 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	900,000		3.391			05/01/35		900,000
	Utah State Board of RegentsSeries 2015-1, Class A (1M USD LIBOR + 0.600%)
	1,957,196		3.090			02/25/43		1,934,100
	Wachovia Student LoanTrust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	46,567		2.620			01/26/26		46,558
								59,595,104
	TOTAL ASSET-BACKED SECURITIES
	(Cost $229,451,687)						$	229,247,421
Municipal Debt Obligations(a) – 2.7%
Alaska – 0.3%
	Alaska State Student Loan Corp. Series 2013, Class A (1M USD LIBOR + 0.500%)
$	1,411,917		2.986	%		08/25/31	$	1,413,322
New Hampshire(e) – 0.7%
	New Hampshire Higher Education Loan Corp.Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,300,000		3.621			10/25/37		1,308,723
	New Hampshire State Higher Education Loan Corp. (Taxable- Student Loan)Series 2012-1 (1M USD LIBOR + 0.500%)
	2,065,365		2.986			10/25/28		2,063,651
								3,372,374
Rhode Island(e) – 0.1%
	Rhode Island Student Loan Authority RB (Taxable – FFELP Loan Backed)Series 2014-1 (1M USD LIBOR + 0.700%)
	423,777		3.189			10/02/28		421,967
Utah – 1.6%
	Utah State Board of Regents RB (Taxable-Student Loan) Series 2012-1 (1M USD LIBOR + 0.750%)
	7,426,143		3.236			12/26/31		7,430,970
	Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2(e) (3M USD LIBOR + 0.850%)
	324,556		3.586			05/01/29		325,196
								7,756,166
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $12,959,457)						$	12,963,829
U.S. Treasury Obligations(a) – 9.8%
	United States Treasury Floating Rate Notes
	(U.S. Treasury 3M Bill Money Market Yield + 0.045)
$	32,000,000		2.470	%		10/31/20	$	31,949,222
	(U.S. Treasury 3M Bill Money Market Yield + 0.115)
	14,200,000		2.540			01/31/21		14,186,249
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $46,172,195)						$	46,135,471
	TOTAL INVESTMENTS BEFORESHORT-TERM INVESTMENT
	(Cost $451,294,242)						$	450,481,207
Short-term Investments – 3.9%
Commercial Paper(f) – 2.8%
	AT&T, Inc.
$	2,500,000		0.000	%		06/05/19	$	2,486,466
	VW Credit, Inc.
	2,650,000		0.000			12/06/19		2,592,792
	8,200,000		0.000			07/08/19		8,133,790
								13,213,048

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Repurchase Agreements(g) – 1.1%
	Joint Repurchase Agreement Account II
$	5,200,000		2.600	%		04/01/19	$	5,200,000
	TOTALSHORT-TERM INVESTMENTS
	(Cost $18,403,703)						$	18,413,048
	TOTAL INVESTMENTS – 99.5%
	(Cost $469,697,945)						$	468,894,255
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%							2,224,268
	NET ASSETS – 100.0%						$	471,118,523

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(b)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $4,010,560, which represents approximately 0.9% of the Fund’s net assets as of March 31, 2019.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Joint repurchase agreement was entered into on March 29, 2019. Additional information appears on page 96.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
ACES	—Alternative Credit Enhancement Securities
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
COF	—Cost of Funds
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
MTA	—Monthly Treasury Average
NCUA	—National Credit Union Administration
PLC	—Public Limited Company
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
STRIPS	—Separate Trading of Registered Interest and Principal of Securities
SOFR	—Secured Overnight Funding Rate

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
5 Year U.S. Treasury Notes		258			06/28/19	$	29,883,656		$	266,056
20 Year U.S. Treasury Bonds		26			06/19/19		3,891,063			27,157
Total									$	293,213
Short position contracts:
Ultra Long U.S. Treasury Bonds		(14	)		06/19/19		(2,352,000	)		(27,232	)
Ultra 10 Year U.S. Treasury Notes		(17	)		06/19/19		(2,257,281	)		(46,792	)
2 Year U.S. Treasury Notes		(42	)		06/28/19		(8,949,938	)		(33,883	)
10 Year U.S. Treasury Notes		(29	)		06/19/19		(3,602,344	)		(5,213	)
Total									$	(113,120	)
TOTAL FUTURES CONTRACTS									$	180,093

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)(c)	Market Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
2.218(a)	3M LIBOR(b)	08/31/23	$25,290	$	40,738	$	4,479	$	36,259

(a) Payments made semi-annually.

(b) Payments made quarterly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – 95.2%
	United States Treasury Inflation Indexed Bonds
$	16,981,840		0.125	%		04/15/20	$	16,903,256
	19,009,442		0.125			04/15/21		18,863,137
	72,736,989		0.125	(a)		04/15/22		72,015,375
	28,896,660		0.125			01/15/23		28,581,783
	41,576,740		0.625			01/15/26		42,074,101
	53,342,032		0.125			07/15/26		52,208,154
	10,315,503		0.375			01/15/27		10,230,753
	19,961,436		0.375			07/15/27		19,825,506
	35,305,840		0.500			01/15/28		35,255,151
	35,796,747		0.750			07/15/28		36,631,520
	293,080		2.500	(a)		01/15/29		347,590
	28,198,017		1.375			02/15/44		31,213,319
	19,453,252		0.750			02/15/45		18,738,657
	4,797,196		1.000			02/15/48		4,908,534
	United States Treasury Note
	3,120,000		2.250			03/31/26		3,107,795
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $383,584,487)						$	390,904,631

Shares	Dividend Rate			Value
Investment Company(b) – 3.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
14,311,970		2.437	%	$	14,311,970
(Cost $14,311,970)
TOTAL INVESTMENTS – 98.7%
(Cost $397,896,457)				$	405,216,601
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%					5,440,089
NET ASSETS – 100.0%				$	410,656,690

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
CPI-U	—Consumer Price Index for All Urban Consumers
LIBOR	—London Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		12			06/17/19	$	2,923,650		$	5,860
Ultra Long U.S. Treasury Bonds		34			06/19/19		5,712,000			212,163
5 Year U.S. Treasury Notes		723			06/28/19		83,743,734			708,268
Total									$	926,291
Short position contracts:
Eurodollars		(59	)		09/16/19		(14,387,150	)		(50,287	)
Eurodollars		(148	)		12/16/19		(36,100,900	)		(131,737	)
Eurodollars		(26	)		09/14/20		(6,359,600	)		(44,585	)
Ultra 10 Year U.S. Treasury Notes		(90	)		06/19/19		(11,950,312	)		(247,417	)
2 Year U.S. Treasury Notes		(23	)		06/28/19		(4,901,156	)		(16,595	)
10 Year U.S. Treasury Notes		(13	)		06/19/19		(1,614,844	)		(273	)
20 Year U.S. Treasury Bonds		(68	)		06/19/19		(10,176,625	)		(258,531	)
Total									$	(749,425	)
TOTAL FUTURES CONTRACTS									$	176,866

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund (%)		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.218%(a)		3M LIBOR(b)	08/31/23	$	31,190	(c)	$	50,241		$	5,522		$	44,719
2.251(d)		12M USA CPI-U	02/20/24		17,900			(362,397	)		152			(362,549	)
2.104(d)		12M USA CPI-U	12/14/24		10,000			(103,510	)		109			(103,619	)
2.014(d)		12M USA CPI-U	02/06/26		6,100			(25,614	)		80			(25,694	)
2.015(d)		12M USA CPI-U	02/06/26		6,100			(25,821	)		80			(25,901	)
2.007(d)		12M USA CPI-U	02/07/26		6,300			(22,873	)		83			(22,956	)
3.000(a)		3M LIBOR(b)	06/19/26		15,100	(c)		(666,405	)		(434,191	)		(232,214	)
12M USA CPI-U (d)		2.110%	02/06/29		6,100			32,482			91			32,391
12M USA CPI-U (d)		2.112	02/06/29		6,100			33,672			91			33,581
12M USA CPI-U (d)		2.103	02/07/29		6,300			28,373			94			28,279
TOTAL							$	(1,061,852	)	$	(427,889	)	$	(633,963	)

(a) Payments made semi-annually.

(b) Payments made quarterly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

(d) Payments made at the termination date.

PURCHASED OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$97.75		06/15/2020		108	$	270,000	$	62,100	$	53,945	$	8,155

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 30.0%
Collateralized Mortgage Obligations – 6.4%
Interest Only(a) – 0.0%
	FHLMC REMIC Series 1161, Class U
$	38		1,172.807	%		11/15/21	$	347
Inverse Floaters(b) – 0.0%
	FNMA REMICSeries 1990-134, Class SC(-1x1M LIBOR + 21.600%)
	1,888		17.865			11/25/20		2,036
Regular Floater(b) – 1.3%
	FNMA REMICSeries 2007-33, Class HF (1M LIBOR + 0.350%)
	332,016		2.840			04/25/37		330,651
	NCUA GuaranteedNotes Series 2011-R1, Class 1A (1M LIBOR + 0.450%)
	1,407,951		2.963			01/08/20		1,407,236
	NCUA GuaranteedNotes Series 2011-R2, Class 1A (1M LIBOR + 0.400%)
	5,903,516		2.913			02/06/20		5,897,616
	NCUA GuaranteedNotes Series 2011-R3, Class 1A (1M LIBOR + 0.400%)
	4,476,054		2.917			03/11/20		4,471,496
	NCUA GuaranteedNotes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	1,292,390		2.963			10/07/20		1,291,780
								13,398,779
Sequential Fixed Rate – 5.1%
	FDIC Structured Sale GuaranteedNotes Series 2010-S1, Class 2A(c)
	2,027,319		3.250			04/25/38		2,009,587
	FHLMC REMIC Series 108, Class G
	987		8.500			12/15/20		996
	FHLMC REMIC Series 1980, Class Z
	291,409		7.000			07/15/27		323,750
	FHLMC REMIC Series 2019, Class Z
	213,628		6.500			12/15/27		232,485
	FHLMC REMIC Series 2755, Class ZA
	608,927		5.000			02/15/34		658,502
	FHLMC REMIC Series 3530, Class DB
	2,536,542		4.000			05/15/24		2,595,825
	FHLMC REMIC Series 4273, Class PD
	954,428		6.500			11/15/43		1,096,319
	FHLMC REMIC Series 4619, Class NA
	3,725,579		3.000			03/15/44		3,759,233
	FHLMC REMIC Series 4663, Class KA
	31,018,382		3.500			11/15/42		31,532,272
	FNMA REMICSeries 1989-66, Class J
	8		7.000			09/25/19		8
	FNMA REMICSeries 1990-16, Class E
	11,457		9.000			03/25/20		11,651
	FNMA REMICSeries 2012-111, Class B
	387,738		7.000			10/25/42		443,212
	FNMA REMICSeries 2012-153, Class B
	1,385,494		7.000			07/25/42		1,591,312
	FNMA REMICSeries 2015-30, Class EA
	6,321,988		3.000			05/25/45		6,369,893
								50,625,045
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	64,026,207
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 4.1%
Sequential Fixed Rate – 3.5%
	FHLMC Multifamily Structured Pass Through Certificates Series K716, Class A2
	16,100,000		3.130			06/25/21		16,254,132
	FHLMC Multifamily Structured Pass Through Certificates Series K717, Class A2
	18,600,000		2.991			09/25/21		18,741,709
								34,995,841
Sequential Floating Rate(b) – 0.6%
	FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A (1M LIBOR + 0.340%)
	348,694		2.830			01/25/21		348,654
	FHLMC Multifamily Structured Pass Through Certificates Series KP02, Class A2
	6,395,635		2.355			04/25/21		6,400,811
								6,749,465
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	41,745,306
Federal Agencies – 19.5%
Adjustable Rate FHLMC(b) – 0.7%
	FHLMC (3 Year CMT + 2.228%)
$	294		3.102	%		10/01/25	$	292
	FHLMC (12M USD LIBOR + 1.840%)
	341,204		4.507			11/01/34		356,331
	FHLMC (1 Year CMT + 2.250%)
	940,606		4.245			06/01/35		978,991
	FHLMC (12M USD LIBOR + 2.330%)
	88,453		4.693			05/01/36		93,152
	FHLMC (6M USD LIBOR + 2.055%)
	14,658		4.554			10/01/36		15,307
	FHLMC (12M USD LIBOR + 2.000%)
	11,135		4.875			11/01/36		11,726
	FHLMC (12M USD LIBOR + 1.719%)
	425,230		3.056			06/01/42		438,908
	FHLMC (12M USD LIBOR + 1.612%)
	5,275,239		2.537			11/01/44		5,379,546
								7,274,253
Adjustable Rate FNMA(b) – 1.0%
	FNMA (1 Year CMT + 2.195%)
	534		4.085			02/01/27		536
	FNMA (COF + 1.799%)
	33,752		2.855			08/01/29		33,985
	FNMA (12M USD LIBOR + 1.755%)
	30,834		4.505			07/01/32		32,183
	FNMA (1 Year CMT + 2.255%)
	2,136		4.505			07/01/32		2,248
	FNMA (12M USD LIBOR + 1.225%)
	12,147		4.100			01/01/33		12,382
	FNMA (12M USD LIBOR + 1.800%)
	549,475		4.321			05/01/33		575,226
	FNMA (COF + 1.250%)
	608,728		4.609			08/01/33		641,447

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – (continued)
	FNMA (6M USD LIBOR + 2.250%)
$	113,908		5.125	%		08/01/33	$	118,636
	FNMA (1 Year CMT + 2.288%)
	453,836		4.996			02/01/34		477,944
	FNMA (12M USD LIBOR + 1.720%)
	418,166		4.028			05/01/34		437,645
	FNMA (12M USD LIBOR + 1.695%)
	256,022		4.320			05/01/34		267,291
	FNMA (1 Year CMT + 2.220%)
	471,518		4.337			06/01/34		496,565
	FNMA (12M USD LIBOR + 1.664%)
	321,781		4.414			10/01/34		335,799
	FNMA (12M USD LIBOR + 1.673%)
	162,902		4.531			10/01/34		170,166
	FNMA (12M USD LIBOR + 1.506%)
	188,302		4.631			02/01/35		195,980
	FNMA (12M USD LIBOR + 1.510%)
	52,501		4.635			02/01/35		54,647
	FNMA (12M USD LIBOR + 1.643%)
	197,033		3.967			03/01/35		206,061
	FNMA (12M USD LIBOR + 1.720%)
	208,661		4.845			03/01/35		218,958
	FNMA (12M USD LIBOR + 1.325%)
	467,677		3.897			04/01/35		479,311
	FNMA (12M USD LIBOR + 1.720%)
	89,291		4.095			04/01/35		92,488
	FNMA (12M USD LIBOR + 1.404%)
	160,030		3.835			05/01/35		165,839
	FNMA (1 Year CMT + 2.082%)
	189,974		4.439			10/01/35		199,679
	FNMA (12M USD LIBOR + 1.720%)
	433,094		4.716			03/01/36		451,369
	FNMA (12M USD LIBOR + 1.953%)
	812,531		4.202			04/01/36		853,207
	FNMA (12M MTA + 1.949%)
	189,745		4.265			04/01/36		197,447
	FNMA (12M USD LIBOR + 1.898%)
	619,250		4.648			06/01/36		645,385
	FNMA (12M MTA + 2.322%)
	458,830		4.665			06/01/36		483,766
	FNMA (12M MTA + 2.362%)
	958,454		4.700			07/01/36		1,011,829
	(12M USD LIBOR + 1.935%)
	181,235		4.810			11/01/36		190,863
	FNMA (12M USD LIBOR + 1.771%)
	701,668		4.615			07/01/37		732,845
	FNMA (12M USD LIBOR + 1.820%)
	38,142		4.774			12/01/46		40,168
								9,821,895
Adjustable Rate GNMA(b) – 0.3%
	GNMA (1 Year CMT + 1.500%)
	144,035		3.625			05/20/34		147,429
	GNMA (1 Year CMT + 1.500%)
	317,474		3.750			07/20/34		325,311
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(b) – (continued)
	GNMA (1 Year CMT + 1.500%)
	257,625		3.750			08/20/34		264,284
	(1 Year CMT + 1.500%)
	1,803,432		3.750			09/20/34		1,848,761
	GNMA (1 Year CMT + 1.500%)
	223,999		4.125			10/20/34		230,606
	GNMA (1 Year CMT + 1.500%)
	370,920		4.125			12/20/34		381,914
								3,198,305
FHLMC – 0.8%
	17,213		5.500			01/01/20		17,251
	56,183		7.000			04/01/22		57,590
	954		4.500			05/01/23		983
	11,765		7.500			01/01/31		12,506
	35,900		4.500			07/01/33		37,897
	1,049,505		4.500			08/01/33		1,109,566
	2,161,299		4.500			09/01/33		2,283,958
	208,357		4.500			10/01/33		220,501
	4,650		4.500			04/01/34		4,886
	4,962		4.500			04/01/35		5,253
	2,921		4.500			07/01/35		3,087
	9,809		4.500			08/01/35		10,376
	46,503		4.500			09/01/35		49,198
	19,988		4.500			10/01/35		21,015
	2,103		4.500			12/01/35		2,210
	1,352		4.500			05/01/36		1,431
	1,286		6.000			06/01/36		1,381
	124,734		4.500			01/01/38		132,052
	2,224		4.500			04/01/38		2,348
	507		4.500			05/01/38		536
	7,505		4.500			06/01/38		7,882
	197,178		4.500			09/01/38		209,554
	4,085		4.500			01/01/39		4,313
	117,370		4.500			02/01/39		124,294
	55,713		4.500			03/01/39		59,047
	11,840		4.500			04/01/39		12,548
	344,841		4.500			05/01/39		365,483
	959,181		4.500			06/01/39		1,016,600
	21,136		4.500			07/01/39		22,401
	43,842		4.500			08/01/39		46,465
	61,897		4.500			09/01/39		65,603
	12,324		4.500			10/01/39		13,062
	23,222		4.500			11/01/39		24,612
	48,427		4.500			12/01/39		51,327
	37,948		4.500			01/01/40		40,221
	10,250		4.500			02/01/40		10,846
	31,199		4.500			04/01/40		32,987
	45,413		4.500			05/01/40		47,988
	52,876		4.500			06/01/40		55,874
	53,961		4.500			07/01/40		57,021
	45,660		4.500			08/01/40		48,249
	28,913		4.500			09/01/40		30,553
	10,915		4.500			10/01/40		11,534
	19,330		4.500			02/01/41		20,436
	36,209		4.500			03/01/41		38,354

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	107,783		4.500	%		04/01/41	$	114,167
	88,837		4.500			05/01/41		94,099
	173,507		4.500			06/01/41		183,783
	13,326		4.500			07/01/41		14,115
	430,307		4.500			08/01/41		455,770
	443,924		4.500			09/01/41		469,123
	26,859		4.500			12/01/41		28,449
	316,806		4.500			03/01/42		335,569
								8,086,354
FNMA – 15.4%
	62		5.500			08/01/19		62
	329		5.000			09/01/19		330
	330		7.000			11/01/19		330
	28,718,497		4.313			07/01/21		29,632,546
	442,850		5.500			09/01/23		457,278
	122,791		5.500			10/01/23		126,898
	1,011,286		6.000			02/01/24		1,091,935
	497,794		6.000			08/01/26		536,595
	81,037		6.000			10/01/26		87,464
	173,895		6.000			11/01/27		187,741
	1,187,344		6.000			02/01/28		1,279,893
	544,874		6.000			07/01/28		587,345
	139,386		6.000			08/01/28		150,251
	208,815		6.000			09/01/28		225,091
	12,948		6.000			01/01/29		13,957
	39,280		6.000			03/01/29		42,407
	19,916		6.000			12/01/31		21,864
	67,262		6.000			09/01/32		74,710
	41,665		6.000			10/01/32		46,486
	38,651		6.000			11/01/32		42,875
	14,736		6.000			02/01/33		16,380
	11,506		6.000			03/01/33		12,855
	2,802		6.000			04/01/33		3,126
	2,776		6.000			11/01/33		3,100
	24,052,326		6.000			05/01/34		26,668,504
	57,209		6.000			07/01/34		64,073
	4,281		6.000			10/01/34		4,800
	108,186		6.000			01/01/35		121,143
	85,824		6.000			03/01/35		95,843
	1,454,611		6.000			04/01/35		1,618,452
	173,970		6.000			05/01/35		195,146
	211,380		6.000			06/01/35		237,868
	33,438		6.000			08/01/35		37,646
	84,157		6.000			09/01/35		94,652
	654,179		6.000			11/01/35		736,423
	677,900		6.000			12/01/35		760,818
	1,492,786		6.000			01/01/36		1,678,430
	503,871		6.000			02/01/36		567,278
	290,327		6.000			03/01/36		327,032
	2,000,316		6.000			04/01/36		2,250,774
	359,273		6.000			05/01/36		405,077
	375,207		6.000			06/01/36		422,816
	683,483		6.000			07/01/36		769,599
	3,731,554		6.000			08/01/36		4,199,672
	916,917		6.000			09/01/36		1,018,678
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	1,577,663		6.000			10/01/36		1,779,423
	577,878		4.500			11/01/36		611,315
	2,543,323		6.000			11/01/36		2,869,462
	432,685		6.000			12/01/36		488,751
	7,366		6.000			01/01/37		8,330
	172,947		6.000			02/01/37		194,997
	462,424		6.000			03/01/37		521,452
	291,789		6.000			04/01/37		329,361
	6,838,193		6.000			05/01/37		7,704,519
	424,865		6.000			07/01/37		478,849
	760,871		6.000			08/01/37		858,097
	509,558		6.000			09/01/37		574,549
	171,134		6.000			10/01/37		193,121
	230,998		7.500			10/01/37		262,680
	364,152		6.000			11/01/37		409,869
	2,625,225		6.000			12/01/37		2,955,392
	3,073,321		6.000			01/01/38		3,458,284
	2,040,315		6.000			02/01/38		2,302,835
	351,155		6.000			03/01/38		395,240
	4,510		6.000			04/01/38		5,082
	6,603,965		6.000			05/01/38		7,455,940
	73,780		6.000			06/01/38		83,354
	7,775,841		6.000			07/01/38		8,747,509
	157,216		6.000			08/01/38		176,651
	676,176		6.000			09/01/38		760,703
	103,018		6.000			10/01/38		115,840
	913,784		6.000			11/01/38		1,025,622
	729,836		6.000			12/01/38		825,683
	115,419		6.000			01/01/39		129,938
	130,583		4.500			02/01/39		137,976
	116,677		4.500			04/01/39		123,504
	214,848		6.000			04/01/39		241,977
	9,025		4.500			08/01/39		9,614
	387,309		6.000			08/01/39		436,692
	3,447,260		6.000			09/01/39		3,878,257
	825,187		6.000			10/01/39		928,623
	30,156		6.000			11/01/39		33,936
	775,282		6.000			01/01/40		871,969
	1,814		6.000			02/01/40		2,041
	80,801		6.000			03/01/40		90,759
	12,267		6.000			04/01/40		13,808
	873,257		6.000			06/01/40		983,394
	379,634		6.000			07/01/40		427,007
	88,216		6.000			09/01/40		99,150
	612,054		6.000			10/01/40		688,435
	483,882		6.000			11/01/40		546,141
	23,483		6.000			04/01/41		26,500
	10,414		4.500			05/01/41		11,017
	18,686,149		6.000			05/01/41		21,068,990
	1,169,012		6.000			07/01/41		1,316,122
	473,067		4.500			08/01/41		501,209
	131,448		4.500			10/01/41		139,054
								155,215,266

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
GNMA – 1.3%
$	15,534		5.500	%		07/15/20	$	15,655
	1,306		6.500			01/15/32		1,433
	6,837		6.500			02/15/32		7,505
	6,169		6.500			08/15/34		6,912
	11,612		6.500			05/15/35		13,265
	2,961		6.500			06/15/35		3,361
	11,533		6.500			07/15/35		13,191
	3,058		6.500			08/15/35		3,504
	6,481		6.500			09/15/35		7,390
	2,437		6.500			10/15/35		2,790
	15,582		6.500			11/15/35		17,843
	10,782		6.500			12/15/35		12,177
	26,864		6.500			01/15/36		30,687
	34,120		6.500			02/15/36		39,051
	18,273		6.500			03/15/36		20,890
	61,279		6.500			04/15/36		69,584
	103,381		6.500			05/15/36		118,222
	71,800		6.500			06/15/36		82,174
	263,905		6.500			07/15/36		299,826
	268,956		6.500			08/15/36		305,523
	511,588		6.500			09/15/36		583,119
	200,501		6.500			10/15/36		229,175
	257,080		6.500			11/15/36		291,294
	127,669		6.500			12/15/36		145,953
	64,580		6.500			01/15/37		74,141
	24,474		6.500			02/15/37		28,047
	10,783		6.500			03/15/37		12,364
	29,577		6.500			04/15/37		33,980
	17,286		6.500			05/15/37		19,489
	16,692		6.500			08/15/37		19,134
	71,578		6.500			09/15/37		81,783
	76,387		6.500			10/15/37		88,939
	33,179		6.500			11/15/37		37,393
	14,604		6.500			05/15/38		16,860
	59,269		6.000			11/15/38		66,903
	13,810		6.500			11/15/38		15,932
	6,433		6.500			01/15/39		7,165
	17,912		6.500			02/15/39		20,510
	9,047,801		4.000			10/20/43		9,425,561
	383,842		4.500			02/20/48		400,103
								12,668,828
	TOTAL FEDERAL AGENCIES						$	196,264,901
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $306,719,078)						$	302,036,414
Agency Debentures – 7.4%
	FFCB(b) (1 Day FCPR – 2.800%)
$	5,000,000		2.700	%		03/14/22	$	4,993,200
	FHLB
	7,000,000		1.875			03/13/20		6,962,410
	1,800,000		5.375			08/15/24		2,072,880
Agency Debentures – (continued)
	FNMA
	5,200,000		6.250			05/15/29		6,841,796
	16,080,000		7.125			01/15/30		22,598,189
	Hashemite Kingdom of Jordan Government AID Bond(d)
	19,300,000		2.503			10/30/20		19,350,952
	NCUA Guaranteed Notes Series A4(d)
	11,000,000		3.000			06/12/19		11,006,193
	TOTAL AGENCY DEBENTURES
	(Cost $73,167,182)						$	73,825,620
Asset-Backed Securities(b) – 0.1%
Student Loan – 0.1%
	NCUA GuaranteedNotes Series 2010-A1, Class A (1M LIBOR + 0.350%)
$	1,146,581		2.862	%		12/07/20	$	1,147,582
	(Cost $1,146,581)
U.S. Treasury Obligations – 61.1%
	United States Treasury Bills(e)
$	20,000,000		0.000	%		04/23/19	$	19,970,667
	50,000,000		0.000			08/08/19		49,575,329
	United States Treasury Bonds
	5,970,000		3.750	(f)		11/15/43		7,012,544
	210,000		3.000	(f)		11/15/45		218,458
	920,000		3.000	(f)		05/15/47		955,713
	110,000		3.000	(f)		02/15/48		114,082
	670,000		3.125			05/15/48		712,097
	1,920,000		3.375			11/15/48		2,141,632
	United States Treasury Floating Rate Note – When issued(b)
	30,200,000		2.540			01/31/21		30,170,755
	United States Treasury Inflation Indexed Note
	9,997,019		0.750			07/15/28		10,230,147
	United States Treasury Notes
	103,440,000		2.375	(f)		04/30/20		103,416,367
	191,500,000		2.625			07/31/20		192,136,104
	125,370,000		2.625			07/15/21		126,396,398
	26,300,000		1.875			02/28/22		26,039,812
	7,100,000		2.625			12/31/23		7,224,802
	5,470,000		2.125			11/30/24		5,427,158
	7,550,000		2.250			03/31/26		7,520,465
	4,700,000		2.875			08/15/28		4,888,532
	United States Treasury Strip Coupon(e)
	28,900,000		0.000			11/15/35		18,411,332
	2,800,000		0.000			05/15/36		1,756,672
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $611,556,891)						$	614,319,066

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Shares		Dividend Rate	Value
Investment Company(g) – 0.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	2,624,284	2.437%	$	2,624,284
	(Cost $2,624,284)
	TOTAL INVESTMENTS – 98.9%
	(Cost $995,214,016)		$	993,952,966
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%			11,429,093
	NET ASSETS – 100.0%		$	1,005,382,059

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $30,357,145, which represents approximately 3.0% of the Fund’s net assets as of March 31, 2019.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(g)	Represents an affiliated issuer.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
COF	—Cost of Funds Index
FCPR	—Federal Reserve Bank Prime Loan Rate U.S.
FDIC	—Federal Deposit Insurance Corp.
FFCB	—Federal Farm Credit Bank
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
MTA	—Monthly Treasury Average
NCUA	—National Credit Union Administration
REMIC	—Real Estate Mortgage Investment Conduit

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		222			12/14/20	$	54,309,525		$	236,147
2 Year U.S. Treasury Notes		2,830			06/28/19		603,055,313			2,025,818
Total									$	2,261,965
Short position contracts:
Eurodollars		(256	)		06/15/20		(62,576,000	)		284,209
Eurodollars		(119	)		03/16/20		(29,061,288	)		169,300
Eurodollars		(206	)		09/16/19		(50,233,100	)		21,798
Eurodollars		(484	)		06/17/19		(117,920,550	)		(202,008	)
Eurodollars		(354	)		12/16/19		(86,349,450	)		(318,576	)
Eurodollars		(259	)		09/14/20		(63,351,400	)		(173,237	)
Ultra Long U.S. Treasury Bonds		(24	)		06/19/19		(4,032,000	)		(21,368	)
Ultra 10 Year U.S. Treasury Notes		(227	)		06/19/19		(30,141,344	)		(623,337	)
5 Year U.S. Treasury Notes		(450	)		06/28/19		(52,122,656	)		(417,899	)
10 Year U.S. Treasury Notes		(151	)		06/19/19		(18,757,031	)		(168,133	)
20 Year U.S. Treasury Bonds		(421	)		06/19/19		(63,005,281	)		(1,660,626	)
Total									$	(3,109,877	)
TOTAL FUTURES CONTRACTS									$	(847,912	)

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 66.3%
Advertising – 0.2%
	The Interpublic Group of Cos., Inc.
$	1,150,000		3.500	%		10/01/20	$	1,160,523
Aerospace & Defense – 0.7%
	Northrop Grumman Corp.
	2,400,000		2.080			10/15/20		2,378,616
	United Technologies Corp.(a)(b) (3M USD LIBOR + 0.650%)
	2,400,000		3.333			08/16/21		2,401,200
								4,779,816
Agriculture(a) – 1.2%
	Altria Group, Inc.
	1,200,000		3.490			02/14/22		1,219,080
	2,350,000		3.800			02/14/24		2,392,464
	BAT Capital Corp.
	4,925,000		2.764			08/15/22		4,845,215
								8,456,759
Airlines – 0.4%
	Delta Air Lines, Inc.
	2,575,000		3.400			04/19/21		2,586,819
Automotive – 1.3%
	Daimler Finance North America LLC(c)
	500,000		2.450			05/18/20		497,460
	Ford Motor Credit Co. LLC
	3,150,000		8.125			01/15/20		3,262,864
	General Motors Financial Co., Inc.
	1,450,000		4.200			11/06/21		1,477,637
	846,000		3.700	(a)		05/09/23		843,251
	Volkswagen Group of America Finance LLC(b)(c) (3M USD LIBOR + 0.770%)
	3,000,000		3.458			11/13/20		3,006,210
								9,087,422
Banks – 18.4%
	Banco Bilbao Vizcaya Argentaria SA
	1,025,000		3.000			10/20/20		1,025,892
	Banco Santander SA
	1,800,000		3.848			04/12/23		1,819,152
	Bank of America Corp.(a)
	6,175,000		2.151			11/09/20		6,116,337
	(3M USD LIBOR + 0.660%)
	1,250,000		2.369	(b)		07/21/21		1,242,013
	(3M USD LIBOR + 0.630%)
	1,800,000		3.499	(b)		05/17/22		1,821,420
	3,075,000		2.503			10/21/22		3,031,089
	Bank of America NA(a)(b) (3M USD LIBOR + 0.650%)
	500,000		3.335			01/25/23		505,980
	Banque Federative du Credit Mutuel SA(c)
	2,800,000		3.750			07/20/23		2,869,328
	Barclays Bank PLC
	1,100,000		5.140	%		10/14/20		1,131,977
	1,600,000		2.650	(a)		01/11/21		1,588,240
	Barclays PLC(a)(b) (3M USD LIBOR + 1.380%)
	2,550,000		4.063			05/16/24		2,484,287
	BNP Paribas SA(c)
	1,650,000		3.500			03/01/23		1,651,947
Corporate Obligations – (continued)
Banks – (continued)
	BPCE SA(c)
	2,425,000		3.000			05/22/22		2,407,055
	Citibank NA(a)
	925,000		2.125			10/20/20		916,980
	1,425,000		3.650			01/23/24		1,470,443
	Citigroup, Inc.
	5,500,000		2.350			08/02/21		5,434,385
	(3M USD LIBOR + 0.950%)
	3,750,000		2.876	(a)(b)		07/24/23		3,724,575
	Citizens Bank NA(a)
	2,900,000		3.250			02/14/22		2,926,941
	Credit Suisse AG
	155,000		5.400			01/14/20		157,964
	Credit Suisse Group Funding Guernsey Ltd.
	5,375,000		3.450			04/16/21		5,433,426
	HSBC Holdings PLC
	1,050,000		2.950			05/25/21		1,050,021
	(3M USD LIBOR + 1.000%)
	1,300,000		3.683	(a)(b)		05/18/24		1,291,108
	ING Groep NV
	1,525,000		4.100			10/02/23		1,568,371
	JPMorgan Chase & Co.
	1,250,000		2.295	(a)		08/15/21		1,236,013
	6,000,000		3.200			01/25/23		6,057,803
	(3M USD LIBOR + 0.695%)
	2,050,000		3.207	(a)(b)		04/01/23		2,062,997
	(3M USD LIBOR + 0.730%)
	7,125,000		3.559	(a)(b)		04/23/24		7,244,914
	Lloyds Bank PLC
	(3M USD LIBOR + 0.490%)
	1,875,000		3.229	(b)		05/07/21		1,870,931
	1,975,000		3.300			05/07/21		1,990,188
	Mitsubishi UFJ Financial Group, Inc.
	6,950,000		3.407			03/07/24		7,042,643
	Morgan Stanley
	7,550,000		2.625			11/17/21		7,508,928
	Morgan Stanley, Inc.(a)(b) (3M USD LIBOR + 0.847%)
	5,175,000		3.737			04/24/24		5,277,620
	MUFG Union Bank NA(a)
	2,375,000		3.150			04/01/22		2,395,710
	NatWest Markets PLC(c)
	2,725,000		3.625			09/29/22		2,728,352
	Royal Bank of Scotland Group PLC(a)(b)
	(3M USD LIBOR + 1.550%)
	2,525,000		4.519			06/25/24		2,582,368
	(3M USD LIBOR + 1.762%)
	1,175,000		4.269			03/22/25		1,188,148
	Santander UK PLC
	4,150,000		2.125	%		11/03/20		4,103,105
	Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
	1,275,000		4.247			01/20/23		1,295,553
	Sumitomo Mitsui Financial Group, Inc.
	4,650,000		2.784			07/12/22		4,630,144
	The Bank of New York Mellon Corp.
	2,950,000		3.500			04/28/23		3,024,311

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	The Huntington National Bank(a)
$	800,000		3.125	%		04/01/22	$	806,800
	UBS Group Funding Switzerland AG(c)
	3,450,000		3.000			04/15/21		3,448,171
	UniCredit SpA(c)
	1,000,000		6.572			01/14/22		1,046,890
	Wells Fargo & Co.
	4,375,000		2.625			07/22/22		4,344,244
	1,400,000		3.750	(a)		01/24/24		1,441,524
	Wells Fargo Bank NA(a)
	3,100,000		3.550			08/14/23		3,181,375
								128,177,663
Beverages – 2.8%
	Anheuser-Busch InBev Finance, Inc.(a)
	1,905,000		2.650			02/01/21		1,902,066
	2,625,000		3.300			02/01/23		2,663,929
	Anheuser-Busch InBev Worldwide, Inc.(b) (3M USD LIBOR + 0.740%)
	2,725,000		3.537			01/12/24		2,702,137
	Constellation Brands, Inc.(a)
	3,200,000		2.700			05/09/22		3,171,680
	3,025,000		2.650			11/07/22		2,987,883
	Diageo Capital PLC(a)
	1,975,000		3.500			09/18/23		2,036,403
	Keurig Dr Pepper, Inc.(a)(c)
	3,900,000		4.057			05/25/23		4,013,646
								19,477,744
Building Materials(a) – 0.2%
	Fortune Brands Home & Security, Inc.
	1,650,000		4.000			09/21/23		1,694,616
Chemicals – 2.1%
	DowDuPont, Inc.
	1,575,000		3.766			11/15/20		1,602,247
	3,100,000		4.205	(a)		11/15/23		3,242,414
	International Flavors & Fragrances, Inc.
	1,375,000		3.400			09/25/20		1,383,497
	Syngenta Finance NV(c)
	2,470,000		3.698			04/24/20		2,480,399
	3,055,000		3.933			04/23/21		3,073,972
	The Sherwin-Williams Co.
	2,275,000		2.250			05/15/20		2,261,805
	700,000		2.750	(a)		06/01/22		696,003
								14,740,337
Computers(a) – 2.1%
	Dell International LLC/EMC Corp.(c)
	5,400,000		4.420			06/15/21		5,542,074
	1,700,000		5.450			06/15/23		1,811,367
	DXC Technology Co.(b) (3M USD LIBOR + 0.950%)
	1,096,000		3.576			03/01/21		1,095,551
	Hewlett Packard Enterprise Co.
	1,475,000		3.500			10/05/21		1,493,909
Corporate Obligations – (continued)
Computers(a) – (continued)
	(3M USD LIBOR + 0.720%)
	3,525,000		3.515	(b)		10/05/21		3,509,490
	800,000		4.400			10/15/22		837,432
								14,289,823
Diversified Financial Services – 2.8%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	250,000		4.500			05/15/21		255,515
	1,500,000		4.125	(a)		07/03/23		1,517,865
	AIG Global Funding(c)
	(3M USD LIBOR + 0.460%)
	825,000		3.062	(b)		06/25/21		823,985
	1,100,000		3.350			06/25/21		1,107,227
	American Express Co.(a)
	2,850,000		3.375			05/17/21		2,886,565
	(3M USD LIBOR + 0.750%)
	1,200,000		3.488	(b)		08/03/23		1,206,024
	1,525,000		3.700			08/03/23		1,563,933
	Capital One Financial Corp.(a)
	3,325,000		3.450			04/30/21		3,367,427
	(3M USD LIBOR + 0.720%)
	1,475,000		3.471	(b)		01/30/23		1,454,660
	850,000		3.900			01/29/24		868,080
	GE Capital International Funding Co. Unlimited Co.
	1,675,000		2.342			11/15/20		1,654,347
	International Lease Finance Corp.
	2,125,000		8.625			01/15/22		2,412,258
	Synchrony Financial(a)
	600,000		3.000			08/15/19		600,066
								19,717,952
Electrical – 2.6%
	Dominion Energy, Inc.
	1,350,000		2.579			07/01/20		1,343,561
	DTE Energy Co.(a)
	3,575,000		3.300			06/15/22		3,606,817
	Duke Energy Corp.(a)
	950,000		1.800			09/01/21		927,134
	Exelon Corp.(a)
	750,000		2.450			04/15/21		739,455
	ITC Holdings Corp.(a)
	1,925,000		2.700			11/15/22		1,894,296
	NextEra Energy Capital Holdings, Inc.(a)
	2,625,000		3.150			04/01/24		2,635,290
	Sempra Energy
	1,700,000		2.400			02/01/20		1,692,214
	1,100,000		2.400	(a)		03/15/20		1,094,874
	(3M USD LIBOR + 0.500%)
	1,350,000		3.287	(a)(b)		01/15/21		1,338,930
	WEC Energy Group, Inc.
	1,600,000		3.375			06/15/21		1,618,960
	1,425,000		3.100			03/08/22		1,436,642
								18,328,173

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Engineering & Construction(a) – 0.2%
	Mexico City Airport Trust
$	200,000		4.250	%(c)		10/31/26	$	192,300
	280,000		4.250			10/31/26		269,220
	910,000		3.875	(c)		04/30/28		822,572
	200,000		5.500			10/31/46		184,520
								1,468,612
Food & Drug Retailing – 1.5%
	Conagra Brands, Inc.
	61,000		4.950			08/15/20		62,610
	(3M USD LIBOR + 0.750%)
	950,000		3.511	(a)(b)		10/22/20		948,756
	925,000		3.800			10/22/21		942,325
	General Mills, Inc.
	1,500,000		3.700	(a)		10/17/23		1,537,920
	(3M USD LIBOR + 1.010%)
	2,175,000		3.783	(b)		10/17/23		2,183,069
	Mondelez International Holdings Netherlands BV(a)(c)
	1,975,000		2.000			10/28/21		1,926,198
	Smithfield Foods, Inc.(a)(c)
	2,350,000		2.650			10/03/21		2,266,034
	Tyson Foods, Inc.(a)
	875,000		3.900			09/28/23		900,629
								10,767,541
Gas(a) – 0.2%
	NiSource, Inc.
	1,100,000		2.650			11/17/22		1,084,226
Healthcare Providers & Services – 1.8%
	Acadia Healthcare Co., Inc.(a)
	500,000		6.125			03/15/21		500,000
	Becton Dickinson & Co.
	959,000		2.675			12/15/19		956,660
	(3M USD LIBOR + 0.875%)
	1,144,000		3.476	(a)(b)		12/29/20		1,144,046
	4,375,000		2.894	(a)		06/06/22		4,349,975
	HCA, Inc.
	1,600,000		5.875			03/15/22		1,716,000
	Humana, Inc.
	1,675,000		2.500			12/15/20		1,662,169
	SSM Health Care Corp.(a)
	2,335,000		3.688			06/01/23		2,396,490
								12,725,340
Household Products(a) – 0.1%
	Spectrum Brands, Inc.
	450,000		6.625			11/15/22		460,125
Insurance – 0.1%
	Marsh & McLennan Cos., Inc.
	875,000		3.500			12/29/20		886,839
Iron/Steel – 0.0%
	ABJA Investment Co. Pte Ltd.
	200,000		5.450			01/24/28		188,000
	Vale Overseas Ltd.
	60,000		6.250			08/10/26		65,438
								253,438
Corporate Obligations – (continued)
Lodging(a) – 0.2%
	Marriott International, Inc.
	1,650,000		3.600			04/15/24		1,664,553
Media – 3.8%
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	1,000,000		3.579			07/23/20		1,007,280
	5,650,000		4.464			07/23/22		5,847,750
	(3M USD LIBOR + 1.650%)
	1,275,000		4.386	(b)		02/01/24		1,273,687
	1,225,000		4.500			02/01/24		1,274,564
	Comcast Corp.
	(3M USD LIBOR + 0.330%)
	3,350,000		3.127	(b)		10/01/20		3,352,914
	(3M USD LIBOR + 0.440%)
	2,250,000		3.237	(b)		10/01/21		2,260,237
	2,225,000		3.450			10/01/21		2,269,522
	CSC Holdings LLC
	1,150,000		6.750			11/15/21		1,229,063
	DISH DBS Corp.
	900,000		6.750			06/01/21		923,625
	Fox Corp.(c)
	1,225,000		3.666			01/25/22		1,250,786
	3,150,000		4.030	(a)		01/25/24		3,269,542
	Time Warner Cable LLC
	775,000		5.000			02/01/20		787,687
	1,448,000		4.000	(a)		09/01/21		1,473,268
								26,219,925
Mining(c) – 0.2%
	Glencore Funding LLC(a)
	625,000		3.000			10/27/22		614,256
	Indonesia Asahan Aluminium Persero PT
	780,000		5.230			11/15/21		810,713
								1,424,969
Miscellaneous Manufacturing – 0.6%
	General Electric Co.(b) (3M USD LIBOR + 0.800%)
	523,000		3.587			04/15/20		522,743
	Ingersoll-Rand Global Holding Co. Ltd.
	3,475,000		2.900			02/21/21		3,468,919
								3,991,662
Oil Field Services – 2.2%
	BP Capital Markets PLC
	3,250,000		2.500			11/06/22		3,222,570
	Continental Resources, Inc.(a)
	2,000,000		3.800			06/01/24		2,017,000
	Devon Energy Corp.(a)
	1,400,000		4.000			07/15/21		1,429,274
	Gazprom OAO Via Gaz Capital SA(c)
	630,000		5.150			02/11/26		638,899
	Halliburton Co.(a)
	1,650,000		3.500			08/01/23		1,685,062
	Marathon Oil Corp.(a)
	3,274,000		2.700			06/01/20		3,260,511

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Newfield Exploration Co.
$	800,000		5.625	%		07/01/24	$	874,000
	Oasis Petroleum, Inc.(a)
	900,000		6.875			03/15/22		906,750
	Petrobras Global Finance B.V.
	110,000		5.750			02/01/29		108,609
	Petroleos Mexicanos
EUR	170,000		5.125			03/15/23		207,894
	Range Resources Corp.(a)
$	500,000		5.750			06/01/21		510,000
	Reliance Industries Ltd.(c)
	300,000		3.667			11/30/27		292,030
								15,152,599
Pharmaceuticals – 5.7%
	AbbVie, Inc.
	3,875,000		3.375			11/14/21		3,925,414
	Allergan Funding SCS(a)
	1,550,000		3.450			03/15/22		1,563,811
	Bayer US Finance II LLC(a)(b)(c) (3M USD LIBOR + 1.010%)
	4,150,000		3.621			12/15/23		4,075,756
	Cardinal Health, Inc.
	905,000		4.625			12/15/20		927,453
	Cigna Corp.(c)
	(3M USD LIBOR + 0.650%)
	3,150,000		3.265	(a)(b)		09/17/21		3,146,755
	3,050,000		3.400			09/17/21		3,082,452
	1,625,000		3.750	(a)		07/15/23		1,665,284
	CVS Health Corp.
	(3M USD LIBOR + 0.720%)
	425,000		3.321	(b)		03/09/21		426,335
	2,775,000		3.350			03/09/21		2,797,922
	3,348,000		2.125	(a)		06/01/21		3,289,443
	6,075,000		3.700	(a)		03/09/23		6,175,845
	Elanco Animal Health, Inc.(c)
	1,375,000		3.912			08/27/21		1,397,242
	500,000		4.272	(a)		08/28/23		515,093
	McKesson Corp.
	1,600,000		3.650			11/30/20		1,618,496
	675,000		2.700	(a)		12/15/22		666,245
	Teva Pharmaceutical Finance Netherlands III B.V.
	4,575,000		2.200			07/21/21		4,355,377
								39,628,923
Pipelines – 5.5%
	Enbridge Energy Partners LP
	2,114,000		5.200			03/15/20		2,160,254
	Enbridge, Inc.(a)
	1,325,000		2.900			07/15/22		1,320,389
	Energy Transfer Operating LP(a)
	5,000,000		3.600			02/01/23		5,043,600
	Enterprise Products Operating LLC
	1,550,000		5.200			09/01/20		1,602,359
	EQM Midstream Partners LP(a)
	3,981,000		4.750			07/15/23		4,059,784
Corporate Obligations – (continued)
Pipelines – (continued)
	Kinder Morgan Energy Partners LP
	1,250,000		6.850			02/15/20		1,290,238
	MPLX LP(a)
	3,250,000		3.375			03/15/23		3,275,675
	NGPL PipeCo LLC(a)(c)
	215,000		4.375			08/15/22		218,763
	410,000		4.875			08/15/27		417,175
	ONEOK Partners LP(a)
	3,250,000		3.375			10/01/22		3,280,582
	Plains All American Pipeline LP/PAA Finance Corp.
	1,690,000		5.750			01/15/20		1,723,716
	2,965,000		3.650	(a)		06/01/22		2,988,008
	Sabine Pass Liquefaction LLC(a)
	3,185,000		5.625			02/01/21		3,309,119
	225,000		5.625			04/15/23		244,114
	1,324,000		5.750			05/15/24		1,459,617
	Texas Eastern Transmission LP(a)(c)
	1,225,000		4.125			12/01/20		1,243,179
	The Williams Cos., Inc.
	1,300,000		5.250			03/15/20		1,327,365
	1,095,000		4.125	(a)		11/15/20		1,111,666
	2,025,000		3.600	(a)		03/15/22		2,054,201
								38,129,804
Real Estate(a) – 0.0%
	China Evergrande Group
	230,000		8.250			03/23/22		226,263
Real Estate Investment Trust – 1.7%
	Alexandria Real Estate Equities, Inc.(a)
	375,000		4.000			01/15/24		387,923
	American Tower Corp.
	2,800,000		3.000			06/15/23		2,791,432
	1,325,000		3.375	(a)		05/15/24		1,334,341
	Equinix, Inc.(a)
	450,000		5.375			01/01/22		461,813
	GLP Capital LP/GLP Financing II, Inc.(a)
	450,000		4.875			11/01/20		458,438
	Public Storage(a)
	850,000		2.370			09/15/22		841,100
	SBA Communications Corp.(a)
	900,000		4.875			07/15/22		911,250
	Senior Housing Properties Trust(a)
	750,000		3.250			05/01/19		750,060
	SL Green Operating Partnership LP(a)
	2,575,000		3.250			10/15/22		2,564,648
	Ventas Realty LP(a)
	1,375,000		3.500			04/15/24		1,392,682
								11,893,687
Retailing(a) – 0.6%
	1011778 BC ULC/New Red Finance, Inc.(c)
	1,000,000		4.625			01/15/22		1,003,750
	Alimentation Couche-Tard, Inc.(c)
	425,000		2.700			07/26/22		419,649
	Dollar Tree, Inc.(b) (3M USD LIBOR + 0.700%)
	3,075,000		3.473			04/17/20		3,075,677
								4,499,076

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Semiconductors – 3.3%
	Broadcom Corp./Broadcom Cayman Finance Ltd.
$	950,000		2.200	%		01/15/21	$	935,664
	3,074,000		3.000	(a)		01/15/22		3,060,505
	4,055,000		3.625	(a)		01/15/24		4,046,647
	Broadcom, Inc.(c)
	5,375,000		3.125			10/15/22		5,350,436
	5,250,000		3.625	(a)		10/15/24		5,208,945
	Microchip Technology, Inc.(c)
	1,125,000		3.922			06/01/21		1,134,861
	NXP B.V./NXP Funding LLC(c)
	1,250,000		4.125			06/01/21		1,273,550
	325,000		4.125			06/15/20		329,063
	1,600,000		3.875			09/01/22		1,622,816
								22,962,487
Software – 0.3%
	Fiserv, Inc.
	1,225,000		4.750			06/15/21		1,271,305
	750,000		3.800	(a)		10/01/23		768,907
								2,040,212
Telecommunication Services – 3.4%
	America Movil SAB de CV
MXN	2,760,000		6.000			06/09/19		140,046
	AT&T, Inc.
$	675,000		2.800	(a)		02/17/21		674,710
	900,000		3.000			02/15/22		903,672
	1,324,000		3.200	(a)		03/01/22		1,335,228
	3,225,000		3.600	(a)		02/17/23		3,286,049
	CenturyLink, Inc.
	1,100,000		6.450			06/15/21		1,145,375
	CommScope, Inc.(a)(c)
	817,000		5.000			06/15/21		819,042
	Qwest Corp.
	650,000		6.750			12/01/21		690,781
	Sprint Corp.
	1,000,000		7.250			09/15/21		1,047,500
	Verizon Communications, Inc.
	5,000,000		2.450	(a)		11/01/22		4,955,150
	6,700,000		5.150			09/15/23		7,378,174
	Wind Tre SpA(a)(b)(c) (3M EURIBOR + 2.750%)
EUR	1,250,000		2.750			01/20/24		1,329,709
								23,705,436
Trucking & Leasing(c) – 0.1%
	Park Aerospace Holdings Ltd.
	900,000		5.250			08/15/22		922,500
	TOTAL CORPORATE OBLIGATIONS
	(Cost $459,149,926)						$	462,605,864
Mortgage-Backed Obligations – 7.4%
Collateralized Mortgage Obligations – 3.0%
Interest Only(d) – 0.5%
	FHLMC REMIC Series 3852, Class SW(b) (-1x1M LIBOR + 6.000%)
	959,644		3.511			05/15/41		136,276
	FHLMC REMIC Series 4314, Class SE(b) (-1x1M LIBOR + 6.050%)
	693,090		3.561			03/15/44		109,944
	FHLMC REMIC Series 4320, Class SD(b) (-1x1M LIBOR + 6.100%)
	168,234		3.611			07/15/39		24,912
	FHLMC REMIC Series 4583, Class ST(b) (-1x1M LIBOR + 6.000%)
	774,182		3.511			05/15/46		131,132
	FHLMC STRIPS Series 304, Class C45
	272,881		3.000			12/15/27		21,483
	FNMA REMICSeries 2010-135, Class AS(b) (-1x1M LIBOR + 5.950%)
	267,701		3.460			12/25/40		36,271
	FNMA REMICSeries 2016-1, Class SJ(b) (-1x1M LIBOR + 6.150%)
	1,191,128		3.660			02/25/46		205,662
	GNMA REMICSeries 2010-20, Class SE(b) (-1x1M LIBOR + 6.250%)
	124,221		3.765			02/20/40		20,312
	GNMA REMICSeries 2011-61, Class CS(b) (-1x1M LIBOR + 6.680%)
	2,060		4.195			12/20/35		—
	GNMA REMICSeries 2013-124, Class CS(b) (-1x1M LIBOR + 6.050%)
	710,027		3.565			08/20/43		118,518
	GNMA REMICSeries 2013-134, Class DS(b) (-1x1M LIBOR + 6.100%)
	80,380		3.615			09/20/43		12,657
	GNMA REMICSeries 2013-152, Class TS(b) (-1x1M LIBOR + 6.100%)
	270,183		3.615			06/20/43		40,801
	GNMA REMICSeries 2014-117, Class SJ(b) (-1x1M LIBOR + 5.600%)
	2,044,115		3.115			08/20/44		295,458
	GNMA REMICSeries 2014-132, Class SL(b) (-1x1M LIBOR + 6.100%)
	736,992		3.615			10/20/43		90,968
	GNMA REMICSeries 2014-133, Class BS(b) (-1x1M LIBOR + 5.600%)
	639,719		3.115			09/20/44		86,391
	GNMA REMICSeries 2014-158, Class SA(b) (-1x1M LIBOR + 5.600%)
	956,894		3.119			10/16/44		135,173
	GNMA REMICSeries 2014-162, Class SA(b) (-1x1M LIBOR + 5.600%)
	280,447		3.115			11/20/44		36,286
	GNMA REMICSeries 2015-110, Class MS(b) (-1x1M LIBOR + 5.710%)
	6,374,650		3.225			08/20/45		842,761
	GNMA REMICSeries 2015-111, Class IM
	516,873		4.000			08/20/45		79,251

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(d) – (continued)
	GNMA REMICSeries 2015-123, Class SP(a)(b) (-1x1M LIBOR + 6.250%)
$	456,834		3.765	%		09/20/45	$	70,968
	GNMA REMICSeries 2015-57, Class AS(b) (-1x1M LIBOR + 5.600%)
	1,141,956		3.115			04/20/45		145,790
	GNMA REMICSeries 2015-95, Class GI
	522,966		4.500			07/16/45		110,970
	GNMA REMICSeries 2016-109, Class IH
	2,159,169		4.000			10/20/45		323,108
	GNMA REMICSeries 2016-27, Class IA
	436,135		4.000			06/20/45		58,199
								3,133,291
Regular Floater(b) – 0.0%
	FNMA REMICSeries 2007-33, Class HF (1M LIBOR + 0.350%)
	19,874		2.840			04/25/37		19,793
Sequential Fixed Rate – 1.9%
	FHLMC REMIC Series 4619, Class NA
	2,080,635		3.000			03/15/44		2,099,430
	FHLMC REMIC Series 4630, Class MC
	1,278,346		4.000			08/15/54		1,324,714
	FHLMC REMIC Series 4649, Class ML
	9,160,823		4.000			11/15/54		9,491,194
	FNMA REMICSeries 2012-111, Class B
	25,425		7.000			10/25/42		29,063
	FNMA REMICSeries 2012-153, Class B
	86,056		7.000			07/25/42		98,839
								13,043,240
Sequential Floating Rate(b)(c) – 0.6%
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A(e) (3M EURIBOR + 2.750%)
EUR	592,972		2.750			04/20/20		665,299
	Holmes Master Issuer PLCSeries 2018-1A, Class A2 (3M USD LIBOR + 0.360%)
$	2,600,000		2.796			10/15/54		2,591,594
	New Residential Mortgage LoanTrust Series 2015-1A, Class A1
	305,422		3.750			05/28/52		309,562
	Station Place SecuritizationTrust Series 2015-2, Class A (1M USD LIBOR + 0.550%)
	850,000		3.044			07/15/19		850,000
								4,416,455
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	20,612,779
Commercial Mortgage-Backed Securities – 0.5%
Sequential Fixed Rate – 0.0%
	FHLMC Multifamily Structured Pass-Through Certificates Series K710, Class A2
$	41,876		1.883	%		05/25/19	$	41,762
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
	149,405		2.779			09/25/22		149,674
								191,436
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b)(c) – 0.5%
	Exantas Capital Corp. Ltd.Series 2018-RSO6, Class A (1M LIBOR + 0.830%)
	2,100,000		3.314			06/15/35		2,092,147
	Bancorp Commercial MortgageTrust Series 2018-CRE4, Class A (1M LIBOR + 0.900%)
	1,232,549		3.384			09/15/35		1,225,739
								3,317,886
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	3,509,322
Federal Agencies – 3.9%
FNMA – 3.6%
$	3,525		6.000	%		11/01/23	$	3,799
	1,205,769		6.000			02/01/24		1,301,928
	924,057		6.000			01/01/28		996,084
	651,806		6.000			08/01/28		702,612
	15,688		6.000			01/01/29		16,910
	38,251		6.000			01/01/32		42,520
	7,916		6.000			11/01/32		8,785
	498,725		6.000			12/01/32		543,734
	4,123,191		6.000			05/01/34		4,571,672
	7,164		6.000			11/01/34		8,008
	41,431		6.000			06/01/35		46,530
	364,475		6.000			10/01/35		409,678
	1,754,543		6.000			11/01/35		1,972,310
	95,102		6.000			12/01/35		107,152
	1,765		6.000			01/01/36		1,980
	6,619		6.000			02/01/36		7,458
	2,360		6.000			03/01/36		2,657
	962,301		6.000			05/01/36		1,082,564
	54,529		6.000			06/01/36		61,463
	704,674		6.000			07/01/36		792,846
	73,246		6.000			08/01/36		82,500
	1,032,336		6.000			09/01/36		1,163,739
	2,076,253		6.000			10/01/36		2,341,163
	42,481		6.000			11/01/36		47,964
	419,920		6.000			02/01/37		474,769
	10,732		6.000			03/01/37		12,136
	40,707		6.000			05/01/37		45,864
	408,937		6.000			11/01/37		460,089
	59,334		6.000			12/01/37		66,825
	155,542		6.000			03/01/38		175,218
	162,334		6.000			05/01/38		182,576
	7,147		6.000			07/01/38		8,039
	3,725		6.000			09/01/38		4,185
	167,526		6.000			10/01/38		188,391
	685,114		6.000			11/01/38		770,965
	546,941		6.000			01/01/39		616,506
	110,646		6.000			09/01/39		124,476
	12,450		6.000			06/01/40		14,001
	861,408		6.000			10/01/40		969,187
	3,851,523		6.000			05/01/41		4,339,888
	41,108		6.000			06/01/41		45,972
								24,815,143

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
GNMA – 0.3%
$	2,309,140		4.000	%		10/20/43	$	2,405,550
	TOTAL FEDERAL AGENCIES						$	27,220,693
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $51,700,929)						$	51,342,794
Asset-Backed Securities – 12.0%
Automotive(c) – 0.1%
	Ford Credit Auto OwnerTrust Series 2016-2, Class A
$	450,000		2.030	%		12/15/27	$	442,817
Collateralized Loan Obligations(b)(c) – 6.3%
	AIMCO CLOSeries 2017-AA, Class A (3M USD LIBOR + 1.260%)
	3,150,000		3.729			07/20/29		3,147,486
	Bowman Park CLO Ltd.Series 2014-1A, Class AR (3M USD LIBOR + 1.180%)
	1,640,473		3.857			11/23/25		1,640,740
	BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	4,400,000		3.539			09/15/35		4,386,290
	Cedar Funding II CLO Ltd.Series 2013-1A, Class A1R (3M USD LIBOR + 1.230%)
	3,100,000		3.997			06/09/30		3,095,570
	Cutwater Ltd.Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	2,211,475		3.686			07/15/26		2,211,534
	KREF Ltd.Series 2018-FL1, Class A (1M USD LIBOR + 1.100)
	2,400,000		3.589			06/15/36		2,400,374
	Madison Park Funding XXX Ltd.Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	4,200,000		3.186			04/15/29		4,126,492
	OCP CLO Ltd.Series 2015-8A, Class A1R (3M USD LIBOR + 0.850%)
	3,250,000		3.299			04/17/27		3,236,639
	Orec Ltd.Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	1,500,000		3.669			06/15/36		1,500,005
	Parallel Ltd.Series 2015-1A, Class AR (3M USD LIBOR + 0.850%)
	1,250,000		3.319			07/20/27		1,242,533
	Parallel Ltd.Series 2017-1A, Class A1 (3M USD LIBOR + 1.310%)
	2,700,000		3.779			07/20/29		2,695,950
	Ready Capital Mortgage Financing LLCSeries 2018-FL2, Class A (1M USD LIBOR + 0.850%)
	681,953		3.340			06/25/35		680,609
	Recette CLO Ltd.Series 2015-1A, Class AR (3M USD LIBOR + 0.920%)
	4,550,000		3.389			10/20/27		4,527,059
	TICP CLO VI Ltd.Series 2016-6A, Class A (3M USD LIBOR + 1.550%)
	2,600,000		3.986			01/15/29		2,600,029
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(c) – (continued)
	TPG Real Estate Finance Issuer Ltd.Series 2018-FL2, Class A (1M USD LIBOR + 1.130%)
	2,750,000		3.619			11/15/37		2,749,986
	Whitehorse Ltd.Series 2014-9A, Class AR (3M USD LIBOR + 1.160%)
	2,866,112		3.609			07/17/26		2,866,109
	WhiteHorse VIII Ltd.Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	829,362		3.441			05/01/26		827,920
								43,935,325
Credit Card(c) – 0.1%
	Golden Credit CardTrust Series 2017-2A, Class A
	1,050,000		1.980			04/15/22		1,041,969
Student Loan(b) – 5.5%
	Access to Loans for Learning Student Loan Corp.Series 2013-I, Class A (1M USD LIBOR + 0.800%)
	540,635		3.290			02/25/41		539,295
	ECMC Group Student LoanTrust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.350%)
	1,559,693		3.840			07/26/66		1,574,332
	Education Loan Asset-Backed Trust ISeries 2013-1, Class A2(c) (1M USD LIBOR + 0.800%)
	4,200,000		3.290			04/26/32		4,209,219
	Educational Funding of the South, Inc.Series 2012-1, Class A (1M USD LIBOR + 1.050%)
	2,319,674		3.540			03/25/36		2,331,728
	Educational Services of America, Inc.Series 2012-1, Class A1(c) (1M USD LIBOR + 1.150%)
	43,402		3.640			09/25/40		43,510
	Educational Services of America, Inc.Series 2014-1, Class A(c) (1M USD LIBOR + 0.700%)
	729,991		3.190			02/25/39		729,990
	Educational Services of America, Inc.Series 2015-2, Class A(c) (1M USD LIBOR + 1.000%)
	651,773		3.490			12/25/56		656,418
	EFS Volunteer No. 2 LLCSeries 2012-1, Class A2(c) (1M USD LIBOR + 1.350%)
	2,700,000		3.840			03/25/36		2,751,880
	EFS Volunteer No. 3 LLCSeries 2012-1, Class A3(c) (1M USD LIBOR + 1.000%)
	1,675,820		3.490			04/25/33		1,683,238
	Illinois Student Assistance CommissionSeries 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,837,855		3.389			07/25/45		1,842,438
	Kentucky Higher Education Student Loan Corp.Series 2015-1, Class A1 (1M USD LIBOR + 0.750%)
	1,884,290		3.259			12/01/31		1,860,341
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	1,717,986		3.480			05/20/30		1,731,493
	Navient Student LoanTrust Series 2016-5A, Class A(c) (1M USD LIBOR + 1.250%)
	3,181,143		3.740			06/25/65		3,223,706

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Student Loan(b) – (continued)
	Navient Student LoanTrust Series 2016-7A, Class A(c) (1M USD LIBOR + 1.150%)
$	1,599,558		3.640	%		03/25/66	$	1,613,478
	North Carolina State Education Assistance Authority Series 2010-1, Class A1 (3M USD LIBOR + 0.900%)
	872,665		3.390			07/25/41		870,856
	Northstar Education Finance, Inc.Series 2012-1, Class A(c) (1M USD LIBOR + 0.700%)
	85,365		3.190			12/26/31		85,324
	Pennsylvania Higher Education Assistance AgencySeries 12-1A, Class A1(c) (1M USD LIBOR + 0.550%)
	46,620		3.040			05/25/57		46,655
	PHEAA Student LoanTrust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.150%)
	1,582,837		3.640			09/25/65		1,608,086
	SLC Student Loan CenterSeries 2011-1, Class A(c) (1M USD LIBOR + 1.220%)
	4,730,091		3.710			10/25/27		4,755,063
	SLC Student LoanTrust Series 2005-3, Class A3 (3M USD LIBOR + 0.120%)
	1,046,160		2.908			06/15/29		1,040,394
	SLM Student LoanTrust Series 2004-8A, Class A5(c) (3M USD LIBOR + 0.500%)
	242,437		2.990			04/25/24		242,664
	SLM Student LoanTrust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	1,197,909		2.630			10/25/28		1,191,254
	SLM Student LoanTrust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	862,170		2.820			01/25/22		846,835
	SLM Student LoanTrust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	320,839		4.140			07/25/22		324,695
	SLM Student LoanTrust Series 2012-3, Class A (1M USD LIBOR + 0.650%)
	1,030,609		3.140			12/27/38		1,028,511
	South Texas Higher Education Authority, Inc.Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	558,581		3.187			10/01/24		560,610
	Utah State Board of RegentsSeries 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,200,000		3.391			05/01/35		1,200,000
	Wachovia Student LoanTrust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	32,597		2.620			01/26/26		32,590
								38,624,603
	TOTAL ASSET-BACKED SECURITIES
	(Cost $83,765,295)						$	84,044,714
Foreign Debt Obligations – 0.8%
Sovereign – 0.8%
	Dominican Republic
$	1,210,000		7.500	%		05/06/21	$	1,258,400
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Qatar Government International Bond(c)
	1,840,000		3.375			03/14/24		1,858,400
	Republic of Ecuador
	390,000		9.625			06/02/27		406,965
	350,000		7.875	(c)		01/23/28		332,537
	Republic of Indonesia
	200,000		5.875			01/15/24		220,557
EUR	250,000		2.150	(c)		07/18/24		293,788
	Republic of South Africa
ZAR	1,590,000		8.000			01/31/30		101,537
	4,500,000		7.000			02/28/31		261,354
	6,879,000		8.250			03/31/32		436,671
	1,570,000		8.875			02/28/35		102,434
	2,330,000		6.250			03/31/36		117,243
	45,000		9.000			01/31/40		2,904
	900,000		6.500			02/28/41		44,165
	1,450,000		8.750			01/31/44		91,119
	Republic of Sri Lanka
$	200,000		6.850			11/03/25		201,901
	United Mexican States
MXN	323,500		6.500			06/10/21		16,218
	1,289,300		8.000			12/07/23		66,851
	46,900		8.000			11/07/47		2,284
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $5,849,459)						$	5,815,328
Municipal Debt Obligations – 2.6%
California(a) – 0.1%
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2019 C
$	380,000		3.146	%		05/01/23	$	387,403
Connecticut – 0.4%
	Connecticut State GO Bonds Series A
	3,000,000		3.130			01/15/24		3,013,500
Florida(a) – 1.8%
	Florida State Board of Administration Finance Corp. Series 2016, Class A
	12,625,000		2.638			07/01/21		12,656,436
New Hampshire(a)(b) – 0.2%
	New Hampshire Higher Education Loan Corp.Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,800,000		3.340			10/25/37		1,812,078
Utah(a)(b) – 0.1%
	Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2 (3M USD LIBOR + 0.000%)
	457,329		3.391			05/01/29		458,230
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $18,211,555)						$	18,327,647

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – 3.8%
	United States Treasury Floating Rate Note – When issued(b)
$	13,900,000		2.540	%		01/31/21	$	13,886,540
	United States Treasury Inflation Indexed Note(f)
	2,306,233		0.750			07/15/28		2,360,014
	United States Treasury Note
	10,430,000		2.250			03/31/26		10,389,198
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $26,526,476)						$	26,635,752

Shares		Dividend Rate	Value
Investment Company(g) – 0.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,587,467	2.437%	$	4,587,467
(Cost $4,587,467)
	TOTAL INVESTMENTS BEFORESHORT-TERM INVESTMENT
(Cost $649,791,107)			$653,359,566

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 6.7%
Commercial Paper(h) – 6.7%
	Bell Canada(c)
$	5,000,000		0.000	%		05/28/19	$	4,976,916
	2,500,000		0.000			08/08/19		2,473,802
	Eastman Chemical Co.
	4,000,000		0.000			04/25/19		3,991,801
	Electricite de France SA
	4,750,000		0.000			04/03/19		4,748,255
	First Republic Bank
	3,500,000		0.000			04/01/19		3,500,008
	General Electric Co.
	3,000,000		0.000			06/03/19		2,984,534
	Lowe’s Cos., Inc.
	3,000,000		0.000			04/11/19		2,997,124
	Suncor Energy, Inc.
	5,000,000		0.000			05/28/19		4,976,667
	2,250,000		0.000			05/30/19		2,239,134
	Transcanada Pipelines Ltd.
	4,000,000		0.000			06/03/19		3,979,379
Short-term Investments – (continued)
Commercial Paper(h) – (continued)
	Waste Management, Inc.
	5,000,000		0.000			04/18/19		4,992,478
	Walgreens Boots Alliance, Inc.
	4,500,000		0.000			09/09/19		4,437,803
								46,297,901
	TOTALSHORT-TERM INVESTMENTS
	(Cost $46,305,068)						$	46,297,901
	TOTAL INVESTMENTS – 100.3%
	(Cost $696,096,175)						$	699,657,467
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.3)%							(1,820,066	)
	NET ASSETS – 100.0%						$	697,837,401

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(e)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(f)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(g)	Represents an affiliated issuer.
(h)	Issued with a zero coupon. Income is recognized through the accretion of discount.

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Currency Abbreviations:
ARS	—Argentine Peso
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
COP	—Colombian Peso
CZK	—Czech Koruna
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysian Ringgit
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PHP	—Philippine Peso
PLN	—Polish Zloty
RON	—New Romanian Leu
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
AUDOR	—Australian Dollar Offered Rate
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc Offered Rate
CLO	—Collateralized Loan Obligation
EURO	—Euro Offered Rate
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
JIBAR	—Johannesburg Interbank Agreed Rate
JYOR	—Japanese Yen Offered Rate
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
PLC	—Public Limited Company
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
STIBOR	—Stockholm Interbank Offered Rate
STRIPS	—Separate Trading of Registered Interest and Principal of Securities
TIIE	—La Tasa de Interbank Equilibrium Interest Rate

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	ARS	8,348,912	USD	176,249		06/04/19	$	603
	AUD	353,532	EUR	220,147		06/19/19		2,771
	AUD	5,795,975	USD	4,112,302		06/19/19		9,260
	BRL	14,164,301	USD	3,604,423		05/03/19		5,383
	CAD	11,986,808	USD	8,978,546		06/19/19		9,203
	CHF	725,511	USD	731,091		06/19/19		3,060
	CNH	21,706,556	USD	3,224,480		06/19/19		3,515
	COP	9,375,773,409	USD	2,938,248		04/01/19		2,507
	COP	1,163,714,666	USD	364,375		04/15/19		318
	EUR	327,212	GBP	282,126		06/19/19		618
	EUR	361,624	JPY	44,887,713		06/19/19		853
	EUR	1,520,167	PLN	6,556,900		06/19/19		4,728
	EUR	560,654	SEK	5,850,704		06/19/19		100
	EUR	725,288	USD	818,673		06/19/19		447
	HUF	83,581,197	EUR	259,874		06/19/19		108
	IDR	17,052,474,276	USD	1,189,625		04/25/19		2,426
	INR	303,570,217	USD	4,275,148		04/02/19		103,433
	JPY	239,571,452	EUR	1,911,804		06/19/19		16,033
	JPY	588,446,199	USD	5,313,146		06/19/19		29,607
	KRW	925,416,263	USD	813,988		04/18/19		94
	MXN	41,417,195	USD	2,099,763		06/19/19		6,830
	NOK	17,673,723	EUR	1,810,100		06/19/19		11,193
	NOK	1,959,058	USD	227,525		06/19/19		315
	NZD	537,593	EUR	323,018		06/19/19		1,858
	PHP	51,169,002	USD	964,963		04/12/19		6,395
	RUB	263,005,707	USD	3,942,294		04/15/19		56,090
	SEK	11,870,235	EUR	1,121,505		06/19/19		17,845
	SGD	4,698,560	USD	3,465,756		06/19/19		6,406
	USD	157,967	ARS	6,584,064		04/22/19		10,496
	USD	950,854	AUD	1,334,535		06/19/19		1,857
	USD	2,931,704	BRL	11,137,079		04/02/19		87,673
	USD	488,924	BRL	1,914,317		05/03/19		1,055
	USD	807,629	CAD	1,076,495		06/19/19		469
	USD	3,396,390	CLP	2,266,638,031		04/04/19		65,546
	USD	691,916	CLP	466,432,284		04/18/19		6,475
	USD	588,205	CNH	3,954,948		06/19/19		62
	USD	3,006,228	COP	9,375,773,409		04/01/19		65,472
	USD	821,887	COP	2,576,738,116		04/15/19		14,372
	USD	3,617,839	EUR	3,156,669		04/26/19		69,047
	USD	14,860,063	EUR	13,047,539		06/19/19		124,537
	USD	3,691,566	GBP	2,766,210		06/19/19		74,307
	USD	309,301	HUF	85,367,038		06/19/19		9,424
	USD	402,568	IDR	5,703,377,181		04/25/19		3,874
	USD	7,480,383	INR	516,255,621		04/02/19		34,109
	USD	4,736,688	JPY	519,273,887		06/19/19		21,980
	USD	389,297	KRW	441,361,460		04/05/19		928
	USD	750,014	KRW	846,370,869		04/18/19		5,468
	USD	892,665	KRW	1,012,738,149		04/30/19		1,570
	USD	2,733,367	MXN	53,159,508		06/19/19		29,527

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	973,519	NOK	8,307,989		06/19/19	$	7,292
	USD	1,103,425	PHP	57,756,549		04/12/19		7,013
	USD	690,593	RON	2,914,649		06/19/19		7,707
	USD	1,297,173	RUB	84,070,255		04/15/19		19,082
	USD	2,436,712	SGD	3,290,806		06/19/19		4,858
	USD	935,440	TRY	5,406,348		06/19/19		33,099
	USD	2,210,183	TWD	68,117,834		04/08/19		2,678
	USD	924,174	TWD	28,381,636		04/11/19		4,307
	USD	663,373	TWD	20,444,766		04/29/19		316
	USD	1,527,025	ZAR	21,374,932		04/03/19		46,160
	USD	1,292,252	ZAR	18,638,873		06/19/19		12,829
	ZAR	43,612,353	USD	2,986,966		06/19/19		6,712
TOTAL							$	1,082,300

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	ARS	8,348,912	USD	201,908		04/03/19	$	(10,148	)
	ARS	16,094,202	USD	387,090		04/22/19		(26,609	)
	ARS	7,038,534	USD	161,000		04/26/19		(4,169	)
	ARS	37,714,547	USD	855,690		05/28/19		(50,189	)
	AUD	1,699,703	USD	1,213,646		06/19/19		(4,975	)
	BRL	25,301,379	USD	6,661,475		04/02/19		(200,366	)
	CLP	2,266,638,031	USD	3,423,577		04/04/19		(92,731	)
	CLP	1,479,256,028	USD	2,186,120		04/18/19		(12,295	)
	COP	9,375,773,409	USD	3,015,088		04/01/19		(74,333	)
	COP	5,821,243,225	USD	1,854,740		04/15/19		(30,440	)
	COP	638,154,011	USD	200,174		05/02/19		(392	)
	CZK	22,071,156	EUR	855,693		06/19/19		(5,106	)
	CZK	30,427,575	USD	1,345,519		06/19/19		(20,272	)
	EUR	717,922	AUD	1,144,158		06/19/19		(2,819	)
	EUR	1,425,574	GBP	1,233,157		06/19/19		(2,544	)
	EUR	214,299	JPY	26,793,421		06/19/19		(1,246	)
	EUR	1,600,607	NOK	15,577,489		06/19/19		(3,995	)
	EUR	1,204,190	SEK	12,630,234		06/19/19		(6,699	)
	EUR	727,604	USD	831,825		04/26/19		(13,838	)
	EUR	2,876,584	USD	3,275,754		06/19/19		(27,021	)
	EUR	352,970	ZAR	5,810,068		06/19/19		(184	)
	GBP	164,369	CAD	290,787		06/19/19		(3,094	)
	GBP	3,687,824	EUR	4,285,118		06/19/19		(17,081	)
	GBP	1,554,332	USD	2,056,468		06/19/19		(23,932	)
	HUF	78,531,194	EUR	245,227		06/19/19		(1,089	)
	HUF	82,016,135	PLN	1,109,106		06/19/19		(1,499	)
	IDR	11,213,831,078	USD	789,075		04/05/19		(2,831	)
	IDR	16,899,366,801	USD	1,194,977		04/25/19		(13,629	)
	INR	303,570,217	USD	4,399,325		04/02/19		(20,745	)
	INR	240,154,340	USD	3,469,114		04/22/19		(20,096	)
	JPY	111,534,706	USD	1,014,470		06/19/19		(1,800	)
	KRW	441,361,460	USD	392,192		04/05/19		(3,824	)

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	KRW	4,702,944,438	USD	4,177,163		04/18/19	$	(40,017	)
	MXN	25,304,658	USD	1,312,840		06/19/19		(25,775	)
	MYR	1,810,349	USD	444,236		04/05/19		(600	)
	NOK	1,480,076	USD	173,870		06/19/19		(1,736	)
	NZD	4,320,796	USD	2,968,117		06/19/19		(21,115	)
	PLN	17,743,232	EUR	4,116,506		06/19/19		(16,042	)
	RUB	15,560,644	USD	241,401		04/11/19		(4,682	)
	RUB	72,650,791	USD	1,124,050		04/15/19		(19,566	)
	SEK	3,004,214	USD	326,461		06/19/19		(1,385	)
	SGD	1,036,385	USD	768,619		06/19/19		(2,746	)
	TRY	5,406,348	USD	932,158		06/19/19		(29,817	)
	TWD	68,117,834	USD	2,213,006		04/08/19		(5,501	)
	TWD	139,453,915	USD	4,547,949		04/11/19		(28,159	)
	TWD	68,117,834	USD	2,212,257		04/29/19		(3,086	)
	USD	190,832	ARS	8,348,912		04/03/19		(928	)
	USD	271,687	AUD	382,547		06/19/19		(346	)
	USD	3,611,500	BRL	14,164,301		04/02/19		(5,580	)
	USD	1,039,064	CAD	1,390,455		06/19/19		(3,504	)
	USD	1,743,357	CHF	1,734,759		06/19/19		(12,061	)
	USD	1,754,874	CNH	11,826,270		06/19/19		(3,817	)
	USD	2,938,248	COP	9,375,773,409		04/01/19		(2,507	)
	USD	785,117	IDR	11,213,831,079		04/05/19		(1,128	)
	USD	1,294,844	INR	90,884,813		04/02/19		(16,044	)
	USD	1,092,991	KRW	1,244,053,002		04/30/19		(1,635	)
	USD	267,147	MXN	5,257,826		06/19/19		(280	)
	USD	576,937	NZD	847,238		06/19/19		(922	)
	USD	1,541,538	RUB	101,950,026		04/15/19		(8,372	)
	USD	188,910	SEK	1,747,283		06/19/19		(158	)
	USD	1,754,874	SGD	2,377,108		06/19/19		(1,771	)
	USD	1,091,501	TWD	33,684,811		04/29/19		(950	)
	ZAR	14,712,190	USD	1,012,625		06/19/19		(2,736	)
TOTAL							$	(962,957	)

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 3 Year Government Bonds		24			06/17/19	$	1,936,597		$	2,567
Australian 10 Year Government Bonds		16			06/17/19		1,574,113			9,260
Eurodollars		346			12/14/20		84,644,575			676,151
Ultra Long U.S. Treasury Bonds		24			06/19/19		4,032,000			143,543
2 Year U.S. Treasury Notes		748			06/28/19		159,394,125			483,386
10 Year German Euro-Bund		15			06/06/19		2,798,879			60,215
10 Year U.S. Treasury Notes		178			06/19/19		22,110,938			341,185
Total									$	1,716,307
Short position contracts:
Eurodollars		(80	)		06/17/19		(19,491,000	)		95,798
Eurodollars		(11	)		09/16/19		(2,682,350	)		(9,376	)
Eurodollars		(207	)		12/16/19		(50,492,475	)		(207,138	)
Eurodollars		(81	)		03/16/20		(19,781,213	)		66,038
Eurodollars		(78	)		06/15/20		(19,066,125	)		16,657
Eurodollars		(74	)		09/14/20		(18,100,400	)		6,217
Canada 10 Year Government Bonds		(29	)		06/19/19		(3,017,293	)		(64,300	)
French 10 Year Government Bonds		(9	)		06/06/19		(1,642,276	)		(44,648	)
Ultra 10 Year U.S. Treasury Notes		(53	)		06/19/19		(7,037,406	)		(145,498	)
5 Year German Euro-Bobl		(25	)		06/06/19		(3,733,746	)		208
5 Year U.S. Treasury Notes		(33	)		06/28/19		(3,822,328	)		458
10 Year U.K. Long Gilt		(27	)		06/26/19		(4,549,444	)		(54,239	)
20 Year U.S. Treasury Bonds		(60	)		06/19/19		(8,979,375	)		(236,669	)
Total									$	(576,492	)
TOTAL FUTURES CONTRACTS									$	1,139,815

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
8.360%(a)	Mexico IB TIIE 28 Days	03/18/20	MXN	323,850		$	(2,068	)	$	(4,320	)	$	2,252
3M JIBAR(b)	7.500%	09/19/20	ZAR	10,600			4,063			628			3,435
7.950(a)	Mexico IB TIIE 28 Days	06/16/21	MXN	42,325	(c)		(1,355	)		(521	)		(834	)
3M NZDOR(b)	1.750(d)	06/19/21	NZD	54,490	(c)		110,399			(62,769	)		173,168
3.000(d)	3M LIBOR(b)	06/19/21	$	23,960	(c)		(311,512	)		(202,737	)		(108,775	)
2.500(d)	6M CDOR	06/19/21	CAD	13,290	(c)		(119,259	)		(103,073	)		(16,186	)
1M BID Avg(a)	7.900	01/02/23	BRL	7,625			(9,810	)		1,951			(11,761	)
6M EURO(d)	0.250(e)	06/19/23	EUR	11,760	(c)		153,893			81,311			72,582
0.500(e)	3M STIBOR(b)	06/19/23	SEK	93,790	(c)		(77,672	)		(38,086	)		(39,586	)
1.100(e)	12M GBP	08/01/23	GBP	980			(20,725	)		(8,837	)		(11,888	)
2.218(d)	3M LIBOR(b)	08/31/23	$	11,990	(c)		19,313			(826	)		20,139
6M EURO(d)	0.500	06/19/24	EUR	36,720	(c)		947,637			662,419			285,218
6M AUDOR(d)	2.500	06/19/24	AUD	16,310	(c)		442,942			439,820			3,122
3.000(d)	3M LIBOR(b)	06/19/24	$	5,440	(c)		(187,186	)		(210,993	)		23,807

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.500%(d)		3M STIBOR	06/19/24	SEK	307,280	(c)	$	(155,410	)	$	28,578		$	(183,988	)
2.500(d)		6M CDOR	06/19/24	CAD	7,240	(c)		(154,481	)		(175,791	)		21,310
6M JYOR(d)		0.500%	03/22/28	JPY	880,650	(c)		141,319			134,203			7,116
1.900(d)		6M GBP	08/03/28	GBP	4,710	(c)		(169,195	)		(8,491	)		(160,704	)
6M CHFOR(d)		1.050	08/07/28	CHF	7,440	(c)		271,383			(5,680	)		277,063
6M EURO(d)		1.450	01/15/29	EUR	6,910	(c)		211,825			46,493			165,332
0.350(d)		6M JYOR	01/16/29	JPY	1,764,940	(c)		(108,460	)		(222,207	)		113,747
6M EURO(d)		1.200	02/12/29	EUR	8,890	(c)		141,655			20,772			120,883
3M LIBOR(b)		2.800(d)	02/12/29	$	9,340	(c)		105,230			(1,985	)		107,215
1.500(d)		6M GBP	02/12/29	GBP	13,510	(c)		(130,151	)		26,312			(156,463	)
6M EURO(d)		1.200	02/21/29	EUR	3,530	(c)		55,294			434			54,860
2.300(d)		6M NIBOR	02/21/29	NOK	38,240	(c)		(32,786	)		2,101			(34,887	)
3M LIBOR(b)		2.500(d)	03/29/29	$	9,460	(c)		(17,764	)		717			(18,481	)
1.000(d)		6M EURO	03/29/29	EUR	9,320	(c)		(33,286	)		(46,418	)		13,132
6M EURO(d)		1.000	06/19/29		1,700	(c)		93,914			52,605			41,309
3M LIBOR(b)		3.000(d)	06/19/29	$	16,000	(c)		296,883			81,611			215,272
3.250(d)		3M NZDOR(b)	06/19/29	NZD	3,670	(c)		(67,078	)		(26,106	)		(40,972	)
1.000(e)		3M STIBOR(b)	06/19/29	SEK	22,150	(c)		(30,498	)		13,135			(43,633	)
3.000(d)		6M AUDOR	06/19/29	AUD	6,220	(c)		(113,240	)		(49,365	)		(63,875	)
3.000(d)		6M CDOR	06/19/29	CAD	2,990	(c)		(70,313	)		(53,812	)		(16,501	)
1.000(e)		6M CHFOR(d)	06/19/29	CHF	1,990	(c)		(52,283	)		(35,765	)		(16,518	)
1.500(e)		6M EURO(d)	06/19/29	EUR	11,730	(c)		(338,514	)		(181,142	)		(157,372	)
3M LIBOR(b)		3.000(d)	06/20/39	$	5,070	(c)		85,534			(4,045	)		89,579
1.750(e)		6M EURO(d)	06/20/39	EUR	1,660	(c)		(32,923	)		(32,852	)		(71	)
3M LIBOR(b)		2.750(d)	06/15/49	$	3,280	(c)		22,042			(20,985	)		43,027
1.000(d)		6M JYOR	06/15/49	JPY	229,670	(c)		(34,066	)		(31,717	)		(2,349	)
6M JYOR(d)		1.000	06/19/49		68,110	(c)		82,116			76,573			5,543
TOTAL							$	915,407		$	141,140		$	774,267

(a) Payments made monthly.

(b) Payments made quarterly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

(d) Payments made semi-annually.

(e) Payments made annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at March 31, 2019(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
iTraxx Europe Series 31		(1.000)%	0.650%		06/20/24		EUR  7,090	$	(146,463	)	$	(152,789	)	$	6,326
Protection Sold:
CDX.NA.IG Index 31		1.000	0.561%		12/20/23		15,200		300,999			140,591			160,408
TOTAL								$	154,536		$	(12,198	)	$	166,734

(a) Payments made quarterly.

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

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$97.750		06/15/2020		405	$	1,012,500	$	232,875	$	203,464	$	29,411

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	JPMorgan Securities, Inc.	$	2.625		07/16/2019		2,300,000		$	2,300,000		$	53,882		$	22,217		$	31,665
6M IRS	Citibank NA		2.608		07/15/2019		2,400,000			2,400,000			53,294			22,974			30,320
1Y IRS	Citibank NA		3.010		11/01/2019		4,600,000			4,600,000			250,107			66,000			184,107
							9,300,000		$	9,300,000		$	357,283		$	111,191		$	246,092
Puts
3M IRS	JPMorgan Securities, Inc.	$	3.340		05/13/2019		4,100,000		$	4,100,000		$	4		$	1,148		$	(1,144	)
3M IRS	JPMorgan Securities, Inc.		2.840		05/13/2019		4,100,000			4,100,000			843			23,452			(22,609	)
							8,200,000		$	8,200,000		$	847		$	24,600		$	(23,753	)
Total Over-The-Counter Interest Rate  Swaptions contracts							17,500,000		$	17,500,000		$	358,130		$	135,791		$	222,339
Total Purchased option contracts						$	17,500,405		$	18,512,500		$	591,005		$	339,255		$	251,750
Written option contracts
Calls
6M IRS	Citibank NA	$	2.724		07/15/2019		(1,000,000	)	$	(1,000,000	)	$	(41,905	)	$	(19,942	)	$	(21,963	)
6M IRS	JPMorgan Securities, Inc.		2.730		07/16/2019		(1,000,000	)		(1,000,000	)		(42,961	)		(19,788	)		(23,173	)
1Y IRS	Citibank NA		3.098		11/01/2019		(2,000,000	)		(2,000,000	)		(222,103	)		(66,000	)		(156,103	)
							(4,000,000	)	$	(4,000,000	)	$	(306,969	)	$	(105,730	)	$	(201,239	)
Puts
3M IRS	JPMorgan Securities, Inc.	$	3.090		05/13/2019		(8,200,000	)	$	(8,200,000	)	$	(137	)	$	(10,557	)	$	10,420
Total Written option contracts							(12,200,000	)	$	(12,200,000	)	$	(307,106	)	$	(116,287	)	$	(190,819	)

Abbreviations:
1M BID Avg	—1 Month Brazilian Interbank Deposit Average
1Y IRS	—1 Year Interest Rate Swaptions
3M IRS	—3 Months Interest Rate Swaptions
6M IRS	—6 Months Interest Rate Swaptions
CDX.NA.IG Index 31	—CDX North America Investment Grade Index 31
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHSSHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 50.0%
Advertising – 0.4%
	The Interpublic Group of Cos., Inc.
$	15,100,000		3.500	%		10/01/20	$	15,238,165
Agriculture – 1.1%
	BAT Capital Corp.
	23,243,000		2.297			08/14/20		23,016,381
	(3M USD LIBOR + 0.590%)
	3,900,000		3.283	(a)		08/14/20		3,889,743
	BAT International Finance PLC(b)
	4,359,000		2.750			06/15/20		4,343,307
	Philip Morris International, Inc.
	5,500,000		1.875			11/01/19		5,470,245
								36,719,676
Automotive(b) – 2.8%
	BMW US Capital LLC(a)
	(3M USD LIBOR + 0.370%)
	4,785,000		3.063			08/14/20		4,787,775
	(3M USD LIBOR + 0.410%)
	15,000,000		3.207			04/12/21		14,986,800
	Daimler Finance North America LLC
	11,700,000		2.450			05/18/20		11,640,564
	(3M USD LIBOR + 0.550%)
	15,210,000		3.288	(a)		05/04/21		15,172,735
	(3M USD LIBOR + 0.670%)
	20,000,000		3.403	(a)		11/05/21		19,955,800
	Volkswagen Group of America Finance LLC(a)
	(3M USD LIBOR + 0.770%)
	23,008,000		3.458			11/13/20		23,055,627
	(3M USD LIBOR + 0.940%)
	5,500,000		3.638			11/12/21		5,511,330
								95,110,631
Banks – 33.6%
	ABN AMRO Bank NV(b)
	3,107,000		2.650			01/19/21		3,096,281
	(3M USD LIBOR + 0.570%)
	35,650,000		3.209	(a)		08/27/21		35,731,995
	Australia & New Zealand Banking Group Ltd.(a)(b)
	(3M USD LIBOR + 0.460%)
	18,475,000		3.143			05/17/21		18,497,539
	(3M USD LIBOR + 0.870%)
	7,420,000		3.521			11/23/21		7,494,126
	Bank of America Corp.
	12,000,000		7.625			06/01/19		12,094,800
	2,575,000		2.250			04/21/20		2,560,889
	5,000,000		5.625			07/01/20		5,176,800
	Bank of Montreal(a) (3M USD LIBOR + 0.400%)
	15,000,000		3.152			01/22/21		15,018,750
	Banque Federative du Credit Mutuel SA(b)
	6,000,000		2.200			07/20/20		5,952,960
	30,000,000		2.750			10/15/20		29,940,600
	Barclays Bank PLC(a)
	(3M USD LIBOR + 0.400%)
	15,500,000		3.041			08/21/20		15,414,750
	(3M USD LIBOR + 0.550%)
	8,000,000		3.289			08/07/19		8,007,280
Corporate Obligations – (continued)
Banks – (continued)
	BNZ International Funding Ltd.(b)
	8,190,000		2.400			02/21/20		8,166,003
	(3M USD LIBOR + 0.980%)
	13,145,000		3.573	(a)		09/14/21		13,273,295
	BPCE SA
	2,000,000		2.250			01/27/20		1,991,460
	Capital One NA(c)
	13,336,000		2.350			01/31/20		13,275,188
	Citibank NA(a)(c)
	(3M USD LIBOR + 0.530%)
	20,000,000		3.213			02/19/22		20,019,000
	(SOFRRATE + 0.600%)
	12,500,000		3.250			03/13/21		12,487,625
	Citigroup, Inc.(a) (3M USD LIBOR + 1.190%)
	6,588,000		3.928			08/02/21		6,681,813
	Citizens Bank NA(a)(c) (3M USD LIBOR + 0.720%)
	20,000,000		3.413			02/14/22		20,010,400
	Commonwealth Bank of Australia
	10,000,000		2.300			09/06/19		9,981,500
	(3M USD LIBOR + 0.320%)
	10,000,000		2.922	(a)(b)		06/25/20		10,003,000
	(3M USD LIBOR + 0.400%)
	12,500,000		3.015	(a)(b)		09/18/20		12,527,500
	Compass Bank(a)(c) (3M USD LIBOR + 0.730%)
	5,592,000		3.331			06/11/21		5,560,797
	Cooperatieve Rabobank UA
	2,700,000		2.250			01/14/20		2,691,009
	(3M USD LIBOR + 0.430%)
	28,575,000		3.195	(a)		04/26/21		28,642,151
	(3M USD LIBOR + 0.830%)
	3,566,000		3.613	(a)		01/10/22		3,595,919
	Credit Agricole SA(b)
	5,229,000		2.500			04/15/19		5,228,268
	(3M USD LIBOR + 0.800%)
	9,902,000		3.587	(a)		04/15/19		9,905,565
	Credit Suisse AG
	27,700,000		2.300			05/28/19		27,685,873
	DBS Group Holdings Ltd.(a)(b) (3M USD LIBOR + 0.490%)
	10,000,000		3.085			06/08/20		10,006,356
	Discover Bank(c)
	4,835,000		3.100			06/04/20		4,846,266
	DNB Bank ASA(b)
	18,257,000		2.125			10/02/20		18,079,359
	HSBC Holdings PLC(a)
	(3M USD LIBOR + 0.600%)
	20,000,000		3.283	(c)		05/18/21		19,980,800
	(3M USD LIBOR + 1.660%)
	3,500,000		4.311			05/25/21		3,572,100
	ING Bank NV(b)
	7,000,000		2.500			10/01/19		6,990,620
	6,260,000		2.450			03/16/20		6,241,408
	12,000,000		2.700			08/17/20		11,989,080
	(3M USD LIBOR + 0.610%)
	3,250,000		3.294	(a)		08/15/19		3,256,500
	JPMorgan Chase & Co(a)(c) (3M USD LIBOR + 0.550%)
	24,500,000		3.151			03/09/21		24,535,525

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

GOLDMAN SACHSSHORT-TERM CONSERVATIVE INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	JPMorgan Chase Bank NA(a)(c)
	(3M USD LIBOR + 0.280%)
$	18,000,000		2.604	%		02/01/21	$	17,963,100
	(3M USD LIBOR + 0.290%)
	10,258,000		3.026			02/01/21		10,249,281
	Lloyds Bank PLC(a) (3M USD LIBOR + 0.490%)
	18,351,000		3.229			05/07/21		18,311,178
	Macquarie Bank Ltd.(b)
	15,000,000		2.600			06/24/19		14,997,150
	2,270,000		2.850			01/15/21		2,266,368
	Mitsubishi UFJ Financial Group, Inc.(a)
	(3M USD LIBOR + 0.650%)
	20,000,000		3.415			07/26/21		20,029,000
	(3M USD LIBOR + 0.700%)
	12,500,000		3.307			03/07/22		12,510,875
	Mitsubishi UFJ Trust & Banking Corp.(b)
	13,473,000		2.650			10/19/20		13,431,368
	Mizuho Bank Ltd.(b)
	20,000,000		2.700			10/20/20		19,946,400
	Mizuho Financial Group, Inc.(a)
	(3M USD LIBOR + 0.940%)
	5,000,000		3.569			02/28/22		5,027,500
	(3M USD LIBOR + 1.140%)
	10,446,000		3.748			09/13/21		10,565,084
	Morgan Stanley
	6,884,000		5.500			07/24/20		7,118,882
	3,750,000		5.750			01/25/21		3,938,888
	(3M USD LIBOR + 1.180%)
	35,851,000		3.941	(a)(c)		01/20/22		36,200,906
	MUFG Bank Ltd.(b)
	2,000,000		2.350			09/08/19		1,997,620
	6,280,000		2.300			03/05/20		6,254,629
	National Australia Bank Ltd.(a)(b) (3M USD LIBOR + 0.710%)
	12,000,000		3.448			11/04/21		12,067,920
	National Australia Bank Ltd.(b)
	1,454,000		4.375			12/10/20		1,492,284
	(3M USD LIBOR + 0.350%)
	21,000,000		3.147	(a)		01/12/21		21,006,300
	(3M USD LIBOR + 0.580%)
	5,000,000		3.213	(a)		09/20/21		5,013,700
	National Bank of Canada(a)
	(3M USD LIBOR + 0.160%)
	6,200,000		2.804			08/20/20		6,200,341
	(3M USD LIBOR + 0.400%)
	17,000,000		3.013	(b)		03/21/21		16,980,790
	Nordea Bank Abp(b)
	3,745,000		2.125			05/29/20		3,718,036
	14,115,000		2.500			09/17/20		14,051,906
	9,300,000		4.875			01/14/21		9,623,640
	PNC Bank NA(a)(c) (3M USD LIBOR + 0.350%)
	30,250,000		2.947			03/12/21		30,259,377
	Regions Bank(a)(c) (3M USD LIBOR + 0.380%)
	3,191,000		3.177			04/01/21		3,171,439
	Royal Bank of Canada(a) (3M USD LIBOR + 0.400%)
	20,000,000		3.171			01/25/21		20,002,000
Corporate Obligations – (continued)
Banks – (continued)
	Santander UK PLC(a)
	(3M USD LIBOR + 0.620%)
	13,350,000		3.246			06/01/21		13,354,405
	(3M USD LIBOR + 0.660%)
	5,000,000		3.344			11/15/21		4,995,050
	Skandinaviska Enskilda Banken AB(b)
	6,000,000		2.625			11/17/20		5,980,620
	(3M USD LIBOR + 0.430%)
	42,010,000		3.113	(a)		05/17/21		42,016,722
	Societe Generale SA(b)
	12,000,000		2.625			09/16/20		11,953,080
	(3M USD LIBOR + 1.330%)
	4,000,000		4.134	(a)		04/08/21		4,059,600
	Sumitomo Mitsui Banking Corp.
	9,028,000		2.450			01/16/20		9,009,493
	5,000,000		2.650			07/23/20		4,991,950
	Sumitomo Mitsui Trust Bank Ltd.(a)(b) (3M USD LIBOR + 0.910%)
	23,483,000		3.355			10/18/19		23,561,433
	SVB Financial Group
	2,650,000		5.375			09/15/20		2,740,551
	Svenska Handelsbanken AB
	5,000,000		2.250			06/17/19		4,995,550
	11,000,000		5.125	(b)		03/30/20		11,264,770
	(3M USD LIBOR + 0.470%)
	5,000,000		3.121	(a)		05/24/21		5,014,850
	(3M USD LIBOR + 1.150%)
	5,000,000		3.742	(a)		03/30/21		5,077,050
	The Bank of Nova Scotia(a) (3M USD LIBOR + 0.420%)
	15,000,000		3.172			01/25/21		15,019,950
	The Huntington National Bank(a) (3M USD LIBOR + 0.510%)
	3,000,000		3.111			03/10/20		3,008,670
	The Toronto-Dominion Bank
	7,000,000		3.100	(c)(d)		01/31/21		6,963,600
	(3M USD LIBOR + 0.300%)
	6,100,000		2.700	(a)		05/01/20		6,108,418
	UBS AG
	4,050,000		2.350			03/26/20		4,035,825
	2,500,000		2.200	(b)(c)		06/08/20		2,485,125
	3,000,000		4.875			08/04/20		3,082,590
	(3M USD LIBOR + 0.480%)
	12,000,000		3.106	(a)(b)(c)		12/01/20		12,015,120
	(3M USD LIBOR + 0.580%)
	14,025,000		3.175	(a)(b)(c)		06/08/20		14,084,045
	United Overseas Bank Ltd.(a)(b) (3M USD LIBOR + 0.480%)
	2,900,000		3.252			04/23/21		2,898,738
	US Bancorp(a)(c) (3M USD LIBOR + 0.640%)
	1,135,000		3.419			01/24/22		1,139,347
	Wells Fargo & Co.
	10,000,000		2.150			01/30/20		9,954,900
	(3M USD LIBOR + 0.460%)
	5,095,000		3.221	(a)		04/22/19		5,096,121
	(3M USD LIBOR + 0.930%)
	11,827,000		3.627	(a)(c)		02/11/22		11,906,832
	Wells Fargo Bank NA(a)(c) (3M USD LIBOR + 0.510%)
	5,173,000		3.271			10/22/21		5,181,794

The accompanying notes are an integral part of these financial statements. 91

GOLDMAN SACHSSHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Westpac Banking Corp.
$	11,430,000		1.600	%		08/19/19	$	11,384,966
	(3M USD LIBOR + 0.360%)
	16,000,000		2.986	(a)(b)		09/01/20		16,028,160
	(3M USD LIBOR + 0.850%)
	6,118,000		3.533	(a)		08/19/21		6,176,794
	(3M USD LIBOR + 0.850%)
	19,655,000		3.649	(a)		01/11/22		19,835,629
								1,130,028,860
Chemicals(a) – 0.3%
	DowDuPont, Inc. (3M USD LIBOR + 0.710%)
	10,000,000		3.394			11/15/20		10,059,100
Computers – 1.2%
	DXC Technology Co.
	7,000,000		2.875			03/27/20		6,994,540
	Hewlett Packard Enterprise Co.(c)
	14,559,000		3.600			10/15/20		14,694,981
	(3M USD LIBOR + 0.720%)
	17,298,000		3.515	(a)		10/05/21		17,221,889
								38,911,410
Diversified Financial Services – 2.9%
	AIG Global Funding(a)(b) (3M USD LIBOR + 0.480%)
	20,338,000		3.277			07/02/20		20,370,947
	American Express Credit Corp.(a)(c) (3M USD LIBOR + 0.730%)
	3,000,000		3.376			05/26/20		3,015,270
	Capital One Financial Corp.(c)
	15,000,000		2.500			05/12/20		14,953,200
	2,804,000		2.400			10/30/20		2,787,036
	Federation des Caisses Desjardins du Quebec(b)
	15,000,000		2.250			10/30/20		14,869,950
	(3M USD LIBOR + 0.330%)
	13,000,000		3.081	(a)		10/30/20		12,999,376
	TD Ameritrade Holding Corp.(a)(c) (3M USD LIBOR + 0.430%)
	30,000,000		3.166			11/01/21		29,855,700
									��
								98,851,479
Electrical – 1.1%
	Dominion Energy, Inc.(a)(b) (3M USD LIBOR + 0.550%)
	2,575,000		3.176			06/01/19		2,576,339
	DTE Energy Co.
	1,750,000		1.500			10/01/19		1,736,385
	NextEra Energy Capital Holdings, Inc.(a) (3M USD LIBOR + 0.450%)
	11,625,000		3.061			09/28/20		11,625,465
	Public Service Electric & Gas Co.(c)
	1,500,000		2.000			08/15/19		1,495,980
	Sempra Energy(a)(c) (3M USD LIBOR + 0.500%)
	15,000,000		3.287			01/15/21		14,877,000
	Southern Power Co
	4,600,000		1.950			12/15/19		4,574,700
								36,885,869
Corporate Obligations – (continued)
Food & Drug Retailing(a)(b) – 0.4%
	Mondelez International Holdings Netherlands BV (3M USD LIBOR + 0.610%)
	12,271,000		3.375			10/28/19		12,294,683
Insurance(b) – 1.8%
	Jackson National Life Global Funding
	7,000,000		2.300			04/16/19		6,998,740
	Metropolitan Life Global Funding I(a) (3M USD LIBOR + 0.230%)
	9,000,000		3.034			01/08/21		8,987,130
	New York Life Global Funding
	11,345,000		2.150			06/18/19		11,332,634
	Protective Life Global Funding
	7,000,000		1.722			04/15/19		6,997,200
	2,800,000		2.262			04/08/20		2,782,668
	13,355,000		2.700			11/25/20		13,289,293
	(3M USD LIBOR + 0.370%)
	10,000,000		3.167	(a)		07/13/20		10,008,700
								60,396,365
Lodging(a) – 0.8%
	Marriott International, Inc.
	(3M USD LIBOR + 0.600%)
	20,608,000		3.226			12/01/20		20,632,379
	(3M USD LIBOR + 0.650%)
	5,850,000		3.245			03/08/21		5,868,018
								26,500,397
Miscellaneous Manufacturing – 0.4%
	General Electric Co.
	2,645,000		6.000			08/07/19		2,670,286
	3,420,000		5.550			05/04/20		3,509,912
	5,500,000		4.375			09/16/20		5,606,260
	(3M USD LIBOR + 0.800%)
	2,894,000		3.587	(a)		04/15/20		2,892,582
								14,679,040
Oil Field Services(a) – 0.7%
	BP Capital Markets PLC (3M USD LIBOR + 0.540%)
	24,190,000		3.237			05/10/19		24,200,644
Pharmaceuticals – 1.5%
	Bayer US Finance II LLC(a)(b)(c) (3M USD LIBOR + 0.630%)
	16,550,000		3.232			06/25/21		16,402,043
	Bayer US Finance LLC(b)
	7,427,000		2.375			10/08/19		7,399,595
	CVS Health Corp.(a) (3M USD LIBOR + 0.720%)
	10,000,000		3.321			03/09/21		10,031,400
	McKesson Corp.
	15,700,000		3.650			11/30/20		15,881,492
								49,714,530
Real Estate Investment Trust(c) – 0.7%
	ERP Operating LP
	10,350,000		2.375			07/01/19		10,337,787
	HCP, Inc.
	4,485,000		2.625			02/01/20		4,473,922

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

GOLDMAN SACHSSHORT-TERM CONSERVATIVE INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Real Estate Investment Trust(c) – (continued)
	WEA Finance LLC/Westfield UK & Europe Finance PLC(b)
$	5,296,000		2.700	%		09/17/19	$	5,292,929
	4,500,000		3.250			10/05/20		4,529,520
								24,634,158
Trucking & Leasing(a)(b) – 0.3%
	Aviation Capital Group LLC (3M USD LIBOR + 0.950%)
	10,000,000		3.576			06/01/21		9,992,100
	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,681,363,439)							1,684,217,107

Shares	Dividend Rate			Value
Investment Companies(e) – 10.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
73,103,526		2.437	%	$	73,103,526
Goldman Sachs Financial Square Money Market Fund – Institutional Shares
289,647,952		2.625			289,763,812
TOTAL INVESTMENT COMPANIES
(Cost $362,840,141)				$	362,867,338
TOTAL INVESTMENTS BEFORESHORT-TERM INVESTMENT
(Cost $2,044,203,580)				$	2,047,084,445

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 39.2%
Certificates of Deposit – 18.0%
	Atlantic Asset Securitization Corp.(a)(b) (1M USD LIBOR + 0.300%)
$	1,500,000		2.820	%		05/02/19	$	1,500,470
	Banco Santander SA(a) (3M USD LIBOR + 0.350%)
	15,800,000		2.958			06/13/19		15,809,294
	Bank of Montreal(a) (3M USD LIBOR + 0.290%)
	15,250,000		2.919			08/28/20		15,258,312
	Bank of Nova Scotia(a) (3M USD LIBOR + 0.280%)
	24,000,000		2.893			09/21/20		24,010,260
	BNP Paribas SA(a)
	(3M USD LIBOR + 0.100%)
	15,000,000		2.883			07/10/19		15,003,218
	(3M USD LIBOR + 0.150%)
	10,000,000		2.915			04/26/19		10,001,048
	BNZ International Funding Ltd.(a)(b) (3M USD LIBOR + 0.200%)
	5,000,000		2.979			04/16/19		5,000,459
	Canadian Imperial Bank of Commerce(a)
	(1M USD LIBOR + 0.350%)
	10,000,000		2.832			11/05/19		10,012,313
	(3M USD LIBOR + 0.330%)
	10,000,000		3.129			07/11/19		10,009,645
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Canadian Imperial Bank of Commerce(a) – (continued)
	(3M USD LIBOR + 0.400%)
	16,000,000		2.800			05/02/20		16,035,220
	Cooperatieve Rabobank UA
	15,000,000		1.780			04/03/19		14,998,976
	(3M USD LIBOR + 0.330%)
	7,250,000		2.932	(a)		03/24/20		7,266,066
	Credit Agricole Corporate & Investment Bank(a)
	(3M USD LIBOR + 0.350%)
	11,500,000		3.101			07/30/20		11,499,935
	(3M USD LIBOR + 0.385%)
	6,780,000		3.082			05/11/20		6,795,080
	(3M USD LIBOR + 0.400%)
	10,000,000		3.002			09/24/20		10,004,299
	Credit Suisse AG(a)
	(1M USD LIBOR + 0.220%)
	15,000,000		2.712			12/09/19		15,004,439
	(3M USD LIBOR + 0.340%)
	8,100,000		3.137			04/09/19		8,100,668
	Credit Suisse New York(a)
	(3M USD LIBOR + 0.170%)
	4,000,000		2.780			09/26/19		4,002,109
	(SOFRRATE + 0.380%)
	4,000,000		2.780			10/04/19		4,002,096
	First Republic Bank(f)
	45,000,000		0.000			04/01/19		45,000,107
	HSBC Bank PLC(a)(b)
	(1M USD LIBOR + 0.270%)
	12,000,000		2.773			05/22/19		12,004,868
	(3M USD LIBOR + 0.170%)
	11,000,000		2.993			06/24/19		11,004,498
	(3M USD LIBOR + 0.200%)
	5,450,000		2.939			09/25/19		5,454,422
	(3M USD LIBOR + 0.230%)
	1,500,000		3.013			04/10/19		1,500,105
	ING (U.S.) Funding LLC(a) (3M USD LIBOR + 0.110%)
	10,000,000		2.807			05/10/19		10,000,953
	Lloyds Bank Corp.
	14,163,000		3.000			07/29/19		14,179,510
	Mizuho Bank Ltd.(a)
	(3M USD LIBOR + 0.380%)
	6,500,000		2.982			06/25/20		6,506,260
	(3M USD LIBOR + 0.400%)
	9,000,000		3.194			10/04/19		9,018,211
	(3M USD LIBOR + 0.400%)
	5,000,000		3.039			11/27/19		5,003,548
	National Bank of Canada(a) (3M USD LIBOR + 0.200%)
	1,750,000		2.938			05/08/19		1,750,331
	National Bank of Kuwait SAKP
	15,000,000		3.000			04/01/19		15,000,631
	10,000,000		3.050			04/23/19		10,003,373
	17,000,000		3.000			04/24/19		17,005,159
	8,550,000		2.850			04/29/19		8,552,020
	Natixis NY(a)
	(3M USD LIBOR + 0.180%)
	10,000,000		2.788			06/06/19		10,003,318

The accompanying notes are an integral part of these financial statements. 93

GOLDMAN SACHSSHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Natixis NY(a) – (continued)
	(3M USD LIBOR + 0.520%)
$	25,000,000		3.299	%		01/22/21	$	25,008,634
	Nordea Bank AB NY(a) (3M USD LIBOR + 0.290%)
	15,052,000		3.024			02/05/21		15,051,908
	Oversea-Chinese Banking Corp. Ltd.(a) (3M USD LIBOR + 0.210%)
	13,000,000		2.989			10/24/19		13,015,104
	Societe Generale SA(a)
	(3M USD LIBOR + 0.160%)
	7,000,000		2.939			04/24/19		7,000,829
	(3M USD LIBOR + 0.410%)
	19,450,000		3.211	(b)		12/18/19		19,489,665
	Standard Chartered Bank
	7,000,000		3.190			10/31/19		7,020,048
	(3M USD LIBOR + 0.310%)
	12,000,000		3.046	(a)		10/31/19		12,015,857
	(3M USD LIBOR + 0.420%)
	18,000,000		3.035	(a)		09/18/20		18,005,055
	State Street Bank & Trust Co.(a) (1M USD LIBOR + 0.270%)
	20,500,000		2.754			05/15/19		20,502,916
	Sumitomo Mitsui Banking Corp.
	12,750,000		2.050			05/03/19		12,744,168
	(3M USD LIBOR + 0.350%)
	1,180,000		3.137	(a)		10/15/20		1,180,879
	(3M USD LIBOR + 0.370%)
	5,100,000		3.169	(a)		07/11/19		5,104,864
	(3M USD LIBOR + 0.370%)
	11,000,000		3.114	(a)		01/31/20		11,017,996
	(3M USD LIBOR + 0.410%)
	1,000,000		3.025	(a)		06/18/20		1,001,541
	(3M USD LIBOR + 0.420%)
	4,000,000		3.199	(a)		07/24/20		4,006,149
	Svenska Handelsbanken AB(a)
	(3M USD LIBOR + 0.280%)
	10,450,000		2.895			09/11/20		10,458,848
	(3M USD LIBOR + 0.400%)
	15,250,000		3.197			04/01/20		15,294,980
	Swedbank AB(a) (3M USD LIBOR + 0.320%)
	1,000,000		2.971			08/24/20		1,000,948
	The Toronto-Dominion Bank(a) (3M USD LIBOR + 0.170%)
	5,000,000		2.943			04/17/19		5,000,430
	Westpac Banking Corp.(a)(b) (3M USD LIBOR + 0.180%)
	15,000,000		2.924			10/31/19		15,012,789
								605,234,829
Commercial Paper – 18.0%
	AT&T, Inc.(f)
	5,000,000		0.000			05/28/19		4,976,250
	2,847,000		0.000			06/05/19		2,831,588
	Atlantic Asset Securitization Corp.(f)
	10,000,000		0.000			05/06/19		9,973,791
	Banco Santander SA(f)
	15,592,000		0.000			05/14/19		15,541,455
	Bank of China Ltd.(f)
	11,000,000		0.000			05/10/19		10,967,583
Short-term Investments – (continued)
Commercial Paper – (continued)
	Bayerische Landesbank(f)
	20,000,000		0.000			05/10/19		19,940,780
	Bedford Row Funding Corp.(f)
	7,000,000		0.000			10/16/19		6,897,641
	9,500,000		0.000			10/18/19		9,359,594
	Bell Canada, Inc.(b)(f)
	10,000,000		0.000			08/19/19		9,886,196
	Cancara Asset Securitisation LLC(f)
	10,000,000		0.000			04/30/19		9,978,018
	8,750,000		0.000			05/02/19		8,729,530
	5,000,000		0.000			05/08/19		4,986,183
	10,000,000		0.000			05/09/19		9,971,664
	3,898,000		0.000			05/28/19		3,881,628
	Chariot Funding LLC(f)
	12,100,000		0.000			05/02/19		12,071,693
	15,400,000		0.000			07/12/19		15,288,607
	China Construction Bank Corp.(b)(f)
	10,000,000		0.000			06/07/19		9,948,219
	8,000,000		0.000			06/20/19		7,950,551
	8,000,000		0.000			09/20/19		7,893,133
	CNPC Finance (Hong Kong) Ltd.(b)(f)
	22,000,000		0.000			04/09/19		21,982,657
	Collateralized Commercial Paper II Co. LLC(f)
	15,000,000		0.000			10/22/19		14,771,955
	4,510,000		0.000			11/25/19		4,429,267
	DBS Bank Ltd.(f)
	25,000,000		0.000			05/03/19		24,938,920
	Dexia Credit Local SA(f)
	10,000,000		0.000			05/07/19		9,973,762
	Dominion Resources, Inc.(f)
	7,100,000		0.000			06/27/19		7,049,235
	Duke Energy Corp.(b)(f)
	5,000,000		0.000			06/21/19		4,966,773
	Entergy Corp.(b)(f)
	10,000,000		0.000			05/15/19		9,962,739
	Federation des Caisses Desjardins du Quebec(b)(f)
	20,000,000		0.000			08/13/19		19,801,274
	First Abu Dhabi Bank P.J.S.C.(b)(f)
	20,000,000		0.000			05/03/19		19,950,417
	20,000,000		0.000			05/06/19		19,946,040
	General Electric Co.(f)
	8,000,000		0.000			04/25/19		7,983,602
	6,000,000		0.000			06/03/19		5,969,068
	La Fayette Asset Securitiization(f)
	11,000,000		0.000			06/03/19		10,949,059
	Landesbank Baden-Wuerttemberg
	43,900,000		2.550			04/01/19		43,900,246
	Liberty Street Funding LLC(b)(f)
	25,000,000		0.000			06/05/19		24,881,378
	LMA SA LMA Americas(f)
	16,000,000		0.000			04/08/19		15,989,200
	5,000,000		0.000			04/18/19		4,993,231
	10,000,000		0.000			08/07/19		9,906,590
	Macquarie Bank Ltd.(f)
	9,000,000		0.000			11/07/19		8,847,635

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

GOLDMAN SACHSSHORT-TERM CONSERVATIVE INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Commercial Paper – (continued)
	Marriott International, Inc.(b)(f)
$	12,000,000		0.000	%		04/30/19	$	11,970,741
	Matchpoint Finance PLC(f)
	5,000,000		0.000			04/18/19		4,992,953
	Metlife Short Term Funding LLC(b)(f)
	25,000,000		0.000			07/08/19		24,821,777
	10,000,000		0.000			07/23/19		9,917,640
	Old Line Funding LLC(f)
	10,000,000		0.000			05/02/19		9,976,606
	Oversea-Chinese Banking Corp. Ltd.(f)
	11,900,000		0.000			04/17/19		11,884,569
	Ridgefield Funding Co. LLC(b)(f)
	7,000,000		0.000			06/10/19		6,963,733
	Spire, Inc.(b)(f)
	5,997,000		0.000			04/18/19		5,987,971
	The Toronto-Dominion Bank(b)(f)
	7,200,000		0.000			10/18/19		7,094,237
	VW Credit, Inc.(b)(f)
	10,000,000		0.000			12/06/19		9,784,120
	Walgreens Boots Alliance, Inc.(f)
	6,400,000		0.000			07/16/19		6,343,960
	5,600,000		0.000			08/01/19		5,543,067
	1,872,000		0.000			08/12/19		1,851,003
	6,050,000		0.000			08/26/19		5,973,871
	10,000,000		0.000			09/09/19		9,861,784
								605,235,184
Repurchase Agreement – 3.2%
	Bank of America Corp.
	15,000,000		3.080			04/23/19		15,000,000
	Maturity Value: $15,198,917 Next Reset Date: 04/01/2019 Collateralized by various common stocks and preferred stock. The aggregate market value of the collateral was 16,200,965.
	BNP Paribas SA
	35,000,000		2.640			04/01/19		35,000,000
	Maturity Value: $35,007,700 Next Reset Date: 04/01/2019 Collateralized by Foreign government bonds, 3.625% to 8.875%, due 01/22/21 to 02/21/47. The aggregate market value of the collateral, including accrued interest, was $38,490,747.
	Citigroup Global Markets, Inc.
	19,000,000		3.113			05/20/19		19,000,000
	Maturity Value: $19,147,863 Next Reset Date: 04/01/2019 Collateralized by Foreign government bonds, 4.000% to 8.125%, due 01/30/20 to 01/11/48. The aggregate market value of the collateral, including accrued interest, was $19,951,847.
Short-term Investments – (continued)
Repurchase Agreement – (continued)
	Nomura
	19,000,000		3.242			04/12/19		19,000,000
	Maturity Value: $19,198,482 Next Reset Date: 04/12/2019 Collateralized by various mortgage obligations, 2.686% to 11.815%, due 09/25/20 to 08/25/58. The aggregate market value of the collateral, including accrued interest, was $22,140,631.
	Wells Fargo
	20,000,000		3.000			05/29/19		20,000,000
	Maturity Value: $20,138,333 Next Reset Date: 05/29/2019 Collateralized by various mortgage obligations, 2.000% to 6.586%, due 12/25/27 to 09/15/58. The aggregate market value of the collateral, including accrued interest, was $23,747,719.
								108,000,000
	TOTALSHORT-TERM INVESTMENTS
	(Cost $1,317,829,274)						$	1,318,470,013
	TOTAL INVESTMENTS – 100.0%
	(Cost $3,362,032,854)						$	3,365,554,458
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%							1,681,435
	NET ASSETS – 100.0%						$	3,367,235,893

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2019.
(e)	Represents an affiliated issuer.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	—U.S. Dollar

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

The accompanying notes are an integral part of these financial statements. 95

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At March 31, 2019, the Goldman Sachs High Quality Floating Rate Fund had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of April 1, 2019, as follows:

Fund	Principal Amount		Maturity Value		Collateral Allocation Value
High Quality Floating Rate Fund	$	5,200,000	$	5,200,376	$5,304,000

REPURCHASE AGREEMENTS — At March 31, 2019, the Principal Amounts of the Goldman Sachs High Quality Floating Rate Fund’s interest in the Joint Repurchase Agreement Account II were as follows:

Counterparty	Interest Rate			Principal Amount
Merrill Lynch & Co., Inc.		2.600	%	$	5,200,000

At March 31, 2019, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rate			Maturity Date
Federal National Mortgage Association		3.500	%		01/01/48

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2019

	Enhanced Income Fund			Government Income Fund			High Quality Floating Rate Fund
Assets:
Investments of unaffiliated issuers, at value (cost $505,879,564, $348,756,381 and $469,697,945, respectively)	$	506,248,779		$	352,503,943		$	468,894,255
Investments of affiliated issuers, at value (cost $11,218,361, $25,252,182 and $0, respectively)		11,219,474			25,252,182			—
Purchased options (cost $0, $84,914 and $0, respectively)		—			97,750			—
Cash		7,192,641			4,931,070			62,938
Variation margin on futures		143,073			—			—
Variation margin on swaps		—			24,019			48,948
Receivables:
Interest and dividends		2,466,893			1,492,491			1,398,640
Fund shares sold		1,687,509			431,809			356,963
Reimbursement from investment adviser		61,626			102,410			85,885
Investments sold		—			4,884,540			542,310
Investments sold on an extended-settlement basis		—			52,605,558			—
Collateral on certain derivative contracts(a)		—			191,627			768,512
Other assets		55,681			65,517			62,178
Total assets		529,075,676			442,582,916			472,220,629
Liabilities:
Variation margin on futures		—			38,287			40,848
Forward sale contracts, at value (proceeds receivable $0, $12,243,945 and $0, respectively)		—			12,304,266			—
Payables:
Investments purchased on an extended — settlement basis		7,405,933			115,650,711			—
Fund shares redeemed		544,705			614,232			642,523
Income distribution		143,216			116,182			64,531
Management fees		103,263			142,105			126,481
Investments purchased		28,737			9,851,473			—
Distribution and Service fees and Transfer Agency fees		19,088			51,152			15,069
Collateral on certain derivative contracts(b)		—			260,000			—
Accrued expenses		192,106			274,770			212,654
Total liabilities		8,437,048			139,303,178			1,102,106
Net Assets:
Paid-in capital		524,879,153			312,540,124			477,845,123
Total distributable earnings (loss)		(4,240,525	)		(9,260,386	)		(6,726,600	)
NET ASSETS	$	520,638,628		$	303,279,738		$	471,118,523
Net Assets:
Class A	$	19,395,908		$	93,352,109		$	7,968,409
Class C		—			3,775,402			—
Institutional		252,560,805			130,734,366			71,262,716
Administration		2,905,352			—			—
Service		—			36,126,380			92,303
Investor		6,095,889			1,457,682			9,474,437
Class P		189,834,992			10,267,987			375,756,004
Class R		—			19,904,611			—
Class R6		49,845,682			7,661,201			6,564,654
Total Net Assets	$	520,638,628		$	303,279,738		$	471,118,523
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		2,053,031			6,404,269			915,902
Class C		—			258,985			—
Institutional		26,769,845			8,982,953			8,194,090
Administration		307,132			—			—
Service		—			2,485,031			10,563
Investor		646,818			100,047			1,091,914
Class P		20,120,441			705,721			43,178,905
Class R		—			1,367,151			—
Class R6		5,283,226			526,534			754,543
Net asset value, offering and redemption price per share:(c)
Class A		$9.45			$14.58			$8.70
Class C		—			14.58			—
Institutional		9.43			14.55			8.70
Administration		9.46			—			—
Service		—			14.54			8.74
Investor		9.42			14.57			8.68
Class P		9.43			14.55			8.70
Class R		—			14.56			—
Class R6		9.43			14.55			8.70

(a) Segregated for initial margin and/or collateral as follows:

Fund	Futures		Swaps
Government Income	$	—	$	191,627
High Quality Floating Rate		378,000		390,512

(b) Segregated for initial margin and/or collateral as follows:

Fund	TBA
Government Income	$	260,000

(c) Maximum public offering price per share for Class A shares of the Enhanced Income, Government Income and High Quality Floating Rate Funds is $9.45, $15.15 and $8.70, respectively. The sales charge was discontinued effective July 30, 2018, for the Enhanced Income and High Quality Floating Rate Funds, and prior to that date the sales charge was 1.50%. At redemption, Class C shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

The accompanying notes are an integral part of these financial statements. 97

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities(continued)

March 31, 2019

	Inflation Protected Securities Fund			Short Duration Government Fund			Short Duration Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $383,584,487, $992,589,732 and $691,508,708, respectively)	$	390,904,631		$	991,328,682		$	695,070,000
Investments of affiliated issuers, at value (cost $14,311,970, $2,624,284 and $4,587,467, respectively)		14,311,970			2,624,284			4,587,467
Purchased options (cost $53,945, $0 and $339,255, respectively)		62,100			—			591,005
Cash		6,167,915			14,950,127			10,818,534
Foreign currencies, at value (cost $8, $0 and $113,680, respectively)		8			—			110,368
Unrealized gain on forward foreign currency exchange contracts		—			—			1,082,300
Variation margin on swaps		166,024			—			307,619
Receivables:
Investments sold		3,088,918			7,945,297			10,663,429
Collateral on certain derivative contracts(a)		1,604,392			—			5,235,813
Fund shares sold		1,055,515			1,107,436			3,642,866
Interest and dividends		345,019			4,846,199			4,646,262
Reimbursement from investment adviser		66,156			124,168			147,310
Due from broker — upfront payment		—			—			89
Other assets		72,216			133,232			89,727
Total assets		417,844,864			1,023,059,425			736,992,789
Liabilities:
Unrealized loss on forward foreign currency exchange contracts		—			—			962,957
Variation margin on futures		107,649			104,824			235,075
Written option contracts, at value (premium received $0, $0 and $116,287, respectively)		—			—			307,106
Payables:
Investments purchased		6,221,744			15,298,382			21,091,978
Fund shares redeemed		570,169			1,294,298			2,643,094
Income distribution		—			205,396			16,230
Management fees		88,352			367,243			230,009
Distribution and Service fees and Transfer Agency fees		40,418			65,741			22,846
Investments purchased on an extended — settlement basis		—			—			13,184,381
Accrued expenses		159,842			341,482			461,712
Total liabilities		7,188,174			17,677,366			39,155,388
Net Assets:
Paid-in capital		426,840,559			1,050,415,942			708,791,191
Total distributable earnings (loss)		(16,183,869	)		(45,033,883	)		(10,953,790	)
NET ASSETS	$	410,656,690		$	1,005,382,059		$	697,837,401
Net Assets:
Class A	$	53,689,509		$	82,089,739		$	11,070,037
Class C		4,152,125			15,492,911			1,689,287
Institutional		174,466,694			379,887,468			46,679,805
Service		—			18,120,402			—
Investor		16,087,917			29,461,372			1,584,440
Class P		107,843,682			474,894,466			635,440,062
Class R		14,911,022			—			121,719
Class R6		39,505,741			5,435,701			1,252,051
Total Net Assets	$	410,656,690		$	1,005,382,059		$	697,837,401
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		5,179,626			8,402,745			1,129,482
Class C		407,540			1,596,486			172,264
Institutional		16,619,734			39,017,059			4,752,073
Service		—			1,863,242			—
Investor		1,541,834			3,013,761			161,332
Class P		10,279,558			48,791,000			64,701,310
Class R		1,444,483			—			12,396
Class R6		3,765,926			558,272			127,552
Net asset value, offering and redemption price per share:(b)
Class A		$10.37			$9.77			$9.80
Class C		10.19			9.70			9.81
Institutional		10.50			9.74			9.82
Service		—			9.73			—
Investor		10.43			9.78			9.82
Class P		10.49			9.73			9.82
Class R		10.32			—			9.82
Class R6		10.49			9.74			9.82

(a) Segregated for initial margin and/or collateral as follows:

Fund	Forward Foreign Currency		Futures		Swaps
Inflation Protected Securities	$	—	$	—	$	1,604,392
Short Duration Income		2,870,000		914,000		1,451,813

(b) Maximum public offering price per share for Class A shares of the Inflation Protected Securities, Short Duration Government and Short Duration Income Funds is $10.77, $9.92 and $9.95, respectively. At redemption, Class C shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement of Assets and Liabilities(continued)

March 31, 2019

	Short-Term Conservative Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $2,999,192,713)	$	3,002,687,120
Investments of affiliated issuers, at value (cost $362,840,141)		362,867,338
Cash		3,470,911
Receivables:
Interest and dividends		13,464,130
Fund shares sold		929,785
Reimbursement from investment adviser		222,770
Other assets		158,350
Total assets		3,383,800,404
Liabilities:
Payables:
Investments purchased		8,595,686
Fund shares redeemed		6,949,843
Management fees		492,426
Income distribution		195,248
Distribution and Service fees and Transfer Agency fees		103,160
Accrued expenses		228,148
Total liabilities		16,564,511
Net Assets:
Paid-in capital		3,363,502,987
Total distributable earnings		3,732,906
NET ASSETS	$	3,367,235,893
Net Assets:
Class A	$	50,981,852
Institutional		840,035,725
Administration		937,255
Preferred		26,133
Investor		6,254,233
Class P		2,048,977,286
Class R6		420,023,409
Total Net Assets	$	3,367,235,893
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		5,080,965
Institutional		83,697,438
Administration		93,399
Preferred		2,605
Investor		623,006
Class P		204,298,672
Class R6		41,839,918
Net asset value, offering and redemption price per share:(a)
Class A		$10.03
Institutional		10.04
Administration		10.03
Preferred		10.03
Investor		10.04
Class P		10.03
Class R6		10.04

(a) Maximum public offering price per share for Class A shares of the Short -Term Conservative Income Fund is $10.03. The sales charge was discontinued effective July 30, 2018, and prior to that date the sales charge was 1.50%.

The accompanying notes are an integral part of these financial statements. 99

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2019

	Enhanced Income Fund			Government Income Fund			High Quality Floating Rate Fund
Investment income:
Interest	$	14,164,921		$	9,155,569		$	19,927,283
Dividends — affiliated issuers		470,826			333,036			—
Total investment income		14,635,747			9,488,605			19,927,283
Expenses:
Management fees		1,416,747			1,764,560			2,262,919
Transfer Agency fees(a)		225,140			244,435			258,420
Custody, accounting and administrative services		179,789			229,782			203,763
Professional fees		132,881			123,011			143,526
Registration fees		108,534			106,435			94,213
Printing and mailing costs		53,205			129,099			60,426
Distribution and Service fees(a)		26,572			399,254			15,948
Trustee fees		16,673			16,285			17,072
Administration Shares fees		5,695			—			—
Service Share fees — Service Plan		—			91,857			261
Service Share fees — Shareholder Administration Plan		—			91,857			261
Other		28,714			24,702			40,384
Total expenses		2,193,950			3,221,277			3,097,193
Less — expense reductions		(193,784	)		(642,093	)		(457,204	)
Net expenses		2,000,166			2,579,184			2,639,989
NET INVESTMENT INCOME		12,635,581			6,909,421			17,287,294
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(231,413	)		(918,205	)		(665,366	)
Investment — affiliated issuers		(1,378	)		—			—
Futures contracts		2,324,987			179,660			246,962
Swap contracts		—			(212,350	)		(370,523	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		3,145,526			5,641,289			(1,556,817	)
Investments — affiliated issuers		1,113			—			—
Purchased options		—			(27,001	)		—
Futures contracts		(3,113,161	)		(207,803	)		441,384
Swap contracts		—			149,901			50,301
Net realized and unrealized gain (loss)		2,125,674			4,605,491			(1,854,059	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	14,761,255		$	11,514,912		$	15,433,235

(a) Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Administration		Service		Investor		Class P(b)		Class R		Class R6
Enhanced Income	$	26,572	$	—	$	—	$	19,939	$	—	$	143,513	$	911	$	—	$	4,793	$	51,414	$	—	$	4,570
Government Income		249,759		46,640		102,855		129,875		6,063		55,382		—		14,697		2,465		2,271		26,742		6,940
High Quality Floating Rate		15,948		—		—		11,239		—		106,071		—		41		5,532		135,111		—		426

(b) Commenced operations on April 20, 2018.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations(continued)

For the Fiscal Year Ended March 31, 2019

	Inflation Protected Securities Fund			Short Duration Government Fund			Short Duration Income Fund
Investment income:
Interest (net of foreign withholding taxes of $0, $0 and $1,309)	$	7,723,225		$	23,594,538		$	18,555,425
Dividends — affiliated issuers		322,337			228,440			125,673
Total investment income		8,045,562			23,822,978			18,681,098
Expenses:
Management fees		1,018,605			4,187,088			2,396,166
Distribution and Service fees(a)		287,490			384,918			42,664
Transfer Agency fees(a)		234,354			467,807			214,387
Custody, accounting and administrative services		133,399			304,187			461,367
Professional fees		122,322			122,844			176,527
Registration fees		116,738			196,309			135,838
Printing and mailing costs		70,512			101,807			56,758
Trustee fees		16,410			17,308			16,744
Service Share fees — Service Plan		—			47,390			—
Service Share fees — Shareholder Administration Plan		—			47,390			—
Prime Broker Fees		—			—			10,216
Other		16,675			44,884			39,991
Total expenses		2,016,505			5,921,932			3,550,658
Less — expense reductions		(332,277	)		(826,561	)		(817,011	)
Net expenses		1,684,228			5,095,371			2,733,647
NET INVESTMENT INCOME		6,361,334			18,727,607			15,947,451
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(3,941,907	)		(7,892,500	)		(2,899,852	)
Purchased options		—			—			(32,263	)
Futures contracts		(105,287	)		4,140,376			415,515
Written options		—			—			66,101
Swap contracts		(632,717	)		(158,742	)		1,481,647
Forward foreign currency exchange contracts		—			—			(3,347,162	)
Foreign currency transactions		—			—			(230,873	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		8,169,739			13,111,099			8,333,510
Purchased options		(11,763	)		—			170,400
Futures contracts		(6,940	)		(7,117,042	)		(713,253	)
Written options		—			—			(175,560	)
Swap contracts		(445,723	)		279,682			764,639
Forward foreign currency exchange contracts		—			—			550,824
Foreign currency translation		—			—			(5,990	)
Net realized and unrealized gain		3,025,402			2,362,873			4,377,683
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,386,736		$	21,090,480		$	20,325,134

(a) Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P(b)		Class R		Class R6
Inflation Protected Securities Fund	$	151,839	$	55,513	$	80,138	$	78,956	$	7,217	$	80,766	$	—	$	18,612	$	22,389	$	20,836	$	5,578
Short Duration Government Fund		212,483		172,435		—		110,491		22,416		203,827		7,582		35,400		87,108		—		983
Short Duration Income Fund		29,448		12,669		547		15,313		1,647		78,628		—		2,420		116,193		142		44

(b) Commenced operations on April 20, 2018.

The accompanying notes are an integral part of these financial statements. 101

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement of Operations(continued)

For the Fiscal Year Ended March 31, 2019

	Short-Term Conservative Income Fund
Investment income:
Interest	$	59,193,707
Dividends — affiliated issuers		4,072,702
Total investment income		63,266,409
Expenses:
Management fees		5,732,562
Transfer Agency fees(a)		785,420
Custody, accounting and administrative services		242,939
Registration fees		220,378
Professional fees		159,120
Printing and mailing costs		110,909
Trustee fees		20,057
Distribution and Service fees(a)		10,822
Other		64,988
Total expenses		7,347,195
Less — expense reductions		(2,681,980	)
Net expenses		4,665,215
NET INVESTMENT INCOME		58,601,194
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers		390,872
Investment — affiliated issuers		(2,800	)
Net change in unrealized gain on:
Investments — unaffiliated issuers		4,205,034
Investments — affiliated issuers		27,197
Net realized and unrealized gain (loss)		4,620,303
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	63,221,497

(a) Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Administration		Preferred		Class A		Institutional		Administration		Preferred		Investor(b)		Class P(c)		Class R6
Short-Term Conservative Income Fund	$	8,337	$	2,459	$	26	$	6,992	$	361,648	$	393	$	11	$	2,107	$	353,940	$	60,329

(b) Commenced operations on August 14, 2018.

(c) Commenced operations on April 20, 2018.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Enhanced Income Fund						Government Income Fund
	For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018
From operations:
Net investment income	$	12,635,581		$	8,073,774		$	6,909,421		$	4,843,468
Net realized gain (loss)		2,092,196			(1,083,080	)		(950,895	)		972,554
Net change in unrealized gain (loss)		33,478			(824,420	)		5,556,386			(5,233,833	)
Net increase in net assets resulting from operations		14,761,255			6,166,274			11,514,912			582,189
Distributions to shareholders:
From distributable earnings:
Class A Shares		(309,118	)		(284,649	)(a)		(2,090,284	)		(2,091,104	)(a)
Class C Shares		—			—			(61,979	)		(67,204	)(a)
Institutional Shares		(7,819,471	)		(7,678,981	)(a)		(3,374,185	)		(2,843,094	)(a)
Administration Shares		(46,284	)		(2,044	)(a)		—			—
Service Shares		—			—			(708,383	)		(741,397	)(a)
Investor Shares		(80,616	)		(51,091	)(a)		(43,825	)		(77,857	)(a)
Class P Shares(b)		(3,989,106	)		—			(188,120	)		—
Class R Shares		—			—			(378,998	)		(308,362	)(a)
Class R6 Shares		(377,385	)		(157	)(a)		(567,998	)		(381,901	)(a)
Total distributions to shareholders		(12,621,980	)		(8,016,922	)		(7,413,772	)		(6,510,919	)
From share transactions:
Proceeds from sales of shares		625,494,376			325,697,965			121,223,005			88,980,699
Reinvestment of distributions		10,747,284			7,854,271			5,930,212			5,137,494
Cost of shares redeemed		(585,261,922	)		(337,841,302	)		(168,596,062	)		(116,633,711	)
Net increase (decrease) in net assets resulting from share transactions		50,979,738			(4,289,066	)		(41,442,845	)		(22,515,518	)
TOTAL INCREASE (DECREASE)		53,119,013			(6,139,714	)		(37,341,705	)		(28,444,248	)
Net assets:(c)
Beginning of year		467,519,615			473,659,329			340,621,443			369,065,691
End of year	$	520,638,628		$	467,519,615		$	303,279,738		$	340,621,443

(a) Prior year information has been revised to conform to current year presentation. Distributions to shareholders consisted solely of net investment income for the fiscal year ended March 31, 2018.

(b) Commenced operations on April 20, 2018.

(c) Prior year information has been revised to conform with current year presentation. Undistributed net investment income was $714,785 and $901,807, respectively for the Enhanced Income and Government Income Funds as of March 31, 2018.

The accompanying notes are an integral part of these financial statements. 103

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets(continued)

	High Quality Floating Rate Fund						Inflation Protected Securities Fund
	For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018
From operations:
Net investment income	$	17,287,294		$	10,215,229		$	6,361,334		$	6,274,592
Net realized gain (loss)		(788,927	)		1,281,357			(4,679,911	)		(2,784,122	)
Net change in unrealized gain (loss)		(1,065,132	)		(625,288	)		7,705,313			(1,645,342	)
Net increase in net assets resulting from operations		15,433,235			10,871,298			9,386,736			1,845,128
Distributions to shareholders:
From distributable earnings:
Class A Shares		(186,231	)		(123,665	)(a)		(1,040,911	)		(1,247,978	)(a)
Class C Shares		—			—			(72,568	)		(72,788	)(a)
Institutional Shares		(5,986,942	)		(10,176,566	)(a)		(4,341,465	)		(4,285,943	)(a)
Service Shares		(2,008	)		(2,421	)(a)		—			—
Investor Shares		(104,159	)		(14,482	)(a)		(244,140	)		(242,201	)(a)
Class P Shares(b)		(11,429,240	)		—			(838,148	)		—
Class R Shares		—			—			(247,206	)		(281,832	)(a)
Class R6 Shares		(39,278	)		(160	)(a)		(239,819	)		(56,822	)(a)
Total distributions to shareholders		(17,747,858	)		(10,317,294	)		(7,024,257	)		(6,187,564	)
From share transactions:
Proceeds from sales of shares		970,694,770			663,102,852			293,070,744			177,078,976
Reinvestment of distributions		17,246,384			10,234,835			4,997,848			4,083,552
Cost of shares redeemed		(1,255,494,301	)		(374,360,785	)		(268,244,197	)		(117,366,906	)
Net increase (decrease) in net assets resulting from share transactions		(267,553,147	)		298,976,902			29,824,395			63,795,622
TOTAL INCREASE (DECREASE)		(269,867,770	)		299,530,906			32,186,874			59,453,186
Net assets:(c)
Beginning of year		740,986,293			441,455,387			378,469,816			319,016,630
End of year	$	471,118,523		$	740,986,293		$	410,656,690		$	378,469,816

(a) Prior year information has been revised to conform to current year presentation. Distributions to shareholders consisted solely of net investment income for the fiscal year ended March 31, 2018.

(b) Commenced operations on April 20, 2018.

(c) Prior year information has been revised to conform with current year presentation. Undistributed net investment income was $251,503 and $630,260, respectively for the High Quality Floating Rate and Inflation Protected Securities Funds as of March 31, 2018.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets(continued)

	Short Duration Government Fund						Short Duration Income Fund
	For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018
From operations:
Net investment income	$	18,727,607		$	15,288,469		$	15,947,451		$	12,879,406
Net realized gain (loss)		(3,910,866	)		(5,024,259	)		(4,546,887	)		(7,911,451	)
Net change in unrealized gain (loss)		6,273,739			(8,333,475	)		8,924,570			(3,937,692	)
Net increase in net assets resulting from operations		21,090,480			1,930,735			20,325,134			1,030,263
Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,838,189	)		(2,041,765	)(a)		(265,434	)		(175,901	)(a)
Class C Shares		(303,318	)		(335,268	)(a)		(24,242	)		(12,562	)(a)
Institutional Shares		(12,622,023	)		(19,398,290	)(a)		(4,925,422	)		(11,795,805	)(a)
Service Shares		(379,737	)		(395,986	)(a)		—			—
Investor Shares		(656,226	)		(530,914	)(a)		(45,864	)		(34,695	)(a)
Class P Shares(b)		(7,395,497	)		—			(9,973,064	)		—
Class R Shares		—			—			(2,198	)		(746	)(a)
Class R6 Shares		(82,624	)		(50,577	)(a)		(3,831	)		(203	)(a)
Return of capital
Class A Shares		—			—			(27,291	)		(26,617	)
Class C Shares		—			—			(2,492	)		(1,901	)
Institutional Shares		—			—			(506,404	)		(1,784,904	)
Investor Shares		—			—			(4,716	)		(5,250	)
Class P Shares(b)		—			—			(1,025,377	)		—
Class R Shares		—			—			(226	)		(113	)
Class R6 Shares		—			—			(394	)		(31	)
Total distributions to shareholders		(23,277,614	)		(22,752,800	)		(16,806,955	)		(13,838,728	)
From share transactions:
Proceeds from sales of shares		781,323,689			407,825,942			869,609,351			336,916,387
Reinvestment of distributions		20,862,430			21,350,633			16,625,323			13,814,307
Cost of shares redeemed		(785,242,974	)		(754,489,017	)		(776,377,472	)		(325,990,610	)
Net increase (decrease) in net assets resulting from share transactions		16,943,145			(325,312,442	)		109,857,202			24,740,084
TOTAL INCREASE (DECREASE)		14,756,011			(346,134,507	)		113,375,381			11,931,619
Net assets:(c)
Beginning of year		990,626,048			1,336,760,555			584,462,020			572,530,401
End of year	$	1,005,382,059		$	990,626,048		$	697,837,401		$	584,462,020

(a) Prior year information has been revised to conform to current year presentation. Distributions to shareholders consisted solely of net investment income for the fiscal year ended March 31, 2018.

(b) Commenced operations on April 20, 2018.

(c) Prior year information has been revised to conform with current year presentation. Undistributed (distributions in excess of) net investment income was $6,653,926 and $ (353,761), respectively for the Short Duration Government and Short Duration Income Funds as of March 31, 2018.

The accompanying notes are an integral part of these financial statements. 105

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets(continued)

	Short-Term Conservative Income Fund
	For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018
From operations:
Net investment income	$	58,601,194		$	15,812,419
Net realized gain		388,072			89,033
Net change in unrealized gain (loss)		4,232,231			(824,720	)
Net increase in net assets resulting from operations		63,221,497			15,076,732
Distributions to shareholders:
From distributable earnings:
Class A Shares		(132,712	)		(2,164	)(a)
Institutional Shares		(22,156,000	)		(15,865,663	)(a)
Administration Shares		(21,683	)		(11,212	)(a)
Preferred Shares		(616	)		(353	)(a)
Investor Shares(b)		(41,958	)		—
Class P Shares(c)		(31,077,750	)		—
Class R6 Shares(d)		(5,384,319	)		(53	)(a)
Total distributions to shareholders		(58,815,038	)		(15,879,445	)
From share transactions:
Proceeds from sales of shares		4,810,757,339			2,263,519,156
Reinvestment of distributions		56,650,303			15,556,730
Cost of shares redeemed		(2,927,554,147	)		(1,121,169,548	)
Net increase in net assets resulting from share transactions		1,939,853,495			1,157,906,338
TOTAL INCREASE		1,944,259,954			1,157,103,625
Net assets:(e)
Beginning of year		1,422,975,939			265,872,314
End of year	$	3,367,235,893		$	1,422,975,939

(a) Prior year information has been revised to conform to current year presentation, see prior year presentation below:

	Class A		Institutional		Administration		Preferred		Class R6
Distributions from net investment income	$	(2,163)	$	(15,804,447)	$	(11,173)	$	(352)	$	(53)
Distributions from net realized gains		(1)		(61,216)		(39)		(1)		—

(b) Commenced operations on August 14, 2018.

(c) Commenced operations on April 20, 2018.

(d) Commenced operations on November 30, 2017.

(e) Prior year information has been revised to conform with current year presentation. Undistributed (distributions in excess of) net investment income was $ (5,511) for the Short-Term Conservative Income Fund as of March 31, 2018.

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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman SachsEnhanced Income Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.41		$	9.44		$	9.41		$	9.42		$	9.47
Net investment income(a)		0.19			0.11			0.08			0.04			0.01
Net realized and unrealized gain (loss)		0.04			(0.03	)		0.03			(0.01	)		(0.05	)
Total from investment operations		0.23			0.08			0.11			0.03			(0.04	)
Distributions to shareholders from net investment income		(0.19	)		(0.11	)		(0.08	)		(0.04	)		(0.01	)
Net asset value, end of year	$	9.45		$	9.41		$	9.44		$	9.41		$	9.42
Total return(b)		2.41	%		0.86	%		1.19	%		0.29	%		(0.47	)%
Net assets, end of year (in 000s)	$	19,396		$	10,590		$	35,560		$	35,378		$	35,556
Ratio of net expenses to average net assets		0.61	%		0.69	%		0.69	%		0.69	%		0.69	%
Ratio of total expenses to average net assets		0.65	%		0.70	%		0.71	%		0.71	%		0.71	%
Ratio of net investment income to average net assets		2.02	%		1.14	%		0.88	%		0.42	%		0.06	%
Portfolio turnover rate(c)		42	%		63	%		89	%		60	%		39	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 107

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Enhanced Income Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.39		$	9.43		$	9.40		$	9.41		$	9.46
Net investment income(a)		0.21			0.14			0.11			0.07			0.04
Net realized and unrealized gain (loss)		0.04			(0.04	)		0.03			(0.01	)		(0.05	)
Total from investment operations		0.25			0.10			0.14			0.06			(0.01	)
Distributions to shareholders from net investment income		(0.21	)		(0.14	)		(0.11	)		(0.07	)		(0.04	)
Net asset value, end of year	$	9.43		$	9.39		$	9.43		$	9.40		$	9.41
Total return(b)		2.70	%		1.09	%		1.53	%		0.63	%		(0.13	)%
Net assets, end of year (in 000s)	$	252,561		$	451,628		$	435,915		$	423,278		$	457,826
Ratio of net expenses to average net assets		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of total expenses to average net assets		0.37	%		0.36	%		0.37	%		0.36	%		0.37	%
Ratio of net investment income to average net assets		2.18	%		1.52	%		1.22	%		0.76	%		0.40	%
Portfolio turnover rate(c)		42	%		63	%		89	%		60	%		39	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Enhanced Income Fund
	Administration Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.43		$	9.46		$	9.43		$	9.44		$	9.49
Net investment income(a)		0.19			0.12			0.09			0.05			0.01
Net realized and unrealized gain (loss)		0.03			(0.03	)		0.03			(0.01	)		(0.05	)
Total from investment operations		0.22			0.09			0.12			0.04			(0.04	)
Distributions to shareholders from net investment income		(0.19	)		(0.12	)		(0.09	)		(0.05	)		(0.01	)
Net asset value, end of year	$	9.46		$	9.43		$	9.46		$	9.43		$	9.44
Total return(b)		2.33	%		0.95	%		1.28	%		0.38	%		(0.38	)%
Net assets, end of year (in 000s)	$	2,905		$	164		$	162		$	147		$	176
Ratio of net expenses to average net assets		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of total expenses to average net assets		0.64	%		0.61	%		0.62	%		0.61	%		0.62	%
Ratio of net investment income to average net assets		2.03	%		1.27	%		0.97	%		0.50	%		0.15	%
Portfolio turnover rate(c)		42	%		63	%		89	%		60	%		39	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 109

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Enhanced Income Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.39		$	9.42		$	9.39		$	9.41		$	9.45
Net investment income(a)		0.21			0.14			0.11			0.06			0.03
Net realized and unrealized gain (loss)		0.02			(0.04	)		0.02			(0.02	)		(0.04	)
Total from investment operations		0.23			0.10			0.13			0.04			(0.01	)
Distributions to shareholders from net investment income		(0.20	)		(0.13	)		(0.10	)		(0.06	)		(0.03	)
Net asset value, end of year	$	9.42		$	9.39		$	9.42		$	9.39		$	9.41
Total return(b)		2.50	%		1.11	%		1.44	%		0.43	%		(0.12	)%
Net assets, end of year (in 000s)	$	6,096		$	5,127		$	2,012		$	623		$	437
Ratio of net expenses to average net assets		0.44	%		0.44	%		0.44	%		0.44	%		0.44	%
Ratio of total expenses to average net assets		0.48	%		0.45	%		0.45	%		0.46	%		0.46	%
Ratio of net investment income to average net assets		2.19	%		1.45	%		1.14	%		0.66	%		0.31	%
Portfolio turnover rate(c)		42	%		63	%		89	%		60	%		39	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout the Period

	Goldman Sachs Enhanced Income Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	9.41
Net investment income(b)		0.21
Net realized and unrealized gain		0.01
Total from investment operations		0.22
Distributions to shareholders from net investment income		(0.20	)
Net asset value, end of period	$	9.43
Total return(c)		2.36	%
Net assets, end of period (in 000s)	$	189,835
Ratio of net expenses to average net assets		0.34	%(d)
Ratio of total expenses to average net assets		0.38	%(d)
Ratio of net investment income to average net assets		2.33	%(d)
Portfolio turnover rate(e)		42	%

(a) Commenced operations on April 20, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 111

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Enhanced Income Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2016(a)
	2019			2018			2017
Per Share Data
Net asset value, beginning of year	$	9.40		$	9.43		$	9.40		$	9.39
Net investment income(b)		0.23			0.14			0.12			0.05
Net realized and unrealized gain (loss)		0.01			(0.03	)		0.02			—	(c)
Total from investment operations		0.24			0.11			0.14			0.05
Distributions to shareholders from net investment income		(0.21	)		(0.14	)		(0.11	)		(0.04	)
Net asset value, end of year	$	9.43		$	9.40		$	9.43		$	9.40
Total return(d)		2.59	%		1.21	%		1.55	%		0.58	%
Net assets, end of year (in 000s)	$	49,846		$	10		$	10		$	10
Ratio of net expenses to average net assets		0.34	%		0.34	%		0.34	%		0.35	%(e)
Ratio of total expenses to average net assets		0.42	%		0.35	%		0.36	%		0.37	%(e)
Ratio of net investment income to average net assets		2.48	%		1.53	%		1.23	%		0.74	%(e)
Portfolio turnover rate(f)		42	%		63	%		89	%		60	%

(a) Commenced operations on July 31, 2015.

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

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

(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

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

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman SachsGovernment Income Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	14.39		$	14.64		$	15.03		$	15.02		$	14.67
Net investment income(a)		0.28			0.18			0.16			0.19			0.17
Net realized and unrealized gain (loss)		0.21			(0.18	)		(0.29	)		0.06			0.39
Total from investment operations		0.49			—			(0.13	)		0.25			0.56
Distributions to shareholders from net investment income		(0.30	)		(0.25	)		(0.26	)		(0.24	)		(0.21	)
Net asset value, end of year	$	14.58		$	14.39		$	14.64		$	15.03		$	15.02
Total return(b)		3.46	%		0.01	%		(0.89	)%		1.66	%		3.80	%
Net assets, end of year (in 000s)	$	93,352		$	108,414		$	134,630		$	159,880		$	182,381
Ratio of net expenses to average net assets		0.91	%		0.91	%		0.91	%		0.90	%		0.91	%
Ratio of total expenses to average net assets		1.10	%		1.05	%		1.06	%		1.05	%		1.05	%
Ratio of net investment income to average net assets		1.94	%		1.25	%		1.08	%		1.31	%		1.16	%
Portfolio turnover rate(c)		530	%		380	%		441	%		590	%		471	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 113

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Government Income Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	14.39		$	14.64		$	15.03		$	15.02		$	14.67
Net investment income(a)		0.17			0.07			0.05			0.08			0.06
Net realized and unrealized gain (loss)		0.21			(0.18	)		(0.29	)		0.06			0.38
Total from investment operations		0.38			(0.11	)		(0.24	)		0.14			0.44
Distributions to shareholders from net investment income		(0.19	)		(0.14	)		(0.15	)		(0.13	)		(0.09	)
Net asset value, end of year	$	14.58		$	14.39		$	14.64		$	15.03		$	15.02
Total return(b)		2.69	%		(0.74	)%		(1.63	)%		0.91	%		3.03	%
Net assets, end of year (in 000s)	$	3,775		$	5,959		$	8,066		$	11,743		$	12,918
Ratio of net expenses to average net assets		1.66	%		1.66	%		1.66	%		1.66	%		1.66	%
Ratio of total expenses to average net assets		1.84	%		1.80	%		1.81	%		1.80	%		1.80	%
Ratio of net investment income to average net assets		1.17	%		0.50	%		0.33	%		0.56	%		0.41	%
Portfolio turnover rate(c)		530	%		380	%		441	%		590	%		471	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Government Income Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	14.37		$	14.62		$	15.01		$	15.00		$	14.64
Net investment income(a)		0.33			0.24			0.21			0.24			0.22
Net realized and unrealized gain (loss)		0.20			(0.19	)		(0.29	)		0.06			0.40
Total from investment operations		0.53			0.05			(0.08	)		0.30			0.62
Distributions to shareholders from net investment income		(0.35	)		(0.30	)		(0.31	)		(0.29	)		(0.26	)
Net asset value, end of year	$	14.55		$	14.37		$	14.62		$	15.01		$	15.00
Total return(b)		3.74	%		0.35	%		(0.56	)%		2.01	%		4.23	%
Net assets, end of year (in 000s)	$	130,734		$	141,298		$	129,442		$	147,394		$	186,519
Ratio of net expenses to average net assets		0.57	%		0.57	%		0.57	%		0.57	%		0.58	%
Ratio of total expenses to average net assets		0.76	%		0.71	%		0.72	%		0.71	%		0.71	%
Ratio of net investment income to average net assets		2.29	%		1.61	%		1.42	%		1.64	%		1.50	%
Portfolio turnover rate(c)		530	%		380	%		441	%		590	%		471	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 115

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Government Income Fund
	Service Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	14.35		$	14.60		$	14.99		$	14.98		$	14.63
Net investment income(a)		0.25			0.16			0.14			0.17			0.15
Net realized and unrealized gain (loss)		0.22			(0.18	)		(0.30	)		0.05			0.38
Total from investment operations		0.47			(0.02	)		(0.16	)		0.22			0.53
Distributions to shareholders from net investment income		(0.28	)		(0.23	)		(0.23	)		(0.21	)		(0.18	)
Net asset value, end of year	$	14.54		$	14.35		$	14.60		$	14.99		$	14.98
Total return(b)		3.30	%		(0.16	)%		(1.06	)%		1.50	%		3.64	%
Net assets, end of year (in 000s)	$	36,126		$	41,463		$	53,711		$	54,940		$	51,176
Ratio of net expenses to average net assets		1.07	%		1.07	%		1.07	%		1.06	%		1.07	%
Ratio of total expenses to average net assets		1.26	%		1.21	%		1.22	%		1.21	%		1.21	%
Ratio of net investment income to average net assets		1.77	%		1.09	%		0.92	%		1.15	%		1.00	%
Portfolio turnover rate(c)		530	%		380	%		441	%		590	%		471	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Government Income Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	14.38		$	14.63		$	15.02		$	15.01		$	14.66
Net investment income(a)		0.31			0.22			0.20			0.23			0.21
Net realized and unrealized gain (loss)		0.21			(0.18	)		(0.29	)		0.05			0.38
Total from investment operations		0.52			0.04			(0.09	)		0.28			0.59
Distributions to shareholders from net investment income		(0.33	)		(0.29	)		(0.30	)		(0.27	)		(0.24	)
Net asset value, end of year	$	14.57		$	14.38		$	14.63		$	15.02		$	15.01
Total return(b)		3.72	%		0.26	%		(0.64	)%		1.92	%		4.06	%
Net assets, end of year (in 000s)	$	1,458		$	2,846		$	4,558		$	4,676		$	3,875
Ratio of net expenses to average net assets		0.66	%		0.66	%		0.66	%		0.66	%		0.66	%
Ratio of total expenses to average net assets		0.84	%		0.80	%		0.81	%		0.80	%		0.80	%
Ratio of net investment income to average net assets		2.14	%		1.49	%		1.33	%		1.55	%		1.41	%
Portfolio turnover rate(c)		530	%		380	%		441	%		590	%		471	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 117

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout the Period

	Goldman Sachs Government Income Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	14.24
Net investment income(b)		0.32
Net realized and unrealized gain		0.32
Total from investment operations		0.64
Distributions to shareholders from net investment income		(0.33	)
Net asset value, end of period	$	14.55
Total return(c)		4.55	%
Net assets, end of period (in 000s)	$	10,268
Ratio of net expenses to average net assets		0.56	%(d)
Ratio of total expenses to average net assets		0.77	%(d)
Ratio of net investment income to average net assets		2.35	%(d)
Portfolio turnover rate(e)		530	%

(a) Commenced operations on April 20, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The 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.

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Government Income Fund
	Class R Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	14.38		$	14.62		$	15.02		$	15.00		$	14.65
Net investment income(a)		0.24			0.15			0.12			0.16			0.13
Net realized and unrealized gain (loss)		0.20			(0.17	)		(0.30	)		0.06			0.39
Total from investment operations		0.44			(0.02	)		(0.18	)		0.22			0.52
Distributions to shareholders from net investment income		(0.26	)		(0.22	)		(0.22	)		(0.20	)		(0.17	)
Net asset value, end of year	$	14.56		$	14.38		$	14.62		$	15.02		$	15.00
Total return(b)		3.13	%		(0.18	)%		(1.14	)%		1.41	%		3.55	%
Net assets, end of year (in 000s)	$	19,905		$	21,630		$	21,045		$	21,688		$	23,184
Ratio of net expenses to average net assets		1.16	%		1.16	%		1.16	%		1.15	%		1.16	%
Ratio of total expenses to average net assets		1.35	%		1.30	%		1.31	%		1.30	%		1.30	%
Ratio of net investment income to average net assets		1.69	%		1.02	%		0.83	%		1.06	%		0.90	%
Portfolio turnover rate(c)		530	%		380	%		441	%		590	%		471	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 119

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Government Income Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2016(a)
	2019			2018			2017
Per Share Data
Net asset value, beginning of year	$	14.37		$	14.61		$	15.01		$	14.83
Net investment income(b)		0.33			0.24			0.20			0.16
Net realized and unrealized gain (loss)		0.20			(0.18	)		(0.29	)		0.21
Total from investment operations		0.53			0.06			(0.09	)		0.37
Distributions to shareholders from net investment income		(0.35	)		(0.30	)		(0.31	)		(0.19	)
Net asset value, end of year	$	14.55		$	14.37		$	14.61		$	15.01
Total return(c)		3.75	%		0.43	%		(0.60	)%		2.52	%
Net assets, end of year (in 000s)	$	7,661		$	19,012		$	17,614		$	93
Ratio of net expenses to average net assets		0.56	%		0.55	%		0.55	%		0.55	%(d)
Ratio of total expenses to average net assets		0.76	%		0.70	%		0.69	%		0.70	%(d)
Ratio of net investment income to average net assets		2.31	%		1.62	%		1.35	%		1.59	%(d)
Portfolio turnover rate(e)		530	%		380	%		441	%		590	%

(a) Commenced operations on July 31, 2015.

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman SachsHigh Quality Floating Rate Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	8.73		$	8.72		$	8.63		$	8.72		$	8.76
Net investment income(a)		0.18			0.10			0.07			0.02			0.01
Net realized and unrealized gain (loss)		(0.02	)		0.01			0.08			(0.09	)		(0.04	)
Total from investment operations		0.16			0.11			0.15			(0.07	)		(0.03	)
Distributions to shareholders from net investment income		(0.19	)		(0.10	)		(0.06	)		(0.02	)		(0.01	)
Net asset value, end of year	$	8.70		$	8.73		$	8.72		$	8.63		$	8.72
Total return(b)		1.84	%		1.32	%		1.79	%		(0.80	)%		(0.36	)%
Net assets, end of year (in 000s)	$	7,968		$	9,368		$	11,303		$	10,680		$	18,565
Ratio of net expenses to average net assets		0.64	%		0.71	%		0.65	%		0.70	%		0.66	%
Ratio of total expenses to average net assets		0.70	%		0.79	%		0.89	%		0.88	%		0.90	%
Ratio of net investment income to average net assets		2.09	%		1.18	%		0.76	%		0.22	%		0.12	%
Portfolio turnover rate(c)		47	%		54	%		59	%		71	%		64	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 121

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Quality Floating Rate Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	8.72		$	8.71		$	8.63		$	8.72		$	8.77
Net investment income(a)		0.19			0.13			0.09			0.05			0.03
Net realized and unrealized gain (loss)		—			0.01			0.08			(0.09	)		(0.05	)
Total from investment operations		0.19			0.14			0.17			(0.04	)		(0.02	)
Distributions to shareholders from net investment income		(0.21	)		(0.13	)		(0.09	)		(0.05	)		(0.03	)
Net asset value, end of year	$	8.70		$	8.72		$	8.71		$	8.63		$	8.72
Total return(b)		2.23	%		1.67	%		1.97	%		(0.47	)%		(0.19	)%
Net assets, end of year (in 000s)	$	71,263		$	730,204		$	429,019		$	360,939		$	503,652
Ratio of net expenses to average net assets		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%
Ratio of total expenses to average net assets		0.41	%		0.44	%		0.55	%		0.54	%		0.56	%
Ratio of net investment income to average net assets		2.19	%		1.54	%		1.05	%		0.56	%		0.38	%
Portfolio turnover rate(c)		47	%		54	%		59	%		71	%		64	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Quality Floating Rate Fund
	Service Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	8.76		$	8.76		$	8.67		$	8.76		$	8.81
Net investment income(a)		0.16			0.08			0.05			0.01			—	(b)
Net realized and unrealized gain (loss)		(0.01	)		0.01			0.09			(0.09	)		(0.05	)
Total from investment operations		0.15			0.09			0.14			(0.08	)		(0.05	)
Distributions to shareholders from net investment income		(0.17	)		(0.09	)		(0.05	)		(0.01	)		—	(b)
Net asset value, end of year	$	8.74		$	8.76		$	8.76		$	8.67		$	8.76
Total return(c)		1.73	%		1.05	%		1.58	%		(0.93	)%		(0.53	)%
Net assets, end of year (in 000s)	$	92		$	113		$	491		$	551		$	145
Ratio of net expenses to average net assets		0.86	%		0.87	%		0.86	%		0.84	%		0.73	%
Ratio of total expenses to average net assets		0.93	%		0.97	%		1.05	%		1.04	%		1.07	%
Ratio of net investment income to average net assets		1.86	%		0.95	%		0.55	%		0.11	%		0.05	%
Portfolio turnover rate(d)		47	%		54	%		59	%		71	%		64	%

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

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 123

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Quality Floating Rate Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	8.70		$	8.69		$	8.61		$	8.70		$	8.75
Net investment income(a)		0.21			0.13			0.08			0.04			0.03
Net realized and unrealized gain (loss)		(0.03	)		0.01			0.08			(0.09	)		(0.05	)
Total from investment operations		0.18			0.14			0.16			(0.05	)		(0.02	)
Distributions to shareholders from net investment income		(0.20	)		(0.13	)		(0.08	)		(0.04	)		(0.03	)
Net asset value, end of year	$	8.68		$	8.70		$	8.69		$	8.61		$	8.70
Total return(b)		2.14	%		1.58	%		1.87	%		(0.56	)%		(0.28	)%
Net assets, end of year (in 000s)	$	9,474		$	1,292		$	632		$	663		$	996
Ratio of net expenses to average net assets		0.45	%		0.46	%		0.44	%		0.45	%		0.45	%
Ratio of total expenses to average net assets		0.54	%		0.53	%		0.62	%		0.63	%		0.65	%
Ratio of net investment income to average net assets		2.40	%		1.47	%		0.91	%		0.47	%		0.32	%
Portfolio turnover rate(c)		47	%		54	%		59	%		71	%		64	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout the Period

	Goldman Sachs High Quality Floating Rate Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	8.73
Net investment income(b)		0.20
Net realized and unrealized gain (loss)		(0.03	)
Total from investment operations		0.17
Distributions to shareholders from net investment income		(0.20	)
Net asset value, end of period	$	8.70
Total return(c)		1.99	%
Net assets, end of period (in 000s)	$	375,756
Ratio of net expenses to average net assets		0.35	%(d)
Ratio of total expenses to average net assets		0.43	%(d)
Ratio of net investment income to average net assets		2.48	%(d)
Portfolio turnover rate(e)		47	%

(a) Commenced operations on April 20, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 125

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Quality Floating Rate Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2016(a)
	2019			2018			2017
Per Share Data
Net asset value, beginning of year	$	8.72		$	8.72		$	8.63		$	8.69
Net investment income(b)		0.24			0.13			0.09			0.03
Net realized and unrealized gain (loss)		(0.05	)		0.01			0.09			(0.06	)
Total from investment operations		0.19			0.14			0.18			(0.03	)
Distributions to shareholders from net investment income		(0.21	)		(0.14	)		(0.09	)		(0.03	)
Net asset value, end of year	$	8.70		$	8.72		$	8.72		$	8.63
Total return(c)		2.23	%		1.56	%		2.11	%		(0.32	)%
Net assets, end of year (in 000s)	$	6,565		$	11		$	10		$	10
Ratio of net expenses to average net assets		0.35	%		0.36	%		0.36	%		0.36	%(d)
Ratio of total expenses to average net assets		0.49	%		0.43	%		0.53	%		0.53	%(d)
Ratio of net investment income to average net assets		2.73	%		1.54	%		1.05	%		0.55	%(d)
Portfolio turnover rate(e)		47	%		54	%		59	%		71	%

(a) Commenced operations on July 31, 2015.

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman SachsInflation Protected Securities Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.31		$	10.44		$	10.44		$	10.39		$	10.29
Net investment income (loss)(a)		0.16			0.16			0.18			0.10			(0.05	)
Net realized and unrealized gain (loss)		0.06			(0.13	)		(0.04	)		0.01			0.27
Total from investment operations		0.22			0.03			0.14			0.11			0.22
Distributions to shareholders from net investment income		(0.16	)		(0.16	)		(0.14	)		(0.03	)		(0.12	)
Distributions to shareholders from return of capital		—			—			—			(0.03	)		—
Total distributions		(0.16	)		(0.16	)		(0.14	)		(0.06	)		(0.12	)
Net asset value, end of year	$	10.37		$	10.31		$	10.44		$	10.44		$	10.39
Total return(b)		2.21	%		0.31	%		1.32	%		1.09	%		2.09	%
Net assets, end of year (in 000s)	$	53,690		$	74,814		$	78,713		$	39,525		$	38,976
Ratio of net expenses to average net assets		0.68	%		0.68	%		0.68	%		0.70	%		0.69	%
Ratio of total expenses to average net assets		0.76	%		0.77	%		0.84	%		0.89	%		0.96	%
Ratio of net investment income (loss) to average net assets		1.61	%		1.59	%		1.69	%		1.02	%		(0.47	)%
Portfolio turnover rate(c)		160	%		203	%		189	%		171	%		161	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 127

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Inflation Protected Securities Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.17		$	10.31		$	10.32		$	10.31		$	10.27
Net investment income (loss)(a)		0.10			0.08			0.11			0.04			(0.10	)
Net realized and unrealized gain (loss)		0.04			(0.12	)		(0.05	)		—			0.23
Total from investment operations		0.14			(0.04	)		0.06			0.04			0.13
Distributions to shareholders from net investment income		(0.12	)		(0.10	)		(0.07	)		(0.02	)		(0.09	)
Distributions to shareholders from return of capital		—			—			—			(0.01	)		—
Total distributions		(0.12	)		(0.10	)		(0.07	)		(0.03	)		(0.09	)
Net asset value, end of year	$	10.19		$	10.17		$	10.31		$	10.32		$	10.31
Total return(b)		1.38	%		(0.42	)%		0.59	%		0.39	%		1.25	%
Net assets, end of year (in 000s)	$	4,152		$	6,847		$	6,512		$	6,420		$	8,161
Ratio of net expenses to average net assets		1.43	%		1.43	%		1.43	%		1.45	%		1.44	%
Ratio of total expenses to average net assets		1.50	%		1.52	%		1.60	%		1.64	%		1.71	%
Ratio of net investment income (loss) to average net assets		0.97	%		0.82	%		1.06	%		0.37	%		(1.00	)%
Portfolio turnover rate(c)		160	%		203	%		189	%		171	%		161	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Inflation Protected Securities Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.43		$	10.56		$	10.55		$	10.48		$	10.36
Net investment income(a)		0.21			0.20			0.22			0.09			0.03
Net realized and unrealized gain (loss)		0.05			(0.13	)		(0.04	)		0.06			0.22
Total from investment operations		0.26			0.07			0.18			0.15			0.25
Distributions to shareholders from net investment income		(0.19	)		(0.20	)		(0.17	)		(0.05	)		(0.13	)
Distributions to shareholders from return of capital		—			—			—			(0.03	)		—
Total distributions		(0.19	)		(0.20	)		(0.17	)		(0.08	)		(0.13	)
Net asset value, end of year	$	10.50		$	10.43		$	10.56		$	10.55		$	10.48
Total return(b)		2.55	%		0.64	%		1.70	%		1.42	%		2.40	%
Net assets, end of year (in 000s)	$	174,467		$	258,458		$	202,452		$	119,876		$	72,940
Ratio of net expenses to average net assets		0.34	%		0.34	%		0.34	%		0.35	%		0.35	%
Ratio of total expenses to average net assets		0.42	%		0.43	%		0.50	%		0.56	%		0.62	%
Ratio of net investment income to average net assets		2.02	%		1.95	%		2.11	%		0.85	%		0.29	%
Portfolio turnover rate(c)		160	%		203	%		189	%		171	%		161	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 129

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Inflation Protected Securities Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.37		$	10.50		$	10.49		$	10.43		$	10.32
Net investment income (loss)(a)		0.16			0.19			0.20			0.12			(0.04	)
Net realized and unrealized gain (loss)		0.08			(0.13	)		(0.03	)		0.01			0.28
Total from investment operations		0.24			0.06			0.17			0.13			0.24
Distributions to shareholders from net investment income		(0.18	)		(0.19	)		(0.16	)		(0.04	)		(0.13	)
Distributions to shareholders from return of capital		—			—			—			(0.03	)		—
Total distributions		(0.18	)		(0.19	)		(0.16	)		(0.07	)		(0.13	)
Net asset value, end of year	$	10.43		$	10.37		$	10.50		$	10.49		$	10.43
Total return(b)		2.48	%		0.55	%		1.64	%		1.29	%		2.27	%
Net assets, end of year (in 000s)	$	16,088		$	13,079		$	12,523		$	2,697		$	2,526
Ratio of net expenses to average net assets		0.43	%		0.43	%		0.43	%		0.45	%		0.45	%
Ratio of total expenses to average net assets		0.51	%		0.52	%		0.59	%		0.64	%		0.71	%
Ratio of net investment income (loss) to average net assets		1.53	%		1.80	%		1.87	%		1.18	%		(0.42	)%
Portfolio turnover rate(c)		160	%		203	%		189	%		171	%		161	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout the Period

	Goldman Sachs Inflation Protected Securities Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	10.40
Net investment income(b)		0.09
Net realized and unrealized gain		0.19
Total from investment operations		0.28
Distributions to shareholders from net investment income		(0.19	)
Total Distributions		(0.19	)
Net asset value, end of period	$	10.49
Total return(c)		2.77	%
Net assets, end of period (in 000s)	$	107,844
Ratio of net expenses to average net assets		0.33	%(d)
Ratio of total expenses to average net assets		0.43	%(d)
Ratio of net investment income to average net assets		0.91	%(d)
Portfolio turnover rate(e)		160	%

(a) Commenced operations on April 20, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 131

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Inflation Protected Securities Fund
	Class R Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.28		$	10.41		$	10.41		$	10.38		$	10.30
Net investment income (loss)(a)		0.13			0.13			0.15			0.04			(0.12	)
Net realized and unrealized gain (loss)		0.06			(0.12	)		(0.04	)		0.04			0.31
Total from investment operations		0.19			0.01			0.11			0.08			0.19
Distributions to shareholders from net investment income		(0.15	)		(0.14	)		(0.11	)		(0.03	)		(0.11	)
Distributions to shareholders from return of capital		—			—			—			(0.02	)		—
Total distributions		(0.15	)		(0.14	)		(0.11	)		(0.05	)		(0.11	)
Net asset value, end of year	$	10.32		$	10.28		$	10.41		$	10.41		$	10.38
Total return(b)		1.87	%		0.09	%		1.07	%		0.79	%		1.81	%
Net assets, end of year (in 000s)	$	14,911		$	18,169		$	18,094		$	10,128		$	7,085
Ratio of net expenses to average net assets		0.93	%		0.93	%		0.93	%		0.95	%		0.95	%
Ratio of total expenses to average net assets		1.01	%		1.02	%		1.09	%		1.15	%		1.22	%
Ratio of net investment income (loss) to average net assets		1.33	%		1.29	%		1.45	%		0.42	%		(1.19	)%
Portfolio turnover rate(c)		160	%		203	%		189	%		171	%		161	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Inflation Protected Securities Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2016(a)
	2019			2018			2017
Per Share Data
Net asset value, beginning of year	$	10.43		$	10.55		$	10.55		$	10.36
Net investment income (loss)(b)		0.08			0.22			0.21			(0.03	)
Net realized and unrealized gain (loss)		0.17			(0.14	)		(0.04	)		0.27
Total from investment operations		0.25			0.08			0.17			0.24
Distributions to shareholders from net investment income		(0.19	)		(0.20	)		(0.17	)		(0.03	)
Distributions to shareholders from capital		—			—			—			(0.02	)
Total distributions		(0.19	)		(0.20	)		(0.17	)		(0.05	)
Net asset value, end of year	$	10.49		$	10.43		$	10.55		$	10.55
Total return(c)		2.47	%		0.75	%		1.62	%		2.37	%
Net assets, end of year (in 000s)	$	39,506		$	7,103		$	723		$	10
Ratio of net expenses to average net assets		0.33	%		0.33	%		0.32	%		0.34	%(d)
Ratio of total expenses to average net assets		0.44	%		0.40	%		0.47	%		0.60	%(d)
Ratio of net investment income (loss) to average net assets		0.74	%		2.11	%		2.00	%		(0.44	)%(d)
Portfolio turnover rate(e)		160	%		203	%		189	%		171	%

(a) Commenced operations on July 31, 2015.

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 133

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman SachsShort Duration Government Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.79		$	9.99		$	10.10		$	10.12		$	10.17
Net investment income(a)		0.16			0.11			0.11			0.05			0.07
Net realized and unrealized gain (loss)		0.03			(0.13	)		(0.06	)		(0.01	)		(0.04	)
Total from investment operations		0.19			(0.02	)		0.05			0.04			0.03
Distributions to shareholders from net investment income		(0.21	)		(0.18	)		(0.16	)		(0.06	)		(0.08	)
Net asset value, end of year	$	9.77		$	9.79		$	9.99		$	10.10		$	10.12
Total return(b)		1.97	%		(0.22	)%		0.46	%		0.44	%		0.33	%
Net assets, end of year (in 000s)	$	82,090		$	86,239		$	138,612		$	173,879		$	220,814
Ratio of net expenses to average net assets		0.82	%		0.82	%		0.82	%		0.81	%		0.82	%
Ratio of total expenses to average net assets		0.90	%		0.89	%		0.92	%		0.91	%		0.91	%
Ratio of net investment income to average net assets		1.68	%		1.15	%		1.08	%		0.52	%		0.67	%
Portfolio turnover rate(c)		247	%		87	%		173	%		227	%		185	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Government Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.73		$	9.92		$	10.03		$	10.06		$	10.11
Net investment income(a)		0.12			0.07			0.07			0.02			0.03
Net realized and unrealized gain (loss)		0.02			(0.12	)		(0.06	)		(0.02	)		(0.04	)
Total from investment operations		0.14			(0.05	)		0.01			—	(b)		(0.01	)
Distributions to shareholders from net investment income		(0.17	)		(0.14	)		(0.12	)		(0.03	)		(0.04	)
Net asset value, end of year	$	9.70		$	9.73		$	9.92		$	10.03		$	10.06
Total return(c)		1.46	%		(0.53	)%		0.06	%		(0.02	)%		(0.07	)%
Net assets, end of year (in 000s)	$	15,493		$	19,799		$	28,292		$	33,934		$	36,722
Ratio of net expenses to average net assets		1.22	%		1.22	%		1.22	%		1.17	%		1.22	%
Ratio of total expenses to average net assets		1.65	%		1.64	%		1.67	%		1.66	%		1.67	%
Ratio of net investment income to average net assets		1.27	%		0.72	%		0.68	%		0.17	%		0.27	%
Portfolio turnover rate(d)		247	%		87	%		173	%		227	%		185	%

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

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 135

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Government Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.76		$	9.96		$	10.07		$	10.09		$	10.14
Net investment income(a)		0.19			0.14			0.14			0.09			0.10
Net realized and unrealized gain (loss)		0.03			(0.13	)		(0.06	)		(0.01	)		(0.03	)
Total from investment operations		0.22			0.01			0.08			0.08			0.07
Distributions to shareholders from net investment income		(0.24	)		(0.21	)		(0.19	)		(0.10	)		(0.12	)
Net asset value, end of year	$	9.74		$	9.76		$	9.96		$	10.07		$	10.09
Total return(b)		2.32	%		0.11	%		0.80	%		0.78	%		0.67	%
Net assets, end of year (in 000s)	$	379,887		$	837,920		$	1,045,066		$	1,089,297		$	1,003,694
Ratio of net expenses to average net assets		0.48	%		0.48	%		0.47	%		0.47	%		0.48	%
Ratio of total expenses to average net assets		0.56	%		0.55	%		0.58	%		0.57	%		0.57	%
Ratio of net investment income to average net assets		1.95	%		1.46	%		1.42	%		0.86	%		1.00	%
Portfolio turnover rate(c)		247	%		87	%		173	%		227	%		185	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Government Fund
	Service Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.75		$	9.94		$	10.05		$	10.08		$	10.13
Net investment income(a)		0.15			0.09			0.09			0.04			0.05
Net realized and unrealized gain (loss)		0.02			(0.12	)		(0.06	)		(0.02	)		(0.03	)
Total from investment operations		0.17			(0.03	)		0.03			0.02			0.02
Distributions to shareholders from net investment income		(0.19	)		(0.16	)		(0.14	)		(0.05	)		(0.07	)
Net asset value, end of year	$	9.73		$	9.75		$	9.94		$	10.05		$	10.08
Total return(b)		1.70	%		(0.29	)%		0.30	%		0.18	%		0.17	%
Net assets, end of year (in 000s)	$	18,120		$	19,954		$	26,697		$	30,608		$	33,015
Ratio of net expenses to average net assets		0.98	%		0.98	%		0.97	%		0.97	%		0.98	%
Ratio of total expenses to average net assets		1.06	%		1.05	%		1.08	%		1.07	%		1.08	%
Ratio of net investment income to average net assets		1.52	%		0.95	%		0.93	%		0.37	%		0.51	%
Portfolio turnover rate(c)		247	%		87	%		173	%		227	%		185	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 137

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Government Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.80		$	9.99		$	10.10		$	10.13		$	10.18
Net investment income(a)		0.19			0.13			0.14			0.08			0.09
Net realized and unrealized gain (loss)		0.02			(0.12	)		(0.07	)		(0.02	)		(0.03	)
Total from investment operations		0.21			0.01			0.07			0.06			0.06
Distributions to shareholders from net investment income		(0.23	)		(0.20	)		(0.18	)		(0.09	)		(0.11	)
Net asset value, end of year	$	9.78		$	9.80		$	9.99		$	10.10		$	10.13
Total return(b)		2.23	%		0.13	%		0.72	%		0.59	%		0.58	%
Net assets, end of year (in 000s)	$	29,461		$	24,676		$	24,378		$	17,850		$	13,505
Ratio of net expenses to average net assets		0.57	%		0.57	%		0.56	%		0.56	%		0.57	%
Ratio of total expenses to average net assets		0.65	%		0.64	%		0.67	%		0.66	%		0.66	%
Ratio of net investment income to average net assets		1.94	%		1.35	%		1.36	%		0.77	%		0.91	%
Portfolio turnover rate(c)		247	%		87	%		173	%		227	%		185	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout the Period

	Goldman Sachs Short Duration Government Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	9.73
Net investment income(b)		0.20
Net realized and unrealized gain		0.03
Total from investment operations		0.23
Distributions to shareholders from net investment income		(0.23	)
Net asset value, end of period	$	9.73
Total return(c)		2.39	%
Net assets, end of period (in 000s)	$	474,894
Ratio of net expenses to average net assets		0.47	%(d)
Ratio of total expenses to average net assets		0.56	%(d)
Ratio of net investment income to average net assets		2.15	%(d)
Portfolio turnover rate(e)		247	%

(a) Commenced operations on April 20, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

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

The accompanying notes are an integral part of these financial statements. 139

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Government Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2016(a)
	2019			2018			2017
Per Share Data
Net asset value, beginning of year	$	9.76		$	9.96		$	10.07		$	10.09
Net investment income(b)		0.20			0.17			0.14			0.06
Net realized and unrealized gain (loss)		0.02			(0.16	)		(0.06	)		(0.02	)
Total from investment operations		0.22			0.01			0.08			0.04
Distributions to shareholders from net investment income		(0.24	)		(0.21	)		(0.19	)		(0.06	)
Net asset value, end of year	$	9.74		$	9.76		$	9.96		$	10.07
Total return(c)		2.33	%		0.12	%		0.82	%		0.42	%
Net assets, end of year (in 000s)	$	5,436		$	2,038		$	73,716		$	73,976
Ratio of net expenses to average net assets		0.47	%		0.46	%		0.45	%		0.45	%(d)
Ratio of total expenses to average net assets		0.56	%		0.54	%		0.56	%		0.55	%(d)
Ratio of net investment income to average net assets		2.10	%		1.69	%		1.44	%		0.84	%(d)
Portfolio turnover rate(e)		247	%		87	%		173	%		227	%

(a) Commenced operations on July 31, 2015.

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

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman SachsShort Duration Income Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.75		$	9.96		$	9.96		$	10.10		$	10.17
Net investment income(a)		0.23			0.17			0.16			0.16			0.10
Net realized and unrealized gain (loss)		0.06			(0.19	)		0.02			(0.10	)		(0.04	)
Total from investment operations		0.29			(0.02	)		0.18			0.06			0.06
Distributions to shareholders from net investment income		(0.22	)		(0.16	)		(0.18	)		(0.20	)		(0.13	)
Distributions to shareholders from capital		(0.02	)		(0.03	)		—			—			—
Total distributions		(0.24	)		(0.19	)		(0.18	)		(0.20	)		(0.13	)
Net asset value, end of year	$	9.80		$	9.75		$	9.96		$	9.96		$	10.10
Total return(b)		3.01	%		(0.19	)%		1.86	%		0.62	%		0.60	%
Net assets, end of year (in 000s)	$	11,070		$	5,734		$	9,259		$	7,001		$	3,986
Ratio of net expenses to average net assets		0.79	%		0.79	%		0.79	%		0.80	%		0.79	%
Ratio of total expenses to average net assets		0.93	%		0.87	%		0.90	%		0.94	%		0.99	%
Ratio of net investment income to average net assets		2.35	%		1.75	%		1.56	%		1.57	%		0.95	%
Portfolio turnover rate(c)		99	%		106	%		165	%		161	%		139	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 141

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Income Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.76		$	9.96		$	9.96		$	10.10		$	10.17
Net investment income(a)		0.19			0.14			0.12			0.12			0.06
Net realized and unrealized gain (loss)		0.06			(0.19	)		0.03			(0.10	)		(0.04	)
Total from investment operations		0.25			(0.05	)		0.15			0.02			0.02
Distributions to shareholders from net investment income		(0.18	)		(0.13	)		(0.15	)		(0.16	)		(0.09	)
Distributions to shareholders from capital		(0.02	)		(0.02	)		—			—			—
Total distributions		(0.20	)		(0.15	)		(0.15	)		(0.16	)		(0.09	)
Net asset value, end of year	$	9.81		$	9.76		$	9.96		$	9.96		$	10.10
Total return(b)		2.61	%		(0.48	)%		1.46	%		0.22	%		0.21	%
Net assets, end of year (in 000s)	$	1,689		$	1,077		$	954		$	886		$	864
Ratio of net expenses to average net assets		1.19	%		1.19	%		1.19	%		1.20	%		1.18	%
Ratio of total expenses to average net assets		1.69	%		1.63	%		1.66	%		1.69	%		1.74	%
Ratio of net investment income to average net assets		1.97	%		1.39	%		1.16	%		1.17	%		0.57	%
Portfolio turnover rate(c)		99	%		106	%		165	%		161	%		139	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Income Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.77		$	9.98		$	9.98		$	10.11		$	10.18
Net investment income(a)		0.25			0.21			0.19			0.19			0.13
Net realized and unrealized gain (loss)		0.07			(0.19	)		0.03			(0.08	)		(0.03	)
Total from investment operations		0.32			0.02			0.22			0.11			0.10
Distributions to shareholders from net investment income		(0.24	)		(0.20	)		(0.22	)		(0.24	)		(0.17	)
Distributions to shareholders from capital		(0.03	)		(0.03	)		—			—			—
Total distributions		(0.27	)		(0.23	)		(0.22	)		(0.24	)		(0.17	)
Net asset value, end of year	$	9.82		$	9.77		$	9.98		$	9.98		$	10.11
Total return(b)		3.36	%		0.16	%		2.21	%		1.07	%		0.94	%
Net assets, end of year (in 000s)	$	46,680		$	575,452		$	560,818		$	390,351		$	289,892
Ratio of net expenses to average net assets		0.46	%		0.45	%		0.45	%		0.45	%		0.45	%
Ratio of total expenses to average net assets		0.55	%		0.53	%		0.56	%		0.60	%		0.64	%
Ratio of net investment income to average net assets		2.58	%		2.12	%		1.90	%		1.91	%		1.29	%
Portfolio turnover rate(c)		99	%		106	%		165	%		161	%		139	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

The accompanying notes are an integral part of these financial statements. 143

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Income Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.77		$	9.98		$	9.97		$	10.11		$	10.18
Net investment income(a)		0.25			0.20			0.18			0.18			0.13
Net realized and unrealized gain (loss)		0.06			(0.19	)		0.04			(0.09	)		(0.04	)
Total from investment operations		0.31			0.01			0.22			0.09			0.09
Distributions to shareholders from net investment income		(0.24	)		(0.19	)		(0.21	)		(0.23	)		(0.16	)
Distributions to shareholders from capital		(0.02	)		(0.03	)		—			—			—
Total distributions		(0.26	)		(0.22	)		(0.21	)		(0.23	)		(0.16	)
Net asset value, end of year	$	9.82		$	9.77		$	9.98		$	9.97		$	10.11
Total return(b)		3.27	%		0.06	%		2.22	%		0.87	%		0.85	%
Net assets, end of year (in 000s)	$	1,584		$	2,094		$	1,457		$	363		$	289
Ratio of net expenses to average net assets		0.54	%		0.54	%		0.54	%		0.54	%		0.55	%
Ratio of total expenses to average net assets		0.68	%		0.62	%		0.65	%		0.69	%		0.74	%
Ratio of net investment income to average net assets		2.57	%		2.03	%		1.84	%		1.81	%		1.25	%
Portfolio turnover rate(c)		99	%		106	%		165	%		161	%		139	%

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

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

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

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout the Period

	Goldman Sachs Short Duration Income Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	9.74
Net investment income(b)		0.25
Net realized and unrealized gain		0.09
Total from investment operations		0.34
Distributions to shareholders from net investment income		(0.24	)
Distributions to shareholders from capital		(0.02	)
Total distributions		(0.26	)
Net asset value, end of period	$	9.82
Total return(c)		3.51	%
Net assets, end of period (in 000s)	$	635,440
Ratio of net expenses to average net assets		0.44	%(d)
Ratio of total expenses to average net assets		0.60	%(d)
Ratio of net investment income to average net assets		2.72	%(d)
Portfolio turnover rate(e)		99	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 145

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Income Fund
	Class R Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.77		$	9.98		$	9.98		$	10.11		$	10.18
Net investment income(a)		0.20			0.16			0.13			0.13			0.08
Net realized and unrealized gain (loss)		0.06			(0.20	)		0.03			(0.08	)		(0.04	)
Total from investment operations		0.26			(0.04	)		0.16			0.05			0.04
Distributions to shareholders from net investment income		(0.19	)		(0.15	)		(0.16	)		(0.18	)		(0.11	)
Distributions to shareholders from capital		(0.02	)		(0.02	)		—			—			—
Total distributions		(0.21	)		(0.17	)		(0.16	)		(0.18	)		(0.11	)
Net asset value, end of year	$	9.82		$	9.77		$	9.98		$	9.98		$	10.11
Total return(b)		2.76	%		(0.43	)%		1.62	%		0.46	%		0.37	%
Net assets, end of year (in 000s)	$	122		$	95		$	32		$	25		$	10
Ratio of net expenses to average net assets		1.04	%		1.04	%		1.04	%		1.04	%		1.01	%
Ratio of total expenses to average net assets		1.18	%		1.12	%		1.14	%		1.19	%		1.22	%
Ratio of net investment income to average net assets		2.08	%		1.57	%		1.32	%		1.33	%		0.76	%
Portfolio turnover rate(c)		99	%		106	%		165	%		161	%		139	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

146 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short Duration Income Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2016(a)
	2019			2018			2017
Per Share Data
Net asset value, beginning of year	$	9.77		$	9.98		$	9.97		$	10.07
Net investment income(b)		0.27			0.21			0.19			0.13
Net realized and unrealized gain (loss)		0.05			(0.20	)		0.04			(0.07	)
Total from investment operations		0.32			0.01			0.23			0.06
Distributions to shareholders from net investment income		(0.24	)		(0.19	)		(0.22	)		(0.16	)
Distributions to shareholders from return of capital		(0.03	)		(0.03	)		—			—
Total distributions		(0.27	)		(0.22	)		(0.22	)		(0.16	)
Net asset value, end of year	$	9.82		$	9.77		$	9.98		$	9.97
Total return(c)		3.36	%		0.13	%		2.30	%		0.65	%
Net assets, end of year (in 000s)	$	1,252		$	10		$	10		$	10
Ratio of net expenses to average net assets		0.45	%		0.45	%		0.45	%		0.48	%(d)
Ratio of total expenses to average net assets		0.67	%		0.55	%		0.59	%		0.63	%(d)
Ratio of net investment income to average net assets		2.77	%		2.12	%		1.91	%		1.90	%(d)
Portfolio turnover rate(e)		99	%		106	%		165	%		161	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 147

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman SachsShort-Term Conservative Income Fund
	Class A Shares
	Year Ended March 31,						Period Ended March 31, 2017(a)
	2019			2018
Per Share Data
Net asset value, beginning of year	$	10.01		$	10.02		$	10.01
Net investment income(b)		0.25			0.14			0.03
Net realized and unrealized gain (loss)		(0.01	)		(0.04	)		0.01
Total from investment operations		0.24			0.10			0.04
Distributions to shareholders from net investment income		(0.22	)		(0.11	)		(0.03	)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)
Total distributions		(0.22	)		(0.11	)		(0.03	)
Net asset value, end of year	$	10.03		$	10.01		$	10.02
Total return(d)		2.41	%		1.04	%		0.42	%
Net assets, end of year (in 000s)	$	50,982		$	817		$	25
Ratio of net expenses to average net assets		0.46	%		0.57	%		0.51	%(e)
Ratio of total expenses to average net assets		0.61	%		0.63	%		1.33	%(e)
Ratio of net investment income to average net assets		2.46	%		1.42	%		0.75	%(e)
Portfolio turnover rate(f)		89	%		67	%		46	%

(a) Commenced operations on October 31, 2016.

(b) Calculated based on the average shares outstanding methodology.

(c) Rounds to less than $0.01 per share.

(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

148 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short-Term Conservative Income Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.01		$	10.02		$	10.00		$	10.00		$	10.00
Net investment income(a)		0.25			0.15			0.11			0.06			0.03
Net realized and unrealized gain (loss)		0.03			(0.01	)		0.01			—	(b)		0.01
Total from investment operations		0.28			0.14			0.12			0.06			0.04
Distributions to shareholders from net investment income		(0.25	)		(0.15	)		(0.10	)		(0.06	)		(0.04	)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(c)		—
Total distributions		(0.25	)		(0.15	)		(0.10	)		(0.06	)		(0.04	)
Net asset value, end of year	$	10.04		$	10.01		$	10.02		$	10.00		$	10.00
Total return(d)		2.82	%		1.40	%		1.22	%		0.61	%		0.36	%
Net assets, end of year (in 000s)	$	840,036		$	1,421,091		$	265,690		$	15,082		$	100,009
Ratio of net expenses to average net assets		0.20	%		0.19	%		0.15	%		0.19	%		0.19	%
Ratio of total expenses to average net assets		0.32	%		0.33	%		1.20	%		2.10	%		4.62	%
Ratio of net investment income to average net assets		2.45	%		1.54	%		1.08	%		0.63	%		0.35	%
Portfolio turnover rate(e)		89	%		67	%		46	%		39	%		40	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Rounds to less than $0.01 per share.

(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 149

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short-Term Conservative Income Fund
	Administration Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.02		$	10.02		$	10.00		$	10.00		$	10.00
Net investment income(a)		0.22			0.13			0.06			0.04			0.01
Net realized and unrealized gain (loss)		0.01			(0.01	)		0.04			—	(b)		—	(b)
Total from investment operations		0.23			0.12			0.10			0.04			0.01
Distributions to shareholders from net investment income		(0.22	)		(0.12	)		(0.08	)		(0.04	)		(0.01	)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(c)		—
Total distributions		(0.22	)		(0.12	)		(0.08	)		(0.04	)		(0.01	)
Net asset value, end of year	$	10.03		$	10.02		$	10.02		$	10.00		$	10.00
Total return(d)		2.46	%		1.24	%		0.97	%		0.37	%		0.10	%
Net assets, end of year (in 000s)	$	937		$	1,032		$	132		$	25		$	25
Ratio of net expenses to average net assets		0.45	%		0.43	%		0.41	%		0.43	%		0.42	%
Ratio of total expenses to average net assets		0.57	%		0.59	%		1.49	%		2.44	%		4.87	%
Ratio of net investment income to average net assets		2.20	%		1.25	%		0.60	%		0.35	%		0.12	%
Portfolio turnover rate(e)		89	%		67	%		46	%		39	%		40	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Rounds to less than $0.01 per share.

(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

150 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short-Term Conservative Income Fund
	Preferred Shares
	Year Ended March 31,						Period Ended March 31, 2017(a)
	2019			2018
Per Share Data
Net asset value, beginning of year	$	10.02		$	10.02		$	10.01
Net investment income(b)		0.24			0.14			0.04
Net realized and unrealized gain		0.01			—	(c)		0.01
Total from investment operations		0.25			0.14			0.05
Distributions to shareholders from net investment income		(0.24	)		(0.14	)		(0.04	)
Distributions to shareholders from net realized gains		—	(d)		—	(d)		—	(d)
Total distributions		(0.24	)		(0.14	)		(0.04	)
Net asset value, end of year	$	10.03		$	10.02		$	10.02
Total return(e)		2.52	%		1.40	%		0.52	%
Net assets, end of year (in 000s)	$	26		$	25		$	25$
Ratio of net expenses to average net assets		0.30	%		0.28	%		0.27	%(f)
Ratio of total expenses to average net assets		0.41	%		0.44	%		1.11	%(f)
Ratio of net investment income to average net assets		2.38	%		1.38	%		0.95	%(f)
Portfolio turnover rate(g)		89	%		67	%		46	%

(a) Commenced operations on October 31, 2016.

(b) Calculated based on the average shares outstanding methodology.

(c) Amount is less than $0.005 per share.

(d) Rounds to less than $0.01 per share.

(e) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(f) Annualized.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 151

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout the Period

	Goldman Sachs Short-Term Conservative Income Fund
	Investor Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	10.03
Net investment income(b)		0.16
Net realized and unrealized gain		0.01
Total from investment operations		0.17
Distributions to shareholders from net investment income		(0.16	)
Distributions to shareholders from net realized gains		—	(c)
Total distributions		(0.16	)
Net asset value, end of period	$	10.04
Total return(d)		1.68	%
Net assets, end of period (in 000s)	$	6,254
Ratio of net expenses to average net assets		0.30	%(e)
Ratio of total expenses to average net assets		0.42	%(e)
Ratio of net investment loss to average net assets		2.58	%(e)
Portfolio turnover rate(f)		89	%

(a) Commenced operations on August 14, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Rounds to less than $0.01 per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

152 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout the Period

	Goldman Sachs Short- Term Conservative Income Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	10.02
Net investment income(b)		0.25
Net realized and unrealized gain		—
Total from investment operations		0.25
Distributions to shareholders from net investment income		(0.24	)
Distributions to shareholders from net realized gains		—	(c)
Total distributions		(0.24	)
Net asset value, end of period	$	10.03
Total return(d)		2.48	%
Net assets, end of period (in 000s)	$	2,048,977
Ratio of net expenses to average net assets		0.20	%(e)
Ratio of total expenses to average net assets		0.32	%(e)
Ratio of net investment income to average net assets		2.62	%(e)
Portfolio turnover rate(f)		89	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Rounds to less than $0.01 per share.

(d) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 153

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Short-Term Conservative Income Fund
	Class R6 Shares
	Year Ended March 31, 2019			Period Ended March 31, 2018(a)
Per Share Data
Net asset value, beginning of year	$	10.02		$	10.02
Net investment income(b)		0.27			0.05
Net realized and unrealized gain		—			—
Total from investment operations		0.27			0.05
Distributions to shareholders from net investment income		(0.25	)		(0.05	)
Distributions to shareholders from net realized gains		—	(c)		—	(c)
Total distributions		(0.25	)		(0.05	)
Net asset value, end of year	$	10.04		$	10.02
Total Return(d)		2.82	%		0.43	%
Net assets, end of year (in 000s)	$	420,023		$	10
Ratio of net expenses to average net assets		0.20	%		0.24	%(e)
Ratio of total expenses to average net assets		0.32	%		0.35	%(e)
Ratio of net investment income to average net assets		2.66	%		1.64	%(e)
Portfolio turnover rate(f)		89	%		67	%

(a) Commenced operations on November 30, 2017.

(b) Calculated based on the average shares outstanding methodology.

(c) Rounds to less than $0.01 per share.

(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

154 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2019

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-diversified
Enhanced Income	A, Institutional, Administration, Investor, P* and R6	Diversified
Government Income	A, C, Institutional, Service, Investor, P*, R and R6	Diversified
High Quality Floating Rate	A, Institutional, Service, Investor, P* and R6	Diversified
Inflation Protected Securities	A, C, Institutional, Investor, P*, R and R6	Diversified
Short Duration Government	A, C, Institutional, Service, Investor, P* and R6	Diversified
Short Duration Income	A, C, Institutional, Investor, P*, R and R6	Diversified
Short-Term Conservative Income	A, Institutional, Administration, Investor**, P*, Preferred and R6	Diversified

* Commenced operations on April 20, 2018.

** Commenced operations on August 14, 2018.

Class A Shares of the Government Income, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds are sold with a front-end sales charge of up to 3.75%, 3.75%, 1.50% and 1.50%, respectively. Prior to July 30, 2018, Class A Shares of the Enhanced Income, High Quality Floating Rate and Short-Term Conservative Income Funds were sold with a front-end sales charge of up to 1.50%. Class C Shares are generally sold with a contingent deferred sales charge (“CDSC”) of 1.00% (0.65% for Short Duration Government and Short Duration Income Funds), which is imposed on redemptions made within 12 months of purchase. Institutional, Administration, Preferred, Service, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

155

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

	Investment Income Dividends		Capital Gains Distributions
Fund	Declared	Paid	Declared and Paid
Enhanced Income	Daily	Monthly	Annually
Government Income	Daily	Monthly	Annually
High Quality Floating Rate	Daily	Monthly	Annually
Inflation Protected Securities	Quarterly	Quarterly	Annually
Short Duration Government	Daily	Monthly	Annually
Short Duration Income	Daily	Monthly	Annually
Short-Term Conservative Income	Daily	Monthly	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

156

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund and Financial Square Money Market Fund (“Underlying Funds”) are valued at the NAV of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Funds’ accounting policies and investment holdings, please see the Underlying Funds’ shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

ii.  Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

iii.  Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real

157

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

iv.  Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

v.  Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

vi.  When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/ payable for collateral on certain contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

vii.  Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and

158

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/ payable for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

Aforward foreign currency exchange contractis a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii.  Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate and/or credit default swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to

159

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv.  Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2019:

ENHANCED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	267,013,867		$	—
Mortgage-Backed Obligations		—			950,000			—
Asset-Backed Securities		—			104,055,917			—
Municipal Debt Obligation		—			413,885			—
U.S. Treasury Obligations		31,770,076			—			—
Investment Company		11,219,474			—			—
Short-term Investments		—			102,045,034			—
Total	$	42,989,550		$	474,478,703		$	—
Derivative Type
Assets(a)
Futures Contracts	$	337,474		$	—		$	—
Liabilities(a)
Futures Contracts	$	(651,204	)	$	—		$	—
GOVERNMENT INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	146,367,902		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		123,329,012			44,802,744			—
Asset-Backed Securities		—			30,930,780			—
Municipal Debt Obligations		—			5,948,331			—
Investment Company		25,252,182			—			—
Short-term Investments		—			1,125,174			—
Total	$	148,581,194		$	229,174,931		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(12,304,266	)	$	—
Total	$	—		$	(12,304,266	)	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

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Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GOVERNMENT INCOME (continued)
Derivative Type	Level 1			Level 2		Level 3
Assets
Futures Contracts(a)	$	347,484		$	—	$	—
Interest Rate Swap Contracts(a)		—			20,845		—
Options Purchased		97,750			—		—
Total	$	445,234		$	20,845	$	—
Liabilities(a)
Futures Contracts	$	(428,163	)	$	—	$	—
HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	8,998,650	$	—
Mortgage-Backed Obligations		—			149,125,276		—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		46,135,471			4,010,560		—
Asset-Backed Securities		—			229,247,421		—
Municipal Debt Obligations		—			12,963,829		—
Short-term Investments		—			18,413,048		—
Total	$	46,135,471		$	422,758,784	$	—
Derivative Type
Assets(a)
Futures Contracts	$	293,213		$	—	$	—
Interest Rate Swap Contracts		—			36,259		—
Total	$	293,213		$	36,259	$	—
Liabilities(a)
Futures Contracts	$	(113,120	)	$	—	$	—
INFLATION PROTECTED SECURITIES
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	390,904,631		$	—	$	—
Investment Company		14,311,970			—		—
Total	$	405,216,601		$	—	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INFLATION PROTECTED SECURITIES (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Futures Contracts(a)	$	926,291		$	—		$	—
Interest Rate Swap Contracts(a)		—			138,970			—
Options Purchased		62,100			—			—
Total	$	988,391		$	138,970		$	—
Liabilities(a)
Futures Contracts	$	(749,425	)	$	—		$	—
Interest Rate Swap Contracts		—			(772,933	)		—
Total	$	(749,425	)	$	(772,933	)	$	—
SHORT DURATION GOVERNMENT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	302,036,414		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		614,319,066			73,825,620			—
Asset-Backed Securities		—			1,147,582			—
Investment Company		2,624,284			—			—
Total	$	616,943,350		$	377,009,616		$	—
Derivative Type
Assets(a)
Futures Contracts	$	2,737,272		$	—		$	—
Liabilities(a)
Futures Contracts	$	(3,585,184	)	$	—		$	—

(a) Amount shown represents unrealized gain (loss) at period end.

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Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT DURATION INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	462,605,864		$	—
Mortgage-Backed Obligations		—			50,677,495			665,299
Asset-Backed Securities		—			84,044,714			—
Foreign Debt Obligations		—			5,815,328			—
Municipal Debt Obligations		—			18,327,647			—
U.S. Treasury Obligations		26,635,752			—			—
Investment Company		4,587,467			—			—
Short-term Investments		—			46,297,901			—
Total	$	31,223,219		$	667,768,949		$	665,299
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,082,300		$	—
Futures Contracts(a)		1,901,683			—			—
Interest Rate Swap Contracts(a)		—			1,859,111			—
Credit Default Swap Contracts(a)		—			166,734			—
Options Purchased		232,875			358,130			—
Total	$	2,134,558		$	3,466,275		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(962,957	)	$	—
Futures Contracts(a)		(761,868	)		—			—
Interest Rate Swap Contracts(a)		—			(1,084,844	)		—
Written option contracts		—			(307,106	)		—
Total	$	(761,868	)	$	(2,354,907	)	$	—
SHORT-TERM CONSERVATIVE INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,684,217,107		$	—
Investment Companies		362,867,338			—			—
Short-term Investments		—			1,318,470,013			—
Total	$	362,867,338		$	3,002,687,120		$	—

(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

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4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2019. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

ENHANCED INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	337,474	(a)	Variation margin on futures contracts	$	(651,204)	(a)
GOVERNMENT INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	466,079	(a)	Variation margin on futures contracts	$	(428,163)	(a)
HIGH QUALITY FLOATING RATE
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	329,472	(a)	Variation margin on futures contracts	$	(113,120)	(a)
INFLATION PROTECTED SECURITIES
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value	$	1,127,361	(a)	Variation margin on swap contracts; Variation margin on futures contracts	$	(1,522,358)	(a)
SHORT DURATION GOVERNMENT
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	2,737,272	(a)	Variation margin on futures contracts	$	(3,585,184)	(a)
SHORT DURATION INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	4,351,799	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(2,153,818)	(a)
Credit	Variation margin on swap contracts		166,734	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		1,082,300		Payable for unrealized loss on forward foreign currency exchange contracts.		(962,957)
Total		$	5,600,833			$	(3,116,775)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

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Notes to Financial Statements(continued)

March 31, 2019

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2019. 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:

ENHANCED INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts /Net change in unrealized gain (loss) on futures contracts	$	2,324,987		$	(3,113,161	)		1,305
GOVERNMENT INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on purchased options, futures contracts and swap contracts	$	(32,690	)	$	(84,903	)		933
HIGH QUALITY FLOATING RATE
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures and swap contracts /Net change in unrealized gain (loss) futures and swap contracts	$	(123,561	)	$	491,685			504
INFLATION PROTECTED SECURITIES
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts and purchased options	$	(738,004	)	$	(464,426	)		1,641
SHORT DURATION GOVERNMENT
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	3,981,634		$	(6,837,360	)		8,574

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2019.

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4. INVESTMENTS IN DERIVATIVES (continued)

SHORT DURATION INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options, futures contracts, swap contracts /Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts and written options	$	1,951,242		$	(147,864	)		3,065
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(20,242	)		194,090			2
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(3,347,162	)		550,824			572
Total		$	(1,416,162	)	$	597,050			3,639

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2019.

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.

As of March 31, 2019, the contractual management fees with GSAM were as stated below. The effective contractual management rates and effective net management rates represent the rates for the fiscal year ended March 31, 2019.

	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
Enhanced Income		0.25	%		0.23	%		0.22	%		0.22	%		0.22	%		0.25	%		0.24	%
Government Income		0.53			0.48			0.45			0.44			0.44			0.53			0.52
High Quality Floating Rate		0.31			0.28			0.27			0.26			0.25			0.31			0.31
Inflation Protected Securities		0.26			0.23			0.22			0.22			0.21			0.26			0.25
Short Duration Government		0.44			0.40			0.38			0.37			0.36			0.44			0.44
Short Duration Income		0.40			0.36			0.34			0.33			0.32			0.40			0.40
Short-Term Conservative Income		0.25			0.25			0.25			0.25			0.25			0.25			0.18	*

# The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any.

* The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.20% as an annual percentage of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2019. In addition, from July 30, 2018 through April 20, 2019, the Investment Adviser waived a greater portion of its management fee in order to achieve an effective net management fee rate of 0.19% as an annual percentage of the Fund’s average daily net assets.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) and Goldman Sachs Financial Square Money Market Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an

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Notes to Financial Statements(continued)

March 31, 2019

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

investment adviser to the affiliated Underlying Funds in which the Funds invest. For the fiscal year ended March 31, 2019, the management fee waived by GSAM was for each Fund as follows:

Fund	Management Fee Waived
Enhanced Income	$	36,642
Government Income		26,023
Inflation Protected Securities		28,446
Short Duration Government		16,740
Short Duration Income		9,198
Short-Term Conservative Income		273,333

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Services Shares of the Funds, as set forth below.

	Distribution and/ or Service Plan Rates
	Class A*			Class C			Class R*			Service
Distribution and/or Service Plan		0.25	%		0.75	%		0.50	%		0.25	%

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service 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.

Effective July 29, 2018, Goldman Sachs has agreed to reduce the distribution and service fees applicable to the Enhanced Income, High Quality Floating Rate and Short-Term Conservative Income Funds’ Class A Shares to an amount equal to 0.15% of the average daily net assets attributable to Class A Shares of the respective Funds. Prior to July 29, 2018, such fee was 0.25% of the average daily net assets attributable to Class A Shares of the respective Funds.

Goldman Sachs has agreed to waive a portion of the distribution (12b-1) and service fees applicable to the Short Duration Government Fund’s and Short Duration Income Fund’s Class C Shares in an amount equal to 0.35% of the average daily net assets attributable to Class C Shares of the respective Funds. These arrangements will remain in place through at least July 29, 2019. Prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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. For the fiscal year ended March 31, 2019, Goldman Sachs retained the following amounts:

	Front End Sales Charge
Fund	Class A
Enhanced Income	$	159
Government Income		3,435
High Quality Floating Rate		5
Inflation Protected Securities		465
Short Duration Government		2,110
Short Duration Income		1,408

D.  Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans to allow Administration, Preferred, Class C and Service Shares, as applicable, to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Administration, Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25%, 0.10%, 0.25% and 0.25% of the average daily net assets attributable to Administration, Preferred, Class C and/or Service Shares of the Funds, as applicable.

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, Investor and Class R Shares; 0.03% of the average daily net assets of Class P and Class R6 Shares; and 0.04% of the average daily net assets of Institutional, Administrative, Preferred and Service Shares.

Effective December 1, 2018, Goldman Sachs has agreed to remove its transfer agency fee waiver equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Institutional, Administration and Preferred Shares and equal to 0.02% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Short-Term Conservative Income Fund.

From July 30, 2018 through November 30, 2018, Goldman Sachs had agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Institutional, Administration and Preferred Shares and equal to 0.02% as an annual percentage rate of the average daily net assets attributable to Class R6 Shares of the Fund through at least November 30, 2018, of the Short-Term Conservative Income Fund. In addition, from July 30, 2018 through April 20, 2019, Goldman Sachs had agreed to waive a portion of its transfer agency fee equal to 0.02% as an annual percentage rate of the average daily net assets attributable to Class P Shares of the Fund through April 20, 2019.

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 fees (as applicable), administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation, and indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Enhanced Income, Government Income, High Quality

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Notes to Financial Statements(continued)

March 31, 2019

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Floating Rate, Inflation Protected Securities, Short Duration Government, Short Duration Income and Short-Term Conservative Income Funds are 0.064%, 0.004%, 0.014%, 0.044%, 0.004%, 0.014% and 0.004%, respectively. These Other Expense limitations

will remain in place through at least August 14, 2019 for Investor Shares of the Short-Term Conservative Income Fund, and through at least July 29, 2019 for all other Funds and share classes. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended March 31, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Class C Distribution and Service Fees		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Enhanced Income	$	36,642	$	—	$	34	$	157,108	$	193,784
Government Income		26,023		—		324		615,746		642,093
High Quality Floating Rate		—		—		17		457,187		457,204
Inflation Protected Securities		28,446		—		155		303,676		332,277
Short Duration Government		16,740		60,352		194		749,275		826,561
Short Duration Income		9,198		4,434		23		803,356		817,011
Short-Term Conservative Income		1,649,148		—		306,162		726,670		2,681,980

G.  Line of Credit Facility — As of March 31, 2019, the Funds participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2019, the Funds did not have any borrowings under the facility. The facility was decreased to $580,000,000 effective April 30, 2019.

H.  Other Transactions with Affiliates — For the fiscal year ended March 31, 2019, Goldman Sachs earned $8,964, $27,354, $12,916, $41,218, $115,349 and $68,133 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds, respectively.

As of March 31, 2019, the Goldman Sachs Collective Trust Tactical Exposure Fund was the beneficial owner of 7% of the Short-Term Conservative Income Fund.

As of March 31, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class R and Preferred Shares of the following Funds:

Fund	Class R			Preferred
Short Duration Income		9	%		—	%
Short-Term Conservative Income		—			100

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund — Institutional Shares and Goldman Sachs Financial Square Money Market Fund — Institutional Shares for the fiscal year ended March 31, 2019:

Fund	Underlying Funds	Beginning value as of March 31, 2018		Purchases at Cost		Proceeds from Sales			Realized Gain Loss			Change In Unrealized Gain (loss)		Ending value as of March 31, 2019		Shares as of March 31, 2019		Dividend Income
Enhanced Income	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	5,689,869	$	438,052,909	$	(443,742,778	)	$	—		$	—	$	—	$	—	$	247,088
	Goldman Sachs Financial Square Money Market Fund — Institutional Shares		—		29,223,739		(18,004,000	)		(1,378	)		1,113		11,219,474		11,214,988		223,738
Government Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		5,126,717		212,553,982		(192,428,517	)		—			—		25,252,182		25,252,182		333,036
Inflation Protected Securities	Goldman Sachs Financial Square Government Fund — Institutional Shares		38,073,204		185,391,689		(209,152,923	)		—			—		14,311,970		14,311,970		322,337
Short Duration Government	Goldman Sachs Financial Square Government Fund — Institutional Shares		50,771		273,773,031		(271,199,518	)		—			—		2,624,284		2,624,284		228,440
Short Duration Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		14,992,853		244,125,617		(254,531,003	)		—			—		4,587,467		4,587,467		125,673
Short-Term Conservative Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		8,206		3,363,512,540		(3,290,417,220	)		—			—		73,103,526		73,103,526		1,331,887
	Goldman Sachs Financial Square Money Market Fund —Institutional Shares		—		303,740,815		(14,001,400	)		(2,800	)		27,197		289,763,812		289,647,952		2,740,815

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Notes to Financial Statements(continued)

March 31, 2019

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2019, were:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Enhanced Income	$	41,636,818	$	212,618,149	$	10,451,343	$	153,669,310
Government Income		2,005,532,862		1,732,795		1,985,021,293		10,035,649
High Quality Floating Rate		141,888,891		157,272,925		289,300,562		220,635,534
Inflation Protected Securities		627,850,655		53,945		575,693,249		—
Short Duration Government		2,193,554,663		—		2,114,779,915		—
Short Duration Income		305,925,249		374,788,916		294,440,345		266,947,230
Short-Term Conservative Income		29,942,403		1,760,031,459		29,972,170		750,108,075

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2019 was as follows:

	Enhanced Income		Government Income		High Quality Floating Rate		Inflation Protected Securities		Short Duration Government		Short Duration Income		Short-Term Conservative Income
Distribution paid from:
Ordinary income	$	12,621,980	$	7,413,772	$	17,747,858	$	7,024,257	$	23,277,614	$	15,240,055	$	58,749,403
Net long-term capital gains		—		—		—		—		—		—		65,635
Total taxable distributions	$	12,621,980	$	7,413,772	$	17,747,858	$	7,024,257	$	23,277,614	$	15,240,055	$	58,815,038
Tax return of capital	$	—	$	—	$	—	$	—	$	—	$	1,566,900	$	—

The tax character of distributions paid during the fiscal year ended March 31, 2018 was as follows:

	Enhanced Income		Government Income		High Quality Floating Rate		Inflation Protected Securities		Short Duration Government		Short Duration Income		Short-Term Conservative Income
Distribution paid from:
Ordinary income	$	8,016,922	$	6,510,919	$	10,317,294	$	6,187,564	$	22,752,800	$	12,019,912	$	15,856,900
Net long-term capital gains		—		—		—		—		—		—		22,545
Total taxable distributions	$	8,016,922	$	6,510,919	$	10,317,294	$	6,187,564	$	22,752,800	$	12,019,912	$	15,879,445
Tax return of capital	$	—	$	—	$	—	$	—	$	—	$	1,818,816	$	15,879,445

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7. TAX INFORMATION (continued)

As of March 31, 2019, the components of accumulated earnings (losses) on a tax basis were as follows:

	Enhanced Income			Government Income			High Quality Floating Rate			Inflation Protected Securities			Short Duration Government			Short Duration Income			Short-Term Conservative Income
Undistributed (Distributions in Excess of) ordinary income — net	$	860,505		$	611,771		$	232,432		$	1,342,940		$	1,588,818		$	—		$	415,675
Undistributed long-term capital gains		—			—			—			—			—			—			8,488
Total undistributed earnings	$	860,505		$	611,771		$	232,432		$	1,342,940		$	1,588,818		$	—		$	424,163
Capital loss carryforwards(1)(2):
Perpetual Short-Term		(1,966,894	)		(1,930,566	)		(3,308,013	)		(357,587	)		(21,468,747	)		(6,197,956	)		—
Perpetual Long-Term		(754,382	)		(10,143,362	)		(1,530,298	)		(18,313,471	)		(19,984,417	)		(8,090,391	)		—
Total capital loss carryforwards	$	(2,721,276	)	$	(12,073,928	)	$	(4,838,311	)	$	(18,671,058	)	$	(41,453,164	)	$	(14,288,347	)	$	—
Timing differences (Post October Loss Deferral/Straddle Loss Deferral/Distributions Payable/Qualified Late Year Loss Deferral)	$	(2,750,004	)	$	(1,811,086	)	$	(1,260,551	)	$	(5,313,586	)	$	(9,101,238	)	$	(1,073,756	)	$	(208,330	)
Unrealized gains (losses) — net		370,250			4,012,857			(860,170	)		6,457,835			3,931,701			4,408,313			3,517,073
Total accumulated earnings (losses) net	$	(4,240,525	)	$	(9,260,386	)	$	(6,726,600	)	$	(16,183,869	)	$	(45,033,883	)	$	(10,953,790	)	$	3,732,906

(1) The Enhanced Income and High Quality Floating Rate Funds utilized $1,596,997, and $481,392, respectively, of capital losses in the current fiscal year.

(2) The Enhanced Income and High Quality Floating Rate Funds had capital loss carryforwards of $9,056,394, and $2,415,726, respectively, which expired in the current fiscal year.

As of March 31, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Enhanced Income			Government Income			High Quality Floating Rate			Inflation Protected Securities			Short Duration Government			Short Duration Income			Short-Term Conservative Income
Tax Cost	$	516,784,273		$	373,720,863		$	469,970,777		$	398,363,769		$	989,173,353		$	697,841,379		$	3,362,037,385
Gross unrealized gain		1,458,021			5,359,252			776,687			7,388,306			10,776,911			8,666,295			4,636,943
Gross unrealized loss		(1,087,771	)		(1,346,395	)		(1,636,857	)		(930,471	)		(6,845,210	)		(4,257,982	)		(1,119,870	)
Net unrealized gains (losses)	$	370,250		$	4,012,857		$	(860,170	)	$	6,457,835		$	3,931,701		$	4,408,313		$	3,517,073

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures and options contracts, net mark to market gains (losses) on foreign currency contracts, and differences in the tax treatment of inflation protected securities, market discount accretion, premium amortization and swap transactions.

The Enhanced Income Fund reclassed $9,056,394 from paid in capital to distributable earnings for the year ended March 31, 2019. In order to present certain components of the Fund’s capital accounts on atax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from expired capital loss carryforwards.

The High Quality Floating Rate Fund reclassed $2,415,726 from paid in capital to distributable earnings for the year ended March 31, 2019. In order to present certain components of the Fund’s capital accounts on atax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from expired capital loss carryforwards.

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Notes to Financial Statements(continued)

March 31, 2019

7. TAX INFORMATION (continued)

The Short Duration Income Fund reclassed $ 342,175 from paid in capital to distributable earnings for the year ended March 31, 2019. In order to present certain components of the Fund’s capital accounts on atax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from return of capital distributions.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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8. OTHER RISKS (continued)

Liquidity Risk— A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

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’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. OTHER MATTERS

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. GSAM is currently evaluating the impact, if any, of the amendments.

11. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

175

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Notes to Financial Statements(continued)

March 31, 2019

12. SUMMARY OF SHARE TRANSACTIONS

	Enhanced Income Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,335,016		$	12,584,834			489,157		$	4,614,385
Reinvestment of distributions		30,223			284,893			28,689			270,596
Shares redeemed		(437,840	)		(4,125,070	)		(3,159,239	)		(29,817,330	)
		927,399			8,744,657			(2,641,393	)		(24,932,349	)
Institutional Shares
Shares sold		26,413,318			248,481,865			33,597,332			316,602,480
Reinvestment of distributions		634,325			5,969,251			799,506			7,530,440
Shares redeemed		(48,349,084	)		(454,895,626	)		(32,553,461	)		(306,623,278	)
		(21,301,441	)		(200,444,510	)		1,843,377			17,509,642
Administration Shares
Shares sold		296,808			2,800,290			1,497			14,150
Reinvestment of distributions		4,900			46,241			216			2,044
Shares redeemed		(12,013	)		(113,211	)		(1,428	)		(13,505	)
		289,695			2,733,320			285			2,689
Investor Shares
Shares sold		590,536			5,551,363			474,434			4,466,950
Reinvestment of distributions		8,567			80,546			5,424			51,034
Shares redeemed		(498,365	)		(4,684,736	)		(147,374	)		(1,387,189	)
		100,738			947,173			332,484			3,130,795
Class P Shares(a)
Shares sold		32,300,342			303,934,724			—			—
Reinvestment of distributions		423,853			3,989,105			—			—
Shares redeemed		(12,603,754	)		(118,627,783	)		—			—
		20,120,441			189,296,046			—			—
Class R6 Shares
Shares sold		5,541,175			52,141,300			—			—
Reinvestment of distributions		40,076			377,248			17			157
Shares redeemed		(299,125	)		(2,815,496	)		—			—
		5,282,126			49,703,052			17			157
NET INCREASE (DECREASE)		5,418,958		$	50,979,738			(465,230	)	$	(4,289,066	)

(a) Class P Shares commenced operations on April 20, 2018.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Government Income Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,367,654		$	19,562,173			1,386,127		$	20,258,053
Reinvestment of distributions		119,547			1,711,936			115,373			1,687,078
Shares redeemed		(2,615,245	)		(37,414,666	)		(3,164,037	)		(46,280,904	)
		(1,128,044	)		(16,140,557	)		(1,662,537	)		(24,335,773	)
Class C Shares
Shares sold		140,067			2,000,108			91,068			1,330,114
Reinvestment of distributions		3,185			45,614			3,528			51,596
Shares redeemed		(298,299	)		(4,256,585	)		(231,422	)		(3,392,078	)
		(155,047	)		(2,210,863	)		(136,826	)		(2,010,368	)
Institutional Shares
Shares sold		3,951,772			56,456,970			3,266,372			47,733,798
Reinvestment of distributions		197,303			2,820,773			161,101			2,350,300
Shares redeemed		(4,998,748	)		(71,525,097	)		(2,449,337	)		(35,703,155	)
		(849,673	)		(12,247,354	)		978,136			14,380,943
Service Shares
Shares sold		637,482			9,039,164			280,268			4,093,521
Reinvestment of distributions		43,855			626,532			41,439			604,373
Shares redeemed		(1,084,805	)		(15,449,239	)		(1,111,405	)		(16,231,558	)
		(403,468	)		(5,783,543	)		(789,698	)		(11,533,664	)
Investor Shares
Shares sold		62,870			901,167			36,715			537,335
Reinvestment of distributions		3,006			43,041			5,292			77,400
Shares redeemed		(163,695	)		(2,343,113	)		(155,625	)		(2,274,515	)
		(97,819	)		(1,398,905	)		(113,618	)		(1,659,780	)
Class P Shares(a)
Shares sold		907,885			13,007,650			—			—
Reinvestment of distributions		13,165			188,120			—			—
Shares redeemed		(215,329	)		(3,073,908	)		—			—
		705,721			10,121,862			—			—
Class R Shares
Shares sold		327,388			4,680,450			404,250			5,871,495
Reinvestment of distributions		24,522			350,688			19,332			282,133
Shares redeemed		(489,367	)		(6,999,327	)		(358,011	)		(5,222,795	)
		(137,457	)		(1,968,189	)		65,571			930,833
Class R6 Shares
Shares sold		1,091,931			15,575,323			627,382			9,156,383
Reinvestment of distributions		10,036			143,508			5,806			84,614
Shares redeemed		(1,898,779	)		(27,534,127	)		(515,039	)		(7,528,706	)
		(796,812	)		(11,815,296	)		118,149			1,712,291
NET DECREASE		(2,862,599	)	$	(41,442,845	)		(1,540,823	)	$	(22,515,518	)

(a) Class P Shares commenced operations on April 20, 2018.

177

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Notes to Financial Statements(continued)

March 31, 2019

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	High Quality Floating Rate Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		166,630		$	1,452,742			359,051		$	3,132,862
Reinvestment of distributions		21,258			185,399			14,079			122,858
Shares redeemed		(345,610	)		(3,013,872	)		(595,887	)		(5,199,696	)
		(157,722	)		(1,375,731	)		(222,757	)		(1,943,976	)
Institutional Shares
Shares sold		13,914,457			121,412,800			75,408,719			657,549,810
Reinvestment of distributions		628,903			5,487,541			1,157,436			10,095,995
Shares redeemed		(90,069,896	)		(785,516,344	)		(42,073,795	)		(367,006,013	)
		(75,526,536	)		(658,616,003	)		34,492,360			300,639,792
Service Shares
Shares sold		7			62			3,125			27,469
Reinvestment of distributions		88			768			154			1,349
Shares redeemed		(2,381	)		(20,881	)		(46,489	)		(407,251	)
		(2,286	)		(20,051	)		(43,210	)		(378,433	)
Investor Shares
Shares sold		1,665,450			14,481,630			275,048			2,392,434
Reinvestment of distributions		11,985			104,159			1,664			14,473
Shares redeemed		(734,058	)		(6,384,581	)		(200,935	)		(1,747,825	)
		943,377			8,201,208			75,777			659,082
Class P Shares(a)
Shares sold		94,629,113			826,058,191			—			—
Reinvestment of distributions		1,310,476			11,429,239			—			—
Shares redeemed		(52,760,684	)		(459,791,446	)		—			—
		43,178,905			377,695,984			—			—
Class R6 Shares
Shares sold		836,924			7,289,345			32			277
Reinvestment of distributions		4,512			39,278			18			160
Shares redeemed		(88,110	)		(767,177	)		—			—
		753,326			6,561,446			50			437
NET INCREASE (DECREASE)		(30,810,936	)	$	(267,553,147	)		34,302,220		$	298,976,902

(a) Class P Shares commenced operations on April 20, 2018.

178

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Inflation Protected Securities Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,170,397		$	22,099,500			3,068,409		$	31,864,267
Reinvestment of distributions		44,088			450,954			51,662			535,064
Shares redeemed		(4,289,175	)		(43,644,395	)		(3,404,416	)		(35,240,610	)
		(2,074,690	)		(21,093,941	)		(284,345	)		(2,841,279	)
Class C Shares
Shares sold		175,142			1,771,520			247,183			2,540,637
Reinvestment of distributions		5,244			52,994			4,993			51,008
Shares redeemed		(446,161	)		(4,508,762	)		(210,572	)		(2,154,932	)
		(265,775	)		(2,684,248	)		41,604			436,713
Institutional Shares
Shares sold		8,729,877			90,003,750			10,906,766			114,459,292
Reinvestment of distributions		294,545			3,054,357			291,314			3,052,083
Shares redeemed		(17,176,817	)		(177,902,199	)		(5,597,503	)		(58,724,218	)
		(8,152,395	)		(84,844,092	)		5,600,577			58,787,157
Investor Shares
Shares sold		1,544,399			15,814,489			752,020			7,845,765
Reinvestment of distributions		23,730			244,140			23,247			242,201
Shares redeemed		(1,287,122	)		(13,172,083	)		(707,063	)		(7,381,923	)
		281,007			2,886,546			68,204			706,043
Class P Shares(a)
Shares sold		11,587,845			120,559,372			—			—
Reinvestment of distributions		81,574			838,148			—			—
Shares redeemed		(1,389,861	)		(14,201,272	)		—			—
		10,279,558			107,196,248			—			—
Class R Shares
Shares sold		556,571			5,651,244			1,199,310			12,420,142
Reinvestment of distributions		15,269			155,822			16,341			168,676
Shares redeemed		(894,389	)		(9,117,761	)		(1,186,259	)		(12,267,344	)
		(322,549	)		(3,310,695	)		29,392			321,474
Class R6 Shares
Shares sold		3,617,477			37,170,869			761,199			7,948,873
Reinvestment of distributions		19,507			201,433			3,300			34,520
Shares redeemed		(552,150	)		(5,697,725	)		(151,896	)		(1,597,879	)
		3,084,834			31,674,577			612,603			6,385,514
NET INCREASE		2,829,990		$	29,824,395			6,068,035		$	63,795,622

(a) Class P Shares commenced operations on April 20, 2018.

179

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Notes to Financial Statements(continued)

March 31, 2019

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short Duration Government Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,769,772		$	36,672,692			3,032,554		$	30,039,275
Reinvestment of distributions		164,681			1,603,662			185,389			1,837,532
Shares redeemed		(4,338,360	)		(42,218,751	)		(8,290,521	)		(82,173,783	)
		(403,907	)		(3,942,397	)		(5,072,578	)		(50,296,976	)
Class C Shares
Shares sold		885,128			8,546,369			295,640			2,904,878
Reinvestment of distributions		26,278			254,259			27,299			268,590
Shares redeemed		(1,350,202	)		(13,048,191	)		(1,139,243	)		(11,207,513	)
		(438,796	)		(4,247,563	)		(816,304	)		(8,034,045	)
Institutional Shares
Shares sold		15,661,500			151,963,749			34,737,540			343,135,899
Reinvestment of distributions		1,094,499			10,632,655			1,858,810			18,352,479
Shares redeemed		(63,566,040	)		(617,999,100	)		(55,727,594	)		(551,343,755	)
		(46,810,041	)		(455,402,696	)		(19,131,244	)		(189,855,377	)
Service Shares
Shares sold		377,831			3,662,815			340,513			3,358,350
Reinvestment of distributions		25,836			250,489			31,511			310,710
Shares redeemed		(587,385	)		(5,687,548	)		(1,010,339	)		(9,948,265	)
		(183,718	)		(1,774,244	)		(638,315	)		(6,279,205	)
Investor Shares
Shares sold		2,622,995			25,555,348			2,773,532			27,458,765
Reinvestment of distributions		67,346			656,227			53,595			530,767
Shares redeemed		(2,195,018	)		(21,355,141	)		(2,748,290	)		(27,163,857	)
		495,323			4,856,434			78,837			825,675
Class P Shares(a)
Shares sold		56,751,109			551,146,589			—			—
Reinvestment of distributions		762,963			7,395,496			—			—
Shares redeemed		(8,723,072	)		(84,476,988	)		—			—
		48,791,000			474,065,097			—			—
Class R6 Shares
Shares sold		389,417			3,776,127			94,310			928,775
Reinvestment of distributions		7,174			69,642			5,116			50,555
Shares redeemed		(47,116	)		(457,255	)		(7,295,032	)		(72,651,844	)
		349,475			3,388,514			(7,195,606	)		(71,672,514	)
NET INCREASE (DECREASE)		1,799,336		$	16,943,145			(32,775,210	)	$	(325,312,442	)

(a) Class P Shares commenced operations on April 20, 2018.

180

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short Duration Income Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,532,063		$	14,840,967			953,735		$	9,515,592
Reinvestment of distributions		30,202			292,137			20,363			202,198
Shares redeemed		(1,020,608	)		(9,895,063	)		(1,315,639	)		(13,049,353	)
		541,657			5,238,041			(341,541	)		(3,331,563	)
Class C Shares
Shares sold		137,554			1,322,775			91,298			905,669
Reinvestment of distributions		2,756			26,699			1,455			14,394
Shares redeemed		(78,404	)		(756,576	)		(78,170	)		(775,557	)
		61,906			592,898			14,583			144,506
Institutional Shares
Shares sold		3,618,162			35,132,735			32,575,026			323,602,247
Reinvestment of distributions		541,100			5,251,019			1,366,431			13,556,693
Shares redeemed		(58,296,907	)		(565,199,019	)		(31,249,552	)		(309,977,038	)
		(54,137,645	)		(524,815,265	)		2,691,905			27,181,902
Investor Shares
Shares sold		280,025			2,698,717			281,958			2,805,500
Reinvestment of distributions		5,199			50,379			4,031			39,945
Shares redeemed		(338,319	)		(3,270,593	)		(217,587	)		(2,164,205	)
		(53,095	)		(521,497	)		68,402			681,240
Class P Shares(a)
Shares sold		84,000,191			814,284,800			—			—
Reinvestment of distributions		1,135,344			10,998,440			—			—
Shares redeemed		(20,434,225	)		(197,177,154	)		—			—
		64,701,310			628,106,086			—			—
Class R Shares
Shares sold		5,118			49,625			8,849			87,379
Reinvestment of distributions		250			2,424			85			843
Shares redeemed		(2,675	)		(25,724	)		(2,476	)		(24,457	)
		2,693			26,325			6,458			63,765
Class R6 Shares
Shares sold		131,574			1,279,732			—			—
Reinvestment of distributions		433			4,225			24			234
Shares redeemed		(5,510	)		(53,343	)		—			—
		126,497			1,230,614			24			234
NET INCREASE		11,243,323		$	109,857,202			2,439,831		$	24,740,084

(a) Class P Shares commenced operations on April 20, 2018.

181

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short-Term Conservative Income Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		5,039,053		$	50,536,178			78,843		$	790,000
Reinvestment of distributions		13,219			132,558			216			2,164
Shares redeemed		(52,871	)		(529,944	)		—			—
		4,999,401			50,138,792			79,059			792,164
Institutional Shares
Shares sold		93,399,284			936,085,447			225,732,885			2,261,829,769
Reinvestment of distributions		1,995,028			20,000,647			1,551,413			15,542,949
Shares redeemed		(153,603,088	)		(1,539,286,331	)		(111,897,746	)		(1,121,169,548	)
		(58,208,776	)		(583,200,237	)		115,386,552			1,156,203,170
Administration
Shares sold		99,816			999,740			88,755			889,387
Reinvestment of distributions		2,163			21,683			1,119			11,211
Shares redeemed		(111,632	)		(1,117,432	)		—			—
		(9,653	)		(96,009	)		89,874			900,598
Preferred Shares
Reinvestment of distributions		62			616			35			353
		62			616			35			353
Investor Shares(a)
Shares sold		2,012,038			20,152,372			—			—
Reinvestment of distributions		4,178			41,906			—			—
Shares redeemed		(1,393,210	)		(13,951,856	)		—			—
		623,006			6,242,422			—			—
Class P Shares(b)
Shares sold		325,057,068			3,256,705,804			—			—
Reinvestment of distributions		3,102,035			31,077,750			—			—
Shares redeemed		(123,860,431	)		(1,240,458,012	)		—			—
		204,298,672			2,047,325,542			—			—
Class R6 Shares(c)
Shares sold		54,481,944			546,277,798			998			10,000
Reinvestment of distributions		536,071			5,375,143			5			53
Shares redeemed		(13,179,100	)		(132,210,572	)		—			—
		41,838,915			419,442,369			1,003			10,053
NET INCREASE		193,541,627		$	1,939,853,495			115,556,523		$	1,157,906,338

(a) Investor Shares commenced operations on August 14, 2018.

(b) Class P Shares commenced operations on April 20, 2018.

(c) Class R6 shares commenced operations on November 30, 2017.

182

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs High Quality Floating Rate Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Income Fund, and Goldman Sachs Short-Term Conservative Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs High Quality Floating Rate Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Income Fund, and Goldman Sachs Short-Term Conservative Income Fund (seven of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2019, the related statements of operations for the year ended March 31, 2019, the statements of changes in net assets for each of the two years in the period ended March 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 24, 2019

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

183

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2019 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Administration, Preferred, Service, Investor, Class P, Class R or Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares for certain Funds), contingent deferred sales charges on redemptions (generally with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, and Class R and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Administration, Preferred, Service, Investor, Class P, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2018 through March 31, 2019, which represents a period of 182 days of a 365-day year. This projection assumes that annualized expense ratios were in effect during the period.

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 ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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.

	Enhanced Income Fund							Government Income Fund							High Quality Floating Rate Fund							Inflation Protected Securities Fund
Share Class	Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*		Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*		Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*		Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*
Class A
Actual	$	1,000.00	$	1,013.00		$	2.96	$	1,000.00	$	1,037.90		$	4.62	$	1,000.00	$	1,008.50		$	3.00	$	1,000.00	$	1,022.70		$	3.43
Hypothetical 5% return		1,000.00		1,021.99	+		2.97		1,000.00		1,020.39	+		4.58		1,000.00		1,021.94	+		3.02		1,000.00		1,021.99	+		3.43
Class C
Actual		—		—			—		1,000.00		1,034.00			8.42		—		—			—		1,000.00		1,019.00			7.20
Hypothetical 5% return		—		—			—		1,000.00		1,016.65	+		8.35		—		—			—		1,000.00		1,017.80	+		7.19
Institutional
Actual		1,000.00		1,013.20			1.76		1,000.00		1,039.00			2.90		1,000.00		1,009.70			1.80		1,000.00		1,024.50			1.72
Hypothetical 5% return		1,000.00		1,023.19	+		1.77		1,000.00		1,022.09	+		2.87		1,000.00		1,023.14	+		1.82		1,000.00		1,023.24	+		1.72
Administration
Actual		1,000.00		1,013.00			3.01		—		—			—		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,021.94			3.02		—		—			—		—		—			—		—		—			—
Service
Actual		—		—			—		1,000.00		1,037.10			5.43		1,000.00		1,007.20			4.30		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,019.60	+		5.39		1,000.00		1,020.64	+		4.33		—		—			—
Investor
Actual		1,000.00		1,012.70			2.21		1,000.00		1,039.20			3.30		1,000.00		1,009.20			2.25		1,000.00		1,024.20			2.17
Hypothetical 5% return		1,000.00		1,022.74	+		2.22		1,000.00		1,021.69	+		3.28		1,000.00		1,022.69	+		2.27		1,000.00		1,022.79	+		2.17
Class P
Actual		1,000.00		1,013.20			1.71		1,000.00		1,039.70			2.85		1,000.00		1,008.60			1.75		1,000.00		1,024.50			1.67
Hypothethical 5% return		1,000.00		1,023.24	+		1.72		1,000.00		1,022.14	+		2.82		1,000.00		1,023.19	+		1.77		1,000.00		1,023.29	+		1.66
Class R
Actual		—		—			—		1,000.00		1,036.60			5.89		—		—			—		1,000.00		1,020.80			4.69
Hypothetical 5% return		—		—			—		1,000.00		1,019.15	+		5.84		—		—			—		1,000.00		1,020.29	+		4.68
Class R6
Actual		1,000.00		1,013.20			1.69		1,000.00		1,039.70			2.85		1,000.00		1,009.70			1.75		1,000.00		1,024.60			1.67
Hypothetical 5% return		1,000.00		1,023.25	+		1.70		1,000.00		1,022.14	+		2.82		1,000.00		1,023.19	+		1.77		1,000.00		1,023.29	+		1.66

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2019. 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			Administration			Service			Investor			Class P			Class R			Class R6
Enhanced Income		0.59	%		—	%		0.35	%		0.60	%		—	%		0.44	%		0.34	%		—	%		0.34	%
Government Income		0.91			1.66			0.57			—			1.07			0.65			0.56			1.16			0.56
High Quality Floating Rate		0.60			—			0.36			—			0.86			0.45			0.35			—			0.35
Inflation Protected Securities		0.68			1.43			0.34			—			—			0.43			0.33			0.93			0.33

184

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2019 (Unaudited) (continued)

	Short Duration Government Fund							Short Duration Income Fund							Short-Term Conservative Income Fund
Share Class	Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*		Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*		Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*
Class A
Actual	$	1,000.00	$	1,017.60		$	4.12	$	1,000.00	$	1,030.90		$	4.00	$	1,000.00	$	1,012.30		$	2.31
Hypothetical 5% return		1,000.00		1,020.84	+		4.13		1,000.00		1,020.84	+		3.98		1,000.00		1,020.84	+		2.32
Class C
Actual		1,000.00		1,015.70			6.13		1,000.00		1,029.90			6.02		—		—			—
Hypothetical 5% return		1,000.00		1,018.85	+		6.14		1,000.00		1,019.00	+		5.99		—		—			—
Institutional
Actual		1,000.00		1,020.40			2.42		1,000.00		1,032.60			2.28		1,000.00		1,014.50			1.05
Hypothetical 5% return		1,000.00		1,022.54	+		2.42		1,000.00		1,022.69	+		2.27		1,000.00		1023.88	+		1.06
Administration
Actual		—		—			—		—		—			—	$	1,000.00		1,014.60			1.03
Hypothetical 5% return		—		—			—		—		—			—		1,000.00		1,023.91	+		1.03
Preferred
Actual		—		—			—		—		—			—		1,000.00		1,013.10			1.51
Hypothethical 5% return		—		—			—		—		—			—		1,000.00		1,023.44	+		1.51
Service
Actual		1,000.00		1,016.90			4.93		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,020.04	+		4.94		—		—			—		—		—			—
Investor
Actual		1,000.00		1,019.90			2.87		1,000.00		1,033.20			2.74		1,000.00		1,013.90			1.51
Hypothetical 5% return		1,000.00		1,022.09	+		2.87		1,000.00		1,022.24	+		2.72		1,000.00		1,023.44	+		1.51
Class P
Actual		1,000.00		1,019.40			2.37		1,000.00		1,032.70			2.23		1,000.00		1,014.60			1.00
Hypothethical 5% return		1,000.00		1,022.59	+		2.37		1,000.00		1,022.74	+		2.22		1,000.00		1,023.93	+		1.01
Class R
Actual		—		—			—		1,000.00		1,029.60			5.26		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,019.75	+		5.24		—		—			—
Class R6
Actual		1,000.00		1,020.50			2.37		1,000.00		1,032.70			2.28		1,000.00		1,013.30			2.31
Hypothetical 5% return		1,000.00		1,022.59	+		2.37		1,000.00		1,022.69	+		2.27		1,000.00		1,022.69	+		2.32

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2019. 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			Administration			Preferred			Service			Investor			Class P			Class R			Class R6
Short Duration Government		0.82	%		1.22	%		0.48	%		—	%		—	%		0.98	%		0.57	%		0.47	%		—	%		0.47	%
Short Duration Income		0.79			1.19			0.45			—			—			—			0.54			0.44			1.04			0.45
Short-Term Conservative Income		0.46			—			0.21			0.46			0.30			—			0.30			0.20			—			0.20

185

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer Age: 70	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/ Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Kathryn A. Cassidy Age: 65	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Diana M. Daniels Age: 69	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003- 2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Roy W. Templin Age: 58	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 67	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

186

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 56	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	156	None

* Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2019.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2019, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 29 portfolios (19 of which offered shares to the public).

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

187

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 56	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 47	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017 and Principal Financial Officer since 2019)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹  Information is provided as of March 31, 2019.

² Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

188

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Short Duration and Government Fixed Income Funds Tax Information (Unaudited)

Pursuant to Section 871(k) of the Internal Revenue Code, the Inflation Protected Securities Fund designates $7,024,257 as interest-related dividends paid during the year ended March 31, 2019.

Pursuant to Section 871(k) of the Internal Revenue Code, the Short-Term Conservative Income Fund designates $131,271, as short-term capital gain dividends paid during the fiscal year ended March 31, 2019.

Pursuant to Section 852 of the Internal Revenue Code, the Short-Term Conservative Income Fund designates $65,635 or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended March 31, 2019.

189

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.38 trillion in assets under supervision as of March 31, 2019, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund⁴

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer,Chair Kathryn A. Cassidy Diana M. Daniels James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara,President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer, Treasurer Caroline L. Kraus,Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site atwww.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 will file Portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Economic and market forecasts presented herein reflect our judgment as of the date of this report and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of March 31, 2019 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 Institution or from Goldman Sachs & Co. LLC by calling(retail – 1-800-526-7384) (institutional – 1-800-621-2550).

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

© 2019 Goldman Sachs. All rights reserved. 165638-OTU-977784/SDFIAR-19

Goldman Sachs Funds

Annual Report	March 31, 2019
	Single Sector Fixed Income Funds
	Emerging Markets Debt
	High Yield
	High Yield Floating Rate
	Investment Grade Credit
	Local Emerging Markets Debt
	U.S. Mortgages

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800- 621-2550 for Institutional, Service, Separate Account Institutional, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, lease contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

Goldman Sachs Single Sector Fixed Income Funds

∎ EMERGING MARKETS DEBT

∎ HIGH YIELD

∎ HIGH YIELD FLOATING RATE

∎ INVESTMENT GRADE CREDIT

∎ LOCAL EMERGING MARKETS DEBT

∎ U.S. MORTGAGES

TABLE OF CONTENTS
Investment Process	1
Market Review	2
Portfolio Management Discussions and Performance Summaries	5
Index Definitions	46
Schedules of Investments	47
Financial Statements	109
Financial Highlights	116
Emerging Markets Debt	116
High Yield	122
High Yield Floating Rate	130
Investment Grade Credit	137
Local Emerging Markets Debt	143
U.S. Mortgages	149
Notes to the Financial Statements	155
Report of Independent Registered Public Accounting Firm	188
Other Information	189

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS SINGLE SECTOR 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:

∎ Assess relative value among securities and sectors

∎ Leverage the vast resources of GSAM in selecting securities for each portfolio

∎ 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

Fixed Income portfolios that:

∎ Include domestic and global investment options, income opportunities, and access to areas of specialization such as high yield

∎ Capitalize on GSAM’s industry-renowned credit research capabilities

∎ Use a risk-managed framework to seek total return, recognizing the importance of investors’ capital accumulation goals as well as their need for income

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

1

MARKET REVIEW

Goldman Sachs Single Sector Fixed Income Funds

Market Review

During the 12 months ended March 31, 2019 (the “Reporting Period”), the performance of the fixed income markets was most influenced by economic data, central bank monetary policy and geopolitics.

In the second quarter of 2018, when the Reporting Period began, spread, or non-government bond, sectors broadly weakened amid increased U.S.-China trade tensions, political events in emerging markets countries and Italy, higher U.S. interest rates and a stronger U.S. dollar. U.S. high yield corporate bonds, however, generated a small positive return. Rising oil prices were a tailwind for the broader high yield corporate bond sector, as many energy issuers are high yield rated. In June 2018, the U.S. Federal Reserve (“Fed”) raised short-term interest rates, the seventh rate hike since December 2015. The Fed’s dot plot pointed to two more interest rate increases in 2018, implying a total of four rate hikes in the calendar year. (The “dot plot” shows interest rate projections of the members of the Federal Open Market Committee.) U.S. economic growth strengthened, with the Gross Domestic Product expanding at an annualized rate of 4.2% in the second calendar quarter. In contrast, economic growth softened in the Eurozone, Japan and China. Meanwhile, the European Central Bank (“ECB”) announced plans to taper its quantitative easing program beginning September 2018. The U.S. dollar appreciated relative to many major currencies during the second quarter of 2018.

Spread sectors performed well during the third quarter of 2018, as the global economy — led by particularly strong economic growth in the U.S. — expanded. However, some major economies, including those of the Eurozone, the U.K. and China, continued to exhibit a gradual softening trend. Emerging markets debt broadly posted gains, with strength in July and September 2018 outweighing pronounced August weakness. High yield corporate bonds also advanced, recording their best quarterly performance since the first quarter of 2017. In September 2018, the Fed delivered the eighth interest rate hike of its current tightening cycle, with its dot plot pointing to another increase by calendar year-end and three more during 2019. Fed Chair Jerome Powell delivered an upbeat assessment of the U.S. economy, which supported market expectations for these additional Fed rate hikes in 2019. U.S. Treasury yields rose in response, followed in turn by interest rates in other developed markets countries. In the third calendar quarter, the U.S. dollar appreciated modestly relative to many major currencies.

During the fourth quarter of 2018, investor concerns about slowing global economic growth momentum as well as tighter financial conditions, mainly in the U.S., weighed on spread sector performance. In particular, U.S. corporate bonds experienced weakness, as credit spreads, or yield differentials versus duration-equivalent U.S. Treasury securities, widened significantly. U.S. Treasury yields fell as investors grew fearful about the possible end of the global economic cycle, which led in turn to diminished expectations for further Fed interest rate hikes. In December 2018, Fed policymakers raised short-term interest rates, much as the market had expected, but lowered their projection for 2019 monetary policy tightening from three rate hikes to two. U.S. economic activity data — as reflected by Purchasing Managers’ Index and Institute for Supply Management surveys — remained in expansionary territory during the fourth calendar quarter but moderated from cycle highs. Headline inflation pressures eased as crude oil prices declined. In the fourth quarter of 2018, the U.S. dollar continued to appreciate versus many major currencies.

2

MARKET REVIEW

In the first quarter of 2019, spread sectors broadly posted gains, as dovish pivots by global central banks boosted investor sentiment and helped fuel rallies in both sovereign government bonds and riskier segments of the fixed income market. (Dovish tends to suggest lower interest rates; opposite of hawkish.) Notably, high yield corporate bonds recorded their strongest start to a calendar year on record. The Fed kept its monetary policy unchanged during the first calendar quarter, with its dot plot projecting no interest rate hikes at all during 2019. Meanwhile, the ECB extended its forward guidance, noting that its interest rates would remain unchanged through 2019. Other developed markets’ central banks — namely, those of Australia, New Zealand, Switzerland and, to some degree, the U.K. — also turned dovish. The U.S. economy continued to benefit from strength in household consumption, which was underpinned by a healthy labor market. During the first quarter of 2019, the U.S. dollar strengthened relative to many major currencies.

For the Reporting Period overall, spread sector performance was mixed. High yield corporate bonds outperformed U.S. Treasury securities, with commercial mortgage-backed securities and asset-backed securities also outpacing U.S. Treasury securities, though to a lesser extent. Sovereign emerging markets debt underperformed U.S. Treasury securities, followed at some distance by investment grade corporate bonds, agency securities and mortgage-backed securities. During the Reporting Period, the U.S. Treasury yield curve, or spectrum of interest rates based on maturities of varying lengths, flattened, as yields on maturities of two years and less rose and yields on longer-term maturities fell. (A flattening yield curve is one wherein the differential in yields between longer-term and shorter-term maturities narrows.) The yield on the bellwether 10-year U.S. Treasury fell approximately 33 basis points to end the Reporting Period at 2.41%. Toward the end of the Reporting Period, the U.S. Treasury yield curve experienced a partial inversion. More specifically, the spread between the yields on three-month and 10-year U.S. Treasury securities inverted for the first time since 2007, meaning three-month yields were higher than those of 10-year U.S. Treasury securities. (A full inversion occurs when shorter-term yields exceed all longer-term yields.)

Looking Ahead

At the end of the Reporting Period, we believed the global economy had transitioned from a period of above-trend growth and rapid absorption of slack, particularly in the labor markets, to a period of near-trend growth with slower absorption of slack. In our opinion, global economic growth is likely to stabilize in the months ahead around levels seen at the end of the Reporting Period. Three key factors underpin our view. First, the Fed has pivoted from steady interest rate hikes to a dovish policy stance, and other developed markets central banks have followed suit. Second, China has taken a series of policy support steps to curtail the downward momentum in its economy, helping to ease external pressures on other Asian countries as well as on Europe. Third, the global trade backdrop has evolved from deteriorating to improving, with many investors anticipating a U.S.-China trade deal in the near term. Overall, we consider the short-term risk of recession to be low, should consumers broadly continue to drive economic growth, supported by healthy household balance sheets and strong labor markets.

Regarding global inflation, we think 2019 will likely be rather uneventful. The risks, we believe, are tilted toward softer inflation, as evidenced by easing pressures across core consumer prices, survey and market-based measures, producer prices, commodities, labor market slack and growth of money supply and credit.

3

MARKET REVIEW

As for the partial inversion of the U.S. Treasury yield curve, it is considered by some market participants to be a signal of an impending recession. However, we believe a comparison of the inversion that occurred during the Reporting Period with historical instances is flawed, given that short-term interest rates remain low relative to those during prior inversions. Furthermore, term premiums are lower following the Fed’s quantitative easing, and inflation expectations are comparatively more contained. (Term premium is the compensation that investors generally receive for the added risk of owning longer-term bonds.) In our view, both of these factors can result in lower yields across the entire U.S. Treasury yield curve.

4

FUND RESULTS

Goldman Sachs Emerging Markets Debt Fund

Investment Objective

The Fund seeks a high level of total return consisting of income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Emerging Markets Debt Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares generated average annual total returns, without sales charges, of 0.77%, -0.06%, 1.04%, 0.95% and 1.05%, respectively. These returns compare to the 4.21% average annual total return of the Fund’s benchmark, the J.P. Morgan Emerging Market Bond Index (EMBI^SM) Global Diversified Index (Gross, USD, Unhedged) (the “Index”), during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 1.46% compared to the 4.86% cumulative total return of the Index.

Q What economic and market factors most influenced emerging markets debt as a whole during the Reporting Period?

A Emerging markets debt overall was influenced most during the Reporting Period by slowing global economic growth, central bank monetary policy action, commodity price movements, U.S. dollar strength and geopolitical events.

External emerging markets debt, as represented by the Index, recorded a return of 4.21% during the Reporting Period. Sovereign spreads (that is, the difference in yields between external emerging markets debt and U.S. Treasuries) widened by approximately 48 basis points and closed the Reporting Period 351 basis points wider than U.S. Treasury securities. (A basis point is 1/100th of a percentage point.) The top performing emerging external debt markets in the Index (in U.S. dollar terms¹) were Pakistan (+10.36%), Peru (+10.28%) and Angola (+9.72%). The worst performing

¹  All regional and market returns are in U.S. dollar terms (unless otherwise specified), are based on country-specific stock market indices and reflect the reinvestment of any dividends if applicable.

countries were Zambia (-21.81%), Argentina (-12.27%) and Venezuela (-6.95%).

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A During the Reporting Period, the Fund was hurt by our active currency management (which is primarily accomplished through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). In addition, issue selection within sovereign emerging markets debt, emerging markets corporate debt/quasi-sovereign bonds and local emerging markets debt detracted from relative performance. On the positive side, the Fund’s U.S. duration positioning strategy added to results. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.) The Fund’s sector positioning overall did not have material impact on relative returns during the Reporting Period.

Q What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

A A long position in the Argentinian peso (accomplished through the use of forward foreign currency exchange contracts) was the largest detractor from the Fund’s relative performance during the Reporting Period. Argentinian assets were pressured, especially in the second quarter of 2018, by market concerns about its government’s ability to implement fiscal consolidation given the sharp depreciation of the Argentinian peso and the currency’s continued fragility. (Fiscal consolidation is a reduction in a country’s underlying fiscal deficit.) Softening investor sentiment about emerging markets assets between March and December 2018 further eroded market confidence in Argentina. As a result, the Fund was also hurt by an overweight position relative to the Index

5

FUND RESULTS

in Argentinian external bonds. In addition, an overweight position in Turkish sovereign external bonds detracted from the Fund’s relative returns during the Reporting Period. Independent ratings agency Moody’s Investors Service downgraded Turkey’s long-term foreign currency sovereign credit rating on the back of continued deterioration in institutional strength, as evidenced by erosion in the effectiveness of monetary policy, delays in implementing core structural economic reforms, and the country’s increasing susceptibility to external shocks. Subsequently, independent ratings agency Standard & Poor’s Global Ratings downgraded Turkey’s long-term foreign currency sovereign credit rating, and Moody’s Investors Service further downgraded that credit rating, citing Turkish lira depreciation and lack of an appropriate policy response. Further detracting from the Fund’s performance during the Reporting Period was an overweight compared to the Index in the quasi-sovereign bonds of Venezuela’s state-owned oil and natural gas company Petroleos de Venezuela. Furthermore, the Fund was hampered by its long beta exposure (that is, the Fund’s broad overweight versus the Index) to sovereign emerging markets debt, as riskier asset classes broadly sold off in late 2018.

Offsetting these negative results was the Fund’s underweight compared to the Index in Lebanese external bonds, which contributed positively during the Reporting Period. Additionally, our decision to shift the Fund from a long position in the Chinese yuan to a short position (accomplished through the use of forward foreign currency exchange contracts) proved advantageous. The Fund also benefited from its active positioning in Brazil’s local interest rates amid that country’s elections.

Q Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period?

A The Fund’s U.S. duration positioning strategy added to returns. Most of the out performance occurred between March and September 2018 when interest rates rose. Subsequently, we scaled back the Fund’s short duration position, which helped mitigate losses when interest rates subsequently fell. (The U.S. duration positioning strategy is primarily implemented via interest rate swaps and/or futures.) The Fund’s U.S. yield curve positioning strategy did not have a meaningful impact on relative performance during the Reporting Period. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Fund invested in U.S. Treasury futures, Eurodollar futures, yield curve options, currency forwards, forward foreign currency exchange contracts, interest rate swaps, credit default swaps, structured notes and reverse repurchase agreements. U.S. Treasury futures were used to manage U.S. interest rate duration. Eurodollar futures and yield curve options were used to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) Currency forwards and forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Currency swaps were used to express our relative value views on particular currencies as well as our views on the direction of a country’s interest rates. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Total returns swaps were used in place of buying a local currency denominated bond when a particular market was otherwise inaccessible or as a more efficient means of gaining access to a local market. Credit default swaps and structured notes were used to implement specific credit-related investment strategies. Repurchase agreements and reverse repurchase agreements were used to manage the Fund’s cash balances. Derivatives may be used in combination with cash securities to implement our views in the Fund.

During the Reporting Period, the Fund’s use of U.S. Treasury futures and Eurodollar futures had a positive impact on Fund returns. Collectively, the use of forward foreign currency exchange contracts had a positive impact on performance. Although the Fund’s use of interest rate swaps to express our views on Brazilian and Mexican local interest rates contributed positively to performance, this was offset by the use of interest rate swaps to express our views on South African local interest rates, which had a negative effect on the Fund’s returns. The other derivatives used by the Fund had a neutral impact overall on performance during the Reporting Period.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A We initiated exposure to Qatari external bonds after J.P. Morgan announced in June 2018 that it was considering including the external bonds of Gulf Cooperation Council

6

FUND RESULTS

(“GCC”) countries in the Index. (The GCC is a regional intergovernmental political and economic alliance consisting of six Middle Eastern countries — Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Bahrain and Oman.) Also during the Reporting Period, we reduced the size of the Fund’s underweight positions relative to the Index in Polish and Colombian external bonds. We shifted the Fund from an underweight position in Ukrainian external bonds to an overweight position. We increased the Fund’s underweight in Mexican external bonds during the Reporting Period. Additionally, we trimmed the Fund’s overweight positions in South African, Indonesian and Turkish external bonds. Within currencies, we shifted the Fund from a short position in the Taiwanese dollar to a long position. We increased the Fund’s long position in the Czech Republic koruna. Furthermore, we reduced the Fund’s long positions in the Indonesian rupiah, Argentinian peso, South African rand and Chinese yuan during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund held overweight positions relative to the Index in the external bonds of Indonesia, Argentina, Turkey and Sri Lanka. It was underweight the external bonds of China, the Philippines, Panama and Kazakhstan. In terms of currencies, the Fund had long positions in the Taiwanese dollar, Indian rupee, South Korean won and Brazilian real. It had short positions in the euro, Romanian leu and Philippine peso at the end of the Reporting Period.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we believed that macro factors were supportive of emerging markets debt broadly. Investor concerns about higher U.S. interest rates, with the associated risks of increased funding costs for the emerging markets, had somewhat abated, given that the U.S. Federal Reserve (“Fed”) had moved to a neutral stance on interest rates and because of the positive fiscal action taken by Chinese policymakers. In addition, while investors’ focus on political developments within the emerging markets was intense during 2018 and U.S.-China trade tensions could potentially persist, we thought the 2019 election calendar indicated that event risk in the emerging markets could decrease in the near term.

As for economic fundamentals, emerging markets countries remained resilient at the end of the Reporting Period and their current account and fiscal balances were in much better shape than during the “taper tantrum,” in our view. (Taper tantrum refers to the 2013 surge in bond yields and related drop in bond prices that resulted when investors pulled assets out of the fixed income market in response to the Fed’s use of tapering to gradually reduce the amount of money it was putting into the U.S. economy.) During the Reporting Period, especially in the summer of 2018, weakness in emerging markets debt was centered around country-specific stories in Argentina and Turkey. In early 2019, these key vulnerabilities began to decrease. Turkey and Argentina started showing signs of macroeconomic adjustments, with the trade balance in both economies moving toward equilibrium, thereby reducing these countries’ vulnerability to external conditions.

At the end of the Reporting Period, we believed emerging markets debt had considerable value, especially after the 2018 sell-off, when compared to non-government bond sectors. Given what we saw as attractive valuations and the market’s subdued supply expectations for 2019, market technicals (i.e., supply/demand) appeared to be supportive of the asset class, in our view. Furthermore, we believed the longer-term case for holding emerging markets assets — strong economic growth potential, low levels of debt, overall balance sheet resilience, corporate earnings growth potential and maturing institutional investor support — remained intact.

Among countries at the end of the Reporting Period, we had constructive views on Argentina, United Arab Emirates, Turkey and Indonesia. Regarding Argentina, given how wide sovereign spreads were during the first quarter of 2019, we believed the market was pricing in a significant risk premium for Argentina relative to our views on the credit. In our opinion, recent fiscal and monetary moves by policymakers should support Argentina, and we expect sovereign spreads to tighten meaningfully in the near term. That said, while we plan to monitor Argentina’s 2019 elections, at the end of the Reporting Period, we considered sovereign spreads attractive inclusive of any election risk. As for United Arab Emirates, we held positive views at the end of the Reporting Period, expressed through the Fund’s investments in Abu Dhabi external debt and the quasi-sovereign debt of Abu Dhabi National Oil Company. Both have strong fundamentals given their AA ratings and are likely to continue benefiting, in our view, from supportive market technicals, as the United Arab Emirates was added to the Index in January 2019. As for

7

FUND RESULTS

Turkey, the Fund maintained an overweight position relative to the Index in Turkish external bonds at the end of the Reporting Period. Although Turkey has both current account and political challenges, its debt dynamics have improved and are robust compared to other emerging markets economies, in our opinion. At 31%, Turkey’s debt-to-Gross Domestic Product (“GDP”) ratio is among the strongest in the emerging markets, and we believe it is consistent with an A-rated credit. Furthermore, the country’s low fiscal deficit of less than 3% of GDP suggests to us that the Turkish government could absorb any losses that may arise from contagion in the corporate sector. Finally, in Asia, the Fund’s largest overweight versus the Index was in Indonesia at the end of the Reporting Period. The country has a modest debt-to-GDP ratio of 27%, with debt issued in both hard and local currency, which reduces funding pressures from foreign currency movements, in our opinion. Indonesia’s disciplined fiscal policy continues to support our positive view on the credit.

8

FUND BASICS

Emerging Markets Debt Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			J.P. Morgan EMBISM Global Diversified Index Gross, USD, Unhedged2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		0.77	%		4.21	%		4.07	%		3.93	%
Class C		-0.06			4.21			3.52			3.37
Institutional		1.04			4.21			4.60			4.45
Investor		0.95			4.21			4.51			4.36
Class R6		1.05			4.21			4.61			4.46
April 20, 2018–March 31, 2019
Class P		1.46	%		4.86	%		4.61	%		4.47	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The J.P. Morgan Emerging Markets Bond Index (EMBI^SM) Global Diversified Index (Gross, USD, Unhedged) is an unmanaged index of debt instruments of 50 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the30-Day Standardized Subsidized Yieldis 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. The30-Day Standardized Unsubsidized Yielddoes 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.

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.

9

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-3.78	%		3.29	%		8.23	%		7.58	%		8/29/03
Class C		-1.06			3.46			7.94			5.50			9/29/06
Institutional		1.04			4.59			9.09			8.28			8/29/03
Investor		0.95			4.50			N/A			5.46			7/30/10
Class P		N/A			N/A			N/A			1.46			4/20/18
Class R6		1.05			N/A			N/A			5.10			7/31/15

⁴ 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 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). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Investor, Class P and Class R6 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 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.19	%		1.24	%
Class C		1.94			1.99
Institutional		0.85			0.90
Investor		0.94			0.99
Class P		0.84			0.89
Class R6		0.84			0.89

⁵ 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, 2019, 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.

10

FUND BASICS

TOP TEN COUNTRY ALLOCATION6
	Percentage of Net Assets
	as of 3/31/19			as of 3/31/18
Indonesia		7.4	%		9.1	%
Turkey		6.0			6.6
Argentina		5.1			8.0
Sri Lanka		4.6			2.2
Mexico		4.2			4.8
Ukraine		3.9			1.2
Nigeria		3.6			2.3
United Arab Emirates		3.0			2.9
Venezuela		2.9			3.0
Ecuador		2.9			4.2
Other		48.4			48.9

⁶  The percentage shown for each investment country reflects the value of investments in that country as a percentage of net assets. The table does not include investments in other investment companies of 0.9% as of 3/31/19 and 1.8% as of 3/31/18. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

11

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the J.P. Morgan EMBI^SM Global Diversified Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Investor, Class P, and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Emerging Markets Debt Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 29, 2003)
Excluding sales charges	0.77%	4.24%	8.72%	7.90%
Including sales charges	-3.78%	3.29%	8.23%	7.58%
Class C (Commenced September 29, 2006)
Excluding contingent deferred sales charges	-0.06%	3.46%	7.94%	5.50%
Including contingent deferred sales charges	-1.06%	3.46%	7.94%	5.50%
Institutional Class (Commenced August 29, 2003)	1.04%	4.59%	9.09%	8.28%
Investor (Commenced July 30, 2010)	0.95%	4.50%	N/A	5.46%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	1.46%*
Class R6 (Commenced July 31, 2015)	1.05%	N/A	N/A	5.10%

* Total return for periods of less than one year represents cumulative total return.

12

FUND RESULTS

Goldman Sachs High Yield Fund

Investment Objective

The Fund seeks a high level of current income and may also consider the potential for capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Service, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 5.20%, 4.41%, 5.50%, 4.97%, 5.46%, 4.93% and 5.51%, respectively. These returns compare to the 5.93% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. High-Yield Index 2% Issuer Capped Bond Index (the “Index”), during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 4.00% compared to the 5.25% cumulative total return of the Index.

Q What economic and market factors most influenced the high yield corporate bond market as a whole during the Reporting Period?

A During the second quarter of 2018, when the Reporting Period began, high yield corporate bonds produced positive returns in spite of an increase in “risk-off” market sentiment, or reduced risk appetite. Light primary market issuance — the lowest quarterly volume since the fourth quarter of 2016 — may have contributed to the gains. High yield corporate bonds continued to advance during the third calendar quarter, posting their best quarterly results since the first quarter of 2017. The high yield corporate bond market benefited from easing pressure on emerging markets currencies, positive trade developments (with the exception of China), rising crude oil prices, the slowest pace of primary market issuance since 2009 and the continued low number of defaults. In the fourth quarter of 2018, high yield corporate bonds experienced a sharp sell-off. The weakness was fueled by investor perceptions of slowing global economic growth alongside sharp declines in equity and crude oil prices as well as by investment outflows from high yield corporate bond mutual funds. During the first quarter of 2019, high yield corporate bonds notched strong gains, driven by accommodative central bank monetary policy, better than market expected corporate earnings, improved investor risk appetite overall, heightened market expectations for a U.S.-China trade deal, increased new issuance and investment inflows.

For the Reporting Period overall, the high yield corporate bond market recorded a positive return, with C-rated and D-rated credits significantly outperforming higher quality B-rated credits. Option adjusted spreads widened approximately 37 basis points, ending the Reporting Period at 391 basis points. (The option adjusted spread is a measurement tool for evaluating price differences between similar products with different embedded options. A basis point is 1/100th of a percentage point.) High yield corporate bonds outperformed high yield loans, as represented by the Credit Suisse Leveraged Loan Index, during the Reporting Period.

In terms of issuance, approximately $178.9 billion of new high yield corporate bonds were priced during the Reporting Period, with refinancing the primary use of the proceeds. Regarding demand, high yield corporate bond mutual funds experienced approximately $26.3 billion of investment outflows during the first nine months of the Reporting Period. Investment flows turned positive in the final three months, with $12.2 billion coming into high yield corporate bond mutual funds during the first quarter of 2019.¹

The default rate for high yield corporate bonds fell during the Reporting Period, remaining below the historical average. The 12-month par-weighted default high yield corporate bond rate through March 31, 2019 was 0.94%.²

¹  Source: J.P. Morgan, Bloomberg, Lipper FMI.

²  Source: J.P. Morgan.

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FUND RESULTS

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A During the Reporting Period, the Fund’s sector positioning detracted from relative performance. On the positive side, individual issue selection, especially of B-rated credits, bolstered relative returns. In addition, the Fund’s duration and yield curve positioning strategies contributed positively. (Duration is a measure of a portfolio’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

Q What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

A Within its sector positioning, the Fund was hampered during the Reporting Period by underweights versus the Index in retail and apparel and in health care. An overweight position in energy and exposure to non-cellular telecommunications further dampened relative results. Overall, the Fund’s exposure to emerging markets corporate bonds detracted from relative performance as well. These losses were offset somewhat by sector overweights in cable and satellite TV and in cellular telecommunications, which added to the Fund’s returns. Underweight positions in the autos and consumer staples sectors also enhanced relative performance. Overall, the Fund’s long market beta positioning (that is, the Fund’s broad overweight relative to the Index in riskier securities) added to returns during the Reporting Period.

From an individual issue selection perspective, the Fund benefited from an overweight position compared to the Index in Linn Energy, an oil and natural gas exploration and production company. The Fund’s overweights in Sprint and Italy-based Wind Tre — both telecommunications companies — also added to relative performance. Detracting from relative returns were overweight positions in two other telecommunications companies, Italy-based Telecom Italia and Jamaica-based Digicel. The Fund’s overweight in Blue Ridge Mountain Resources, a petroleum and natural gas exploration and production company, was also a drag on returns.

Q Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period?

A During the Reporting Period, the Fund’s duration positioning strategy added to relative performance. Specifically, the Fund’s short duration position compared to that of the Index contributed positively as interest rates rose in the first part of the Reporting Period. (The duration positioning strategy is primarily implemented via interest rate swaps and/or futures.) In addition, our yield curve positioning strategy, wherein the Fund was positioned in the five- to seven-year segment of the U.S. Treasury yield curve, bolstered returns during the Reporting Period.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Fund used total return swaps as well as a specialized index of credit default swaps (“CDX”) to manage the beta of the Fund on an active basis. (Beta refers to the component of returns that is attributable to market risk exposure, rather than manager skill.) CDX was also used as a cost-efficient instrument to help manage the Fund’s cash position. We employ CDX contracts as a way to gain credit exposure by being short credit protection, when the Fund experiences significant cash inflows. The use of total return swaps and CDX had a positive impact on the Fund’s performance during the Reporting Period. In addition, the Fund employed U.S. Treasury futures to facilitate specific duration and yield curve strategies. The use of U.S. Treasury futures had a positive impact on the Fund’s performance. To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed Eurodollar futures, which collectively had a neutral impact on the Fund’s performance during the Reporting Period. (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) Finally, reverse repurchase agreements (“repos”) were used in a effort to generate incremental income for the Fund, which had a neutral impact on performance during the Reporting Period. Derivatives may be used in combination with cash securities to implement our views in the Fund.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A During the first half of the Reporting Period, we increased the Fund’s long market beta positioning, as fundamentals remained strong and market technicals (i.e., supply/demand dynamics) had become increasingly supportive, in our view. We moderated this positioning toward the end of the Reporting Period because option adjusted spreads had tightened. From a market segment perspective, during the first half of the Reporting Period, we shifted the Fund from a rather neutral position versus the Index in energy to an overweight position. In the second half of the Reporting Period, we increased the Fund’s exposure to commodity-oriented sectors overall. Also during the Reporting Period,

14

FUND RESULTS

we moved the Fund from an underweight relative to the Index in consumer products to an overweight position. Finally, we increased the Fund’s overweight in cable and satellite TV and its underweight in retail and apparel during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund maintained its long market beta positioning. It held select positions in bank loans and CCC-rated high yield corporate bonds. It had only modest exposure to BB-rated high yield corporate bonds, as we considered them expensive and thought they would be particularly vulnerable in a market sell-off. The Fund maintained an overweight versus the Index in the communications sector due to what we viewed as robust fundamentals and non-cyclical demand for data. It was underweight the retail sector, which faces secular challenges due to shifting consumer preferences, in our view. In addition, the Fund had a small underweight in consumer-oriented sectors. That said, near the end of the Reporting Period, we added exposure to consumer products and services, as we had a positive view on employment, consumer sentiment and the health of household balance sheets.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we had a positive outlook on high yield corporate bonds, because we believe they are underpinned by strong corporate fundamentals and a supportive macro backdrop. Accordingly, we maintained the Fund’s moderately long market beta positioning. In our view, the risk of rising interest rates, which were a headwind for high yield corporate bonds during most of 2018, are likely to be subdued in the near term, given softer U.S. economic growth and the dovish pivot by the U.S. Federal Reserve (the “Fed”). (Dovish tends to suggest lower interest rates; opposite of hawkish.) Market technicals have also improved, in our opinion, as the asset class saw strong investment inflows during the first quarter of 2019 following significant investment outflows during the 2018 calendar year. Other supportive factors for high yield corporate bonds, in our opinion, include the potential drop in new issuance during 2019 and the possibility of further investment inflows.

At the end of the Reporting Period, we believed meaningful overweights and underweights on a sector, industry and single-name basis as well as individual security selection — rather than risk exposure — were key to potentially outperforming the Index in the near term. The Fund was overweight relative to the Index in cable and cellular issuers, which we believe can benefit from rising demand for data, increasing Internet access and greater device connectedness. The Fund was also overweight industrial manufacturing, specifically the metals and mining and chemicals industries. In our opinion, metals and mining companies generate steady free cash flow and are actively reducing debt. As for chemicals companies, they have strong fundamentals and relatively low levels of debt, in our view. The Fund was underweight compared to the Index in traditional retailers at the end of the Reporting Period. Overall, we were focusing Fund purchases on intermediate-term maturities when the Reporting Period concluded, though we maintained the Fund’s exposure to longer-term maturities. We were also seeking carry and roll-down opportunities. (Carry involves borrowing at a low interest rate and investing in an asset that provides a higher rate of return. Roll-down opportunities arise when the value of a bond converges to par as maturity is approached.)

15

FUND BASICS

High Yield Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		5.20	%		5.93	%		4.92	%		4.81	%
Class C		4.41			5.93			4.41			4.29
Institutional		5.50			5.93			5.44			5.38
Service		4.97			5.93			4.93			4.88
Investor		5.46			5.93	��		5.40			5.29
Class R		4.93			5.93			4.91			4.79
Class R6		5.51			5.93			5.45			5.39
April 20, 2018–March 31, 2019
Class P		4.00	%		5.25	%		5.45	%		5.39	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index, an unmanaged index, covers the universe of U.S. dollar denominated, non-convertible, fixed rate, non-investment grade debt. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the30-Day Standardized Subsidized Yieldis 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. The30-Day Standardized Unsubsidized Yielddoes 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.

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.

16

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		0.44	%		2.12	%		8.90	%		5.81	%	8/1/97
Class C		3.37			2.27			8.58			5.26		8/15/97
Institutional		5.50			3.38			9.75			6.41		8/1/97
Service		4.97			2.86			9.22			5.87		8/1/97
Investor		5.46			3.30			9.68			5.97		11/30/07
Class P		N/A			N/A			N/A			4.00		4/20/18
Class R		4.93			2.78			9.13			5.42		11/30/07
Class R6		5.51			N/A			N/A			4.41		7/31/15

⁴  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 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). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Service, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their 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.

The returns set forth in the table above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.02	%		1.09	%
Class C		1.77			1.84
Institutional		0.74			0.75
Service		1.24			1.25
Investor		0.77			0.84
Class P		0.73			0.74
Class R		1.27			1.34
Class R6		0.73			0.74

⁵  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

17

FUND BASICS

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, 2019, 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.

TOP TEN HOLDINGS AS OF 3/31/196
Company	% of Net Assets			Line of Business
Bausch Health Cos., Inc. (B-/B3)		1.3	%	Pharmaceuticals
Goldman Sachs Access High Yield Corporate Bond ETF		1.0		Exchange Traded Funds
Altice Financing SA (B+/B2)		0.9		Media
Scientific Games International, Inc. (B-/Caa1)		0.9		Entertainment
HCA, Inc. (BBB-/Baa3)		0.9		Healthcare Providers & Services
CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)		0.8		Media
Sprint Corp. (B/B3)		0.8		Telecommunication Services
Dell International LLC/EMC Corp. (BB/Ba2)		0.8		Computers
MGM Resorts International (BB-/Ba3)		0.7		Lodging
Sprint Corp. (B/B3)		0.7		Telecommunication Services

⁶  The top 10 holdings may not be representative of the Fund’s future investments.

TOP TEN INDUSTRY ALLOCATIONS7
	Percentage of Net Assets
	as of 3/31/19			as of 3/31/18
Media		9.8	%		10.4	%
Telecommunication Services		9.6			11.8
Oil Field Services		9.5			7.9
Healthcare Providers & Services		5.7			4.9
Diversified Financial Services		3.7			2.4
Pipelines		3.3			4.3
Pharmaceuticals		3.0			2.3
Chemicals		3.0			2.8
Entertainment		3.0			2.0
Commercial Services		2.8			1.5
Other		41.4			46.3

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investment companies and exchange traded funds of 4.9% as of 3/31/19 and 2.3% as of 3/31/18. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

18

GOLDMAN SACHS HIGH YIELD FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Service, Investor, Class P, Class R, and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

High Yield Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced August 1, 1997)
Excluding sales charges	5.20%	3.06%	9.40%	6.03%
Including sales charges	0.44%	2.12%	8.90%	5.81%
Class C (Commenced August 15, 1997)
Excluding contingent deferred sales charges	4.41%	2.27%	8.58%	5.26%
Including contingent deferred sales charges	3.37%	2.27%	8.58%	5.26%
Institutional Class (Commenced August 1, 1997)	5.50%	3.38%	9.75%	6.41%
Service Class (Commenced August 1, 1997)	4.97%	2.86%	9.22%	5.87%
Investor (Commenced November 30, 2007)	5.46%	3.30%	9.68%	5.97%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	4.00%*
Class R (Commenced November 30, 2007)	4.93%	2.78%	9.13%	5.42%
Class R6 (Commenced July 31, 2015)	5.51%	N/A	N/A	4.41%

* Total return for periods of less than one year represents cumulative total return.

19

FUND RESULTS

Goldman Sachs High Yield Floating Rate Fund

Investment Objective

The Fund seeks a high level of current income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Floating Rate Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor, Class R and Class R6 Shares generated average annual total returns, without sales charges, of 1.57%, 0.81%, 1.81%, 1.83%, 1.31% and 1.82%, respectively. These returns compare to the 3.33% average annual total return of the Credit Suisse Leveraged Loan Index (the “Index”) during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 1.32% compared to the 2.88% cumulative total return of the Index.

Q What economic and market factors most influenced the high yield floating rate loan market as a whole during the Reporting Period?

A High yield loans recorded a small gain during the second quarter of 2018, when the Reporting Period began, despite escalating trade tensions and equity market volatility. During the third calendar quarter, high yield loans generated a positive return amidst stronger than market expected corporate earnings, sluggish new issuance, supportive investment inflows and a benign default environment. In the fourth calendar quarter, high yield loans retreated, as global economic growth indicators slowed, equity and crude oil prices declined sharply, and high yield loan mutual funds experienced heavy investment outflows. During the first quarter of 2019, high yield loans advanced, recovering from their previous losses and posting additional gains. The rally was fueled by slowing investment outflows, growing corporate earnings and soft supply conditions.

For the Reporting Period overall, high yield loans produced positive returns. Higher quality loans outperformed, while lower quality loans, led by CCC-rated high yield loans, underperformed. High yield loan spreads (or yield differentials versus duration-equivalent U.S. Treasury securities) widened by 71 basis points, ending the Reporting Period at 467 basis points.¹ (A basis point is 1/100th of a percentage point.)

In terms of issuance, approximately $529 billion in new high yield loans were brought to market during the Reporting Period. As for demand, high yield loan mutual funds experienced investment outflows of approximately $19.7 billion.²

The default rate for high yield loans decreased during the Reporting Period. The 12-month par-weighted high yield loan default rate through March 30, 2019 was 1.0%, as compared to 2.52% through March 30, 2018.²

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A During the Reporting Period, sector positioning and individual issue selection within the high yield loan market detracted from relative performance. The Fund’s overall credit quality positioning compared to that of the Index more modestly limited relative returns.

Q What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

A In terms of its sector positioning, the Fund was hurt by its underweight positions versus the Index in retail and apparel and in media (cable and satellite TV). Conversely, it benefited from its overweight positions in technology and in

¹Source: Credit Suisse.

²Source: J.P. Morgan.

20

FUND RESULTS

metals and mining. An underweight in consumer services also added to relative performance.

Regarding individual issue selection, the Fund was hampered by overweight positions in Energy Solutions, which processes and disposes of nuclear material; 21st Century Oncology, a provider of radiation therapy and integrated cancer treatments; and Digicel, a Jamaica-based telecommunications company. On the positive side, the Fund was helped by overweight positions in Covia, a provider of mineral and engineered material products for industrial and energy companies; Crosby Worldwide, a manufacturer for rigging, lifting and material handling applications; and Noble Energy, a petroleum and natural gas exploration and production company.

In addition, the Fund’s underweight compared to the Index in BB-rated high yield loans detracted from relative performance during the Reporting Period. However, an overweight in European (ex-U.K.) high yield loans enhanced results. A modest allocation to high yield corporate bonds, which the Fund held for liquidity purposes, also contributed positively, as high yield corporate bonds outperformed high yield loans during the Reporting Period. The Fund’s cash position was a modest drag given that high yield loans recorded a positive return during the Reporting Period.

Q Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period?

A The Fund does not use duration or yield curve positioning as active management strategies within its investment process.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed forward foreign currency exchange contracts during the Reporting Period. The Fund also employed interest rate swaps and U.S. Treasury futures as cost-efficient instruments to provide us with greater precision and versatility in the management of duration. Interest rate swaps were only utilized in the Fund for the purpose of hedging duration, as the Fund does not take active duration and yield curve positions. Additionally, a specialized index of credit default swaps (“CDX”) was used to manage the beta of the Fund on an active basis. (Beta refers to the component of returns that is attributable to market risk exposure, rather than manager skill.) CDX was also utilized as a cost-efficient instrument to help manage the Fund’s cash position. We employ CDX contracts to gain credit exposure by being short credit protection, when the Fund experiences significant cash inflows. Derivatives may be used in combination with cash securities to implement our views in the Fund. Overall, the use of derivatives had a positive impact on the Fund’s performance during the Reporting Period.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A During the Reporting Period, we increased the Fund’s overweight relative to the Index in the technology sector. We decreased its overweight in non-cable media and its underweight in non-cellular telecommunications. We shifted the Fund from rather neutral positions to overweight positions in autos, building materials, and leisure and restaurants. In addition, we moved the Fund from relatively neutral positions to underweight positions in health care, cable and satellite TV media, and food/beverage/tobacco. Finally, we reduced the Fund’s cash position during Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight relative to the Index in the broad communications sector. It was also overweight building materials and non-cable media. The Fund was underweight compared to the Index in consumer services, health care, and cable and satellite TV media at the end of the Reporting Period.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we believed the underperformance of high yield loans relative to other fixed income assets during the Reporting Period overall had made their valuations attractive. In addition, because the yield differentials between high yield loans and other fixed income assets were at their tightest in a decade at the end of the Reporting Period, we thought high yield loans offered investors the opportunity to move up the capital structure without giving up significant yield. We also believed the market was overpricing the potential impact on yields of the U.S. Federal Reserve’s dovish stance at the end of the Reporting Period. (Dovish tends to suggest lower interest rates; opposite of hawkish.)

In the near term, we plan to focus on the technology, media and telecommunications sectors within the Fund. The Fund

21

FUND RESULTS

was overweight versus the Index in communications broadly at the end of the Reporting Period. Among defensive sectors, it was overweight packaging. Within cyclical sectors, the Fund held an overweight position in building materials. Additionally, at the end of the Reporting Period, the Fund was underweight what we consider secularly challenged sectors, such as retail. Overall, we believed the issuers of the Fund’s high yield loan holdings were strong and would be supported by sector-specific trends, such as demand for data, which is a function of the rise in device connectedness. Going forward, we intend to remain vigilant about issuer-friendly new issuance, given that more loan-only and covenant-lite deals were coming to market. (Both of these types of deals have fewer protections for investors. Covenant-lite loans, in particular, are a type of financing that is issued with fewer restrictions on the borrower and fewer protections for the lender.)

22

FUND BASICS

High Yield Floating Rate Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			Credit Suisse Leveraged Loan Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		1.57	%		3.33	%		5.12	%		5.12	%
Class C		0.81			3.33			4.48			4.48
Institutional		1.81			3.33			5.58			5.58
Investor		1.83			3.33			5.49			5.49
Class R		1.31			3.33			4.98			4.98
Class R6		1.82			3.33			5.59			5.59
April 20, 2018–March 31, 2019
Class P		1.32	%		2.88	%		5.60	%		5.59	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund(ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Credit Suisse Leveraged Loan Index is an unmanaged index designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the30-Day Standardized Subsidized Yieldis 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. The30-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. The30-Day Standardized Unsubsidized Yielddoes 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, the30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Since Inception			Inception Date
Class A		-0.70	%		2.02	%		2.66	%	3/31/11
Class C		-0.20			1.69			2.18		3/31/11
Institutional		1.81			2.78			3.30		3/31/11
Investor		1.83			2.74			3.23		3/31/11
Class P		N/A			N/A			1.32		4/20/18
Class R		1.31			2.21			2.70		3/31/11
Class R6		1.82			N/A			2.24		11/30/17

⁴  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 calendarquarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 2.25% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Investor, Class P, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

23

FUND BASICS

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return andprincipal 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 orhigher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recentmonth-end returns.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.97	%		0.98	%
Class C		1.72			1.73
Institutional		0.63			0.64
Investor		0.72			0.73
Class P		0.62			0.63
Class R		1.22			1.23
Class R6		0.62			0.63

⁵  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, 2019, 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.

TOP TEN INDUSTRY ALLOCATIONS6
	Percentage of Net Assets
	as of 3/31/19			as of 3/31/18
Technology – Software/Services		13.6	%		8.2	%
Health Care – Services		8.0			8.0
Chemicals		3.9			2.6
Media – Broadcasting & Radio		3.7			4.3
Building Materials		3.6			1.4
Packaging		3.4			1.7
Diversified Manufacturing		3.2			1.4
Media – Cable		3.2			4.0
Gaming		3.2			1.0
Wirelines Telecommunications		3.0			0.1
Other		45.5			59.5

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies and exchange traded funds of 3.0% as of 3/31/19 and 11.6% as of 3/31/18. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

24

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on March 31, 2011 (commencement of operations) in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Credit Suisse Leveraged Loan Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Investor, Class P, Class R and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/ country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

High Yield Floating Rate Fund’s Lifetime Performance

Performance of a $1,000,000 investment, with distributions reinvested, from March 31, 2011 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Since Inception
Class A (Commenced March 31, 2011)
Excluding sales charges	1.57%	2.48%	2.95%
Including sales charges	-0.70%	2.02%	2.66%
Class C (Commenced March 31, 2011)
Excluding contingent deferred sales charges	0.81%	1.69%	2.18%
Including contingent deferred sales charges	-0.20%	1.69%	2.18%
Institutional Class (Commenced March 31, 2011)	1.81%	2.78%	3.30%
Investor (Commenced March 31, 2011)	1.83%	2.74%	3.23%
Class P (Commenced April 20, 2018)	N/A	N/A	1.32%*
Class R (Commenced March 31, 2011)	1.31%	2.21%	2.70%
Class R6 (Commenced November 30, 2017)	1.82%	N/A	2.24%

* Total return for periods of less than one year represents cumulative total return.

25

FUND RESULTS

Goldman Sachs Investment Grade Credit Fund

Investment Objective

The Fund seeks a high level of total return consisting of capital appreciation and income that exceeds the total return of the Bloomberg Barclays U.S. Credit Index.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Investment Grade Credit Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Investor, Separate Account Institutional and Class R6 Shares generated average annual total returns, without sales charges, of 5.14%, 5.50%, 5.28%, 5.39% and 5.39%, respectively. These returns compare to the 4.89% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Credit Index (the “Index”), during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 6.12% compared to the 5.84% cumulative total return of the Index.

Q What economic and market factors most influenced the investment grade credit market as a whole during the Reporting Period?

A In the second quarter of 2018, when the Reporting Period began, global investment grade credit spreads, or the difference in yields between global corporate bonds and duration-equivalent government securities, widened by 18 basis points to end the quarter at 125 basis points. (A basis point is 1/100th of a percentage point.) Investment grade corporate bonds weakened on investor concerns about protectionist trade policies and political uncertainty in Italy. That said, U.S. investment grade corporate bonds outperformed European investment grade bonds during the second calendar quarter. In the third quarter of 2018, global investment grade credit spreads tightened 13 basis points, ending the quarter at 112 basis points. Investment grade corporate bonds were supported by strength in corporate fundamentals, as evidenced by solid second quarter 2018 earnings releases as well as by improved investor risk sentiment early in the third calendar quarter. U.S. investment grade corporate bonds again outperformed European investment grade corporate bonds during the third calendar quarter. In the fourth quarter of 2018, global investment grade credit spreads widened 43 basis points to finish the quarter at 155 basis points. Investor concerns around the end of the global economic cycle, the decline in crude oil prices and the withdrawal of central bank liquidity weighed on investment grade corporate bonds overall. U.S. investment grade corporate bonds underperformed European investment grade corporate bonds during the fourth calendar quarter. In the first quarter of 2019, global investment grade credit spreads narrowed by 31 basis points, finishing the quarter at 124 basis points. The spread tightening was driven by higher crude oil prices, a dovish U.S. Federal Reserve (“Fed”), robust corporate earnings with some upside surprises, and mildly constructive U.S.-China trade developments. (Dovish tends to suggest lower interest rates; opposite of hawkish.) U.S. investment grade corporate bonds lagged European investment grade corporate bonds during the first calendar quarter.

In general, issuance declined between the beginning of the Reporting Period and the end of 2018 but increased during the first quarter of 2019. U.S. new issuance was approximately $339 billion, $272 billion and $202 billion during the second, third and fourth quarters of 2018, respectively. In the first quarter of 2019, U.S. new issuance was approximately $390 billion. As for European new issuance, it was approximately €120 billion, €129 billion and €78 billion in the second, third and fourth quarters of 2018, respectively. European new issuance was €166 billion during the first quarter of 2019. European new issuance includes U.K. new issuance.¹

¹  Source: Barclays.

26

FUND RESULTS

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A During the Reporting Period, individual issue selection among investment grade corporate bonds added to the Fund’s relative performance. Our cross-sector strategy also contributed positively. In our cross-sector strategy, we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Index. The Fund’s duration positioning strategy further enhanced relative returns during the Reporting Period. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.)

Q What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

A In terms of individual issue selection, the Fund’s investments in industrial investment grade corporate bonds added to relative performance during the Reporting Period. Additionally, the Fund benefited from our preference for intermediate-term maturities and from a bias toward lower credit quality issues. These gains were limited by our individual issue selection within financials, which detracted from relative returns. Selection of agency and government securities also dampened performance.

Regarding our cross-sector strategy, the Fund’s overweight in corporate credit broadly added to its relative returns, as fundamentals remained strong amid robust corporate earnings growth. Corporate credit was also supported through much of the Reporting Period by light new issuance.

Q Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period?

A Our duration positioning strategy added to relative performance, driven by the Fund’s short duration position relative to that of the Index. Most of the outperformance occurred between March and September 2018 when interest rates rose amid strong U.S. economic growth and several Fed interest rate hikes. (The duration positioning strategy is primarily implemented via interest rate swaps and/or futures. Derivatives are used in combination with cash securities to implement our views in the Fund.) The Fund’s yield curve positioning strategy did not have a meaningful impact on performance during the Reporting Period. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A As market conditions warranted during the Reporting Period, the Fund used U.S. Treasury futures, which had a positive impact on performance, to hedge interest rate exposure and facilitate specific duration and yield curve strategies. During the Reporting Period, the use of interest rate swaps detracted from performance, and the use of swaptions had a neutral impact on performance. The Fund also used credit default swaps to implement specific credit-related investment strategies and hedge corporate spread duration (the price sensitivity of a corporate bond to a 100 basis point change in its spread over the London Interbank Offered Rate (“LIBOR”)). The use of credit default swaps had a positive impact on performance during the Reporting Period. Finally, to hedge currency exposure, the Fund used forward foreign currency exchange contracts and Eurodollar futures. (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) During the Reporting Period, the use of forward foreign currency exchange contracts had a positive impact on the Fund’s performance, while the use of currency swaps and Eurodollar futures had a neutral impact.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A During the Reporting Period, we slightly increased the Fund’s overweight position relative to the Index in telecommunications companies. However, we modestly reduced the Fund’s overweight in investment grade corporate bonds overall, as credit spreads tightened toward the end of the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A Relative to the Index, the Fund was overweight at the end of the Reporting Period in pipeline, health care and telecommunications companies. It was underweight compared to the Index in media and autos at the end of the Reporting Period.

27

FUND RESULTS

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, the Fund was overweight corporate credit overall, with an overweight position in investment grade corporate bonds. Although global economic growth appeared to be moderating, we believed corporate earnings could rise in 2019, which should provide support for corporate credit. Within the financials sector, capital levels for banks remained close to multi-year highs at the end of the Reporting Period, which is supportive of the banking sector’s credit quality, in our view. Overall, we consider banks less exposed to event risk, given regulatory oversight. And at the end of the Reporting Period, we saw select opportunities among Yankee bank issuers, particularly those we believe have relatively lower political risk, as well as good asset and capital quality. At non-financial companies, debt levels were elevated but were in check, in our view. That said, while we think BBB-rated non-financial companies have continued to exercise financial discipline, we believe A-rated non-financial companies have shown less restraint, and we have noted continued investor migration out of these issuers. In the near term, we intend to maintain the Fund’s down-in-quality bias within non-financial investment grade corporate bonds, as we believe many BBB-rated companies may seek to improve their balance sheets andA-rated non-financial companies may continue to face credit ratings pressure. Among the challenges — BBB-rated bonds have become a growing percentage of the investment grade corporate bond market, and some observers have expressed concern about a sudden systemic wave of credit ratings downgrades. However, we anticipate only idiosyncratic downgrades and intend to continue to monitor non-financial companies’ progress toward reducing their debt.

At the end of the Reporting Period, we maintained a positive view on pipeline companies, as their management teams have acted to protect credit quality, in our opinion, by decreasing distributions, increasing asset sales and restraining capital spending. As a result, many have reduced their issuance needs. The Fund was underweight autos, as we believe the industry faces cyclical and secular challenges. Shifts toward electrification and autonomous driving have created new competitors while raising investment requirements for auto manufacturers.

Overall, at the end of the Reporting Period, we believed credit spreads were at levels that offered attractive opportunities for carry. (Carry means borrowing at a low interest rate and investing in an asset that provides a higher rate of return.) We also expected to take advantage of attractive roll-down opportunities in short-term maturities. (Roll-down opportunities arise when the value of a bond converges to par as maturity is approached.) Additionally, we planned to maintain the Fund’s underweight relative to the Index in long-term maturities.

In the months ahead, should political uncertainty remain high around the world as we anticipate, we intend to monitor trade talks and stay abreast of events in the run-up to the 2020 U.S. election.

28

FUND BASICS

Investment Grade Credit Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			Bloomberg Barclays U.S. Credit Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		5.14	%		4.89	%		2.91	%		2.71	%
Institutional		5.50			4.89			3.36			3.15
Investor		5.28			4.89			3.27			3.06
Separate Account Institutional		5.39			4.89			3.37			3.16
Class R6		5.39			4.89			3.37			3.16
April 20, 2018–March 31, 2019
Class P		6.12	%		5.84	%		3.37	%		3.16	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund(ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Bloomberg Barclays U.S. Credit Index is an unmanaged index which is unbundled into pure corporates (industrial, utility, and finance, including both U.S. andnon-U.S. corporations) and non-corporates (sovereign, supranational, foreign agencies, and foreign local governments). The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the30-Day Standardized Subsidized Yieldis 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. The30-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. The30-Day Standardized Unsubsidized Yielddoes 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, the30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

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 recentmonth-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.

29

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		1.21	%		2.31	%		6.15	%		4.00	%	11/3/03
Institutional		5.50			3.45			6.92			4.63		11/3/03
Investor		5.28			3.36			N/A			4.12		7/29/11
Separate Account Institutional		5.39			3.45			6.93			4.65		11/3/03
Class P		N/A			N/A			N/A			6.12		4/20/18
Class R6		5.39			N/A			N/A			3.70		7/31/15

⁴  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 calendarquarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown.Because Institutional, Investor, Separate Account Institutional, Class P, and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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 recentmonth-end returns.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.72	%		0.80	%
Institutional		0.38			0.46
Investor		0.47			0.55
Separate Account Institutional		0.37			0.45
Class P		0.37			0.45
Class R6		0.37			0.45

⁵  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, 2019, 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.

30

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent certificates of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

TOP TEN INDUSTRY ALLOCATIONS7
	Percentage of Net Assets
	as of 3/31/19			as of 3/31/18
Banks		17.4	%		17.1	%
Pipelines		8.5			6.6
Telecommunication Services		7.7			9.7
Oil Field Services		7.6			7.2
Beverages		6.2			3.3
Media		6.1			2.9
Pharmaceuticals		4.7			3.6
Electrical		4.4			6.5
Computers		3.4			2.2
Semiconductors		3.3			1.5
Other		28.5			35.9

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies of 1.3% as of 3/31/19 and 2.7% as of 3/31/18. Figures in the above table may not sum to 100% due to exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

31

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019 of a $1,000,000 investment made on April 1, 2009 in Separate Account Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Credit Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Institutional, Investor, Class P, and Class R6 Shares will vary from Separate Account Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Investment Grade Credit Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced November 3, 2003)
Excluding sales charges	5.14%	3.10%	6.56%	4.25%
Including sales charges	1.21%	2.31%	6.15%	4.00%
Institutional Class (Commenced November 3, 2003)	5.50%	3.45%	6.92%	4.63%
Investor (Commenced July 29, 2011)	5.28%	3.36%	N/A	4.12%
Separate Account Institutional (Commenced November 3, 2003)	5.39%	3.45%	6.93%	4.65%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	6.12%*
Class R6 (Commenced July 31, 2015)	5.39%	N/A	N/A	3.70%

* Total return for periods of less than one year represents cumulative total return.

32

FUND RESULTS

Goldman Sachs Local Emerging Markets Debt Fund

Investment Objective

The Fund seeks a high level of total return consisting of income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Local Emerging Markets Debt Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Class C, Institutional, Investor and Class R6 Shares generated average annual total returns, without sales charges, of -12.08%,-12.76%, -11.86%, -11.91% and -11.86%, respectively. These returns compare to the -7.58% average annual total return of the Fund’s benchmark, the J.P. Morgan Government Bond Index — Emerging Markets (GBI-EM^SM) Global Diversified Index (Gross, USD, Unhedged) (the “Index”), during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of -10.66% compared to the -6.47% cumulative total return of the Index.

Q What economic and market factors most influenced local emerging markets debt as a whole during the Reporting Period?

A Local emerging markets debt was influenced most during the Reporting Period by slowing global economic growth, central bank monetary policy action, commodity price movements, U.S. dollar strength and geopolitical events.

During the Reporting Period, local emerging markets debt, as represented by the Index, posted a return of -7.58%, with approximately -8.73% due to currency depreciation versus the U.S. dollar and 1.15% from local interest rates. On a total return basis, the worst performing countries in the Index (in U.S. dollar terms¹) during the Reporting Period were Argentina (-55.45%), Turkey (-33.42%) and South Africa(-15.44%). The top performing countries were Nigeria (+11.48%), the Philippines (+3.16%) and Dominican Republic (+3.00%).

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A During the Reporting Period, the Fund was hurt most by its active currency positioning through which the Fund takes positions in local currencies (accomplished primarily through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). Issue selection among sovereign emerging markets bonds and emerging markets corporate debt/quasi-sovereign bonds also detracted from relative performance. On the positive side, the Fund benefited from issue selection among local emerging markets bonds. The Fund’s U.S. duration positioning strategy also added to relative returns. (Duration is a measure of the Fund’s sensitivity to changes in interest rates.) The Fund’s sector positioning overall did not have material impact on relative performance during the Reporting Period.

Q What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

A A long position in the Argentinian peso (accomplished through the use of forward foreign currency exchange contracts) was the largest detractor from the Fund’s relative performance during the Reporting Period. Argentinian assets were pressured, especially in the second quarter of 2018, by market concerns about its government’s ability to implement fiscal consolidation given the sharp depreciation of the Argentinian peso and the currency’s continued fragility. (Fiscal consolidation is a reduction in a country’s underlying fiscal deficit.) Softening investor sentiment about emerging markets assets between March and December 2018 further eroded market confidence in Argentina. Elsewhere, the Fund was hampered by long positions in the South African rand

¹  All regional and market returns are in U.S. dollar terms (unless otherwise specified), are based on country-specific stock market indices and reflect the reinvestment of any dividends if applicable.

33

FUND RESULTS

and Polish zloty (accomplished through the use of forward foreign currency exchange contracts).

Conversely, the Fund was helped by its short position in the Chinese yuan (accomplished through the use of forward foreign currency exchange contracts). The Fund also benefited from its active positioning in Brazil’s local interest rates amidst that country’s elections. Additionally, a short position in Mexican local interest rates bolstered the Fund’s relative performance during the Reporting Period.

Q Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period?

A The Fund’s U.S. duration positioning strategy contributed positively to results. Most of the outperformance occurred between March and September 2018 when interest rates rose. Subsequently, we scaled back the Fund’s short duration position, which helped mitigate losses when interest rates subsequently fell. (The U.S. duration positioning strategy is primarily implemented via interest rate swaps and/or futures.) The Fund’s U.S. yield curve positioning did not have a meaningful impact on relative performance during the Reporting Period. (Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A During the Reporting Period, the Fund invested in U.S. Treasury futures, Eurodollar futures, yield curve options, currency forwards, forward foreign currency exchange contracts, interest rate swaps, total return swaps, credit default swaps, structured notes and reverse repurchase agreements. U.S. Treasury futures were used to manage U.S. interest rate duration. Eurodollar futures and yield curve options were used to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) Currency forwards and forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Currency swaps were used to express our relative value views on particular currencies as well as our views on the direction of a country’s interest rates. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Total returns swaps were used in place of buying a local currency denominated bond when a particular market was otherwise inaccessible or as a more efficient means of gaining access to a local market. Credit default swaps and structured notes were used to implement specific credit-related investment strategies, and reverse repurchase agreements were used to manage the Fund’s cash balances. Derivatives may be used in combination with cash securities to implement our views in the Fund.

During the Reporting Period, the Fund’s use of U.S. Treasury futures and Eurodollar futures had a positive impact on Fund returns. Collectively, the use of forward foreign currency exchange contracts had a negative impact on performance, driven by the Fund’s long position in the Argentinian peso. Argentinian assets broadly came under pressure during 2018, with the peso depreciating 30% in the second calendar quarter alone, which hurt the Fund’s performance. The Fund’s use of interest rate swaps to express our views on Brazilian, Mexican and Chinese local interest rates contributed positively to performance. This was partly offset by the use of interest rate swaps to express our views on Russian and Polish local interest rates, which had a negative impact on the Fund’s returns. The other derivatives used by the Fund had a neutral impact overall on performance during the Reporting Period.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A During the Reporting Period, we reduced the Fund’s overweight position relative to the Index in Mexican local interest rates to an underweight position. We eliminated the Fund’s exposure to Taiwanese local interest rates and shifted the Fund from an overweight to a slight underweight in Russian local interest rates. In addition, we shifted the Fund’s underweight positions in South Korean and Polish local interest rates to overweight positions. We also increased the Fund’s overweight compared to the Index in Thailand’s local interest rates. Within currencies, we shifted the Fund from short positions in the Taiwanese dollar and Chilean peso to long positions. We also reduced the Fund’s long positions in the Indonesia rupiah, Argentinian peso, Chinese yuan and South African rand during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was overweight versus the Index in South Korean, Thai, South African and Polish local interest rates. The Fund was not significantly underweight the local interest rates of any country in the

34

FUND RESULTS

Index at the end of the Reporting Period. However, it was underweight Chinese external bonds. Within currencies, the Fund held long positions in the Taiwanese dollar, Russian ruble, Indian rupee, Brazilian real and South Korean won. It had a short position in the Peruvian sol at the end of the Reporting Period.

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we believed that macro factors were supportive of emerging markets debt broadly. Investor concerns about higher U.S. interest rates, with the associated risks of increased funding costs for the emerging markets, had somewhat abated, given that the U.S. Federal Reserve (“Fed”) had moved to a neutral stance on interest rates and because of the positive fiscal action taken by Chinese policymakers. In addition, while investors’ focus on political developments within the emerging markets was intense during 2018 and U.S.-China trade tensions could potentially persist, we thought the 2019 election calendar indicated that event risk in the emerging markets could decrease in the near term.

As for economic fundamentals, emerging markets countries remained resilient at the end of the Reporting Period and their current account and fiscal balances were in much better shape than during the “taper tantrum,” in our view. (Taper tantrum refers to the 2013 surge in bond yields and related drop in bond prices that resulted when investors pulled assets out of the fixed income market in response to the Fed’s use of tapering to gradually reduce the amount of money it was putting into the U.S. economy.) During the Reporting Period, especially in the summer of 2018, weakness in emerging markets debt was centered around country-specific stories in Argentina and Turkey. In early 2019, these key vulnerabilities began to decrease. Turkey and Argentina started showing signs of macroeconomic adjustments, with the trade balance in both economies moving toward equilibrium, thereby reducing these countries’ vulnerability to external conditions.

At the end of the Reporting Period, we believed emerging markets debt had considerable value, especially after the 2018 sell-off, when compared to non-government bond sectors. Given what we saw as attractive valuations and the market’s subdued supply expectations for 2019, market technicals (i.e., supply/demand) appeared to be supportive of the asset class, in our view. Furthermore, we believed the longer-term case for holding emerging markets assets — strong economic growth potential, low levels of debt, overall balance sheet resilience, corporate earnings growth potential and maturing institutional investor support — remained intact.

Among countries at the end of the Reporting Period, we had positive views on South Korea and Thailand. We believed South Korea’s economic growth is likely to slow and inflation could fall below its central bank’s target of 2%, which should keep its interest rates unchanged in the near term, in our view. Regarding Thailand, we think slowing economic activity and a lack of inflation should contribute to its central bank staying on hold, with potential room for some easing. At the end of the Reporting Period, the Fund held an underweight position compared to the Index in Mexico, where we think the market is pricing in interest rate cuts by its central bank. As for emerging markets currencies, we considered them broadly undervalued at the end of the Reporting Period. After weak 2018 performance and supported by what we view as a positive environment for risk assets, emerging markets currencies are likely, in our opinion, to build on momentum seen at the beginning of 2019. In addition, we expect U.S.-China trade talks to deliver some moderately good news in the near term, though we remain cautious about potential downside risks from slower global economic growth. Accordingly, the Fund had modest exposure to emerging markets currencies when the Reporting Period ended.

35

FUND BASICS

Local Emerging Markets Debt Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			J.P. Morgan GBI-EMSM Global Diversified Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		-12.08	%		-7.58	%		4.62	%		3.67	%
Class C		-12.76			-7.58			4.08			3.09
Institutional		-11.86			-7.58			5.14			4.21
Investor		-11.91			-7.58			5.10			4.11
Class R6		-11.86			-7.58			5.15			4.20
April 20, 2018–March 31, 2019
Class P		-10.66	%		-6.47	%		5.16	%		4.21	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund(ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The J.P. Morgan Government Bond Index — Emerging Markets(GBI-EM^SM) Global Diversified Index (Gross, USD, Unhedged) is an unmanaged index of debt instruments of 14 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the30-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. The30-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. The30-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, the30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Year			Ten Year			Since Inception			Inception Date
Class A		-15.98	%		-3.13	%		2.74	%		0.08	%	2/15/08
Class C		-13.63			-3.01			2.41			-0.27		2/15/08
Institutional		-11.86			-1.98			3.52			0.79		2/15/08
Investor		-11.91			-2.05			N/A			0.01		7/30/10
Class P		N/A			N/A			N/A			-10.66		4/20/18
Class R6		-11.86			N/A			N/A			-3.70		11/30/17

⁴  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 calendarquarter-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). Effective July 30, 2018, Class C Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is ten years after the purchase date. The Since Inception returns for Class C Shares do not reflect the conversion to Class A Shares after the first ten years of performance. Because Institutional, Investor, Class P, and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized TotalReturns. The Fund will charge a 2% redemption fee on the redemption of shares(including by exchange) held for 30 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.

36

FUND BASICS

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return andprincipal 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 recentmonth-end returns.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.21	%		1.40	%
Class C		1.96			2.15
Institutional		0.91			1.06
Investor		0.96			1.15
Class P		0.90			1.05
Class R6		0.90			1.05

⁵  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, 2019, 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.

TOP TEN COUNTRY ALLOCATIONS6
	Percentage of Net Assets
	as of 3/31/19			as of 3/31/18
Brazil		11.4	%		10.3	%
Colombia		10.0			8.6
South Africa		9.8			10.5
Thailand		7.9			4.4
United States		7.6			7.1
Chile		6.7			3.6
Russia		5.0			7.7
Poland		4.8			0.0
Peru		4.1			4.5
Turkey		3.8			5.0
Other		17.20			27.7

⁶  The percentage shown for each investment category reflects the value of investments in that country as a percentage of net assets. The table does not include investments in other investment companies of 6.9% as of 3/31/19 and 0.0% as of 3/31/18. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

37

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the J.P. Morgan GBI-EM^SM Global Diversified Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Class C, Investor, Class P, and Class R6 Shares will vary from Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

Local Emerging Markets Debt Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced February 15, 2008)
Excluding sales charges	-12.08%	-2.23%	3.21%	0.49%
Including sales charges	-15.98%	-3.13%	2.74%	0.08%
Class C (Commenced February 15, 2008)
Excluding contingent deferred sales charges	-12.76%	-3.01%	2.41%	-0.27%
Including contingent deferred sales charges	-13.63%	-3.01%	2.41%	-0.27%
Institutional Class (Commenced February 15, 2008)	-11.86%	-1.98%	3.52%	0.79%
Investor (Commenced July 30, 2010)	-11.91%	-2.05%	N/A	0.01%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	-10.66%*
Class R6 (Commenced November 30, 2017)	-11.86%	N/A	N/A	-3.70%

* Total return for periods of less than one year represents cumulative total return.

38

FUND RESULTS

Goldman Sachs U.S. Mortgages Fund

Investment Objective

The Fund seeks a high level of total return consisting of income and capital appreciation.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs U.S. Mortgages Fund’s (the “Fund”) performance and positioning for the 12-month period ended March 31, 2019 (the “Reporting Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund’s Class A, Institutional, Investor, Separate Account Institutional and Class R6 Shares generated average annual total returns, without sales charges, of 3.60%, 4.05%, 3.96%, 4.07% and 4.06%, respectively. These returns compare to the 4.48% average annual total return of the Fund’s benchmark, the Bloomberg Barclays U.S. Securitized Bond Index (the “Index”), during the same time period.

For the period since their inception on April 20, 2018 through March 31, 2019, the Fund’s Class P Shares generated a cumulative total return of 4.57% compared to the 5.13% cumulative total return of the Index.

Q What economic and market factors most influenced the U.S. mortgage markets as a whole during the Reporting Period?

A In the second calendar quarter, when the Reporting Period began, agency mortgage-backed securities modestly outperformed duration-equivalent U.S. Treasury securities. Spreads on agency mortgage-backed securities (yield differentials versus equivalent-duration U.S. Treasury securities) tightened during April 2018, as worries about trade protectionism subsided. Spreads then widened amidst broad “risk-off” market sentiment, or reduced risk appetite, prompted by investor concerns about political uncertainty in Italy and protectionist U.S. trade policies. In the third quarter of 2018, agency mortgage-backed securities outperformed duration-equivalent U.S. Treasury securities. Spreads tightened during July and September 2018 in response to strong corporate earnings and healthy U.S. economic growth momentum. During the fourth quarter of 2018, agency mortgage-backed securities underperformed duration-equivalent U.S. Treasury securities. Investor concerns around a slowdown in global economic growth and tighter financial conditions drove risk-off market sentiment, which weighed on non-government bond sectors, including agency mortgage-backed securities. Spreads widened in response to the Fed’s continued reduction of its balance sheet. In the first quarter of 2019, agency mortgage-backed securities outperformed duration-equivalent U.S. Treasury securities as investor risk sentiment improved, though their advance was curtailed by the sharp drop in interest rates following the Fed’s dovish pivot in March 2019. (Dovish tends to suggest lower interest rates; opposite of hawkish.)

For the Reporting Period overall, the U.S. Federal Reserve’s (“Fed”) reduction of its balance sheet, through which it is gradually decreasing its holdings of agency mortgage-backed securities and U.S. Treasury securities, was a headwind for the sector.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A During the Reporting Period, the Fund was hurt by investments in higher coupon agency mortgage-backed securities. On the positive side, individual issue selection added to relative performance. The Fund also benefited from our cross-sector strategy, through which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Index. Our duration and yield curve positioning strategies contributed positively. (Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve is a spectrum of interest rates based on maturities of varying lengths.)

Q What were the primary contributors to and detractors from the Fund’s performance during the Reporting Period?

A The Fund’s holdings of higher coupon agency mortgage-backed securities detracted from relative returns during the

39

FUND RESULTS

Reporting Period. Most of the underperformance occurred in December 2018 when U.S. Treasury yields fell, benefiting lower coupon mortgage-backed securities.

In terms of individual issue selection, the Fund’s investments in specific pools of agency mortgage-backed securities added to relative performance. Conversely, the Fund was hurt by selection of asset backed securities (“ABS”), specifically Federal Family Education Loan Program (“FFELP”) student loan ABS.

Within our cross-sector strategy, the Fund was helped by its underweight position relative to the Index in agency mortgage-backed securities, as spreads widened in response to the Fed’s balance sheet reduction and muted bank demand. Additionally, overweight positions in ABS and collateralized loan obligations (“CLOs”) contributed positively during the Reporting Period. Both ABS and CLOs outperformed agency mortgage-backed securities and U.S. Treasury securities amid strength in consumer data. The Fund’s allocation to commercial mortgage-backed securities (“CMBS”) detracted.

Q Did the Fund’s duration and yield curve positioning strategies help or hurt its results during the Reporting Period?

A The Fund’s duration positioning strategy, wherein the Fund held a short duration position on the U.S. Treasury yield curve, added to performance between March and December 2018, as the Fed continued to raise short-term interest rates on the back of strengthening economic data. This was offset somewhat during December 2018 when interest rates broadly fell amid a sell-off in risk assets. (The duration positioning strategy is implemented via bonds as well as interest rate swaps and/or futures.) Our yield curve positioning strategy did not have a meaningful impact on relative performance during the Reporting Period overall.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A The Fund used U.S. Treasury and Eurodollar futures to hedge interest rate exposure and to facilitate specific duration and yield curve strategies. (Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S.) Interest rate swaps were used to hedge interest rate exposure and express a relative term structure view. (Term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to the maturity and the time to maturity for pure discount bonds.) The use of U.S. Treasury futures, Eurodollar futures and interest rate swaps had a negative impact on performance during the Reporting Period. In addition, the Fund employed mortgage-backed securities forward agreements (known as “TBAs”) to efficiently manage certain of its mortgage-backed securities positions, which had a positive impact on performance. The Fund’s use of interest only and inverse interest-only securities to manage the Fund’s exposure to agency mortgage-backed securities had a positive impact on performance. The Fund utilized swaptions, which had a negative impact on performance during the Reporting Period, to hedge volatility and yield curve risks in the Fund and/or to express tactical views on rate markets.

Q Were there any notable changes in the Fund’s weightings during the Reporting Period?

A During the first half of the Reporting Period, we took advantage of rising interest rates to scale back the Fund’s short duration position on the U.S. Treasury yield curve. We further reduced the Fund’s short duration position toward the end of the Reporting Period, as the Fed’s dot plot indicated no interest rate hikes during 2019. (The “dot plot” shows interest rate projections of the members of the Federal Open Market Committee.) There were no other notable changes in the Fund’s weightings during the Reporting Period.

Q How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A At the end of the Reporting Period, the Fund was underweight relative to the Index in agency pass-through mortgage securities. (Pass-through mortgage securities consist of a pool of residential mortgage loans, in which homeowners’ monthly payments of principal, interest and prepayments pass from the mortgage servicer through a government agency or investment bank to investors.) We expect spreads to widen in 2019 as the Fed continues to trim its balance sheet and should the market see increased supply during the spring/summer homebuying season. The Fund was underweight CMBS and overweight CLOs at the end of the Reporting Period. In addition, the Fund was overweight compared to the Index in ABS because of our confidence in consumer strength. More specifically, it held positions in FFELP student loan ABS, which are not represented in the Index. We maintained the Fund’s overweight in higher coupon mortgage-backed securities and its underweight in lower coupon mortgage-backed securities at the end of the Reporting Period.

40

FUND RESULTS

Q What is the Fund’s tactical view and strategy for the months ahead?

A At the end of the Reporting Period, we planned to maintain the Fund’s underweight versus the Index in agency mortgage-backed securities through the homebuying season. Within agency mortgage-backed securities, we expected the Fund to remain underweight in lower coupon issues and overweight in higher coupon issues. In the securitized sector, we intended to maintain the Fund’s overweight in high quality, floating rate securitized credit, with a focus on senior CLOs and FFELP ABS.

41

FUND BASICS

U.S. Mortgages Fund

as of March 31, 2019

PERFORMANCE REVIEW
April 1, 2018– March 31, 2019	Fund Total Return (based on NAV)1			Bloomberg Barclays U.S. Securitized Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		3.60	%		4.48	%		2.65	%		2.48	%
Institutional		4.05			4.48			3.09			2.92
Investor		3.96			4.48			3.00			2.83
Separate Account Institutional		4.07			4.48			3.10			2.93
Class R6		4.06			4.48			3.10			2.93
April 20, 2018–March 31, 2019
Class P		4.57	%		5.13	%		3.10	%		2.93	%

¹  The net asset value (“NAV”) represents the net assets of the class of the Fund(ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²  The Bloomberg Barclays U.S. Securitized Bond Index is an unmanaged composite of asset-backed securities, collateralized mortgage-backed securities and fixed rate mortgage-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the30-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. The30-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. The30-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, the30-Day Standardized Subsidized Yield and30-Day Standardized Unsubsidized Yield will be identical.

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 recentmonth-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.

42

FUND BASICS

STANDARDIZED TOTAL RETURNS4
For the period ended 3/31/19	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-0.30	%		1.30	%		3.29	%		3.21	%		11/3/03
Institutional		4.05			2.45			4.04			3.86			11/3/03
Investor		3.96			2.33			N/A			2.65			7/29/11
Separate Account Institutional		4.07			2.45			4.04			3.87			11/3/03
Class P		N/A			N/A			N/A			4.57			4/20/18
Class R6		4.06			N/A			N/A			1.87			7/31/15

⁴  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 calendarquarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual return figures shown. Because Institutional, Investor, Separate Account Institutional, Class P and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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 recentmonth-end returns.Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS5
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.80	%		0.87	%
Institutional		0.46			0.53
Investor		0.55			0.62
Separate Account Institutional		0.45			0.52
Class P		0.45			0.52
Class R6		0.45			0.52

⁵  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, 2019, 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.

43

FUND BASICS

PORTFOLIO COMPOSITION⁶

Percentage of Net Assets

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁷  “Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.

44

GOLDMAN SACHS U.S. MORTGAGES FUND

Performance Summary

March 31, 2019

The following graph shows the value, as of March 31, 2019, of a $1,000,000 investment made on April 1, 2009 in Separate Account Institutional Shares at NAV. For comparative purposes, the performance of the Fund’s benchmark, the Bloomberg Barclays U.S. Securitized Bond Index, is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Performance of Class A, Institutional, Investor, Class P, and Class R6 Shares will vary from Separate Account Institutional Shares due to differences in class specific fees and any applicable sales charges. In addition to the Investment Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and subscription and redemption cash flows affecting the Fund.

U.S. Mortgages Fund’s 10 Year Performance

Performance of a $1,000,000 investment, with distributions reinvested, from April 1, 2009 through March 31, 2019.

Average Annual Total Return through March 31, 2019	One Year	Five Years	Ten Years	Since Inception
Class A (Commenced November 3, 2003)
Excluding sales charges	3.60%	2.08%	3.68%	3.47%
Including sales charges	-0.30%	1.30%	3.29%	3.21%
Institutional Class (Commenced November 3, 2003)	4.05%	2.45%	4.04%	3.86%
Investor (Commenced July 29, 2011)	3.96%	2.33%	N/A	2.65%
Separate Account Institutional (Commenced November 3, 2003)	4.07%	2.45%	4.04%	3.87%
Class P (Commenced April 20, 2018)	N/A	N/A	N/A	4.57%*
Class R6 (Commenced July 31, 2015)	4.06%	N/A	N/A	1.87%

* Total return for periods of less than one year represents cumulative total return.

45

INDEX DEFINITIONS

Index Definitions

CDX is an index based on a basket of North American single-name high yield credit default swaps.

It is not possible to invest directly in an unmanaged index.

46

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – 65.1%
Angola – 1.5%
	Republic of Angola (NR/B3)
$	20,730,000		8.250	%(a)		05/09/28	$	21,585,112
	1,360,000		8.250			05/09/28		1,416,100
	460,000		9.375	(a)		05/08/48		496,333
	1,300,000		9.375			05/08/48		1,402,681
								24,900,226
Argentina – 4.9%
	Province of Santa Fe (NR/B2)
	2,670,000		7.000	(a)		03/23/23		2,262,825
	1,850,000		7.000			03/23/23		1,567,875
	Provincia de Buenos Aires (B/B2)(b)
EUR	134,999		4.000			05/01/20		147,778
	Provincia de Cordoba (B/B2)
$	2,090,000		7.450			09/01/24		1,681,102
	Provincia de la Rioja (B/NR)(a)
	5,880,000		9.750			02/24/25		4,717,671
	Republic of Argentina (NR/NR)
	2,125,000		4.500			06/21/19		2,088,323
	Republic of Argentina (NR/NR)
ARS	13,000,000		4.000			03/06/20		440,696
	(Argentina Deposit Rates + 2.000%)
	50,805,000		44.503	(c)		04/03/22		1,148,124
	Republic of Argentina (NR/B2)
	5,158,794		2.500			07/22/21		100,216
	(Argentina Deposit Rates + 3.250%)
	32,225,000		42.415	(c)		03/29/24		656,573
	(Argentina Deposit Rates + 3.830%)
	32,930,000		50.198	(c)		05/31/22		687,187
	Republic of Argentina (B/NR)
EUR	13,417,011		7.820			12/31/33		12,888,150
$	5,005,276		8.280			12/31/33		4,042,035
	(Argentina Deposit Rates + 3.250%)
ARS	18,350,000		49.438	(c)		03/01/20		416,402
	Republic of Argentina (B/B2)
EUR	13,360,000		3.375			01/15/23		11,989,642
	4,410,000		5.000			01/15/27		3,668,313
$	2,290,000		6.875			01/26/27		1,850,320
	160,000		5.875			01/11/28		122,702
EUR	13,560,000		5.250			01/15/28		11,168,704
	2,931,101		7.820			12/31/33		2,846,143
$	112,163		8.280			12/31/33		92,827
	15,080,000		7.125			07/06/36		11,558,820
EUR	2,710,000		3.380	(b)		12/31/38		1,721,535
	2,050,000		6.250			11/09/47		1,655,703
$	1,060,000		6.875			01/11/48		776,985
								80,296,651
Azerbaijan – 0.1%
	Republic of Azerbaijan (NR/Ba2)
	2,260,000		3.500			09/01/32		1,980,901
Bahrain – 0.2%
	Kingdom of Bahrain (B+/NR)
	560,000		7.000			10/12/28		600,600
	1,047,000		6.750			09/20/29		1,104,585
	1,260,000		7.500			09/20/47		1,345,050
								3,050,235
Sovereign Debt Obligations – (continued)
Belize(a)(b) – 0.1%
	Republic of Belize (B-/B3)
	2,446,500		4.938	%		02/20/34		1,434,261
Bermuda(a)(d) – 0.2%
	Bermuda Government Bond (A+/A2)
	3,210,000		3.717			01/25/27		3,174,000
Brazil(d) – 0.6%
	Federal Republic of Brazil (NR/NR)
	10,720,000		4.500			05/30/29		10,505,600
Chile – 0.1%
	Republic of Chile (A+/NR)
	2,220,000		3.860			06/21/47		2,264,400
Colombia(d) – 0.9%
	Republic of Colombia (BBB-/Baa2)
	9,380,000		2.625			03/15/23		9,181,566
	4,690,000		5.200			05/15/49		5,025,335
								14,206,901
Costa Rica – 1.0%
	Republic of Costa Rica (NR/NR)
	1,690,000		9.200			02/23/22		1,693,211
	1,680,000		9.200	(a)		02/21/24		1,708,031
	Republic of Costa Rica (B+/B1)
	2,040,000		9.995			08/01/20		2,142,112
	410,000		5.625			04/30/43		351,393
	8,840,000		7.158	(a)		03/12/45		8,619,000
	2,450,000		7.158			03/12/45		2,388,750
								16,902,497
Croatia – 0.1%
	Republic of Croatia (BBB-/Ba2)
EUR	1,157,000		3.875			05/30/22		1,437,386
$	280,000		5.500			04/04/23		303,450
								1,740,836
Dominican Republic – 2.3%
	Dominican Republic (NR/NR)
DOP	20,700,000		16.000			07/10/20		441,276
	13,900,000		11.500			05/10/24		293,653
	8,900,000		18.500	(a)		02/04/28		243,954
	134,200,000		11.375			07/06/29		2,862,142
	Dominican Republic (BB-/Ba3)
$	1,500,000		8.625			04/20/27		1,758,847
	316,000		7.450			04/30/44		357,712
	9,870,000		6.850	(a)		01/27/45		10,610,250
	6,599,000		6.850			01/27/45		7,093,925
	13,980,000		6.500	(a)		02/15/48		14,513,966
								38,175,725
Ecuador – 2.8%
	Ecuador Government International Bond (B-/NR)
	7,900,000		9.650	(a)		12/13/26		8,286,113
	10,080,000		9.625	(a)		06/02/27		10,518,480
	300,000		7.875			01/23/28		285,031
	2,980,000		10.750	(a)		01/31/29		3,303,330
	Ecuador Government International Bond (B-/B3)(a)
	23,140,000		8.875			10/23/27		23,209,420
								45,602,374

The accompanying notes are an integral part of these financial statements. 47

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
Egypt – 2.0%
	Republic of Egypt (NR/B3)
$	1,050,000		8.500	%		01/31/47	$	1,071,000
	Republic of Egypt (B/B3)(a)
EUR	8,360,000		4.750			04/16/26		9,237,165
	10,810,000		5.625			04/16/30		11,641,076
$	4,730,000		8.700			03/01/49		4,907,375
	Republic of Egypt (B/B3u)(a)
	6,090,000		7.903			02/21/48		5,892,075
								32,748,691
El Salvador – 0.1%
	El Salvador Government International Bond (B-/B3)
	1,550,000		7.375			12/01/19		1,559,633
	260,000		5.875			01/30/25		253,689
								1,813,322
Gabon – 0.8%
	Republic of Gabon (NR/NR)
	11,085,000		6.375			12/12/24		10,600,031
	Republic of Gabon (NR/Caa1)
	1,720,000		6.950			06/16/25		1,655,500
								12,255,531
Ghana – 2.0%
	Republic of Ghana (NR/B1)
	1,970,000		10.750			10/14/30		2,403,400
	Republic of Ghana (B/B3)
	2,610,000		7.875	(a)		03/26/27		2,632,837
	11,840,000		7.625			05/16/29		11,603,200
	6,050,000		8.125	(a)		03/26/32		6,020,143
	1,210,000		8.627	(a)		06/16/49		1,178,238
	9,340,000		8.627			06/16/49		9,094,825
								32,932,643
Guatemala – 2.0%
	Republic of Guatemala (BB-/Ba1)
	3,410,000		5.750			06/06/22		3,562,103
	6,440,000		4.500	(a)		05/03/26		6,324,080
	7,730,000		4.500			05/03/26		7,590,860
	8,400,000		4.375	(a)		06/05/27		8,118,642
	750,000		4.375			06/05/27		724,879
	6,480,000		4.875			02/13/28		6,463,249
								32,783,813
Honduras – 1.0%
	Republic of Honduras (BB-/B1)
	8,410,000		8.750	(a)		12/16/20		9,009,212
	6,018,000		8.750			12/16/20		6,446,783
	1,310,000		7.500	(a)		03/15/24		1,433,618
	200,000		7.500			03/15/24		218,873
								17,108,486
Hungary – 0.8%
	Hungary Government Bond (BBB/Baa3)
	11,960,000		6.250			01/29/20		12,254,575
Sovereign Debt Obligations – (continued)
Indonesia – 7.2%
	Perusahaan Penerbit SBSN (NR/Baa2)
	2,550,000		3.400	%(a)		03/29/22		2,545,219
	670,000		4.350			09/10/24		690,800
	25,210,000		4.150	(a)		03/29/27		25,484,159
	310,000		4.150			03/29/27		313,371
	Perusahaan Penerbit SBSN (BBB-/Baa2)
	360,000		3.300			11/21/22		359,444
	6,720,000		4.325	(a)		05/28/25		6,901,272
	1,130,000		4.550	(a)		03/29/26		1,174,708
	35,440,000		4.400	(a)		03/01/28		36,385,362
	Perusahaan Penerbit SBSN Indonesia III (BBB-/Baa2)
	3,359,000		4.325			05/28/25		3,449,609
	9,930,000		4.550			03/29/26		10,322,880
	Republic of Indonesia (BBB-/Baa2)
EUR	620,000		2.625	(a)		06/14/23		739,822
$	14,844,000		5.875			01/15/24		16,369,741
	5,880,000		4.125			01/15/25		6,023,090
EUR	370,000		3.375			07/30/25		463,816
$	2,340,000		4.750	(a)		01/08/26		2,470,677
EUR	2,530,000		3.750			06/14/28		3,284,805
								116,978,775
Ivory Coast – 0.4%
	Republic of Ivory Coast (NR/Ba3)
	2,370,000		6.625	(a)		03/22/48		2,531,616
	4,100,000		6.625			03/22/48		4,379,588
								6,911,204
Kazakhstan(a) – 0.2%
	Republic of Kazakhstan (BBB-/Baa3)
	2,300,000		1.550			11/09/23		2,661,296
Kenya – 0.6%
	Republic of Kenya (B+/NR)
$	8,591,000		6.875			06/24/24		8,816,514
	750,000		7.250	(a)		02/28/28		757,500
								9,574,014
Kuwait – 0.4%
	Republic of Kuwait (AA/NR)
	1,540,000		3.500	(a)		03/20/27		1,568,552
	5,660,000		3.500			03/20/27		5,764,936
								7,333,488
Macedonia – 1.9%
	Republic of Macedonia (BB-/NR)
EUR	216,000		3.975			07/24/21		257,031
	5,640,000		5.625	(a)		07/26/23		7,293,166
	5,220,000		5.625			07/26/23		6,750,058
	10,480,000		2.750	(a)		01/18/25		12,121,376
	4,130,000		2.750			01/18/25		4,776,840
								31,198,471
Nigeria – 3.6%
	Republic of Nigeria (B/B2)
$	3,610,000		6.500	(a)		11/28/27		3,564,875
	5,820,000		7.143	(a)		02/23/30		5,812,725
	9,140,000		8.747	(a)		01/21/31		10,076,850

48 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
Nigeria – (continued)
	Republic of Nigeria (B/B2) – (continued)
$	2,260,000		7.875	%(a)		02/16/32	$	2,347,575
	12,490,000		7.875			02/16/32		12,973,987
	13,190,000		7.696	(a)		02/23/38		13,071,224
	1,650,000		7.696			02/23/38		1,635,142
	4,060,000		7.625	(a)		11/28/47		3,943,275
	500,000		7.625			11/28/47		485,625
	3,490,000		9.248	(a)		01/21/49		3,865,175
								57,776,453
Oman(a) – 0.7%
	Republic of Oman (NR/Ba1)
	12,590,000		6.750			01/17/48		11,173,625
Panama – 0.1%
	Panama Notas del Tesoro (BBB/NR)
	920,000		4.875			02/05/21		946,680
Papua New Guinea(a) – 0.2%
	Papua New Guinea Government International Bond (B/B2)
	3,790,000		8.375			10/04/28		4,077,225
Paraguay – 2.5%
	Republic of Paraguay (BB/NR)(a)
	7,150,000		4.700			03/27/27		7,446,189
	4,590,000		5.600			03/13/48		4,912,792
	Republic of Paraguay (BB/Ba1)
	12,098,000		4.625			01/25/23		12,506,368
	3,930,000		5.000	(a)		04/15/26		4,126,500
	2,655,000		5.000			04/15/26		2,787,750
	5,650,000		6.100			08/11/44		6,398,625
	1,790,000		5.400	(a)(d)		03/30/50		1,866,075
								40,044,299
Philippines – 0.3%
	Republic of Philippines (BBB/Baa2)
	4,040,000		3.750			01/14/29		4,214,363
Qatar(a) – 1.6%
	Qatar Government International Bond (AA-/Aa3)
	350,000		3.375			03/14/24		353,500
	5,670,000		4.000			03/14/29		5,846,365
	2,950,000		4.817			03/14/49		3,101,188
	Republic of Qatar (AA-/Aa3)
	4,200,000		4.500			04/23/28		4,499,250
	10,470,000		5.103			04/23/48		11,469,833
								25,270,136
Romania – 2.3%
	Republic of Romania (BBB-/Baa3)
EUR	4,370,000		2.375	(a)		04/19/27		4,962,957
	7,360,000		2.875			05/26/28		8,472,804
	2,280,000		3.875			10/29/35		2,647,106
	9,740,000		3.875	(a)		10/29/35		11,308,252
	3,940,000		3.375	(a)		02/08/38		4,284,785
$	3,080,000		5.125	(a)		06/15/48		3,068,450
EUR	1,730,000		4.625	(a)		04/03/49		2,013,402
								36,757,756
Sovereign Debt Obligations – (continued)
Russia – 1.6%
	Russian Federation Bond (NR/NR)
EUR	4,000,000		2.875	%(a)		12/04/25		4,631,707
$	14,600,000		4.750			05/27/26		15,020,845
	2,400,000		5.100	(a)		03/28/35		2,433,600
	Russian Federation Bond (BBB-/Baa3)
	800,000		4.500	(a)		04/04/22		823,200
	2,000,000		4.875	(a)		09/16/23		2,097,000
	200,000		4.875			09/16/23		209,700
								25,216,052
Senegal(a) – 0.4%
	Republic of Senegal (B+/Ba3)
EUR	5,680,000		4.750			03/13/28		6,299,862
Serbia – 0.4%
	Republic of Serbia (BB/Ba3)
$	5,711,000		4.875			02/25/20		5,768,681
South Africa – 2.1%
	Republic of South Africa (NR/Baa3)
	2,490,000		4.850			09/27/27		2,427,750
	7,450,000		5.650			09/27/47		7,095,194
	Republic of South Africa (BB/Baa3)
	730,000		4.665			01/17/24		736,388
	20,055,000		5.875			09/16/25		21,158,025
	2,670,000		4.300			10/12/28		2,493,179
								33,910,536
Sri Lanka – 4.6%
	Republic of Sri Lanka (B/B2)
	1,260,000		6.250			10/04/20		1,277,092
	1,222,000		6.250	(a)		10/04/20		1,238,576
	7,814,000		6.250			07/27/21		7,929,843
	7,300,000		5.750	(a)		01/18/22		7,285,655
	19,380,000		5.750	(a)		04/18/23		19,131,645
	Republic of Sri Lanka (B/B2)(a)
	10,540,000		6.850			03/14/24		10,803,500
	Republic of Sri Lanka (B/B2)
	7,450,000		6.125			06/03/25		7,263,750
	6,010,000		6.850	(a)		11/03/25		6,067,125
	5,430,000		6.850			11/03/25		5,481,612
	4,190,000		6.750	(a)		04/18/28		4,132,388
	Republic of Sri Lanka (B/B2)(a)
	4,320,000		7.850			03/14/29		4,522,500
								75,133,686
Suriname – 0.6%
	Republic of Suriname (B/B2)
	6,370,000		9.250	(a)		10/26/26		6,261,710
	2,866,000		9.250			10/26/26		2,817,278
								9,078,988
Tunisia(a) – 0.2%
	Banque Centrale de Tunisie International Bond (NR/B2)
EUR	3,070,000		6.750			10/31/23		3,331,851

The accompanying notes are an integral part of these financial statements. 49

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
Turkey – 3.4%
	Republic of Turkey (NR/Ba3)
$	13,563,000		5.750	%		03/22/24	$	12,830,937
EUR	270,000		4.625			03/31/25		294,182
	8,370,000		3.250			06/14/25		8,488,875
	6,280,000		5.200			02/16/26		6,938,923
$	1,940,000		4.875			10/09/26		1,672,658
	5,520,000		6.000			03/25/27		5,048,233
	1,740,000		6.125			10/24/28		1,576,875
	750,000		7.625			04/26/29		740,625
	7,640,000		5.750			05/11/47		6,067,497
	1,726,000		6.250			09/26/22		1,702,414
	6,539,000		7.375			02/05/25		6,539,000
	450,000		6.750			05/30/40		398,338
	2,690,000		6.000			01/14/41		2,209,149
								54,507,706
Ukraine – 3.9%
	Ukraine Government Bond (B-/NR)(a)
	8,990,000		8.994			02/01/24		9,039,445
	Ukraine Government Bond (B-/NR)
	2,670,000		9.750			11/01/28		2,749,606
	Ukraine Government Bond (B-/NR)
	2,720,000		7.375			09/25/32		2,423,520
	6,080,000		0.000	(e)		05/31/40		3,880,165
	Ukraine Government Bond (B-/Caa1)
	2,910,000		7.750			09/01/21		2,886,720
	410,000		7.750			09/01/22		402,722
	7,910,000		7.750			09/01/23		7,704,340
	14,050,000		7.750			09/01/24		13,544,200
	11,860,000		7.750			09/01/25		11,290,720
	4,750,000		7.750			09/01/26		4,465,000
	4,649,000		7.750			09/01/27		4,332,868
								62,719,306
United Arab Emirates – 1.3%
	Abu Dhabi Government International Bond (AA/NR)
	9,110,000		3.125			05/03/26		9,110,000
	8,910,000		3.125	(a)		10/11/27		8,832,038
	2,890,000		4.125	(a)		10/11/47		2,911,675
								20,853,713
Uruguay – 0.3%
	Republic of Uruguay (NR/Baa2)
	1,440,000		4.975			04/20/55		1,508,400
	Republic of Uruguay (BBB/Baa2)(d)
	3,110,000		4.375			01/23/31		3,249,950
								4,758,350
Uzbekistan(a) – 0.4%
	Republic of Uzbekistan (BB-/NR)
	3,440,000		4.750			02/20/24		3,423,790
	2,530,000		5.375			02/20/29		2,516,571
								5,940,361
Venezuela(d)(f) – 0.0%
	Debt and Asset Trading Corp. (NR/NR)
	340,000		1.000			10/10/25		234,265
Sovereign Debt Obligations – (continued)
Zambia – 0.4%
	Republic of Zambia (B-/NR)
	9,184,000		5.375			09/20/22		6,554,024
	200,000		8.970			07/30/27		145,250
								6,699,274
	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $1,079,645,849)						$	1,055,502,084
Corporate Obligations – 26.1%
Argentina(d) – 0.2%
	Telecom Argentina SA (NR/B1)
$	1,600,000		6.500	%(a)		06/15/21	$	1,585,584
	1,190,000		6.500			06/15/21		1,179,278
								2,764,862
Brazil – 1.1%
	Banco do Brasil SA (CCC+/NR)(c)(d) (10 Year CMT + 4.398%)
	4,810,000		6.250			10/29/49		4,327,124
	Banco do Brasil SA (CCC+/B2)(c)(d) (10 Year CMT + 6.362%)
	8,210,000		9.000			06/29/49		8,667,543
	Embraer Overseas Ltd. (BBB/Ba1)
	890,000		5.696			09/16/23		951,441
	Globo Comunicacao e Participacoes SA (BB+/Ba1)
	370,000		4.875			04/11/22		375,130
	Samarco Mineracao SA (NR/WR)(g)
	3,185,000		4.125			11/01/22		2,014,513
	2,080,000		5.750			10/24/23		1,362,400
	800,000		5.375			09/26/24		525,800
								18,223,951
British Virgin Islands – 0.4%
	Huarong Finance 2017 Co. Ltd. (NR/Baa1)(c)(d) (5 Year CMT + 6.983%)
	3,530,000		4.000			11/07/99		3,428,071
	Huarong Finance II Co. Ltd.
	1,670,000		5.500			01/16/25		1,776,989
	1,000,000		5.000			11/19/25		1,043,945
								6,249,005
Burundi – 0.2%
	Eastern & Southern African Trade & Development Bank (NR/Baa3)
	3,990,000		5.375			03/14/22		4,059,825
Chile(a) – 0.5%
	Embotelladora Andina SA (BBB/NR)
	506,000		5.000			10/01/23		530,217
	GNL Quintero SA (BBB/Baa2)
	1,160,000		4.634			07/31/29		1,198,106
	Itau CorpBanca (BBB+/A3)
	2,581,000		3.875			09/22/19		2,579,710
	Sociedad Quimica y Minera de Chile SA (BBB+/Baa1)(d)
	3,291,000		4.375			01/28/25		3,313,362
								7,621,395

50 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
China – 0.6%
	China Evergrande Group (NR/NR)(h)
HKD	2,000,000		4.250	%		02/14/23	$	247,984
	China Evergrande Group (NR/B2)(d)
$	2,930,000		8.250			03/23/22		2,873,143
	China Evergrande Group (B/B2)(d)
	1,300,000		8.750			06/28/25		1,225,250
	Kaisa Group Holdings Ltd. (NR/NR)(d)
	2,670,000		8.500			06/30/22		2,467,387
	2,790,000		9.375			06/30/24		2,496,450
								9,310,214
Colombia – 0.5%
	Banco de Bogota SA (NR/Ba2)
	580,000		6.250			05/12/26		625,312
	6,870,000		6.250	(a)		05/12/26		7,406,719
								8,032,031
Cyprus – 0.1%
	MHP SE (B/NR)
	1,590,000		7.750			05/10/24		1,595,788
Dominican Republic(a)(d) – 0.2%
	Aeropuertos Dominicanos Siglo XXI SA (BB-/Ba3)
	3,220,000		6.750			03/30/29		3,272,325
Ecuador(f) – 0.1%
	EP PetroEcuador via Noble Sovereign Funding I Ltd. (B-/NR)(c) (3M USD LIBOR + 5.630%)
	448,947		8.240			09/24/19		450,294
	Petroamazonas EP (NR/NR)(a)
	570,000		4.625			11/06/20		560,330
								1,010,624
India – 0.7%
	Greenko Investment Co. (B+/NR)(a)(d)
	3,290,000		4.875			08/16/23		3,133,511
	Reliance Industries Ltd. (BBB+/Baa2)
	1,130,000		4.125			01/28/25		1,146,786
	6,470,000		3.667	(a)		11/30/27		6,298,125
	570,000		3.667			11/30/27		554,858
								11,133,280
Indonesia – 0.2%
	Bank Rakyat Indonesia Persero Tbk PT (NR/Baa2)
	2,790,000		3.950			03/28/24		2,803,950
Ireland – 0.7%
	Credit Bank of Moscow Via CBOM Finance PLC (NR/NR)(c)(d) (5 Year USD Swap + 5.416%)
	710,000		7.500			10/05/27		587,525
	Credit Bank of Moscow Via CBOM Finance PLC (NR/Caa2u)(c)(d) (5 Year USD Swap + 6.942%)
	5,740,000		8.875			08/10/66		4,466,897
	Credit Bank of Moscow Via CBOM Finance PLC (BB-/Ba3)(a)
	3,010,000		5.550			02/14/23		2,904,650
	Phosagro OAO Via Phosagro Bond Funding DAC (BBB-/Baa3)(a)
	3,610,000		3.949			04/24/23		3,506,212
								11,465,284
Corporate Obligations – (continued)
Isle Of Man – 0.2%
	Gohl Capital Ltd. (NR/Baa1)
	3,820,000		4.250			01/24/27		3,801,798
Italy(d) – 0.5%
	Wind Tre SpA (BB-/B1)
EUR	3,770,000		2.625	(a)		01/20/23		4,099,253
	2,830,000		2.625			01/20/23		3,077,158
$	985,000		5.000	(a)		01/20/26		896,350
								8,072,761
Ivory Coast – 0.7%
	Agromercantil Senior Trust (BB-/NR)(a)
	3,420,000		6.250			04/10/19		3,412,322
	Brazil Minas SPE via State of Minas Gerais (BB-/NR)(a)(f)
	3,150,000		5.333			02/15/28		3,220,875
	Comunicaciones Celulares SA Via Comcel Trust (NR/Ba1)(d)
	3,980,000		6.875			02/06/24		4,134,225
	Independencia International Ltd. (NR/NR)(a)(g)(i)
	1,277,436		12.000			12/30/16		—
								10,767,422
Jamaica(d) – 0.4%
	Digicel Group Two Ltd. (NR/Caa3)(a)
	263,000		8.250			09/30/22		88,219
	Digicel Ltd. (NR/B3)
	3,860,000		6.000	(a)(j)		04/15/21		3,242,400
	2,960,000		6.000	(j)		04/15/21		2,486,400
	360,000		6.750			03/01/23		228,150
								6,045,169
Japan(c)(d) – 0.2%
	SoftBank Group Corp. (B+/Ba3) (5 Year USD ICE Swap + 4.226%)
	4,380,000		6.000			12/31/99		4,100,775
Luxembourg – 1.5%
	Altice Financing SA (B+/B2)(d)
	1,590,000		6.625			02/15/23		1,621,800
	1,160,000		6.625	(a)		02/15/23		1,186,100
	7,860,000		7.500			05/15/26		7,761,750
	Gazprom OAO Via Gaz Capital SA (BBB-/NR)
	490,000		5.150			02/11/26		496,921
	2,180,000		5.150	(a)		02/11/26		2,210,793
	Gazprom OAO Via Gaz Capital SA (BBB-/Baa2)
	6,400,000		9.250	(h)		04/23/19		6,419,200
	410,000		8.625	(h)		04/28/34		528,449
	3,970,000		7.288			08/16/37		4,663,678
	MHP Lux SA (B/NR)
	380,000		6.950			04/03/26		356,250
								25,244,941
Mauritius – 0.3%
	Greenko Investment Co. (B+/NR)(d)
	200,000		4.875			08/16/23		190,487
	MTN Mauritius Investments Ltd. (BB+/Ba1)
	2,000,000		5.373			02/13/22		2,011,400
	1,790,000		4.755			11/11/24		1,698,262
	1,150,000		6.500	(a)		10/13/26		1,167,250
								5,067,399

The accompanying notes are an integral part of these financial statements. 51

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Mexico – 4.2%
	America Movil SAB de CV (A-/A3)
MXN	19,010,000		6.000	%		06/09/19	$	964,591
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa3)(a)(c)(d) (5 Year CMT + 2.995%)
$	1,090,000		5.950			10/01/28		1,115,888
	BBVA Bancomer SA (BB+/NR)(c)(d)
	(5 Year CMT + 2.650%)
	3,930,000		5.125	(a)		01/18/33		3,628,372
	(5Year H15T + 2.650%)
	660,000		5.125			01/18/33		609,345
	Corporacion Geo SA (NR/NR)(i)
	314,572		8.000			04/13/21		—
	Mexico City Airport Trust (BBB+/Baa3)(d)
	1,180,000		4.250	(a)		10/31/26		1,134,570
	1,409,000		4.250			10/31/26		1,354,753
	5,200,000		3.875	(a)		04/30/28		4,700,410
	2,190,000		5.500	(a)		10/31/46		2,020,494
	722,000		5.500			10/31/46		666,117
	10,548,000		5.500			07/31/47		9,705,637
	2,770,000		5.500	(a)		07/31/47		2,548,788
	Petroleos Mexicanos (BBB+/Baa3)
	8,549,000		6.375			02/04/21		8,822,568
	35,000		4.875			01/24/22		35,298
	2,610,000		5.375			03/13/22		2,653,822
EUR	15,380,000		5.125			03/15/23		18,808,265
	1,980,000		4.875			02/21/28		2,254,382
$	2,991,000		6.375			01/23/45		2,641,950
	365,000		6.750			09/21/47		336,727
	2,052,000		6.350			02/12/48		1,809,146
	Unifin Financiera SAB de CV SOFOM ENR (BB/NR)(a)(d)
	2,800,000		7.375			02/12/26		2,607,556
								68,418,679
Netherlands – 2.1%
	Embraer Netherlands Finance B.V. (BBB/NR)
	330,000		5.400			02/01/27		355,575
	Embraer Netherlands Finance B.V. (BBB/Ba1)
	654,000		5.050			06/15/25		689,970
	Greenko Dutch BV (NR/Ba2)(a)(d)
	770,000		5.250			07/24/24		741,267
	Lukoil International Finance B.V. (BBB/NR)
	1,090,000		4.750			11/02/26		1,102,263
	Lukoil International Finance B.V. (BBB/Baa2)
	1,450,000		4.563			04/24/23		1,468,125
	Metinvest B.V. (B-/NR)(a)(d)
	2,035,000		7.750			04/23/23		1,981,581
	Minejesa Capital B.V. (NR/Baa3)
	5,300,000		4.625			08/10/30		5,127,012
	Myriad International Holdings B.V. (BBB-/Baa3)(d)
	460,000		5.500			07/21/25		492,200
	NE Property B.V. (BBB/NR)(d)
EUR	980,000		1.750			11/23/24		1,003,125
	NE Property B.V. (BBB/WR)
	1,390,000		3.750			02/26/21		1,586,519
Corporate Obligations – (continued)
Netherlands – (continued)
	Petrobras Global Finance B.V. (BB-/Ba2)
	3,020,000		8.750			05/23/26		3,568,130
	1,990,000		7.375			01/17/27		2,191,487
	470,000		5.750			02/01/29		464,055
	2,150,000		6.900			03/19/49		2,121,405
	Syngenta Finance NV (BBB-/Ba2)(a)(d)
	2,340,000		5.182			04/24/28		2,378,680
	8,480,000		5.676			04/24/48		8,026,490
	Teva Pharmaceutical Finance Netherlands III B.V. (BB/Ba2)
	494,000		1.700			07/19/19		490,789
								33,788,673
Pakistan(a) – 0.3%
	The Third Pakistan International Sukuk Co. Ltd. (B-/B3)
	4,970,000		5.625			12/05/22		4,926,512
Panama(a) – 0.0%
	Autoridad del Canal de Panama (A-/A1)
	380,000		4.950			07/29/35		405,650
Paraguay(d) – 0.2%
	Telefonica Celular del Paraguay SA (NR/Ba1)
	2,700,000		6.750			12/13/22		2,754,000
Peru – 0.7%
	ABY Transmision Sur SA (BBB/NR)(a)
	5,096,016		6.875			04/30/43		5,599,248
	Corp. Lindley SA (BBB/NR)
	3,560,000		6.750			11/23/21		3,744,782
	1,630,000		6.750	(a)		11/23/21		1,714,605
	120,000		4.625	(a)		04/12/23		121,991
								11,180,626
Saudi Arabia(a) – 0.6%
	KSA Sukuk Ltd. (NR/A1)
	9,330,000		4.303			01/19/29		9,675,210
Singapore – 0.3%
	ABJA Investment Co. Pte Ltd. (BB-/NR)
	510,000		5.950			07/31/24		520,922
	3,646,000		5.450			01/24/28		3,427,240
	Eterna Capital Pte Ltd. (CCC+p/Caa1)(d)(k)
	350,000		8.000			12/11/22		318,456
	Innovate Capital Pte Ltd. (NR/NR)(d)(k)
	582,383		6.000			12/11/24		332,916
	Medco Straits Services Pte Ltd. (B/B2)(d)
	400,000		8.500			08/17/22		424,074
								5,023,608
South Africa – 0.1%
	Eskom Holdings SOC Ltd. (CCC+/B3)
	520,000		6.750			08/06/23		513,500
	800,000		7.125			02/11/25		791,000
								1,304,500
Thailand(a) – 0.2%
	Thaioil Treasury Center Co. Ltd. (BBB/Baa1)
	2,340,000		5.375			11/20/48		2,630,944

52 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Turkey – 2.6%
	Akbank Turk A/S (NR/Caa1)(c)(d) (5 Year USD Swap + 4.029)
$	2,874,000		6.797	%		04/27/28	$	2,357,255
	Hazine Mustesarligi Varlik Kiralama A/S (NR/Ba3)
	18,880,000		5.004	(a)		04/06/23		17,841,600
	10,280,000		5.004			04/06/23		9,714,600
	TC Ziraat Bankasi A/S (NR/B1)
	1,000,000		5.125			05/03/22		910,100
	2,370,000		5.125	(a)		09/29/23		2,065,099
	Turkiye Sise ve Cam Fabrikalari A/S (NR/Ba2)(a)(d)
	570,000		6.950			03/14/26		549,338
	Turkiye Vakiflar Bankasi TAO (NR/B1)(a)
	2,520,000		8.125			03/28/24		2,375,100
	Yapi ve Kredi Bankasi A/S (NR/B1)
	1,820,000		6.100			03/16/23		1,646,900
	Yapi ve Kredi Bankasi A/S (NR/B1)
	400,000		5.850			06/21/24		343,978
	4,610,000		8.250	(a)		10/15/24		4,414,536
								42,218,506
United Arab Emirates – 1.7%
	Abu Dhabi Crude Oil Pipeline LLC (AA/NR)(a)
	16,090,000		4.600			11/02/47		16,572,700
	Dolphin Energy Ltd. LLC (NR/A2)
	61,040		5.888			06/15/19		60,811
	2,580,000		5.500			12/15/21		2,716,521
	DP World PLC (NR/Baa1)(h)
	8,400,000		1.750			06/19/24		8,119,146
								27,469,178
United States – 0.9%
	Brazil Loan Trust 1 (BB-/NR)(a)(l)
	6,632,083		5.477			07/24/23		6,814,465
	CEMEX Finance LLC (BB/NR)(d)
EUR	1,160,000		4.625			06/15/24		1,359,786
	SASOL Financing USA LLC (BBB-/Baa3)(d)
$	6,720,000		5.875			03/27/24		7,114,800
	The Bank of New York Mellon SA (NR/NR)(i)
	520,000		9.625			05/03/21		—
								15,289,051
Venezuela(g) – 2.9%
	Petroleos de Venezuela SA (NR/NR)
	138,210,000		6.000			10/28/22		24,013,987
	Petroleos de Venezuela SA (CCC-/NR)
	2,180,000		5.500			04/12/37		493,225
	Petroleos de Venezuela SA (D/NR)
	76,690,000		6.000			05/16/24		17,159,388
	3,387,934		6.000			11/15/26		758,050
	19,170,000		5.375			04/12/27		4,337,213
								46,761,863
	TOTAL CORPORATE OBLIGATIONS
	(Cost $460,274,942)						$	422,489,799

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligations – 0.8%
Puerto Rico – 0.8%
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-1 (NR/NR)
$	258,000		0.000	%(e)		07/01/24	$	216,624
	437,000		0.000	(e)		07/01/27		325,845
	426,000		0.000	(d)(e)		07/01/29		282,468
	549,000		0.000	(d)(e)		07/01/31		324,777
	618,000		0.000	(d)(e)		07/01/33		327,960
	453,000		4.500	(d)		07/01/34		457,997
	229,000		4.550	(d)		07/01/40		225,341
	5,885,000		0.000	(d)(e)		07/01/46		1,265,863
	4,794,000		0.000	(d)(e)		07/01/51		758,507
	1,682,000		4.750	(d)		07/01/53		1,594,822
	4,253,000		5.000	(d)		07/01/58		4,202,177
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-2 (NR/NR)(d)
	2,329,000		4.550			07/01/40		2,055,366
	70,000		4.750			07/01/53		60,026
	934,000		5.000			07/01/58		817,259
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $12,475,224)						$	12,915,032

Shares		Dividend Rate	Value
Investment Company(m) – 0.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	14,750,424	2.437%	$	14,750,424
	(Cost $14,750,424)
	TOTAL INVESTMENTS — 92.9%
	(Cost $1,567,146,439)		$	1,505,657,339

Principal Amount			Interest Rate (Paid) Received			Maturity Date		Value
Reverse Repurchase Agreement – (0.3)%
	Barclays Reverse Repurchase Agreement (NR/NR)
$	(5,005,000	)		(0.500	)%		04/01/19	$	(5,005,000	)
	TOTAL REVERSE REPURCHASE AGREEMENTS
	(Cost $(5,005,000))
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 7.4%								120,684,595
	NET ASSETS – 100.0%							$	1,621,336,934

The accompanying notes are an integral part of these financial statements. 53

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments(continued)

March 31, 2019

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2019.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(d)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $4,465,764, which represents approximately 0.3% of the Fund’s net assets as of March 31, 2019.
(g)	Security is currently in default and/or non-income producing.
(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 on March 31, 2019.
(i)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(j)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of March 31, 2019, the value of securities pledged amounted to $4,620,000, which represents approximately 0.3% of the Fund’s net assets as of March 31, 2019.
(k)	Pay-in-kind securities.
(l)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $6,814,465, which represents approximately 0.4% of the Fund’s net assets as of March 31, 2019.
(m)	Represents an affiliated fund.

Currency Abbreviations:
ARS	—Argentine Peso
BRL	—Brazilian Real
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
COP	—Colombian Peso
CZK	—Czech Koruna
DOP	—Dominican Peso
EUR	—Euro
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysian Ringgit
PHP	—Philippine Peso
PLN	—Polish Zloty
RON	—New Romanian Leu
RUB	—Russian Ruble
SGD	—Singapore Dollar
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
EURO	—Euro Offered Rate
JIBAR	—Johannesburg Interbank Agreed Rate
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
MTN	—Medium Term Note
NR	—Not rated
PLC	—Public Limited Company
RB	—Revenue Bond
TIIE	—La Tasa de Interbank Equilibrium Interest Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	ARS	198,886,732	USD	4,198,580		06/04/19	$	14,360
	BRL	90,465,853	USD	23,021,058		05/03/19		34,380
	CNH	142,924,174	USD	21,231,197		06/19/19		23,143
	COP	75,120,292,057	USD	23,541,744		04/01/19		20,086
	COP	7,672,501,083	USD	2,402,904		04/15/19		1,554
	EUR	2,386,326	PLN	10,297,831		06/19/19		6,131
	IDR	114,849,557,186	USD	8,012,208		04/25/19		16,337
	INR	2,060,870,757	USD	29,024,015		04/02/19		701,204
	KRW	6,103,881,981	USD	5,368,920		04/18/19		621
	MXN	495,231,876	USD	25,113,815		06/19/19		75,051
	PHP	346,829,759	USD	6,540,611		04/12/19		43,368
	RUB	2,281,446,430	USD	34,195,175		04/15/19		488,860
	SGD	42,554,559	USD	31,389,131		06/19/19		58,021
	USD	1,557,335	ARS	64,395,811		04/03/19		78,271
	USD	1,065,777	ARS	44,421,593		04/22/19		70,815
	USD	21,283,011	BRL	80,908,193		04/02/19		621,821
	USD	3,220,497	BRL	12,609,437		05/03/19		6,952
	USD	29,075,687	CLP	19,405,841,187		04/04/19		558,622
	USD	4,616,192	CLP	3,110,179,145		04/18/19		45,662

54 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	563,557	CLP	373,807,040		04/22/19	$	14,230
	USD	565,181	CLP	374,098,870		04/25/19		15,423
	USD	4,018,854	CNH	27,021,798		06/19/19		426
	USD	24,046,553	COP	75,120,292,057		04/01/19		484,724
	USD	5,571,638	COP	17,471,693,523		04/15/19		96,244
	USD	234,201,313	EUR	204,337,540		04/26/19		4,480,852
	USD	4,703,788	HUF	1,298,245,394		06/19/19		143,322
	USD	2,681,459	IDR	37,989,574,349		04/25/19		25,803
	USD	50,782,829	INR	3,505,279,102		04/02/19		224,008
	USD	2,655,561	KRW	3,010,715,663		04/05/19		6,333
	USD	5,113,043	KRW	5,769,935,923		04/18/19		37,271
	USD	5,931,731	KRW	6,729,624,679		04/30/19		10,424
	USD	12,214,229	MXN	235,269,682		04/25/19		142,032
	USD	18,448,343	MXN	358,843,213		06/19/19		196,582
	USD	11,120,060	PHP	582,057,300		04/12/19		70,680
	USD	1,749,055	PLN	6,586,901		05/30/19		30,076
	USD	6,662,543	RON	28,119,264		06/19/19		74,349
	USD	8,645,353	RUB	560,119,007		04/15/19		130,060
	USD	16,145,092	SGD	21,804,121		06/19/19		32,189
	USD	6,477,218	TRY	37,457,398		06/19/19		225,425
	USD	10,909,346	TWD	336,226,057		04/08/19		13,219
	USD	7,053,232	TWD	216,479,532		04/11/19		36,991
	USD	4,422,905	TWD	136,311,293		04/29/19		2,110
	USD	6,456,500	ZAR	93,015,015		06/19/19		71,691
	ZAR	140,990,685	USD	9,655,114		06/19/19		22,883
TOTAL							$	9,452,606

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	ARS	263,282,543	USD	6,502,194		04/03/19	$	(455,032	)
	ARS	111,026,896	USD	2,670,586		04/22/19		(183,788	)
	ARS	47,215,008	USD	1,080,000		04/26/19		(27,969	)
	BRL	171,374,047	USD	45,200,161		04/02/19		(1,437,079	)
	CLP	19,405,841,187	USD	29,301,505		04/04/19		(784,442	)
	CLP	12,190,097,397	USD	18,002,490		04/18/19		(88,666	)
	CLP	375,328,642	USD	563,557		04/22/19		(11,994	)
	CLP	376,975,640	USD	565,181		04/25/19		(11,195	)
	COP	75,120,292,057	USD	24,198,812		04/01/19		(636,985	)
	COP	51,158,533,461	USD	16,283,980		04/15/19		(251,586	)
	COP	4,229,632,161	USD	1,326,951		05/02/19		(2,810	)
	CZK	146,997,334	EUR	5,699,043		06/19/19		(33,997	)
	CZK	161,713,017	USD	7,151,013		06/19/19		(107,742	)
	EUR	17,766,412	USD	20,264,724		04/26/19		(291,359	)
	EUR	3,008,895	USD	3,427,442		06/19/19		(29,280	)
	EUR	2,349,831	ZAR	38,679,387		06/19/19		(1,227	)
	HUF	1,079,657,942	EUR	3,365,667		06/19/19		(8,477	)
	HUF	546,517,200	PLN	7,390,561		06/19/19		(9,986	)
	IDR	76,216,962,549	USD	5,359,509		04/05/19		(15,637	)
	IDR	113,407,067,111	USD	8,019,168		04/25/19		(91,460	)

The accompanying notes are an integral part of these financial statements. 55

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	INR	2,060,870,756	USD	29,866,047		04/02/19	$	(140,827	)
	INR	1,630,186,913	USD	23,545,598		04/22/19		(133,391	)
	KRW	3,010,715,663	USD	2,675,312		04/05/19		(26,083	)
	KRW	39,205,226,731	USD	34,831,501		04/18/19		(342,944	)
	MXN	170,148,281	USD	8,825,094		06/19/19		(170,881	)
	MYR	18,846,141	USD	4,624,593		04/05/19		(6,249	)
	PLN	83,718,637	EUR	19,384,348		06/19/19		(31,943	)
	RUB	105,958,921	USD	1,643,801		04/11/19		(31,879	)
	RUB	488,670,764	USD	7,564,015		04/15/19		(134,924	)
	SGD	7,047,979	USD	5,227,027		06/19/19		(18,681	)
	TRY	37,457,396	USD	6,515,912		06/19/19		(264,120	)
	TWD	336,226,057	USD	10,922,323		04/08/19		(26,196	)
	TWD	1,171,853,852	USD	38,219,550		04/11/19		(239,016	)
	TWD	336,226,057	USD	10,919,586		04/29/19		(15,231	)
	USD	4,545,982	ARS	198,886,732		04/03/19		(22,115	)
	USD	23,066,255	BRL	90,465,853		04/02/19		(35,637	)
	USD	11,660,097	CNH	78,571,903		06/19/19		(24,377	)
	USD	23,541,743	COP	75,120,292,057		04/01/19		(20,084	)
	USD	5,336,201	IDR	76,216,962,550		04/05/19		(7,670	)
	USD	8,775,689	INR	616,462,411		04/02/19		(115,933	)
	USD	7,247,070	KRW	8,248,687,727		04/30/19		(10,840	)
	USD	1,803,995	MXN	35,516,711		06/19/19		(2,483	)
	USD	16,272,678	RUB	1,075,639,182		04/15/19		(79,889	)
	USD	15,685,568	SGD	21,245,311		06/19/19		(14,382	)
	USD	7,237,192	TWD	223,346,985		04/29/19		(6,312	)
	ZAR	29,794,421	USD	2,126,975		04/03/19		(62,804	)
	ZAR	132,391,012	USD	9,111,534		06/19/19		(23,848	)
TOTAL							$	(6,489,450	)

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		592			06/19/19	$	99,456,000		$	3,701,278
Ultra 10 Year U.S. Treasury Notes		46			06/19/19		6,107,937			153,256
2 Year U.S. Treasury Notes		508			06/28/19		108,251,625			394,951
5 Year U.S. Treasury Notes		1,341			06/28/19		155,325,516			1,048,880
20 Year U.S. Treasury Bonds		217			06/19/19		32,475,406			948,032
Total									$	6,246,397
Short position contracts:
Eurodollars		(64	)		06/17/19		(15,592,800	)		87,093
Eurodollars		(936	)		12/16/19		(228,313,800	)		(792,428	)
10 Year U.S. Treasury Notes		(319	)		06/19/19		(39,625,781	)		(537,426	)
Total									$	(1,242,761	)
TOTAL FUTURES CONTRACTS									$	5,003,636

56 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund (%)		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M BID Avg(a)		7.250	01/02/20	BRL	1		$	2		$	—		$	2
8.360(b)		Mexico IB TIIE 28 Days	03/18/20	MXN	4,396,500			(28,052	)		(61,309	)		33,257
3M JIBAR(c)		7.500	09/19/20	ZAR	288,350			110,544			15,349			95,195
7.950(b)		Mexico IB TIIE 28 Days	06/16/21	MXN	218,500			(6,996	)		(2,690	)		(4,306	)
10.300(a)		1M BID Avg	01/03/22	BRL	50			(969	)		(89	)		(880	)
0.250(d)		6M EURO	06/19/22	EUR	27,090			(337,935	)		(238,483	)		(99,452	)
1M BID Avg(b)		7.900	01/02/23	BRL	116,600			(150,006	)		(65,021	)		(84,985	)
0.500(d)		6M EURO	06/19/24	EUR	33,700			(869,699	)		(562,899	)		(306,800	)
0.750(d)		6M EURO	06/19/26		35,250			(1,450,405	)		(911,964	)		(538,441	)
3M JIBAR(c)		8.500	03/20/29	ZAR	246,680	(e)		634,037			23,806			610,231
8.250(b)		Mexico IB TIIE 28 Days	06/06/29	MXN	80,675			(38,794	)		(58,765	)		19,971
1.000(d)		6M EURO	06/19/29	EUR	20,260			(1,119,229	)		(621,623	)		(497,606	)
1.500(d)		6M EURO	06/19/39		7,310			(774,303	)		(415,254	)		(359,050	)
1.500(d)		6M EURO	06/19/49		1,540			(196,162	)		(95,252	)		(100,910	)
TOTAL							$	(4,227,967	)	$	(2,994,194	)	$	(1,233,774	)

(a) Payments made at maturity.

(b) Payments made monthly.

(c) Payments made quarterly.

(d) Payments made semi-annually.

(e) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at March 31, 2019(b)	Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27	(1.000)%	0.169%	Barclays Bank PLC		06/20/21	$	7,030	$	(130,159	)	$	16,992		$	(147,151	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.221	Barclays Bank PLC		12/20/21		17,730		(373,809	)		(17,144	)		(356,665	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.256	Barclays Bank PLC		06/20/22		18,480		(436,147	)		(111,614	)		(324,533	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.316	Barclays Bank PLC		12/20/22		10,860		(270,280	)		(166,653	)		(103,627	)
People’s Republic of China, 4.250%, 10/28/19	(1.000)	0.084	Barclays Bank PLC		09/20/19		3,350		(15,878	)		(4,585	)		(11,293	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.131	BoA Securities LLC		12/20/20		9,500		(144,369	)		28,926			(173,295	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.169	BoA Securities LLC		06/20/21		12,670		(234,581	)		61,389			(295,970	)
People’s Republic of China, 4.250%, 10/28/19	(1.000)	0.084	BoA Securities LLC		06/20/19		2,680		(6,515	)		(722	)		(5,793	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.131	Citibank NA		12/20/20		20,690		(314,419	)		74,701			(389,120	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.169	Citibank NA		06/20/21		47,820		(885,376	)		160,560			(1,045,936	)

The accompanying notes are an integral part of these financial statements. 57

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)

Reference Obligation/ Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at March 31, 2019(b)	Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
People’s Republic of China, 7.500%, 10/28/27	(1.000)%	0.256%	Citibank NA		06/20/22	$	9,400	$	(221,850	)	$	(91,481	)	$	(130,369	)
People’s Republic of China, 4.250%, 10/28/19	(1.000)	0.084	Citibank NA		06/20/19		22,250		(54,092	)		(3,517	)		(50,575	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.131	CS International (London)		12/20/20		1,160		(17,628	)		5,053			(22,681	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.169	CS International (London)		06/20/21		3,770		(69,801	)		(1,194	)		(68,607	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.131	Deutsche Bank AG (London)		12/20/20		5,280		(80,238	)		16,712			(96,950	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.169	Deutsche Bank AG (London)		06/20/21		28,030		(518,970	)		48,417			(567,387	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.221	Deutsche Bank AG (London)		12/20/21		15,570		(328,269	)		31,572			(359,841	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.131	JPMorgan Securities, Inc.		12/20/20		17,040		(258,953	)		41,223			(300,176	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.169	JPMorgan Securities, Inc.		06/20/21		22,050		(408,250	)		45,613			(453,863	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.221	JPMorgan Securities, Inc.		12/20/21		1,650		(34,788	)		3,378			(38,166	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.256	JPMorgan Securities, Inc.		06/20/22		14,680		(346,443	)		(140,820	)		(205,623	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.316	JPMorgan Securities, Inc.		12/20/22		3,650		(90,840	)		(62,258	)		(28,582	)
People’s Republic of China, 4.250%, 10/28/19	(1.000)	0.084	JPMorgan Securities, Inc.		06/20/19		1,770		(4,303	)		(423	)		(3,880	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.169	UBS AG (London)		06/20/21		18,520		(342,893	)		37,975			(380,868	)
Protection Sold:
Republic of Colombia, 10.375%, 01/28/33	1.000	0.276	Barclays Bank PLC		12/20/19		5,720		32,086			(34,233	)		66,319
Islamic Republic of Pakistan, 6.875, 12/05/27	5.000	2.191	Citibank NA		09/20/19		7,030		105,959			24,253			81,706
Republic of Chile, 3.875%, 08/05/20	1.000	0.138	Citibank NA		12/20/20		11,510		173,606			(54,107	)		227,713
Republic of Colombia, 10.375%, 01/28/33	1.000	0.765	Citibank NA		12/20/22		3,940		34,288			—			34,288
Russian Federation, 7.500%, 03/31/30	1.000	1.168	Citibank NA		06/20/23		2,100		(13,284	)		(46,229	)		32,945
Ukraine Government, 7.375%, 09/25/32	5.000	6.322	Deutsche Bank AG (London)		12/20/23		4,590		(224,792	)		(381,133	)		156,341
Republic of Colombia, 10.375%, 01/28/33	1.000	0.765	JPMorgan Securities, Inc.		12/20/22		3,600		31,329			1,238			30,091
TOTAL								$	(5,449,659	)	$	(518,111	)	$	(4,931,548	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

58 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at March 31, 2019(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
Republic of South Africa, 5.500%, 03/09/20		(1.000)%	1.866%		12/20/23	$	8,460	$	315,378		$	320,284		$	(4,906	)
Protection Sold:
Republic of Colombia, 10.375%, 01/28/33		1.000	0.980		12/20/23		53,990		66,359			(668,125	)		734,484
Republic of the Philippines, 10.625%, 03/16/25		1.000	0.542		12/20/23		9,460		196,796			12,690			184,106
Russian Federation, 7.500%, 03/31/30		1.000	1.168		06/20/23		1,770		(11,196	)		(22,570	)		11,374
Republic of Turkey, 11.875%, 01/15/30		1.000	4.185		12/20/23		4,160		(533,549	)		(562,923	)		29,374
Republic of Turkey, 11.875%, 01/15/30		1.000	4.222		06/20/24		1,460		(205,770	)		(194,864	)		(10,906	)
Republic of Colombia, 10.375%, 01/28/33		1.000	0.851		06/20/23		2,770		17,471			(11,104	)		28,575
TOTAL								$	(154,511	)	$	(1,126,612	)	$	972,101

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

PURCHASED OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$97.75		06/15/2020		849	$	2,122,500	$	488,175	$	424,069	$	64,106

Abbreviations:
1M BID Avg	—1 month Brazilian Interbank Deposit Average
BoA Securities LLC	—Bank of America Securities LLC
CS International (London)	—Credit Suisse International (London)
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days

The accompanying notes are an integral part of these financial statements. 59

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – 4.7%
Consumer Cyclical Services – Business(b) – 0.6%
	First Data Corp. (BB/Ba2) (1M LIBOR + 2.000%)
$	12,032,092		4.486	%		07/08/22	$	12,001,771
Food & Beverages(b) – 0.2%
	Shearer’s Foods, Inc. (CCC/Caa2) (1M LIBOR + 6.750%)
	4,935,667		9.249			06/30/22		4,750,579
Gaming(b) – 0.2%
	Mohegan Tribal Gaming Authority (B-/B1) (1M LIBOR + 4.000%)
	4,687,693		6.499			10/13/23		4,429,869
Health Care – Services(b) – 0.4%
	Sotera Health Holdings LLC (B/B1) (1M LIBOR + 3.000%)
	5,610,687		5.499			05/15/22		5,507,843
	Team Health Holdings, Inc. (B/B2) (1M LIBOR + 2.750%)
	4,679,500		5.249			02/06/24		4,149,172
								9,657,015
Media – Cable(b) – 0.2%
	Numericable Group SA (NR/NR) (1M LIBOR + 3.688%)
	3,920,226		6.171			01/31/26		3,708,534
Packaging(b) – 0.4%
	Charter NEX US Holdings, Inc. (B/B2) (1M LIBOR + 2.750%)
	3,865,165		3.750			05/16/24		3,748,398
	Flex Acquisition Co., Inc. (B/B1)
	(3M LIBOR + 3.000%)
	2,800,000		5.626			12/29/23		2,707,824
	(3M LIBOR + 3.250%)
	2,850,000		5.876			06/29/25		2,757,375
								9,213,597
Pharmaceutical(b) – 0.1%
	Bausch Health Cos., Inc. (BB-/Ba2) (1M LIBOR + 2.750%)
	3,000,000		2.750			11/27/25		2,962,980
Real Estate Investment Trust(b) – 0.2%
	Brookfield Property REIT, Inc. (BB+/Ba3) (1M LIBOR + 2.500%)
	4,538,596		4.996			08/27/25		4,362,726
Retailers(b) – 0.3%
	IRB Holding Corp. (B/B2) (1M LIBOR + 3.250%)
	5,610,831		5.739			02/05/25		5,463,547
Services Cyclical – Business Services – 0.4%
	Sabre GLBL, Inc. (BB/Ba2)(b) (1M LIBOR + 2.000%)
	5,311,553		4.499			02/22/24		5,266,724
	Travelport Finance S.A.R.L. (NR/NR)(c)
	4,425,000		4.750			03/13/26		4,297,781
								9,564,505
Software – 0.5%
	Infor (US), Inc. (B/B1)(b) (1M LIBOR + 2.750%)
	7,581,194		5.249			02/01/22		7,539,725
	The Dun & Bradstreet Corp. (B-/B2)(c) (1M LIBOR + 5.000%)
	3,600,000		5.000			02/01/26		3,550,500
								11,090,225
Bank Loans(a) – (continued)
Technology – Software/Services(b) – 1.2%
	Financial & Risk US Holdings, Inc. (B/B2) (1M LIBOR + 3.750%)
	6,134,625		6.249			10/01/25		5,951,690
	Mitchell International, Inc. (B-/B2) (1M LIBOR + 3.250%)
	5,710,579		5.749			11/29/24		5,478,616
	PowerSchool (B-/B2) (1M LIBOR + 3.250%)
	5,635,875		5.989			08/01/25		5,459,754
	SS&C Technologies Holdings Europe S.a.r.l. (BB+/Ba2) (1M LIBOR + 2.250%)
	1,501,623		4.749			04/16/25		1,487,747
	SS&C Technologies, Inc. (BB+/Ba2) (1M LIBOR + 2.250%)
	2,088,494		4.749			04/16/25		2,069,196
	TriTech Software Systems (B/B2) (1M LIBOR + 3.750%)
	3,441,375		6.249			08/29/25		3,385,453
	Vertafore, Inc. (B-/B2) (1M LIBOR + 3.250%)
	3,865,313		5.749			07/02/25		3,790,751
								27,623,207
	TOTAL BANK LOANS
	(Cost $106,348,079)						$	104,828,555
Corporate Obligations – 89.9%
Advertising(d)(e) – 0.0%
	Getty Images, Inc. (CCC+/Caa2)
$	900,000		9.750	%		03/01/27	$	906,750
Aerospace & Defense – 1.9%
	Arconic, Inc. (BBB-/Ba2)
	2,000,000		6.150			08/15/20		2,072,260
	2,000,000		5.400	(e)		04/15/21		2,061,860
	6,200,000		5.950			02/01/37		6,125,104
	Bombardier, Inc. (B-/Caa1)(d)
	2,800,000		5.750			03/15/22		2,859,500
	3,800,000		6.125			01/15/23		3,852,250
	9,400,000		7.500	(e)		03/15/25		9,670,250
	4,900,000		7.875	(e)		04/15/27		5,034,750
	TransDigm, Inc. (B-/B3)(e)
	8,100,000		6.500			05/15/25		8,201,250
	3,300,000		6.375			06/15/26		3,258,750
								43,135,974
Apparel(d)(e) – 0.1%
	The William Carter Co. (BB+/Ba2)
	2,850,000		5.625			03/15/27		2,949,750
Automotive – 1.3%
	American Axle & Manufacturing, Inc. (B/B2)(e)
	6,600,000		6.250			04/01/25		6,435,000
	CB Lear Corp. (NR/NR)(e)(f)
	6,750,000		8.500			12/01/13		—
	Cooper-Standard Automotive, Inc. (B+/B1)(d)(e)
	4,350,000		5.625			11/15/26		3,806,250
	Dana Financing Luxembourg S.a.r.l. (BB-/B2)(d)(e)
	2,250,000		5.750			04/15/25		2,250,000
	Delphi Technologies PLC (BB/B1)(d)
	4,475,000		5.000			10/01/25		3,928,549

60 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Automotive – (continued)
	General Motors Liquidation Co. (NR/NR)(f)
$	2,000,000		7.700	%		04/15/16	$	—
	7,125,000		7.125			07/15/13		—
	1,000,000		8.800			03/01/49		—
	14,500,000		8.375			07/15/49		—
	IHO Verwaltungs GmbH (BB+/Ba1)(d)(e)(g)
	(PIK + 5.500%, Cash 4.750%)
	2,495,000		4.750			09/15/26		2,370,250
	(PIK 4.875%, Cash 4.125%)
	2,250,000		4.125			09/15/21		2,252,812
	Navistar International Corp. (B-/Caa1)(d)(e)
	1,950,000		6.625			11/01/25		1,981,688
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc. (B/B3)(d)(e)
	3,500,000		8.500			05/15/27		3,513,125
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc. (B+/Ba3)(d)(e)
	2,500,000		6.250			05/15/26		2,556,250
								29,093,924
Banks – 2.0%
	Barclays PLC (B+/NR)(b)(e) (5 year CMT + 5.672%)
	3,400,000		8.000			06/15/49		3,481,787
	Barclays PLC (BB+/Ba1)
	4,380,000		5.200			05/12/26		4,471,218
	CIT Group, Inc. (BB/Ba1)
	3,085,000		6.125			03/09/28		3,424,350
	CIT Group, Inc. (BB+/Ba1)
	1,565,000		5.000			08/15/22		1,629,556
	Citigroup, Inc. (BB+/Ba1)(b)(e) (3M USD LIBOR + 3.423%)
	5,650,000		6.300			05/15/49		5,748,875
	Deutsche Bank AG (BB+/Ba2)(b)(e) (5 Year USD ICE Swap + 2.553%)
	4,950,000		4.875			12/01/32		4,362,564
	Intesa Sanpaolo SpA (BB+/Ba1)(d)
	2,350,000		5.017			06/26/24		2,273,625
	3,925,000		5.710			01/15/26		3,826,875
	Royal Bank of Scotland Group PLC (B+/Ba2)(b)(e) (3M USD LIBOR + 2.320%)
	2,200,000		4.921			12/31/49		2,048,750
	UBS Group Funding Switzerland AG (BB/Ba1u)(b)(d)(e) (5 Year USD Swap + 4.344%)
	3,800,000		7.000			12/31/99		3,847,500
	UniCredit SpA (BB+/Ba1)(b)(d)(e)
	(5 Year USD ICE Swap + 3.703%)
	1,925,000		5.861			06/19/32		1,776,051
	(5 year USD ICE Swap + 4.914%)
	6,175,000		7.296			04/02/34		6,215,773
	Westpac Banking Corp. (BB+/Baa2)(b)(e) (5 Year USD ICE Swap + 2.888%)
	2,225,000		5.000			09/21/99		1,992,568
								45,099,492
Biotechnology(d)(e)(g) – 0.3%
	Sotera Health Topco, Inc. (CCC+/Caa2) (PIK 8.875%, Cash 8.125%)
	7,000,000		8.125			11/01/21		6,895,000
Corporate Obligations – (continued)
Building Materials(e) – 1.6%
	American Woodmark Corp. (BB/Ba3)(d)
	3,050,000		4.875			03/15/26		2,985,188
	BMC East LLC (BB/B2)(d)
	5,650,000		5.500			10/01/24		5,551,125
	JELD-WEN, Inc. (BB-/B1)(d)
	2,400,000		4.875			12/15/27		2,244,000
	Masonite International Corp. (BB+/Ba3)(d)
	4,000,000		5.625			03/15/23		4,090,000
	2,950,000		5.750			09/15/26		3,009,000
	NCI Building Systems, Inc. (B-/Caa1)(d)
	6,000,000		8.000			04/15/26		5,392,500
	Standard Industries, Inc. (BBB-/Ba2)(d)
	4,000,000		5.375			11/15/24		4,080,000
	4,800,000		5.000			02/15/27		4,650,912
	Summit Materials LLC/Summit Materials Finance Corp. (BB/B3)
	2,000,000		6.125			07/15/23		2,042,500
	2,385,000		6.500	(d)		03/15/27		2,399,906
								36,445,131
Capital Goods(e)(f) – 0.0%
	LyondellBasell Industries NV (NR/NR)
EUR	2,250,000		4.625			02/26/55		—
Chemicals – 3.0%
	Alpha 2 B.V. (CCC+/Caa1)(d)(e)(g) (PIK 9.500%, Cash 8.750%)
$	4,100,000		8.750			06/01/23		3,992,375
	Alpha 3 B.V./Alpha US Bidco, Inc. (CCC+/Caa1)(d)(e)
	4,150,000		6.250			02/01/25		3,984,000
	Axalta Coating Systems LLC (BB-/B1)(d)(e)
	3,150,000		4.875			08/15/24		3,157,875
	CF Industries, Inc. (BB+/Ba3)
	5,250,000		5.375			03/15/44		4,725,000
	Ingevity Corp. (NR/Ba3)(d)(e)
	3,050,000		4.500			02/01/26		2,973,750
	Momentive Performance Materials, Inc. (NR/NR)(e)(f)
	3,110,000		8.875			10/15/20		—
	Nell AF S.a.r.l. (NR/NR)(f)
	10,625,000		8.375			12/30/49		—
	Olin Corp. (BB+/Ba1)(e)
	3,800,000		5.000			02/01/30		3,724,000
	PQ Corp. (B/Caa1)(d)(e)
	5,050,000		5.750			12/15/25		4,923,750
	PQ Corp. (BB-/B2)(d)(e)
	3,500,000		6.750			11/15/22		3,631,250
	SPCM SA (BB+/Ba2)(d)(e)
	4,950,000		4.875			09/15/25		4,826,250
	Starfruit Finco B.V./Starfruit US Holdco LLC (B-/Caa1)(d)(e)
	5,950,000		8.000			10/01/26		5,964,875
	Valvoline, Inc. (BB+/Ba3)(e)
	4,150,000		5.500			07/15/24		4,222,625
	3,900,000		4.375			08/15/25		3,734,250
	Versum Materials, Inc. (BB+/Ba3)(d)(e)
	3,000,000		5.500			09/30/24		3,153,750
	WR Grace & Co-Conn (BB-/Ba3)(d)
	2,400,000		5.125			10/01/21		2,475,000
	11,000,000		5.625			10/01/24		11,742,500
								67,231,250

The accompanying notes are an integral part of these financial statements. 61

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Commercial Services – 2.8%
	Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (BB/B1)(e)
$	850,000		5.500	%		04/01/23	$	857,438
	5,500,000		6.375	(d)		04/01/24		5,582,500
	Graham Holdings Co. (BB+/Ba1)(d)(e)
	3,100,000		5.750			06/01/26		3,255,000
	Nielsen Finance LLC/Nielsen Finance Co. (BB/B1)(d)(e)
	8,050,000		5.000			04/15/22		7,969,500
	Prime Security Services Borrower LLC/Prime Finance, Inc. (B-/B3)(d)(e)
	1,950,000		9.250			05/15/23		2,049,938
	Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)(d)
	6,300,000		5.250			04/15/24		6,300,000
	Refinitiv US Holdings, Inc. (B-/Caa2)(d)(e)
	6,700,000		8.250			11/15/26		6,582,750
	Star Merger Sub, Inc. (CCC/Caa2)(d)(e)
	1,100,000		10.250			02/15/27		1,130,250
	Team Health Holdings, Inc. (CCC+/Caa2)(d)(e)(h)
	5,200,000		6.375			02/01/25		4,231,500
	The Hertz Corp. (B+/B1)(d)(e)
	7,700,000		7.625			06/01/22		7,873,250
	The Hertz Corp. (B-/B3)(e)
	5,550,000		7.375			01/15/21		5,543,062
	United Rentals North America, Inc. (BB-/Ba3)(e)
	3,850,000		5.875			09/15/26		3,979,937
	4,300,000		6.500			12/15/26		4,520,375
	2,750,000		4.875			01/15/28		2,667,500
								62,543,000
Computers(e) – 1.4%
	Banff Merger Sub, Inc. (CCC+/Caa2)(d)
	3,950,000		9.750			09/01/26		3,861,125
	Dell International LLC/EMC Corp. (BB/Ba2)(d)
	4,550,000		5.875			06/15/21		4,635,313
	16,550,000		7.125			06/15/24		17,522,312
	EMC Corp. (BB-/Ba2)
	2,300,000		3.375			06/01/23		2,222,375
	Western Digital Corp. (BB+/Baa3)
	4,385,000		4.750			02/15/26		4,198,638
								32,439,763
Distribution & Wholesale(e) – 1.4%
	Core & Main LP (B-/Caa1)(d)
	13,700,000		6.125			08/15/25		13,374,625
	H&E Equipment Services, Inc. (BB-/B2)
	8,350,000		5.625			09/01/25		8,308,250
	Performance Food Group, Inc. (BB/B2)(d)
	6,200,000		5.500			06/01/24		6,231,000
	Univar USA, Inc. (BB-/B2)(d)
	3,550,000		6.750			07/15/23		3,629,875
								31,543,750
Diversified Financial Services – 3.7%
	Ally Financial, Inc. (BB+/NR)
	5,800,000		4.125			02/13/22		5,858,000
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Ally Financial, Inc. (BB+/Ba2)
	8,700,000		8.000			11/01/31		10,798,875
	Curo Group Holdings Corp. (B-/B3)(d)(e)
	5,050,000		8.250			09/01/25		4,330,375
	Lions Gate Capital Holdings LLC (B-/B2)(d)(e)
	5,000,000		5.875			11/01/24		5,137,500
	Nationstar Mortgage Holdings, Inc. (B/B2)(d)(e)
	8,750,000		8.125			07/15/23		9,012,500
	Navient Corp. (B+/Ba3)
	6,000,000		5.875			03/25/21		6,172,500
	2,850,000		6.625			07/26/21		2,974,687
	1,050,000		7.250			01/25/22		1,114,313
	7,300,000		5.500			01/25/23		7,318,250
	8,000,000		6.125			03/25/24		7,990,000
	2,800,000		6.750			06/15/26		2,688,000
	Quicken Loans, Inc. (BB/Ba1)(d)(e)
	6,900,000		5.250			01/15/28		6,468,681
	Springleaf Finance Corp. (BB-/Ba3)
	8,500,000		5.625			03/15/23		8,616,875
	4,775,000		7.125			03/15/26		4,840,656
								83,321,212
Electrical(e) – 2.2%
	Calpine Corp. (B/B2)
	5,600,000		5.375			01/15/23		5,600,000
	1,900,000		5.500			02/01/24		1,885,750
	7,150,000		5.750			01/15/25		7,078,500
	Calpine Corp. (BB/Ba2)(d)
	5,550,000		5.250			06/01/26		5,522,250
	DPL, Inc. (BBB-/Ba1)
	5,200,000		7.250			10/15/21		5,577,000
	NRG Energy, Inc. (BB/Ba3)
	200,000		6.625			01/15/27		215,500
	4,700,000		5.750			01/15/28		4,982,000
	Talen Energy Supply LLC (B/B3)
	2,250,000		9.500	(d)		07/15/22		2,435,625
	1,950,000		6.500			06/01/25		1,716,000
	1,900,000		10.500	(d)		01/15/26		1,980,750
	Vistra Energy Corp. (BB/Ba3)
	7,451,000		7.375			11/01/22		7,730,412
	Vistra Operations Co. LLC (BB/Ba3)(d)
	250,000		5.500			09/01/26		260,000
	Vistra Operations Co. LLC (BB/Ba3)(d)
	3,219,000		5.625			02/15/27		3,347,760
								48,331,547
Electrical Components & Equipment(e) – 0.6%
	Energizer Holdings, Inc. (B+/B2)(d)
	4,100,000		5.500			06/15/25		4,059,000
	3,350,000		7.750			01/15/27		3,567,750
	WESCO Distribution, Inc. (BB/B1)
	5,250,000		5.375			12/15/21		5,302,500
								12,929,250
Electronics – 0.5%
	Resideo Funding, Inc. (BB+/B1)(d)(e)
	4,400,000		6.125			11/01/26		4,543,348

62 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electronics – (continued)
	Sensata Technologies B.V. (BB+/Ba3)(d)
$	950,000		5.000	%		10/01/25	$	964,250
	The ADT Security Corp. (BB-/Ba3)
	4,675,000		4.125			06/15/23		4,505,531
								10,013,129
Energy – Exploration & Production(e)(f) – 0.0%
	Berry Petroleum Co. LLC (NR/NR)
	2,050,000		6.750			11/01/20		—
	28,160,000		6.375			09/15/22		—
								—
Engineering & Construction(e) – 0.3%
	AECOM (BB-/Ba3)
	6,900,000		5.125			03/15/27		6,658,500
Entertainment(e) – 3.0%
	AMC Entertainment Holdings, Inc. (CCC+/B3)
	4,700,000		5.750			06/15/25		4,394,500
	5,650,000		5.875			11/15/26		5,085,000
	Caesars Resort Collection LLC/CRC Finco, Inc. (B-/B3)(d)
	8,900,000		5.250			10/15/25		8,588,500
	Carmike Cinemas, Inc. (BB-/Ba2)(d)
	3,200,000		6.000			06/15/23		3,347,840
	Cinemark USA, Inc. (BB/B2)
	5,850,000		4.875			06/01/23		5,923,125
	Live Nation Entertainment, Inc. (B+/B1)(d)
	2,200,000		4.875			11/01/24		2,208,250
	Mohegan Gaming & Entertainment (CCC+/B3)(d)
	2,400,000		7.875			10/15/24		2,385,000
	New Cotai LLC/New Cotai Capital Corp. (NR/NR)(d)(g)
	1,668,864		10.625			05/01/19		830,260
	Scientific Games International, Inc. (B-/Caa1)
	18,700,000		10.000			12/01/22		19,681,750
	5,650,000		8.250	(d)		03/15/26		5,755,937
	Stars Group Holdings B.V./Stars Group US Co-Borrower LLC (B-/Caa1)(d)
	6,000,000		7.000			07/15/26		6,255,000
	WMG Acquisition Corp. (B+/B3)(d)
	1,250,000		5.500			04/15/26		1,282,812
	WMG Acquisition Corp. (BB-/Ba3)(d)
	950,000		5.000			08/01/23		965,438
								66,703,412
Environmental(d)(e) – 0.5%
	Advanced Disposal Services, Inc. (B/B3)
	1,475,000		5.625			11/15/24		1,504,500
	Waste Pro USA, Inc. (B+/B3)
	8,900,000		5.500			02/15/26		8,566,250
								10,070,750
Food & Drug Retailing(e) – 1.9%
	Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC (B+/B3)
	4,550,000		5.750			03/15/25		4,311,125
	3,360,000		7.500	(d)		03/15/26		3,448,200
Corporate Obligations – (continued)
Food & Drug Retailing(e) – (continued)
	B&G Foods, Inc. (BB-/B2)
	550,000		4.625			06/01/21		549,313
	8,175,000		5.250			04/01/25		7,868,437
	Chobani LLC/Chobani Finance Corp., Inc. (CCC+/Caa2)(d)
	5,750,000		7.500			04/15/25		5,146,250
	Post Holdings, Inc. (B+/B2)(d)
	5,000,000		5.000			08/15/26		4,862,500
	11,250,000		5.750			03/01/27		11,292,187
	5,700,000		5.625			01/15/28		5,650,125
								43,128,137
Food Service(d)(e) – 0.1%
	Aramark Services, Inc. (BB/Ba3)
	3,100,000		5.000			02/01/28		3,069,000
Forest Products & Paper(e) – 0.1%
	Mercer International, Inc. (BB-/Ba3)
	1,450,000		7.750			12/01/22		1,508,000
Gas(e) – 0.3%
	AmeriGas Partners LP/AmeriGas Finance Corp. (NR/Ba3)
	525,000		5.875			08/20/26		525,000
	7,000,000		5.750			05/20/27		6,930,000
								7,455,000
Hand/Machine Tools(d)(e) – 0.1%
	Colfax Corp. (BB+/Ba2)
	1,305,000		6.000			02/15/24		1,357,200
Healthcare Providers & Services – 5.7%
	Acadia Healthcare Co., Inc. (B-/B3)(e)
	800,000		6.125			03/15/21		800,000
	6,050,000		5.625			02/15/23		6,125,625
	1,900,000		6.500			03/01/24		1,947,500
	Centene Corp. (BB+/Ba1)(d)(e)
	2,400,000		5.375			06/01/26		2,499,000
	CHS/Community Health Systems, Inc. (B-/Caa1)(e)
	14,700,000		5.125			08/01/21		14,442,750
	3,425,000		8.000	(d)		03/15/26		3,279,437
	CHS/Community Health Systems, Inc. (CCC-/Ca)(d)(e)
	1,750,000		11.000	(i)		06/30/23		1,417,500
	2,200,000		8.125			06/30/24		1,639,000
	DaVita, Inc. (B+/Ba3)(e)
	6,950,000		5.125			07/15/24		6,854,437
	Envision Healthcare Corp. (B-/Caa1)(d)(e)
	5,600,000		8.750			10/15/26		4,991,000
	HCA, Inc. (BB-/Ba2)
	8,900,000		7.500			02/15/22		9,812,250
	9,200,000		5.375			02/01/25		9,752,000
	HCA, Inc. (BBB-/Baa3)
	18,650,000		6.500			02/15/20		19,193,834
	Hologic, Inc. (BB-/Ba3)(d)(e)
	1,930,000		4.375			10/15/25		1,913,113
	MPH Acquisition Holdings LLC (B-/Caa1)(d)(e)
	8,500,000		7.125			06/01/24		8,478,750
	Polaris Intermediate Corp. (B-/Caa2)(d)(e)(g) (PIK 9.250%, Cash 8.500%)
	4,200,000		8.500			12/01/22		4,158,000

The accompanying notes are an integral part of these financial statements. 63

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. (CCC+/Caa1)(d)(e)
$	5,000,000		9.750	%		12/01/26	$	5,187,500
	Tenet Healthcare Corp. (B-/Ba3)(d)(e)
	4,400,000		6.250			02/01/27		4,570,500
	Tenet Healthcare Corp. (BB-/Ba3)(e)
	6,500,000		4.625			07/15/24		6,516,250
	Tenet Healthcare Corp. (CCC+/Caa1)
	13,209,000		8.125			04/01/22		14,232,697
	950,000		7.000	(e)		08/01/25		960,688
								128,771,831
Home Builders – 2.4%
	Beazer Homes USA, Inc. (NR/B3)(e)
	6,200,000		8.750			03/15/22		6,448,000
	Beazer Homes USA, Inc. (B-/B3)(e)
	509,000		7.250			02/01/23		482,278
	5,000,000		5.875			10/15/27		4,362,500
	Brookfield Residential Properties, Inc. (B+/B1)(d)(e)
	5,000,000		6.375			05/15/25		4,900,000
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (B+/B1)(d)(e)
	3,000,000		6.125			07/01/22		3,002,850
	Lennar Corp. (BB+/Ba1)
	3,650,000		5.375			10/01/22		3,804,212
	5,000,000		4.750	(e)		11/15/22		5,125,000
	3,000,000		5.875	(e)		11/15/24		3,195,000
	4,175,000		4.750	(e)		11/29/27		4,175,000
	TRI Pointe Group, Inc. (BB-/Ba3)(e)
	4,050,000		5.250			06/01/27		3,726,000
	TRI Pointe Group, Inc./TRI Pointe Homes, Inc. (BB-/Ba3)
	1,500,000		5.875			06/15/24		1,503,750
	William Lyon Homes, Inc. (B+/B2)(e)
	400,000		7.000			08/15/22		401,500
	8,000,000		6.000			09/01/23		7,740,000
	1,850,000		5.875			01/31/25		1,748,250
	Williams Scotsman International, Inc. (B/B3)(d)(e)
	3,250,000		6.875			08/15/23		3,258,125
								53,872,465
Insurance(d)(e) – 0.6%
	Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	1,905,000		8.125			02/15/24		1,962,150
	Fidelity & Guaranty Life Holdings, Inc. (BB+/Ba2)
	7,550,000		5.500			05/01/25		7,568,875
	USI, Inc. (CCC+/Caa2)
	3,900,000		6.875			05/01/25		3,783,000
								13,314,025
Internet – 1.1%
	Netflix, Inc. (BB-/Ba3)
	14,550,000		4.875			04/15/28		14,349,937
	Symantec Corp. (BB+/Baa3)(d)(e)
	2,400,000		5.000			04/15/25		2,401,030
	VeriSign, Inc. (BBB-/Ba2)(e)
	3,350,000		4.750			07/15/27		3,341,625
Corporate Obligations – (continued)
Internet – (continued)
	Zayo Group LLC/Zayo Capital, Inc. (B/B3)(e)
	1,689,000		6.000			04/01/23		1,710,113
	3,800,000		5.750	(d)		01/15/27		3,776,250
								25,578,955
Iron/Steel(e) – 0.9%
	AK Steel Corp. (BB-/B1)
	4,350,000		7.500			07/15/23		4,458,750
	Cleveland-Cliffs, Inc. (B/B1)
	6,200,000		5.750			03/01/25		5,936,500
	Steel Dynamics, Inc. (BB+/Ba1)
	2,850,000		5.250			04/15/23		2,896,313
	United States Steel Corp. (B/B2)
	7,500,000		6.875			08/15/25		7,312,500
								20,604,063
Leisure Time(d)(e) – 0.5%
	Viking Cruises Ltd. (B/B3)
	3,730,000		5.875			09/15/27		3,627,425
	VOC Escrow Ltd. (BB-/Ba2)
	7,100,000		5.000			02/15/28		6,887,000
								10,514,425
Lodging – 1.7%
	Boyd Gaming Corp. (B/B3)(e)
	1,450,000		6.000			08/15/26		1,486,250
	MGM Resorts International (BB-/Ba3)
	15,350,000		6.625			12/15/21		16,386,125
	8,950,000		7.750			03/15/22		9,889,750
	4,250,000		6.000			03/15/23		4,494,375
	5,450,000		5.750	(e)		06/15/25		5,640,750
								37,897,250
Machinery-Diversified(d)(e) – 0.9%
	Mueller Water Products, Inc. (BB/Ba3)
	3,100,000		5.500			06/15/26		3,154,250
	RBS Global, Inc./Rexnord LLC (B+/B1)
	5,750,000		4.875			12/15/25		5,678,125
	The Manitowoc Co., Inc. (B/B2)
	2,225,000		9.000			04/01/26		2,252,813
	Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC+/Caa2)
	9,700,000		7.750			04/15/26		8,354,125
								19,439,313
Media – 9.5%
	Altice Financing SA (B+/B2)(d)(e)
	14,277,000		6.625			02/15/23		14,598,232
	20,000,000		7.500			05/15/26		19,750,000
	Altice Finco SA (CCC+/Caa1)(d)(e)
	6,700,000		8.125			01/15/24		6,783,750
	Altice Luxembourg SA (B-/Caa1)(d)(e)
	10,100,000		7.750			05/15/22		10,074,750
	AMC Networks, Inc. (BB/Ba3)(e)
	5,000,000		5.000			04/01/24		5,000,000
	1,050,000		4.750			08/01/25		1,042,125
	CBS Radio, Inc. (B-/B3)(d)(e)
	2,250,000		7.250			11/01/24		2,238,750

64 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – (continued)
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)(d)(e)
$	2,000,000		5.875	%		04/01/24	$	2,085,000
	18,000,000		5.750			02/15/26		18,787,500
	4,405,000		5.500			05/01/26		4,548,163
	10,940,000		5.000			02/01/28		10,775,900
	Clear Channel Worldwide Holdings, Inc. (CCC+/Caa1)(d)(e)
	2,750,000		9.250			02/15/24		2,915,000
	CSC Holdings LLC (B/B3)
	2,650,000		5.250			06/01/24		2,689,750
	2,150,000		7.750	(d)(e)		07/15/25		2,300,500
	4,900,000		10.875	(d)(e)		10/15/25		5,653,375
	CSC Holdings LLC (BB/Ba3)(d)(e)
	10,500,000		5.500			05/15/26		10,762,500
	6,800,000		5.500			04/15/27		6,927,500
	DISH DBS Corp. (B-/B1)
	4,700,000		6.750			06/01/21		4,823,375
	11,050,000		5.875			07/15/22		10,663,250
	12,850,000		7.750			07/01/26		11,163,437
	Gray Television, Inc. (B+/B3)(d)(e)
	5,150,000		7.000			05/15/27		5,459,000
	Meredith Corp. (B+/B3)(e)
	8,050,000		6.875			02/01/26		8,483,348
	Midcontinent Communications/Midcontinent Finance Corp. (B/B3)(d)(e)
	3,100,000		6.875			08/15/23		3,235,625
	Nexstar Broadcasting, Inc. (B+/B3)(d)(e)
	6,750,000		5.625			08/01/24		6,851,250
	Sirius XM Radio, Inc. (BB/Ba3)(d)(e)
	13,950,000		5.000			08/01/27		13,950,000
	The E.W. Scripps Co. (B/B3)(d)(e)
	2,475,000		5.125			05/15/25		2,363,625
	Univision Communications, Inc. (B/B2)(d)(e)
	6,150,000		5.125			05/15/23		5,827,125
	UPCB Finance IV Ltd. (BB/Ba3)(d)(e)
	2,950,000		5.375			01/15/25		3,001,625
	Virgin Media Secured Finance PLC (BB-/Ba3)(d)(e)
	10,250,000		5.500			08/15/26		10,403,750
								213,158,205
Media – Cable(f) – 0.0%
	Adelphia Communications Corp. (NR/NR)
	2,000,000		10.250			06/15/49		—
Metal Fabricate & Hardware(e) – 1.0%
	Novelis Corp. (B+/B2)(d)
	4,800,000		6.250			08/15/24		4,908,000
	8,950,000		5.875			09/30/26		8,905,250
	Park-Ohio Industries, Inc. (B/B3)
	9,150,000		6.625			04/15/27		9,104,250
								22,917,500
Mining(e) – 2.2%
	Alcoa Nederland Holding B.V. (BB+/Ba1)(d)
	3,050,000		7.000			09/30/26		3,294,000
	Constellium NV (B-/B2)(d)
	4,250,000		5.750			05/15/24		4,239,375
	3,200,000		6.625			03/01/25		3,264,000
Corporate Obligations – (continued)
Mining(e) – (continued)
	FMG Resources August 2006 Pty Ltd. (BB+/Ba1)(d)
	7,500,000		5.125			03/15/23		7,509,375
	Freeport-McMoRan, Inc. (BB/Ba1)
	14,400,000		3.550			03/01/22		14,238,000
	8,050,000		3.875			03/15/23		7,899,062
	Hudbay Minerals, Inc. (B+/B3)(d)
	6,325,000		7.250			01/15/23		6,546,375
	New Gold, Inc. (B/Caa1)(d)
	3,640,000		6.250			11/15/22		3,221,400
								50,211,587
Miscellaneous Manufacturing(d)(e) – 0.2%
	EnPro Industries, Inc. (BB/B1)
	4,850,000		5.750			10/15/26		4,886,375
Office(e) – 0.3%
	Xerox Corp. (BB+/Ba1)
	5,600,000		4.125			03/15/23		5,518,167
Oil Field Services – 9.5%
	Antero Resources Corp. (BB+/Ba3)(e)
	3,850,000		5.375			11/01/21		3,874,063
	400,000		5.125			12/01/22		402,000
	9,250,000		5.625			06/01/23		9,388,750
	California Resources Corp. (B-/Caa2)(d)(e)
	3,500,000		8.000			12/15/22		2,747,500
	California Resources Corp. (CCC-/Caa3)(e)
	3,600,000		6.000			11/15/24		2,430,000
	Chaparral Energy, Inc. (B-/Caa1)(d)(e)
	1,425,000		8.750			07/15/23		990,375
	Chesapeake Energy Corp. (B+/B2)
	1,800,000		5.375	(e)		06/15/21		1,791,000
	8,500,000		5.750			03/15/23		8,308,750
	2,950,000		8.000	(e)(h)		01/15/25		3,001,625
	3,350,000		8.000	(e)		06/15/27		3,299,750
	CrownRock LP/CrownRock Finance, Inc. (BB-/B3)(d)(e)
	8,550,000		5.625			10/15/25		8,229,375
	CVR Refining LLC/Coffeyville Finance, Inc. (BB-/B1)(e)
	1,250,000		6.500			11/01/22		1,265,625
	Denbury Resources, Inc. (B/B3)(d)(e)
	4,400,000		9.000			05/15/21		4,279,000
	Diamondback Energy, Inc. (BB+/Ba2)(d)(e)
	3,750,000		4.750			11/01/24		3,815,625
	Ensco PLC (B/B3)(e)
	3,400,000		7.750			02/01/26		2,881,500
	3,100,000		5.750			10/01/44		1,991,750
	EP Energy LLC/Everest Acquisition Finance, Inc. (CCC-/Caa2)(d)(e)
	2,900,000		9.375			05/01/24		1,029,500
	EP Energy LLC/Everest Acquisition Finance, Inc. (CCC-/Caa3)(e)
	1,450,000		9.375			05/01/20		667,000
	Exterran Energy Solutions LP/EES Finance Corp. (B+/B1)(e)
	5,250,000		8.125			05/01/25		5,348,437
	Gulfport Energy Corp. (BB-/B1)(e)
	3,300,000		6.000			10/15/24		2,994,750
	7,500,000		6.375			05/15/25		6,787,500
	3,200,000		6.375			01/15/26		2,848,000

The accompanying notes are an integral part of these financial statements. 65

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Halcon Resources Corp. (CCC+/Caa1)(e)
$	3,700,000		6.750	%		02/15/25	$	2,220,000
	Laredo Petroleum, Inc. (B+/B2)(e)
	5,000,000		5.625			01/15/22		4,550,000
	5,150,000		6.250			03/15/23		4,596,375
	Matador Resources Co. (BB-/B2)(e)
	2,400,000		5.875			09/15/26		2,394,000
	MEG Energy Corp. (BB/B3)(d)(e)
	1,450,000		6.500			01/15/25		1,428,250
	MEG Energy Corp. (BB-/Caa2)(d)(e)
	2,150,000		6.375			01/30/23		1,988,750
	2,650,000		7.000			03/31/24		2,464,500
	Nabors Industries, Inc. (BB/B1)
	1,950,000		5.500	(e)		01/15/23		1,862,250
	5,000,000		0.750			01/15/24		3,579,000
	Nine Energy Service, Inc. (B/B3)(d)(e)
	2,050,000		8.750			11/01/23		2,116,625
	Noble Holding International Ltd. (B/Caa2)(e)
	700,000		7.750			01/15/24		626,500
	Noble Holding International Ltd. (B+/B3)(d)(e)
	4,565,000		7.875			02/01/26		4,256,862
	Oasis Petroleum, Inc. (BB-/B3)(e)
	8,391,000		6.875			03/15/22		8,453,932
	Parsley Energy LLC/Parsley Finance Corp. (BB-/B1)(d)(e)
	5,350,000		5.625			10/15/27		5,323,250
	Precision Drilling Corp. (BB-/B3)(e)
	4,900,000		7.750			12/15/23		5,047,000
	QEP Resources, Inc. (BB-/Ba3)(e)
	425,000		5.250			05/01/23		400,563
	10,090,000		5.625			03/01/26		9,156,675
	Range Resources Corp. (BB+/Ba3)(e)
	2,100,000		5.875			07/01/22		2,126,250
	1,400,000		5.000			03/15/23		1,358,000
	4,500,000		4.875			05/15/25		4,173,750
	Rowan Cos., Inc. (B-/Caa1)(e)
	1,050,000		4.750			01/15/24		851,813
	1,800,000		7.375			06/15/25		1,575,000
	4,550,000		5.400			12/01/42		2,866,500
	SM Energy Co. (BB-/B2)(e)
	5,000,000		5.000			01/15/24		4,637,500
	5,750,000		6.750			09/15/26		5,520,000
	Transocean, Inc. (B/Caa1)(d)(e)
	3,300,000		9.000			07/15/23		3,518,625
	2,100,000		7.250			11/01/25		2,079,000
	5,700,000		7.500			01/15/26		5,643,000
	Transocean, Inc. (B-/Caa2)
	10,000,000		7.500			04/15/31		8,600,000
	USA Compression Partners LP/USA Compression Finance Corp. (B+/B3)(e)
	5,900,000		6.875			04/01/26		6,032,750
	2,250,000		6.875	(d)		09/01/27		2,295,000
	Weatherford International Ltd. (CCC-/Caa3)
	700,000		7.750	(e)		06/15/21		623,000
	1,050,000		9.875	(e)		02/15/24		756,000
	9,050,000		6.500			08/01/36		5,113,250
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Whiting Petroleum Corp. (BB/B2)(e)
	1,350,000		6.250			04/01/23		1,356,750
	6,800,000		6.625			01/15/26		6,664,000
	WPX Energy, Inc. (BB-/B1)(e)
	5,000,000		8.250			08/01/23		5,625,000
	3,350,000		5.250			09/15/24		3,383,500
	450,000		5.750			06/01/26		456,750
								214,091,845
Packaging – 1.9%
	ARD Finance SA (B-/Caa2)(e)(g)
	(PIK 7.375%, Cash 6.625%)
EUR	575,000		6.625			09/15/23		578,885
	(PIK 7.875%, Cash 7.125%)
$	6,450,000		7.125			09/15/23		6,425,812
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B/B3)(d)(e)
	6,150,000		7.250			05/15/24		6,472,875
	2,850,000		6.000			02/15/25		2,846,438
	Berry Global, Inc. (BB+/B2)(e)
	3,300,000		5.125			07/15/23		3,345,375
	BWAY Holding Co. (CCC+/Caa2)(d)(e)
	6,000,000		7.250			04/15/25		5,767,500
	Owens-Brockway Glass Container, Inc. (BB-/B1)(d)
	900,000		5.875			08/15/23		941,625
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B+/B1)(d)(e)
	13,600,000		5.125			07/15/23		13,787,000
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B-/Caa1)(d)(e)
	2,150,000		7.000			07/15/24		2,209,125
								42,374,635
Paper(f) – 0.0%
	NewPage Corp. (NR/NR)
	10,050,000		1.000			12/31/49		—
Pharmaceuticals – 3.0%
	Bausch Health Americas, Inc. (B-/B3)(d)(e)
	7,100,000		9.250			04/01/26		7,739,000
	Bausch Health Americas, Inc. (B-/B3)(d)(e)
	3,150,000		8.500			01/31/27		3,339,000
	Bausch Health Cos., Inc. (B-/B3)(d)(e)
	28,200,000		5.875			05/15/23		28,482,000
	Bausch Health Cos., Inc. (BB-/Ba2)(d)(e)
	5,000,000		7.000			03/15/24		5,275,000
	2,450,000		5.500			11/01/25		2,499,000
	1,450,000		5.750			08/15/27		1,486,250
	Endo Dac/Endo Finance LLC/Endo Finco, Inc. (CCC+/Caa1)(d)(e)
	8,345,000		6.000			07/15/23		6,404,787
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)(d)(e)
	4,850,000		7.250			08/15/26		5,001,563
	Par Pharmaceutical, Inc. (B+/Ba3)(d)(e)
	2,900,000		7.500			04/01/27		2,939,875
	Teva Pharmaceutical Finance Co. B.V. (BB/Ba2)
	800,000		3.650			11/10/21		785,622

66 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	Teva Pharmaceutical Finance Netherlands III B.V. (BB/Ba2)
$	1,850,000		2.200	%		07/21/21	$	1,761,191
	1,850,000		2.800			07/21/23		1,654,381
								67,367,669
Pipelines – 3.3%
	Cheniere Corpus Christi Holdings LLC (BB/Ba3)(e)
	6,000,000		5.125			06/30/27		6,292,500
	Cheniere Energy Partners LP (BB/Ba2)(e)
	6,965,000		5.250			10/01/25		7,121,712
	CNX Midstream Partners LP/CNX Midstream Finance Corp. (BB-/B3)(d)(e)
	6,600,000		6.500			03/15/26		6,385,500
	DCP Midstream Operating LP (BB/Ba2)(e)
	4,700,000		5.375			07/15/25		4,899,750
	Energy Transfer Operating LP (BBB-/Baa3)
	4,000,000		7.500			10/15/20		4,240,856
	3,400,000		4.250	(e)		03/15/23		3,489,767
	Genesis Energy LP/Genesis Energy Finance Corp. (B+/B1)(e)
	13,061,000		6.000			05/15/23		13,224,262
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (BB-/B1)(e)
	7,500,000		5.750			04/15/25		7,078,125
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB+/Ba3)(d)(e)
	3,650,000		4.750			10/01/23		3,672,812
	1,550,000		5.500			09/15/24		1,592,625
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB/Ba3)(e)
	1,000,000		5.250			05/01/23		1,017,500
	650,000		5.125			02/01/25		664,625
	4,100,000		5.875	(d)		04/15/26		4,346,000
	4,500,000		5.375			02/01/27		4,601,250
	3,350,000		6.500	(d)		07/15/27		3,613,813
	2,650,000		5.000			01/15/28		2,606,938
								74,848,035
Real Estate Investment Trust(e) – 1.9%
	Equinix, Inc. (BBB-/Ba2)
	4,550,000		5.750			01/01/25		4,720,625
	2,050,000		5.875			01/15/26		2,152,500
	iStar, Inc. (BB-/Ba3)
	3,480,000		4.625			09/15/20		3,519,150
	6,500,000		6.000			04/01/22		6,524,375
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. (BB-/B1)
	3,400,000		5.625			05/01/24		3,548,750
	MPT Operating Partnership LP/MPT Finance Corp. (BBB-/Ba1)
	3,350,000		5.000			10/15/27		3,407,620
	Realogy Group LLC/Realogy Co-Issuer Corp. (B/B2)(d)
	550,000		5.250			12/01/21		554,125
	1,300,000		4.875			06/01/23		1,212,250
	Realogy Group LLC/Realogy Co-Issuer Corp. (B/B2)(d)
	5,700,000		9.375			04/01/27		5,821,125
	SBA Communications Corp. (BB-/B2)
	3,300,000		4.875			09/01/24		3,324,750
Corporate Obligations – (continued)
Real Estate Investment Trust(e) – (continued)
	Starwood Property Trust, Inc. (BB-/Ba3)
	7,600,000		4.750			03/15/25		7,552,500
								42,337,770
Retailing(e) – 1.4%
	1011778 BC ULC/New Red Finance, Inc. (B/B3)(d)
	8,455,000		5.000			10/15/25		8,349,313
	JC Penney Corp., Inc. (B-/B1)(d)
	1,850,000		5.875			07/01/23		1,563,250
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (BB/B1)(d)
	7,950,000		5.250			06/01/26		8,029,500
	PetSmart, Inc. (CC/Caa3)(d)
	8,300,000		7.125			03/15/23		6,204,250
	PetSmart, Inc. (CCC/B3)(d)
	6,950,000		5.875			06/01/25		5,803,250
	Suburban Propane Partners LP/Suburban Energy Finance Corp. (BB-/B1)
	1,950,000		5.500			06/01/24		1,896,375
								31,845,938
Semiconductors – 0.4%
	Advanced Micro Devices, Inc. (B+/B1)
	3,000,000		7.500			08/15/22		3,348,750
	Amkor Technology, Inc. (BB/B1)(d)(e)
	3,100,000		6.625			09/15/27		3,146,500
	Qorvo, Inc. (BB+/Ba1)(d)(e)
	2,250,000		5.500			07/15/26		2,323,125
								8,818,375
Software(e) – 1.6%
	Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. (B-/Caa1)(d)
	13,400,000		5.750			03/01/25		13,266,000
	Fair Isaac Corp. (BB+/Ba2)(d)
	2,300,000		5.250			05/15/26		2,363,250
	Informatica LLC (CCC+/Caa1)(d)
	2,100,000		7.125			07/15/23		2,139,375
	Nuance Communications, Inc. (BB-/Ba3)
	3,500,000		5.625			12/15/26		3,587,500
	Open Text Corp. (BB+/Ba2)(d)
	1,750,000		5.875			06/01/26		1,828,750
	Rackspace Hosting, Inc. (B/Caa1)(d)
	2,200,000		8.625			11/15/24		1,980,000
	Solera LLC/Solera Finance, Inc. (CCC+/Caa1)(d)
	3,950,000		10.500			03/01/24		4,280,813
	SS&C Technologies, Inc. (B+/B2)(d)
	5,570,000		5.500			09/30/27		5,625,700
								35,071,388
Telecommunication Services – 9.6%
	Altice France SA (B/B2)(d)(e)
	6,000,000		6.250			05/15/24		6,015,000
	9,105,000		7.375			05/01/26		8,922,900
	4,500,000		8.125			02/01/27		4,545,000

The accompanying notes are an integral part of these financial statements. 67

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	CenturyLink, Inc. (B+/B2)
$	7,650,000		6.450	%		06/15/21	$	7,965,563
	2,250,000		6.750			12/01/23		2,351,250
	3,330,000		6.875			01/15/28		3,155,175
	1,700,000		7.600			09/15/39		1,491,750
	CommScope Finance LLC (B+/B1)(d)(e)
	4,650,000		8.250			03/01/27		4,824,375
	CommScope, Inc. (BB-/B1)(d)(e)
	5,750,000		5.500			06/15/24		5,627,813
	Digicel Group One Ltd. (NR/WR)
	5,355,000		8.250			12/30/22		3,266,550
	Digicel Group Two Ltd. (NR/Caa3)(d)(e)
	7,935,000		8.250			09/30/22		2,661,677
	Digicel Ltd. (NR/B3)(d)(e)
	4,840,000		6.750			03/01/23		3,067,350
	Frontier Communications Corp. (B/B3)(d)(e)
	6,650,000		8.500			04/01/26		6,167,875
	Frontier Communications Corp. (CCC+/Caa1)
	1,450,000		10.500	(e)		09/15/22		1,105,625
	4,560,000		7.625			04/15/24		2,496,600
	8,000,000		11.000	(e)		09/15/25		5,280,000
	Intelsat Jackson Holdings SA (CCC+/Caa2)(d)(e)
	12,365,000		8.500			10/15/24		12,024,962
	10,950,000		9.750			07/15/25		11,114,250
	Level 3 Financing, Inc. (BB/Ba3)(e)
	850,000		5.375			01/15/24		865,938
	10,150,000		5.250			03/15/26		10,111,937
	Nokia of America Corp. (NR/WR)
	5,000,000		6.450			03/15/29		4,887,500
	Sprint Capital Corp. (B/B3)
	8,150,000		8.750			03/15/32		8,557,500
	Sprint Communications, Inc. (B/B3)
	9,650,000		11.500			11/15/21		11,145,750
	Sprint Corp. (B/B3)
	14,015,000		7.250			09/15/21		14,680,712
	16,925,000		7.875			09/15/23		17,792,406
	3,900,000		7.625	(e)		02/15/25		3,978,000
	1,300,000		7.625	(e)		03/01/26		1,316,250
	T-Mobile USA, Inc. (BB+/Ba2)(e)
	1,400,000		4.000			04/15/22		1,412,250
	5,600,000		6.000			03/01/23		5,754,000
	7,050,000		6.500			01/15/26		7,525,875
	100,000		4.500			02/01/26		99,875
	Telecom Italia Capital SA (BB+/Ba1)
	11,660,000		7.200			07/18/36		11,776,600
	9,850,000		7.721			06/04/38		10,145,500
	Wind Tre SpA (BB-/B1)(d)(e)
	15,825,000		5.000			01/20/26		14,400,750
								216,534,558
Toys/Games/Hobbies(e) – 0.3%
	Mattel, Inc. (B+/B3)
	2,350,000		2.350			08/15/21		2,214,875
	1,450,000		3.150			03/15/23		1,297,750
	Mattel, Inc. (BB-/B1)(d)
	3,600,000		6.750			12/31/25		3,541,500
								7,054,125
Corporate Obligations – (continued)
Transportation(d)(e) – 0.3%
	XPO Logistics, Inc. (BB-/Ba3)
	1,955,000		6.125			09/01/23		1,969,663
	5,650,000		6.750			08/15/24		5,763,000
								7,732,663
Trucking & Leasing(d) – 0.6%
	Avolon Holdings Funding Ltd. (BB+/NR)(e)
	1,685,000		5.250			05/15/24		1,735,550
	Park Aerospace Holdings Ltd. (BB+/Ba2)
	2,750,000		3.625	(e)		03/15/21		2,729,375
	5,150,000		5.250			08/15/22		5,278,750
	2,781,000		4.500	(e)		03/15/23		2,767,095
								12,510,770
	TOTAL CORPORATE OBLIGATIONS
	(Cost $2,018,269,504)						$	2,020,100,853

Shares		Description	Value
Common Stocks – 0.1%
Health Care Services(f) – 0.0%
	3,874	CB Paracelsus Healthcare	$	—
Media(f) – 0.0%
	21	New Cotai Class B Shares		—
Oil, Gas & Consumable Fuels – 0.1%
	137,610	Chaparral Energy, Inc. Class A(f)		784,377
	197,901	Montage Resources Corp.(j)		2,761,129
				3,545,506
Paper & Forest Products(f) – 0.0%
	2,500	Port Townsend Holdings Co., Inc.		—
Pharmaceuticals(f) – 0.0%
	40	Dawn Holdings, Inc.		—
	10	Nycomed		—
				—
	TOTAL COMMON STOCKS
	(Cost $12,986,746)		$	3,545,506

Shares		Dividend Rate			Value
Preferred Stock(g)(k) – 0.1%
Media – 0.1%
	Spanish Broadcasting System, Inc.
	3,014		10.750	%	$	2,049,520
	(Cost $3,042,344)

68 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

Units		Expiration Date		Value
Warrant(f) ��� 0.0%
	Lender Process Services, Inc. (NR/NR)
	14,274		12/31/20	$	—
	TBS International Ltd. (NR/NR)
	12,063		02/07/14		—
	TBS International Ltd. (NR/NR)
	2,807		02/07/15		—
	TBS International Ltd. (NR/NR)
	3,311		02/07/15		—
	True Religion Warrant (NR/NR)
	1,914		10/27/22		—
	True Religion Warrant 2 (NR/NR)
	7,229		10/27/22		—
	TOTAL WARRANT
	(Cost $21,898,892)			$	—

Shares		Dividend Rate			Value
Investment Company(l) – 3.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	87,368,040		2.437	%	$	87,368,040
	(Cost $87,368,040)

Shares		Description	Value
Exchange Traded Fund(l) – 1.0%
Exchange Traded Funds – 1.0%
	460,000	Goldman Sachs Access High Yield Corporate Bond ETF (NR/NR)	$	22,474,864
	(Cost $22,454,900)
	TOTAL INVESTMENTS – 99.7%
	(Cost $2,272,368,505)		$	2,240,367,338

Principal Amount			Interest Rate (Paid) Received			Maturity Date		Value
Reverse Repurchase Agreements(m) – (0.3)%
	Barclays Reverse Repurchase Agreement (NR/NR)
$	(4,563,000	)		0.000	%		04/01/19	$	(4,563,000	)
	(2,889,125	)		0.500			04/01/19		(2,889,125	)
	TOTAL REVERSE REPURCHASE AGREEMENTS
	(Cost $(7,452,125))							$	(7,452,125	)
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.6%								13,158,400
	NET ASSETS – 100.0%							$	2,246,073,613

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on March 31, 2019. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(c)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Security is currently in default and/or non-income producing.
(g)	Pay-in-kind securities.
(h)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of March 31, 2019, the value of securities pledged amounted to $7,182,250, which represents approximately 0.3% of the Fund’s net assets as of March 31, 2019.
(i)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2019.
(j)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $2,761,129, which represents approximately 0.1% of the Fund’s net assets as of March 31, 2019.

Restricted Security	Acquisition Date		Cost
Montage Resources Corp. (Common Stock)		02/27/17	$	6,692,580

(k)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2019.
(l)	Represents an affiliated issuer.
(m)	Reverse repurchase agreements are entered on a rolling day-to-day basis with no final maturity; both parties to the agreement have the right to terminate the contract on any date.

The accompanying notes are an integral part of these financial statements. 69

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments(continued)

March 31, 2019

Currency Abbreviations:
EUR	—Euro
USD	—U.S. Dollar
Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
WR	—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		96			06/19/19	$	16,128,000		$	582,665
2 Year U.S. Treasury Notes		45			06/28/19		9,589,219			33,370
5 Year U.S. Treasury Notes		287			06/28/19		33,242,672			46,564
10 Year U.S. Treasury Notes		763			06/19/19		94,778,906			1,097,845
Total									$	1,760,444
Short position contracts:
Eurodollars		(68	)		06/17/19		(16,567,350	)		92,537
Eurodollars		(416	)		12/16/19		(101,472,800	)		(421,189	)
Ultra 10 Year U.S. Treasury Notes		(290	)		06/19/19		(38,506,563	)		(796,399	)
20 Year U.S. Treasury Bonds		(173	)		06/19/19		(25,890,531	)		(677,746	)
Total									$	(1,802,797	)
TOTAL FUTURES CONTRACTS									$	(42,353	)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at March 31, 2019(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.HY. Index 31		5.000%		3.347%		12/20/23	$	35,770	$	2,463,189	$	2,187,700	$	275,489
CDX.NA.HY. Index 32		5.000		3.484		06/20/24		11,250		768,000		694,652		73,348
CDX.NA.HY. Index 30		5.000		3.070		06/20/23		16,709		1,226,315		898,398		327,917
TOTAL									$	4,457,504	$	3,780,750	$	676,754

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

70 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$97.750		06/15/2020		589	$	1,472,500	$	338,675	$	294,201	$	44,474

The accompanying notes are an integral part of these financial statements. 71

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

March 31, 2019

Principal Amount			Interest Rate			Maturity Date		Value
Bank Loans(a) – 91.6%
Aerospace(b) – 0.7%
	TransDigm, Inc. (B+/Ba3)
	(1M LIBOR + 2.500%)
$	12,117,382			4.999	%		08/22/24	$	11,796,271
	(1M LIBOR + 2.500%)
	5,397,812			4.999			05/30/25		5,249,372
									17,045,643
Airlines(b)– 0.6%
	Allegiant Travel Co. (BB-/Ba3) (3M LIBOR + 4.500%)
	5,900,000			7.233			02/05/24		5,870,500
	Atlantic Aviation FBO, Inc. (BB/Ba3) (1M LIBOR + 3.750%)
	7,082,250			6.250			12/06/25		7,135,367
									13,005,867
Automotive – Distributors(b) – 0.8%
	American Axle & Manufacturing, Inc. (BB/Ba2) (1M LIBOR + 2.250%)
	5,001,813			4.740			04/06/24		4,880,919
	Thor Industries, Inc. (BB/Ba2) (1M LIBOR + 3.750%)
	6,328,098			6.250			02/01/26		6,021,564
	Wand NewCo 3, Inc. (B/B1) (1M LIBOR + 3.500%)
	6,925,000			5.982			02/05/26		6,926,731
									17,829,214
Automotive – Parts – 2.7%
	CS Intermediate Holdco 2 LLC (BBB-/Ba1)(b) (1M LIBOR + 2.000%)
	3,882,061			4.499			11/02/23		3,712,221
	Dana, Inc. (BBB-/Baa3)(b) (1M LIBOR + 2.250%)
	5,875,000			4.749			02/28/26		5,816,250
	Dealer Tire LLC (B/B2) (1M LIBOR + 5.500%)
	9,200,000	(b)		7.999			12/12/25		9,177,000
	Garrett LX III S.a r.l. (BB-/Ba3) (3M LIBOR + 2.500%)
	5,984,962	(b)		5.110			09/27/25		5,865,263
	Gates Global LLC (B+/B1)(b) (1M LIBOR + 2.750%)
	6,118,596			5.249			04/01/24		6,033,364
	Mavis Tire Express Services Corp. (B/B1)(b) (1M LIBOR + 3.250%)
	9,685,886			5.736			03/20/25		9,420,553
	Navistar International Corp. (BB-/Ba3)(b) (1M LIBOR + 3.500%)
	6,126,656			6.000			11/06/24		6,098,596
	Panther BF Aggregator 2 LP (B+/Ba)
EUR	3,150,000			3.750			03/14/26		3,512,630
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc. (B+/Ba)
$	4,750,000			3.500			03/18/26		4,693,618
	Tenneco, Inc. (BB/Ba2)(b) (1M LIBOR + 2.750%)
	9,276,750			5.249			10/01/25		8,836,104
									63,165,599
Building Materials(b) – 3.6%
	ACProducts, Inc. (B+/B3)(c) (1M LIBOR + 5.500%)
	3,775,000			7.999			02/14/24		3,586,250
	American Builders & Contractors Supply Co., Inc. (BB+/B1) (1M LIBOR + 2.000%)
	6,133,160			4.499			10/31/23		5,969,282
	Beacon Roofing Supply, Inc. (BB+/B1) (1M LIBOR + 2.250%)
	3,692,675			4.749			01/02/25		3,594,191
Bank Loans(a) – (continued)
Building Materials(b) – (continued)
	CPG International, Inc. (B/B2) (6M LIBOR + 3.750%)
	11,733,349			6.633			05/05/24		11,616,015
	Foundation Building Materials LLC (B+/B3) (1M LIBOR + 3.000%)
	10,623,375			5.499			08/13/25		10,397,628
	Hayward Industries, Inc. (B/B3) (1M LIBOR + 3.500%)
	9,559,562			5.999			08/05/24		9,362,444
	Jeld-Wen, Inc. (BB+/Ba2) (3M LIBOR + 2.000%)
	5,220,783			4.601			12/14/24		5,127,226
	LBM Borrower LLC (B+/B3) (1M LIBOR + 3.750%)
	6,223,583			6.249			08/20/22		5,965,305
	NCI Building Systems, Inc. (B+/B2) (3M LIBOR + 3.750%)
	19,530,665			6.547			04/12/25		18,676,198
	Quikrete Holdings, Inc. (BB-/B1) (1M LIBOR + 2.750%)
	10,825,000			5.249			11/15/23		10,552,427
									84,846,966
Chemicals(b) – 3.9%
	Alpha 3 B.V. (B/B1) (3M LIBOR + 3.000%)
	8,565,917			5.601			01/31/24		8,359,821
	ASP Unifrax Holdings, Inc. (B-/B3) (3M LIBOR + 3.750%)
	9,800,438			6.351			12/12/25		9,324,430
	ASP Unifrax Holdings, Inc. (CCC+/Caa2) (3M LIBOR + 8.500%)
	1,975,000			11.093			12/14/26		1,871,313
	Cyanco Intermediate Corp. (B/B2) (1M LIBOR + 3.500%)
	5,368,207			5.999			03/16/25		5,294,394
	Emerald Performance Materials LLC (B-/B2) (1M LIBOR + 3.500%)
	4,514,528			5.999			08/01/21		4,465,636
	Emerald Performance Materials LLC (CCC+/Caa2) (1M LIBOR + 7.750%)
	6,350,000			10.249			08/01/22		6,207,125
	Platform Specialty Products Corp. (BB/Ba2) (1M LIBOR + 2.250%)
	2,194,500			4.749			01/30/26		2,173,938
	Polar US Borrower LLC (B/B2) (3M LIBOR + 3.750%)
	7,032,315			9.250			10/15/25		7,014,735
	PQ Corp. (BB-/B2) (3M LIBOR + 2.500%)
	5,245,314			5.244			02/08/25		5,179,747
	Starfruit Finco B.V. (B+/B1)
	(1M LIBOR + 3.250%)
	14,300,000			5.740			10/01/25		14,076,634
	(3M EURIBOR + 3.750%)
EUR	4,450,000			3.750			10/01/25		4,980,857
	The Chemours Co. (BBB-/Baa3) (1M LIBOR + 1.750%)
$	3,743,543			4.250			04/03/25		3,697,909
	Tronox Blocked Borrower LLC (BB-/Ba3) (1M LIBOR + 3.000%)
	2,454,217			5.499			09/23/24		2,441,185
	Tronox Finance LLC (BB-/Ba3) (1M LIBOR + 3.000%)
	5,300,344			5.499			09/23/24		5,272,199
	Univar, Inc. (BB+/Ba3) (1M LIBOR + 2.250%)
	11,630,027			4.749			07/01/24		11,484,652
									91,844,575

72 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Construction Machinery(b) – 1.5%
	Accudyne Industries LLC (B/B3) (1M LIBOR + 3.000%)
$	15,321,163		5.499	%		08/18/24	$	15,299,866
	Brookfield WEC Holdings, Inc. (B/B2) (1M LIBOR + 3.750%)
	9,975,000		6.249			08/01/25		9,943,180
	Milacron LLC (B+/B2) (1M LIBOR + 2.500%)
	3,100,000		4.999			09/28/23		3,030,250
	Welbilt, Inc. (BB-/B1) (1M LIBOR + 2.500%)
	6,522,500		4.999			10/23/25		6,424,663
								34,697,959
Consumer Cyclical Services(b) – 0.5%
	Verisure Holding AB (B/B1) (3M EURIBOR + 3.000%)
EUR	11,300,000		3.000			10/20/22		12,489,318
Consumer Cyclical Services – Business – 2.5%
	Advantage Sales & Marketing, Inc. (B/B1)(b) (1M LIBOR + 3.250%)
$	9,174,738		5.749			07/23/21		7,764,122
	Advantage Sales & Marketing, Inc. (CCC+/Caa1)(b) (1M LIBOR + 6.500%)
	4,203,226		8.999			07/25/22		3,063,858
	Blitz F18-675 GmbH (B+/B1)(b) (3M EURIBOR + 3.750%)
EUR	4,627,500		3.750			07/31/25		5,198,997
	Colorado Buyer, Inc. (CCC+/B3)(b) (3M LIBOR + 7.250%)
$	2,875,000		9.860			05/01/25		2,601,875
	Iron Mountain, Inc. (BB/Ba3)(b) (1M LIBOR + 1.750%)
	10,271,250		4.249			01/02/26		9,943,905
	Sabre GLBL, Inc. (BB/Ba2)(b) (1M LIBOR + 2.000%)
	7,264,841		4.499			02/22/24		7,203,526
	Tempo Acquisition LLC (B/B1)(b) (1M LIBOR + 3.000%)
	10,298,794		5.499			05/01/24		10,193,232
	Travelport Finance (Luxembourg) S.a.r.l. (B+/B2)
	12,700,000		4.750			03/13/26		12,334,875
								58,304,390
Consumer Products – Household & Leisure(b) –0.5%
	Diamond (BC) B.V. (B/B1) (3M LIBOR + 3.000%)
	7,628,189		5.744			09/06/24		7,313,526
	Prestige Brands, Inc. (BB/Ba3) (1M LIBOR + 2.000%)
	3,409,689		4.499			01/26/24		3,368,670
								10,682,196
Consumer Products – Non Durable(b) – 1.2%
	Alphabet Holding Co., Inc. (B-/B3) (1M LIBOR + 3.500%)
	11,408,948		5.999			09/26/24		10,560,465
	Alphabet Holding Co., Inc. (CCC/Caa2) (1M LIBOR + 7.750%)
	9,600,000		10.249			09/26/25		7,764,000
	KIK Custom Products, Inc. (CCC+/B1) (1M LIBOR + 4.000%)
	11,775,000		6.496			05/15/23		10,970,414
								29,294,879
Diversified Financial Services(b) – 1.6%
	AlixPartners LLP (B+/B2) (1M LIBOR + 2.750%)
	6,415,217		5.249			04/04/24		6,363,895
	Citadel Securities LP (BBB/NR)(c) (1M LIBOR + 3.500%)
	9,325,000		5.999			02/22/26		9,313,344
	Edelman Financial Center LLC (B/B1) (3M LIBOR + 3.250%)
	6,523,136		6.037			07/21/25		6,464,037
Bank Loans(a) – (continued)
Diversified Financial Services(b) – (continued)
	First Eagle Investment Management LLC (BB+/Ba1) (3M LIBOR + 2.750%)
	4,937,625		5.351			12/26/24		4,910,863
	Fortress Investment Group LLC (BB/Baa3) (1M LIBOR + 2.000%)
	5,064,281		4.499			12/27/22		5,022,501
	Franklin Square Holdings LP (BB/Ba1) (1M LIBOR + 2.500%)
	4,154,125		5.000			08/01/25		4,135,971
	VFH Parent LLC (B+/Ba3) (1M LIBOR + 3.500%)
	2,375,000		6.126			01/30/26		2,377,969
								38,588,580
Diversified Manufacturing(b) – 3.2%
	Atkore International, Inc. (BB-/B2) (3M LIBOR + 2.750%)
	7,846,002		5.360			12/22/23		7,747,927
	Clark Equipment Co. (BB/Ba3) (3M LIBOR + 2.000%)
	4,128,411		4.601			05/18/24		4,046,875
	Cortes NP Acquisition Corp. (B/B1) (3M LIBOR + 4.000%)
	13,537,284		6.629			11/30/23		12,691,204
	Dynacast International LLC (B/B2) (3M LIBOR + 3.250%)
	9,576,674		5.851			01/28/22		9,397,111
	Gardner Denver, Inc. (BB+/Ba3) (1M LIBOR + 2.750%)
	3,181,967		5.249			07/30/24		3,176,781
	Global Brass & Copper, Inc. (BB/B1) (1M LIBOR + 2.500%)
	4,357,559		5.000			05/29/25		4,313,984
	Rexnord LLC (BB+/Ba1) (1M LIBOR + 2.000%)
	6,598,642		4.499			08/21/24		6,526,651
	Robertshaw US Holding Corp. (B/B3) (1M LIBOR + 3.500%)
	3,002,163		6.000			02/28/25		2,810,775
	Robertshaw US Holding Corp. (CCC+/Caa2)(c) (1M LIBOR + 8.000%)
	4,650,000		10.500			02/28/26		4,022,250
	Titan Acquisition Ltd./Titan Co-Borrower LLC (B/B2) (1M LIBOR + 3.000%)
	14,483,363		5.499			03/28/25		13,440,561
	Zodiac Pool Solutions LLC (BB/Ba3) (1M LIBOR + 2.250%)
	6,380,678		4.749			07/02/25		6,262,635
								74,436,754
Entertainment – 2.8%
	AMC Entertainment Holdings Inc. (BB-/Ba2)
	8,950,000		4.734			03/14/26		8,878,400
	AMC Entertainment, Inc. (BB-/Ba2)(b)
	(1M LIBOR + 2.250%)
	3,014,146		4.734			12/15/22		3,010,379
	(1M LIBOR + 2.250%)
	4,597,363		4.734			12/15/23		4,592,766
	Amer Sports Oyj (B+/B1)(d)
EUR	4,300,000		0.000			02/26/26		4,771,963
	CityCenter Holdings LLC (BB-/B1)(b) (1M LIBOR + 2.250%)
$	8,693,457		4.749			04/18/24		8,529,064
	Crown Finance US, Inc. (BB-/B1)(b) (1M LIBOR + 2.500%)
	5,875,694		4.999			02/28/25		5,732,209
	Intrawest Resorts Holdings, Inc. (B/B2)(b) (1M LIBOR + 3.000%)
	17,195,666		5.499			07/31/24		17,082,862
	UFC Holdings LLC (B+/B1)(b) (1M LIBOR + 3.250%)
	7,719,573		5.750			08/18/23		7,655,732

The accompanying notes are an integral part of these financial statements. 73

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Entertainment – (continued)
	UFC Holdings LLC (CCC+/Caa1)(b) (1M LIBOR + 7.500%)
$	5,800,000		9.999	%		08/18/24	$	5,812,064
								66,065,439
Environmental(b) – 0.9%
	Apergy Corp. (BB/Ba1) (1M LIBOR + 2.500%)
	3,689,849		5.000			05/09/25		3,657,563
	Crosby US Acquisition Corp. (B-/Caa1) (1M LIBOR + 3.000%)
	8,528,780		5.491			11/23/20		8,299,612
	FTS International, Inc. (B/B3) (1M LIBOR + 4.750%)
	2,435,088		7.249			04/16/21		2,428,245
	MEG Energy Corp. (BB/Ba3) (1M LIBOR + 3.500%)
	5,772,840		6.000			12/31/23		5,756,618
								20,142,038
Environmental(b) – 1.8%
	Core & Main LP (B+/B2) (3M LIBOR + 3.000%)
	7,643,750		5.626			08/01/24		7,573,657
	EnergySolutions LLC (B-/B3) (3M LIBOR + 3.750%)
	23,862,031		6.351			05/09/25		20,958,737
	GFL Environmental, Inc. (B+/B2) (1M LIBOR + 3.000%)
	10,046,597		5.499			05/30/25		9,693,359
	Innovative Water Care Global Corp. (B/B3) (3M LIBOR + 5.000%)
	2,925,000		7.601			02/20/26		2,786,063
								41,011,816
Food & Beverages – 1.5%
	C.H. Guenther & Son, Inc. (B/B2)(d)
	5,917,738		5.249			03/31/25		5,814,177
	Chobani LLC/Chobani Finance Corp., Inc. (B/B1)(b) (1M LIBOR + 3.500%)
	3,591,965		5.999			10/10/23		3,434,816
	High Liner Foods, Inc. (B/B3)(b) (3M LIBOR + 3.250%)
	4,908,295		6.044			04/24/21		3,975,719
	Refresco Group BV (B+/B1)(b) (3M LIBOR + 3.250%)
	6,890,400		5.934			03/28/25		6,812,883
	Shearer’s Foods, Inc. (CCC/Caa2)(b) (1M LIBOR + 6.750%)
	5,190,889		9.249			06/30/22		4,996,231
	Sigma Bidco B.V. (B+/B1)(b) (3M LIBOR + 3.000%)
	2,598,081		5.603			07/02/25		2,513,643
	US Foods, Inc. (BBB-/Ba3)(b) (1M LIBOR + 2.000%)
	6,674,061		4.499			06/27/23		6,565,607
								34,113,076
Food & Drug Retailers(b) – 0.8%
	Albertsons LLC (BB-/Ba2)
	(1M LIBOR + 3.000%)
	3,052,896		5.479			06/22/23		3,023,527
	(1M LIBOR + 3.000%)
	7,626,580		5.499			11/17/25		7,523,164
	(3M LIBOR + 3.000%)
	2,148,680		5.609			12/21/22		2,130,180
	BJ’s Wholesale Club, Inc. (BB-/B2) (1M LIBOR + 3.000%)
	5,149,888		5.499			02/03/24		5,131,761
								17,808,632
Bank Loans(a) – (continued)
Gaming(b) – 3.2%
	Caesars Entertainment Operating Co., Inc. (BB/Ba3) (1M LIBOR + 2.000%)
	13,226,515		4.499			10/06/24		12,902,466
	Caesars Resort Collection LLC (BB/Ba3) (1M LIBOR + 2.750%)
	11,552,163		5.249			12/22/24		11,387,082
	Eldorado Resorts LLC (BB/Ba1) (2M LIBOR + 2.250%)
	6,309,856		4.875			04/17/24		6,246,757
	MGM Growth Properties LLC (BB+/Ba3) (1M LIBOR + 2.000%)
	10,105,481		4.499			03/21/25		9,957,537
	Mohegan Tribal Gaming Authority (B-/B1) (1M LIBOR + 3.750%)
	7,413,626		6.249			10/13/21		7,180,097
	Scientific Games International, Inc. (B+/Ba3) (1M LIBOR + 2.750%)
	11,454,742		5.329			08/14/24		11,143,860
	The Stars Group Holdings B.V. (B+/B1) (3M LIBOR + 3.500%)
	2,908,125		6.101			07/10/25		2,900,185
	Wynn Resorts Ltd. (BB-/Ba3) (1M LIBOR + 2.250%)
	12,362,500		4.750			10/30/24		12,090,154
								73,808,138
Health Care – Pharmaceuticals(b) – 1.4%
	Bausch Health Cos., Inc. (BB-/Ba2) (1M LIBOR + 2.750%)
	18,518,987		5.231			11/27/25		18,290,463
	Endo Luxembourg Finance Co. I S.A.R.L. (B+/Ba3) (1M LIBOR + 4.250%)
	8,536,008		6.750			04/29/24		8,363,922
	Grifols Worldwide Operations USA, Inc. (BB+/Ba2) (1 Week LIBOR + 2.250%)
	5,984,733		4.660			01/31/25		5,942,361
								32,596,746
Health Care – Services(b) – 8.0%
	21st Century Oncology Holdings, Inc. (NR/NR) (3M LIBOR + 6.125%)
	12,370,289		8.905			01/16/23		10,303,461
	Air Medical Group Holdings, Inc. (B/B1)
	(1M LIBOR + 3.250%)
	12,224,224		5.739			04/28/22		11,495,905
	(1M LIBOR + 4.250%)
	4,919,884		6.736			03/14/25		4,618,541
	Air Methods Corp. (B/B2) (3M LIBOR + 3.500%)
	7,015,681		6.101			04/21/24		5,239,872
	American Renal Holdings, Inc. (B/B2) (1M LIBOR + 3.250%)
	7,732,450		5.749			06/21/24		7,336,161
	Change Healthcare Holdings, Inc. (B+/B1) (1M LIBOR + 2.750%)
	8,900,488		5.249			03/01/24		8,775,348
	Envision Healthcare Corp. (B+/B1) (1M LIBOR + 3.750%)
	14,962,500		6.249			10/10/25		13,977,519
	ExamWorks Group, Inc. (B/B1) (1M LIBOR + 3.250%)
	4,817,123		5.749			07/27/23		4,790,629
	Gentiva Health Services, Inc. (B/B1) (1M LIBOR + 3.750%)
	4,794,910		6.250			07/02/25		4,800,903
	HCA, Inc. (BBB-/Baa3) (1M LIBOR + 2.000%)
	10,024,129		4.499			03/13/25		10,008,491

74 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Health Care – Services(b) – (continued)
	IQVIA, Inc. (BBB-/Ba1) (1M LIBOR + 1.750%)
$	5,260,250		4.249	%		06/11/25	$	5,198,863
	MPH Acquisition Holdings LLC (B+/B1) (3M LIBOR + 2.750%)
	7,932,295		5.351			06/07/23		7,667,119
	Parexel International Corp. (B/B1) (1M LIBOR + 2.750%)
	5,417,500		5.249			09/27/24		5,214,344
	RegionalCare Hospital Partners Holdings, Inc. (B+/B1) (3M LIBOR + 4.500%)
	15,810,375		6.982			11/16/25		15,620,176
	Sedgwick Claims Management Services, Inc. (B/B2) (1M LIBOR + 3.250%)
	7,630,875		5.749			12/31/25		7,460,783
	Sotera Health Holdings LLC (B/B1) (1M LIBOR + 3.000%)
	14,063,239		5.499			05/15/22		13,805,459
	Team Health Holdings, Inc. (B/B2) (1M LIBOR + 2.750%)
	18,985,819		5.249			02/06/24		16,834,156
	U.S. Renal Care, Inc. (B/B2) (3M LIBOR + 4.250%)
	13,973,340		6.851			12/30/22		13,944,275
	U.S. Renal Care, Inc. (CCC+/Caa2) (3M LIBOR + 8.000%)
	4,025,000		10.601			12/29/23		4,022,504
	Verscend Holding Corp. (B+/B3) (1M LIBOR + 4.500%)
	9,394,022		6.999			08/27/25		9,311,824
	VVC Holding Corp. (B/B2) (3M LIBOR + 4.500%)
	7,600,000		7.197			02/11/26		7,486,000
								187,912,333
Home Construction(b) – 0.7%
	Builders FirstSource, Inc. (BB-/B3) (3M LIBOR + 3.000%)
	7,518,929		5.601			02/29/24		7,263,586
	Gyp Holdings III Corp. (BB-/B2) (1M LIBOR + 2.750%)
	8,436,250		5.249			06/01/25		8,158,529
								15,422,115
Insurance(b) – 0.9%
	Hub International Ltd. (B/B2) (3M LIBOR + 2.750%)
	6,857,726		5.515			04/25/25		6,623,397
	USI, Inc. (B/B2) (3M LIBOR + 3.000%)
	14,652,215		5.601			05/16/24		14,188,180
								20,811,577
Lodging(b) – 0.2%
	Four Seasons Holdings, Inc. (BB+/Ba3) (1M LIBOR + 2.000%)
	5,524,616		4.499			11/30/23		5,475,115
Machinery(b) – 0.2%
	Shape Technologies Group, Inc. (B/B2) (3M LIBOR + 3.000%)
	4,183,587		5.776			04/21/25		4,120,833
Media – Broadcasting & Radio – 3.7%
	Ascend Learning LLC (B/Ba3)(b) (1M LIBOR + 3.000%)
	6,189,915		5.499			07/12/24		6,048,042
	iHeart Communications, Inc. (NR/WR)(e)
	2,875,000		0.000			01/30/20		2,044,125
	24,972,038		0.000			07/30/19		17,767,605
	Meredith Corp. (BB/Ba2)(b) (1M LIBOR + 2.750%)
	7,619,388		5.249			01/31/25		7,596,073
	Metro-Goldwyn-Mayer, Inc. (B-/B2)(b) (1M LIBOR + 4.500%)
	4,125,000		7.000			07/03/26		3,935,951
Bank Loans(a) – (continued)
Media – Broadcasting & Radio – (continued)
	Nexstar Broadcasting, Inc. (BB+/Ba3)(b) (3M LIBOR + 2.250%)
	9,991,511		4.746			01/17/24		9,821,755
	Renaissance Holding Corp. (B-/B2)(b) (1M LIBOR + 3.250%)
	4,908,076		5.749			05/30/25		4,695,802
	Renaissance Holding Corp. (CCC/Caa2)(b) (1M LIBOR + 7.000%)
	2,525,000		9.499			05/29/26		2,306,158
	The E.W. Scripps Co. (BB/Ba3)(b) (1M LIBOR + 2.000%)
	6,880,348		4.499			10/02/24		6,656,737
	Tribune Media Co. (BB+/Ba3)(b)
	(1M LIBOR + 3.000%)
	952,474		5.499			12/27/20		950,693
	(1M LIBOR + 3.000%)
	10,021,374		5.499			01/27/24		10,001,331
	Univision Communications, Inc. (B/B2)(b) (1M LIBOR + 2.750%)
	9,917,639		5.249			03/15/24		9,329,424
	WMG Acquisition Corp. (BB-/Ba3)(b) (1M LIBOR + 2.125%)
	5,987,047		4.624			11/01/23		5,850,482
								87,004,178
Media – Cable(b) – 3.2%
	Altice Financing SA (B+/B2)
	(1M LIBOR + 2.750%)
	2,000,000		5.234			07/15/25		1,902,500
	(1M LIBOR + 2.750%)
	2,000,000		5.241			01/31/26		1,903,000
	Cogeco Communications, Inc. (BB-/B1) (1M LIBOR + 2.375%)
	7,467,440		4.874			01/03/25		7,352,740
	CSC Holdings LLC (BB/Ba3)
	(1M LIBOR + 2.250%)
	12,080,417		4.734			07/17/25		11,720,179
	(1M LIBOR + 2.500%)
	5,998,612		4.984			01/25/26		5,868,622
	Numericable Group SA (B/B2)
	(1M LIBOR + 2.750%)
	11,748,294		5.249			07/31/25		10,911,228
	(1M LIBOR + 3.688%)
	7,755,786		6.171			01/31/26		7,336,974
	Unitymedia Finance LLC (BB-/Ba3)
	(1M LIBOR + 2.250%)
	3,000,000		4.734			09/30/25		2,965,530
	(1M LIBOR + 2.250%)
	3,000,000		4.734			01/15/26		2,964,180
	Unitymedia Hessen GmbH & Co. KG (BB-/Ba3) (1M LIBOR + 2.000%)
	3,000,000		4.484			06/01/23		2,961,570
	UPC Financing Partnership (BB/Ba3) (1M LIBOR + 2.500%)
	7,025,000		4.984			01/15/26		7,008,421
	Virgin Media Bristol LLC (BB-/Ba3) (1M LIBOR + 2.500%)
	3,458,080		4.984			01/15/26		3,418,554
	Ziggo Secured Finance BV (B+/B1) (1M LIBOR + 2.500%)
	7,925,000		4.984			04/15/25		7,711,184
								74,024,682
Media – Non Cable(b) – 2.6%
	Cambium Learning Group, Inc. (B-/B2) (1M LIBOR + 4.500%)
	6,608,438		6.999			12/18/25		6,525,832

The accompanying notes are an integral part of these financial statements. 75

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount			Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Media – Non Cable(b) – (continued)
	CBS Radio, Inc. (BB-/Ba3) (1M LIBOR + 2.750%)
$	4,782,305			5.249	%		11/18/24	$	4,643,618
	Getty Images, Inc. (B-/B2) (1M LIBOR + 4.500%)
	7,955,063			7.000			02/19/26		7,885,456
	Lions Gate Capital Holdings LLC (BB-/Ba2) (1M LIBOR + 2.250%)
	5,320,747			4.749			03/24/25		5,240,936
	McGraw-Hill Global Education Holdings LLC (B+/B1) (1M LIBOR + 4.000%)
	17,537,267			6.499			05/04/22		16,090,442
	Mission Broadcasting, Inc. (BB+/Ba3) (1M LIBOR + 2.250%)
	1,838,900			4.739			01/17/24		1,807,657
	NEP Europe Finco BV (B+/B1) (3M EURIBOR + 3.500%)
EUR	2,319,188			3.500			10/20/25		2,601,549
	NEP/NCP Holdco, Inc. (B+/B1) (1M LIBOR + 3.250%)
$	1,067,325			5.749			10/20/25		1,056,919
	NEP/NCP Holdco, Inc. (CCC+/Caa1) (1M LIBOR + 7.000%)
	8,600,000			9.496			10/19/26		8,428,000
	Nielsen Finance LLC (BBB-/Ba1) (1M LIBOR + 2.000%)
	2,572,011			4.493			10/04/23		2,522,011
	Prometric Holdings, Inc. (B/B1) (1M LIBOR + 3.000%)
	3,019,500			5.500			01/29/25		2,970,433
									59,772,853
Metals & Mining(b) – 1.3%
	Aleris International, Inc. (B-/B3) (1M LIBOR + 4.750%)
	5,022,873			7.249			02/27/23		5,012,827
	AMG Advanced Metallurgical Group NV (BB-/B1) (2M LIBOR + 3.000%)
	5,966,349			5.579			02/01/25		5,884,312
	U.S. Silica Co. (B+/B1) (1M LIBOR + 4.000%)
	10,149,051			6.500			05/01/25		9,565,480
	Unimin Corp. (BB/Ba3) (3M LIBOR + 3.750%)
	12,048,493			6.160			06/01/25		10,252,545
									30,715,164
Packaging(b) – 3.4%
	Berlin Packaging LLC (B-/B3) (1M LIBOR + 3.000%)
	8,547,316			5.490			11/07/25		8,265,255
	BWAY Holding Co. (B/B2) (3M LIBOR + 3.250%)
	13,643,195			6.033			04/03/24		13,291,883
	Charter NEX US Holdings, Inc. (B/B2) (1M LIBOR + 2.750%)
	12,656,360			5.249			05/16/24		12,274,011
	Consolidated Container Co. LLC (BB-/B2) (1M LIBOR + 2.750%)
	10,170,448			5.249			05/22/24		9,994,601
	Flex Acquisition Co., Inc. (B/B1)
	(3M LIBOR + 3.000%)
	4,642,312			5.626			12/29/23		4,489,487
	(3M LIBOR + 3.250%)
	5,970,000			5.876			06/29/25		5,775,975
	Pro Mach Group, Inc. (B-/B2) (1M LIBOR + 2.750%)
	14,355,000			5.239			03/07/25		13,855,590
	Reynolds Group Holdings, Inc. (B+/B1)(d) (1M LIBOR + 2.750%)
	3,191,837			2.750			02/05/23		3,151,939
Bank Loans(a) – (continued)
Packaging(b) – (continued)
	Zacapa LLC (B-/B2) (3M LIBOR + 5.000%)
	7,578,521			7.601			07/02/25		7,581,704
									78,680,445
Pipelines – 1.6%
	BCP Raptor LLC (B/B3)(b) (3M LIBOR + 4.250%)
	11,122,922			6.879			06/24/24		10,420,843
	BCP Raptor LLC (B/B2)(b) (3M LIBOR + 4.750%)
	6,150,000			7.365			11/03/25		5,799,450
	Centurion Pipeline Co. LLC (BB+/Ba3)(b) (3M LIBOR + 3.250%)
	5,635,875			5.851			09/29/25		5,610,062
	Grizzly Acquisitions, Inc. (BB+/Ba3)(d)
	3,781,000			6.047			10/01/25		3,764,931
	Moda Ingleside Energy Center LLC (BB+/B1)(b) (1M LIBOR + 3.250%)
	3,192,000			5.749			09/29/25		3,176,040
	Prairie ECI Acquiror LP (B+/B1) (3M LIBOR + 4.750%)
	3,500,000	(b)		7.366			03/11/26		3,504,375
	Traverse Midstream Partners LLC (B+/B2)(b) (1M LIBOR + 4.000%)
	6,069,500			6.500			09/27/24		6,054,326
									38,330,027
Real Estate Investment Trust(b) – 1.0%
	Brookfield Property REIT, Inc. (BB+/Ba3) (1M LIBOR + 2.500%)
	17,263,250			4.996			08/27/25		16,594,299
	iStar, Inc. (BB-/Ba2) (1M LIBOR + 2.750%)
	7,585,163			5.237			06/28/23		7,518,792
									24,113,091
Restaurants(b) – 1.0%
	1011778 B.C. Unlimited Liability Co. (BB-/Ba3) (1M LIBOR + 2.250%)
	6,782,697			4.749			02/16/24		6,669,630
	IRB Holding Corp. (B/B2) (1M LIBOR + 3.250%)
	13,441,058			5.739			02/05/25		13,088,230
	NPC International, Inc. (B/B1) (1M LIBOR + 3.500%)
	5,294,750			5.993			04/19/24		4,729,959
									24,487,819
Retailers(b) – 2.9%
	Academy Ltd. (CCC+/Caa2) (1M LIBOR + 4.000%)
	13,631,227			6.490			07/01/22		9,773,590
	Bass Pro Group LLC (B+/B1) (1M LIBOR + 5.000%)
	10,594,332			7.499			09/25/24		10,340,068
	Harbor Freight Tools USA, Inc. (BB-/Ba3) (1M LIBOR + 2.500%)
	12,815,339			4.999			08/18/23		12,494,956
	JC Penney Corp., Inc. (B-/B1) (3M LIBOR + 4.250%)
	4,063,636			6.879			06/23/23		3,599,691
	Neiman Marcus Group Ltd., Inc. (CC/Caa2) (1M LIBOR + 3.250%)
	6,343,987			5.733			10/25/20		5,884,048
	PetSmart, Inc. (CCC/B3) (1M LIBOR + 3.000%)
	9,280,448			5.490			03/11/22		8,311,848

76 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Principal Amount			Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Retailers(b) – (continued)
	Shutterfly, Inc. (BB-/Ba3) (1M LIBOR + 2.750%)
$	6,305,885			5.250	%		08/17/24	$	6,197,486
	Staples, Inc. (B+/B1) (1M LIBOR + 4.000%)
	11,918,125			6.489			09/12/24		11,809,551
									68,411,238
Services Cyclical – Business Services(b) – 1.7%
	EVO Payments International LLC (B/B2) (1M LIBOR + 3.250%)
	10,534,800			5.750			12/22/23		10,508,463
	First Data Corp. (BB/Ba2) (1M LIBOR + 2.000%)
	12,033,804			4.486			04/26/24		11,996,018
	Global Payments, Inc. (BBB-/Ba2) (1M LIBOR + 1.750%)
	3,316,688			4.249			10/17/25		3,272,476
	Lighthouse Network LLC (B+/B1) (3M LIBOR + 4.500%)
	2,962,500			7.244			11/29/24		2,947,688
	Travelport Finance S.a.r.l. (B+/B1) (3M LIBOR + 2.500%)
	4,235,090			5.184			03/17/25		4,230,177
	Vantiv LLC (BBB-/Ba2) (1M LIBOR + 1.750%)
	6,539,037			4.234			08/09/24		6,521,120
									39,475,942
Services Cyclical – Consumer Services(b) – 2.4%
	Asurion LLC (B+/Ba3)
	(1M LIBOR + 3.000%)
	5,644,922			5.499			08/04/22		5,610,658
	(1M LIBOR + 3.000%)
	7,095,594			5.499			11/03/23		7,055,717
	Asurion LLC (B-/B3) (1M LIBOR + 6.500%)
	12,650,000			8.999			08/04/25		12,802,812
	KUEHG Corp. (B-/B2) (3M LIBOR + 3.750%)
	10,575,465			6.351			02/21/25		10,427,831
	Spin Holdco, Inc. (B/B2) (3M LIBOR + 3.250%)
	16,515,983			6.029			11/14/22		16,032,891
	USIC Holdings, Inc. (B/B2) (1M LIBOR + 3.250%)
	717,229			5.749			12/08/23		697,806
	Weight Watchers International, Inc. (BB-/Ba2) (3M LIBOR + 4.750%)
	3,944,805			7.560			11/29/24		3,745,119
									56,372,834
Technology – Software/Services – 13.6%
	Almonde, Inc. (B-/B2)(b) (3M LIBOR + 3.500%)
	6,931,487			6.101			06/13/24		6,675,923
	Almonde, Inc. (CCC/Caa2)(b) (3M LIBOR + 7.250%)
	3,825,000			9.851			06/13/25		3,677,585
	Ancestry.com Operations, Inc. (B/B2)(b) (1M LIBOR + 3.250%)
	7,603,782			5.750			10/19/23		7,549,947
	AppLovin Corp. (B+/B1)(b) (1M LIBOR + 3.750%)
	3,988,056			6.249			08/15/25		3,968,115
	Aspect Software, Inc. (B+/Ba3) (3M LIBOR + 5.000%)
	3,974,392	(b)		7.601			01/15/24		3,175,261
	Avast Software B.V. (NR/NR)(b) (3M LIBOR + 2.500%)
	1,953,707			5.101			09/30/23		1,949,741
	BMC Software Finance, Inc. (B/B2)(b) (3M LIBOR + 4.250%)
	15,032,413			6.851			10/02/25		14,704,256
Bank Loans(a) – (continued)
Technology – Software/Services – (continued)
	Bracket Intermediate Holding Corp. (B-/B2)(b) (1M LIBOR + 4.250%)
	7,156,519			6.732			09/05/25		7,111,791
	Carbonite, Inc (B/B1) (2M LIBOR + 3.750%)
	3,600,000	(b)		6.306			03/26/26		3,595,500
	CCC Information Services, Inc. (B/B2)(b) (1M LIBOR + 3.000%)
	7,568,509			5.500			04/26/24		7,421,907
	CCC Information Services, Inc. (CCC/Caa2)(b) (1M LIBOR + 6.750%)
	2,675,000			9.249			04/27/25		2,651,594
	Ceridian HCM Holding, Inc. (B/B2)(b) (1M LIBOR + 3.000%)
	10,479,445			5.493			04/30/25		10,440,147
	CommScope, Inc. (BB/Ba)
	5,175,000			3.250			02/06/26		5,166,358
	ConvergeOne Holdings Corp. (B-/B2) (1M LIBOR + 5.000%)
	3,600,000	(b)		7.499			01/04/26		3,440,268
	Dell International LLC (BBB-/Baa3)(b) (1M LIBOR + 1.750%)
	5,005,675			4.250			09/07/21		4,984,851
	Dynatrace LLC (B/B1)(b) (1M LIBOR + 3.250%)
	8,553,563			5.749			08/22/25		8,510,795
	Dynatrace LLC (CCC+/Caa1)(b) (1M LIBOR + 7.000%)
	3,647,059			9.499			08/21/26		3,622,004
	Ensono LP (B/B2)(b) (1M LIBOR + 5.250%)
	7,538,761			7.749			06/27/25		7,460,207
	Eta Australia Holdings III Pty Ltd (B/B2)
	5,150,000			4.250			03/08/26		5,143,563
	Financial & Risk US Holdings, Inc. (B/B2)(b)
	(1M LIBOR + 3.750%)
	8,553,563			6.249			10/01/25		8,298,495
	(6M EURIBOR + 4.000%)
EUR	3,491,250			4.000			10/01/25		3,895,319
	Genuine Financial Holdings LLC (B/B2)(b) (1M LIBOR + 3.750%)
$	9,469,644			6.249			07/12/25		9,333,566
	Genuine Financial Holdings LLC (CCC+/Caa2)(b) (1M LIBOR + 7.250%)
	4,300,000			9.749			07/10/26		4,171,000
	Hyland Software, Inc. (B-/B1)(b) (1M LIBOR + 3.500%)
	7,984,875			5.999			07/01/24		7,963,236
	Hyland Software, Inc. (CCC/Caa1)(b) (1M LIBOR + 7.000%)
	4,050,000			9.499			07/07/25		4,028,049
	Infor (US), Inc. (B/B1)(b) (1M LIBOR + 2.750%)
	9,061,343			5.249			02/01/22		9,011,777
	ION Trading Technologies S.a.r.l. (B/B2)(b) (1M EURIBOR + 3.250%)
EUR	3,485,272			4.250			11/21/24		3,825,314
	Ion Trading Technologies S.a.r.l. (B/B2)(b) (3M LIBOR + 4.000%)
$	11,934,352			6.651			11/21/24		11,557,107
	MA FinanceCo. LLC (BB-/B1)(b) (1M LIBOR + 2.500%)
	1,594,181			4.999			06/21/24		1,551,138
	Marcel LUX IV S.a.r.l. (B/B2)(d)
	6,250,000			3.250			09/26/25		6,156,250
	McAfee LLC (B-/Caa1)(b) (1M LIBOR + 8.500%)
	2,933,333			10.999			09/29/25		2,950,933

The accompanying notes are an integral part of these financial statements. 77

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount			Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Technology – Software/Services – (continued)
	MH Sub I LLC (B/B2)(b) (1M LIBOR + 3.750%)
$	7,333,515			6.236	%		09/13/24	$	7,223,585
	Microchip Technology, Inc. (BB+/Baa3)(b) (1M LIBOR + 2.000%)
	5,413,398			4.500			05/29/25		5,347,084
	Mitchell International, Inc. (B-/B2)(b) (1M LIBOR + 3.250%)
	12,904,042			5.749			11/29/24		12,379,880
	Mitchell International, Inc. (CCC/Caa3)(b) (1M LIBOR + 7.250%)
	2,750,000			9.749			12/01/25		2,674,375
	Omnitracs, Inc. (B/B2)(b) (3M LIBOR + 2.750%)
	9,756,013			5.357			03/21/25		9,483,625
	PowerSchool (B-/B2)(b) (1M LIBOR + 3.250%)
	12,917,625			5.989			08/01/25		12,513,949
	Quest Software US Holdings Inc. (B+/B2) (3M LIBOR + 4.250%)
	2,575,000	(b)		6.994			05/16/25		2,536,375
	Quorum Software, Inc (B/B2)(b) (3M LIBOR + 4.250%)
	4,887,750			6.879			09/22/25		4,818,491
	Rocket Software, Inc. (B/B1) (1M LIBOR + 4.250%)
	3,700,000	(b)		6.749			11/28/25		3,683,831
	Seattle SpinCo, Inc. (BB-/B1)(b) (1M LIBOR + 2.500%)
	10,765,898			4.999			06/21/24		10,475,219
	Solera, LLC (B/Ba3) (1M LIBOR + 2.750%)
	3,835,065	(b)		5.249			03/03/23		3,799,130
	SS&C Technologies, Inc. (BB+/Ba2)(b)
	(1M LIBOR + 2.250%)
	4,169,445			4.749			04/16/25		4,130,919
	(1M LIBOR + 2.250%)
	5,807,471			4.749			04/16/25		5,753,810
	The Dun & Bradstreet Corp. (B-/B2) (1M LIBOR + 5.000%)
	8,200,000	(b)		7.490			02/01/26		8,087,250
	TriTech Software Systems (B/B2)(b) (1M LIBOR + 3.750%)
	14,663,250			6.249			08/29/25		14,424,972
	TTM Technologies, Inc. (BB+/Ba3)(b) (1M LIBOR + 2.500%)
	4,591,547			4.989			09/28/24		4,551,371
	Ultra Clean Holdings, Inc. (B+/B1)(b) (1M LIBOR + 4.500%)
	6,690,313			6.999			08/27/25		6,418,552
	Vertafore, Inc. (B-/B2)(b) (1M LIBOR + 3.250%)
	11,346,563			5.749			07/02/25		11,127,687
	Vertafore, Inc. (CCC/Caa2)(b) (1M LIBOR + 7.250%)
	3,500,000			9.749			07/02/26		3,447,500
									316,869,602
Telecommunication Services(b) – 1.3%
	DigiCert, Inc. (B-/B2) (1M LIBOR + 4.000%)
	10,779,042			6.499			10/31/24		10,563,461
	Imperva, Inc. (B-/B2) (1M LIBOR + 4.000%)
	4,924,385			6.493			01/12/26		4,875,141
	MLN US Holding Co. LLC (B/B2) (1M LIBOR + 4.500%)
	5,311,688			6.999			11/30/25		5,208,110
	Vivid Seats Ltd. (B/B2) (1M LIBOR + 3.500%)
	10,668,561			5.999			06/30/24		10,301,882
									30,948,594
Textiles(b) – 0.5%
	Renfro Corp. (B/WR) (1M LIBOR + 5.500%)
	13,024,563			8.060			03/31/21		12,536,142
Bank Loans(a) – (continued)
Transportation Services(b) – 0.8%
	Direct ChassisLink, Inc.(B+/B3) (3M LIBOR + 6.000%)
	3,945,986			8.693			06/15/23		3,980,513
	Hornblower Sub LLC (B/B2) (3M LIBOR + 4.500%)
	6,958,740			7.101			04/27/25		6,932,645
	XPO Logistics, Inc. (BBB-/Baa3) (1M LIBOR + 2.500%)
	8,250,000			4.982			02/24/25		8,191,095
									19,104,253
Utilities – Electric(b) – 0.6%
	Calpine Corp. (BB/Ba2) (3M LIBOR + 2.500%)
	2,992,228			5.110			01/15/24		2,960,121
	LMBE-MC Holdco II LLC (BB-/Ba3) (3M LIBOR + 4.000%)
	7,481,250			6.610			11/14/25		7,443,844
	Vistra Energy Corp. (BBB-/Ba1) (1M LIBOR + 2.000%)
	4,382,835			4.482			12/31/25		4,312,710
									14,716,675
Wireless Telecommunications – 1.3%
	Digicel International Finance Ltd. (NR/B1)(b) (3M LIBOR + 3.250%)
	13,849,621			5.880			05/28/24		12,265,639
	Intelsat Jackson Holdings Ltd. (B/B1)
	3,375,000			6.625			01/02/24		3,369,094
	SBA Senior Finance II LLC (BB+/B1)(b) (1M LIBOR + 2.000%)
	11,524,266			4.500			04/11/25		11,268,658
	Sprint Communications, Inc. (BB-/Ba2)(b) (1M LIBOR + 2.500%)
	3,092,112			5.000			02/02/24		3,007,079
									29,910,470
Wirelines Telecommunications(b) – 3.0%
	CenturyLink, Inc. (BBB-/Ba3) (1M LIBOR + 2.750%)
	12,468,434			5.249			01/31/25		12,211,335
	Cincinnati Bell, Inc. (BB-/Ba3) (1M LIBOR + 3.250%)
	7,753,145			5.749			10/02/24		7,661,735
	Consolidated Communications, Inc. (B+/Ba3) (1M LIBOR + 3.000%)
	16,237,267			5.500			10/04/23		15,330,740
	Energizer Holdings, Inc. (BBB-/Ba1) (3M LIBOR + 2.250%)
	4,000,000			4.734			12/17/25		3,950,000
	Frontier Communications Corp. (B/B2) (1M LIBOR + 3.750%)
	10,196,222			6.250			06/15/24		9,941,316
	GTT Communications, Inc. (B-/B2) (1M LIBOR + 2.750%)
	14,073,757			5.250			05/31/25		13,232,850
	Level 3 Financing, Inc. (BBB-/Ba1) (3M LIBOR + 2.250%)
	4,000,000			4.736			02/22/24		3,949,160
	Windstream Corp. (D/WR) (1M LIBOR + 4.000%)
	3,597,226			10.500			03/29/21		3,600,031
									69,877,167
	TOTAL BANK LOANS
	(Cost $2,207,870,318)							$	2,140,870,974
Corporate Obligations – 2.5%
Aerospace & Defense(f)(g) – 0.1%
	Bombardier, Inc. (B-/Caa1)
$	2,450,000			7.875	%		04/15/27	$	2,517,375

78 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Automotive(f)(g) – 0.4%
	Schaeffler Finance BV (NR/Baa3)
$	9,775,000		4.750	%		05/15/23	$	9,905,105
Commercial Services – 0.5%
	Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)(g)
	4,600,000		5.250			04/15/24		4,600,000
	United Rentals North America, Inc. (BB-/Ba3)(f)
	7,000,000		5.875			09/15/26		7,236,250
								11,836,250
Consumer Cyclical Services – Business(c) – 0.0%
	Escrow Ambassadors Group, Inc. (NR/NR)
	9,986,469		13.000			04/15/20		—
Electrical(f) – 0.3%
	Vistra Energy Corp. (BB/Ba3)
	6,054,000		7.375			11/01/22		6,281,025
Healthcare Providers & Services(f)(g) – 0.2%
	CHS/Community Health Systems, Inc. (B-/Caa1)
	3,750,000		8.000			03/15/26		3,590,625
Oil Field Services(f) – 0.5%
	Exterran Energy Solutions LP/EES Finance Corp. (B+/B1)
	8,850,000		8.125			05/01/25		9,015,938
	Noble Holding International Ltd. (B/Caa2)
	1,008,000		7.750			01/15/24		902,160
	SM Energy Co. (BB-/B2)
	2,400,000		6.750			09/15/26		2,304,000
								12,222,098
Telecommunication Services(f)(g) – 0.5%
	Intelsat Jackson Holdings SA (B/B1)
	6,500,000		8.000			02/15/24		6,776,250
	Wind Tre SpA (BB-/B1)
	5,350,000		5.000			01/20/26		4,868,500
								11,644,750
	TOTAL CORPORATE OBLIGATIONS
	(Cost $58,043,138)						$	57,997,228

Shares		Description	Value
Common Stock(e)(h) – 0.2%
Oil, Gas & Consumable Fuels – 0.2%
	379,588	Montage Resources Corp. (Cost $12,836,870)	$	5,296,048

Units	Expiration Date		Value
Warrant(e) – 0.0%
Aspect Class B Warrants(c) (NR/NR)
162,749			$	—
True Religion Warrant (NR/NR)
2,145		10/27/22		—
Warrant(e) – (continued)
True Religion Warrant 2 (NR/NR)
8,103		10/27/22	$	—
TOTAL WARRANT
(Cost $0)			$	—

Shares		Description	Value
Exchange Traded Funds – 2.2%
	343,342	Eaton Vance Floating-Rate Income Trust (NR/NR)	$	4,528,681
	351,021	Eaton Vance Senior Floating-Rate Trust (NR/NR)		4,570,293
	905,000	Invesco Senior Loan ETF (NR/NR)		20,489,200
	81,000	iShares iBoxx High Yield Corporate Bond ETF (NR/NR)		7,004,070
	479,789	Nuveen Floating Rate Income Fund (NR/NR)		4,620,368
	478,796	Nuveen Floating Rate Income Opportunity Fund (NR/NR)		4,591,654
	145,000	SPDR Blackstone/GSO Senior Loan ETF (NR/NR)		6,677,250
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $52,190,224)		$	52,481,516

Shares		Dividend Rate	Value
Investment Company(i) – 0.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	17,476,345	2.437%	$	17,476,345
	(Cost $17,476,345)
	TOTAL INVESTMENTS – 97.3%
	(Cost $2,348,416,895)		$	2,274,122,111
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.7%			63,443,549
	NET ASSETS – 100.0%		$	2,337,565,660

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a)

Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all

The accompanying notes are an integral part of these financial statements. 79

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments(continued)

March 31, 2019

	contracts on March 31, 2019. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(d)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(e)	Security is currently in default and/or non-income producing.
(f)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(g)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(h)	Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to

the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $5,296,048, which represents approximately 0.2% of the Fund’s net assets as of March 31, 2019.

Restricted Security	Acquisition Date		Cost
Montage Resources Corp. (Common Stocks)		02/27/17 – 10/27/17	$	12,836,870

(i) Represents an affiliated issuer.

Currency Abbreviations:
EUR	—Euro
USD	—U.S. Dollar
Investment Abbreviations:
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At March 31, 2019, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

Borrower	Principal Amount	Current Value	Unrealized Gain (Loss)
Mavis Tire Express Services Corp. (NR/NR), due 03/20/25	$1,553,279	$1,509,535	$(42,686)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	37,448,464	EUR	32,708,137		04/26/19	$	677,304

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	EUR	1,968,692	USD	2,253,499		04/26/19	$	(40,254	)

80 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
5 Year U.S. Treasury Notes		17			06/28/19	$	1,969,078		$	17,661
Short position contracts:
10 Year U.S. Treasury Notes		(206	)		06/19/19		(25,589,062	)		(373,451	)
TOTAL FUTURES CONTRACTS									$	(355,790	)

Abbreviations:
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

The accompanying notes are an integral part of these financial statements. 81

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 92.4%
Aerospace & Defense – 2.4%
	Lockheed Martin Corp.
$	850,000		4.070	%		12/15/42	$	868,352
	Northrop Grumman Corp.
	800,000		2.930	(a)		01/15/25		789,552
	3,025,000		3.250	(a)		01/15/28		2,976,207
	1,175,000		4.750			06/01/43		1,279,645
	450,000		4.030	(a)		10/15/47		444,681
	The Boeing Co.(a)
	800,000		3.450			11/01/28		815,856
	500,000		3.550			03/01/38		481,460
	400,000		3.625			03/01/48		381,636
	United Technologies Corp.
	2,675,000		3.950	(a)		08/16/25		2,781,652
	370,000		5.700			04/15/40		432,327
	250,000		4.050	(a)		05/04/47		242,315
								11,493,683
Agriculture – 1.0%
	Altria Group, Inc.(a)
	1,325,000		3.800			02/14/24		1,348,943
	1,100,000		4.400			02/14/26		1,132,769
	BAT Capital Corp.(a)
	620,000		3.222			08/15/24		605,926
	200,000		3.557			08/15/27		189,586
	25,000		4.540			08/15/47		21,911
	Reynolds American, Inc.
	700,000		4.850			09/15/23		738,409
	525,000		5.850	(a)		08/15/45		539,611
								4,577,155
Automotive – 0.6%
	Ford Motor Credit Co. LLC
	1,075,000		5.875			08/02/21		1,113,786
	General Motors Financial Co., Inc.
	1,600,000		4.375			09/25/21		1,634,384
								2,748,170
Banks – 17.4%
	AIB Group PLC(b)
	1,975,000		4.750			10/12/23		2,027,430
	Banco Santander SA
	1,000,000		4.250			04/11/27		1,006,260
	Bank of America Corp.
	1,023,000		4.000			04/01/24		1,065,127
	2,350,000		4.200			08/26/24		2,433,237
	(3M USD LIBOR + 0.930%)
	5,050,000		2.816	(a)(c)		07/21/23		5,013,892
	(3M USD LIBOR + 1.040%)
	4,963,000		3.419	(a)(c)		12/20/28		4,860,713
	(3M USD LIBOR + 1.070%)
	1,150,000		3.970	(a)(c)		03/05/29		1,172,816
	(3M USD LIBOR + 1.210%)
	400,000		3.974	(a)(c)		02/07/30		408,072
	(3M USD LIBOR + 1.310%)
	1,725,000		4.271	(a)(c)		07/23/29		1,796,553
	Barclays PLC(a)(c) (3M USD LIBOR + 1.400%)
	1,475,000		4.610			02/15/23		1,506,152
Corporate Obligations – (continued)
Banks – (continued)
	BNP Paribas SA(b)
	6,225,000		3.500			03/01/23		6,232,345
	775,000		3.375			01/09/25		760,112
	BPCE SA(b)
	1,350,000		4.625			09/12/28		1,414,031
	Citigroup, Inc.
	6,925,000		2.700	(a)		10/27/22		6,864,337
	1,800,000		3.875			03/26/25		1,814,634
	575,000		3.400			05/01/26		573,103
	800,000		4.450			09/29/27		822,776
	1,200,000		4.750			05/18/46		1,241,748
	Credit Agricole SA
	650,000		4.375			03/17/25		662,987
	Credit Suisse Group AG(a)(b)
	2,545,000		4.282			01/09/28		2,576,736
	Credit Suisse Group Funding Guernsey Ltd.
	884,000		4.550			04/17/26		923,736
	HSBC Bank USA NA
	300,000		7.000			01/15/39		399,870
	HSBC Holdings PLC(a)(c)
	(3M USD LIBOR + 1.000%)
	725,000		3.683			05/18/24		720,041
	(3M USD LIBOR + 1.211%)
	1,775,000		3.803			03/11/25		1,800,737
	JPMorgan Chase & Co.
	6,300,000		3.875			09/10/24		6,482,511
	1,000,000		3.200	(a)		06/15/26		994,940
	1,628,000		3.625	(a)		12/01/27		1,619,193
	(3M USD LIBOR + 1.000%)
	1,550,000		4.023	(a)(c)		12/05/24		1,608,667
	(3M USD LIBOR + 1.245%)
	1,300,000		3.960	(a)(c)		01/29/27		1,342,874
	(3M USD LIBOR + 1.330%)
	75,000		4.452	(a)(c)		12/05/29		79,998
	(3M USD LIBOR + 1.360%)
	600,000		3.882	(a)(c)		07/24/38		588,996
	(3M USD LIBOR + 3.800%)
	1,575,000		5.300	(a)(c)		09/10/24		1,590,892
	Morgan Stanley, Inc.
	3,225,000		3.700			10/23/24		3,288,629
	3,550,000		4.000			07/23/25		3,661,008
	500,000		4.300			01/27/45		508,840
	(3M USD LIBOR + 1.455%)
	800,000		3.971	(a)(c)		07/22/38		784,792
	(3M USD LIBOR + 1.628%)
	925,000		4.431	(a)(c)		01/23/30		975,838
	Royal Bank of Scotland Group PLC
	2,001,000		3.875			09/12/23		2,009,984
	(3M USD LIBOR + 1.480%)
	1,008,000		3.498	(a)(c)		05/15/23		1,001,166
	(3M USD LIBOR + 1.550%)
	1,475,000		4.519	(a)(c)		06/25/24		1,508,512
	(3M USD LIBOR + 1.762%)
	900,000		4.269	(a)(c)		03/22/25		910,071
	Santander Holdings USA, Inc.(a)
	750,000		4.500			07/17/25		773,130

82 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Wells Fargo & Co.
$	1,325,000		3.000	%		02/19/25	$	1,311,313
	1,275,000		4.150	(a)		01/24/29		1,333,625
	850,000		3.900			05/01/45		843,770
	Wells Fargo Bank NA
	799,000		5.950			08/26/36		966,454
	Westpac Banking Corp.(a)(c) (5 Year USD ICE Swap + 2.236%)
	625,000		4.322			11/23/31		620,163
								82,902,811
Beverages – 6.2%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)(b)
	1,450,000		4.700			02/01/36		1,449,101
	Anheuser-Busch InBev Finance, Inc.(a)
	6,075,000		3.300			02/01/23		6,165,092
	Anheuser-Busch InBev Worldwide, Inc.
	2,000,000		4.750	(a)		01/23/29		2,129,920
	325,000		4.950			01/15/42		328,247
	550,000		4.600	(a)		04/15/48		529,172
	2,750,000		5.550	(a)		01/23/49		3,022,607
	Bacardi Ltd.(a)(b)
	1,225,000		5.300			05/15/48		1,172,778
	Constellation Brands, Inc.(a)
	2,025,000		3.200			02/15/23		2,039,175
	4,550,000		4.400			11/15/25		4,774,269
	350,000		3.700			12/06/26		348,205
	600,000		4.500			05/09/47		582,816
	Keurig Dr Pepper, Inc.(a)(b)
	5,450,000		4.057			05/25/23		5,608,813
	1,200,000		4.597			05/25/28		1,251,552
								29,401,747
Biotechnology(a) – 1.7%
	Amgen, Inc.
	800,000		4.400			05/01/45		785,016
	Celgene Corp.
	1,200,000		3.875			08/15/25		1,230,732
	3,525,000		3.900			02/20/28		3,598,813
	1,100,000		4.550			02/20/48		1,117,446
	Gilead Sciences, Inc.
	750,000		4.000			09/01/36		736,905
	375,000		4.800			04/01/44		393,514
								7,862,426
Chemicals – 1.8%
	DowDuPont, Inc.(a)
	1,175,000		4.493			11/15/25		1,253,302
	925,000		4.725			11/15/28		999,407
	75,000		5.419			11/15/48		85,052
	Huntsman International LLC(a)
	1,000,000		4.500			05/01/29		995,765
	Syngenta Finance NV(b)
	1,905,000		3.698			04/24/20		1,913,020
	970,000		3.933			04/23/21		976,024
Corporate Obligations – (continued)
Chemicals – (continued)
	The Sherwin-Williams Co.(a)
	2,050,000		3.125			06/01/24		2,035,814
	475,000		4.000			12/15/42		426,612
								8,684,996
Commercial Services – 0.0%
	CommonSpirit Health
	150,000		4.350			11/01/42		144,228
Computers – 3.5%
	Apple, Inc.
	525,000		4.500	(a)		02/23/36		588,026
	3,352,000		3.850			05/04/43		3,413,409
	Dell International LLC/EMC Corp.(a)(b)
	2,350,000		5.450			06/15/23		2,503,948
	3,350,000		6.020			06/15/26		3,598,536
	200,000		8.350			07/15/46		242,264
	Hewlett Packard Enterprise Co.(a)
	5,399,000		4.900			10/15/25		5,741,621
	355,000		6.350			10/15/45		372,239
								16,460,043
Diversified Financial Services – 1.0%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	900,000		4.625			10/30/20		921,042
	950,000		4.875	(a)		01/16/24		987,506
	GE Capital International Funding Co.
	1,750,000		3.373			11/15/25		1,701,805
	1,175,000		4.418			11/15/35		1,087,956
								4,698,309
Electrical – 4.4%
	Arizona Public Service Co.(a)
	675,000		3.750			05/15/46		646,576
	Berkshire Hathaway Energy Co.
	725,000		3.250	(a)		04/15/28		721,027
	1,767,000		6.125			04/01/36		2,222,921
	CMS Energy Corp.(a)
	500,000		4.875			03/01/44		551,555
	Consumers Energy Co.(a)
	325,000		4.350			04/15/49		361,202
	Dominion Energy, Inc.(a)
	1,450,000		2.000			08/15/21		1,416,287
	1,225,000		3.900			10/01/25		1,268,279
	Duke Energy Corp.(a)
	500,000		2.650			09/01/26		476,805
	400,000		4.800			12/15/45		432,680
	Entergy Corp.(a)
	875,000		2.950			09/01/26		841,103
	Exelon Corp.(a)
	1,125,000		3.497			06/01/22		1,137,105
	400,000		4.450			04/15/46		411,404
	Florida Power & Light Co.(a)
	625,000		3.950			03/01/48		651,481
	MidAmerican Energy Co.(a)
	850,000		3.650			04/15/29		885,224
	PPL WEM Ltd./Western Power Distribution Ltd.(a)(b)
	300,000		5.375			05/01/21		309,723

The accompanying notes are an integral part of these financial statements. 83

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electrical – (continued)
	Progress Energy, Inc.
$	1,000,000		7.000	%		10/30/31	$	1,306,780
	Public Service Electric & Gas Co.(a)
	1,525,000		3.950			05/01/42		1,566,343
	Puget Sound Energy, Inc.(a)
	325,000		4.223			06/15/48		344,923
	Sempra Energy(a)
	570,000		3.400			02/01/28		549,993
	1,125,000		3.800			02/01/38		1,031,209
	Southern California Edison Co.(a)
	500,000		4.200			03/01/29		508,400
	275,000		4.050			03/15/42		258,904
	805,000		4.125			03/01/48		769,491
	625,000		4.875			03/01/49		662,675
	The Southern Co.(a)
	1,800,000		3.250			07/01/26		1,766,052
								21,098,142
Engineering & Construction(a) – 0.1%
	Mexico City Airport Trust
	240,000		3.875	(b)		04/30/28		216,942
	200,000		5.500			07/31/47		184,028
	220,000		5.500	(b)		07/31/47		202,431
								603,401
Food & Drug Retailing – 0.9%
	Grupo Bimbo SAB de CV(a)
	1,070,000		4.700			11/10/47		1,032,464
	Kraft Heinz Foods Co.(a)
	600,000		3.000			06/01/26		561,336
	Mars, Inc.(a)(b)
	375,000		2.700			04/01/25		373,583
	525,000		3.200			04/01/30		524,643
	Smithfield Foods, Inc.(b)
	925,000		2.700			01/31/20		919,404
	850,000		5.200	(a)		04/01/29		850,476
								4,261,906
Gas(a) – 0.7%
	NiSource, Inc.
	825,000		3.650			06/15/23		841,797
	2,550,000		3.490			05/15/27		2,541,611
								3,383,408
Hand/Machine Tools(a) – 0.1%
	Snap-on, Inc.
	550,000		4.100			03/01/48		574,860
Healthcare Providers & Services – 2.4%
	Becton Dickinson & Co.(a)
	8,675,000		2.894			06/06/22		8,625,379
	1,475,000		3.363			06/06/24		1,476,608
	UnitedHealth Group, Inc.
	1,125,000		4.625			07/15/35		1,260,517
								11,362,504
Corporate Obligations – (continued)
Insurance – 2.8%
	AIA Group Ltd.(a)(b)
	775,000		3.200			03/11/25		774,713
	American International Group, Inc.
	1,000,000		4.125			02/15/24		1,032,160
	750,000		3.900	(a)		04/01/26		753,953
	325,000		4.200	(a)		04/01/28		329,703
	700,000		6.250			05/01/36		803,705
	350,000		4.500	(a)		07/16/44		335,895
	225,000		4.800	(a)		07/10/45		225,493
	Arch Capital Finance LLC(a)
	400,000		4.011			12/15/26		415,244
	323,000		5.031			12/15/46		359,409
	Arch Capital Group Ltd.
	845,000		7.350			05/01/34		1,136,111
	Great-West Lifeco Finance 2018 LP(a)(b)
	425,000		4.047			05/17/28		446,866
	Marsh & McLennan Cos., Inc.(a)
	1,150,000		4.375			03/15/29		1,218,735
	MetLife, Inc.
	400,000		4.050			03/01/45		399,164
	Prudential Financial, Inc.(a)
	650,000		3.905			12/07/47		628,043
	Swiss Re Finance Luxembourg SA(a)(b)(c) (5 year CMT + 3.582%)
	400,000		5.000			04/02/49		404,340
	Teachers Insurance & Annuity Association of America(b)
	890,000		4.900			09/15/44		994,913
	The Hartford Financial Services Group, Inc.
	200,000		6.625			04/15/42		247,592
	The Northwestern Mutual Life Insurance Co.(a)(b)
	800,000		3.850			09/30/47		775,544
	Voya Financial, Inc.
	1,275,000		3.650			06/15/26		1,265,552
	XLIT Ltd.
	998,000		4.450			03/31/25		1,039,377
								13,586,512
Internet(a) – 1.7%
	Amazon.com, Inc.
	4,700,000		3.875			08/22/37		4,891,854
	1,800,000		4.950			12/05/44		2,151,666
	eBay, Inc.
	1,400,000		4.000			07/15/42		1,190,728
								8,234,248
Machinery-Diversified(a) – 0.1%
	Rockwell Automation, Inc.
	250,000		3.500			03/01/29		257,355
Media – 6.1%
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	3,225,000		4.464			07/23/22		3,337,875
	7,350,000		4.500			02/01/24		7,647,381
	275,000		6.484			10/23/45		307,981
	Comcast Corp.
	2,000,000		3.950	(a)		10/15/25		2,091,380
	638,000		3.300	(a)		02/01/27		636,832

84 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – (continued)
	Comcast Corp. – (continued)
$	1,525,000		4.150	%(a)		10/15/28	$	1,607,746
	2,275,000		4.250	(a)		10/15/30		2,417,483
	250,000		6.400			03/01/40		320,298
	525,000		3.400	(a)		07/15/46		465,612
	500,000		4.700	(a)		10/15/48		543,920
	263,000		3.999	(a)		11/01/49		256,430
	Fox Corp.(a)(b)
	550,000		4.709			01/25/29		589,034
	1,050,000		5.576			01/25/49		1,188,674
	The Walt Disney Co.(b)
	650,000		6.150			03/01/37		845,988
	700,000		6.150			02/15/41		934,598
	Time Warner Cable LLC
	3,300,000		5.000			02/01/20		3,354,021
	500,000		5.875	(a)		11/15/40		519,330
	Viacom, Inc.(a)
	450,000		5.850			09/01/43		490,311
	Warner Media LLC
	1,392,000		4.000			01/15/22		1,430,572
	275,000		4.850	(a)		07/15/45		276,991
								29,262,457
Mining(b) – 0.6%
	Glencore Finance Canada Ltd.
	800,000		4.950			11/15/21		831,408
	825,000		4.250			10/25/22		848,620
	Glencore Funding LLC
	1,050,000		4.125	(a)		03/12/24		1,060,510
	206,000		4.625			04/29/24		212,769
								2,953,307
Miscellaneous Manufacturing – 0.3%
	General Electric Co.
	175,000		2.700			10/09/22		171,728
	550,000		3.100			01/09/23		546,419
	600,000		3.450	(a)		05/15/24		597,276
	269,000		5.875			01/14/38		288,981
								1,604,404
Oil Field Services – 7.6%
	Anadarko Petroleum Corp.
	1,700,000		4.850	(a)		03/15/21		1,761,608
	1,425,000		5.550	(a)		03/15/26		1,555,558
	425,000		6.450			09/15/36		489,540
	BP Capital Markets America, Inc.(a)
	1,475,000		3.224			04/14/24		1,494,942
	675,000		3.410			02/11/26		688,230
	1,525,000		3.119			05/04/26		1,518,732
	675,000		4.234			11/06/28		722,749
	Cenovus Energy, Inc.(a)
	650,000		4.250			04/15/27		639,372
	Concho Resources, Inc.(a)
	900,000		4.300			08/15/28		929,385
	Continental Resources, Inc.(a)
	2,275,000		4.500			04/15/23		2,351,781
	150,000		4.375			01/15/28		154,289
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Devon Energy Corp.(a)
	1,320,000		3.250	%		05/15/22		1,331,101
	2,517,000		5.850			12/15/25		2,857,475
	Diamondback Energy, Inc.(a)
	1,300,000		4.750			11/01/24		1,326,000
	Dolphin Energy Ltd. LLC(b)
	23,544		5.888			06/15/19		23,456
	Gazprom OAO Via Gaz Capital SA
	200,000		5.150	(b)		02/11/26		202,825
	70,000		8.625	(d)		04/28/34		90,223
	110,000		7.288			08/16/37		129,220
	Halliburton Co.(a)
	550,000		3.800			11/15/25		562,419
	900,000		5.000			11/15/45		958,878
	Lukoil International Finance B.V.
	1,030,000		4.563			04/24/23		1,042,875
	Marathon Oil Corp.(a)
	2,050,000		4.400			07/15/27		2,110,167
	Marathon Petroleum Corp.(a)
	725,000		3.625			09/15/24		731,641
	1,920,000		3.800	(b)		04/01/28		1,901,318
	Newfield Exploration Co.
	1,750,000		5.625			07/01/24		1,911,875
	Patterson-UTI Energy, Inc.(a)
	1,800,000		3.950			02/01/28		1,708,254
	Petroleos Mexicanos
	422,000		6.375			02/04/21		435,504
EUR	1,370,000		5.125			03/15/23		1,675,379
$	972,000		6.875			08/04/26		1,013,116
	70,000		6.625			06/15/35		66,150
	166,000		6.375			01/23/45		146,628
	320,000		6.750			09/21/47		295,213
	304,000		6.350			02/12/48		268,022
	Reliance Industries Ltd.(b)
	250,000		3.667			11/30/27		243,359
	Suncor Energy, Inc.(a)
	900,000		3.600			12/01/24		921,753
	Valero Energy Corp.
	1,700,000		3.650			03/15/25		1,724,140
	450,000		4.350	(a)		06/01/28		467,492
								36,450,669
Pharmaceuticals – 4.7%
	AbbVie, Inc.(a)
	675,000		2.850			05/14/23		670,167
	1,150,000		3.750			11/14/23		1,180,325
	Bayer US Finance II LLC(a)(b)
	1,100,000		3.875			12/15/23		1,108,569
	1,475,000		3.375			07/15/24		1,439,482
	349,000		4.700			07/15/64		291,781
	Cigna Corp.(a)(b)
	7,125,000		3.750			07/15/23		7,301,629
	350,000		4.900			12/15/48		361,960
	CVS Health Corp.(a)
	2,000,000		3.375			08/12/24		1,983,280
	375,000		3.875			07/20/25		379,695
	3,775,000		5.125			07/20/45		3,835,098

The accompanying notes are an integral part of these financial statements. 85

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	Elanco Animal Health, Inc.(b)
$	1,125,000		3.912	%		08/27/21	$	1,143,198
	Pfizer, Inc.(a)
	1,800,000		3.450			03/15/29		1,849,050
	Teva Pharmaceutical Finance Netherlands III B.V.
	660,000		2.200			07/21/21		628,317
	510,000		2.800			07/21/23		456,073
								22,628,624
Pipelines – 8.5%
	Abu Dhabi Crude Oil Pipeline LLC(b)
	490,000		4.600			11/02/47		504,700
	Energy Transfer Operating LP(a)
	650,000		4.650			06/01/21		669,597
	1,540,000		5.200			02/01/22		1,618,602
	1,900,000		4.200			04/15/27		1,905,852
	175,000		4.950			06/15/28		183,668
	456,000		5.150			03/15/45		438,221
	350,000		5.300			04/15/47		344,998
	950,000		6.250			04/15/49		1,065,520
	Enterprise Products Operating LLC(a)
	825,000		4.800			02/01/49		876,562
	(3M USD LIBOR + 2.778%)
	1,765,000		5.404	(c)		06/01/67		1,629,219
	EQM Midstream Partners LP(a)
	4,464,000		4.750			07/15/23		4,552,343
	Kinder Morgan Energy Partners LP(a)
	1,500,000		3.950			09/01/22		1,541,325
	700,000		5.400			09/01/44		742,644
	Magellan Midstream Partners LP(a)
	300,000		4.200			03/15/45		279,555
	400,000		4.250			09/15/46		391,532
	MPLX LP(a)
	225,000		4.800			02/15/29		236,981
	950,000		4.500			04/15/38		903,526
	400,000		4.700			04/15/48		381,728
	725,000		5.500			02/15/49		774,989
	ONEOK, Inc.(a)
	1,075,000		4.550			07/15/28		1,113,367
	Plains All American Pipeline LP/PAA Finance Corp.(a)
	400,000		3.650			06/01/22		403,104
	1,375,000		3.850			10/15/23		1,389,575
	1,819,000		4.650			10/15/25		1,899,200
	1,200,000		4.500			12/15/26		1,233,600
	380,000		5.150			06/01/42		365,507
	Sabine Pass Liquefaction LLC(a)
	1,875,000		6.250			03/15/22		2,026,125
	4,525,000		5.625			03/01/25		4,977,500
	Sunoco Logistics Partners Operations LP(a)
	550,000		5.950			12/01/25		611,770
	900,000		5.400			10/01/47		897,615
	The Williams Cos., Inc.
	747,000		4.125	(a)		11/15/20		758,369
	3,630,000		3.600	(a)		03/15/22		3,682,345
	150,000		6.300			04/15/40		175,521
	275,000		4.900	(a)		01/15/45		274,645
	181,000		5.100	(a)		09/15/45		186,303
Corporate Obligations – (continued)
Pipelines – (continued)
	Valero Energy Partners LP(a)
	1,325,000		4.375			12/15/26		1,372,263
	Western Midstream Operating LP(a)
	400,000		5.450			04/01/44		381,416
								40,789,787
Real Estate Investment Trust – 3.1%
	Alexandria Real Estate Equities, Inc.(a)
	500,000		3.800			04/15/26		507,210
	American Campus Communities Operating Partnership LP(a)
	1,600,000		4.125			07/01/24		1,636,864
	American Homes 4 Rent LP(a)
	1,851,000		4.900			02/15/29		1,918,080
	American Tower Corp.
	1,550,000		5.000			02/15/24		1,673,101
	1,400,000		3.375	(a)		05/15/24		1,409,870
	Camden Property Trust(a)
	1,338,000		4.100			10/15/28		1,404,632
	Crown Castle International Corp.(a)
	275,000		4.300			02/15/29		283,506
	Kilroy Realty LP(a)
	575,000		4.750			12/15/28		611,317
	National Retail Properties, Inc.(a)
	700,000		3.600			12/15/26		697,725
	Office Properties Income Trust(a)
	1,125,000		3.600			02/01/20		1,126,519
	VEREIT Operating Partnership LP(a)
	1,050,000		4.625			11/01/25		1,085,763
	1,225,000		4.875			06/01/26		1,274,747
	1,000,000		3.950			08/15/27		985,500
								14,614,834
Retailing – 0.7%
	Starbucks Corp.(a)
	875,000		3.800			08/15/25		902,195
	The Home Depot, Inc.
	675,000		3.900	(a)		12/06/28		717,869
	400,000		5.875			12/16/36		504,580
	500,000		4.400	(a)		03/15/45		538,595
	Walmart, Inc.(a)
	475,000		4.050			06/29/48		507,509
								3,170,748
Semiconductors – 3.3%
	Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	1,775,000		3.625			01/15/24		1,771,344
	600,000		3.125			01/15/25		573,858
	5,200,000		3.875			01/15/27		4,970,524
	Broadcom, Inc.(a)(b)
	2,475,000		3.625			10/15/24		2,455,645
	2,075,000		4.250			04/15/26		2,059,666
	1,525,000		4.750			04/15/29		1,517,756
	Microchip Technology, Inc.(b)
	775,000		3.922			06/01/21		781,793
	Micron Technology, Inc.(a)
	900,000		4.975			02/06/26		918,000

86 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Semiconductors – (continued)
	NXP B.V./NXP Funding LLC(b)
$	850,000		3.875	%		09/01/22	$	862,121
								15,910,707
Software(a) – 0.4%
	Oracle Corp.
	1,400,000		4.300			07/08/34		1,503,740
	575,000		3.800			11/15/37		576,668
								2,080,408
Telecommunication Services – 7.7%
	AT&T, Inc.(a)
	5,822,000		3.600			02/17/23		5,932,210
	4,400,000		3.800			03/01/24		4,508,592
	3,700,000		4.450			04/01/24		3,883,372
	450,000		4.350			03/01/29		459,990
	300,000		6.000			08/15/40		337,899
	378,000		4.350			06/15/45		348,694
	500,000		4.750			05/15/46		489,800
	British Telecommunications PLC(a)
	650,000		5.125			12/04/28		694,531
	Cisco Systems, Inc.
	275,000		5.500			01/15/40		348,593
	Deutsche Telekom International Finance B.V.(a)(b)
	575,000		4.375			06/21/28		597,805
	Telefonica Emisiones SA
	1,990,000		5.462			02/16/21		2,080,983
	1,150,000		4.570			04/27/23		1,218,379
	1,000,000		5.520	(a)		03/01/49		1,046,400
	Verizon Communications, Inc.
	1,400,000		3.376			02/15/25		1,419,250
	1,400,000		2.625			08/15/26		1,341,102
	4,056,000		4.329			09/21/28		4,296,967
	750,000		3.875	(a)		02/08/29		769,402
	2,551,000		4.016	(a)(b)		12/03/29		2,636,280
	325,000		4.272			01/15/36		329,219
	375,000		5.250			03/16/37		422,925
	295,000		4.125			08/15/46		286,410
	400,000		4.862			08/21/46		427,132
	596,000		5.012			04/15/49		649,908
	Vodafone Group PLC
	1,850,000		3.750			01/16/24		1,869,184
	525,000		4.375			05/30/28		532,009
								36,927,036
Transportation – 0.6%
	Burlington Northern Santa Fe LLC
	425,000		6.150			05/01/37		543,486
	1,525,000		5.750	(a)		05/01/40		1,894,690
	Norfolk Southern Corp.(a)
	200,000		4.650			01/15/46		215,332
								2,653,508
	TOTAL CORPORATE OBLIGATIONS
	(Cost $433,759,959)						$	441,382,393
Foreign Debt Obligations – 3.8%
Sovereign – 3.8%
	Abu Dhabi Government International Bond
	1,680,000		4.125			10/11/47		1,692,600
	Perusahaan Penerbit SBSN Indonesia III
	2,970,000		4.550			03/29/26		3,087,508
	Republic of Colombia(a)
	1,221,000		4.000			02/26/24		1,255,188
	350,000		4.500			03/15/29		370,125
	200,000		5.200			05/15/49		214,300
	Republic of Indonesia
	200,000		3.700	(b)		01/08/22		202,130
	387,000		5.875			01/15/24		426,778
	630,000		4.125			01/15/25		645,331
EUR	510,000		3.375			07/30/25		639,313
$	350,000		4.350	(b)		01/08/27		361,499
EUR	400,000		3.750			06/14/28		519,337
$	470,000		6.750			01/15/44		602,289
	Republic of Kuwait
	6,180,000		3.500			03/20/27		6,294,577
	Republic of Qatar(b)
	1,800,000		5.103			04/23/48		1,971,891
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $17,349,413)						$	18,282,866
Municipal Debt Obligations – 0.8%
California(a) – 0.2%
	California State GO Bonds Build America Taxable Series 2009
$	455,000		7.300	%		10/01/39	$	658,399
Illinois – 0.5%
	Illinois State GO Bonds Build America Series 2010(a)
	1,625,000		6.630			02/01/35		1,763,661
	Illinois State GO Bonds Taxable-Pension Series 2003
	650,000		5.100			06/01/33		638,703
								2,402,364
New Jersey(a) – 0.1%
	New Jersey State Turnpike Authority RB Build America Bonds Taxable Series 2009 F
	350,000		7.414			01/01/40		525,707
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,067,674)						$	3,586,470
U.S. Treasury Obligation – 0.8%
	United States Treasury Note
$	3,600,000		2.250	%		03/31/26	$	3,585,917
	(Cost $3,592,817)

The accompanying notes are an integral part of these financial statements. 87

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments(continued)

March 31, 2019

Shares		Dividend Rate	Value
Investment Company(e) – 1.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	6,402,136	2.437%	$	6,402,136
	(Cost $6,402,136)
	TOTAL INVESTMENTS – 99.1%
	(Cost $464,171,999)		$	473,239,782
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.9%			4,402,050
	NET ASSETS – 100.0%		$	477,641,832

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(d)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on March 31, 2019.
(e)	Represents an affiliated issuer.

Currency Abbreviations:
EUR	—Euro
USD	—U.S. Dollar
Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
RB	—Revenue Bond
ICE	—Inter Continental Exchange

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
HSBC Bank PLC	USD	2,830,875		EUR	2,468,711		04/26/19	$	55,500

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		155		06/19/19	$	26,040,000	$	952,088
2 Year U.S. Treasury Notes		125		06/28/19		26,636,719		53,384
20 Year U.S. Treasury Bonds		18		06/19/19		2,693,812		28,130
Total							$	1,033,602

88 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Eurodollars		(5	)		06/17/19	$	(1,218,187	)	$	6,804
Eurodollars		(53	)		12/16/19		(12,928,025	)		(39,206	)
Ultra 10 Year U.S. Treasury Notes		(75	)		06/19/19		(9,958,594	)		(197,368	)
5 Year U.S. Treasury Notes		(170	)		06/28/19		(19,690,781	)		(18,178	)
10 Year U.S. Treasury Notes		(134	)		06/19/19		(16,645,313	)		(49,487	)
Total									$	(297,435	)
TOTAL FUTURES CONTRACTS									$	736,167

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

Payments Made by the Fund(a)	Payments Received by Fund(b)	Termination Date	Notional Amount (000s)(c)	Market Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.218%	3M LIBOR	08/31/23	$7,880	$	12,693	$	(543	)	$	13,236

(a) Payments made semi-annually.

(b) Payments made quarterly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at March 31, 2019(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
iTraxx Europe Series 31		(1.000)%		0.650%		06/20/24	EUR	16,275	$	(336,312	)	$	(296,983	)	$	(39,329	)
Protection Sold:
CDX.NA.IG Index 31		1.000		0.561%		12/20/23	$	57,750		1,143,674			965,673			178,001
Boeing Co., 8.750%, 08/15/21		1.000		0.513%		06/20/24		1,750		42,406			39,666			2,740
CDX.NA.IG Index 32		1.000		0.635%		06/20/24		31,700		572,257			480,332			91,925
TOTAL									$	1,422,025		$	1,188,688		$	233,337

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

The accompanying notes are an integral part of these financial statements. 89

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$97.75		06/15/2020		126	$	315,000	$	72,450	$	62,936	$	9,514

Abbreviations:
CDX.NA.IG Index 31	—CDX North America Investment Grade Index 31
CDX.NA.IG Index 32	—CDX North America Investment Grade Index 32

90 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

March 31, 2019

Principal Amount			Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – 73.6%
Argentina – 2.4%
	Republic of Argentina (NR/NR)
$	625,000			4.500	%		06/21/19	$	614,212
	Republic of Argentina (NR/NR)
	1,045,224			0.000	(a)		07/26/19		1,029,251
	515,000			4.500			02/13/20		476,247
ARS	3,175,000			4.000			03/06/20		107,632
	Republic of Argentina (NR/B2)(b)
	(Argentina Deposit Rates + 3.250%)
	7,615,000			42.415			03/29/24		155,153
	(Argentina Deposit Rates + 3.830%)
	8,920,000			50.198			05/31/22		186,144
	Republic of Argentina (B/B2)
EUR	660,000			3.375			01/15/23		592,303
	1,110,000			5.000			01/15/27		923,317
	580,000			5.250			01/15/28		477,717
	60,000			3.380	(c)		12/31/38		38,115
	100,000			6.250			11/09/47		80,766
$	30,000			6.875			01/11/48		21,990
									4,702,847
Brazil – 11.4%
	Brazil Letras do Tesouro Nacional (BB-/Ba2)(a)
BRL	21,980,000			0.000			07/01/19		5,521,822
	Brazil Notas do Tesouro Nacional (BB-/Ba2)
	26,285,000			10.000			01/01/21		7,004,899
	3,898,000			10.000			01/01/23		1,050,807
	23,791,000			10.000			01/01/25		6,439,346
	2,864,000			10.000			01/01/27		774,633
	3,871,321			6.000			08/15/40		1,191,862
									21,983,369
Chile – 6.7%
	Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
CLP	705,000,000			4.500			02/28/21		1,057,073
	Bonos de la Tesoreria de la Republica en pesos (NR/NR)(d)
	865,000,000			4.000			03/01/23		1,285,871
	Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
	1,260,000,000			5.000			03/01/35		1,995,950
	Bonos de la Tesoreria de la Republica en Pesos (NR/A1)
	1,740,000,000			4.500			03/01/21		2,608,674
	2,470,000,000			4.500			03/01/26		3,743,921
	Republic of Chile (A+/A1)
	1,504,000,000			5.500			08/05/20		2,261,509
									12,952,998
Colombia – 10.0%
	Republic of Colombia (NR/NR)
COP	1,695,300,000			6.250			11/26/25		536,381
	1,227,332,160			3.300			03/17/27		386,879
	13,408,300,000			7.000			06/30/32		4,268,619
	Republic of Colombia (NR/Baa2)(e)
	1,851,000,000			4.375			03/21/23		556,077
	Republic of Colombia (BBB/Baa2)
	12,248,000,000			11.000			07/24/20		4,149,028
	7,332,319,872			3.500			03/10/21		2,365,594
	12,602,300,000			7.000			05/04/22		4,140,971
Sovereign Debt Obligations – (continued)
Colombia – (continued)
	Republic of Colombia (BBB/Baa2) – (continued)
COP	3,886,900,000			10.000			07/24/24		1,448,491
	1,701,200,000			7.500			08/26/26		574,219
	2,660,100,000			6.000			04/28/28		809,062
	316,300,000			7.750			09/18/30		107,723
									19,343,044
Czech Republic – 3.0%
	Czech Republic Government Bond (NR/NR)
CZK	16,200,000			2.400			09/17/25		732,166
	57,020,000			1.000			06/26/26		2,342,584
	37,030,000			0.250			02/10/27		1,423,806
	13,850,000			0.950			05/15/30		541,544
	Czech Republic Government Bond (NR/A1)
	14,410,000			4.200			12/04/36		776,114
									5,816,214
Dominican Republic – 1.2%
	Dominican Republic (NR/NR)
DOP	2,800,000			10.500			04/07/23		56,899
	5,400,000			11.500			05/10/24		114,081
	39,400,000			11.375			07/06/29		840,301
	49,900,000			12.000			03/05/32		1,102,684
	Dominican Republic (BB-/Ba3)(d)
	12,300,000			8.900			02/15/23		238,261
									2,352,226
Hungary – 3.0%
	Hungary Government Bond (BBB/NR)
HUF	488,380,000	��		3.000			06/26/24		1,812,841
	Hungary Government Bond (BBB/NR)
	433,880,000			5.500			06/24/25		1,817,677
	Hungary Government Bond (BBB/NR)
	580,950,000			3.000			10/27/27		2,110,659
									5,741,177
Indonesia – 0.7%
	Republic of Indonesia (NR/Baa2)
IDR	20,000,000,000			7.000			05/15/27		1,347,612
Mexico – 0.3%
	United Mexican States (NR/A3)
MXN	10,115,600			8.000			11/07/47		492,580
Nigeria – 0.5%
	Republic of Nigeria (NR/NR)(a)
NGN	360,000,000			0.000			09/26/19		935,083
Peru – 3.4%
	Republic of Peru (NR/NR)
PEN	1,484,000			6.714			02/12/55		491,665
	Republic of Peru (NR/A3)
	13,940,000			6.150	(d)		08/12/32		4,410,811
	3,792,000			6.850			02/12/42		1,270,420
	Republic of Peru (A-/A3)
	41,000			6.950			08/12/31		13,899
	1,206,000			6.900			08/12/37		404,072
									6,590,867

The accompanying notes are an integral part of these financial statements. 91

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount			Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
Poland – 4.8%
	Republic of Poland (A/NR)
PLN	5,610,000			2.750	%		10/25/29	$	1,449,542
	Republic of Poland (A/A2)
	6,580,000			4.000			10/25/23		1,854,359
	23,460,000			2.500			07/25/27		6,033,706
									9,337,607
Russia – 5.0%
	Russian Federation Bond (NR/NR)
RUB	297,650,000			6.500			02/28/24		4,269,847
	329,850,000			6.900			05/23/29		4,566,574
	57,720,000			8.500			09/17/31		893,752
									9,730,173
South Africa – 9.2%
	Republic of South Africa (BB+/Baa3)
ZAR	28,070,000			10.500			12/21/26		2,150,661
	2,770,000			8.000			01/31/30		176,891
	10,570,000			7.000			02/28/31		613,892
	58,876,000	��		8.250			03/31/32		3,737,380
	60,040,000			8.875			02/28/35		3,917,307
	77,050,000			8.500			01/31/37		4,810,016
	17,130,000			9.000			01/31/40		1,105,548
	2,790,000			6.500			02/28/41		136,912
	19,154,300			8.750			01/31/44		1,203,675
									17,852,282
Thailand – 7.9%
	Thailand Government Bond (NR/NR)
THB	85,000,000			2.000			12/17/22		2,669,490
	37,190,000			2.400			12/17/23		1,182,789
	Thailand Government Bond (NR/Baa1)
	34,820,000			2.125			12/17/26		1,075,841
	182,420,000			3.775			06/25/32		6,387,971
	Thailand Government Bond (A-/Baa1)
	22,850,000			3.650			12/17/21		754,908
	58,690,000			3.850			12/12/25		2,030,783
	16,190,000			3.650			06/20/31		562,277
	19,190,000			3.400			06/17/36		644,164
									15,308,223
Turkey – 3.8%
	Republic of Turkey (NR/NR)
TRY	7,010,000			10.700			08/17/22		939,821
	28,390,000			12.200			01/18/23		3,969,152
	750,000			11.000			02/24/27		94,835
	Republic of Turkey (NR/Ba3)
$	1,985,000			4.875			10/09/26		1,711,457
	610,000			6.000			03/25/27		557,866
									7,273,131
Uruguay – 0.3%
	Republic of Uruguay (NR/NR)(d)
UYU	11,125,000			8.500			03/15/28		289,047
Sovereign Debt Obligations – (continued)
Uruguay – (continued)
	Republic of Uruguay (BBB/Baa2)
UYU	12,053,642			4.375			12/15/28		381,874
									670,921
	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $150,063,867)							$	142,430,354
Corporate Obligations – 2.3%
Argentina(d) – 0.2%
	Banco Macro SA (NR/B2)
ARS	21,350,000			17.500	%		05/08/22	$	304,890
Peru(d)(e) – 0.7%
	Banco de Credito del Peru (BBB+/Baa1)
PEN	4,800,000			4.850			10/30/20		1,443,190
South Africa(f) – 0.6%
	Transnet SOC Ltd. (BB+/Baa3)
ZAR	17,000,000			10.000			03/30/29		1,154,627
Venezuela(g) – 0.8%
	Petroleos de Venezuela SA (NR/NR)
$	9,280,000			6.000			10/28/22		1,612,400
	TOTAL CORPORATE OBLIGATIONS
	(Cost $7,767,882)							$	4,515,107
Structured Notes – 10.3%
Singapore(d) – 1.4%
	Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
IDR	27,327,000,000			9.000	%		03/19/29	$	2,074,472
	7,914,000,000			8.750			05/19/31		590,216
									2,664,688
United Kingdom(d) – 2.9%
	Arab Republic of Egypt (Issuer HSBC Bank PLC) (NR/NR)(b)
EGP	15,275,000			0.000			11/21/19		794,353
	Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
IDR	52,836,000,000			8.750			05/17/31		3,940,438
	12,570,000,000			7.500			08/18/32		843,002
									5,577,793
United States – 6.0%
	Arab Republic of Egypt (Issuer Citibank NA) (NR/NR)(a)(d)
EGP	30,500,000			0.000			03/05/20		1,495,996
	Arab Republic of Egypt (Issuer JPMorgan Chase Bank NA) (NR/NR)(a)(d)
	15,250,000			0.000			10/24/19		796,819
	15,250,000			0.000			12/05/19		777,292
	Republic of Columbia (Issuer Citibank NA) (NR/NR)
COP	4,226,000,000			11.000			07/25/24		1,574,860
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)(d)
IDR	20,873,000,000			7.000			05/17/27		1,406,436
	69,861,000,000			8.750			05/17/31		5,210,139

92 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Principal Amount		Interest Rate			Maturity Date		Value
Structured Notes – (continued)
United States – (continued)
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)(d) – (continued)
IDR	6,568,000,000		7.500	%		08/19/32	$	440,480
								11,702,022
	TOTAL STRUCTURED NOTES
	(Cost $22,259,730)						$	19,944,503
Municipal Debt Obligations – 0.5%
Puerto Rico – 0.5%
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-1 (NR/NR)
$	19,000		0.000	%(a)		07/01/24	$	15,953
	33,000		0.000	(a)		07/01/27		24,606
	32,000		0.000	(a)(e)		07/01/29		21,218
	41,000		0.000	(a)(e)		07/01/31		24,255
	46,000		0.000	(a)(e)		07/01/33		24,411
	34,000		4.500	(e)		07/01/34		34,375
	17,000		4.550	(e)		07/01/40		16,728
	441,000		0.000	(a)(e)		07/01/46		94,859
	359,000		0.000	(a)(e)		07/01/51		56,801
	126,000		4.750	(e)		07/01/53		119,469
	318,000		5.000	(e)		07/01/58		314,200
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-2 (NR/NR)(e)
	174,000		4.550			07/01/40		153,557
	5,000		4.750			07/01/53		4,288
	70,000		5.000			07/01/58		61,251
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $931,434)						$	965,971
U.S. Treasury Obligations – 1.6%
	United States Treasury Bond(h)
$	500,000		3.625	%		08/15/43	$	575,743
	United States Treasury Notes
	2,640,000		2.250			03/31/26		2,629,672
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $3,205,790)						$	3,205,415

Shares		Dividend Rate	Value
Investment Company(i) – 6.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	13,273,080	2.437%	$	13,273,080
	(Cost $13,273,080)
	TOTAL INVESTMENTS – 95.2%
	(Cost $197,501,783)		$	184,334,430
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.8%			9,264,563
	NET ASSETS – 100.0%		$	193,598,993

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(c)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on March 31, 2019.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $1,154,627, which represents approximately 0.6% of the Fund’s net assets as of March 31, 2019.
(g)	Security is currently in default and/or non-income producing.
(h)	All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(i)	Represents an affiliated issuer.

The accompanying notes are an integral part of these financial statements. 93

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments(continued)

March 31, 2019

Security ratings disclosed, if any, are obtained from by Standard & Poor’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Currency Abbreviations:
ARS	—Argentine Peso
BRL	—Brazilian Real
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
CNY	—Chinese Yuan Renminbi
COP	—Colombian Peso
CZK	—Czech Koruna
DOP	—Dominican Peso
EGP	—Egyptian Pound
EUR	—Euro
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
INR	—Indian Rupee
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysian Ringgit
NGN	—Nigerian Naira
PEN	—Peruvian Nuevo Sol
PHP	—Philippine Peso
PLN	—Polish Zloty
RON	—New Romanian Leu
RUB	—Russian Ruble
SGD	—Singapore Dollar
THB	—Thai Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
UYU	—Uruguayan Peso
ZAR	—South African Rand

Investment Abbreviations:
BUBOR	—Budapest Interbank Offered Rate
CLICP	—Sinacofi Chile Interbank Rate
EURO	—Euro Offered Rate
JIBAR	—Johannesburg Interbank Agreed Rate
KLIBOR	—Kuala Lumpur Interbank Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
MIBOR	—MIBOR - Mumbai Interbank Offered Rate
NR	—Not Rated
PLC	—Public Limited Company
PRIBOR	—Prague Interbank Offered Rate
RB	—Revenue Bond
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At March 31, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	ARS	36,365,220	USD	764,779		06/04/19	$	5,532
	BRL	20,183,637	USD	5,136,177		05/03/19		7,671
	CNH	37,498,229	USD	5,570,312		06/19/19		6,072
	COP	18,336,758,979	USD	5,746,507		04/01/19		4,903
	COP	1,943,852,734	USD	608,783		04/15/19		394
	EUR	609,828	PLN	2,631,620		06/19/19		1,566
	IDR	16,987,875,840	USD	1,180,944		04/05/19		10,143
	IDR	35,675,427,802	USD	2,488,822		04/25/19		5,065
	INR	571,338,476	USD	8,046,314		04/02/19		194,455
	KRW	1,546,150,030	USD	1,359,980		04/18/19		157
	MXN	456,415,482	USD	23,145,388		06/19/19		69,169
	MYR	19,329,313	USD	4,723,106		04/05/19		13,641
	PHP	90,455,734	USD	1,706,292		04/12/19		10,858
	RUB	863,018,355	USD	12,934,396		04/15/19		185,771

94 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	SGD	9,531,390	USD	7,030,552		06/19/19	$	12,996
	USD	275,942	ARS	11,501,275		04/22/19		18,335
	USD	6,296,031	BRL	23,972,737		04/02/19		174,211
	USD	815,873	BRL	3,194,443		05/03/19		1,761
	USD	2,665,620	BRL	10,410,311		07/02/19		25,024
	USD	6,711,787	CLP	4,435,009,172		04/04/19		194,499
	USD	4,581,473	CLP	3,094,139,130		04/18/19		34,514
	USD	146,084	CLP	96,897,464		04/22/19		3,689
	USD	146,808	CLP	97,173,955		04/25/19		4,006
	USD	1,029,767	CNH	6,923,905		06/19/19		109
	USD	5,853,224	COP	18,336,758,979		04/01/19		101,813
	USD	8,236,694	COP	25,858,226,782		04/15/19		133,075
	USD	1,569,573	IDR	22,371,123,969		04/05/19		1,045
	USD	696,522	IDR	9,866,230,730		04/25/19		6,824
	USD	13,538,560	INR	934,481,351		04/02/19		59,955
	USD	893,580	KRW	1,007,958,240		04/05/19		6,644
	USD	1,463,960	KRW	1,652,797,858		04/18/19		10,006
	USD	1,501,270	KRW	1,703,969,118		04/30/19		1,971
	USD	5,142,356	MXN	100,104,103		06/19/19		50,784
	USD	916,040	PEN	3,044,000		05/13/19		615
	USD	1,163,849	PHP	60,919,337		04/12/19		7,398
	USD	2,186,809	RUB	141,679,814		04/15/19		32,900
	USD	4,150,509	SGD	5,605,284		06/19/19		8,291
	USD	1,295,316	TRY	7,435,249		06/19/19		54,344
	USD	2,006,744	TWD	61,847,854		04/08/19		2,432
	USD	1,788,752	TWD	54,913,121		04/11/19		8,982
	USD	1,111,126	TWD	34,244,227		04/29/19		530
	USD	3,129,346	ZAR	45,209,421		06/19/19		26,045
	ZAR	31,366,295	USD	2,147,912		06/19/19		5,158
TOTAL							$	1,503,353

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	ARS	36,365,220	USD	891,159		04/03/19	$	(55,910	)
	ARS	30,019,431	USD	722,194		04/22/19		(49,814	)
	ARS	12,284,646	USD	281,000		04/26/19		(7,277	)
	ARS	74,730,681	USD	1,695,534		05/28/19		(99,448	)
	BRL	44,156,375	USD	11,653,686		04/02/19		(377,657	)
	BRL	4,662,161	USD	1,195,754		05/03/19		(7,591	)
	CLP	4,435,009,172	USD	6,660,269		04/04/19		(142,983	)
	CLP	741,216,713	USD	1,105,010		04/18/19		(15,762	)
	CLP	97,291,891	USD	146,084		04/22/19		(3,109	)
	CLP	97,921,209	USD	146,808		04/25/19		(2,908	)
	COP	18,336,758,979	USD	5,834,938		04/01/19		(83,528	)
	COP	3,674,026,752	USD	1,179,747		04/15/19		(28,356	)
	COP	1,062,894,957	USD	333,459		05/02/19		(706	)
	CZK	37,958,775	EUR	1,471,693		06/19/19		(8,827	)
	CZK	66,518,748	USD	2,941,485		06/19/19		(44,318	)
	EUR	8,129,550	USD	9,258,440		06/19/19		(77,154	)

The accompanying notes are an integral part of these financial statements. 95

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	EUR	609,766	ZAR	10,037,056		06/19/19	$	(319	)
	HUF	273,536,810	EUR	852,725		06/19/19		(2,166	)
	HUF	140,877,648	PLN	1,905,091		06/19/19		(2,574	)
	HUF	629,313,920	USD	2,280,461		06/19/19		(69,812	)
	IDR	31,188,930,258	USD	2,190,970		04/05/19		(4,191	)
	IDR	65,119,726,697	USD	4,604,704		04/25/19		(52,517	)
	INR	571,338,476	USD	8,279,812		04/02/19		(39,042	)
	INR	411,300,001	USD	5,940,633		04/22/19		(33,678	)
	KRW	1,007,958,240	USD	894,583		04/05/19		(7,647	)
	KRW	9,175,015,511	USD	8,156,133		04/18/19		(84,937	)
	MXN	43,792,176	USD	2,271,821		06/19/19		(44,429	)
	MYR	35,339,300	USD	8,671,503		04/05/19		(11,425	)
	PLN	57,740,227	EUR	13,365,553		06/19/19		(17,839	)
	RON	17,332,864	USD	4,087,843		06/19/19		(26,845	)
	RUB	27,468,481	USD	426,134		04/11/19		(8,264	)
	RUB	187,503,891	USD	2,885,793		04/15/19		(35,237	)
	SGD	1,825,179	USD	1,353,617		06/19/19		(4,838	)
	THB	40,561,537	USD	1,281,687		06/19/19		(897	)
	TRY	25,061,790	USD	4,355,875		06/19/19		(172,960	)
	TWD	89,797,557	USD	2,916,596		04/08/19		(6,513	)
	TWD	304,599,039	USD	9,934,388		04/11/19		(62,139	)
	TWD	61,847,854	USD	2,008,628		04/29/19		(2,802	)
	USD	827,423	ARS	36,365,220		04/03/19		(7,826	)
	USD	5,146,261	BRL	20,183,637		04/02/19		(7,951	)
	USD	2,944,402	CNH	19,841,054		06/19/19		(6,174	)
	USD	5,746,507	COP	18,336,758,979		04/01/19		(4,903	)
	USD	1,806,741	IDR	25,805,682,129		04/05/19		(2,597	)
	USD	2,963,574	INR	208,195,601		04/02/19		(39,360	)
	USD	1,835,778	KRW	2,089,298,976		04/30/19		(2,568	)
	USD	463,256	MXN	9,120,486		06/19/19		(638	)
	USD	1,161,014	MYR	4,747,386		04/05/19		(2,357	)
	USD	3,690,544	RUB	244,170,259		04/15/19		(21,492	)
	USD	3,975,865	SGD	5,385,105		06/19/19		(3,643	)
	USD	904,638	TWD	27,949,703		04/08/19		(1,132	)
	USD	1,833,276	TWD	56,576,724		04/29/19		(1,599	)
	ZAR	34,216,479	USD	2,354,881		06/19/19		(6,169	)
TOTAL							$	(1,804,828	)

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		27		06/19/19	$	4,536,000	$	172,232
Ultra 10 Year U.S. Treasury Notes		65		06/19/19		8,630,781		172,691
2 Year U.S. Treasury Notes		8		06/28/19		1,704,750		5,924
Total							$	350,847

96 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Eurodollars		(107	)		12/16/19	$	(26,099,975	)	$	(112,685	)
Eurodollars		(8	)		06/17/19		(1,949,100	)		10,887
5 Year U.S. Treasury Notes		(20	)		06/28/19		(2,316,562	)		300
10 Year U.S. Treasury Notes		(22	)		06/19/19		(2,732,812	)		(44,927	)
20 Year U.S. Treasury Bonds		(102	)		06/19/19		(15,264,938	)		(400,862	)
Total									$	(547,287	)
TOTAL FUTURES CONTRACTS									$	(196,440	)

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund		Counterparty	Termination Date		Notional Amount (000s)			Value			Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)
Mexico IB TIIE 28D(a)		8.010%	Barclays Bank PLC		06/29/27	MXN	213,930	(b)	$	(44,203	)	$	—		$	(44,203	)
3M KLIBOR(d)		1.750	BoA Securities LLC		03/20/21	THB	262,490			4,630			1,716			2,914
Columbia IBR Overnight IB(c)		4.750	Citibank NA		06/20/20	COP	11,205,350			22,197			7,457			14,740
6M Thai Reuters(d)		2.000	Citibank NA		06/20/23	THB	80,000			24,086			4,250			19,836
3M KLIBOR(c)		3.650	Citibank NA		02/27/24	MYR	15,020			27,467			—			27,467
5.110(c)		Colombia IBR Overnight IB	CS International (London)		04/15/19	COP	20,678,330			(23,561	)		—			(23,561	)
3M KLIBOR(c)		1.750	CS International (London)		03/20/21	THB	151,070			2,247			874			1,373
6.055(c)		Colombia IBR Overnight IB	CS International (London)		05/02/24	COP	3,635,890			(55,569	)		—			(55,569	)
5.190(c)		Colombia IBR Overnight IB	JPMorgan Securities, Inc.		04/22/19		10,159,090			(14,857	)		—			(14,857	)
6M Thai Reuters(d)		1.750	JPMorgan Securities, Inc.		06/19/21	THB	255,890	(b)		158			158			—
3M KLIBOR(d)		1.750	MS & Co. Int. PLC		03/20/21		264,270			714			(279	)		993
Mexico IB TIIE 28D(a)		5.630	MS & Co. Int. PLC		06/17/21	MXN	135,000			(339,588	)		—			(339,588	)
3M KLIBOR(c)		1.750(d)	MS & Co. Int. PLC		06/19/21	THB	87,700			505			542			(37	)
3M KLIBOR(c)		3.693	MS & Co. Int. PLC		03/01/24	MYR	14,790			33,904			—			33,904
3M KLIBOR(c)		3.605	MS & Co. Int. PLC		03/06/24		30,010			39,512			—			39,512
TOTAL									$	(322,358	)	$	14,718		$	(337,076	)

(a) Payments made monthly.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

(c) Payments made quarterly.

(d) Payments made semi-annually.

The accompanying notes are an integral part of these financial statements. 97

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund (%)		Termination Date		Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M BID Avg(a)		7.250		01/02/20	BRL	53,900		$	111,730		$	31,798		$	79,932
8.360(b)		Mexico IB TIIE 28D		03/18/20	MXN	871,600			(5,486	)		(1,925	)		(3,561	)
7.330(c)		3M JIBAR		03/21/20	ZAR	10			(2	)		(1	)		(1	)
6M MIBOR(c)		4.750		06/20/20	COP	22,723,025			45,046			27,431			17,615
6M WIBOR(d)		2.000(e)		09/19/20	PLN	32,745			112,463			623			111,840
8.000(b)		1M BID Avg		01/04/21	BRL	5,440			(25,501	)		(20,617	)		(4,884	)
3M KWCDC(c)		1.750		03/20/21	KRW	41,144,720			42,652			(8,068	)		50,720
6M WIBOR(d)		2.000(e)		03/20/21	PLN	97,640			113,554			(50,958	)		164,512
6M WIBOR(c)		2.500		03/20/21	CNY	66,970			(33,965	)		(9,267	)		(24,698	)
6M CLICP(d)		3.600		03/20/21	CLP	4,553,820			60,163			18,038			42,125
3.000(d)		3M LIBOR(c)		03/20/21	$	23,140			(270,759	)		(168,648	)		(102,111	)
6M MIBOR(c)		5.000		03/20/21	COP	28,910,210			100,795			3,648			97,147
6M MIBOR(d)		6.750		03/20/21	INR	743,190			200,437			120,114			80,323
7.950		Mexico IB TIIE 28D		06/16/21	MXN	134,350	(f)		(4,302	)		(1,654	)		(2,648	)
3M KWCDC(c)		1.750		06/19/21	KRW	22,379,330			39,139			37,877			1,262
6M BUBOR(d)		1.750(e)		06/19/21	HUF	2,620,260	(f)		184,932			90,424			94,508
3M JIBAR(c)		7.750		06/19/21	ZAR	291,510	(f)		223,763			125,606			98,157
6M PRIBOR(d)		2.200(e)		09/18/21	CZK	193,910	(f)		40,969			45			40,924
10.300(a)		1M BID Avg		01/03/22	BRL	80			(1,550	)		(142	)		(1,408	)
Mexico IB TIIE 28D(b)		8.000		06/15/22	MXN	55,700	(f)		15,649			16			15,633
2.130(e)		6M PRIBOR(d)		09/18/22	CZK	64,760	(f)		(21,241	)		26			(21,267	)
8.900(e)		1M LIBOR		01/02/23	BRL	13,150			(202,511	)		(17,938	)		(184,573	)
1M BID Avg(b)		7.900		01/02/23		36,575			(47,054	)		(35,000	)		(12,054	)
5.400(c)		6M MIBOR		03/20/24	COP	5,057,025			(22,701	)		6,647			(29,348	)
Mexico IB TIIE 28D(b)		8.000		06/12/24	MXN	132,600	(f)		60,833			65			60,768
6M EURO(d)		0.500(e)		06/19/24	EUR	750	(f)		19,355			12,384			6,971
2.000(c)		6M PRIBOR(d)		09/18/24	CZK	39,790	(f)		(19,783	)		18			(19,801	)
5.955(b)		Mexico IB TIIE 28D		11/20/24	MXN	54,290			248,562			15			248,547
5.660(b)		Mexico IB TIIE 28D		01/24/25		20,280			105,197			14			105,183
Mexico IB TIIE 28D(b)		8.000		06/10/26	MXN	83,050	(f)		23,021			47			22,974
7.500(b)		Mexico IB TIIE 28D		06/09/27		34,390			54,728			(39,515	)		94,243
1.250(e)		6M EURIBOR(d)		12/19/28	EUR	200	(f)		(18,467	)		(5,897	)		(12,570	)
Mexico IB TIIE 28D(b)		8.250		06/06/29	MXN	34,900	(f)		16,782			(923	)		17,705
TOTAL								$	1,146,448		$	114,283		$	1,032,165

(a) Payments made at the termination date.

(b) Payments made monthly.

(c) Payments made quarterly.

(d) Payments made semi-annually.

(e) Payments made annually.

(f) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

98 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)		Credit Spread at March 31, 2019(b)		Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)%		0.131%		BoA Securities LLC		12/20/20	$	2,320	$	(35,257	)	$	8,994		$	(44,251	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)		0.169		BoA Securities LLC		06/20/21		70		(1,296	)		365			(1,661	)
People’s Republic of China, 4.250%, 10/28/19(a)		(1.000)		0.084		BoA Securities LLC		06/20/19		1,160		(2,820	)		(320	)		(2,500	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)		0.131		Citibank NA		12/20/20		3,400		(51,669	)		15,353			(67,022	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)		0.169		Citibank NA		06/20/21		3,810		(70,542	)		17,768			(88,310	)
People’s Republic of China, 4.250%, 10/28/19(a)		(1.000)		0.084		Citibank NA		06/20/19		44,310		(107,722	)		(11,641	)		(96,081	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)		0.169		JPMorgan Securities, Inc.		06/20/21		250		(4,629	)		1,134			(5,763	)
People’s Republic of China, 4.250%, 10/28/19(a)		(1.000)		0.084		JPMorgan Securities, Inc.		06/20/19		1,630		(3,963	)		(483	)		(3,480	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)		0.169		UBS AG (London)		06/20/21		280		(5,184	)		548			(5,732	)
TOTAL											$	(283,082	)	$	31,718		$	(314,800	)

(a) Payments made quarterly.

(b) Credit spread on the referenced obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

NON-DELIVERABLE BOND FORWARD CONTRACTS^(a)

Counterparty	Notional Amount (000s)		Reference Obligation	Settlement Date	Unrealized Appreciation/ (Depreciation)*
BoA Securities LLC	$	8,765,700	Titulos De Tesoreria 11.000%, 07/24/20	4/15/19	$	22,189

* There is no upfront payment on the bond forward contract, therefore the unrealized gain (loss) of the bond forward contract is equal to its market value.

(a) Represents a short term forward contract to purchase the referenced obligation denominated in a non-deliverable foreign currency.

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$97.750		06/15/2020		94	$	235,000	$	54,050	$	46,952	$	7,098

Abbreviations:
1M BID Avg	—1 month Brazilian Interbank Deposit Average
BoA Securities LLC	—Bank of America Securities LLC
CS International (London)	—Credit Suisse International (London)
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days

The accompanying notes are an integral part of these financial statements. 99

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 107.1%
Collateralized Mortgage Obligations – 5.8%
Interest Only(a) – 0.9%
	FHLMC REMIC Series 3852, Class SW(b) (-1x1M LIBOR + 6.000%)
$	479,822		3.511	%		05/15/41	$	68,138
	FHLMC REMIC Series 4286, Class SN(b) (-1x1M LIBOR + 6.000%)
	3,650,689		3.511			12/15/43		568,754
	FHLMC REMIC Series 4314, Class SE(b) (-1x1M LIBOR + 6.050%)
	346,545		3.561			03/15/44		54,972
	FHLMC REMIC Series 4320, Class SD(b) (-1x1M LIBOR + 6.100%)
	182,254		3.611			07/15/39		26,988
	FHLMC REMIC Series 4456, Class IO
	226,516		4.500			10/15/44		42,336
	FHLMC REMIC Series 4583, Class ST(b) (-1x1M LIBOR + 6.000%)
	1,499,978		3.512			05/15/46		254,068
	FHLMC STRIPS Series 304, Class C45
	272,881		3.000			12/15/27		21,483
	FNMA REMICSeries 2007-36, Class SN(b) (-1x1M LIBOR + 6.770%)
	435,635		4.280			04/25/37		78,096
	FNMA REMICSeries 2008-17, Class SI(b) (-1x1M LIBOR + 6.300%)
	557,733		3.810			03/25/38		87,719
	FNMA REMICSeries 2011-124, Class SC(b) (-1x1M LIBOR + 6.550%)
	332,086		4.060			12/25/41		54,859
	FNMA REMICSeries 2012-88, Class SB(b) (-1x1M LIBOR + 6.670%)
	408,084		4.180			07/25/42		66,283
	GNMA REMICSeries 2010-101, Class S(b) (-1x1M LIBOR + 6.000%)
	1,023,054		3.515			08/20/40		157,872
	GNMA REMICSeries 2010-20, Class SE(b) (-1x1M LIBOR + 6.250%)
	409,930		3.765			02/20/40		67,031
	GNMA REMICSeries 2010-85, Class SN(b)(c) (-1x1M LIBOR + 5.940%)
	39,896		3.455			07/20/40		6,334
	GNMA REMICSeries 2011-61, Class CS(b) (-1x1M LIBOR + 6.680%)
	2,060		4.195			12/20/35		—
	GNMA REMICSeries 2013-124, Class CS(b) (-1x1M LIBOR + 6.050%)
	1,484,601		3.565			08/20/43		247,811
	GNMA REMICSeries 2013-134, Class DS(b) (-1x1M LIBOR + 6.100%)
	93,777		3.615			09/20/43		14,767
	GNMA REMICSeries 2014-11, Class KI
	235,539		4.500			12/20/42		26,184
	GNMA REMICSeries 2014-117, Class SJ(b) (-1x1M LIBOR + 5.600%)
	4,266,436		3.115			08/20/44		616,674
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Interest Only(a) – (continued)
	GNMA REMICSeries 2014-132, Class SL(b) (-1x1M LIBOR + 6.100%)
	688,927		3.615			10/20/43		85,035
	GNMA REMICSeries 2014-133, Class BS(b) (-1x1M LIBOR + 5.600%)
	319,860		3.115			09/20/44		43,196
	GNMA REMICSeries 2014-158, Class SA(b) (-1x1M LIBOR + 5.600%)
	1,996,596		3.119			10/16/44		282,045
	GNMA REMICSeries 2015-110, Class MS(b) (-1x1M LIBOR + 5.710%)
	1,329,316		3.225			08/20/45		175,742
	GNMA REMICSeries 2015-111, Class IM
	731,186		4.000			08/20/45		112,112
	GNMA REMICSeries 2015-111, Class SM(b) (-1x1M LIBOR + 6.200%)
	410,159		3.715			08/20/45		61,748
	GNMA REMICSeries 2015-112, Class SB(b) (-1x1M LIBOR + 5.740%)
	393,871		3.255			08/20/45		52,540
	GNMA REMICSeries 2015-119, Class SN(b) (-1x1M LIBOR + 6.250%)
	858,762		3.765			08/20/45		130,002
	GNMA REMICSeries 2015-129, Class IC
	453,871		4.500			09/16/45		86,173
	GNMA REMICSeries 2015-168, Class SD(b) (-1x1M LIBOR + 6.200%)
	214,114		3.715			11/20/45		34,593
	GNMA REMICSeries 2015-57, Class AS(b) (-1x1M LIBOR + 5.600%)
	2,406,265		3.115			04/20/45		307,200
	GNMA REMICSeries 2015-72, Class JI(c)
	101,528		3.500			05/20/45		14,006
	GNMA REMICSeries 2015-83, Class PI(c)
	169,462		3.500			06/20/45		23,838
	GNMA REMICSeries 2015-90, Class PI(c)
	134,360		3.500			04/20/45		18,021
	GNMA REMICSeries 2016-1, Class ST(b) (-1x1M LIBOR + 6.200%)
	416,363		3.715			01/20/46		61,752
	GNMA REMICSeries 2016-138, Class DI
	255,281		4.000			10/20/46		41,217
	GNMA REMICSeries 2016-27, Class IA
	915,883		4.000			06/20/45		122,217
	GNMA REMICSeries 2016-4, Class SM(b) (-1x1M LIBOR + 5.650%)
	597,063		3.165			01/20/46		84,395
								4,196,201
Regular Floater(b) – 2.7%
	FHLMC REMIC Series 4103, Class BF (1M LIBOR + 0.350%)
	627,347		2.839			12/15/38		626,565
	FNMA REMICSeries 2010-118, Class YF (1M LIBOR + 0.500%)
	4,234,546		2.990			10/25/40		4,247,750

100 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Regular Floater(b) – (continued)
	FNMA REMICSeries 2011-63, Class FG (1M LIBOR + 0.450%)
$	104,915		2.940	%		07/25/41	$	104,995
	FNMA REMICSeries 2017-96, Class FA (1M LIBOR + 0.400%)
	2,440,186		2.890			12/25/57		2,430,440
	GNMA REMICSeries 2017-182, Class FN (1M LIBOR + 0.300%)
	4,990,208		2.781			12/16/47		4,945,106
								12,354,856
Sequential Fixed Rate – 1.8%
	FHLMC REMIC Series 2042, Class N
	48,188		6.500			03/15/28		52,584
	FHLMC REMIC Series 3748, Class D
	429,224		4.000			11/15/39		442,971
��	FNMA REMICSeries 2000-16, Class ZG
	136,978		8.500			06/25/30		161,784
	FNMA REMICSeries 2005-59, Class KZ
	790,722		5.500			07/25/35		870,605
	FNMA REMICSeries 2011-52, Class GB
	480,892		5.000			06/25/41		520,979
	FNMA REMICSeries 2011-99, Class DB
	525,271		5.000			10/25/41		568,350
	FNMA REMICSeries 2012-111, Class B
	76,276		7.000			10/25/42		87,189
	FNMA REMICSeries 2012-153, Class B
	292,589		7.000			07/25/42		336,053
	FNMA REMICSeries 2017-87, Class EA
	4,932,387		3.000			04/25/44		4,945,748
								7,986,263
Sequential Floating Rate(b) – 0.4%
	Adjustable Rate MortgageTrust Series 2004-5, Class 2A1
	79,587		4.327			04/25/35		78,833
	Bear Stearns ALT-ATrust Series 2005-5, Class 21A1
	386,508		4.443			07/25/35		384,720
	Countrywide Alternative LoanTrust Series 2005-38, Class A1 (12M MTA + 1.500%)
	87,361		3.832			09/25/35		86,264
	HarborView Mortgage LoanTrust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
	106,340		2.961			01/19/36		95,766
	Impac CMBTrust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	33,753		3.210			10/25/34		32,751
	Master Adjustable Rate MortgagesTrust Series 2003-2, Class 3AX (6M USD LIBOR + 3.592%)
	7,177		0.123			08/25/33		36
	Master Adjustable Rate MortgagesTrust Series 2003-2, Class 4AX (6M USD LIBOR + 3.176%)
	921		0.320			07/25/33		10
	Morgan Stanley Mortgage LoanTrust Series 2004-8AR, Class 4A1
	338,623		4.534			10/25/34		337,807
	New Residential Mortgage LoanTrust Series 2015-1A, Class A1(d)
	271,487		3.750			05/28/52		275,166
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	Station Place SecuritizationTrust Series 2015-2, Class A(d) (1M USD LIBOR + 0.550%)
	600,000		3.044			07/15/19		600,000
								1,891,353
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	26,428,673
Commercial Mortgage-Backed Securities – 2.9%
Sequential Fixed Rate – 2.3%
	BANK 2018-BNK15Series 18-BN15, Class A4
$	900,000		4.407	%		11/15/61	$	981,551
	BBCMS MortgageTrust Series 2018-C2, Class A4
	2,650,000		4.047			12/15/51		2,817,674
	Morgan Stanley Capital ITrust Series 2018-L1, Class A3
	6,400,000		4.139			10/15/51		6,840,022
								10,639,247
Sequential Floating Rate(b)(d) – 0.6%
	Bancorp Commercial MortgageTrust Series 2018-CRE4, Class A (1M LIBOR + 0.900%)
	948,115		3.384			09/15/35		942,876
	Exantas Capital Corp. Ltd.Series 2018-RSO6, Class A (1M LIBOR + 0.830%)
	1,800,000		3.314			06/15/35		1,793,269
								2,736,145
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	13,375,392
Federal Agencies – 98.4%
Adjustable Rate FHLMC(b) – 0.0%
	(1 Year CMT + 2.107%)
$	9,784		4.516	%		10/01/34	$	10,183
	(1 Year CMT + 2.218%)
	17,699		4.515			09/01/33		18,393
	(1 Year CMT + 2.250%)
	40,289		4.148			04/01/33		41,868
	13,884		4.747			11/01/34		14,425
	13,846		4.035			02/01/35		14,397
	(1 Year CMT + 2.250%)
	47,331		4.245			06/01/35		49,263
								148,529
Adjustable Rate FNMA(b) – 0.1%
	(1 Year CMT + 2.194%)
	22,618		4.847			02/01/35		23,548
	(1 Year CMT + 2.204%)
	4,593		4.403			07/01/33		4,784
	(1 Year CMT + 2.257%)
	98,890		4.348			06/01/33		102,776
	(1 Year CMT + 2.299%)
	1,352		4.603			04/01/34		1,406
	(1 Year CMT + 2.530%)
	81,098		4.780			08/01/34		85,406
	(12M USD LIBOR + 1.623%)
	36,422		4.740			03/01/35		37,959
	(12M USD LIBOR + 1.648%)
	39,048		4.579			12/01/33		40,618

The accompanying notes are an integral part of these financial statements. 101

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – (continued)
	(12M USD LIBOR + 1.670%)
$	20,216		4.567	%		11/01/34	$	21,089
	(12M USD LIBOR + 1.810%)
	19,675		4.153			04/01/35		20,623
	(12M USD LIBOR + 1.971%)
	32,801		4.620			05/01/35		34,543
	(6M USD LIBOR + 1.414%)
	5,694		4.093			06/01/33		5,855
	(6M USD LIBOR + 1.824%)
	834		4.324			12/01/33		882
	(COF + 1.250%)
	1,069		2.329			07/01/22		1,064
	8,272		2.306			07/01/27		8,204
	9,150		2.306			11/01/27		9,076
	4,897		2.306			01/01/31		4,848
	6,608		2.306			06/01/32		6,540
	6,725		2.329			08/01/32		6,656
	16,511		2.329			05/01/33		16,348
	92,593		2.310			08/01/33		91,703
	3,358		2.306			11/01/35		3,325
	22,350		2.306			12/01/37		22,158
	13,371		2.306			01/01/38		13,260
	7,877		2.306			11/01/40		7,799
								570,470
Adjustable Rate GNMA(b) – 0.2%
	(1 Year CMT + 1.500%)
	10,435		3.625			06/20/23		10,536
	5,574		3.750			07/20/23		5,630
	(1 Year CMT + 1.500%)
	5,209		3.750			08/20/23		5,261
	12,663		3.750			09/20/23		12,793
	4,449		3.375			03/20/24		4,506
	37,635		3.625			04/20/24		38,151
	4,659		3.625			05/20/24		4,743
	(1 Year CMT + 1.500%)
	38,341		3.625			06/20/24		38,797
	24,465		3.750			07/20/24		24,760
	33,060		3.750			08/20/24		33,464
	10,018		3.750			09/20/24		10,142
	13,828		4.125			11/20/24		14,044
	14,045		4.125			12/20/24		14,267
	8,943		3.375			01/20/25		9,074
	5,237		3.375			02/20/25		5,315
	19,866		3.625			05/20/25		20,137
	16,176		3.750			07/20/25		16,408
	7,100		3.375			02/20/26		7,222
	391		3.750			07/20/26		398
	19,196		3.375			01/20/27		19,551
	7,444		3.375			02/20/27		7,581
	57,658		3.625			04/20/27		58,635
	5,138		3.625			05/20/27		5,226
	8,145		3.625			06/20/27		8,289
	2,905		4.125			11/20/27		2,966
	9,115		4.125			12/20/27		9,308
	19,951		3.375			01/20/28		20,346
	6,930		3.375			02/20/28		7,068
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(b) – (continued)
	(1 Year CMT + 1.500%) – (continued)
	6,774		3.375			03/20/28		6,909
	33,099		3.750			07/20/29		33,784
	20,420		3.750			08/20/29		20,831
	3,733		3.750			09/20/29		3,808
	17,041		4.125			10/20/29		17,444
	22,326		4.125			11/20/29		22,856
	4,493		4.125			12/20/29		4,597
	6,966		3.375			01/20/30		7,121
	2,818		3.375			02/20/30		2,882
	18,899		3.375			03/20/30		19,325
	20,131		3.625			04/20/30		20,552
	53,247		3.625			05/20/30		54,366
	5,481		3.625			06/20/30		5,596
	51,563		3.750			07/20/30		52,656
	8,435		3.750			09/20/30		8,609
	14,251		4.125			10/20/30		14,594
								710,548
FHLMC – 12.1%
	5,248		5.500			04/01/20		5,265
	68,650		5.000			10/01/33		73,817
	3,528		5.000			07/01/35		3,794
	2,288		4.500			08/01/35		2,420
	7,469		4.500			09/01/35		7,899
	4,804		4.500			10/01/35		5,047
	81,784		5.000			12/01/35		88,462
	2,047		5.000			02/01/37		2,222
	32,868		4.500			01/01/38		34,797
	1,360		4.500			06/01/38		1,423
	53,799		4.500			09/01/38		57,175
	207		4.500			01/01/39		215
	30,732		4.500			02/01/39		32,542
	11,807		4.500			03/01/39		12,513
	2,699		4.500			04/01/39		2,861
	92,768		4.500			05/01/39		98,322
	222,685		5.000			05/01/39		240,373
	260,897		4.500			06/01/39		276,515
	3,451		4.500			07/01/39		3,658
	433,570		5.000			07/01/39		468,280
	6,130		4.500			08/01/39		6,497
	13,164		4.500			09/01/39		13,952
	3,362		4.500			10/01/39		3,564
	2,221		4.500			11/01/39		2,354
	9,169		4.500			12/01/39		9,718
	9,107		4.500			01/01/40		9,652
	6,879		4.500			04/01/40		7,269
	10,019		4.500			05/01/40		10,587
	22,357		4.000			06/01/40		23,268
	13,560		4.500			06/01/40		14,329
	11,282		4.500			07/01/40		11,921
	2,033		4.500			08/01/40		2,149
	19,729		5.000			08/01/40		21,147
	25,412		5.000			10/01/40		27,415
	200,260		4.000			02/01/41		208,388
	58,010		4.500			02/01/41		61,389

102 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	9,880		4.500	%		03/01/41	$	10,465
	25,727		4.500			04/01/41		27,252
	22,755		4.500			05/01/41		24,103
	45,266		4.500			06/01/41		47,948
	3,017		5.000			06/01/41		3,249
	114,976		4.500			08/01/41		121,786
	117,594		4.500			09/01/41		124,260
	81,316		4.000			10/01/41		85,271
	14,155		4.000			11/01/41		14,739
	7,328		4.500			12/01/41		7,762
	783,476		4.000			03/01/42		814,834
	86,438		4.500			03/01/42		91,556
	47,825		3.000			05/01/42		47,918
	439,635		3.500			06/01/42		450,323
	992,881		4.500			06/01/42		1,053,644
	128,880		3.000			08/01/42		129,138
	152,748		3.500			08/01/42		155,824
	51,238		3.000			10/01/42		51,336
	329,400		3.500			10/01/42		336,036
	677,053		3.000			11/01/42		678,447
	224,358		3.500			11/01/42		228,877
	1,187,000		3.000			12/01/42		1,189,895
	2,106,212		3.000			01/01/43		2,111,794
	196,775		3.000			02/01/43		197,057
	2,867,128		3.500			08/01/43		2,930,057
	1,243,757		4.000			08/01/43		1,299,977
	750,601		4.000			01/01/44		780,908
	775,384		3.500			02/01/44		791,003
	598,018		3.500			06/01/44		614,549
	15,618		4.000			11/01/44		16,378
	83,557		3.500			02/01/45		85,841
	136,863		3.500			03/01/45		140,604
	764,162		3.500			06/01/45		784,092
	23,699		3.500			08/01/45		24,133
	33,327		3.500			09/01/45		33,938
	610,641		3.500			10/01/45		626,185
	64,044		3.500			11/01/45		65,218
	4,955,882		3.500			03/01/46		5,075,803
	751,213		3.500			05/01/46		767,820
	965,684		3.500			06/01/46		983,116
	351,619		3.500			07/01/46		357,966
	516,890		3.500			08/01/46		529,724
	61,687		3.500			10/01/46		62,801
	71,659		3.500			12/01/46		72,953
	14,944,596		3.000			05/01/47		14,919,301
	931,380		4.500			07/01/47		988,671
	540,751		3.500			12/01/47		553,333
	4,330,664		3.000			01/01/48		4,315,532
	4,852,691		4.500			08/01/48		5,180,001
	2,960,305		4.500			11/01/48		3,132,685
								54,987,302
FNMA – 37.3%
	1		5.500			05/01/19		1
	193		5.500			07/01/19		193
	1,298		5.500			08/01/19		1,300
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	830		5.500			09/01/19		833
	1,530		5.500			10/01/19		1,534
	592		5.500			11/01/19		595
	591		5.500			12/01/19		593
	1,933		5.500			02/01/20		1,938
	1		4.500			03/01/20		1
	1,533		5.500			01/01/21		1,553
	4,150		7.000			09/01/21		4,222
	20,978		7.000			06/01/22		21,569
	9,037		7.000			07/01/22		9,294
	788		4.500			04/01/23		811
	2,946		7.000			08/01/31		3,162
	265,925		4.500			07/01/36		281,744
	29,382		4.500			12/01/36		31,084
	255,326		4.500			02/01/39		270,268
	5,051		4.500			03/01/39		5,361
	7,023		4.500			05/01/39		7,458
	5,550		4.500			07/01/39		5,893
	4,837		4.000			08/01/39		5,030
	12,421		4.500			09/01/39		13,148
	18,068		4.500			10/01/39		19,125
	40,913		4.500			02/01/40		43,494
	6,905		4.500			03/01/40		7,310
	99,107		4.500			04/01/40		104,585
	35,759		4.500			06/01/40		38,037
	6,841		4.500			09/01/40		7,277
	7,094		4.500			12/01/40		7,486
	103,718		4.500			01/01/41		109,920
	28,627		4.500			04/01/41		30,330
	54,219		4.500			06/01/41		57,357
	39,937		4.500			07/01/41		42,313
	176,758		4.500			08/01/41		187,245
	186,906		4.500			09/01/41		197,981
	165,156		3.500			10/01/41		169,560
	162,228		4.500			10/01/41		171,625
	45,605		3.500			11/01/41		46,821
	126,100		4.500			11/01/41		133,404
	78,914		4.500			12/01/41		83,480
	156,562		3.500			01/01/42		160,737
	75,361		4.500			01/01/42		79,723
	16,226		3.500			02/01/42		16,591
	713,094		4.000			03/01/42		741,057
	18,860		4.500			03/01/42		19,920
	125,317		4.000			04/01/42		130,231
	25,089		4.500			04/01/42		26,499
	14,023		3.500			05/01/42		14,333
	57,335		3.500			06/01/42		58,882
	138,207		3.500			07/01/42		140,899
	146,922		3.500			08/01/42		149,784
	101,694		3.000			09/01/42		101,847
	173,034		3.500			09/01/42		176,735
	261,975		3.500			10/01/42		268,940
	26,869		3.500			11/01/42		27,392
	593,625		4.500			11/01/42		631,443
	589,749		3.000			12/01/42		590,701
	116,934		3.500			12/01/42		120,088

The accompanying notes are an integral part of these financial statements. 103

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	123,373		3.000	%		01/01/43		$	123,750
	13,768		3.500			01/01/43			14,036
	47,329		3.000			02/01/43			47,474
	657,009		3.500			02/01/43			672,243
	1,200,060		3.000			03/01/43			1,203,739
	1,517,808		3.500			03/01/43			1,554,210
	1,312,225		3.000			04/01/43			1,316,246
	1,730,729		3.500			04/01/43			1,767,854
	571,693		2.500			05/01/43			562,010
	1,614,299		3.000			05/01/43			1,619,246
	296,053		3.500			05/01/43			302,827
	53,209		3.000			06/01/43			53,372
	997,784		3.500			06/01/43			1,022,067
	494,748		3.000			07/01/43			496,263
	5,193,500		3.500			07/01/43			5,306,386
	1,947,076		3.500			08/01/43			1,989,118
	56,021		3.500			09/01/43			57,532
	815,974		3.500			01/01/44			832,913
	57,359		3.500			08/01/44			58,467
	116,116		3.500			09/01/44			118,747
	154,772		3.500			10/01/44			159,140
	25,011		3.500			12/01/44			25,482
	60,288		5.000			12/01/44			64,822
	40,490		3.500			01/01/45			41,569
	580,290		4.000			02/01/45			602,439
	174,485		3.500			03/01/45			178,896
	493,700		4.000			03/01/45			510,539
	116,710		3.500			04/01/45			118,791
	234,278		4.000			04/01/45			242,268
	2,355,717		4.500			04/01/45			2,513,890
	1,056,361		3.500			05/01/45			1,085,849
	264,774		4.500			05/01/45			282,635
	3,116,635		4.500			06/01/45			3,271,359
	164,188		3.500			07/01/45			167,116
	27,887		3.500			11/01/45			28,384
	731,406		4.000			11/01/45			755,806
	511,382		3.500			01/01/46			520,500
	890,940		3.500			03/01/46			914,300
	468,670		4.000			03/01/46			484,326
	127,049		3.500			04/01/46			130,357
	883,936		3.500			05/01/46			903,914
	322,853		4.000			06/01/46			333,651
	822,345		4.500			06/01/46			861,628
	782,266		3.000			07/01/46			779,342
	870,384		4.000			07/01/46			899,493
	455,259		3.000			08/01/46			453,558
	983,456		4.000			08/01/46			1,016,348
	1,512,535		3.000			09/01/46			1,506,882
	546,503		3.000			10/01/46			544,461
	518,106		4.000			10/01/46			535,434
	3,484,646		3.000			11/01/46			3,471,558
	8,342,802		3.000			12/01/46			8,311,625
	3,388,322		3.000			01/01/47			3,375,660
	149,281		3.000			02/01/47			148,724
	2,188,194		4.500			02/01/47			2,302,099
	585,015		3.000			04/01/47			582,865
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	501,176		4.000			06/01/47			522,655
	2,828,250		3.000			07/01/47			2,817,681
	2,282,143		4.500			07/01/47			2,410,415
	5,205,394		4.500			11/01/47			5,497,974
	1,144,447		4.000			12/01/47			1,195,640
	8,416,136		4.500			12/01/47			8,815,539
	2,886,016		4.000			01/01/48			3,015,113
	7,173,311		4.000			02/01/48			7,484,740
	5,278,757		4.000			03/01/48			5,505,127
	957,030		4.500			05/01/48			1,020,392
	3,822,372		4.000			06/01/48			3,990,966
	509,166		4.500			06/01/48			543,990
	3,783,613		3.000			07/01/48			3,769,474
	5,795,851		4.000			07/01/48			6,039,681
	1,422,401		4.500			08/01/48			1,521,129
	973,210		4.500			09/01/48			1,036,503
	5,692,543		4.500			06/01/51			6,007,141
	4,373,555		4.000			08/01/51			4,530,924
	911,807		3.500			11/01/51			928,419
	5,084,614		4.000			05/01/56			5,268,959
	1,539,037		3.500			06/01/56			1,557,559
	5,560,659		4.000			07/01/56			5,750,839
	3,087,709		3.500			08/01/56			3,129,514
	4,946,412		3.500			10/01/56			5,006,018
	2,817,078		3.500			01/01/57			2,854,471
	4,126,475		4.000			02/01/57			4,267,463
	5,000,000		4.000			TBA-30yr	(e)		5,142,317
	4,000,000		3.500			TBA-30yr	(e)		4,053,928
	4,000,000		3.000			TBA-30yr	(e)		3,977,915
									170,487,433
GNMA – 48.7%
	5,178		5.500			07/15/20			5,218
	5,149		6.000			04/15/26			5,550
	193		6.500			01/15/32			212
	1,014		6.500			02/15/32			1,113
	375,483		5.500			04/15/33			415,723
	5,235		5.000			11/15/33			5,570
	959		6.500			08/15/34			1,074
	1,308		6.500			02/15/36			1,497
	1,612		6.500			03/15/36			1,844
	3,242		6.500			04/15/36			3,636
	12,011		6.500			05/15/36			13,743
	6,445		6.500			06/15/36			7,382
	36,338		6.500			07/15/36			41,232
	36,642		6.500			08/15/36			41,577
	68,371		6.500			09/15/36			77,841
	30,297		6.500			10/15/36			34,617
	41,377		6.500			11/15/36			46,883
	20,535		6.500			12/15/36			23,476
	10,384		6.500			01/15/37			11,921
	1,727		6.500			03/15/37			1,980
	4,759		6.500			04/15/37			5,467
	2,785		6.500			05/15/37			3,140
	2,689		6.500			08/15/37			3,083
	11,523		6.500			09/15/37			13,166

104 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	12,306		6.500	%		10/15/37		$	14,328
	5,337		6.500			11/15/37			6,014
	2,339		6.500			05/15/38			2,700
	2,225		6.500			11/15/38			2,567
	2,869		6.500			02/15/39			3,285
	376,843		5.000			01/20/40			400,772
	420,992		4.500			05/15/40			443,215
	291,643		5.000			07/15/40			312,952
	169,279		3.500			09/15/42			173,992
	9,183,209		4.000			10/20/43			9,566,621
	395,751		3.500			02/15/45			405,459
	97,297		4.000			05/20/45			100,995
	76,745		4.000			07/20/45			79,661
	3,617,165		4.000			08/20/45			3,754,622
	146,476		4.000			10/20/45			152,042
	443,444		4.000			01/20/46			459,880
	1,659,510		4.500			03/20/46			1,743,382
	8,051,985		4.500			02/20/47			8,431,255
	982,043		4.500			03/20/47			1,028,300
	16,978,946		4.500			04/20/47			17,778,700
	5,694,227		4.500			05/20/47			5,962,440
	976,466		4.500			06/20/47			1,022,460
	295,813		4.500			07/20/47			308,345
	3,006,278		4.500			08/20/47			3,140,366
	988,420		5.000			09/20/48			1,033,552
	4,922,069		5.000			10/20/48			5,146,814
	12,133,517		5.000			11/20/48			12,687,542
	4,618,935		4.500			12/20/48			4,808,352
	2,979,773		5.000			12/20/48			3,115,831
	3,984,898		4.500			01/20/49			4,150,182
	22,638,338		5.000			01/20/49			23,672,019
	2,992,769		5.000			02/20/49			3,139,685
	78,000,000		4.500			TBA-30yr	(e)		80,992,470
	22,000,000		3.500			TBA-30yr	(e)		22,475,171
	5,000,000		3.000			TBA-30yr	(e)		5,021,977
									222,304,893
	TOTAL FEDERAL AGENCIES							$	449,209,175
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $485,869,102)							$	489,013,240
Asset-Backed Securities – 13.2%
Collateralized Loan Obligations(b)(d) – 4.0%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
$	1,300,000		3.639	%		06/15/28		$	1,297,574
	Battalion CLO Ltd.Series 2018-12A, Class A1 (3M USD LIBOR + 1.070%)
	800,000		3.710			05/17/31			784,190
	Cedar Funding V CLO Ltd.Series 2016-5A, Class A1R (3M USD LIBOR + 1.100%)
	4,510,000		3.549			07/17/31			4,470,691
	Cutwater Ltd.Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	1,015,103		3.686			07/15/26			1,015,131
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(d) – (continued)
	Madison Park Funding XII Ltd.Series 2014-12A, Class AR (3M USD LIBOR + 1.260%)
	1,217,189		3.729			07/20/26			1,217,238
	Magnetite XVI Ltd.Series 2015-16A, Class AR (3M USD LIBOR + 0.800%)
	1,500,000		3.245			01/18/28			1,490,864
	OCP CLO Ltd.Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	1,600,000		3.588			04/26/31			1,578,552
	Ready Capital Mortgage Financing LLCSeries 2018-FL2, Class A (1M USD LIBOR + 0.850%)
	601,723		3.340			06/25/35			600,537
	Sound Point CLO XVIII Ltd.Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%)
	850,000		3.869			01/21/31			831,977
	Sound Point CLO XVIII Ltd.Series 2017-4A, Class B (3M USD LIBOR + 1.800%)
	550,000		4.269			01/21/31			527,412
	Thacher Park CLO Ltd.Series 2014-1A, Class AR (3M USD LIBOR + 1.160%)
	2,415,978		3.629			10/20/26			2,418,894
	York CLO 1 Ltd.Series 2014-1A, Class ARR (3M USD LIBOR + 1.120%)
	2,100,000		3.511	%		10/22/29			2,088,532
									18,321,592
Credit Card – 0.4%
	Citibank Credit Card IssuanceTrust Series 2018-A7, Class A7
	1,750,000		3.960			10/13/30			1,876,157
Home Equity(b) – 0.0%
	Countrywide Home Equity LoanTrust Series 2004-O, Class 1A (1M USD LIBOR + 0.280%)
	37,488		2.769			02/15/34			35,370
Student Loan(b) – 8.8%
	Academic Loan FundingTrust Series 2013-1, Class A(d) (1M USD LIBOR + 0.800%)
	3,748,237		3.290			12/26/44			3,725,341
	Brazos Education Loan Authority, Inc.Series 2012-1, Class A1 (1M USD LIBOR + 0.700%)
	354,679		3.190			12/26/35			354,057
	ECMC Group Student LoanTrust Series 2017-1A, Class A(d) (1M USD LIBOR + 1.200%)
	2,943,124		3.690			12/27/66			2,946,796
	ECMC Group Student LoanTrust Series 2018-1A, Class A(c)(d) (1M USD LIBOR + 0.750%)
	3,989,289		3.240			02/27/68			3,950,608
	ECMC Group Student LoanTrust Series 2018-2A, Class A(d) (1M USD LIBOR + 0.800%)
	2,302,077		3.310			09/25/68			2,294,150
	Education Loan Asset-Backed Trust ISeries 2013-1, Class A1(d) (1M USD LIBOR + 0.800%)
	414,666		3.290			06/25/26			415,153
	Goal Capital FundingTrust Series 2010-1, Class A(d) (3M USD LIBOR + 0.700%)
	1,468,261		3.389			08/25/48			1,476,567

The accompanying notes are an integral part of these financial statements. 105

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments(continued)

March 31, 2019

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Student Loan(b) – (continued)
	Higher Education Funding ISeries 2014-1, Class A(d) (3M USD LIBOR + 1.050%)
$	1,454,598		3.739	%		05/25/34	$	1,464,910
	Illinois Student Assistance CommissionSeries 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	967,292		3.390			07/25/45		969,704
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3 (1M USD LIBOR + 1.050%)
	950,000		3.530			07/20/43		952,973
	Navient Student LoanTrust Series 2016-5A, Class A(d) (1M USD LIBOR + 1.250%)
	2,827,682		3.740			06/25/65		2,865,516
	Nelnet Student LoanTrust Series 2006-1, Class A6(d) (3M USD LIBOR + 0.450%)
	1,700,000		3.103			08/23/36		1,664,286
	Nelnet Student LoanTrust Series 2006-2, Class A7(d) (3M Euribor + 0.580%)
	2,450,000		3.070			01/26/37		2,400,108
	North Carolina State Education Assistance Authority Series 2010-1, Class A1 (3M USD LIBOR + 0.900%)
	542,992		3.390			07/25/41		541,866
	Panhandle-Plains Higher Education Authority, Inc.Series 2011-1, Class A3 (3M USD LIBOR + 0.950%)
	700,000		3.346			10/01/37		702,576
	Panhandle-Plains Higher Education Authority, Inc.Series 2011-2, Class A3 (3M USD LIBOR + 0.850%)
	1,100,000		3.246			07/01/32		1,103,183
	PHEAA Student LoanTrust Series 2011-1A, Class A1(d) (3M USD LIBOR + 1.100%)
	1,903,860		3.922			06/25/38		1,932,713
	PHEAA Student LoanTrust Series 2014-3A, Class A(d) (1M USD LIBOR + 0.590%)
	4,228,547		3.080			08/25/40		4,188,851
	PHEAA Student LoanTrust Series 2016-1A, Class A(d) (1M USD LIBOR + 1.150%)
	1,013,016		3.640			09/25/65		1,029,175
	PHEAA Student LoanTrust Series 2016-2A, Class A(d) (1M USD LIBOR + 0.950%)
	1,132,677		3.440			11/25/65		1,136,998
	South Carolina Student Loan Corp.Series 2010-1, Class A3 (3M USD LIBOR + 1.050%)
	1,850,000		3.540			10/27/36		1,867,871
	Utah State Board of RegentsSeries 2016-1, Class A (1M USD LIBOR + 0.750%)
	2,141,115		3.240			09/25/56		2,132,994
								40,116,396
	TOTAL ASSET-BACKED SECURITIES
	(Cost $60,239,676)						$	60,349,515
Municipal Debt Obligation(b)(c) – 0.3%
New Hampshire – 0.3%
	New Hampshire Higher Education Loan Corp.Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
$	1,150,000		3.621	%		10/25/37	$	1,157,717
	(Cost $1,140,435)

Shares		Dividend Rate	Value
Investment Company(f) – 4.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	18,368,741	2.437%	$	18,368,741
	(Cost $18,368,741)
	TOTAL INVESTMENTS – 124.6%
	(Cost $565,617,954)		$	568,889,213
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (24.6)%			(112,144,126	)
	NET ASSETS – 100.0%		$	456,745,087

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on March 31, 2019.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $121,663,778, which represents approximately 26.6% of the Fund’s net assets as of March 31, 2019.
(f)	Represents an affiliated issuer.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
COF	—Cost of Funds
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
MTA	—Monthly Treasury Average
PI	—Private Investment
REMIC	—Real Estate Mortgage Investment Conduit
STRIPS	—Separate Trading of Registered Interest and Principal of Securities

106 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS— At March 31, 2019, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
FNMA		4.000	%	TBA-30yr		05/13/19	$	(30,000,000	)	$	(30,828,120	)
FNMA		4.500		TBA-30yr		04/10/19		(10,000,000	)		(10,418,863	)
GNMA		4.000		TBA-30yr		04/17/19		(10,000,000	)		(10,325,223	)
GNMA		4.000		TBA-30yr		05/21/19		(3,000,000	)		(3,094,872	)
GNMA		5.000		TBA-30yr		04/17/19		(10,000,000	)		(10,446,094	)
TOTAL(Proceeds Receivable: $64,804,766)										$	(65,113,172	)

(a) TBA (To Be Announced) Securities are purchased or sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

FUTURES CONTRACTS — At March 31, 2019, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra 10 Year U.S. Treasury Notes		34			06/19/19	$	4,514,562		$	87,657
5 Year U.S. Treasury Notes		333			06/28/19		38,570,766			302,314
10 Year U.S. Treasury Notes		26			06/19/19		3,229,688			1,983
20 Year U.S. Treasury Bonds		88			06/19/19		13,169,750			296,970
Total									$	688,924
Short position contracts:
Eurodollars		(5	)		06/17/19		(1,218,188	)		6,804
Eurodollars		(77	)		12/16/19		(18,782,225	)		(59,489	)
Ultra Long U.S. Treasury Bonds		(18	)		06/19/19		(3,024,000	)		(57,274	)
2 Year U.S. Treasury Notes		(7	)		06/28/19		(1,491,656	)		(4,483	)
Total									$	(114,442	)
TOTAL FUTURES CONTRACTS									$	574,482

SWAP CONTRACTS — At March 31, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

Payments Made by the Fund	Payments Received by Fund (%)	Termination Date	Notional Amount (000s)(b)	Market Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.218%(a)	3M LIBOR	08/31/23	$9,960	$	16,044	$	(686	)	$	16,730

(a) Payments made quarterly.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to March 31, 2019.

The accompanying notes are an integral part of these financial statements. 107

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments(continued)

March 31, 2019

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At March 31, 2019, the Fund had the following purchased and written options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price	Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$97.75		06/15/2020		136	$	340,000	$	78,200	$	68,398	$	9,802

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	JPMorgan Securities, Inc.	$	2.625		07/16/2019		3,600,000		$	3,600,000		$	84,337		$	34,775		$	49,562
Puts
6M IRS	Citibank NA		2.600		09/30/2019		9,000,000			9,000,000			69,739			60,750			8,989
3M IRS	JPMorgan Securities, Inc.		2.665		06/10/2019		4,400,000			4,400,000			8,998			41,910			(32,912	)
3M IRS	JPMorgan Securities, Inc.		3.165		06/10/2019		4,400,000			4,400,000			290			2,640			(2,350	)
							17,800,000		$	17,800,000		$	79,027		$	105,300		$	(26,273	)
Over-the-counter interest rate swaptions							21,400,000		$	21,400,000		$	163,364		$	140,075		$	23,289
Total purchased options contracts							21,400,136			21,740,000			241,564			208,473			33,091
Written option contracts
Calls
6M IRS	JPMorgan Securities, Inc.		2.730		07/16/2019		(1,600,000	)		(1,600,000	)		(68,738	)		(31,661	)		(37,077	)
Puts
6M IRS	Citibank NA		2.850		09/30/2019		(9,000,000	)		(9,000,000	)		(26,582	)		(21,600	)		(4,982	)
3M IRS	JPMorgan Securities, Inc.		2.915		06/10/2019		(8,800,000	)		(8,800,000	)		(3,385	)		(22,440	)		19,055
							(17,800,000	)	$	(17,800,000	)	$	(29,967	)	$	(44,040	)	$	14,073
Total OTC written option contracts							(19,400,000	)	$	(19,400,000	)	$	(98,705	)	$	(75,701	)	$	(23,004	)

108 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

March 31, 2019

	Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund
Assets:
Investments of unaffiliated issuers, at value (cost $1,552,396,015, $2,162,545,565 and $2,330,940,550)	$	1,490,906,915		$	2,130,524,434		$	2,256,645,766
Investments of affiliated issuers, at value (cost $14,750,424, $109,822,940 and $17,476,345)		14,750,424			109,842,904			17,476,345
Purchased options (cost $424,069, $294,201 and $0)		488,175			338,675			—
Cash		27,215,492			48,575,691			48,207,869
Foreign currencies, at value (cost $244,302, $38,910 and $37,101, respectively)		238,246			38,395			36,146
Unrealized gain on swap contracts		629,403			—			—
Unrealized gain on forward foreign currency exchange contracts		9,452,606			—			677,304
Variation margin on futures contracts		—			138,018			54,131
Variation margin on swap contracts		562,910			297,156			—
Receivables:
Collateral on certain derivative contracts(a)		83,496,509			4,099,829			372,205
Interest and dividends		21,095,245			33,546,910			9,022,914
Fund shares sold		3,207,171			3,242,231			3,150,912
Investments sold		835,209			9,559,196			2,134,149
Upfront payments made on swap contracts		598,002			—			—
Collateral on Reverse Repurchase agreements		323,000			343,000			—
Reimbursement from investment adviser		196,099			90,300			—
Investments sold on an extended-settlement basis		—			3,475,000			93,739,717
Other assets		81,881			143,296			220,384
Total assets		1,654,077,287			2,344,255,035			2,431,737,842
Liabilities:
Reverse Repurchase Agreement, at value		5,005,000			7,452,125			—
Unrealized loss on swap contracts		5,560,951			—			—
Unrealized loss on forward foreign currency exchange contracts		6,489,450			—			40,254
Variation margin on futures		596,692			—			—
Unrealized loss on unfunded loan commitment		—			—			42,686
Payables:
Fund shares redeemed		5,802,481			4,483,034			10,785,262
Investments purchased on an extended — settlement basis		4,216,039			48,636,065			81,600,925
Investments purchased		1,591,853			35,522,829			45,860
Upfront payments received on swap contracts		1,116,113			—			—
Management fees		1,082,390			1,296,934			1,128,903
Income distributions		531,711			412,741			73,089
Distribution and Service fees and Transfer Agency fees		97,612			120,446			63,740
Collateral on certain derivative contracts		—			—			23,854	(b)
Accrued expenses		650,061			257,248			367,609
Total liabilities		32,740,353			98,181,422			94,172,182
Net Assets:
Paid-in capital		1,812,973,145			2,671,014,669			2,679,131,688
Total distributable earnings (loss)		(191,636,211	)		(424,941,056	)		(341,566,028	)
NET ASSETS	$	1,621,336,934		$	2,246,073,613		$	2,337,565,660
Net Assets:
Class A	$	61,408,379		$	163,354,613		$	3,802,121
Class C		21,870,902			15,532,147			1,126,359
Institutional		1,087,406,584			338,502,788			89,464,968
Service		—			10,858,268			—
Investor		103,473,436			18,829,693			1,431,195
Class P		14,907,768			1,604,685,165			2,215,088,782
Class R		—			12,559,542			100,106
Class R6		332,269,865			81,751,397			26,552,129
Total Net Assets	$	1,621,336,934		$	2,246,073,613		$	2,337,565,660
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		5,035,407			25,858,294			406,391
Class C		1,794,347			2,456,785			120,368
Institutional		89,056,561			53,450,500			9,554,815
Service		—			1,720,694			—
Investor		8,471,904			2,975,284			152,623
Class P		1,221,576			253,404,837			236,329,654
Class R		—			1,989,578			10,700
Class R6		27,212,772			12,888,280			2,833,751
Net asset value, offering and redemption price per share:(c)
Class A		$12.20			$6.32			$9.36
Class C		12.19			6.32			9.36
Institutional		12.21			6.33			9.36
Service		—			6.31			—
Investor		12.21			6.33			9.38
Class P		12.20			6.33			9.37
Class R		—			6.31			9.36
Class R6		12.21			6.34			9.37

(a) Segregated for initial margin and/or collateral as follows:

Fund	Futures		Swaps		Forwards
Emerging Markets Debt	$	4,692,712	$	61,313,797	$	17,490,000
High Yield		606,011		3,493,818		—
High Yield Floating Rate		252,205		—		120,000

(b) Segregated for initial margin and/or collateral on swaps contracts transactions of $23,854.

(c) Maximum public offering price per share for Class A Shares of Emerging Markets Debt, High Yield, and High Yield Floating Rate Funds is $12.77, $6.62 and $9.58, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.

The accompanying notes are an integral part of these financial statements. 109

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

March 31, 2019

	Investment Grade Credit Fund		Local Emerging Markets Debt Fund			U.S. Mortgages Fund
Assets:
Investments of unaffiliated issuers, at value (cost $457,769,863, $184,228,703 and $547,249,213)	$	466,837,646	$	171,061,350		$	550,520,472
Investments of affiliated issuers, at value (cost $6,402,136, $13,273,080 and $18,368,741)		6,402,136		13,273,080			18,368,741
Purchased options (cost $62,936, $46,952 and $208,473)		72,450		54,050			241,564
Cash		7,243,458		4,368,348			7,046,366
Foreign currencies, at value (cost $310, $602,516 and $0, respectively)		—		609,029			—
Unrealized gain on swap contracts		—		140,739			—
Unrealized gain on forward foreign currency exchange contracts		55,500		1,503,353			—
Unrealized gain on non-deliverable bond forwards contracts		—		22,189			—
Variation margin on futures contracts		—		24,432			—
Variation margin on swap contracts		119,051		8,840			19,277
Receivables:
Investments sold		4,664,415		2,685,120			3,613,872
Investments sold on an extended-settlement basis		480,976		—			128,733,281
Interest and dividends		4,550,530		3,416,229			1,461,806
Collateral on certain derivative contracts(a)		3,980,933		7,506,841			973,796
Upfront payments made on swap contracts		—		59,159			—
Fund shares sold		116,340		2,794			737,422
Reimbursement from investment adviser		79,786		152,109			64,141
Due from broker — upfront payment		—		117,236			—
Other assets		59,937		62,069			60,323
Total assets		494,663,158		205,066,967			711,841,061
Liabilities:
Forward sale contracts, at value (proceeds receivable $0, $0 and $64,804,766, respectively)		—		—			65,113,172
Written option contracts, at value (premium received $0, $0 and $75,701, respectively)		—		—			98,705
Unrealized loss on swap contracts		—		792,615			—
Unrealized loss on forward foreign currency exchange contracts		—		1,804,828			—
Variation margin on futures contracts		10,353		—			117,531
Payables:
Collateral on certain derivative contracts and other investments		—		—			250,000	(b)
Investments purchased		9,134,565		6,977,802			3,571,115
Investments purchased on an extended — settlement basis		6,908,068		788,368			184,899,945
Fund shares redeemed		571,649		455,508			480,603
Management fees		131,121		133,299			146,978
Income distributions		79,161		4,143			84,444
Distribution and Service fees and Transfer Agency fees		14,728		11,218			16,733
Upfront payments received on swap contracts		—		12,723			—
Accrued expenses		171,681		487,470			316,748
Total liabilities		17,021,326		11,467,974			255,095,974
Net Assets:
Paid-in capital		471,517,802		365,745,048			470,990,689
Total distributable earnings (loss)		6,124,030		(172,146,055	)		(14,245,602	)
NET ASSETS	$	477,641,832	$	193,598,993		$	456,745,087
Net Assets:
Class A	$	7,895,301	$	5,465,432		$	31,393,834
Class C		—		4,457,124			—
Institutional		40,547,808		32,419,015			34,027,122
Separate Account Institutional		228,691,747		—			215,647,235
Investor		3,163,971		6,056,650			152,714,594
Class P		196,668,134		52,263,386			8,574,954
Class R6		674,871		92,937,386			14,387,348
Total Net Assets	$	477,641,832	$	193,598,993		$	456,745,087
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		861,514		949,264			3,049,828
Class C		—		775,172			—
Institutional		4,422,531		5,651,302			3,297,870
Separate Account Institutional		24,936,914		—			20,945,334
Investor		345,035		1,054,684			14,798,033
Class P		21,460,439		9,103,378			831,301
Class R6		73,607		16,195,086			1,393,929
Net asset value, offering and redemption price per share:(c)
Class A		$9.16		$5.76			$10.29
Class C		—		5.75			—
Institutional		9.17		5.74			10.32
Separate Account Institutional		9.17		—			10.30
Investor		9.17		5.74			10.32
Class P		9.16		5.74			10.32
Class R6		9.17		5.74			10.32

(a) Segregated for initial margin and/or collateral as follows:

Fund	Futures		Swaps		Forwards
Investment Grade Credit	$	632,000	$	3,348,933	$	—
Local Emerging Markets Debt		277,008		1,749,833		5,480,000
U.S. Mortgages		820,000		153,796		—

(b) Segregated for initial margin and/or collateral on TBA transactions of $250,000.

(c) Maximum public offering price per share for Class A Shares of Investment Grade Credit, Local Emerging Markets Debt, and U.S. Mortgages Funds is $9.52, $6.03 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.

110 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Fiscal Year Ended March 31, 2019

	Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund
Investment income:
Interest (net of foreign withholding taxes of $10,944, $0 and $1,359, respectively)	$	127,518,357		$	151,659,884		$	195,982,073
Dividends — affiliated issuers		851,094			720,442			3,185,966
Dividends — unaffiliated issuers (net of foreign withholding taxes of $0, $4,432 and $0, respectively)		—			2,007,390			3,090,819
Total investment income		128,369,451			154,387,716			202,258,858
Expenses:
Management fees		16,896,762			16,733,732			20,011,411
Transfer Agency fees(a)		1,022,596			1,057,334			1,229,582
Custody, accounting and administrative services		570,676			270,682			983,617
Distribution and Service fees(a)		458,113			724,631			26,955
Printing and mailing costs		412,821			201,827			159,466
Professional fees		223,569			135,945			177,781
Registration fees		151,625			230,975			299,973
Prime Broker Fees		61,179			—			2,561
Trustee fees		19,442			19,466			22,589
Dividend expense on short positions		—			29,852			—
Service Share fees — Service Plan		—			27,074			—
Service Share fees — Shareholder Administration Plan		—			27,074			—
Other		96,712			101,089			121,803
Total expenses		19,913,495			19,559,681			23,035,738
Less — expense reductions		(1,032,503	)		(542,023	)		(273,980	)
Net expenses		18,880,992			19,017,658			22,761,758
NET INVESTMENT INCOME		109,488,459			135,370,058			179,497,100
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(93,097,049	)		(32,205,279	)		(96,210,647	)
Investment — affiliated issuers		—			8,087			(12,974	)
Futures contracts		6,857,703			(456,919	)		(2,221,315	)
Swap contracts		(14,063,639	)		2,307,740			402,277
Forward foreign currency exchange contracts		8,472,924			—			4,086,950
Foreign currency transactions		(5,852,535	)		(346	)		(695,492	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(53,306,147	)		20,061,475			(44,533,323	)
Investments — affiliated issuers		—			28,184			(7,458	)
Purchased options		(189,143	)		(146,174	)		—
Futures contracts		1,155,789			2,320,079			736,775
Unfunded loan commitment		—			—			(42,686	)
Swap contracts		5,059,186			598,787			1,067,072
Forward foreign currency exchange contracts		4,291,887			—			860,258
Foreign currency translation		(198,049	)		(691	)		168,332
Net realized and unrealized loss		(140,869,073	)		(7,485,057	)		(136,402,231	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(31,380,614	)	$	127,885,001		$	43,094,869

(a) Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P(b)		Class R		Class R6
Emerging Markets Debt	$	192,081	$	266,032	$	—	$	99,882	$	34,584	$	603,890	$	—	$	166,290	$	4,330	$	—	$	113,620
High Yield		424,511		234,860		65,260		220,746		30,532		391,600		4,331		28,380		334,683		16,968		30,094
High Yield Floating Rate		10,833		15,780		342		5,633		2,052		453,392		—		4,810		726,109		89		37,497

(b) Class P Shares commenced operations on April 20, 2018.

The accompanying notes are an integral part of these financial statements. 111

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations (continued)

For the Fiscal Year Ended March 31, 2019

	Investment Grade Credit Fund			Local Emerging Markets Debt Fund			U.S. Mortgages Fund
Investment income:
Interest (net of foreign withholding taxes of $10, $165,095 and $0, respectively)	$	15,230,498		$	18,776,453		$	14,598,492
Dividends — affiliated issuers		60,981			347,683			507,253
Total investment income		15,291,479			19,124,136			15,105,745
Expenses:
Management fees		1,327,327			2,197,350			1,606,320
Custody, accounting and administrative services		143,191			410,707			270,874
Transfer Agency fees(a)		137,559			112,403			339,197
Professional fees		124,251			225,628			126,318
Registration fees		87,225			105,137			104,299
Printing and mailing costs		56,326			70,798			106,704
Distribution and Service fees(a)		20,839			67,589			92,764
Trustee fees		16,354			16,192			16,523
Prime Broker Fees		—			20,537			—
Other		33,829			37,118			33,053
Total expenses		1,946,901			3,263,459			2,696,052
Less — expense reductions		(450,101	)		(698,538	)		(354,108	)
Net expenses		1,496,800			2,564,921			2,341,944
NET INVESTMENT INCOME		13,794,679			16,559,215			12,763,801
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(2,594,468	)		(32,369,416	)		(3,635,628	)
Purchased options		—			—			44,279
Futures contracts		(419,024	)		5,410			1,320,647
Written options		—			—			49,934
Swap contracts		205,610			3,029			(175,036	)
Non-deliverable bond forward contracts		—			32,014			—
Forward foreign currency exchange contracts		350,912			(9,761,603	)		—
Foreign currency transactions		(50,945	)		(1,430,277	)		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		9,207,281			(20,988,255	)		7,589,367
Purchased options		(13,250	)		(21,357	)		(3,490	)
Futures contracts		629,354			505			(145,881	)
Non-deliverable bond forward contracts		—			22,189			—
Written options		—			—			(8,575	)
Swap contracts		351,201			1,017,106			116,805
Forward foreign currency exchange contracts		56,664			(433,592	)		—
Foreign currency translation		(247	)		20,425			—
Net realized and unrealized gain (loss)		7,723,088			(63,903,822	)		5,152,422
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	21,517,767		$	(47,344,607	)	$	17,916,223

(a) Class specific Distribution and/or Service and Transfer Agency fees were as follows:

	Distribution and/or Service Fees				Transfer Agency Fees
Fund	Class A		Class C		Class A		Class C		Institutional		Separate Account Institutional		Investor		Class P(b)		Class R
Investment Grade Credit	$	20,839	$	—	$	10,836	$	—	$	26,947	$	70,460	$	5,387	$	23,886	$	43
Local Emerging Markets Debt		14,541		53,048		7,561		6,896		43,165		—		10,517		13,483		30,781
U.S. Mortgages		92,764		—		48,237		—		16,383		68,870		201,631		1,945		2,131

(b) Class P Shares commenced operations on April 20, 2018.

112 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Emerging Markets Debt Fund						High Yield Fund
	For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018
From operations:
Net investment income	$	109,488,459		$	106,157,635		$	135,370,058		$	181,284,778
Net realized loss		(97,682,596	)		(9,451,651	)		(30,346,717	)		(14,299,060	)
Net change in unrealized gain (loss)		(43,186,477	)		(15,384,656	)		22,861,660			(99,403,790	)
Net increase (decrease) in net assets resulting from operations		(31,380,614	)		81,321,328			127,885,001			67,581,928
Distributions to shareholders:
From distributable earnings:
Class A Shares		(3,251,779	)		(4,308,701	)(a)		(9,137,033	)		(10,241,773	)(a)
Class C Shares		(940,950	)		(1,177,882	)(a)		(1,074,945	)		(1,676,859	)(a)
Institutional Shares		(68,693,948	)		(88,544,473	)(a)		(54,311,318	)		(161,342,858	)(a)
Service Shares		—			—			(559,792	)		(563,487	)(a)
Investor Shares		(5,704,684	)		(5,693,368	)(a)		(1,227,007	)		(1,604,817	)(a)
Class P Shares(b)		(652,733	)		—			(64,282,628	)		—
Class R Shares		—			—			(669,342	)		(681,938	)(a)
Class R6 Shares		(17,083,867	)		(2,591,065	)(a)		(5,644,007	)		(3,902,672	)(a)
Return of capital:
Class A Shares		(281,102	)		—			—			—
Class C Shares		(81,341	)		—			—			—
Institutional Shares		(5,938,301	)		—			—			—
Investor Shares		(493,146	)		—			—			—
Class P Shares(b)		(56,426	)		—			—			—
Class R6 Shares		(1,476,828	)		—			—			—
Total distributions to shareholders		(104,655,105	)		(102,315,489	)		(136,906,072	)		(180,014,404	)
From share transactions:
Proceeds from sales of shares		1,078,015,155			1,530,129,611			2,198,026,602			713,721,586
Reinvestment of distributions		95,153,618			87,912,113			129,653,823			166,715,961
Cost of shares redeemed		(2,010,668,188	)(c)		(908,618,230	)(c)		(3,068,907,774	)(d)		(1,723,613,963	)(d)
Net increase (decrease) in net assets resulting from share transactions		(837,499,415	)		709,423,494			(741,227,349	)		(843,176,416	)
TOTAL INCREASE (DECREASE)		(973,535,134	)		688,429,333			(750,248,420	)		(955,608,892	)
Net assets(e):
Beginning of year		2,594,872,068			1,906,442,735			2,996,322,033			3,951,930,925
End of year	$	1,621,336,934		$	2,594,872,068		$	2,246,073,613		$	2,996,322,033

(a) Prior year information has been revised to conform to current year presentation. Distributions to shareholders for Emerging Markets Debt and High Yield Funds consisted solely of net investment income for the fiscal year ended March 31, 2018.

(b) Class P Shares commenced operations on April 20, 2018.

(c) Net of $53,625 and $ 33,573 of redemption fees for Emerging Markets Debt Fund for the fiscal year ended March 31, 2019 and the fiscal year ended March 31, 2018, respectively.

(d) Net of $150,501 and $270,211 of redemption fees for the High Yield Fund for the fiscal year ended March 31, 2019 and the fiscal year ended March 31, 2018, respectively.

(e) Prior year information has been revised to conform with current year presentation. Undistributed (distributions in excess of) net investment income was $(15,228,141) and $2,991,555 for the Emerging Markets Debt and High Yield Funds, respectively as of March 31, 2018.

The accompanying notes are an integral part of these financial statements. 113

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets(continued)

	High Yield Floating Rate Fund						Investment Grade Credit Fund
	For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018
From operations:
Net investment income	$	179,497,100		$	171,330,204		$	13,794,679		$	13,247,793
Net realized gain (loss)		(94,651,201	)		(80,280,932	)		(2,507,915	)		3,556,879
Net change in unrealized gain (loss)		(41,751,030	)		47,714,196			10,231,003			(5,922,920	)
Net increase in net assets resulting from operations		43,094,869			138,763,468			21,517,767			10,881,752
Distributions to shareholders:
From distributable earnings:
Class A Shares		(198,718	)		(186,589	)(a)		(271,279	)		(511,079	)(a)
Class C Shares		(59,269	)		(76,898	)(a)		—			—
Institutional Shares		(51,349,191	)		(166,701,916	)(a)		(2,380,003	)		(5,107,958	)(a)
Separate Account Institutional		—			—			(8,328,590	)		(7,604,690	)(a)
Investor Shares		(173,791	)		(146,731	)(a)		(145,640	)		(142,427	)(a)
Class P Shares(b)		(122,306,692	)		—			(2,907,036	)		—
Class R Shares		(3,012	)		(1,270	)(a)		—			—
Class R6 Shares		(5,832,268	)		(601,948	)(c)		(5,356	)		(478	)(c)
Return of capital		—			—			—			—
Class A Shares		—			(2,391	)		—			—
Class C Shares		—			(986	)		—			—
Institutional Shares		—			(2,136,425	)		—			—
Investor Shares		—			(1,880	)		—			—
Class R Shares		—			(16	)		—			—
Class R6 Shares		—			(7,715	)(c)		—			—
Total distributions to shareholders		(179,922,941	)		(169,864,765	)		(14,037,904	)		(13,366,632	)
From share transactions:
Proceeds from sales of shares		4,483,776,377			1,402,104,424			258,238,698			111,286,655
Reinvestment of distributions		176,798,534			168,926,308			13,107,711			12,689,574
Cost of shares redeemed		(6,315,994,378	)		(1,320,617,241	)		(213,136,398	)		(138,316,654	)
Net increase (decrease) in net assets resulting from share transactions		(1,655,419,467	)		250,413,491			58,210,011			(14,340,425	)
TOTAL INCREASE (DECREASE)		(1,792,247,539	)		219,312,194			65,689,874			(16,825,305	)
Net assets(d):
Beginning of year		4,129,813,199			3,910,501,005			411,951,958			428,777,263
End of year	$	2,337,565,660		$	4,129,813,199		$	477,641,832		$	411,951,958

(a) Prior year information has been revised to conform to current year presentation. Distributions to shareholders for High Yield Floating Rate and Investment Grade Credit Funds consisted solely of net investment income for the fiscal year ended March 31, 2018.

(b) Class P Shares commenced operations on April 20, 2018.

(c) Class R6 Shares commenced operations on November 30, 2017.

(d) Prior year information has been revised to conform with current year presentation. Undistributed (distributions in excess of) net investment income was $(185,331) and $326,739 for the High Yield Floating Rate and Investment Grade Credit Funds, respectively as of March 31, 2018.

114 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets(continued)

	Local Emerging Markets Debt Fund						U.S. Mortgages Fund
	For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018			For the Fiscal Year Ended March 31, 2019			For the Fiscal Year Ended March 31, 2018
From operations:
Net investment income	$	16,559,215		$	17,108,065		$	12,763,801		$	8,252,283
Net realized loss		(43,520,843	)		(18,872,717	)		(2,395,804	)		(3,845,838	)
Net change in unrealized gain (loss)		(20,382,979	)		41,711,591			7,548,226			(3,878,968	)
Net increase (decrease) in net assets resulting from operations		(47,344,607	)		39,946,939			17,916,223			527,477
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			—			(1,009,234	)		(845,502	)(a)
Class C Shares		—			—			—			—
Institutional Shares		—			—			(1,253,097	)		(1,725,183	)(a)
Separate Account Institutional		—			—			(7,022,677	)		(5,644,645	)(a)
Investor Shares		—			—			(4,678,056	)		(3,547,313	)(a)
Class P Shares(b)		—			—			(206,554	)		—
Class R6 Shares		—			—			(227,280	)		(100,047	)(c)
Return of capital
Class A Shares		(297,854	)		(460,020	)		—			(14,728	)
Class C Shares		(231,191	)		(300,844	)		—			—
Institutional Shares		(6,123,840	)		(15,603,159	)		—			(30,052	)
Separate Account Institutional		—			—			—			(98,329	)
Investor Shares		(438,209	)		(401,902	)		—			(61,794	)
Class P Shares(b)		(2,303,744	)		—			—			—
Class R6 Shares		(5,408,241	)		(399,831	)(c)		—			(1,743	)(c)
Total distributions to shareholders		(14,803,079	)		(17,165,756	)		(14,396,898	)		(12,069,336	)
From share transactions:
Proceeds from sales of shares		251,065,221			174,651,473			189,959,043			190,110,099
Reinvestment of distributions		14,423,675			16,826,351			13,289,593			11,478,938
Cost of shares redeemed		(337,480,402	)(d)		(241,718,437	)(d)		(236,651,245	)		(176,960,473	)
Net increase (decrease) in net assets resulting from share transactions		(71,991,506	)		(50,240,613	)		(33,402,609	)		24,628,564
TOTAL INCREASE (DECREASE)		(134,139,192	)		(27,459,430	)		(29,883,284	)		13,086,705
Net assets(e):
Beginning of year		327,738,185			355,197,615			486,628,371			473,541,666
End of year	$	193,598,993		$	327,738,185		$	456,745,087		$	486,628,371

(a) Prior year information has been revised to conform to current year presentation. Distributions to shareholders for Local Emerging Markets Debt and U.S. Mortgages Funds consisted solely of net investment income for the fiscal year ended March 31, 2018.

(b) Class P Shares commenced operations on April 20, 2018.

(c) Class R6 Shares commenced operations on November 30, 2017.

(d) Net of $5,621 and $3,655 of redemption fees for the Local Emerging Markets Debt Fund for the fiscal year ended March 31, 2019 and the fiscal year ended March 31, 2018, respectively.

(e) Prior year information has been revised to conform with current year presentation. Undistributed (distributions in excess of) net investment income was $(12,022,304) and $(45,171) for the Local Emerging Markets Debt and U.S. Mortgages Funds, respectively as of March 31, 2018.

The accompanying notes are an integral part of these financial statements. 115

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Debt Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	12.67		$	12.73		$	12.25		$	12.33		$	12.40
Net investment income(a)		0.58			0.56			0.60			0.61			0.52
Net realized and unrealized gain (loss)		(0.51	)		(0.08	)		0.46			(0.09	)		(0.07	)
Total from investment operations		0.07			0.48			1.06			0.52			0.45
Distributions to shareholders from net investment income		(0.50	)		(0.54	)		(0.58	)		(0.60	)		(0.52	)
Distributions to shareholders from capital		(0.04	)		—			—			—			—
Total distributions		(0.54	)		(0.54	)		(0.58	)		(0.60	)		(0.52	)
Net asset value, end of year	$	12.20		$	12.67		$	12.73		$	12.25		$	12.33
Total return(b)		0.77	%		3.75	%		8.79	%		4.43	%		3.60	%
Net assets, end of year (in 000s)	$	61,408		$	105,098		$	103,548		$	109,830		$	94,832
Ratio of net expenses to average net assets		1.20	%		1.20	%		1.23	%		1.23	%		1.24	%
Ratio of total expenses to average net assets		1.24	%		1.23	%		1.24	%		1.27	%		1.25	%
Ratio of net investment income to average net assets		4.84	%		4.32	%		4.73	%		5.02	%		4.17	%
Portfolio turnover rate(c)		80	%		70	%		89	%		99	%		113	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

116 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Debt Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	12.67		$	12.72		$	12.24		$	12.33		$	12.39
Net investment income(a)		0.48			0.46			0.50			0.51			0.43
Net realized and unrealized gain (loss)		(0.51	)		(0.07	)		0.47			(0.09	)		(0.07	)
Total from investment operations		(0.03	)		0.39			0.97			0.42			0.36
Distributions to shareholders from net investment income		(0.41	)		(0.44	)		(0.49	)		(0.51	)		(0.42	)
Distributions to shareholders from capital		(0.04	)		—			—			—			—
Total distributions		(0.45	)		(0.44	)		(0.49	)		(0.51	)		(0.42	)
Net asset value, end of year	$	12.19		$	12.67		$	12.72		$	12.24		$	12.33
Total return(b)		(0.06	)%		3.07	%		7.98	%		3.57	%		2.92	%
Net assets, end of year (in 000s)	$	21,871		$	34,848		$	32,597		$	27,645		$	30,935
Ratio of net expenses to average net assets		1.95	%		1.95	%		1.98	%		1.98	%		1.99	%
Ratio of total expenses to average net assets		1.99	%		1.98	%		1.99	%		2.02	%		2.00	%
Ratio of net investment income to average net assets		4.08	%		3.60	%		3.94	%		4.26	%		3.42	%
Portfolio turnover rate(c)		80	%		70	%		89	%		99	%		113	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 117

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Debt Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	12.69		$	12.74		$	12.26		$	12.35		$	12.41
Net investment income(a)		0.62			0.60			0.63			0.64			0.57
Net realized and unrealized gain (loss)		(0.52	)		(0.07	)		0.47			(0.08	)		(0.07	)
Total from investment operations		0.10			0.53			1.10			0.56			0.50
Distributions to shareholders from net investment income		(0.53	)		(0.58	)		(0.62	)		(0.65	)		(0.56	)
Distributions to shareholders from capital		(0.05	)		—			—			—			—
Total distributions		(0.58	)		(0.58	)		(0.62	)		(0.65	)		(0.56	)
Net asset value, end of year	$	12.21		$	12.69		$	12.74		$	12.26		$	12.35
Total return(b)		1.04	%		4.18	%		9.15	%		4.70	%		4.04	%
Net assets, end of year (in 000s)	$	1,087,407		$	1,984,662		$	1,656,148		$	895,309		$	1,566,532
Ratio of net expenses to average net assets		0.86	%		0.86	%		0.89	%		0.89	%		0.90	%
Ratio of total expenses to average net assets		0.90	%		0.89	%		0.90	%		0.93	%		0.91	%
Ratio of net investment income to average net assets		5.18	%		4.65	%		4.95	%		5.30	%		4.52	%
Portfolio turnover rate(c)		80	%		70	%		89	%		99	%		113	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

118 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Debt Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	12.69		$	12.74		$	12.26		$	12.35		$	12.41
Net investment income(a)		0.61			0.58			0.61			0.64			0.56
Net realized and unrealized gain (loss)		(0.52	)		(0.06	)		0.48			(0.09	)		(0.07	)
Total from investment operations		0.09			0.52			1.09			0.55			0.49
Distributions to shareholders from net investment income		(0.52	)		(0.57	)		(0.61	)		(0.64	)		(0.55	)
Distributions to shareholders from capital		(0.05	)		—			—			—			—
Total distributions		(0.57	)		(0.57	)		(0.61	)		(0.64	)		(0.55	)
Net asset value, end of year	$	12.21		$	12.69		$	12.74		$	12.26		$	12.35
Total return(b)		0.95	%		4.09	%		9.05	%		4.60	%		3.94	%
Net assets, end of year (in 000s)	$	103,473		$	175,664		$	85,556		$	16,927		$	14,423
Ratio of net expenses to average net assets		0.95	%		0.95	%		0.98	%		0.98	%		0.99	%
Ratio of total expenses to average net assets		0.99	%		0.98	%		0.99	%		1.02	%		1.00	%
Ratio of net investment income to average net assets		5.09	%		4.51	%		4.79	%		5.26	%		4.41	%
Portfolio turnover rate(c)		80	%		70	%		89	%		99	%		113	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 119

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout The Period

	Goldman Sachs Emerging Markets Debt Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	12.59
Net investment income(b)		0.55
Net realized and unrealized loss		(0.40	)
Total from investment operations		0.15
Distributions to shareholders from net investment income		(0.50	)
Distributions to shareholders from return of capital		(0.04	)
Total distributions		(0.54	)
Net asset value, end of period	$	12.20
Total return(c)		1.46	%
Net assets, end of year (in 000s)	$	14,908
Ratio of net expenses to average net assets		0.85	%(d)
Ratio of total expenses to average net assets		0.91	%(d)
Ratio of net investment income to average net assets		5.00	%(d)
Portfolio turnover rate(e)		80	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The 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.

120 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Emerging Markets Debt Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2016(a)
	2019			2018			2017
Per Share Data
Net asset value, beginning of year	$	12.69		$	12.74		$	12.26		$	12.18
Net investment income(b)		0.60			0.60			0.60			0.46
Net realized and unrealized gain (loss)		(0.50	)		(0.07	)		0.51			0.06
Total from investment operations		0.10			0.53			1.11			0.52
Distributions to shareholders from net investment income		(0.53	)		(0.58	)		(0.63	)		(0.44	)
Distributions to shareholders from capital		(0.05	)		—			—			—
Total distributions		(0.58	)		(0.58	)		(0.63	)		(0.44	)
Net asset value, end of year	$	12.21		$	12.69		$	12.74		$	12.26
Total return(c)		1.05	%		4.20	%		9.17	%		4.41	%
Net assets, end of year (in 000s)	$	332,270		$	294,599		$	28,593		$	458
Ratio of net expenses to average net assets		0.85	%		0.84	%		0.87	%		0.87	%(d)
Ratio of total expenses to average net assets		0.90	%		0.89	%		0.88	%		0.92	%(d)
Ratio of net investment income to average net assets		5.10	%		4.67	%		4.76	%		5.84	%(d)
Portfolio turnover rate(e)		80	%		70	%		89	%		99	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 121

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	6.34		$	6.57		$	6.02		$	6.80		$	7.23
Net investment income(a)		0.33			0.33			0.34			0.35			0.37
Net realized and unrealized gain (loss)		(0.01	)		(0.24	)		0.55			(0.77	)		(0.28	)
Total from investment operations		0.32			0.09			0.89			(0.42	)		0.09
Distributions to shareholders from net investment income		(0.34	)		(0.32	)		(0.34	)		(0.34	)		(0.38	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.14	)
Distributions to shareholders from return of capital		—			—			—			(0.02	)		—	(b)
Total distributions		(0.34	)		(0.32	)		(0.34	)		(0.36	)		(0.52	)
Net asset value, end of year	$	6.32		$	6.34		$	6.57		$	6.02		$	6.80
Total return(c)		5.20	%		1.37	%		15.06	%		(6.33	)%		1.21	%
Net assets, end of year (in 000s)	$	163,355		$	179,807		$	232,572		$	340,534		$	483,328
Ratio of net expenses to average net assets		1.04	%		1.05	%		1.07	%		1.05	%		1.06	%
Ratio of total expenses to average net assets		1.11	%		1.08	%		1.07	%		1.06	%		1.06	%
Ratio of net investment income to average net assets		5.31	%		5.00	%		5.34	%		5.49	%		5.30	%
Portfolio turnover rate(d)		59	%		69	%		93	%		46	%		55	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

122 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	6.34		$	6.57		$	6.03		$	6.81		$	7.24
Net investment income(a)		0.29			0.28			0.29			0.30			0.32
Net realized and unrealized gain (loss)		(0.02	)		(0.23	)		0.54			(0.77	)		(0.29	)
Total from investment operations		0.27			0.05			0.83			(0.47	)		0.03
Distributions to shareholders from net investment income		(0.29	)		(0.28	)		(0.29	)		(0.30	)		(0.32	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.14	)
Distributions to shareholders from return of capital		—			—			—			(0.01	)		—	(b)
Total distributions		(0.29	)		(0.28	)		(0.29	)		(0.31	)		(0.46	)
Net asset value, end of year	$	6.32		$	6.34		$	6.57		$	6.03		$	6.81
Total return(c)		4.41	%		0.64	%		14.02	%		(7.01	)%		0.46	%
Net assets, end of year (in 000s)	$	15,532		$	33,221		$	46,396		$	51,973		$	71,577
Ratio of net expenses to average net assets		1.79	%		1.80	%		1.82	%		1.80	%		1.81	%
Ratio of total expenses to average net assets		1.85	%		1.83	%		1.82	%		1.81	%		1.81	%
Ratio of net investment income to average net assets		4.53	%		4.26	%		4.59	%		4.76	%		4.54	%
Portfolio turnover rate(d)		59	%		69	%		93	%		46	%		55	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 123

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	6.35		$	6.58		$	6.04		$	6.82		$	7.25
Net investment income(a)		0.35			0.35			0.36			0.38			0.40
Net realized and unrealized gain (loss)		(0.01	)		(0.23	)		0.54			(0.78	)		(0.29	)
Total from investment operations		0.34			0.12			0.90			(0.40	)		0.11
Distributions to shareholders from net investment income		(0.36	)		(0.35	)		(0.36	)		(0.36	)		(0.40	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.14	)
Distributions to shareholders from return of capital		—			—			—			(0.02	)		—	(b)
Total distributions		(0.36	)		(0.35	)		(0.36	)		(0.38	)		(0.54	)
Net asset value, end of year	$	6.33		$	6.35		$	6.58		$	6.04		$	6.82
Total return(c)		5.50	%		1.72	%		15.24	%		(5.98	)%		1.56	%
Net assets, end of year (in 000s)	$	338,503		$	2,488,697		$	3,410,302		$	3,221,934		$	4,975,618
Ratio of net expenses to average net assets		0.75	%		0.73	%		0.73	%		0.71	%		0.72	%
Ratio of total expenses to average net assets		0.75	%		0.74	%		0.73	%		0.72	%		0.72	%
Ratio of net investment income to average net assets		5.52	%		5.32	%		5.67	%		5.84	%		5.62	%
Portfolio turnover rate(d)		59	%		69	%		93	%		46	%		55	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

124 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Fund
	Service Shares
��	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	6.33		$	6.56		$	6.02		$	6.79		$	7.23
Net investment income(a)		0.32			0.31			0.33			0.34			0.36
Net realized and unrealized gain (loss)		(0.02	)		(0.23	)		0.54			(0.76	)		(0.30	)
Total from investment operations		0.30			0.08			0.87			(0.42	)		0.06
Distributions to shareholders from net investment income		(0.32	)		(0.31	)		(0.33	)		(0.33	)		(0.36	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.14	)
Distributions to shareholders from return of capital		—			—			—			(0.02	)		—	(b)
Total distributions		(0.32	)		(0.31	)		(0.33	)		(0.35	)		(0.50	)
Net asset value, end of year	$	6.31		$	6.33		$	6.56		$	6.02		$	6.79
Total return(c)		4.97	%		1.20	%		14.70	%		(6.35	)%		0.90	%
Net assets, end of year (in 000s)	$	10,858		$	11,172		$	12,089		$	14,710		$	17,506
Ratio of net expenses to average net assets		1.25	%		1.23	%		1.23	%		1.21	%		1.22	%
Ratio of total expenses to average net assets		1.27	%		1.24	%		1.23	%		1.22	%		1.22	%
Ratio of net investment income to average net assets		5.10	%		4.81	%		5.17	%		5.35	%		5.12	%
Portfolio turnover rate(d)		59	%		69	%		93	%		46	%		55	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 125

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	6.35		$	6.58		$	6.03		$	6.81		$	7.25
Net investment income(a)		0.35			0.34			0.36			0.37			0.39
Net realized and unrealized gain (loss)		(0.02	)		(0.23	)		0.55			(0.78	)		(0.30	)
Total from investment operations		0.33			0.11			0.91			(0.41	)		0.09
Distributions to shareholders from net investment income		(0.35	)		(0.34	)		(0.36	)		(0.35	)		(0.39	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.14	)
Distributions to shareholders from return of capital		—			—			—			(0.02	)		—	(b)
Total distributions		(0.35	)		(0.34	)		(0.36	)		(0.37	)		(0.53	)
Net asset value, end of year	$	6.33		$	6.35		$	6.58		$	6.03		$	6.81
Total return(c)		5.46	%		1.65	%		15.33	%		(6.08	)%		1.32	%
Net assets, end of year (in 000s)	$	18,830		$	25,259		$	33,482		$	9,302		$	13,971
Ratio of net expenses to average net assets		0.79	%		0.80	%		0.82	%		0.80	%		0.81	%
Ratio of total expenses to average net assets		0.86	%		0.83	%		0.82	%		0.81	%		0.81	%
Ratio of net investment income to average net assets		5.56	%		5.25	%		5.64	%		5.76	%		5.54	%
Portfolio turnover rate(d)		59	%		69	%		93	%		46	%		55	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

126 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout The Period

	Goldman Sachs High Yield Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	6.42
Net investment income(b)		0.33
Net realized and unrealized loss		(0.08	)
Total from investment operations		0.25
Distributions to shareholders from net investment income		(0.34	)
Net asset value, end of period	$	6.33
Total return(c)		4.00	%
Net assets, end of period (in 000s)	$	1,604,685
Ratio of net expenses to average net assets		0.74	%(d)
Ratio of total expenses to average net assets		0.77	%(d)
Ratio of net investment income to average net assets		5.67	%(d)
Portfolio turnover rate(e)		59	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 127

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Fund
	Class R Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	6.33		$	6.56		$	6.02		$	6.80		$	7.23
Net investment income(a)		0.32			0.31			0.32			0.34			0.35
Net realized and unrealized gain (loss)		(0.02	)		(0.23	)		0.54			(0.78	)		(0.28	)
Total from investment operations		0.30			0.08			0.86			(0.44	)		0.07
Distributions to shareholders from net investment income		(0.32	)		(0.31	)		(0.32	)		(0.33	)		(0.36	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.14	)
Distributions to shareholders from return of capital		—			—			—			(0.01	)		—	(b)
Total distributions		(0.32	)		(0.31	)		(0.32	)		(0.34	)		(0.50	)
Net asset value, end of year	$	6.31		$	6.33		$	6.56		$	6.02		$	6.80
Total return(c)		4.93	%		1.13	%		14.60	%		(6.57	)%		0.95	%
Net assets, end of year (in 000s)	$	12,560		$	14,068		$	14,817		$	15,296		$	17,417
Ratio of net expenses to average net assets		1.29	%		1.30	%		1.32	%		1.30	%		1.31	%
Ratio of total expenses to average net assets		1.36	%		1.33	%		1.32	%		1.31	%		1.31	%
Ratio of net investment income to average net assets		5.06	%		4.74	%		5.08	%		5.26	%		5.03	%
Portfolio turnover rate(d)		59	%		69	%		93	%		46	%		55	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

128 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2016(a)
	2019			2018			2017
Per Share Data
Net asset value, beginning of year	$	6.36		$	6.59		$	6.05		$	6.65
Net investment income(b)		0.35			0.35			0.36			0.24
Net realized and unrealized gain (loss)		(0.01	)		(0.23	)		0.54			(0.59	)
Total from investment operations		0.34			0.12			0.90			(0.35	)
Distributions to shareholders from net investment income		(0.36	)		(0.35	)		(0.36	)		(0.24	)
Distributions to shareholders from return of capital		—			—			—			(0.01	)
Total distributions		(0.36	)		(0.35	)		(0.36	)		(0.25	)
Net asset value, end of year	$	6.34		$	6.36		$	6.59		$	6.05
Total return(c)		5.51	%		1.74	%		15.25	%		(5.29	)%
Net assets, end of year (in 000s)	$	81,751		$	244,099		$	202,273		$	162,768
Ratio of net expenses to average net assets		0.74	%		0.71	%		0.71	%		0.70	%
Ratio of total expenses to average net assets		0.75	%		0.71	%		0.71	%		0.71	%
Ratio of net investment income to average net assets		5.58	%		5.33	%		5.69	%		6.02	%
Portfolio turnover rate(d)		59	%		69	%		93	%		46	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 129

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Floating Rate Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.65		$	9.72		$	9.46		$	9.92		$	10.07
Net investment income(a)		0.44			0.37			0.37			0.37			0.34
Net realized and unrealized gain (loss)		(0.29	)		(0.07	)		0.26			(0.46	)		(0.14	)
Total from investment operations		0.15			0.30			0.63			(0.09	)		0.20
Distributions to shareholders from net investment income		(0.44	)		(0.37	)		(0.36	)		(0.37	)		(0.35	)
Distributions to shareholders from net realized gains		—			—			—			—			0.00	(b)
Distributions to shareholders from return of capital		—			—	(b)		(0.01	)		��			—
Total distributions		(0.44	)		(0.37	)		(0.37	)		(0.37	)		(0.35	)
Net asset value, end of year	$	9.36		$	9.65		$	9.72		$	9.46		$	9.92
Total return(c)		1.57	%		3.00	%		6.87	%		(0.89	)%		2.01	%
Net assets, end of year (in 000s)	$	3,802		$	4,259		$	7,030		$	6,668		$	6,193
Ratio of net expenses to average net assets		0.97	%		0.94	%		0.95	%		0.95	%		0.94	%
Ratio of total expenses to average net assets		0.97	%		0.96	%		0.96	%		0.96	%		0.95	%
Ratio of net investment income to average net assets		4.57	%		3.83	%		3.83	%		3.80	%		3.38	%
Portfolio turnover rate(d)		69	%		44	%		55	%		42	%		55	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares.

(d) 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.

130 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Floating Rate Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.65		$	9.72		$	9.46		$	9.92		$	10.08
Net investment income(a)		0.36			0.30			0.30			0.30			0.27
Net realized and unrealized gain (loss)		(0.28	)		(0.08	)		0.26			(0.46	)		(0.15	)
Total from investment operations		0.08			0.22			0.56			(0.16	)		0.12
Distributions to shareholders from net investment income		(0.37	)		(0.29	)		(0.29	)		(0.30	)		(0.28	)
Distributions to shareholders from net realized gains		—			—			—			—			0.00	(b)
Distributions to shareholders from return of capital		—			—	(b)		(0.01	)		—			—
Total distributions		(0.37	)		(0.29	)		(0.30	)		(0.30	)		(0.28	)
Net asset value, end of year	$	9.36		$	9.65		$	9.72		$	9.46		$	9.92
Total return(c)		0.81	%		2.23	%		6.07	%		(1.63	)%		1.15	%
Net assets, end of year (in 000s)	$	1,126		$	2,443		$	2,610		$	1,760		$	1,936
Ratio of net expenses to average net assets		1.71	%		1.69	%		1.70	%		1.70	%		1.69	%
Ratio of total expenses to average net assets		1.72	%		1.71	%		1.71	%		1.72	%		1.70	%
Ratio of net investment income to average net assets		3.74	%		3.06	%		3.06	%		3.09	%		2.71	%
Portfolio turnover rate(d)		69	%		44	%		55	%		42	%		55	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 131

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Floating Rate Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.66		$	9.73		$	9.47		$	9.93		$	10.09
Net investment income(a)		0.43			0.40			0.40			0.40			0.38
Net realized and unrealized gain (loss)		(0.26	)		(0.07	)		0.27			(0.46	)		(0.16	)
Total from investment operations		0.17			0.33			0.67			(0.06	)		0.22
Distributions to shareholders from net investment income		(0.47	)		(0.39	)		(0.40	)		(0.40	)		(0.38	)
Distributions to shareholders from net realized gains		—			—			—			—			0.00	(b)
Distributions to shareholders from return of capital		—			(0.01	)		(0.01	)		—			—
Total distributions		(0.47	)		(0.40	)		(0.41	)		(0.40	)		(0.38	)
Net asset value, end of year	$	9.36		$	9.66		$	9.73		$	9.47		$	9.93
Total return(c)		1.81	%		3.45	%		7.12	%		(0.55	)%		2.26	%
Net assets, end of year (in 000s)	$	89,465		$	3,906,449		$	3,896,724		$	3,217,752		$	4,087,016
Ratio of net expenses to average net assets		0.61	%		0.60	%		0.61	%		0.61	%		0.60	%
Ratio of total expenses to average net assets		0.62	%		0.62	%		0.62	%		0.63	%		0.61	%
Ratio of net investment income to average net assets		4.51	%		4.16	%		4.16	%		4.17	%		3.81	%
Portfolio turnover rate(d)		69	%		44	%		55	%		42	%		55	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

132 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Floating Rate Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.67		$	9.73		$	9.48		$	9.94		$	10.09
Net investment income(a)		0.45			0.40			0.39			0.39			0.37
Net realized and unrealized gain (loss)		(0.28	)		(0.07	)		0.26			(0.45	)		(0.14	)
Total from investment operations		0.17			0.33			0.65			(0.06	)		0.23
Distributions to shareholders from net investment income		(0.46	)		(0.39	)		(0.39	)		(0.40	)		(0.38	)
Distributions to shareholders from net realized gains		—			—			—			—			0.00	(b)
Distributions to shareholders from return of capital		—			—	(b)		(0.01	)		—			—
Total distributions		(0.46	)		(0.39	)		(0.40	)		(0.40	)		(0.38	)
Net asset value, end of year	$	9.38		$	9.67		$	9.73		$	9.48		$	9.94
Total return(c)		1.83	%		3.36	%		7.02	%		(0.64	)%		2.27	%
Net assets, end of year (in 000s)	$	1,431		$	5,599		$	4,125		$	1,237		$	811
Ratio of net expenses to average net assets		0.71	%		0.69	%		0.70	%		0.70	%		0.70	%
Ratio of total expenses to average net assets		0.72	%		0.70	%		0.71	%		0.72	%		0.71	%
Ratio of net investment income to average net assets		4.69	%		4.07	%		4.00	%		4.10	%		3.72	%
Portfolio turnover rate(d)		69	%		44	%		55	%		42	%		55	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 133

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout The Period

	Goldman Sachs High Yield Floating Rate Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	9.69
Net investment income(b)		0.45
Net realized and unrealized loss		(0.33	)
Total from investment operations		0.12
Distributions to shareholders from net investment income		(0.44	)
Net asset value, end of period	$	9.37
Total return(c)		1.32	%
Net assets, end of period (in 000s)	$	2,215,089
Ratio of net expenses to average net assets		0.62	%(d)
Ratio of total expenses to average net assets		0.63	%(d)
Ratio of net investment income to average net assets		5.04	%(d)
Portfolio turnover rate(e)		69	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The 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.

134 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Floating Rate Fund
	Class R Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.65		$	9.73		$	9.46		$	9.92		$	10.08
Net investment income(a)		0.42			0.34			0.35			0.35			0.32
Net realized and unrealized gain (loss)		(0.30	)		(0.08	)		0.27			(0.46	)		(0.15	)
Total from investment operations		0.12			0.26			0.62			(0.11	)		0.17
Distributions to shareholders from net investment income		(0.41	)		(0.34	)		(0.34	)		(0.35	)		(0.33	)
Distributions to shareholders from net realized gains		—			—			—			—			0.00	(b)
Distributions to shareholders from return of capital		—			—	(b)		(0.01	)		—			—
Total distributions		(0.41	)		(0.34	)		(0.35	)		(0.35	)		(0.33	)
Net asset value, end of year	$	9.36		$	9.65		$	9.73		$	9.46		$	9.92
Total return(c)		1.31	%		2.74	%		6.61	%		(1.13	)%		1.67	%
Net assets, end of year (in 000s)	$	100		$	79		$	12		$	11		$	11
Ratio of net expenses to average net assets		1.22	%		1.19	%		1.19	%		1.19	%		1.16	%
Ratio of total expenses to average net assets		1.23	%		1.21	%		1.20	%		1.20	%		1.17	%
Ratio of net investment income to average net assets		4.40	%		3.54	%		3.59	%		3.60	%		3.23	%
Portfolio turnover rate(d)		69	%		44	%		55	%		42	%		55	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 135

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs High Yield Floating Rate Fund
	Class R6 Shares
	Year Ended March 31, 2019			Period Ended March 31 2018(a)
Per Share Data
Net asset value, beginning of year	$	9.67		$	9.69
Net investment income(b)		0.45			0.13
Net realized and unrealized loss		(0.28	)		(0.02	)
Total from investment operations		0.17			0.11
Distributions to shareholders from net investment income		(0.47	)		(0.13	)
Distributions to shareholders from return of capital		—			(0.00	)(c)
Total distributions		(0.47	)		(0.13	)
Net asset value, end of year	$	9.37		$	9.67
Total return(d)		1.82	%		1.17	%
Net assets, end of year (in 000s)	$	26,552		$	210,985
Ratio of net expenses to average net assets		0.60	%		0.58	%(e)
Ratio of total expenses to average net assets		0.61	%		0.59	%(e)
Ratio of net investment income to average net assets		4.69	%		4.12	%(e)
Portfolio turnover rate(f)		69	%		44	%

(a) Commenced operations on November 30, 2017.

(b) Calculated based on the average shares outstanding methodology.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) 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.

136 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Investment Grade Credit Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.01		$	9.06		$	9.08		$	9.47		$	9.39
Net investment income(a)		0.28			0.26			0.27			0.30			0.29
Net realized and unrealized gain (loss)		0.16			(0.05	)		(0.02	)		(0.36	)		0.26
Total from investment operations		0.44			0.21			0.25			(0.06	)		0.55
Distributions to shareholders from net investment income		(0.29	)		(0.26	)		(0.27	)		(0.29	)		(0.29	)
Distributions to shareholders from net realized gains		—			—			—			(0.04	)		(0.18	)
Total distributions		(0.29	)		(0.26	)		(0.27	)		(0.33	)		(0.47	)
Net asset value, end of year	$	9.16		$	9.01		$	9.06		$	9.08		$	9.47
Total return(b)		5.14	%		2.34	%		2.75	%		(0.53	)%		5.94	%
Net assets, end of year (in 000s)	$	7,895		$	10,198		$	32,514		$	28,037		$	29,522
Ratio of net expenses to average net assets		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Ratio of total expenses to average net assets		0.84	%		0.84	%		0.87	%		0.86	%		0.86	%
Ratio of net investment income to average net assets		3.19	%		2.85	%		2.93	%		3.28	%		3.07	%
Portfolio turnover rate(c)		82	%		82	%		63	%		79	%		84	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 137

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Investment Grade Credit Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.01		$	9.06		$	9.08		$	9.48		$	9.39
Net investment income(a)		0.31			0.29			0.30			0.33			0.32
Net realized and unrealized gain (loss)		0.17			(0.04	)		(0.02	)		(0.37	)		0.27
Total from investment operations		0.48			0.25			0.28			(0.04	)		0.59
Distributions to shareholders from net investment income		(0.32	)		(0.30	)		(0.30	)		(0.32	)		(0.32	)
Distributions to shareholders from net realized gains		—			—			—			(0.04	)		(0.18	)
Total distributions		(0.32	)		(0.30	)		(0.30	)		(0.36	)		(0.50	)
Net asset value, end of year	$	9.17		$	9.01		$	9.06		$	9.08		$	9.48
Total return(b)		5.50	%		2.69	%		3.10	%		(0.29	)%		6.41	%
Net assets, end of year (in 000s)	$	40,548		$	163,229		$	142,218		$	156,202		$	177,283
Ratio of net expenses to average net assets		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of total expenses to average net assets		0.48	%		0.48	%		0.53	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		3.49	%		3.18	%		3.28	%		3.62	%		3.41	%
Portfolio turnover rate(c)		82	%		82	%		63	%		79	%		84	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

138 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Investment Grade Credit Fund
	Separate Account Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.02		$	9.07		$	9.09		$	9.48		$	9.39
Net investment income(a)		0.31			0.29			0.30			0.33			0.32
Net realized and unrealized gain (loss)		0.16			(0.04	)		(0.02	)		(0.36	)		0.27
Total from investment operations		0.47			0.25			0.28			(0.03	)		0.59
Distributions to shareholders from net investment income		(0.32	)		(0.30	)		(0.30	)		(0.32	)		(0.32	)
Distributions to shareholders from net realized gains		—			—			—			(0.04	)		(0.18	)
Total distributions		(0.32	)		(0.30	)		(0.30	)		(0.36	)		(0.50	)
Net asset value, end of year	$	9.17		$	9.02		$	9.07		$	9.09		$	9.48
Total return(b)		5.39	%		2.69	%		3.10	%		(0.18	)%		6.41	%
Net assets, end of year (in 000s)	$	228,692		$	233,908		$	249,971		$	239,713		$	259,668
Ratio of net expenses to average net assets		0.37	%		0.38	%		0.38	%		0.38	%		0.38	%
Ratio of total expenses to average net assets		0.49	%		0.48	%		0.53	%		0.52	%		0.52	%
Ratio of net investment income to average net assets		3.55	%		3.19	%		3.28	%		3.62	%		3.40	%
Portfolio turnover rate(c)		82	%		82	%		63	%		79	%		84	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 139

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Investment Grade Credit Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	9.02		$	9.07		$	9.09		$	9.48		$	9.39
Net investment income(a)		0.31			0.28			0.29			0.32			0.31
Net realized and unrealized gain (loss)		0.15			(0.04	)		(0.02	)		(0.35	)		0.27
Total from investment operations		0.46			0.24			0.27			(0.03	)		0.58
Distributions to shareholders from net investment income		(0.31	)		(0.29	)		(0.29	)		(0.32	)		(0.31	)
Distributions to shareholders from net realized gains		—			—			—			(0.04	)		(0.18	)
Total distributions		(0.31	)		(0.29	)		(0.29	)		(0.36	)		(0.49	)
Net asset value, end of year	$	9.17		$	9.02		$	9.07		$	9.09		$	9.48
Total return(b)		5.28	%		2.60	%		3.01	%		(0.27	)%		6.32	%
Net assets, end of year (in 000s)	$	3,164		$	4,600		$	4,062		$	1,080		$	1,075
Ratio of net expenses to average net assets		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%
Ratio of total expenses to average net assets		0.58	%		0.57	%		0.61	%		0.61	%		0.61	%
Ratio of net investment income to average net assets		3.45	%		3.10	%		3.18	%		3.53	%		3.31	%
Portfolio turnover rate(c)		82	%		82	%		63	%		79	%		84	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

140 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout The Period

	Goldman Sachs Investment Grade Credit Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	8.93
Net investment income(b)		0.30
Net realized and unrealized gain		0.23
Total from investment operations		0.53
Distributions to shareholders from net investment income		(0.30	)
Net asset value, end of period	$	9.16
Total return(c)		6.12	%
Net assets, end of period (in 000s)	$	196,668
Ratio of net expenses to average net assets		0.37	%(d)
Ratio of total expenses to average net assets		0.51	%(d)
Ratio of net investment income to average net assets		3.57	%(d)
Portfolio turnover rate(e)		82	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 141

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Investment Grade Credit Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2016(a)
	2019			2018			2017
Per Share Data
Net asset value, beginning of year	$	9.02		$	9.07		$	9.08		$	9.13
Net investment income(b)		0.33			0.29			0.30			0.22
Net realized and unrealized gain (loss)		0.14			(0.04	)		(0.01	)		(0.02	)
Total from investment operations		0.47			0.25			0.29			0.20
Distributions to shareholders from net investment income		(0.32	)		(0.30	)		(0.30	)		(0.21	)
Distributions to shareholders from net realized gains		—			—			—			(0.04	)
Total distributions		(0.32	)		(0.30	)		(0.30	)		(0.25	)
Net asset value, end of year	$	9.17		$	9.02		$	9.07		$	9.08
Total return(c)		5.39	%		2.70	%		3.23	%		2.28	%
Net assets, end of year (in 000s)	$	675		$	17		$	12		$	10
Ratio of net expenses to average net assets		0.37	%		0.37	%		0.38	%		0.38	%(d)
Ratio of total expenses to average net assets		0.54	%		0.46	%		0.51	%		0.53	%(d)
Ratio of net investment income to average net assets		3.63	%		3.20	%		3.28	%		3.61	%(d)
Portfolio turnover rate(e)		82	%		82	%		63	%		79	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

142 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Local Emerging Markets Debt Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	6.89		$	6.38		$	6.36		$	6.96		$	8.43
Net investment income(a)		0.34			0.36			0.33			0.34			0.37
Net realized and unrealized gain (loss)		(1.17	)		0.52			0.04			(0.60	)		(1.41	)
Total from investment operations		(0.83	)		0.88			0.37			(0.26	)		(1.04	)
Distributions to shareholders from return of capital		(0.30	)		(0.37	)		(0.35	)		(0.34	)		(0.43	)
Net asset value, end of year	$	5.76		$	6.89		$	6.38		$	6.36		$	6.96
Total return(b)		(12.08	)%		13.93	%		6.21	%		(3.54	)%		(12.92	)%
Net assets, end of year (in 000s)	$	5,465		$	8,880		$	11,295		$	140,623		$	140,301
Ratio of net expenses to average net assets		1.21	%		1.22	%		1.24	%		1.25	%		1.25	%
Ratio of total expenses to average net assets		1.53	%		1.44	%		1.48	%		1.40	%		1.36	%
Ratio of net investment income to average net assets		5.75	%		5.47	%		5.17	%		5.31	%		4.76	%
Portfolio turnover rate(c)		117	%		112	%		111	%		100	%		145	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholder relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 143

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Local Emerging Markets Debt Fund
	Class C Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	6.88		$	6.38		$	6.37		$	6.98		$	8.44
Net investment income(a)		0.29			0.32			0.27			0.29			0.33
Net realized and unrealized gain (loss)		(1.17	)		0.50			0.04			(0.61	)		(1.42	)
Total from investment operations		(0.88	)		0.82			0.31			(0.32	)		(1.09	)
Distributions to shareholders from return of capital		(0.25	)		(0.32	)		(0.30	)		(0.29	)		(0.37	)
Net asset value, end of year	$	5.75		$	6.88		$	6.38		$	6.37		$	6.98
Total return(b)		(12.76	)%		13.10	%		5.08	%		(4.38	)%		(13.43	)%
Net assets, end of year (in 000s)	$	4,457		$	7,115		$	6,202		$	6,574		$	9,734
Ratio of net expenses to average net assets		1.96	%		1.96	%		1.98	%		2.00	%		2.01	%
Ratio of total expenses to average net assets		2.27	%		2.18	%		2.21	%		2.15	%		2.14	%
Ratio of net investment income to average net assets		4.99	%		4.77	%		4.27	%		4.58	%		4.04	%
Portfolio turnover rate(c)		117	%		112	%		111	%		100	%		145	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

144 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Local Emerging Markets Debt Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	6.87		$	6.37		$	6.36		$	6.97		$	8.43
Net investment income(a)		0.38			0.38			0.34			0.37			0.41
Net realized and unrealized gain (loss)		(1.20	)		0.50			0.04			(0.62	)		(1.41	)
Total from investment operations		(0.82	)		0.88			0.38			(0.25	)		(1.00	)
Distributions to shareholders from return of capital		(0.31	)		(0.38	)		(0.37	)		(0.36	)		(0.46	)
Net asset value, end of year	$	5.74		$	6.87		$	6.37		$	6.36		$	6.97
Total return(b)		(11.86	)%		14.29	%		6.20	%		(3.35	)%		(12.50	)%
Net assets, end of year (in 000s)	$	32,419		$	245,127		$	332,212		$	403,203		$	1,234,553
Ratio of net expenses to average net assets		0.91	%		0.92	%		0.91	%		0.91	%		0.92	%
Ratio of total expenses to average net assets		1.10	%		1.10	%		1.12	%		1.06	%		1.05	%
Ratio of net investment income to average net assets		6.33	%		5.80	%		5.35	%		5.67	%		5.11	%
Portfolio turnover rate(c)		117	%		112	%		111	%		100	%		145	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 145

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Local Emerging Markets Debt Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	6.87		$	6.37		$	6.35		$	6.96		$	8.43
Net investment income(a)		0.35			0.38			0.33			0.34			0.41
Net realized and unrealized gain (loss)		(1.17	)		0.50			0.06			(0.59	)		(1.43	)
Total from investment operations		(0.82	)		0.88			0.39			(0.25	)		(1.02	)
Distributions to shareholders from return of capital		(0.31	)		(0.38	)		(0.37	)		(0.36	)		(0.45	)
Net asset value, end of year	$	5.74		$	6.87		$	6.37		$	6.35		$	6.96
Total return(b)		(11.91	)%		14.24	%		6.30	%		(3.45	)%		(12.70	)%
Net assets, end of year (in 000s)	$	6,057		$	10,263		$	5,489		$	9,741		$	3,386
Ratio of net expenses to average net assets		0.96	%		0.97	%		0.98	%		0.99	%		1.01	%
Ratio of total expenses to average net assets		1.25	%		1.16	%		1.21	%		1.14	%		1.14	%
Ratio of net investment income to average net assets		6.03	%		5.78	%		5.28	%		5.55	%		5.06	%
Portfolio turnover rate(c)		117	%		112	%		111	%		100	%		145	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(c) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

146 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout The Period

	Goldman Sachs Local Emerging Markets Debt Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	6.75
Net investment income(b)		0.31
Net realized and unrealized loss		(1.03	)
Total from investment operations		(0.72	)
Distributions to shareholders from return of capital		(0.29	)
Net asset value, end of period	$	5.74
Total return(c)		(10.66	)%
Net assets, end of period (in 000s)	$	52,263
Ratio of net expenses to average net assets		0.90	%(d)
Ratio of total expenses to average net assets		1.24	%(d)
Ratio of net investment income to average net assets		5.75	%(d)
Portfolio turnover rate(e)		117	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 147

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs Local Emerging Markets Debt Fund
	Class R6 Shares
	Year Ended March 31, 2019			Period Ended March 31, 2018(a)
Per Share Data
Net asset value, beginning of year	$	6.87		$	6.48
Net investment income(b)		0.34			0.14
Net realized and unrealized gain (loss)		(1.16	)		0.37
Total from investment operations		(0.82	)		0.51
Distributions to shareholders from return of capital		(0.31	)		(0.12	)
Net asset value, end of year	$	5.74		$	6.87
Total return(c)		(11.86	)%		7.88	%
Net assets, end of year (in 000s)	$	92,937		$	56,354
Ratio of net expenses to average net assets		0.90	%		0.90	%(d)
Ratio of total expenses to average net assets		1.18	%		0.87	%(d)
Ratio of net investment income to average net assets		5.91	%		6.04	%(d)
Portfolio turnover rate(e)		117	%		112	%

(a) Commenced operations on November 30, 2017.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) 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.

148 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs U.S. Mortgages Fund
	Class A Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.21		$	10.45		$	10.68		$	10.74		$	10.45
Net investment income(a)		0.24			0.15			0.12			0.17			0.17
Net realized and unrealized gain (loss)		0.12			(0.16	)		(0.11	)		0.03			0.35
Total from investment operations		0.36			(0.01	)		0.01			0.20			0.52
Distributions to shareholders from net investment income		(0.28	)		(0.23	)		(0.24	)		(0.26	)		(0.23	)
Distributions to shareholders from return of capital		—			—	(b)		—			—	(b)		—
Total distributions		(0.28	)		(0.23	)		(0.24	)		(0.26	)		(0.23	)
Net asset value, end of year	$	10.29		$	10.21		$	10.45		$	10.68		$	10.74
Total return(c)		3.60	%		(0.10	)%		0.10	%		1.89	%		5.01	%
Net assets, end of year (in 000s)	$	31,394		$	24,967		$	47,235		$	36,465		$	31,690
Ratio of net expenses to average net assets		0.78	%		0.77	%		0.77	%		0.75	%		0.71	%
Ratio of total expenses to average net assets		0.86	%		0.87	%		0.93	%		0.96	%		0.95	%
Ratio of net investment income to average net assets		2.37	%		1.40	%		1.10	%		1.58	%		1.60	%
Portfolio turnover rate(d)		963	%		1,149	%		863	%		956	%		1,367	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 149

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs U.S. Mortgages Fund
	Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.23		$	10.47		$	10.71		$	10.77		$	10.47
Net investment income(a)		0.27			0.19			0.15			0.20			0.19
Net realized and unrealized gain (loss)		0.14			(0.16	)		(0.11	)		0.04			0.38
Total from investment operations		0.41			0.03			0.04			0.24			0.57
Distributions to shareholders from net investment income		(0.32	)		(0.27	)		(0.28	)		(0.30	)		(0.27	)
Distributions to shareholders from return of capital		—			—	(b)		—			—	(b)		—
Total distributions		(0.32	)		(0.27	)		(0.28	)		(0.30	)		(0.27	)
Net asset value, end of year	$	10.32		$	10.23		$	10.47		$	10.71		$	10.77
Total return(c)		4.05	%		0.24	%		0.35	%		2.23	%		5.46	%
Net assets, end of year (in 000s)	$	34,027		$	80,298		$	63,035		$	60,513		$	45,891
Ratio of net expenses to average net assets		0.44	%		0.43	%		0.43	%		0.41	%		0.37	%
Ratio of total expenses to average net assets		0.51	%		0.52	%		0.59	%		0.62	%		0.67	%
Ratio of net investment income to average net assets		2.68	%		1.78	%		1.45	%		1.89	%		1.82	%
Portfolio turnover rate(d)		963	%		1,149	%		863	%		956	%		1,367	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

150 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs U.S. Mortgages Fund
	Separate Account Institutional Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.21		$	10.45		$	10.69		$	10.75		$	10.45
Net investment income(a)		0.28			0.18			0.15			0.20			0.20
Net realized and unrealized gain (loss)		0.13			(0.15	)		(0.11	)		0.04			0.37
Total from investment operations		0.41			0.03			0.04			0.24			0.57
Distributions to shareholders from net investment income		(0.32	)		(0.27	)		(0.28	)		(0.30	)		(0.27	)
Distributions to shareholders from return of capital		—			—	(b)		—			—	(b)		—
Total distributions		(0.32	)		(0.27	)		(0.28	)		(0.30	)		(0.27	)
Net asset value, end of year	$	10.30		$	10.21		$	10.45		$	10.69		$	10.75
Total return(c)		4.07	%		0.24	%		0.35	%		2.23	%		5.46	%
Net assets, end of year (in 000s)	$	215,647		$	221,303		$	217,648		$	210,773		$	195,609
Ratio of net expenses to average net assets		0.44	%		0.43	%		0.43	%		0.41	%		0.37	%
Ratio of total expenses to average net assets		0.51	%		0.52	%		0.59	%		0.62	%		0.63	%
Ratio of net investment income to average net assets		2.77	%		1.77	%		1.45	%		1.91	%		1.86	%
Portfolio turnover rate(d)		963	%		1,149	%		863	%		956	%		1,367	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 151

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs U.S. Mortgages Fund
	Investor Shares
	Year Ended March 31,
	2019			2018			2017			2016			2015
Per Share Data
Net asset value, beginning of year	$	10.23		$	10.47		$	10.71		$	10.77		$	10.48
Net investment income(a)		0.27			0.18			0.13			0.17			0.18
Net realized and unrealized gain (loss)		0.13			(0.16	)		(0.10	)		0.06			0.37
Total from investment operations		0.40			0.02			0.03			0.23			0.55
Distributions to shareholders from net investment income		(0.31	)		(0.26	)		(0.27	)		(0.29	)		(0.26	)
Distributions to shareholders from return of capital		—			—	(b)		—			—	(b)		—
Total distributions		(0.31	)		(0.26	)		(0.27	)		(0.29	)		(0.26	)
Net asset value, end of year	$	10.32		$	10.23		$	10.47		$	10.71		$	10.77
Total return(c)		3.96	%		0.15	%		0.25	%		2.14	%		5.26	%
Net assets, end of year (in 000s)	$	152,715		$	154,957		$	143,018		$	6,582		$	1,768
Ratio of net expenses to average net assets		0.54	%		0.52	%		0.50	%		0.51	%		0.46	%
Ratio of total expenses to average net assets		0.61	%		0.61	%		0.62	%		0.71	%		0.71	%
Ratio of net investment income to average net assets		2.67	%		1.68	%		1.26	%		1.63	%		1.68	%
Portfolio turnover rate(d)		963	%		1,149	%		863	%		956	%		1,367	%

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.005 per share.

(c) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares.

(d) 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.

152 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout The Period

	Goldman Sachs U.S. Mortgages Fund
	Class P Shares
	Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	10.16
Net investment income(b)		0.28
Net realized and unrealized gain		0.18
Total from investment operations		0.46
Distributions to shareholders from net investment income		(0.30	)
Total distributions		(0.30	)
Net asset value, end of period	$	10.32
Total return(c)		4.57	%
Net assets, end of period (in 000s)	$	8,575
Ratio of net expenses to average net assets		0.44	%(d)
Ratio of total expenses to average net assets		0.52	%(d)
Ratio of net investment income to average net assets		2.89	%(d)
Portfolio turnover rate(e)		963	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d) Annualized.

(e) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

The accompanying notes are an integral part of these financial statements. 153

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights(continued)

Selected Share Data for a Share Outstanding Throughout Each Year

	Goldman Sachs U.S. Mortgages Fund
	Class R6 Shares
	Year Ended March 31,									Period Ended March 31, 2016(a)
	2019			2018			2017
Per Share Data
Net asset value, beginning of year	$	10.23		$	10.48		$	10.71		$	10.67
Net investment income(b)		0.29			0.19			0.19			0.13
Net realized and unrealized gain (loss)		0.12			(0.17	)		(0.14	)		0.11
Total from investment operations		0.41			0.02			0.05			0.24
Distributions to shareholders from net investment income		(0.32	)		(0.27	)		(0.28	)		(0.20	)
Distributions to shareholders from capital		—			—	(c)		—			—	(c)
Total distributions		(0.32	)		(0.27	)		(0.28	)		(0.20	)
Net asset value, end of year	$	10.32		$	10.23		$	10.48		$	10.71
Total return(d)		4.06	%		0.16	%		0.46	%		2.24	%
Net assets, end of year (in 000s)	$	14,387		$	5,104		$	2,606		$	10
Ratio of net expenses to average net assets		0.44	%		0.42	%		0.41	%		0.44	%(e)
Ratio of total expenses to average net assets		0.52	%		0.51	%		0.53	%		0.64	%(e)
Ratio of net investment income to average net assets		2.88	%		1.80	%		1.79	%		1.77	%(e)
Portfolio turnover rate(f)		963	%		1,149	%		863	%		956	%

(a) Commenced operations on July 31, 2015.

(b) Calculated based on the average shares outstanding methodology.

(c) Amount is less than $0.005 per share.

(d) Assumes investment at the NAV at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the year and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(e) Annualized.

(f) 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.

154 The accompanying notes are an integral part of these financial statements.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

March 31, 2019

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
Emerging Markets Debt, Local Emerging Markets Debt	A, C, Institutional, Investor, P* and R6	Non-diversified
High Yield	A, C, Institutional, Service, Investor, P*, R and R6	Diversified
High Yield Floating Rate	A, C, Institutional, Investor, P*, R and R6	Diversified
Investment Grade Credit, U.S. Mortgages	A, Institutional, Investor, Separate Account Institutional, P* and  R6	Diversified

* Class P Shares commenced operations on April 20, 2018.

Class A Shares of the Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are sold with a front-end sales charge of up to 4.50%, 4.50%, 2.25%, 3.75%, 4.50% and 3.75%, respectively. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Separate Account Institutional, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A.  Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B.  Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

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Notes to Financial Statements(continued)

March 31, 2019

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class.Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/orpro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D.  Redemption Fees — A 2% redemption fee will be imposed on the redemption of shares (including by exchange) held for 60 calendar days or less with respect to the High Yield Fund and 30 calendar days or less with respect to the Emerging Markets Debt and Local Emerging Markets Debt Funds. For this purpose, the Funds use 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 a 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 a Fund on apro-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 and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund Name	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Emerging Markets Debt Fund	Daily/Monthly	Annually
High Yield Fund	Daily/Monthly	Annually
High Yield Floating Rate Fund	Daily/Monthly	Annually
Investment Grade Credit Fund	Daily/Monthly	Annually
Local Emerging Markets Debt Fund	Daily/Monthly	Annually
U.S. Mortgages Fund	Daily/Monthly	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as eithershort-term orlong-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F.  Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAMday-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A.  Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities— Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Private Investments — Private investments may include, but are not limited to, investments in private equity or debt instruments. The investment manager estimates the fair value of private investments based upon various factors, including, but not limited to, transactions in similar instruments, completed or pending third-party transactions in underlying investments or comparable entities, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure, offerings in equity or debt capital markets, and changes in current and projected financial ratios or cash flows.

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares

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Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund ’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

The High Yield and High Yield Floating Rate Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

ii.  Commercial Paper — Commercial paper normally representsshort-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

iii.  Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

iv.  Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

v.  Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

vi.  Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss. Structured notes that are exchange traded are generally classified as Level 1 of the fair value hierarchy.

vii.  Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

viii.  When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be

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Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i.  Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts aremarked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

Aforward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts aremarked-to-market daily at the applicable forward rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii.  Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequentlymarked-to-market to reflect the current value of the option written. Swaptions are options on interest rate and or credit default swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequentlymarked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

iv.  Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps aremarked-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 anymark-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.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

A cross currency swap is an agreement which a Fund may enter into to gain or mitigate exposure to currency risk. A cross currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Cross currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for another designated currency. Therefore, the entire principal value of a cross currency swap is subject to risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transactions.

A total return swap is an agreement that gives a Fund the right to receive the appreciation in the value of a specified security, basket of investments or indices, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

Secured Borrowings — Secured borrowings are valued at their contractual amounts, which approximate fair value, and are generally classified as Level 2 of the fair value hierarchy.

i.  Reverse Repurchase Agreements — Reverse repurchase agreements involve the sale of securities held by a Fund subject to the Fund’s agreement to repurchase the securities at a mutually agreed upon date and price (including interest), under the terms of an MRA. The gross value of reverse repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

When a Fund enters into a reverse repurchase agreement, it is required to deliver securities as collateral to the counterparty that exceed the value of the reverse repurchase agreement. During the term of a reverse repurchase agreement, the value of the underlying securities pledged as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the reverse repurchase agreement, including accrued interest. If the value of those securities pledged as collateral, including accrued interest, becomes less than the value of the reverse repurchase agreement, including accrued interest, a Fund will be obligated to deliver additional collateral to the buyer. If the buyer defaults on its commitment to sell back the securities, a Fund could suffer a loss to the extent that the amount borrowed is less than the replacement cost of similar securities and the Fund’s costs associated with delay and enforcement of the reverse repurchase agreement. In addition, in the event of default or insolvency of the buyer, a court could determine that the Fund’s interest in the amount borrowed is not enforceable, resulting in additional losses to a Fund.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of 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

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Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of March 31, 2019:

EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	1,055,502,084		$	—
Corporate Obligations		—			422,489,799			—
Municipal Debt Obligations		—			12,915,032			—
Investment Company		14,750,424			—			—
Total	$	14,750,424		$	1,490,906,915		$	—
Liabilities
Reverse Repurchase Agreements	$	—		$	(5,005,000	)	$	—
Total	$	—		$	(5,005,000	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	9,452,606		$	—
Futures Contracts(a)		6,333,490			—			—
Interest Rate Swap Contracts(a)		—			758,656			—
Credit Default Swap Contracts(a)		—			1,617,316			—
Options Purchased		488,175			—			—
Total	$	6,821,665		$	11,828,578		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(6,489,450	)	$	—
Futures Contracts		(1,329,854	)		—			—
Interest Rate Swap Contracts		—			(1,992,430	)		—
Credit Default Swap Contracts		—			(5,576,763	)		—
Total	$	(1,329,854	)	$	(14,058,643	)	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

HIGH YIELD
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	104,828,555		$	—
Corporate Obligations		—			2,020,100,853			—
Common Stock and/or Other Equity Investments
North America		784,377			4,810,649			—
Investment Company		87,368,040			—			—
Exchange Traded Fund		22,474,864			—			—
Total	$	110,627,281		$	2,129,740,057		$	—
Liabilities
Reverse Repurchase Agreements	$	—		$	(7,452,125	)	$	—
Total	$	—		$	(7,452,125	)	$	—
Derivative Type
Assets
Futures Contracts(a)	$	1,852,981		$	—		$	—
Credit Default Swap Contracts(a)		—			676,754			—
Options Purchased		338,675			—			—
Total	$	2,191,656		$	676,754		$	—
Liabilities(a)
Futures Contracts	$	(1,895,334	)	$	—		$	—

(a) Amount shown represents unrealized gain (loss) at period end.

HIGH YIELD FLOATING RATE
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Bank Loans	$	—	$	2,123,949,130	$	16,921,844
Corporate Obligations		—		57,997,228		—
Unfunded Loan Committment		—		1,509,535		—
Common Stock and/or Other Equity Investments
North America		—		5,296,048		—
Exchange Traded Funds		52,481,516		—		—
Investment Company		17,476,345		—		—
Total	$	69,957,861	$	2,188,751,941	$	16,921,844

163

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

HIGH YIELD FLOATING RATE (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	677,304		$	—
Futures Contracts		17,661			—			—
Total	$	17,661		$	677,304		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts with Unrealized Gain	$	—		$	(40,254	)	$	—
Futures Contracts		(373,451	)		—			—
Total	$	(373,451	)	$	(40,254	)	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

INVESTMENT GRADE CREDIT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	441,382,393		$	—
Foreign Debt Obligations		—			18,282,866			—
Municipal Debt Obligations		—			3,586,470			—
U.S. Treasury Obligations		3,585,917			—			—
Investment Company		6,402,136			—			—
Total	$	9,988,053		$	463,251,729		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	55,500		$	—
Futures Contracts(a)		1,040,406			—			—
Interest Rate Swap Contracts(a)		—			13,236			—
Credit Default Swap Contracts(a)		—			272,666			—
Options Purchased		72,450			—			—
Total	$	1,112,856		$	341,402		$	—
Liabilities(a)
Futures Contracts	$	(304,239	)	$	—		$	—
Credit Default Swap Contracts		—			(39,329	)		—
Total	$	(304,239	)	$	(39,329	)	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

164

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

LOCAL EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	142,430,354		$	—
Corporate Obligations		—			4,515,107			—
Structured Notes		—			19,944,503			—
Municipal Debt Obligations		—			965,971			—
U.S. Treasury Obligations		3,205,415			—			—
Investment Company		13,273,080			—			—
Total	$	16,478,495		$	167,855,935		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,503,353		$	—
Futures Contracts(a)		362,034			—			—
Interest Rate Swap Contracts(a)		—			1,591,828			—
Non Deliverable Bond Forwards Contracts(a)		—			22,189			—
Options Purchased		54,050			—			—
Total	$	416,084		$	3,117,370		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,804,828	)	$	—
Futures Contracts		(558,474	)		—			—
Interest Rate Swap Contracts		—			(896,739	)		—
Credit Default Swap Contracts		—			(314,800	)		—
Total	$	(558,474	)	$	(3,016,367	)	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

U.S. MORTGAGES
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—	$	489,013,240		$	—
Asset-Backed Securities		—		60,349,515			—
Municipal Debt Obligation		—		1,157,717			—
Investment Company		18,368,741		—			—
Total	$	18,368,741	$	550,520,472		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(65,113,172	)	$	—
Total	$	—	$	(65,113,172	)	$	—

165

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. MORTGAGES (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Futures Contracts(a)	$	695,728		$	—		$	—
Interest Rate Swap Contracts(a)		—			16,730			—
Options Purchased		78,200			163,364			—
Total	$	773,928		$	180,094		$	—
Liabilities
Futures Contracts(a)	$	(121,246	)	$	—		$	—
Options Written		—			(98,705	)		—
Total	$	(121,246	)	$	(98,705	)	$	—

(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 (not considered to be hedging instruments for accounting disclosure purposes) as of March 31, 2019. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

EMERGING MARKETS DEBT
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value	$	7,580,321	(a)	Variation margin on swap contracts; Variation margin on futures contracts	$	(3,322,284)	(a)
Credit	Receivable for unrealized gain on swap Contracts; Variation margin on swap contracts		1,617,316	(a)	Payable for unrealized gain on swap Contracts; Variation margin on swap contracts		(5,576,763)	(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		9,452,606		Payable for unrealized loss on forward foreign currency exchange contracts.		(6,489,450)
Total		$	18,650,243			$	(15,388,497)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

(b) Aggregate of amounts include $5,560,951 for the Emerging Markets Debt Fund, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

166

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

HIGH YIELD
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Purchased options, at value	$	2,191,656	(a)	Variation margin on futures contracts	$	(1,895,334)	(a)
Credit	Variation margin on swap contracts		676,754	(a)	—		—
Total		$	2,868,410			$	(1,895,334)
HIGH YIELD FLOATING RATE FUND
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	17,661	(a)	Variation margin on futures contracts	$	(373,451)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		677,304		Payable for unrealized loss on forward foreign currency exchange contracts		(40,254)
Total		$	694,965			$	(413,705)
INVESTMENT GRADE CREDIT
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	1,126,092	(a)	Variation margin on futures contracts	$	(304,239)	(a)
Credit	Variation margin on swap contracts		272,666	(a)	Variation margin on swap contracts		(39,329)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		55,500		—		—
Total		$	1,454,258			$	( 343,568)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

167

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

4. INVESTMENTS IN DERIVATIVES (continued)

LOCAL EMERGING MARKETS DEBT
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Receivable for unrealized gain onnon-deliverable bond forward contracts: Variation margin on swap contracts; Variation margin on futures contracts; Purchased options contracts, at value	$	2,030,101	(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts	$	(1,455,213)	(a)(b)
Credit	—		—		Payable for unrealized loss on swap contracts		(314,800)	(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,503,353		Payable for unrealized loss on forward foreign currency exchange contracts		(1,804,828)
Total		$	3,533,454			$	(3,574,841)
U.S. MORTGAGES
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts; Variation margin on futures contracts; Purchased options at value	$	954,022	(a)	Variation margin on futures contracts; Written options at value	$	(219,951)	(a)

(a) Includes unrealized gain (loss) on futures contracts and centrally cleared swaps described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

(b) Aggregate of amounts include $792,615 for the Local Emerging Markets Debt Fund, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with theclose-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended March 31, 2019. 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:

EMERGING MARKETS DEBT
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts and swap contracts	$	(2,214,585	)	$	3,196,736		5,387
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(4,991,351	)		2,829,096		105
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		8,472,924			4,291,887		246
Total		$	1,266,988		$	10,317,719		5,738

168

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

HIGH YIELD
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts /Net change in unrealized gain (loss) on purchased options contracts and futures contracts	$	(456,919	)	$	2,173,905		3,343
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		718,986			598,787		1
Equity	Net realized gain (loss) from swap contracts		1,588,754			—		1
Total		$	1,850,821		$	2,772,692		3,345
HIGH YIELD FLOATING RATE
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	(2,815,672	)	$	1,046,703		950
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		996,634			757,144		1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		4,086,950			860,258		4
Total		$	2,267,912		$	2,664,105		955
INVESTMENT GRADE CREDIT
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options contracts, futures contracts and swap contracts /Net change in unrealized gain (loss) on purchased options contracts, futures contracts and swap contracts	$	(552,313	)	$	721,993		648
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		338,899			245,312		2
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		350,912			56,664		1
Total		$	137,498		$	1,023,969		651

169

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

4. INVESTMENTS IN DERIVATIVES (continued)

LOCAL EMERGING MARKETS DEBT
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) on futures contracts, nondeliverable bond forward contracts and swap contracts /Net change in unrealized gain (loss) on purchased options contracts, futures contracts, nondeliverable bond forward contracts and swap contracts	$	869,621		$	435,707			545
Credit	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts		(829,168	)		582,736			40
Currency	Net realized gain (loss) on forward foreign currency exchange/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(9,761,603	)		(433,592	)		283
Total		$	(9,721,150	)	$	584,851			868
U.S. MORTGAGES
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options contracts, futures contracts, swap contracts and written options contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options contracts	$	1,239,824		$	(41,141	)		750

(a) Average number of contracts is based on the average of month end balances for the fiscal year ended March 31, 2019.

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 the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

170

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractualnetting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of March 31, 2019:

Emerging Markets Debt Fund
	Derivative Assets(1)							Derivative Liabilities(1)									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Swaps		Forward Currency Contracts			Total		Swaps			Forward Currency Contracts			Total
Barclays Bank PLC	$	66,319	$	—		$	66,319	$	(943,269	)	$	—		$	(943,269	)	$	(876,950	)	$	876,950	$	—
BoA Securities LLC		—		—			—		(475,058	)		—			(475,058	)		(475,058	)		280,000		(195,058	)
Citibank NA		376,652		—			376,652		(1,616,000	)		—			(1,616,000	)		(1,239,348	)		1,239,348		—
CS International (London)		—		—			—		(91,288	)		—			(91,288	)		(91,288	)		—		(91,288	)
Deutsche Bank AG (London)		156,341		—			156,341		(1,024,178	)		—			(1,024,178	)		(867,837	)		867,837		—
JPMorgan Securities, Inc.		30,091		—			30,091		(1,030,290	)		—			(1,030,290	)		(1,000,199	)		1,000,199		—
MS & Co. Int. PLC		—		9,452,606			9,452,606		—			(6,489,450	)		(6,489,450	)		2,963,156			—		2,963,156
UBS AG (London)		—		—			—		(380,868	)		—			(380,868	)		(380,868	)		380,868		—
Total	$	629,403	$	9,452,606		$	10,082,009	$	(5,560,951	)	$	(6,489,450	)	$	(12,050,401	)	$	(1,968,392	)	$	4,645,202	$	2,676,810
Local Emerging Markets Debt Fund
	Derivative Assets(1)							Derivative Liabilities(1)									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Swaps		Forward Currency Contracts			Total		Swaps			Forward Currency Contracts			Total
Barclays Bank PLC	$	—	$	—		$	—	$	(44,203	)	$	—		$	(44,203	)	$	(44,203	)	$	10,000	$	(34,203	)
BoA Securities LLC		2,914		22,189	*		25,103		(48,412	)		—			(48,412	)		(23,309	)		—		(23,309	)
Citibank NA		62,043		—			62,043		(251,413	)		—			(251,413	)		(189,370	)		189,370		—
CS International (London)		1,373		—			1,373		(79,130	)		—			(79,130	)		(77,757	)		77,757		—
JPMorgan Securities, Inc.		—		—			—		(24,100	)		—			(24,100	)		(24,100	)		—		(24,100	)
MS & Co. Int. PLC		74,409		1,503,353			1,577,762		(339,625	)		(1,804,828	)		(2,144,453	)		(566,691	)		566,691		—
UBS AG (London)		—		—			—		(5,732	)		—			(5,732	)		(5,732	)		—		(5,732	)
Total	$	140,739	$	1,525,542		$	1,666,281	$	(792,615	)	$	(1,804,828	)	$	(2,597,443	)	$	(931,162	)	$	843,818	$	(87,344	)

* Includes non-deliverable bond forward contracts of $22,189.

(1) Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractualset-off rights under the agreement. Net amount excludes any over-collateralized amounts.

171

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the fiscal year ended March 31, 2019, contractual and effective net management fees with GSAM were at the following rates:

Fund Name	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Emerging Markets Debt Fund		0.80	%		0.80	%		0.72	%		0.68	%		0.67	%		0.79	%		0.79	%
High Yield Fund		0.70			0.70			0.63			0.60			0.59			0.69			0.69
High Yield Floating Rate Fund		0.60			0.54			0.51			0.50			0.49			0.54			0.54
Investment Grade Credit Fund		0.34			0.31			0.29			0.28			0.28			0.34			0.34
Local Emerging Markets Debt Fund		0.80			0.80			0.72			0.68			0.67			0.80			0.79
U.S. Mortgages Fund		0.34			0.31			0.29			0.28			0.28			0.34			0.33

^ The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Treasury0-1 Year ETF and Class R6 Shares of the Goldman Sachs Emerging Markets Debt Fund and Goldman Sachs Local Emerging Markets Debt Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the fiscal year ended March 31, 2019, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Emerging Markets Debt Fund	$	69,490
High Yield Fund		54,957
High Yield Floating Rate Fund		273,965
Investment Grade Credit Fund		4,514
Local Emerging Markets Debt Fund		28,498
U.S. Mortgages Fund		45,697

B.  Distribution and/or Service(12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

172

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Services Shares of the Funds, as set forth below.

	Distribution and/or Service Plan Rates
	Class A*			Class C			Class R*			Service
Distribution and/or Service Plan		0.25	%		0.75	%		0.50	%		0.25	%

* With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. During the fiscal year ended March 31, 2019, Goldman Sachs retained the following amounts:

	Front End Sales Charge
Fund Name	Class A
Emerging Markets Debt Fund	$	4,369
High Yield Fund		10,272
High Yield Floating Rate Fund		522
Investment Grade Credit Fund		1,547
Local Emerging Markets Debt Fund		753
U.S. Mortgages Fund		753

During the fiscal year ended March 31, 2019, Goldman Sachs did not retain any portion of Class C Shares’ CDSC.

D.  Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service and/or Shareholder Administration Plans to allow Class C and Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance and/or shareholder administration services to their customers who are beneficial owners of such shares. The Service and/or Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% the average daily net assets attributable to Class C and/or Service Shares of the Funds.

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, Investor and Class R Shares, and 0.03% of the average daily net assets of Class P and Class R6 Shares; 0.04% of the average daily net assets of Institutional and Service Shares, and 0.03% of the average daily net assets with respect to the Investment Grade Credit and U.S. Mortgages Funds’ Separate Account Institutional Shares. Prior to April 20, 2018, such fee was 0.04% of the average daily net assets of the Investment Grade Credit and U.S. Mortgages Funds’ Separate Account Institutional Shares.

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Notes to Financial Statements(continued)

March 31, 2019

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs has agreed to waive a portion of the transfer agency fees equal to 0.04% of the average daily net assets attributable to Class A, Class C and Investor Shares of the Local Emerging Markets Debt Fund and 0.06% of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the High Yield Fund through at least July 29, 2019. Prior to July 30, 2018, Goldman Sachs had agreed to waive a portion of the transfer agent fees equal to 0.03% of the average daily net assets attributable to Class A, Class C, Investor and Class R shares of the High Yield Fund.

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 fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are 0.024%, 0.024%, 0.104%, 0.004%, 0.074% and 0.074%, respectively. These Other Expense limitations will remain in place through at least July 29, 2019, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the fiscal year ended March 31, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund Name	Management Fee Waiver		Transfer Agency Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions
Emerging Markets Debt Fund	$	69,490	$	386	$	962,627	$	1,032,503
High Yield Fund		54,957		113,245		373,821		542,023
High Yield Floating Rate Fund		273,965		15		—		273,980
Investment Grade Credit Fund		4,514		27		445,560		450,101
Local Emerging Markets Debt Fund		28,498		7,715		662,325		698,538
U.S. Mortgages Fund		45,697		252		308,159		354,108

G.  Line of Credit Facility — As of March 31, 2019, the Funds participated in a $770,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the fiscal year ended March 31, 2019, the Funds did not have any borrowings under the facility. The facility was decreased to $580,000,000 effective April 30, 2019.

H.  Other Transactions with Affiliates — For the fiscal year ended March 31, 2019 , Goldman Sachs earned $152,491, $20,107, $13,302 and $23,299, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Emerging Markets Debt, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds, respectively.

The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. For the fiscal year ended March 31, 2019, the purchase and

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

sale transactions and related net realized gain (loss) for the Funds with an affiliated fund in compliance with Rule17a-7 under the Act were as follows:

Fund	Purchases at Cost		Proceeds from sales		Net realized gain (loss)
High Yield Floating Rate	$	17,275,961	$	7,551,984	$	(106,753	)

As of March 31, 2019, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the Local Emerging Market Debts Fund:

Goldman Sachs Balanced Strategy Portfolio		Goldman Sachs Income Builder Fund		Goldman Sachs Satellite Strategies Portfolio		Goldman Sachs Trust Growth and Income Portfolio
	10%		13%		11%		9%

As of March 31, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of 12% of Class R Shares of the High Yield Floating Rate Fund.

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs Local Emerging Markets Debt Fund and Goldman Sachs TreasuryAccess0-1 Year ETF for the fiscal year ended March 31, 2019:

Fund	Underlying Fund	Beginning Value as of March 31, 2018		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Ending Value as of March 31, 2019		Shares as of March 31, 2019		Dividend Income
Emerging Markets Debt Fund	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	47,535,587	$	810,253,261	$	(843,038,424	)	$	—		$	—		$	14,750,424		14,750,424	$	851,094
High Yield	Goldman Sachs Financial Square Government Fund — Institutional Shares		69,421,973		909,237,974		(891,291,907	)		—			—			87,368,040		87,368,040		691,711
	Goldman Sachs Access High Yield Corporate Bond ETF		1,215,500		23,598,860		(2,375,767	)		8,087			28,184			22,474,864		460,000		28,731
High Yield Floating Rate	Goldman Sachs Financial Square Government Fund — Institutional Shares		408,461,237		1,872,489,733		(2,263,474,625	)		—			—			17,476,345		17,476,345		2,953,833
	Goldman Sachs Access Treasury0-1 Year ETF		23,695,141		—		(23,674,709	)		(12,974	)		(7,458	)		—		—		232,133
Investment Grade Credit	Goldman Sachs Financial Square Government Fund — Institutional Shares		11,237,208		111,606,690		(116,441,762	)		—			—			6,402,136		6,402,136		60,981
Local Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares		21,553		320,583,780		(307,332,253	)		—			—			13,273,080		13,273,080		347,683
U.S. Mortgages	Goldman Sachs Financial Square Government Fund — Institutional Shares		16,257,764		304,762,332		(302,651,355	)		—			—			18,368,741		18,368,741		507,253

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Notes to Financial Statements(continued)

March 31, 2019

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended March 31, 2019, were:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Emerging Markets Debt Fund	$	745,251,931	$	827,242,655	$	781,295,519	$	1,542,509,333
High Yield Fund		—		1,370,544,678		—		2,003,123,919
High Yield Floating Rate Fund		—		2,409,783,131		—		3,889,602,283
Investment Grade Credit Fund		46,452,140		352,573,723		272,166,547		42,877,493
Local Emerging Markets Debt Fund		91,678,611		172,862,489		89,141,375		233,593,978
U.S. Mortgages Fund		6,521,362,980		36,814,611		6,518,978,694		18,759,470

The table below summarizes the reverse repurchase agreement activity for the fiscal year ended March 31, 2019:

Fund	Average amount of borrowings		Weighted average interest rate (Paid) Received			Number of days outstanding during the period
Emerging Markets Debt	$	3,292,671		(1.164	)%		277
High Yield		24,786,703		0.489			365
High Yield Floating Rate		4,892,572		0.753			360

The following table sets forth the Funds’ different types of investments pledged as collateral and the remaining contractual maturities of the reverse repurchase agreements as of March 31, 2019:

EMERGING MARKET DEBT
	Remaining Contractual Maturity of the Agreements As of March 31, 2019
	Overnight and Continuous		< 30 days		Between 30 and 90 days		> 90 days		Total
Reverse Repurchase Agreements
Corporate Obligations	$	—	$	—	$	—	$	5,005,000	$	5,005,000
Total Borrowings	$	—	$	—	$	—	$	5,005,000	$	5,005,000
Gross amount of recognized liabilities for reverse repurchase agreements									$	5,005,000
HIGH YIELD
	Remaining Contractual Maturity of the Agreements As of March 31, 2019
	Overnight and Continuous		< 30 days		Between 30 and 90 days		> 90 days		Total
Reverse Repurchase Agreements
Corporate Obligations	$	—	$	—	$	—	$	7,452,125	$	7,452,125
Total Borrowings	$	—	$	—	$	—	$	7,452,125	$	7,452,125
Gross amount of recognized liabilities for reverse repurchase agreements									$	7,452,125

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended March 31, 2019 was as follows:

	Emerging Markets Debt		High Yield		High Yield Floating Rate		Investment Grade Credit		Local Emerging Markets Debt		U.S. Mortgages
Distribution paid from:
Ordinary income	$	96,327,961	$	136,906,072	$	179,922,941	$	14,037,904	$	—	$	14,396,898
Net long-term capital gains		—		—		—		—		—		—
Total taxable distributions	$	96,327,961	$	136,906,072	$	179,922,941	$	14,037,904	$	—	$	14,396,898
Tax return of capital	$	8,327,144	$	—	$	—	$	—	$	14,803,079	$	—

The tax character of distributions paid during the fiscal year ended March 31, 2018 was as follows:

	Emerging Markets Debt		High Yield		High Yield Floating Rate		Local Emerging Markets Debt		Investment Grade Credit		U.S. Mortgages
Distribution paid from:
Ordinary income	$	102,315,489	$	180,014,404	$	167,715,352	$	13,366,632	$	947,567	$	11,862,690
Total taxable distributions	$	102,315,489	$	180,014,404	$	167,715,352	$	13,366,632	$	947,567	$	11,862,690
Tax return of capital	$	—	$	—	$	2,149,413	$	—	$	—	$	206,646

As of March 31, 2019, the components of accumulated earnings (losses) on a tax basis were as follows:

	Emerging Markets Debt			High Yield			High Yield Floating Rate			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Undistributed ordinary income — net	$	—		$	2,751,119		$	2,311,318		$	601,885		$	—		$	42,259
Undistributed long-term capital gains		—			—			—			—			—			—
Total undistributed earnings	$	—		$	2,751,119		$	2,311,318		$	601,885		$	—		$	42,259
Capital loss carryforwards:(1)
Perpetual Short-Term		(19,106,151	)		(126,066,850	)		(61,948,807	)		(3,385,957	)		(103,240,568	)		(11,779,895	)
Perpetual Long-Term		(49,906,731	)		(245,492,135	)		(122,814,422	)		—			(40,334,463	)		(5,400,046	)
Total capital loss carryforwards	$	(69,012,882	)	$	(371,558,985	)	$	(184,763,229	)	$	(3,385,957	)	$	(143,575,031	)	$	(17,179,941	)
Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral/Straddle Deferral/Distributions Payable)	$	(46,223,999	)	$	(23,286,943	)	$	(79,735,217	)	$	(194,796	)	$	(10,178,053	)	$	(84,444	)
Unrealized gains (losses) — net		(76,399,330	)		(32,846,245	)		(79,378,900	)		9,102,898			(18,392,970	)		2,976,524
Total accumulated earnings (losses) net	$	(191,636,211	)	$	(424,941,054	)	$	(341,566,028	)	$	6,124,030		$	(172,146,054	)	$	(14,245,602	)

(1) The High Yield Fund utilized $11,636,439 of capital losses in the current fiscal year.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

7. TAX INFORMATION (continued)

As of March 31, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Emerging Markets Debt			High Yield			High Yield Floating Rate			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Tax Cost	$	1,585,251,855		$	2,274,076,256		$	2,353,869,327		$	465,222,836		$	202,539,486		$	566,414,325
Gross unrealized gain		34,418,574			47,574,170			4,268,647			11,283,250			1,972,470			6,130,352
Gross unrealized loss		(110,817,904	)		(80,420,415	)		(83,647,547	)		(2,180,352	)		(20,365,440	)		(3,153,828	)
Net unrealized gains (losses)	$	(76,399,330	)	$	(32,846,245	)	$	(79,378,900	)	$	9,102,898		$	(18,392,970	)	$	2,976,524

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures and options contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions, material modification of debt securities, and foreign currency transactions.

The Local Emerging Markets Debt Fund reclassed $21,146,957 from paid in capital to distributable earnings for the year ending March 31, 2019. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from net operating losses.

The U.S. Mortgages Fund reclassed $308,633 from paid in capital to distributable earnings for the year ending March 31, 2019. In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from return of capital distributions.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

8. OTHER RISKS (continued)

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Funds will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Funds’ investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including exchange-traded funds (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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 ofnon-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. A Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

8. OTHER RISKS (continued)

the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments, loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be relatively illiquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and may be relatively illiquid and difficult to value. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund’s redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-Diversification Risk — Each of the Emerging Markets Debt Fund and Local Emerging Markets Debt Fund isnon-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. OTHER MATTERS

In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (ASU)2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. GSAM is currently evaluating the impact, if any, of the amendments.

11. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Emerging Markets Debt Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,722,191		$	32,457,682			5,293,973		$	68,228,043
Reinvestment of distributions		268,756			3,189,475			316,034			4,075,790
Shares redeemed		(6,247,982	)		(74,037,140	)		(5,454,397	)		(70,022,225	)
		(3,257,035	)		(38,389,983	)		155,610			2,281,608
Class C Shares
Shares sold		297,761			3,534,487			773,678			9,951,120
Reinvestment of distributions		78,280			927,445			82,846			1,068,212
Shares redeemed		(1,332,626	)		(15,727,504	)		(668,207	)		(8,595,415	)
		(956,585	)		(11,265,572	)		188,317			2,423,917
Institutional Shares
Shares sold		48,986,873			583,523,166			81,323,944			1,048,108,685
Reinvestment of distributions		5,576,022			66,175,612			5,784,011			74,661,793
Shares redeemed		(121,909,237	)		(1,439,663,635	)		(60,686,630	)		(774,922,409	)
		(67,346,342	)		(789,964,857	)		26,421,325			347,848,069
Investor Shares
Shares sold		5,447,874			64,907,118			10,261,460			132,288,587
Reinvestment of distributions		521,732			6,195,712			441,014			5,689,440
Shares redeemed		(11,341,527	)		(134,594,033	)		(3,573,843	)		(45,935,115	)
		(5,371,921	)		(63,491,203	)		7,128,631			92,042,912
Class P Shares(a)
Shares sold		2,722,879			32,277,122			—			—
Reinvestment of distributions		60,452			709,159			—			—
Shares redeemed		(1,561,755	)		(17,767,201	)		—			—
		1,221,576			15,219,080			—			—
Class R6 Shares
Shares sold		30,713,944			361,315,580			21,500,845			271,553,176
Reinvestment of distributions		1,520,598			17,956,215			188,598			2,416,878
Shares redeemed		(28,241,290	)		(328,878,675	)		(714,276	)		(9,143,066	)
		3,993,252			50,393,120			20,975,167			264,826,988
NET INCREASE (DECREASE)		(71,717,055	)	$	(837,499,415	)		54,869,050		$	709,423,494

(a) Class P Shares commenced operations on April 20, 2018.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	High Yield Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,584,667		$	22,672,202			2,675,979		$	17,524,930
Reinvestment of distributions		1,394,920			8,742,759			1,497,653			9,808,158
Shares redeemed		(7,496,027	)		(46,974,100	)		(11,210,562	)		(73,509,585	)
		(2,516,440	)		(15,559,139	)		(7,036,930	)		(46,176,497	)
Class C Shares
Shares sold		311,557			1,957,141			282,186			1,850,537
Reinvestment of distributions		149,733			942,353			226,003			1,480,739
Shares redeemed		(3,242,780	)		(20,575,932	)		(2,328,801	)		(15,271,301	)
		(2,781,490	)		(17,676,438	)		(1,820,612	)		(11,940,025	)
Institutional Shares
Shares sold		9,607,002			60,580,335			66,312,349			435,805,625
Reinvestment of distributions		7,535,413			47,682,035			22,686,914			148,904,007
Shares redeemed		(355,459,541	)		(2,259,275,214	)		(215,211,627	)		(1,405,045,784	)
		(338,317,126	)		(2,151,012,844	)		(126,212,364	)		(820,336,152	)
Service Shares
Shares sold		167,551			1,052,114			228,947			1,496,008
Reinvestment of distributions		87,311			546,854			83,562			546,124
Shares redeemed		(299,201	)		(1,875,001	)		(390,280	)		(2,549,415	)
		(44,339	)		(276,033	)		(77,771	)		(507,283	)
Investor Shares
Shares sold		554,794			3,496,809			726,160			4,764,955
Reinvestment of distributions		195,110			1,225,968			244,610			1,604,525
Shares redeemed		(1,753,410	)		(11,038,459	)		(2,080,987	)		(13,614,120	)
		(1,003,506	)		(6,315,682	)		(1,110,217	)		(7,244,640	)
Class P Shares(a)
Shares sold		325,017,697			2,058,421,639			—			—
Reinvestment of distributions		10,270,012			64,282,625			—			—
Shares redeemed		(81,882,872	)		(508,780,556	)		—			—
		253,404,837			1,613,923,708			—			—
Class R Shares
Shares sold		300,416			1,883,012			406,420			2,649,443
Reinvestment of distributions		106,771			668,679			102,842			672,303
Shares redeemed		(639,313	)		(3,999,648	)		(545,324	)		(3,565,090	)
		(232,126	)		(1,447,957	)		(36,062	)		(243,344	)
Class R6 Shares
Shares sold		7,604,069			47,963,350			38,770,261			249,630,088
Reinvestment of distributions		881,531			5,562,550			567,681			3,700,105
Shares redeemed		(33,975,941	)		(216,388,864	)		(31,632,552	)		(210,058,668	)
		(25,490,341	)		(162,862,964	)		7,705,390			43,271,525
NET DECREASE		(116,980,531	)	$	(741,227,349	)		(128,588,566	)	$	(843,176,416	)

(a) Class P Shares commenced operations on April 20, 2018.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	High Yield Floating Rate Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		163,073		$	1,564,661			78,473		$	760,694
Reinvestment of distributions		20,065			190,230			17,859			173,314
Shares redeemed		(218,065	)		(2,075,540	)		(378,205	)		(3,674,167	)
		(34,927	)		(320,649	)		(281,873	)		(2,740,159	)
Class C Shares
Shares sold		18,938			180,149			80,278			778,208
Reinvestment of distributions		6,193			58,848			7,992			77,560
Shares redeemed		(157,857	)		(1,512,452	)		(103,662	)		(1,005,412	)
		(132,726	)		(1,273,455	)		(15,392	)		(149,644	)
Institutional Shares
Shares sold		13,849,723			133,619,768			120,311,176			1,168,954,054
Reinvestment of distributions		5,066,105			48,710,317			17,288,438			167,915,875
Shares redeemed		(413,718,507	)		(3,971,537,480	)		(133,721,496	)		(1,296,664,216	)
		(394,802,679	)		(3,789,207,395	)		3,878,118			40,205,713
Investor Shares
Shares sold		180,658			1,743,065			415,578			4,035,613
Reinvestment of distributions		18,173			173,667			15,298			148,610
Shares redeemed		(625,226	)		(5,986,741	)		(275,622	)		(2,676,763	)
		(426,395	)		(4,070,009	)		155,254			1,507,460
Class P Shares(a)
Shares sold		452,886,026			4,346,179,100			—			—
Reinvestment of distributions		12,916,410			122,306,690			—			—
Shares redeemed		(229,472,782	)		(2,146,387,804	)		—			—
		236,329,654			2,322,097,986			—			—
Class R Shares
Shares sold		4,256			39,634			6,931			66,954
Reinvestment of distributions		318			3,012			132			1,286
Shares redeemed		(2,008	)		(19,408	)		(151	)		(1,466	)
		2,566			23,238			6,912			66,774
Class R6 Shares(b)
Shares sold		46,784			450,000			23,478,461			227,508,901
Reinvestment of distributions		558,244			5,355,770			63,019			609,663
Shares redeemed		(19,597,508	)		(188,474,953	)		(1,715,249	)		(16,595,217	)
		(18,992,480	)		(182,669,183	)		21,826,231			211,523,347
NET INCREASE (DECREASE)		(178,056,987	)	$	(1,655,419,467	)		25,569,250		$	250,413,491

(a) Class P Shares commenced operations on April 20, 2018.

(b) Class R6 Shares commenced operations on November 30, 2017.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Investment Grade Credit Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		153,109		$	1,359,815			741,257		$	6,841,303
Reinvestment of distributions		29,795			264,751			54,889			504,930
Shares redeemed		(453,055	)		(4,024,123	)		(3,253,087	)		(30,060,983	)
		(270,151	)		(2,399,557	)		(2,456,941	)		(22,714,750	)
Institutional Shares
Shares sold		1,660,280			14,692,569			6,071,093			56,099,961
Reinvestment of distributions		267,431			2,378,877			555,023			5,106,235
Shares redeemed		(15,612,411	)		(138,700,624	)		(4,208,105	)		(38,677,889	)
		(13,684,700	)		(121,629,178	)		2,418,011			22,528,307
Separate Account Institutional Shares
Shares sold		4,272,442			37,936,564			5,033,829			46,329,538
Reinvestment of distributions		833,082			7,406,051			753,808			6,935,534
Shares redeemed		(6,110,608	)		(53,992,894	)		(7,416,271	)		(68,020,919	)
		(1,005,084	)		(8,650,279	)		(1,628,634	)		(14,755,847	)
Investor Shares
Shares sold		190,417			1,674,867			217,088			2,010,744
Reinvestment of distributions		16,407			145,640			15,480			142,397
Shares redeemed		(371,953	)		(3,267,167	)		(170,385	)		(1,556,854	)
		(165,129	)		(1,446,660	)		62,183			596,287
Class P Shares(a)
Shares sold		22,620,383			201,934,850			—			—
Reinvestment of distributions		326,376			2,907,036			—			—
Shares redeemed		(1,486,320	)		(13,137,446	)		—			—
		21,460,439			191,704,440			—			—
Class R6 Shares
Shares sold		72,673			640,033			551			5,109
Reinvestment of distributions		593			5,356			52			478
Shares redeemed		(1,570	)		(14,144	)		(1	)		(9	)
		71,696			631,245			602			5,578
NET INCREASE (DECREASE)		6,407,071		$	58,210,011			(1,604,779	)	$	(14,340,425	)

(a) Class P Shares commenced operations on April 20, 2018.

185

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements(continued)

March 31, 2019

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Local Emerging Markets Debt Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		347,675		$	2,111,977			722,318		$	4,818,499
Reinvestment of distributions		49,392			290,520			67,770			448,064
Shares redeemed		(736,659	)		(4,431,759	)		(1,271,026	)		(8,333,948	)
		(339,592	)		(2,029,262	)		(480,938	)		(3,067,385	)
Class C Shares
Shares sold		127,824			748,798			223,972			1,488,137
Reinvestment of distributions		38,134			223,287			42,839			283,528
Shares redeemed		(424,991	)		(2,448,605	)		(205,314	)		(1,355,374	)
		(259,033	)		(1,476,520	)		61,497			416,291
Institutional Shares
Shares sold		8,912,187			54,899,592			15,372,819			102,033,316
Reinvestment of distributions		1,003,785			5,964,730			2,322,553			15,322,938
Shares redeemed		(39,939,321	)		(231,901,827	)		(34,190,873	)		(224,314,254	)
		(30,023,349	)		(171,037,505	)		(16,495,501	)		(106,958,000	)
Investor Shares
Shares sold		1,172,391			7,113,081			1,235,745			8,203,740
Reinvestment of distributions		74,920			438,176			59,598			395,174
Shares redeemed		(1,686,136	)		(9,800,633	)		(663,974	)		(4,375,359	)
		(438,825	)		(2,249,376	)		631,369			4,223,555
Class P Shares(a)
Shares sold		12,309,214			72,115,909			—			—
Reinvestment of distributions		405,898			2,303,744			—			—
Shares redeemed		(3,611,734	)		(20,502,961	)		—			—
		9,103,378			53,916,692			—			—
Class R6 Shares(b)
Shares sold		19,238,105			114,075,864			8,640,324			58,107,781
Reinvestment of distributions		904,051			5,203,218			54,983			376,647
Shares redeemed		(12,153,460	)		(68,394,617	)		(488,917	)		(3,339,502	)
		7,988,696			50,884,465			8,206,390			55,144,926
NET DECREASE		(13,968,725	)	$	(71,991,506	)		(8,077,183	)	$	(50,240,613	)

(a) Class P Shares commenced operations on April 20, 2018.

(b) Class R6 Shares commenced operations on November 30, 2017.

186

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	U.S. Mortgages Fund
	For the Fiscal Year Ended March 31, 2019						For the Fiscal Year Ended March 31, 2018
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,562,249		$	36,167,495			1,876,182		$	19,610,212
Reinvestment of distributions		77,894			790,440			82,381			858,491
Shares redeemed		(3,036,646	)		(30,663,173	)		(4,034,319	)		(42,118,625	)
		603,497			6,294,762			(2,075,756	)		(21,649,922	)
Institutional Shares
Shares sold		2,459,139			25,076,453			4,017,920			41,749,663
Reinvestment of distributions		116,111			1,181,298			162,512			1,691,821
Shares redeemed		(7,126,351	)		(72,695,244	)		(2,351,436	)		(24,429,167	)
		(4,551,101	)		(46,437,493	)		1,828,996			19,012,317
Separate Account Institutional
Shares sold		4,010,474			40,545,758			4,605,750			47,861,233
Reinvestment of distributions		611,699			6,206,919			502,247			5,219,892
Shares redeemed		(5,356,831	)		(54,137,598	)		(4,261,527	)		(44,061,209	)
		(734,658	)		(7,384,921	)		846,470			9,019,916
Investor Shares
Shares sold		6,669,415			67,722,904			7,385,998			77,085,524
Reinvestment of distributions		459,929			4,677,124			346,367			3,606,944
Shares redeemed		(7,476,266	)		(75,860,432	)		(6,245,277	)		(65,046,289	)
		(346,922	)		(3,460,404	)		1,487,088			15,646,179
Class P Shares(a)
Shares sold		861,600			8,764,111			—			—
Reinvestment of distributions		20,321			206,554			—			—
Shares redeemed		(50,620	)		(512,132	)		—			—
		831,301			8,458,533			—			—
Class R6 Shares
Shares sold		1,146,544			11,682,322			365,292			3,803,467
Reinvestment of distributions		22,296			227,258			9,779			101,790
Shares redeemed		(273,585	)		(2,782,666	)		(125,140	)		(1,305,183	)
		895,255			9,126,914			249,931			2,600,074
NET INCREASE (DECREASE)		(3,302,628	)	$	(33,402,609	)		2,336,729		$	24,628,564

(a) Class P Shares commenced operations on April 20, 2018.

187

Report of Independent Registered Public

Accounting Firm

Tothe Board of Trustees of Goldman Sachs Trust and Shareholders of Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs High Yield Fund, Goldman Sachs High Yield Floating Rate Fund, Goldman Sachs Investment Grade Credit Fund, Goldman Sachs Local Emerging Markets Debt Fund, and Goldman Sachs U.S. Mortgages Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, ofGoldman Sachs Emerging Markets Debt Fund, Goldman Sachs High Yield Fund, Goldman Sachs High Yield Floating Rate Fund, Goldman Sachs Investment Grade Credit Fund, Goldman Sachs Local Emerging Markets Debt Fund, and Goldman Sachs U.S. Mortgages Fund (six of the funds constituting Goldman Sachs Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2019, the related statements of operations for the year ended March 31, 2019, the statements of changes in net assets for each of the two years in the period ended March 31, 2019, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2019, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2019 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2019 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Boston, Massachusetts

May 24, 2019

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

188

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2019 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Separate Account Institutional, Investor, Class P, Class R and Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service(12b-1) fees (with respect to Class A, Class C, Service and Class R Shares); and other Fund expenses.

This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Separate Account Institutional, Investor, Class P, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2018 through March 31, 2019, which represents a period of 182 out of 365 days.

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 ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

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.

	Emerging Markets Debt Fund							High Yield Fund							High Yield Floating Rate Fund
Share Class	Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*		Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*		Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*
Class A
Actual	$	1,000.00	$	1,057.40		$	6.16	$	1,000.00	$	1,017.00		$	5.23	$	1,000.00	$	996.50		$	4.93
Hypothetical 5% return		1,000.00		1,019.75	+		6.04		1,000.00		1,019.75	+		5.24		1,000.00		1,019.75	+		4.99
Class C
Actual		1,000.00		1,052.60			9.98		1,000.00		1,011.70			8.98		1,000.00		992.80			8.64
Hypothetical 5% return		1,000.00		1,015.21	+		9.80		1,000.00		1,016.01	+		9.00		1,000.00		1,016.26	+		8.75
Institutional
Actual		1,000.00		1,058.30			4.41		1,000.00		1,016.90			3.82		1,000.00		997.20			3.19
Hypothetical 5% return		1,000.00		1,020.64	+		4.33		1,000.00		1,021.14	+		3.83		1,000.00		1,021.74	+		3.23
Service
Actual		—		—			—		1,000.00		1,014.30			6.33		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,018.65	+		6.34		—		—			—
Investor
Actual		1,000.00		1,057.80			4.87		1,000.00		1,016.70			3.97		1,000.00		997.80			3.69
Hypothetical 5% return		1,000.00		1,020.19	+		4.78		1,000.00		1,020.99	+		3.98		1,000.00		1,021.24	+		3.73
Class P
Actual		1,000.00		1,058.30			4.36		1,000.00		1,016.90			3.77		1,000.00		997.30			3.19
Hypothethical 5% return		1,000.00		1,021.19	+		4.28		1,000.00		1,021.19	+		3.78		1,000.00		1,021.19	+		3.23
Class R
Actual		—		—			—		1,000.00		1,014.20			6.48		1,000.00		995.30			6.22
Hypothetical 5% return		—		—			—		1,000.00		1,018.50	+		6.49		1,000.00		1,018.50	+		6.29
Class R6
Actual		1,000.00		1,058.30			4.36		1,000.00		1,016.90			3.77		1,000.00		998.30			3.14
Hypothetical 5% return		1,000.00		1,020.69	+		4.28		1,000.00		1,021.19	+		3.78		1,000.00		1,021.79	+		3.18

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2019. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
Emerging Markets Debt+		1.20	%		1.95	%		0.86	%		—	%		0.95	%		0.85	%		—	%		0.85	%
High Yield+		1.04			1.79			0.76			1.26			0.79			0.75			1.29			0.75
High Yield Floating Rate+		0.99			1.74			0.64			—			0.74			0.64			1.25			0.63

+ 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.

189

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended March 31, 2019 (Unaudited) (continued)

	Investment Grade Credit Fund							Local Emerging Markets Debt Fund							U.S. Mortgages Fund
Share Class	Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*		Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*		Beginning Account Value 10/1/18		Ending Account Value 3/31/19			Expenses Paid for the 6 months ended 3/31/19*
Class A
Actual	$	1,000.00	$	1,048.90		$	3.68	$	1,000.00	$	1,054.00		$	6.20	$	1,000.00	$	1,037.20		$	4.01
Hypothetical 5% return		1,000.00		1,021.34	+		3.63		1,000.00		1,021.34	+		6.09		1,000.00		1,021.34	+		3.98
Class C
Actual		—		—			—		1,000.00		1,050.10			10.02		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,015.16	+		9.85		—		—			—
Institutional
Actual		1,000.00		1,050.70			1.94		1,000.00		1,055.60			4.66		1,000.00		1,038.90			2.29
Hypothetical 5% return		1,000.00		1,023.04	+		1.92		1,000.00		1,020.39	+		4.58		1,000.00		1,022.69	+		2.27
Separate Account Institutional
Actual	$	1,000.00		1,050.80		$	1.89		—		—			—	$	1,000.00	$	1,040.00		$	2.24
Hypothetical 5% return		1,000.00		1,023.09	+		1.87		—		—			—		1,000.00		1,022.74	+		2.22
Investor
Actual		1,000.00		1,050.20			2.40		1,000.00		1,055.40			4.92		1,000.00		1,038.40			2.74
Hypothetical 5% return		1,000.00		1,022.59	+		2.37		1,000.00		1,020.14	+		4.84		1,000.00		1,022.24	+		2.72
Class P
Actual		1,000.00		1,049.60			1.89		1,000.00		1,055.70			4.61		1,000.00		1,039.90			2.24
Hypothethical 5% return		1,000.00		1,023.09	+		1.87		1,000.00		1,023.09	+		4.53		1,000.00		1,023.09	+		2.22
Class R6
Actual		1,000.00		1,050.70			1.89		1,000.00		1,055.70			4.61		1,000.00		1,038.90			2.24
Hypothetical 5% return		1,000.00		1,023.09	+		1.87		1,000.00		1,020.44	+		4.53		1,000.00		1,022.74	+		2.22

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended March 31, 2019. 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			Separate Account Institutional			Investor			Class P			Class R6
Investment Grade Credit+		0.72	%		—	%		0.38	%		0.37	%		0.47	%		0.37	%		0.37	%
Local Emerging Markets Debt+		1.21			1.96			0.91			—			0.96			0.90			0.90
U.S. Mortgages+		0.79			—			0.45			0.44			0.54			0.44			0.44

+ Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

190

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited)

Independent Trustees

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
Jessica Palmer Age: 70	Chair of the Board of Trustees	Since 2018 (Trustee since 2007)	Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/ Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009). Chair of the Board of Trustees — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Kathryn A. Cassidy Age: 65	Trustee	Since 2015	Ms. Cassidy is retired. Formerly, she was Advisor to the Chairman (May 2014-December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Diana M. Daniels Age: 69	Trustee	Since 2007	Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003- 2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	None
Roy W. Templin Age: 58	Trustee	Since 2013	Mr. Templin is retired. He is Director, Armstrong World Industries, Inc. (a designer and manufacturer of ceiling, wall and suspension system solutions) (2016-Present); and was formerly Chairman of the Board of Directors, Con-Way Incorporated (a transportation, logistics and supply chain management service company) (2014-2015); Executive Vice President and Chief Financial Officer, Whirlpool Corporation (an appliance manufacturer and marketer) (2004- 2012). Previously, Mr. Templin served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (June 2013-October 2013). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Armstrong World Industries, Inc. (a ceiling, wall and suspension systems solutions manufacturer)
Gregory G. Weaver Age: 67	Trustee	Since 2015	Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012). Trustee — Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust.	103	Verizon Communications Inc.

191

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Interested Trustee*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee3	Other Directorships Held by Trustee4
James A. McNamara Age: 56	President and Trustee	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993- April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.	156	None

* Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

¹  Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of March 31, 2019.

²  Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that (a) no Trustee shall hold office for more than 15 years and (b) a Trustee shall retire as of December 31st of the calendar year in which he or she reaches his or her 74th birthday, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.

³  The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of March 31, 2019, Goldman Sachs Trust consisted of 90 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio; and Goldman Sachs ETF Trust consisted of 29 portfolios (19 of which offered shares to the public).

⁴  This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

192

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*

Name, Address and Age1	Position(s) Held with the Trust	Term of Office and Length of Time Served2	Principal Occupation(s) During Past 5 Years
James A. McNamara 200 West Street New York, NY 10282 Age: 56	Trustee and President	Since 2007	Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41	Secretary	Since 2012	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012-Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006). Secretary — Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Scott M. McHugh 200 West Street New York, NY 10282 Age: 47	Treasurer, Senior Vice President and Principal Financial Officer	Since 2009 (Principal Financial Officer since 2013)	Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007). Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50	Assistant Treasurer and Principal Accounting Officer	Since 2016 (Principal Accounting Officer since 2017)	Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015). Assistant Treasurer and Principal Accounting Officer — Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-526-7384.

¹  Information is provided as of March 31, 2019.

² Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

Single Sector Fixed Income Funds Tax Information (Unaudited)

For the fiscal year ended March 31, 2019, 1.09% of the dividends paid from net investment company taxable income by the High Yield Fund qualify for the dividends received deduction available to corporations.

For the year ended March 31, 2019, 1.13% of the dividends paid from net investment company taxable income by the High Yield Fund qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

193

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, theInvestment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.38 trillion in assets under supervision as of March 31, 2019, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ InvestorTax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Income Fund

∎ Strategic Income Fund

Municipal andTax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short DurationTax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ Blue Chip Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S.Tax-Managed Equity Fund

∎ InternationalTax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ Asia Equity Fund

∎ Emerging Markets Equity Fund

∎ N-11 Equity Fund

∎ ESG Emerging Markets Equity Fund

Select Satellite

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ MLP & Energy Fund

∎ Multi-Manager Alternatives Fund

∎ Absolute Return Multi-Asset Fund

∎ Global Infrastructure Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-ManagerNon-Core Fixed Income Fund

∎ Multi-Manager U.S. Dynamic Equity Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund⁴

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date 2020 Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

∎ Tactical Exposure Fund

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list coversopen-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about ourclosed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer,Chair Kathryn A. Cassidy Diana M. Daniels James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara,President Joseph F. DiMaria,Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus,Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P.Investment Adviser

Visit our web site atwww.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 will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this report and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Fund holdings and allocations shown are as of March 31, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

A summary prospectus, if available, or a Prospectus for the Funds containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a Fund’s objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Funds.

© 2019 Goldman Sachs. All rights reserved. 165306-OTU-977785 SSFIAR-19

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.

	2019			2018			Description of Services Rendered
Audit Fees:
• PricewaterhouseCoopers LLP (“PwC”)		$	4,670,430		$	3,537,615	Financial Statement audits.
Audit-Related Fees:
• PwC		$	478,879		$	348,718	Other attest services.
Tax Fees:
• PwC		$	1,320,879		$	827,732	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 werepre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule2-01(c)(7)(ii) of RegulationS-X.

	2019			2018			Description of Services Rendered
Audit-Related Fees:
• PwC		$	1,945,098		$	1,868,935	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16 and Semi-Annual Updates related to withholding tax accrual for non-US Jurisdictions. These fees are borne by the Funds’ Adviser.

* These include the advisor (excludingsub-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 CommitteePre-Approval Policies and Procedures

Pre-Approval of Audit andNon-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit andNon-Audit ServicesPre-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 bepre-approved. Services may bepre-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 bepre-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 andpre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. Thepre-approval requirements of the Policy may be waived with respect to the provision ofnon-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 topre-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 benon-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 thepre-approval provisions of the Policy.

Pre-Approval ofNon-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiringpre-approval of audit andnon-audit services provided to GST, the Audit Committee willpre-approve thosenon-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 Rule2-01(c)(7)(i)(C) of RegulationS-X. In addition, 0% of thenon-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 Rule2-01(c)(7)(i)(C) of RegulationS-X.

Item 4(f) –Not applicable.

Item 4(g) AggregateNon-Audit Fees Disclosure

The aggregatenon-audit fees billed to GST by PwC for the twelve months ended March 31, 2019 and March 31, 2018 were approximately $1,799,758 and $1,176,450 respectively. The aggregatenon-audit fees billed to GST’s adviser and service affiliates by PwC fornon-audit services for the twelve months ended December 31, 2018 and December 31, 2017 were approximately $12.3 and $9.7 million respectively. With regard to the aggregatenon-audit fees billed to GST’s adviser and service affiliates, the 2018 and 2017 amounts include fees fornon-audit services required to bepre-approved [see Table 2] and fees fornon-audit services that did not requirepre-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 ofnon-audit services to GST’s investment adviser and service affiliates that did not requirepre-approval pursuant to paragraph (c)(7)(ii) of Rule2-01 of RegulationS-X is compatible with maintaining the auditors’ independence.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BYCLOSED-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 Rule30a-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 Rule30a-3(b) under the 1940 Act and15d-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 Rule30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS.

(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 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.
(a)(3)	Not applicable to open-end investment companies.
(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	June 4, 2019

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:	June 4, 2019
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	June 4, 2019