GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 65.1%
Angola – 1.7%
Republic of Angola (NR/B3)
$	20,730,000		8.250	%(a)	05/09/28	$     22,181,100
	1,360,000		8.250		05/09/28	1,455,200
	460,000		9.375	(a)	05/08/48	506,863
	1,300,000		9.375		05/08/48	1,432,437
						25,575,600
Argentina – 3.8%
Province of Santa Fe (NR/B2)
	2,670,000		7.000	(a)	03/23/23	2,289,525
	1,850,000		7.000		03/23/23	1,586,375
Provincia de Buenos Aires (B/B2)(b)
EUR	89,999		4.000		05/01/20	99,268
Provincia de Cordoba (B/B2)
$	2,090,000		7.450		09/01/24	1,630,200
Provincia de la Rioja (B/NR)(a)
	5,880,000		9.750		02/24/25	4,463,287
Republic of Argentina (NR/NR)
ARS	13,000,000		4.000		03/06/20	448,795
Republic of Argentina (NR/B2)
	5,778,400		2.500		07/22/21	86,933
(Argentina Deposit Rates + 3.830%)
	29,980,000		48.771	(c)	05/31/22	575,860
Republic of Argentina (B/NR)
(Argentina Deposit Rates + 3.250%)
	18,350,000		48.480	(c)	03/01/20	413,876
EUR	12,508,783		7.820		12/31/33	11,623,462
$	5,005,276		8.280		12/31/33	4,098,069
Republic of Argentina (B/B2)
EUR	13,360,000		3.375		01/15/23	11,887,473
	4,410,000		5.000		01/15/27	3,659,100
$	110,000		6.875		01/26/27	87,587
EUR	13,560,000		5.250		01/15/28	11,222,198
$	3,520,000		7.125		07/06/36	2,697,200
EUR	2,710,000		3.380	(b)	12/31/38	1,755,516
						58,624,724

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Azerbaijan – 0.3%
Republic of Azerbaijan (NR/Ba2u)
$	380,000		4.750	%	03/18/24	$          399,760
	3,800,000		3.500		09/01/32	3,587,438
						3,987,198
Bahrain – 0.0%
Kingdom of Bahrain (B+/NR)
	560,000		7.000		10/12/28	603,225
Belize(a)(b) – 0.1%
Republic of Belize (B-/B3)
	2,446,500		4.938		02/20/34	1,483,955
Bermuda(a)(d) – 0.1%
Bermuda Government Bond (A+/A2)
	900,000		3.717		01/25/27	914,625
Brazil(d) – 0.3%
Federal Republic of Brazil (BB-/Ba2)
	4,810,000		4.500		05/30/29	4,940,772
Chile(d) – 0.4%
Republic of Chile (NR/NR)
	6,000,000		3.500		01/25/50	6,108,000
Colombia(d) – 0.6%
Republic of Colombia (BBB-/Baa2)
	9,380,000		2.625		03/15/23	9,356,550
Costa Rica – 0.7%
Republic of Costa Rica (NR/NR)
	1,690,000		9.200		02/23/22	1,801,015
	650,000		5.520		08/17/22	627,250
	1,240,000		9.200	(a)	02/21/24	1,340,750
Republic of Costa Rica (B+/B1)
	2,040,000		9.995		08/01/20	2,161,762
	4,150,000		7.158	(a)	03/12/45	4,177,235
						10,108,012
Dominican Republic – 3.4%
Dominican Republic (NR/NR)
DOP	20,700,000		16.000		07/10/20	438,577
	13,900,000		11.500		05/10/24	302,134
	8,900,000		18.500	(a)	02/04/28	240,347
Dominican Republic (NR/NR)
	152,600,000		10.750		08/11/28	3,175,183
Dominican Republic (NR/NR)
	134,200,000		11.375		07/06/29	2,877,745

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Dominican Republic – (continued)
Dominican Republic (BB-/Ba3)
DOP	248,350,000		9.750	%(a)	06/05/26	$       4,985,048
$	1,500,000		8.625		04/20/27	1,785,000
	316,000		7.450		04/30/44	366,165
	9,870,000		6.850	(a)	01/27/45	10,795,312
	6,599,000		6.850		01/27/45	7,217,656
	13,980,000		6.500	(a)	02/15/48	14,775,112
	5,880,000		6.400	(a)	06/05/49	6,137,250
						53,095,529
Ecuador – 3.4%
Ecuador Government International Bond (B-/NR)
	1,126,000		7.950		06/20/24	1,178,429
	7,900,000		9.650	(a)	12/13/26	8,569,032
	10,080,000		9.625	(a)	06/02/27	10,866,240
	750,000		9.625		06/02/27	808,500
	540,000		7.875		01/23/28	533,925
	5,140,000		10.750	(a)	01/31/29	5,809,806
Ecuador Government International Bond (B-/B3)(a)
	23,140,000		8.875		10/23/27	24,123,450
						51,889,382
Egypt – 2.1%
Republic of Egypt (NR/B2)
	270,000		8.500		01/31/47	285,863
Republic of Egypt (B/NR)(a)
EUR	1,770,000		6.375		04/11/31	2,047,889
Republic of Egypt (B/B2)(a)
	8,360,000		4.750		04/16/26	9,562,600
	10,810,000		5.625		04/16/30	11,984,751
$	4,340,000		8.700		03/01/49	4,654,650
Republic of Egypt (B/B2u)(a)
	3,370,000		7.903		02/21/48	3,403,700
						31,939,453
El Salvador – 0.1%
El Salvador Government International Bond (B-/B3)
	1,550,000		7.375		12/01/19	1,565,500
	260,000		5.875		01/30/25	260,325
						1,825,825

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Gabon – 0.8%
Republic of Gabon (NR/NR)
$	11,085,000		6.375	%	12/12/24	$     10,932,581
Republic of Gabon (NR/Caa1)
	1,720,000		6.950		06/16/25	1,718,925
						12,651,506
Ghana – 2.6%
Republic of Ghana (NR/B1)
	1,970,000		10.750		10/14/30	2,496,975
Republic of Ghana (B/B3)
	2,610,000		7.875	(a)	03/26/27	2,743,763
	11,840,000		7.625		05/16/29	12,032,400
	11,250,000		8.125	(a)	03/26/32	11,450,391
	1,210,000		8.627	(a)	06/16/49	1,220,209
	9,340,000		8.627		06/16/49	9,418,806
						39,362,544
Guatemala – 2.6%
Republic of Guatemala (NR/NR)(a)(d)
	2,620,000		4.900		06/01/30	2,686,319
	5,010,000		6.125		06/01/50	5,269,894
Republic of Guatemala (BB-/Ba1)
	3,410,000		5.750		06/06/22	3,626,322
	6,440,000		4.500	(a)	05/03/26	6,512,450
	7,730,000		4.500		05/03/26	7,816,962
	8,400,000		4.375	(a)	06/05/27	8,410,500
	750,000		4.375		06/05/27	750,937
	5,200,000		4.875		02/13/28	5,367,375
						40,440,759
Honduras – 1.2%
Republic of Honduras (BB-/B1)
	8,410,000		8.750	(a)	12/16/20	9,035,493
	6,018,000		8.750		12/16/20	6,465,589
	1,310,000		7.500	(a)	03/15/24	1,444,275
	1,120,000		7.500		03/15/24	1,234,800
						18,180,157

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Indonesia – 6.1%
Perusahaan Penerbit SBSN (NR/Baa2)
$	25,210,000		4.150	%(a)	03/29/27	$     26,391,719
	310,000		4.150		03/29/27	324,531
Perusahaan Penerbit SBSN (BBB/Baa2)
	360,000		3.300		11/21/22	364,725
	6,720,000		4.325	(a)	05/28/25	7,085,400
	1,130,000		4.550	(a)	03/29/26	1,206,275
	35,440,000		4.400	(a)	03/01/28	37,776,825
Perusahaan Penerbit SBSN Indonesia III (BBB/Baa2)
	3,359,000		4.325		05/28/25	3,541,646
	9,930,000		4.550		03/29/26	10,600,275
Republic of Indonesia (BBB/Baa2)
	3,720,000		4.125		01/15/25	3,917,625
	2,340,000		4.750	(a)	01/08/26	2,548,406
EUR	170,000		3.750		06/14/28	230,398
						93,987,825
Ivory Coast – 0.5%
Republic of Ivory Coast (NR/Ba3)
	2,370,000		6.625	(a)	03/22/48	2,628,396
	4,100,000		6.625		03/22/48	4,547,015
						7,175,411
Jamaica – 0.2%
Republic of Jamaica (B/B3)
$	240,000		7.625		07/09/25	277,800
	3,040,000		6.750		04/28/28	3,454,200
						3,732,000
Kazakhstan(a) – 0.2%
Republic of Kazakhstan (BBB-/Baa3)
EUR	2,300,000		1.550		11/09/23	2,746,097
Kenya – 1.4%
Republic of Kenya (B+/NR)
$	8,591,000		6.875		06/24/24	9,138,676
Republic of Kenya (B+/B2u)(a)
	4,200,000		7.000		05/22/27	4,373,250
	750,000		7.250		02/28/28	778,125
	6,380,000		8.000		05/22/32	6,722,925
						21,012,976

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Kuwait – 0.5%
Republic of Kuwait (AA/NR)
$	1,540,000		3.500	%(a)	03/20/27	$        1,638,175
	5,660,000		3.500		03/20/27	6,020,825
						7,659,000
Lebanon – 0.2%
Republic of Lebanon (NR/NR)
	343,000		6.750		11/29/27	268,505
Republic of Lebanon (B-/NR)
	140,000		6.850		03/23/27	111,038
	450,000		6.650		11/03/28	352,828
Republic of Lebanon (B-/NR)
	1,850,000		6.850		05/25/29	1,431,437
	980,000		6.650		02/26/30	757,662
	1,000,000		7.050		11/02/35	760,625
						3,682,095
Macedonia – 1.4%
Republic of Macedonia (BB-/NR)
EUR	3,850,000		5.625		07/26/23	5,074,185
	10,480,000		2.750	(a)	01/18/25	12,568,510
	3,290,000		2.750		01/18/25	3,945,649
						21,588,344
Mexico – 0.7%
Republic of Mexico (NR/A3)
MXN	92,131,700		5.750		03/05/26	4,374,031
Republic of Mexico (BBB+/A3)
EUR	5,160,000		1.625		04/08/26	6,012,289
	370,000		2.875		04/08/39	438,082
						10,824,402

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Nigeria – 3.1%
Republic of Nigeria (B/B2)
$	1,550,000		7.143	%(a)	02/23/30	$       1,565,500
	6,530,000		8.747	(a)	01/21/31	7,264,625
	2,260,000		7.875	(a)	02/16/32	2,361,700
	12,490,000		7.875		02/16/32	13,052,050
	13,190,000		7.696	(a)	02/23/38	13,404,337
	1,650,000		7.696		02/23/38	1,676,813
	4,060,000		7.625	(a)	11/28/47	4,049,850
	500,000		7.625		11/28/47	498,750
	3,490,000		9.248	(a)	01/21/49	3,951,989
						47,825,614
Oman(a) – 0.4%
Republic of Oman (NR/Ba1)
	6,080,000		6.750		01/17/48	5,350,400
Panama – 0.1%
Panama Notas del Tesoro (BBB+/NR)
	920,000		4.875		02/05/21	965,388
Papua New Guinea(a) – 0.1%
Papua New Guinea Government International Bond (B/B2)
	1,450,000		8.375		10/04/28	1,552,859
Paraguay – 2.5%
Republic of Paraguay (BB/NR)(a)
	4,590,000		5.600		03/13/48	5,196,741
Republic of Paraguay (BB/(P)Ba1)(a)
	4,980,000		4.700		03/27/27	5,387,737
Republic of Paraguay (BB/Ba1)
	12,098,000		4.625		01/25/23	12,733,145
	3,930,000		5.000	(a)	04/15/26	4,293,525
	2,655,000		5.000		04/15/26	2,900,588
	5,650,000		6.100		08/11/44	6,734,094
	1,790,000		5.400	(a)(d)	03/30/50	1,994,731
						39,240,561
Qatar – 1.8%
Qatar Government International Bond (AA-/Aa3)(a)
	350,000		3.375		03/14/24	362,031
	2,950,000		4.817		03/14/49	3,377,750
Republic of Qatar (AA-/Aa3)
	250,000		3.250		06/02/26	257,000
	4,200,000		4.500	(a)	04/23/28	4,693,500

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Qatar – (continued)
Republic of Qatar (AA-/Aa3) – (continued)
$	5,670,000		4.000	%(a)	03/14/29	$       6,120,056
	10,470,000		5.103	(a)	04/23/48	12,475,660
						27,285,997
Romania – 1.3%
Republic of Romania (BBB-/Baa3)
EUR	4,370,000		2.375	(a)	04/19/27	5,382,187
	7,360,000		2.875		05/26/28	9,331,499
	3,180,000		3.875	(a)	10/29/35	4,149,335
	390,000		3.375	(a)	02/08/38	478,392
						19,341,413
Russia – 2.2%
Russian Federation Bond (NR/NR)
	4,000,000		2.875	(a)	12/04/25	4,855,418
$	14,600,000		4.750		05/27/26	15,553,562
	5,200,000		4.375	(a)	03/21/29	5,382,000
	5,200,000		5.100	(a)	03/28/35	5,647,200
Russian Federation Bond (BBB-/Baa3)
	800,000		4.500	(a)	04/04/22	832,800
	2,000,000		4.875	(a)	09/16/23	2,136,000
	200,000		4.875		09/16/23	213,600
						34,620,580
Senegal – 0.5%
Republic of Senegal (B+/Ba3)
EUR	5,680,000		4.750	(a)	03/13/28	6,470,839
	1,560,000		4.750		03/13/28	1,777,202
						8,248,041
Serbia – 0.4%
Republic of Serbia (BB/NR)(a)
	3,080,000		1.500		06/26/29	3,476,002
Republic of Serbia (BB/Ba3)
$	2,146,000		4.875		02/25/20	2,172,825
						5,648,827

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
South Africa – 2.2%
Republic of South Africa (NR/Baa3)
$	4,070,000		4.850	%	09/27/27	$       4,187,012
	4,800,000		5.650		09/27/47	4,920,000
Republic of South Africa (BB/Baa3)
	730,000		4.665		01/17/24	763,945
	20,055,000		5.875		09/16/25	21,991,561
	2,670,000		4.300		10/12/28	2,629,116
						34,491,634
Sri Lanka – 4.8%
Republic of Sri Lanka (B/NR)(a)
	3,370,000		6.350		06/28/24	3,363,260
	9,210,000		7.550		03/28/30	9,244,537
Republic of Sri Lanka (B/B2)
	1,222,000		6.250	(a)	10/04/20	1,236,129
	1,260,000		6.250		10/04/20	1,274,569
	7,814,000		6.250		07/27/21	7,916,559
	7,300,000		5.750	(a)	01/18/22	7,325,094
	15,260,000		5.750	(a)	04/18/23	15,131,244
	7,190,000		6.850	(a)	03/14/24	7,333,800
	7,450,000		6.125		06/03/25	7,254,437
	6,010,000		6.850	(a)	11/03/25	6,025,025
	5,430,000		6.850		11/03/25	5,443,575
	1,690,000		6.750	(a)	04/18/28	1,637,188
						73,185,417
Suriname – 0.4%
Republic of Suriname (B/B2)
	5,940,000		9.250	(a)	10/26/26	5,524,200
	386,000		9.250		10/26/26	358,980
						5,883,180
Tunisia(a) – 0.2%
Banque Centrale de Tunisie International Bond (NR/B2)
EUR	3,070,000		6.750		10/31/23	3,573,806
Turkey – 3.3%
Republic of Turkey (NR/B1)
$	1,726,000		6.250		09/26/22	1,741,103
	13,563,000		5.750		03/22/24	13,228,163

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Turkey – (continued)
Republic of Turkey (NR/B1) – (continued)
$	2,129,000		7.375	%	02/05/25	$       2,197,527
EUR	270,000		4.625		03/31/25	306,825
	8,370,000		3.250		06/14/25	8,839,404
	6,280,000		5.200		02/16/26	7,225,788
$	1,940,000		4.875		10/09/26	1,739,331
	5,310,000		6.000		03/25/27	5,056,116
	1,130,000		6.125		10/24/28	1,069,263
	750,000		7.625		04/26/29	767,813
	450,000		6.750		05/30/40	420,328
	2,690,000		6.000		01/14/41	2,323,488
	7,640,000		5.750		05/11/47	6,427,150
						51,342,299
Ukraine – 3.3%
Ukraine Government Bond (B-/NR)
	2,990,000		8.994	(a)	02/01/24	3,256,110
	208,000		8.994		02/01/24	226,512
	13,798,000		0.000	(c)(e)	05/31/40	9,887,129
Ukraine Government Bond (B-/Caa1)
	2,910,000		7.750		09/01/21	3,042,405
	410,000		7.750		09/01/22	433,575
	9,540,000		7.750		09/01/23	10,093,320
	14,050,000		7.750		09/01/24	14,675,225
	9,190,000		7.750		09/01/25	9,520,840
						51,135,116
United Arab Emirates – 1.4%
Abu Dhabi Government International Bond (AA/NR)
	9,110,000		3.125		05/03/26	9,463,012
	8,910,000		3.125	(a)	10/11/27	9,232,988
	2,890,000		4.125	(a)	10/11/47	3,164,550
						21,860,550
United States(e) – 1.0%
JPMorgan Chase Bank Na (NR/NR)
EGP	298,000,000		0.000		04/02/20	15,797,124

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Uzbekistan(a) – 0.3%
Republic of Uzbekistan (BB-/NR)
$	3,440,000		4.750	%	02/20/24	$       3,585,454
Republic of Uzbekistan (BB-/NR)
	1,460,000		5.375		02/20/29	1,575,852
						5,161,306
Venezuela(d)(f) – 0.0%
Debt and Asset Trading Corp. (NR/NR)
	340,000		1.000		10/10/25	253,938
Zambia – 0.4%
Republic of Zambia (B-/NR)
	9,184,000		5.375		09/20/22	6,061,440
	300,000		8.970		07/30/27	199,125
						6,260,565
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $989,732,933)						$1,002,520,581
Corporate Obligations – 25.7%
Argentina(a)(d) – 0.1%
Telecom Argentina SA (NR/B1)
$	1,480,000		6.500	%	06/15/21	$       1,459,558
Brazil – 1.3%
Banco do Brasil SA (CCC+/B2)(c)(d) (10 Year CMT + 6.362%)
	8,210,000		9.000		06/29/49	9,000,212
Banco do Brasil SA (CCC+/NR)(c)(d) (10 Year CMT + 4.398%)
	4,810,000		6.250		10/29/49	4,577,917
Embraer Overseas Ltd. (BBB/Ba1)
	890,000		5.696		09/16/23	973,438
Samarco Mineracao SA (NR/WR)(g)
	3,185,000		4.125		11/01/22	2,436,525
	2,080,000		5.750		10/24/23	1,643,200
	800,000		5.375		09/26/24	630,000
						19,261,292
British Virgin Islands – 1.0%
Huarong Finance 2017 Co. Ltd. (NR/Baa1)(c)(d) (5 Year CMT + 6.983%)
	3,530,000		4.000		11/07/99	3,486,978
Huarong Finance 2019 Co. Ltd.
	7,950,000		3.750		05/29/24	8,002,172
Huarong Finance II Co. Ltd.
	1,670,000		5.500		01/16/25	1,824,475
	1,000,000		5.000		11/19/25	1,069,687
	650,000		4.625		06/03/26	673,969
						15,057,281

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Burundi – 0.3%
Eastern & Southern African Trade & Development Bank (NR/Baa3)
$	3,990,000		5.375	%	03/14/22	$       4,137,327
Cayman Islands – 0.1%
Bioceanico Sovereign Certificate Ltd. (BB/Ba1)(a)(e)
	920,000		0.000		06/05/34	620,425
QNB Finance Ltd. (A/Aa3)
	200,000		3.500		03/28/24	203,688
						824,113
Chile(a) – 0.5%
Embotelladora Andina SA (BBB/NR)
	506,000		5.000		10/01/23	541,736
Inversiones CMPC SA (BBB-/NR)(d)
	660,000		4.375		05/15/23	685,575
Itau CorpBanca (BBB+/A3)
	2,581,000		3.875		09/22/19	2,588,420
Sociedad Quimica y Minera de Chile SA (BBB+/Baa1)(d)
	3,291,000		4.375		01/28/25	3,456,579
						7,272,310
China – 0.5%
China Evergrande Group (NR/NR)(h)
HKD	2,000,000		4.250		02/14/23	239,513
China Evergrande Group (NR/B2)(d)
$	2,930,000		8.250		03/23/22	2,831,112
China Evergrande Group (B/B2)(d)
	960,000		8.750		06/28/25	850,800
Kaisa Group Holdings Ltd. (NR/NR)(d)
	2,670,000		8.500		06/30/22	2,551,519
Kaisa Group Holdings Ltd. (NR/B2)(d)
	1,260,000		9.375		06/30/24	1,147,387
						7,620,331
Colombia – 0.6%
Banco de Bogota SA (NR/Ba2)
	6,870,000		6.250	(a)	05/12/26	7,574,175
	1,980,000		6.250		05/12/26	2,182,950
						9,757,125
Cyprus – 0.1%
MHP SE (B/NR)
	1,910,000		7.750		05/10/24	2,022,022
Dominican Republic(a)(d) – 0.2%
Aeropuertos Dominicanos Siglo XXI SA (BB-/Ba3)
	3,220,000		6.750		03/30/29	3,385,025
Ecuador(f) – 0.1%
EP PetroEcuador via Noble Sovereign Funding I Ltd. (B-/NR)(c) (3M USD LIBOR + 5.630%)
	224,474		7.979		09/24/19	225,060

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Ecuador(f) – (continued)
Petroamazonas EP (NR/NR)(a)
$	570,000		4.625	%	11/06/20	$          565,369
						790,429
Hong Kong – 1.3%
CNAC HK Finbridge Co. Ltd. (NR/Baa2)
	8,110,000		3.125		06/19/22	8,086,524
CNAC HK Finbridge Co. Ltd. (BBB/NR)
	11,110,000		4.625		03/14/23	11,618,505
						19,705,029
India – 0.9%
Adani Ports & Special Economic Zone Ltd. (NR/Baa3)(a)
	2,840,000		4.375		07/03/29	2,889,529
Greenko Investment Co. (B+/NR)(a)(d)
	3,290,000		4.875		08/16/23	3,207,750
Reliance Industries Ltd. (BBB+/Baa2)
	1,130,000		4.125		01/28/25	1,177,672
	6,470,000		3.667	(a)	11/30/27	6,524,591
						13,799,542
Indonesia – 0.2%
Bank Mandiri Persero Tbk PT (NR/Baa2)
	2,050,000		3.750		04/11/24	2,089,078
Bank Rakyat Indonesia Persero Tbk PT (NR/Baa2)
	1,430,000		3.950		03/28/24	1,469,772
						3,558,850
Ireland – 0.6%
Credit Bank of Moscow Via CBOM Finance PLC (BB-/Ba3)(a)
	3,010,000		5.550		02/14/23	2,976,138
Credit Bank of Moscow Via CBOM Finance PLC (NR/NR)(c)(d) (5 Year USD Swap + 5.416%)
	310,000		7.500		10/05/27	277,063
Credit Bank of Moscow Via CBOM Finance PLC (NR/Caa2u)(c)(d) (5 Year USD Swap + 6.942%)
	2,800,000		8.875		08/10/66	2,292,937
Phosagro OAO Via Phosagro Bond Funding DAC (BBB-/Baa3)(a)
	3,610,000		3.949		04/24/23	3,632,562
						9,178,700
Isle Of Man – 0.3%
Gohl Capital Ltd. (NR/Baa1)
	3,820,000		4.250		01/24/27	3,934,600
Italy(a)(d) – 0.0%
Wind Tre SpA (BB-/B1)
	675,000		5.000		01/20/26	655,594
Ivory Coast – 0.5%
Brazil Minas SPE via State of Minas Gerais (BB-/NR)(a)(f)
	3,150,000		5.333		02/15/28	3,303,562
Comunicaciones Celulares SA Via Comcel Trust (NR/Ba1)(d)
	3,980,000		6.875		02/06/24	4,110,594

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Ivory Coast – (continued)
Independencia International Ltd. (NR/NR)(a)(g)(i)
$	1,277,436		12.000	%	12/30/16	$                  —
						7,414,156
Jamaica(d) – 0.3%
Digicel Group Two Ltd. (NR/Caa3)(a)
	263,000		8.250		09/30/22	56,298
Digicel Ltd. (NR/B3)
	3,860,000		6.000	(a)	04/15/21	2,885,350
	2,960,000		6.000		04/15/21	2,212,600
	360,000		6.750		03/01/23	203,850
						5,358,098
Japan(c)(d) – 0.3%
SoftBank Group Corp. (B+/Ba3) (5 Year USD ICE Swap + 4.226%)
	4,380,000		6.000		12/31/99	4,188,375
Luxembourg – 1.3%
Altice Financing SA (B+/B2)(d)
	1,160,000		6.625	(a)	02/15/23	1,189,000
	1,590,000		6.625		02/15/23	1,623,788
	7,860,000		7.500		05/15/26	7,899,300
Gazprom OAO Via Gaz Capital SA (BBB-/Baa2)
	2,180,000		5.150	(a)	02/11/26	2,323,744
	490,000		5.150		02/11/26	522,309
	410,000		8.625	(h)	04/28/34	558,881
	3,970,000		7.288		08/16/37	5,012,125
MHP Lux SA (B/NR)
	380,000		6.950		04/03/26	382,850
						19,511,997
Mauritius – 0.4%
Greenko Investment Co. (B+/NR)(d)
	200,000		4.875		08/16/23	195,000
MTN Mauritius Investments Ltd. (BB+/Ba1)
	3,390,000		5.373		02/13/22	3,500,175
	1,790,000		4.755		11/11/24	1,798,592
	1,150,000		6.500	(a)	10/13/26	1,244,875
						6,738,642
Mexico – 4.3%
Banco Mercantil del Norte SA (NR/Ba2)(a)(c)(d)
(5 Year CMT + 4.967%)
	3,820,000		6.750		09/27/24	3,812,837
(10 Year CMT + 5.470%)
	2,270,000		7.500		06/27/29	2,290,146

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/A3)
$	730,000		4.125	%	11/09/22	$          748,866
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	1,155,400
BBVA Bancomer SA (BB+/NR)(a)(c)(d) (5 Year CMT + 2.650%)
	3,080,000		5.125		01/18/33	2,961,805
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	1,179,410
	1,409,000		4.250		10/31/26	1,408,296
	5,200,000		3.875	(a)	04/30/28	5,020,958
	2,190,000		5.500	(a)	10/31/46	2,176,312
	722,000		5.500		10/31/46	717,488
	10,548,000		5.500		07/31/47	10,491,964
	860,000		5.500	(a)	07/31/47	855,431
Petroleos Mexicanos (BBB+/Baa3)
	8,549,000		6.375		02/04/21	8,781,960
	35,000		4.875		01/24/22	34,913
	2,610,000		5.375		03/13/22	2,629,705
EUR	13,560,000		5.125		03/15/23	16,218,943
$	1,511,000		6.375		01/23/45	1,292,613
	365,000		6.750		09/21/47	323,778
	2,682,000		6.350		02/12/48	2,295,121
Unifin Financiera SAB de CV SOFOM ENR (BB/NR)(a)(d)
	1,560,000		7.375		02/12/26	1,513,688
						65,909,634
Netherlands – 1.9%
Embraer Netherlands Finance B.V. (BBB/Ba1)
	654,000		5.050		06/15/25	705,503
Embraer Netherlands Finance B.V. (BBB/NR)
	330,000		5.400		02/01/27	365,973
Greenko Dutch B.V. (NR/Ba2)(a)(d)
	770,000		5.250		07/24/24	758,450
Lukoil International Finance B.V. (BBB/Baa2)
	1,450,000		4.563		04/24/23	1,504,710
Lukoil International Finance B.V. (BBB/NR)
	1,090,000		4.750		11/02/26	1,147,225
Metinvest B.V. (B-/NR)(a)(d)
	1,045,000		7.750		04/23/23	1,078,440
Minejesa Capital B.V. (NR/Baa3)
	1,490,000		4.625		08/10/30	1,506,762

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
NE Property B.V. (BBB/WR)
EUR	1,390,000		3.750	%	02/26/21	$       1,643,794
NE Property B.V. (BBB/NR)(d)
	980,000		1.750		11/23/24	1,078,113
Petrobras Global Finance B.V. (BB-/Ba2)
$	3,020,000		8.750		05/23/26	3,730,002
	1,990,000		7.375		01/17/27	2,276,560
	470,000		5.750		02/01/29	490,229
	2,150,000		6.900		03/19/49	2,286,928
Prosus NV (BBB-/Baa3)(d)
	460,000		5.500		07/21/25	505,425
Syngenta Finance NV (BBB-/Ba2)(a)(d)
	2,340,000		5.182		04/24/28	2,430,862
	7,910,000		5.676		04/24/48	7,814,210
Teva Pharmaceutical Finance Netherlands III B.V. (BB/Ba2)
	494,000		1.700		07/19/19	492,923
						29,816,109
Panama(a) – 0.0%
Autoridad del Canal de Panama (A/A1)
	380,000		4.950		07/29/35	421,800
Peru – 0.7%
ABY Transmision Sur SA (BBB/NR)(a)
	5,077,440		6.875		04/30/43	5,635,958
Corp. Lindley SA (BBB/NR)
	1,630,000		6.750	(a)	11/23/21	1,733,913
	3,560,000		6.750		11/23/21	3,786,950
	120,000		4.625	(a)	04/12/23	124,309
						11,281,130
Singapore – 0.2%
ABJA Investment Co. Pte Ltd. (BB-/NR)
	510,000		5.950		07/31/24	531,834
	776,000		5.450		01/24/28	744,960
Eterna Capital Pte Ltd. (CCC+p/Caa1)(d)(j)
	357,078		8.000		12/11/22	298,160
Innovate Capital Pte Ltd. (NR/NR)(d)(j)
	588,132		6.000		12/11/24	317,040
Medco Oak Tree Pte Ltd. (B/B2)(a)(d)
	1,570,000		7.375		05/14/26	1,577,850
						3,469,844

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
South Africa – 0.2%
Eskom Holdings SOC Ltd. (CCC+/B3)
$	520,000		6.750	%	08/06/23	$          545,350
	800,000		7.125		02/11/25	839,000
Eskom Holdings SOC Ltd. (BB/Baa3)(f)
	1,470,000		6.350		08/10/28	1,584,936
						2,969,286
Turkey – 2.5%
Akbank Turk A/S (NR/Caa2)(c)(d)(5 Year USD Swap + 4.029)
	2,264,000		6.797		04/27/28	1,901,760
Hazine Mustesarligi Varlik Kiralama A/S (NR/Ba3)(a)
	18,880,000		5.004		04/06/23	18,242,800
Hazine Mustesarligi Varlik Kiralama A/S (NR/B1)
	6,530,000		5.004		04/06/23	6,309,612
TC Ziraat Bankasi A/S (NR/B2)
	1,000,000		5.125		05/03/22	937,500
	2,370,000		5.125	(a)	09/29/23	2,135,963
Turkiye Vakiflar Bankasi TAO (NR/B2)(a)
	2,520,000		8.125		03/28/24	2,456,213
Yapi ve Kredi Bankasi A/S (NR/B2)
	1,820,000		6.100		03/16/23	1,742,268
	400,000		5.850		06/21/24	372,750
	4,610,000		8.250	(a)	10/15/24	4,673,848
						38,772,714
United Arab Emirates – 1.8%
Abu Dhabi Crude Oil Pipeline LLC (AA/NR)(a)
	15,210,000		4.600		11/02/47	16,711,987
Dolphin Energy Ltd. LLC (NR/A2)
	2,580,000		5.500		12/15/21	2,733,994
DP World PLC (NR/Baa1)(h)
	8,400,000		1.750		06/19/24	8,266,125
						27,712,106
United Kingdom – 0.6%
European Bank for Reconstruction & Development (NR/NR)
UAH	160,000,000		16.950		04/03/20	6,019,186
Vedanta Resources Finance II PLC (B+/B2)(a)
$	2,820,000		8.000		04/23/23	2,851,725
						8,870,911
United States – 0.9%
Brazil Loan Trust 1 (BB-/NR)(a)(k)
	6,632,083		5.477		07/24/23	6,864,206
SASOL Financing USA LLC (BBB-/Baa3)(d)
	6,720,000		5.875		03/27/24	7,251,300
The Bank of New York Mellon SA (NR/NR)(i)
	520,000		9.625		05/03/21	—
						14,115,506
Venezuela(g) – 1.7%
Petroleos de Venezuela SA (NR/NR)
	138,210,000		6.000		10/28/22	16,585,200
Petroleos de Venezuela SA (D/NR)
	41,690,000		6.000		05/16/24	6,253,500
	3,387,934		6.000		11/15/26	508,190
	19,170,000		5.375		04/12/27	2,875,500
Petroleos de Venezuela SA (CCC-/NR)
	2,180,000		5.500		04/12/37	327,000
						26,549,390
TOTAL CORPORATE OBLIGATIONS (Cost $430,133,519)						$   395,518,826

Shares		Description				Value
Common Stock(i) – 0.0%
Media – 0.0%
3			New Cotai Class B Shares (Cost $—)			$                  —
Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations(d) – 0.4%
Puerto Rico – 0.4%
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-1 (NR/NR)
$	405,000		4.500	%	07/01/34	$          417,879
	204,000		4.550		07/01/40	204,000
	1,504,000		4.750		07/01/53	1,461,978
	3,803,000		5.000		07/01/58	3,803,000
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $5,721,506)						$       5,886,857
U.S. Treasury Obligation – 1.5%
United States Treasury Note
$	23,220,000		1.875	%	06/30/26	$     23,218,840
(Cost $23,198,775)
Shares		Dividend Rate				Value
Investment Company(l) – 1.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	15,698,751		2.308%			$     15,698,751
(Cost $15,698,751)
TOTAL INVESTMENTS – 93.7% (Cost $1,464,485,484)						$1,442,843,855
OTHER ASSETS IN EXCESS OF     LIABILITIES – 6.3%						97,747,206
NET ASSETS – 100.0%						$1,540,591,061

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 June 30, 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 June 30, 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 $5,932,865, which represents approximately 0.4% of the Fund’s net assets as of June 30, 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 June 30, 2019.
(i)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(j)	Pay-in-kind securities.
(k)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $6,864,206, which represents approximately 0.5% of the Fund’s net assets as of June 30, 2019.
(l)	Represents an affiliated fund.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

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
EGP	— Egyptian Pound
EUR	— Euro
HKD	— Hong Kong Dollar
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
PLN	— Polish Zloty
RON	— New Romanian Leu
RUB	— Russian Ruble
SGD	— Singapore Dollar
TRY	— Turkish Lira
TWD	— Taiwan Dollar
UAH	— Ukraine Hryvna
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
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 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	119,690,569	USD	2,557,442		07/10/19	$	214,717
	ARS	50,615,333	USD	1,072,359		07/12/19		96,175
	ARS	198,886,732	USD	4,052,710		07/31/19		409,706
	BRL	108,057,608	USD	27,843,308		07/02/19		291,929
	BRL	65,613,338	USD	17,004,838		08/02/19		30,287
	CLP	10,406,247,611	USD	15,086,875		07/05/19		270,957
	CLP	8,002,970,477	USD	11,530,590		07/23/19		283,967
	CNH	109,476,604	USD	15,867,293		09/18/19		58,848
	CZK	246,388,717	EUR	9,556,469		09/18/19		96,055
	EUR	26,778,412	USD	30,170,087		07/10/19		305,667
	EUR	9,658,389	USD	10,984,767		09/18/19		66,931
	IDR	113,670,315,364	USD	7,949,145		08/13/19		54,679
	INR	1,147,635,071	USD	16,456,357		07/15/19		153,868
	KRW	9,149,115,674	USD	7,864,666		07/22/19		44,490
	KRW	3,007,586,439	USD	2,554,158		08/05/19		47,297
	MXN	253,759,400	USD	13,037,360		09/18/19		8,711
	MYR	10,072,967	USD	2,394,335		07/24/19		43,683
	PLN	70,685,892	EUR	16,532,666		09/18/19		48,387
	PLN	15,954,841	USD	4,255,994		09/18/19		24,918
	RUB	1,390,330,504	USD	21,279,061		07/30/19		624,394
	SGD	16,736,284	USD	12,342,842		09/18/19		41,837
	TRY	43,751,138	USD	7,202,498		09/18/19		39,496
	TWD	451,087,102	USD	14,445,900		08/05/19		144,124
	USD	3,471,589	EUR	3,046,397		07/10/19		4,570
	USD	5,098,000	JPY	545,311,138		09/18/19		10,574
	USD	12,253,526	MXN	235,015,983		07/17/19		43,832
	ZAR	29,794,421	USD	2,081,878		07/01/19		33,186
	ZAR	29,794,421	USD	2,089,090		09/05/19		8,533
	ZAR	165,227,214	USD	11,200,137		09/18/19		414,129
TOTAL							$	3,915,947
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	BRL	31,979,883	USD	8,348,677		07/02/19	$	(21,990	)
	COP	18,539,583,471	USD	5,815,300		07/22/19		(55,658	)
	HUF	382,129,540	PLN	5,052,953		09/18/19		(4,153	)
	KRW	5,313,372,967	USD	4,603,816		07/22/19		(10,553	)
	MXN	360,330,079	USD	18,629,412		09/18/19		(104,416	)
	RUB	355,713,395	USD	5,642,406		07/30/19		(38,449	)
	SGD	2,077,846	USD	1,537,950		09/18/19		(365	)
	TRY	30,902,620	USD	5,156,080		09/18/19		(40,864	)
	TWD	178,990,606	USD	5,799,677		08/05/19		(10,379	)
	USD	1,019,368	ARS	46,543,629		07/12/19		(55,163	)
	USD	35,944,872	BRL	140,037,489		07/02/19		(517,051	)
	USD	15,054,546	CLP	10,406,247,611		07/05/19		(303,286	)
	USD	2,378,670	CLP	1,662,826,104		07/23/19		(76,113	)
	USD	15,062,682	CNH	104,532,754		09/18/19		(144,250	)
	USD	461,651	COP	1,505,212,753		07/22/19		(5,969	)
	USD	202,044,178	EUR	179,375,588		07/10/19		(2,098,128	)
	USD	6,607,486	EUR	5,790,509		09/18/19		(18,355	)
	USD	802,820	INR	56,124,358		07/15/19		(9,492	)
	USD	2,397,012	KRW	2,773,270,870		07/22/19		(404	)
	USD	5,150,285	KRW	6,088,694,657		08/05/19		(116,220	)
	USD	2,845,399	MXN	55,080,565		07/17/19		(16,180	)
	USD	8,201,520	PLN	31,422,000		08/14/19		(224,014	)
	USD	6,728,706	RON	28,119,264		09/18/19		(29,218	)
	USD	20,571,675	RUB	1,348,606,718		07/30/19		(674,457	)
	USD	6,823,470	SGD	9,292,134		09/18/19		(52,614	)
	USD	2,056,776	TRY	12,816,508		09/18/19		(64,702	)
	USD	9,862,839	TWD	310,063,446		08/05/19		(165,896	)
	USD	7,874,378	ZAR	113,306,818		09/18/19		(90,263	)
TOTAL							$	(4,948,602	)

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At June 30, 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	570	09/19/19	$	101,210,625		$	3,290,001
Ultra 10 Year U.S. Treasury Notes	283	09/19/19		39,089,375			879,400
2 Year U.S. Treasury Notes	951	09/30/19		204,635,884			552,026
5 Year U.S. Treasury Notes	1,005	09/30/19		118,747,031			1,001,606
20 Year U.S. Treasury Bonds	243	09/19/19		37,809,281			901,173
Total						$	6,624,206
Short position contracts:
Eurodollars	(396)	12/16/19		(97,109,100	)		(771,211	)
Eurodollars	(2)	12/14/20		(492,225	)		(2,723	)
10 Year U.S. Treasury Notes	(477)	09/19/19		(61,041,094	)		(97,799	)
Total						$	(871,733	)
TOTAL FUTURES CONTRACTS						$	5,752,473

SWAP CONTRACTS — At June 30, 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		$	3		$	—		$	3
8.360%(b)	Mexico IB TIIE 28D		03/18/20	MXN	3,730,825			(194,943	)		(961,573	)		766,630
7.950(b)	Mexico IB TIIE 28D		06/16/21		218,500			(90,887	)		(2,645	)		(88,242	)
10.300(a)	1M BID Avg		01/03/22	BRL	50			(1,406	)		(81	)		(1,325	)
0.250(c)	6M EURO(d)		09/18/22	EUR	25,220	(f)		(523,456	)		(437,738	)		(85,718	)
1M BID Avg(c)	6.848		01/02/23	BRL	33,925			70,077			—			70,077
7.750(b)	Mexico Interbank TIIE 28 Days		09/13/23	MXN	576,125	(f)		(571,414	)		(36	)		(571,378	)
0.500(c)	6M EURO(d)		09/18/24	EUR	25,740	(f)		(1,059,420	)		(903,033	)		(156,387	)
0.750(c)	6M EURO(d)		09/18/26		39,770	(f)		(2,564,788	)		(2,224,622	)		(340,166	)
3M JIBAR(e)	8.500		03/20/29	ZAR	246,680			1,020,695			23,229			997,466
7.750(b)	Mexico Interbank TIIE 28 Days		09/05/29	MXN	49,050	(f)		(35,894	)		(2,739	)		(33,154	)
1.000(c)	6M EURO(d)		09/18/29	EUR	12,840	(f)		(1,180,441	)		(979,347	)		(201,094	)
1.500(c)	6M EURO(d)		09/18/39		2,650	(f)		(490,923	)		(399,366	)		(91,557	)
1.500(c)	6M EURO(d)		09/18/49		1,570	(f)		(387,016	)		(301,354	)		(85,662	)
TOTAL							$	(6,009,813	)	$	(6,189,305	)	$	179,493

(a) Payments made at maturity.

(b) Payments made monthly.

(c) Payments made annually.

(d) Payments made semi-annually.

(e) Payments made quarterly.

(f) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2019.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)	Credit Spread at June 30, 2019(b)		Counterparty		Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 4.250%, 10/28/19(a)	(1.000)%		0.074%		Barclays Bank PLC	09/20/19	$	3,350	$	(8,216	)	$	(2,159	)	$	(6,057	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.152		Barclays Bank PLC	06/20/21		7,030		(119,052	)		15,086			(134,138	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.195		Barclays Bank PLC	12/20/21		17,730		(354,464	)		(15,574	)		(338,890	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.224		Barclays Bank PLC	06/20/22		18,480		(425,026	)		(102,977	)		(322,049	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.283		Barclays Bank PLC	12/20/22		10,860		(267,687	)		(155,494	)		(112,193	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.117		BoA Securities LLC	12/20/20		9,500		(126,650	)		24,741			(151,391	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.152		BoA Securities LLC	06/20/21		12,670		(214,567	)		54,500			(269,067	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.117		Citibank NA	12/20/20		20,690		(275,829	)		63,893			(339,722	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.152		Citibank NA	06/20/21		47,820		(809,830	)		142,543			(952,373	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.224		Citibank NA	06/20/22		9,400		(216,193	)		(84,402	)		(131,791	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.117		CS International (London)	12/20/20		1,160		(15,465	)		4,322			(19,787	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.152		CS International (London)	06/20/21		3,770		(63,845	)		(1,060	)		(62,785	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.117		Deutsche Bank AG (London)	12/20/20		5,280		(70,390	)		14,294			(84,684	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.152		Deutsche Bank AG (London)	06/20/21		28,030		(474,686	)		42,986			(517,672	)

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)	Credit Spread at June 30, 2019(b)		Counterparty	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased: (continued)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)%		0.195%	Deutsche Bank AG (London)	12/20/21	$	15,570	$	(311,281	)	$	28,681		$	(339,962	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.117	JPMorgan Securities, Inc.	12/20/20		17,040		(227,169	)		35,260			(262,429	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.152	JPMorgan Securities, Inc.	06/20/21		22,050		(373,417	)		40,495			(413,912	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.195	JPMorgan Securities, Inc.	12/20/21		1,650		(32,988	)		3,069			(36,057	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.224	JPMorgan Securities, Inc.	06/20/22		14,680		(337,610	)		(129,923	)		(207,687	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.283	JPMorgan Securities, Inc.	12/20/22		3,650		(89,968	)		(58,089	)		(31,879	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.152	UBS AG (London)	06/20/21		18,520		(313,636	)		33,714			(347,350	)
Protection Sold:
Republic of Colombia, 10.375%, 01/28/33(a)	1.000		0.198	Barclays Bank PLC	12/20/19		5,720		23,851			(22,388	)		46,239
Islamic Republic of Pakistan, 6.875, 12/05/27(a)	5.000		2.294	Citibank NA	09/20/19		7,030		54,658			11,422			43,236
Republic of Chile, 3.875%, 08/05/20(a)	1.000		0.112	Citibank NA	12/20/20		11,510		154,242			(46,281	)		200,523
Republic of Colombia, 10.375%, 01/28/33(a)	1.000		0.620	Citibank NA	12/20/22		3,940		51,782			—			51,782
Ukraine Government, 7.375%, 09/25/32(a)	5.000		4.848	Deutsche Bank AG (London)	12/20/23		3,820		28,333			(300,452	)		328,785
Republic of Colombia, 10.375%, 01/28/33(a)	1.000		0.620	JPMorgan Securities, Inc.	12/20/22		3,600		47,313			1,155			46,158
TOTAL								$	(4,767,790	)	$	(402,638	)	$	(4,365,152	)

(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.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at June 30, 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(a)	(1.000)%		1.546%		12/20/23	$	9,350	$	212,556		$	321,182		$	(108,626	)
Republic of South Africa, 5.500%, 03/09/20(a)	(1.000)		1.670%		06/20/24		3,730		115,012			130,553			(15,541	)
Republic of Turkey, 11.875%, 01/15/30(a)	(1.000)		3.943%		06/20/24		31,460		3,997,425			4,692,258			(694,833	)
Protection Sold:
Federative Republic of Brazil, 4.250%, 01/07/25(a)	1.000		0.412%		09/20/19		25,310		37,315			31,309			6,006
Republic of Colombia, 10.375%, 01/28/33(a)	1.000		0.703%		06/20/23		2,770		32,451			(10,448	)		42,899
Republic of the Philippines, 10.625%, 03/16/25(a)	1.000		0.434%		12/20/23		9,460		233,792			12,020			221,772
Republic of Colombia, 10.375%, 01/28/33(a)	1.000		0.822%		12/20/23		53,990		429,580			(632,859	)		1,062,439
Republic of Turkey, 11.875%, 01/15/30(a)	1.000		3.857%		12/20/23		4,160		(469,378	)		(533,209	)		63,831
Republic of Peru, 8.750%, 11/21/33(a)	1.000		0.529%		06/20/24		12,120		275,988			203,581			72,407
Kingdom of Saudi Arabia, 2.375%, 10/26/21(a)	1.000		0.820%		06/20/24		19,750		174,202			102,699			71,503
Republic of Indonesia, 5.875%, 03/13/20(a)	1.000		0.901%		06/20/24		4,100		20,316			(17,691	)		38,007
Republic of Colombia, 10.375%, 01/28/33(a)	1.000		0.916%		06/20/24		150		641			(517	)		1,158
United Mexican States, 4.150%, 03/28/27(a)	1.000		1.106%		06/20/24		26,060		(121,858	)		(317,326	)		195,468
Republic of Lebanese, 6.250%, 11/04/24(a)	1.000		8.758%		06/20/24		450		(129,123	)		(124,869	)		(4,254	)
TOTAL								$	4,808,919		$	3,856,683		$	952,236

(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.

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – 3.2%
Automotive(b) – 0.1%
Navistar International Corp. (BB-/Ba2) (1M LIBOR + 3.500%)
$	1,945,076		5.910	%	11/06/24	$       1,938,385
Consumer Cyclical Services - Business(b) – 0.3%
First Data Corp. (BB/Ba2) (1M LIBOR + 2.000%)
	7,156,353		4.404		07/08/22	7,147,479
Food & Drug Retailing(c) – 0.1%
Albertsons LLC (BB/Ba2)
	3,351,579		3.750		11/17/25	3,332,508
Gaming(b) – 0.3%
MGM Growth Properties Operating Partnership LP (BB+/Ba3) (1M LIBOR + 2.000%)
	3,391,237		4.402		03/21/25	3,367,397
Mohegan Tribal Gaming Authority (B-/B1) (1M LIBOR + 4.000%)
	4,675,385		6.402		10/13/23	4,347,267
7,714,664
Health Care - Services(b) – 0.2%
Team Health Holdings, Inc. (B/B2) (1M LIBOR + 2.750%)
	4,667,563		5.152		02/06/24	4,124,958
Media - Cable(b) – 0.2%
Numericable Group SA (NR/NR) (1M LIBOR + 3.688%)
	3,910,302		6.082		01/31/26	3,783,217
Media - Non Cable(b) – 0.1%
WMG Acquisition Corp. (BB-/Ba3) (1M LIBOR + 2.125%)
	2,400,000		4.527		11/01/23	2,365,200
Packaging(b) – 0.2%
Charter NEX US Holdings, Inc. (B/B2) (1M LIBOR + 3.000%)
	3,855,330		5.402		05/16/24	3,779,843
Real Estate Investment Trust(b) – 0.2%
Brookfield Property REIT, Inc. (BB+/Ba3) (1M LIBOR + 2.500%)
	4,527,193		4.902		08/27/25	4,414,511
Retailers(b) – 0.2%
Staples, Inc. (B+/B1) (3M LIBOR + 5.000%)
	5,775,000		7.601		04/16/26	5,535,857
Services Cyclical - Business Services(b) – 0.2%
Travelport Finance (Luxembourg) S.a.r.l. (NR/NR) (3M LIBOR + 5.000%)
	4,425,000		7.541		05/29/26	4,153,261
Software(b) – 0.2%
The Dun & Bradstreet Corp. (B-/B2) (1M LIBOR + 5.000%)
	4,700,000		7.404		02/06/26	4,698,543
Technology - Software/Services(b) – 0.8%
Financial & Risk US Holdings, Inc. (B/B2) (1M LIBOR + 3.750%)
	6,119,250		6.152		10/01/25	5,929,920
Mitchell International, Inc. (B-/B2) (1M LIBOR + 3.250%)
	5,696,159		5.652		11/29/24	5,426,617
TriTech Software Systems (B/B2) (1M LIBOR + 3.750%)
	3,432,750		6.152		08/29/25	3,386,991

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans (a) – (continued)
Technology - Software/Services(b) – (continued)
Vertafore, Inc. (B-/B2) (1M LIBOR + 3.250%)
$	3,855,625		5.652	%	07/02/25	$        3,699,781
18,443,309
Telecommunication Services(b) – 0.1%
CenturyLink, Inc. (BBB-/Ba3) (1M LIBOR + 2.750%)
	2,244,304		5.152		01/31/25	2,189,453
TOTAL BANK LOANS (Cost $75,005,985)						$     73,621,188
Corporate Obligations – 90.8%
Advertising(d) – 0.2%
National CineMedia LLC (B-/B3)
$	2,500,000		5.750	%	08/15/26	$       2,375,000
Outfront Media Capital LLC/Outfront Media Capital Corp. (BB-/B1)(e)
	1,160,000		5.000		08/15/27	1,187,550
3,562,550
Aerospace & Defense – 2.0%
Arconic, Inc. (BBB-/Ba2)
	2,155,000		6.150		08/15/20	2,230,490
	2,155,000		5.400	(d)	04/15/21	2,236,394
Bombardier, Inc. (B-/Caa1)(e)
	3,035,000		5.750		03/15/22	3,088,113
	2,350,000		6.000	(d)	10/15/22	2,355,875
	4,100,000		6.125		01/15/23	4,151,250
	10,150,000		7.500	(d)	03/15/25	10,188,062
	5,295,000		7.875	(d)	04/15/27	5,301,619
TransDigm, Inc. (B-/B3)(d)
	12,310,000		6.500		05/15/25	12,448,487
	3,580,000		6.375		06/15/26	3,624,750
45,625,040
Apparel(d)(e) – 0.1%
The William Carter Co. (BB+/Ba2)
	1,688,000		5.625		03/15/27	1,768,180
Auto Manufacturers(d)(e) – 0.0%
Allison Transmission, Inc. (NR/Ba3)
	1,075,000		5.000		10/01/24	1,096,500
Automotive – 1.3%
Adient US LLC (BB-/Ba2)(d)(e)
	4,850,000		7.000		05/15/26	4,977,313
American Axle & Manufacturing, Inc. (B/B2)(d)
	7,140,000		6.250		04/01/25	7,104,300
CB Lear Corp. (NR/NR)(d)(f)(g)
	6,750,000		8.500		12/01/13	—
Dana Financing Luxembourg S.a.r.l. (BB-/B2)(d)(e)
	2,440,000		5.750		04/15/25	2,504,050

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – (continued)
Delphi Technologies PLC (BB/B1)(e)
$	3,730,000		5.000	%	10/01/25	$       3,319,700
General Motors Liquidation Co. (NR/NR)(f)
	2,000,000		7.700	(g)	04/15/16	—
	7,125,000		7.125	(g)	07/15/13	—
	1,000,000		8.800	(g)	03/01/49	—
	14,500,000		8.375		07/15/49	—
IHO Verwaltungs GmbH (BB+/Ba1)(d)(e)(h)(PIK 5.500%, Cash 4.750%)
	2,695,000		4.750		09/15/26	2,600,675
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. (B/B3)(d)(e)
	3,790,000		8.500		05/15/27	3,903,700
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. (B+/Ba3)(d)(e)
	2,700,000		6.250		05/15/26	2,808,000
Tenneco, Inc. (BB-/B3)(d)
	2,500,000		5.000		07/15/26	2,000,000
						29,217,738
Banks – 1.7%
Barclays PLC (B+/Ba3)(b)(d)(5 year CMT + 5.672%)
	3,600,000		8.000		06/15/49	3,778,441
CIT Group, Inc. (BB/Ba1)
	35,000		6.125		03/09/28	39,813
CIT Group, Inc. (BB+/Ba1)
	1,630,000		5.000		08/15/22	1,721,687
Citigroup, Inc. (BB+/Ba1)(b)(d) (3M USD LIBOR + 3.423%)
	6,125,000		6.300		05/15/49	6,385,312
Deutsche Bank AG (BB+/Ba2)(b)(d) (5 Year USD ICE Swap + 2.553%)
	5,150,000		4.875		12/01/32	4,472,451
Intesa Sanpaolo SpA (BB+/Ba1)(e)
	2,350,000		5.017		06/26/24	2,344,125
	4,125,000		5.710		01/15/26	4,171,406
Royal Bank of Scotland Group PLC (BB-/Ba2)(b)(d) (3M USD LIBOR + 2.320%)
	2,300,000		4.650		12/31/49	2,179,250
UBS Group Funding Switzerland AG (BB/Ba1u)(b)(d)(e) (5 Year USD Swap + 4.344%)
	4,000,000		7.000		12/31/99	4,245,000
UniCredit SpA (BB+/Ba1)(b)(d)(e)
(5 Year USD ICE Swap + 3.703%)
	1,925,000		5.861		06/19/32	1,852,757
(5 year USD ICE Swap + 4.914%)
	6,420,000		7.296		04/02/34	6,761,191
						37,951,433
Building Materials(d)(e) – 1.9%
American Woodmark Corp. (BB/Ba3)
	3,170,000		4.875		03/15/26	3,126,412
BMC East LLC (BB/B1)
	6,125,000		5.500		10/01/24	6,209,219
Builders FirstSource, Inc. (BB-/B2)
	6,025,000		6.750		06/01/27	6,356,375
Cornerstone Building Brands, Inc. (B-/Caa1)
	6,465,000		8.000		04/15/26	6,287,212

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Building Materials(d)(e) – (continued)
JELD-WEN, Inc. (BB-/B1)
$	3,330,000		4.625	%	12/15/25	$       3,263,400
	2,595,000		4.875		12/15/27	2,510,663
Masonite International Corp. (BB+/Ba3)
	4,000,000		5.625		03/15/23	4,120,000
	60,000		5.750		09/15/26	61,650
Standard Industries, Inc. (BBB-/Ba2)
	4,160,000		5.375		11/15/24	4,305,600
	5,190,000		5.000		02/15/27	5,252,799
Summit Materials LLC/Summit Materials Finance Corp. (BB/B3)
	2,580,000		6.500		03/15/27	2,683,200
						44,176,530
Capital Goods(d)(f)(g) – 0.0%
LyondellBasell Industries NV (NR/NR)
EUR	2,250,000		4.625		08/15/15	—
Chemicals – 2.7%
Alpha 2 B.V. (CCC+/Caa1)(d)(e)(h) (PIK 9.500%, Cash 8.750%)
$	1,350,000		8.750		06/01/23	1,328,063
Axalta Coating Systems LLC (BB-/B1)(d)(e)
	3,300,000		4.875		08/15/24	3,399,000
CF Industries, Inc. (BB+/Ba3)
	2,450,000		5.375		03/15/44	2,290,750
Hexion, Inc. (B-/NR)(d)(e)
	1,300,000		7.875		07/15/27	1,306,500
Ingevity Corp. (NR/Ba3)(d)(e)
	3,295,000		4.500		02/01/26	3,204,388
Nell AF S.a.r.l. (NR/NR)(f)(g)
	10,625,000		8.375		12/30/49	—
Olin Corp. (BB+/Ba1)(d)
	3,950,000		5.000		02/01/30	3,905,562
PQ Corp. (B/B3)(d)(e)
	5,475,000		5.750		12/15/25	5,550,281
PQ Corp. (BB-/B1)(d)(e)
	3,790,000		6.750		11/15/22	3,908,437
SPCM SA (BB+/Ba2)(d)(e)
	5,150,000		4.875		09/15/25	5,175,750
Starfruit Finco B.V./Starfruit US Holdco LLC (B-/Caa1)(d)(e)
	5,365,000		8.000		10/01/26	5,512,537
Tronox Finance PLC (B-/B3)(d)(e)
	2,450,000		5.750		10/01/25	2,376,500
Valvoline, Inc. (BB/Ba3)(d)
	4,490,000		5.500		07/15/24	4,624,700
	4,055,000		4.375		08/15/25	4,034,725
WR Grace & Co-Conn (BB-/Ba3)(e)
	2,595,000		5.125		10/01/21	2,689,069
	11,940,000		5.625		10/01/24	12,835,500
						62,141,762

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Commercial Services – 3.5%
Allied Universal Holding Co. LLC/Allied Universal Finance Corp. (NR/B3)(d)(e)
$	2,575,000		6.625	%	07/15/26	$       2,616,844
Allied Universal Holding Co. LLC/Allied Universal Finance Corp. (CCC/NR)(d)(e)
	4,315,000		9.750		07/15/27	4,315,000
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (BB/B1)(d)
	910,000		5.500		04/01/23	929,338
	5,035,000		6.375	(e)	04/01/24	5,261,575
Graham Holdings Co. (BB+/Ba1)(d)(e)
	3,350,000		5.750		06/01/26	3,542,625
Herc Holdings, Inc. (B+/B3)(d)(e)
	5,540,000		5.500		07/15/27	5,567,700
Nielsen Finance LLC/Nielsen Finance Co. (BB/B1)(d)(e)
	8,695,000		5.000		04/15/22	8,684,131
Prime Security Services Borrower LLC/Prime Finance, Inc. (B-/B3)(d)(e)
	2,105,000		9.250		05/15/23	2,210,250
Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)(e)
	6,825,000		5.250		04/15/24	6,944,437
Refinitiv US Holdings, Inc. (B-/Caa2)(d)(e)
	14,520,000		8.250		11/15/26	14,955,600
Team Health Holdings, Inc. (CCC+/Caa2)(d)(e)(i)
	5,410,000		6.375		02/01/25	4,111,600
The Hertz Corp. (B+/B1)(d)(e)
	4,960,000		7.625		06/01/22	5,152,200
The Hertz Corp. (B-/B3)(d)
	6,020,000		7.375		01/15/21	6,027,525
United Rentals North America, Inc. (BB-/Ba3)(d)
	1,565,000		5.875		09/15/26	1,666,725
	4,670,000		6.500		12/15/26	5,055,275
	2,985,000		4.875		01/15/28	3,044,700
						80,085,525
Computers(d) – 1.3%
Banff Merger Sub, Inc. (CCC+/Caa2)(e)
	5,400,000		9.750		09/01/26	4,684,500
Dell International LLC/EMC Corp. (BB/Ba2)(e)
	4,930,000		5.875		06/15/21	5,010,112
	13,960,000		7.125		06/15/24	14,727,800
EMC Corp. (BB-/Ba2)
	2,490,000		3.375		06/01/23	2,477,550
Western Digital Corp. (BB+/Baa3)
	2,260,000		4.750		02/15/26	2,217,625
						29,117,587
Distribution & Wholesale(d) – 1.5%
Core & Main LP (B-/Caa1)(e)
	11,550,000		6.125		08/15/25	11,651,062
H&E Equipment Services, Inc. (BB-/B2)
	9,035,000		5.625		09/01/25	9,283,463
IAA, Inc. (B/B2)(e)
	1,450,000		5.500		06/15/27	1,508,000

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Distribution & Wholesale(d) – (continued)
Performance Food Group, Inc. (BB-/B1)(e)
$	6,700,000		5.500	%	06/01/24	$       6,834,000
Univar USA, Inc. (BB-/B2)(e)
	3,840,000		6.750		07/15/23	3,912,000
						33,188,525
Diversified Financial Services – 3.9%
Ally Financial, Inc. (BB+/NR)
	6,280,000		4.125		02/13/22	6,421,300
Ally Financial, Inc. (BB+/Ba2)
	9,150,000		8.000		11/01/31	12,089,437
Curo Group Holdings Corp. (B-/B3)(d)(e)
	5,425,000		8.250		09/01/25	4,502,750
Nationstar Mortgage Holdings, Inc. (B/B2)(d)(e)
	9,475,000		8.125		07/15/23	9,640,812
Navient Corp. (B+/Ba3)
	6,490,000		5.875		03/25/21	6,741,487
	3,090,000		6.625		07/26/21	3,286,988
	1,090,000		7.250		01/25/22	1,178,563
	7,890,000		5.500		01/25/23	8,106,975
	8,670,000		6.125		03/25/24	8,886,750
	3,035,000		6.750		06/15/26	3,148,813
Quicken Loans, Inc. (BB/Ba1)(d)(e)
	7,450,000		5.250		01/15/28	7,405,933
Springleaf Finance Corp. (BB-/Ba3)
	9,215,000		5.625		03/15/23	9,779,419
	5,190,000		7.125		03/15/26	5,657,100
	2,175,000		6.625	(d)	01/15/28	2,283,750
						89,130,077
Electrical(d) – 2.3%
Calpine Corp. (B/B2)
	6,050,000		5.375		01/15/23	6,118,062
	2,050,000		5.500		02/01/24	2,034,625
	7,735,000		5.750		01/15/25	7,657,650
Calpine Corp. (BB/Ba2)(e)
	5,995,000		5.250		06/01/26	6,099,912
DPL, Inc. (BBB-/Ba1)
	2,633,000		7.250		10/15/21	2,832,397
NRG Energy, Inc. (BB/Ba3)
	595,000		7.250		05/15/26	655,244
	200,000		6.625		01/15/27	217,250
	5,090,000		5.750		01/15/28	5,484,475
	905,000		5.250	(e)	06/15/29	966,088

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical(d) – (continued)
Talen Energy Supply LLC (NR/Ba3)(e)
$	1,675,000		6.625	%	01/15/28	$       1,666,625
Talen Energy Supply LLC (B/B3)
	4,380,000		6.500		06/01/25	3,668,250
	2,050,000		10.500	(e)	01/15/26	2,024,375
Talen Energy Supply LLC (BB/Ba3)(e)
	3,850,000		7.250		05/15/27	3,946,250
Vistra Operations Co. LLC (BB/Ba3)(e)
	1,249,000		5.625		02/15/27	1,322,379
	7,300,000		5.000		07/31/27	7,551,193
						52,244,775
Electrical Components & Equipment(d) – 0.6%
Energizer Holdings, Inc. (B+/B2)(e)
	4,440,000		5.500		06/15/25	4,473,300
	3,635,000		7.750		01/15/27	3,925,800
WESCO Distribution, Inc. (BB/B1)
	5,685,000		5.375		12/15/21	5,741,850
						14,140,950
Electronics – 0.5%
Resideo Funding, Inc. (BB+/B1)(d)(e)
	4,775,000		6.125		11/01/26	4,949,297
Sensata Technologies B.V. (BB+/Ba3)(e)
	1,040,000		5.000		10/01/25	1,084,200
The ADT Security Corp. (BB-/Ba3)
	5,060,000		4.125		06/15/23	5,060,000
						11,093,497
Energy - Exploration & Production(d)(f)(g) – 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(d) – 0.0%
AECOM (BB-/Ba3)
	250,000		5.125		03/15/27	259,688
Entertainment(d) – 2.9%
AMC Entertainment Holdings, Inc. (CCC+/B3)
	5,090,000		5.750		06/15/25	4,714,613
	6,100,000		5.875		11/15/26	5,490,000
Caesars Resort Collection LLC/CRC Finco, Inc. (B-/B3)(e)
	9,630,000		5.250		10/15/25	9,630,000
Cedar Fair LP (BB-/B1)(e)
	1,850,000		5.250		07/15/29	1,887,000
Cinemark USA, Inc. (BB/B2)
	6,335,000		4.875		06/01/23	6,414,187

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Entertainment(d) – (continued)
Lions Gate Capital Holdings LLC (B-/B2)(e)
$	5,425,000		5.875	%	11/01/24	$       5,574,188
Live Nation Entertainment, Inc. (B+/Ba3)(e)
	2,390,000		4.875		11/01/24	2,455,725
Mohegan Gaming & Entertainment (CCC+/B3)(e)
	2,595,000		7.875		10/15/24	2,539,856
Scientific Games International, Inc. (B-/Caa1)
	11,060,000		10.000		12/01/22	11,613,000
	5,875,000		8.250	(e)	03/15/26	6,139,375
Stars Group Holdings B.V./Stars Group US Co-Borrower LLC (B-/Caa1)(e)
	6,515,000		7.000		07/15/26	6,889,612
WMG Acquisition Corp. (BB-/Ba3)(e)
	2,160,000		5.000		08/01/23	2,203,200
						65,550,756
Environmental(d)(e) – 0.5%
Advanced Disposal Services, Inc. (B/B3)
	1,610,000		5.625		11/15/24	1,682,450
GFL Environmental, Inc. (CCC+/Caa2)
	3,565,000		8.500		05/01/27	3,832,375
Waste Pro USA, Inc. (B+/B3)
	6,905,000		5.500		02/15/26	7,060,362
						12,575,187
Food & Drug Retailing – 2.3%
Albertsons Cos. LLC/Safeway, Inc./New Albertsons LP/Albertson’s LLC (BB-/B3)(d)
	4,930,000		5.750		03/15/25	4,960,813
	10,000		7.500	(e)	03/15/26	10,675
B&G Foods, Inc. (BB-/B2)(d)
	575,000		4.625		06/01/21	575,000
	8,500,000		5.250		04/01/25	8,585,000
Chobani LLC/Chobani Finance Corp., Inc. (CCC+/Caa2)(d)(e)
	6,205,000		7.500		04/15/25	5,786,162
JBS USA LUX SA/JBS USA Finance, Inc. (BB-/Ba3)(d)(e)
	3,900,000		5.875		07/15/24	4,012,125
	2,275,000		5.750		06/15/25	2,366,000
Matterhorn Merger Sub LLC/Matterhorn Finance Sub, Inc. (CCC/Caa2)(d)(e)
	2,250,000		8.500		06/01/26	1,985,625
New Albertsons LP (B-/WR)
	2,500,000		7.450		08/01/29	2,415,625
Post Holdings, Inc. (B+/B2)(d)(e)
	5,400,000		5.000		08/15/26	5,481,000
	9,900,000		5.750		03/01/27	10,209,375
	6,180,000		5.625		01/15/28	6,342,225
						52,729,625

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food Service(d)(e) – 0.0%
Aramark Services, Inc. (BB/Ba3)
$	1,025,000		5.000	%	02/01/28	$       1,053,188
Forest Products&Paper(d) – 0.1%
Mercer International, Inc. (BB-/Ba3)
	1,585,000		7.750		12/01/22	1,646,419
Gas(d) – 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp. (NR/Ba3)
	550,000		5.875		08/20/26	583,000
	7,580,000		5.750		05/20/27	7,959,000
						8,542,000
Hand/Machine Tools(d)(e) – 0.1%
Colfax Corp. (BB+/Ba2)
	1,405,000		6.000		02/15/24	1,487,544
Healthcare Providers & Services – 5.0%
Acadia Healthcare Co., Inc. (B-/B3)(d)
	855,000		6.125		03/15/21	855,000
	6,540,000		5.625		02/15/23	6,646,275
	2,050,000		6.500		03/01/24	2,132,000
Catalent Pharma Solutions, Inc. (B+/B3)(d)(e)
	875,000		5.000		07/15/27	890,313
CHS/Community Health Systems, Inc. (B-/Caa1)(d)
	15,915,000		5.125		08/01/21	15,676,275
	3,710,000		8.000	(e)	03/15/26	3,566,238
CHS/Community Health Systems, Inc. (CCC-/Ca)(d)(e)
	1,820,000		9.875	(j)	06/30/23	1,474,200
	2,200,000		8.125		06/30/24	1,644,500
DaVita, Inc. (B+/Ba3)(d)
	4,465,000		5.125		07/15/24	4,465,000
Envision Healthcare Corp. (B-/Caa1)(d)(e)
	8,025,000		8.750		10/15/26	5,597,437
HCA, Inc. (BB-/Ba2)
	9,300,000		7.500		02/15/22	10,253,250
	9,970,000		5.375		02/01/25	10,755,137
MEDNAX, Inc. (BBB-/Ba2)(d)(e)
	5,600,000		6.250		01/15/27	5,509,000
MPH Acquisition Holdings LLC (B-/Caa1)(d)(e)
	6,590,000		7.125		06/01/24	6,178,125
Polaris Intermediate Corp. (B-/Caa2)(d)(e)(h) (PIK 9.250%, Cash 8.500%)
	4,545,000		8.500		12/01/22	4,010,963
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. (CCC+/Caa1)(d)(e)
	5,425,000		9.750		12/01/26	5,682,687
Tenet Healthcare Corp. (B-/Ba3)(d)(e)
	4,775,000		6.250		02/01/27	4,942,125

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
Tenet Healthcare Corp. (BB-/Ba3)(d)
$	6,760,000		4.625	%	07/15/24	$       6,886,750
Tenet Healthcare Corp. (CCC+/Caa1)
	14,339,000		8.125		04/01/22	15,020,102
	1,040,000		7.000	(d)	08/01/25	1,034,800
						113,220,177
Home Builders – 2.6%
Beazer Homes USA, Inc. (NR/B3)(d)
	6,450,000		8.750		03/15/22	6,708,000
Beazer Homes USA, Inc. (B-/B3)(d)
	534,000		7.250		02/01/23	528,660
	5,000,000		5.875		10/15/27	4,350,000
Brookfield Residential Properties, Inc. (B+/B1)(d)(e)
	5,400,000		6.375		05/15/25	5,292,000
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (B+/B1)(d)(e)
	3,395,000		6.125		07/01/22	3,458,656
Lennar Corp. (BB+/Ba1)
	3,945,000		5.375		10/01/22	4,186,631
	5,425,000		4.750	(d)	11/15/22	5,669,125
	3,245,000		5.875	(d)	11/15/24	3,553,275
	2,240,000		4.750	(d)	11/29/27	2,357,600
TRI Pointe Group, Inc. (BB-/Ba3)(d)
	4,360,000		5.250		06/01/27	4,196,500
TRI Pointe Group, Inc./TRI Pointe Homes, Inc. (BB-/Ba3)
	1,635,000		5.875		06/15/24	1,675,875
William Lyon Homes, Inc. (B+/B2)(d)
	425,000		7.000		08/15/22	426,063
	8,670,000		6.000		09/01/23	8,800,050
	2,000,000		5.875		01/31/25	1,970,000
Williams Scotsman International, Inc. (B/B3)(d)(e)
	1,500,000		7.875		12/15/22	1,575,000
	4,080,000		6.875		08/15/23	4,238,100
						58,985,535
Insurance(d)(e) – 1.0%
Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	2,055,000		8.125		02/15/24	2,121,788
Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	975,000		7.000		11/15/25	881,156
Fidelity & Guaranty Life Holdings, Inc. (BB+/Ba2)
	8,175,000		5.500		05/01/25	8,481,562
GTCR AP Finance, Inc. (CCC+/Caa2)
	2,275,000		8.000		05/15/27	2,292,063
HUB International Ltd. (CCC+/Caa2)
	4,580,000		7.000		05/01/26	4,642,975

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance(d)(e) – (continued)
USI, Inc. (CCC+/Caa2)
$	4,205,000		6.875	%	05/01/25	$       4,162,950
						22,582,494
Internet – 1.4%
Getty Images, Inc. (CCC+/Caa2)(d)(e)
	985,000		9.750		03/01/27	1,012,088
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (B+/B1)(d)(e)
	2,620,000		5.250		12/01/27	2,708,425
GrubHub Holdings, Inc. (BB/Ba3)(d)(e)
	2,400,000		5.500		07/01/27	2,463,000
Netflix, Inc. (BB-/Ba3)
	15,730,000		4.875		04/15/28	16,260,887
VeriSign, Inc. (BBB-/Ba1)(d)
	3,500,000		4.750		07/15/27	3,653,125
Zayo Group LLC/Zayo Capital, Inc. (B/B3)(d)
	1,834,000		6.000		04/01/23	1,875,265
	4,125,000		5.750	(e)	01/15/27	4,186,875
						32,159,665
Iron/Steel(d) – 0.9%
AK Steel Corp. (BB-/B1)
	4,525,000		7.500		07/15/23	4,615,500
Cleveland-Cliffs, Inc. (B+/B1)(e)
	2,450,000		5.875		06/01/27	2,373,697
Cleveland-Cliffs, Inc. (B+/B1)
	1,749,000		5.750		03/01/25	1,738,069
Steel Dynamics, Inc. (BB+/Ba1)
	3,090,000		5.250		04/15/23	3,144,075
United States Steel Corp. (B/B2)
	8,100,000		6.875		08/15/25	7,654,500
						19,525,841
Leisure Time(d)(e) – 0.5%
Viking Cruises Ltd. (B+/B3)
	4,030,000		5.875		09/15/27	4,080,375
VOC Escrow Ltd. (BB/Ba2)
	7,685,000		5.000		02/15/28	7,790,669
						11,871,044
Lodging – 1.7%
Boyd Gaming Corp. (B/B3)(d)
	1,585,000		6.000		08/15/26	1,666,231
MGM Resorts International (BB-/Ba3)
	16,765,000		6.625		12/15/21	18,106,200
	9,350,000		7.750		03/15/22	10,413,563
	4,620,000		6.000		03/15/23	5,001,150
	3,720,000		5.750	(d)	06/15/25	4,036,200
						39,223,344

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Machinery-Diversified(d)(e) – 0.4%
The Manitowoc Co., Inc. (B/B2)
$	2,415,000		9.000	%	04/01/26	$       2,411,981
Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC+/Caa2)
	7,350,000		7.750		04/15/26	6,624,188
						9,036,169
Media – 9.7%
Altice Financing SA (B+/B2)(d)(e)
	10,822,000		6.625		02/15/23	11,092,550
	21,650,000		7.500		05/15/26	21,758,250
Altice Finco SA (CCC+/Caa1)(d)(e)
	8,100,000		7.625		02/15/25	7,776,000
Altice Luxembourg SA (B-/Caa1)(d)(e)
	2,308,000		7.750		05/15/22	2,345,505
	4,550,000		10.500		05/15/27	4,663,750
AMC Networks, Inc. (BB/Ba3)(d)
	1,150,000		5.000		04/01/24	1,181,625
	1,090,000		4.750		08/01/25	1,106,350
CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)(d)(e)
	2,155,000		5.875		04/01/24	2,251,975
	19,570,000		5.750		02/15/26	20,548,500
	4,780,000		5.500		05/01/26	4,995,100
	11,605,000		5.000		02/01/28	11,851,606
Clear Channel Worldwide Holdings, Inc. (CCC+/Caa1)(d)(e)
	2,985,000		9.250		02/15/24	3,238,725
CSC Holdings LLC (B/B3)
	7,510,000		5.250		06/01/24	7,801,012
	2,150,000		7.750	(d)(e)	07/15/25	2,316,625
	5,125,000		10.875	(d)(e)	10/15/25	5,861,719
CSC Holdings LLC (BB/Ba3)(d)(e)
	5,819,000		5.500		05/15/26	6,102,676
	7,370,000		5.500		04/15/27	7,729,288
Cumulus Media New Holdings, Inc. (B/B2)(d)(e)
	4,550,000		6.750		07/01/26	4,538,625
DISH DBS Corp. (B-/B1)
	3,940,000		6.750		06/01/21	4,127,150
	11,965,000		5.875		07/15/22	12,114,562
	10,065,000		7.750		07/01/26	9,863,700
Entercom Media Corp. (B-/B2)(d)(e)
	7,400,000		6.500		05/01/27	7,696,000

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
Entercom Media Corp. (B-/B3)(d)(e)
$	2,440,000		7.250	%	11/01/24	$       2,568,100
GCI LLC (B/B3)(d)(e)
	2,700,000		6.625		06/15/24	2,824,875
Gray Television, Inc. (B+/B3)(d)(e)
	5,580,000		7.000		05/15/27	6,054,300
Meredith Corp. (B+/B3)(d)
	345,000		6.875		02/01/26	365,269
Midcontinent Communications/Midcontinent Finance Corp. (B/B3)(d)(e)
	3,225,000		6.875		08/15/23	3,337,875
Nexstar Broadcasting, Inc. (B/B3)(d)(e)
	7,320,000		5.625		08/01/24	7,576,200
Nexstar Escrow, Inc. (B/B3)(d)(e)
	1,950,000		5.625		07/15/27	1,993,875
Sirius XM Radio, Inc. (BB/Ba3)(d)(e)
	710,000		4.625		07/15/24	725,975
	12,785,000		5.000		08/01/27	12,992,756
	3,175,000		5.500		07/01/29	3,254,375
The E.W. Scripps Co. (B/B3)(d)(e)
	2,675,000		5.125		05/15/25	2,581,375
Univision Communications, Inc. (B/B2)(d)(e)
	6,645,000		5.125		05/15/23	6,478,875
UPCB Finance IV Ltd. (BB/Ba3)(d)(e)
	3,150,000		5.375		01/15/25	3,236,625
Virgin Media Secured Finance PLC (BB-/Ba3)(d)(e)
	6,655,000		5.500		08/15/26	6,871,288
						221,823,056
Media - Cable(f)(g) – 0.0%
Adelphia Communications Corp. (NR/NR)
	2,000,000		10.250		06/15/49	—
Metal Fabricate/Hardware(d) – 0.4%
Park-Ohio Industries, Inc. (B/B3)
	9,890,000		6.625		04/15/27	9,877,637
Mining(d) – 2.4%
Alcoa Nederland Holding B.V. (BB+/Ba1)(e)
	3,250,000		7.000		09/30/26	3,489,688
Aleris International, Inc. (CCC+/Caa2)(e)
	2,500,000		10.750		07/15/23	2,612,500
Constellium NV (B/B2)(e)
	2,650,000		6.625		03/01/25	2,756,000
FMG Resources August 2006 Pty Ltd. (BB+/Ba1)(e)
	8,125,000		5.125		03/15/23	8,378,906
Freeport-McMoRan, Inc. (BB/Ba1)
	15,600,000		3.550		03/01/22	15,619,500
	8,370,000		3.875		03/15/23	8,370,000
Hudbay Minerals, Inc. (B+/B3)(e)
	6,855,000		7.250		01/15/23	7,077,787
New Gold, Inc. (B/Caa1)(e)
	3,765,000		6.250		11/15/22	3,444,975
Novelis Corp. (B+/B2)(e)
	640,000		6.250		08/15/24	668,800

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mining(d) – (continued)
Novelis Corp. (B+/B2)(e) – (continued)
$	2,410,000		5.875	%	09/30/26	$       2,440,125
						54,858,281
Miscellaneous Manufacturing(d) – 0.2%
EnPro Industries, Inc. (BB/B1)
	5,245,000		5.750		10/15/26	5,363,013
Office(d) – 0.3%
Xerox Corp. (BB+/Ba1)
	6,050,000		4.125		03/15/23	6,150,993
Oil Field Services – 9.7%
Antero Resources Corp. (BB+/Ba3)(d)
	4,005,000		5.375		11/01/21	3,954,937
	400,000		5.125		12/01/22	384,000
	9,620,000		5.625		06/01/23	9,283,300
Berry Petroleum Co. LLC (B+/B3)(d)(e)
	3,575,000		7.000		02/15/26	3,458,813
California Resources Corp. (B-/Caa2)(d)(e)
	3,500,000		8.000		12/15/22	2,638,125
California Resources Corp. (CCC-/Caa3)(d)
	3,600,000		6.000		11/15/24	2,214,000
Chaparral Energy, Inc. (CCC/Caa1)(d)(e)
	1,480,000		8.750		07/15/23	895,400
Chesapeake Energy Corp. (B+/B2)
	1,870,000		5.375	(d)	06/15/21	1,818,575
	7,140,000		5.750		03/15/23	6,586,650
	3,485,000		8.000	(d)	06/15/27	3,049,375
CNX Resources Corp. (BB-/B3)(d)(e)
	3,700,000		7.250		03/14/27	3,172,750
CrownRock LP/CrownRock Finance, Inc. (BB-/B2)(d)(e)
	9,240,000		5.625		10/15/25	9,263,100
CVR Refining LLC/Coffeyville Finance, Inc. (BB-/B1)(d)
	1,300,000		6.500		11/01/22	1,319,500
Denbury Resources, Inc. (B/B3)(d)(e)
	2,025,000		9.000		05/15/21	1,994,625
Ensco Rowan PLC (B/Caa1)(d)
	3,535,000		7.750		02/01/26	2,633,575
	3,100,000		5.750		10/01/44	1,798,000
Ensign Drilling, Inc. (BB-/B2)(d)(e)
	6,050,000		9.250		04/15/24	5,959,250
EP Energy LLC/Everest Acquisition Finance, Inc. (C/Ca)(d)
	1,450,000		9.375		05/01/20	152,250
Exterran Energy Solutions LP/EES Finance Corp. (B+/B1)(d)
	5,685,000		8.125		05/01/25	5,770,275
Gulfport Energy Corp. (BB-/B1)(d)
	4,200,000		6.000		10/15/24	3,234,000
	6,696,000		6.375		05/15/25	5,130,810
	3,200,000		6.375		01/15/26	2,424,000

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Laredo Petroleum, Inc. (B+/B2)(d)
$	5,400,000		5.625	%	01/15/22	$       5,035,500
	5,555,000		6.250		03/15/23	5,138,375
Matador Resources Co. (BB-/B2)(d)
	2,595,000		5.875		09/15/26	2,620,950
MEG Energy Corp. (BB/B3)(d)(e)
	3,875,000		6.500		01/15/25	3,884,688
MEG Energy Corp. (BB-/Caa2)(d)(e)
	2,235,000		6.375		01/30/23	2,123,250
	2,755,000		7.000		03/31/24	2,617,250
Nabors Industries, Inc. (BB/B1)
	3,380,000		5.500	(d)	01/15/23	3,160,300
	3,950,000		0.750		01/15/24	2,817,436
Nine Energy Service, Inc. (B/B3)(d)(e)
	2,130,000		8.750		11/01/23	2,071,425
Noble Holding International Ltd. (B/Caa2)(d)
	730,000		7.750		01/15/24	558,450
Noble Holding International Ltd. (B+/B3)(d)(e)
	7,800,000		7.875		02/01/26	6,708,000
Oasis Petroleum, Inc. (BB-/B2)(d)
	9,076,000		6.875		03/15/22	9,053,310
Parsley Energy LLC/Parsley Finance Corp. (BB-/B1)(d)(e)
	5,565,000		5.625		10/15/27	5,787,600
Precision Drilling Corp. (BB-/B3)(d)
	5,320,000		7.750		12/15/23	5,426,400
QEP Resources, Inc. (BB-/Ba3)(d)
	425,000		5.250		05/01/23	409,063
	10,495,000		5.625		03/01/26	9,865,300
Range Resources Corp. (BB+/Ba3)(d)
	2,185,000		5.875		07/01/22	2,174,075
	1,455,000		5.000		03/15/23	1,371,338
	4,680,000		4.875		05/15/25	4,106,700
Rowan Cos., Inc. (B/Caa1)(d)
	1,090,000		4.750		01/15/24	828,400
	1,870,000		7.375		06/15/25	1,453,925
	4,550,000		5.400		12/01/42	2,593,500
SM Energy Co. (BB-/B2)(d)
	5,200,000		5.000		01/15/24	4,784,000
	3,230,000		6.750		09/15/26	3,020,050
Sunoco LP/Sunoco Finance Corp. (BB-/B1)(d)
	2,575,000		5.500		02/15/26	2,681,219
Transocean Sentry Ltd. (B+/B1)(d)(e)
	500,000		5.375		05/15/23	500,625
Transocean, Inc. (B/Caa1)(d)(e)
	4,755,000		9.000		07/15/23	5,052,187

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Transocean, Inc. (B/Caa1)(d)(e) – (continued)
$	2,185,000		7.250	%	11/01/25	$       2,073,019
	5,930,000		7.500		01/15/26	5,655,737
Transocean, Inc. (B-/Caa2)
	10,400,000		7.500		04/15/31	8,840,000
USA Compression Partners LP/USA Compression Finance Corp. (B+/B3)(d)
	6,385,000		6.875		04/01/26	6,744,156
Whiting Petroleum Corp. (BB/B2)(d)
	3,200,000		6.250		04/01/23	3,184,000
	4,905,000		6.625		01/15/26	4,745,587
WPX Energy, Inc. (BB-/B1)(d)
	5,225,000		8.250		08/01/23	5,956,500
	3,635,000		5.250		09/15/24	3,716,788
YPF SA (NR/B2)(e)
	6,950,000		8.500		03/23/21	7,067,281
						220,961,694
Packaging – 1.8%
ARD Finance SA (B-/Caa2)(d)(h)
(PIK 7.375%, Cash 6.625%)
EUR	575,000		6.625		09/15/23	678,064
(PIK 7.875%, Cash 7.125%)
$	6,985,000		7.125		09/15/23	7,124,700
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B/B3)(d)(e)
	6,670,000		7.250		05/15/24	7,036,850
	3,050,000		6.000		02/15/25	3,152,937
Berry Global Escrow Corp. (BB/B2)(d)(e)
	4,050,000		5.625		07/15/27	4,206,937
Berry Global, Inc. (BB/B2)(d)
	3,580,000		5.125		07/15/23	3,656,075
BWAY Holding Co. (CCC+/Caa2)(d)(e)
	6,490,000		7.250		04/15/25	6,262,850
LABL Escrow Issuer LLC (B/B2)(d)(e)
	2,500,000		6.750		07/15/26	2,518,750
LABL Escrow Issuer LLC (B-/Caa2)(d)(e)
	3,750,000		10.500		07/15/27	3,750,000
Owens-Brockway Glass Container, Inc. (BB-/B1)(e)
	950,000		5.875		08/15/23	1,020,063
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B-/Caa1)(d)(e)
	855,000		7.000		07/15/24	881,719
						40,288,945
Paper(f)(g) – 0.0%
NewPage Corp. (NR/NR)
	10,050,000		1.000		12/31/49	—
Pharmaceuticals – 2.3%
Bausch Health Americas, Inc. (B-/B3)(d)(e)
	10,910,000		9.250		04/01/26	12,191,925

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
Bausch Health Americas, Inc. (B-/B3)(d)(e)
$	3,425,000		8.500	%	01/31/27	$       3,758,937
Bausch Health Cos., Inc. (B-/B3)(d)(e)
	12,617,000		5.875		05/15/23	12,774,712
Bausch Health Cos., Inc. (BB-/Ba2)(d)(e)
	5,425,000		7.000		03/15/24	5,750,500
	1,585,000		5.750		08/15/27	1,660,288
Endo Dac/Endo Finance LLC/Endo Finco, Inc. (CCC+/Caa1)(d)(e)
	8,680,000		6.000		07/15/23	6,271,300
HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)(d)(e)
	2,125,000		7.250		08/15/26	2,135,625
Par Pharmaceutical, Inc. (B+/Ba3)(d)(e)
	3,140,000		7.500		04/01/27	3,085,050
Teva Pharmaceutical Finance Co. B.V. (BB/Ba2)
	855,000		3.650		11/10/21	822,938
Teva Pharmaceutical Finance Netherlands III B.V. (BB/Ba2)
	2,000,000		2.200		07/21/21	1,892,500
	1,925,000		2.800		07/21/23	1,669,937
Vizient, Inc. (B/B3)(d)(e)
	990,000		6.250		05/15/27	1,045,688
						53,059,400
Pipelines – 3.5%
Cheniere Corpus Christi Holdings LLC (BB/Ba2)(d)
	6,515,000		5.125		06/30/27	7,076,919
Cheniere Energy Partners LP (BB/Ba2)(d)
	7,245,000		5.250		10/01/25	7,489,519
CNX Midstream Partners LP/CNX Midstream Finance Corp. (BB-/B3)(d)(e)
	3,450,000		6.500		03/15/26	3,294,750
DCP Midstream Operating LP (BB+/Ba2)
	3,785,000		3.875	(d)	03/15/23	3,827,581
	5,090,000		5.375	(d)	07/15/25	5,357,225
	925,000		6.450	(e)	11/03/36	962,000
Energy Transfer Operating LP (BBB-/Baa3)
	4,160,000		7.500		10/15/20	4,412,375
Genesis Energy LP/Genesis Energy Finance Corp. (B+/B1)(d)
	14,156,000		6.000		05/15/23	14,049,830
NGL Energy Partners LP/NGL Energy Finance Corp. (B+/B2)(d)
	2,390,000		7.500		11/01/23	2,497,550
SemGroup Corp./Rose Rock Finance Corp. (B+/B3)(d)
	775,000		5.625		11/15/23	747,875
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (BB-/B1)(d)
	7,800,000		5.750		04/15/25	6,844,500
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB+/Ba3)(d)(e)
	3,795,000		4.750		10/01/23	3,842,437
	1,935,000		5.500		09/15/24	1,997,888

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB/Ba3)(d)
$	700,000		5.125	%	02/01/25	$          722,750
	4,440,000		5.875		04/15/26	4,706,400
	4,880,000		5.375		02/01/27	5,050,800
	3,635,000		6.500	(e)	07/15/27	3,962,150
	2,905,000		5.000		01/15/28	2,912,262
						79,754,811
Real Estate Investment Trust(d) – 2.0%
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL (BB+/Ba3)(e)
	3,725,000		5.750		05/15/26	3,838,411
Equinix, Inc. (BBB-/Ba2)
	4,730,000		5.750		01/01/25	4,919,200
	2,230,000		5.875		01/15/26	2,369,375
iStar, Inc. (BB-/Ba3)
	3,770,000		4.625		09/15/20	3,802,988
	7,035,000		6.000		04/01/22	7,229,869
Realogy Group LLC/Realogy Co-Issuer Corp. (B/B2)(e)
	575,000		5.250		12/01/21	557,031
	1,400,000		4.875		06/01/23	1,263,500
	6,155,000		9.375		04/01/27	5,393,319
SBA Communications Corp. (BB-/B2)
	3,580,000		4.875		09/01/24	3,678,450
Starwood Property Trust, Inc. (BB-/Ba3)
	8,230,000		4.750		03/15/25	8,312,300
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC (C/Ca)
	1,270,000		8.250		10/15/23	1,171,575
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC (CCC/Caa1)(e)
	2,470,000		6.000		04/15/23	2,365,025
						44,901,043
Retailing – 3.1%
1011778 BC ULC/New Red Finance, Inc. (B/B3)(d)(e)
	9,145,000		5.000		10/15/25	9,213,587
eG Global Finance PLC (B/B2)(d)(e)
	6,055,000		6.750		02/07/25	6,009,588
IRB Holding Corp. (CCC+/Caa2)(d)(e)
	4,670,000		6.750		02/15/26	4,658,325
JC Penney Corp., Inc. (B-/B3)(d)(e)
	2,000,000		5.875		07/01/23	1,680,000
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (BB/B1)(d)(e)
	8,620,000		5.250		06/01/26	9,040,225
L Brands, Inc. (BB/Ba1)
	6,845,000		5.250		02/01/28	6,271,731
	3,475,000		7.500	(d)	06/15/29	3,475,000

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing – (continued)
PetSmart, Inc. (B/B3)(d)(e)
$	7,505,000		5.875	%	06/01/25	$       7,279,850
PetSmart, Inc. (CCC+/Caa3)(d)(e)
	10,380,000		7.125		03/15/23	9,731,250
Rite Aid Corp. (CCC/Caa1)(d)(e)
	5,700,000		6.125		04/01/23	4,809,375
Staples, Inc. (B+/B1)(d)(e)
	3,575,000		7.500		04/15/26	3,530,313
Staples, Inc. (B-/B3)(d)(e)
	2,300,000		10.750		04/15/27	2,268,375
Suburban Propane Partners LP/Suburban Energy Finance Corp. (BB-/B1)(d)
	2,880,000		5.500		06/01/24	2,894,400
	900,000		5.875		03/01/27	902,250
						71,764,269
Semiconductors – 0.4%
Advanced Micro Devices, Inc. (BB-/B1)
	3,125,000		7.500		08/15/22	3,515,625
Amkor Technology, Inc. (BB/B1)(d)(e)
	3,350,000		6.625		09/15/27	3,329,063
Qorvo, Inc. (NR/Ba1)(d)
	2,440,000		5.500		07/15/26	2,568,100
						9,412,788
Software(d) – 1.6%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. (B-/Caa1)(e)
	14,460,000		5.750		03/01/25	14,676,900
Donnelley Financial Solutions, Inc. (B/B3)
	1,150,000		8.250		10/15/24	1,187,375
Granite Merger Sub 2, Inc. (NR/NR)(e)
	2,300,000		11.000		07/15/27	2,311,500
Informatica LLC (CCC+/Caa1)(e)
	2,285,000		7.125		07/15/23	2,324,987
Nuance Communications, Inc. (BB-/Ba3)
	3,640,000		5.625		12/15/26	3,790,150
Rackspace Hosting, Inc. (B/Caa1)(e)
	2,365,000		8.625		11/15/24	2,169,888
Solera LLC/Solera Finance, Inc. (CCC+/Caa1)(e)
	4,285,000		10.500		03/01/24	4,643,869
SS&C Technologies, Inc. (B+/B2)(e)
	6,045,000		5.500		09/30/27	6,271,687
						37,376,356
Storage/Warehousing(d) – 0.0%
Mobile Mini, Inc. (BB-/B2)
	350,000		5.875		07/01/24	360,500
Telecommunication Services – 9.1%
Altice France SA (B/B2)(d)(e)
	13,000		6.250		05/15/24	13,374
	9,845,000		7.375		05/01/26	10,091,125
	4,700,000		8.125		02/01/27	4,923,250

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
CenturyLink, Inc. (B+/B2)
$	8,305,000		6.450	%	06/15/21	$       8,761,775
	3,465,000		6.875		01/15/28	3,456,338
	1,700,000		7.600		09/15/39	1,581,000
CommScope Technologies LLC (B/B1)(d)(e)
	1,450,000		6.000		06/15/25	1,355,750
CommScope, Inc. (B/B1)(d)(e)
	7,305,000		5.500		06/15/24	6,912,356
	5,035,000		8.250		03/01/27	5,116,819
Digicel Group One Ltd. (NR/Caa1)(d)(e)
	5,355,000		8.250		12/30/22	2,900,904
Digicel Group Two Ltd. (NR/Caa3)(d)(e)
	7,935,000		8.250		09/30/22	1,698,586
Digicel Ltd. (NR/B3)(d)(e)
	4,840,000		6.750		03/01/23	2,740,650
Frontier Communications Corp. (B-/B3)(d)(e)
	4,390,000		8.500		04/01/26	4,252,813
Frontier Communications Corp. (CCC/Caa2)
	7,890,000		10.500	(d)	09/15/22	5,335,613
	4,560,000		7.625		04/15/24	2,576,400
	8,225,000		11.000	(d)	09/15/25	5,109,781
Intelsat Connect Finance SA (CCC-/Ca)(d)(e)
	2,550,000		9.500		02/15/23	2,250,375
Intelsat Jackson Holdings SA (CCC+/Caa2)(d)(e)
	11,785,000		8.500		10/15/24	11,667,150
	9,525,000		9.750		07/15/25	9,739,312
Level 3 Financing, Inc. (BB/Ba3)(d)
	910,000		5.375		01/15/24	929,338
	10,555,000		5.250		03/15/26	10,924,425
Nokia of America Corp. (NR/WR)
	5,200,000		6.450		03/15/29	5,200,000
ORBCOMM, Inc. (B/B2)(d)(e)
	1,000,000		8.000		04/01/24	1,032,500
Sprint Capital Corp. (B/B3)
	8,875,000		8.750		03/15/32	10,295,000
Sprint Communications, Inc. (B/B3)
	10,100,000		11.500		11/15/21	11,690,750
	5,550,000		6.000		11/15/22	5,785,875
Sprint Corp. (B/B3)
	11,825,000		7.250		09/15/21	12,564,062
	10,100,000		7.875		09/15/23	10,971,125
	4,230,000		7.625	(d)	02/15/25	4,504,950
	1,400,000		7.625	(d)	03/01/26	1,491,000

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
T-Mobile USA, Inc. (BB+/Ba2)(d)
$	1,505,000		4.000	%	04/15/22	$       1,535,100
	5,825,000		6.000		03/01/23	5,948,781
	7,655,000		6.500		01/15/26	8,229,125
	100,000		4.500		02/01/26	102,375
Telecom Italia Capital SA (BB+/Ba1)
	11,660,000		7.200		07/18/36	12,811,425
	5,800,000		7.721		06/04/38	6,474,250
Wind Tre SpA (BB-/B1)(d)(e)
	5,925,000		5.000		01/20/26	5,754,656
						206,728,108
Toys/Games/Hobbies(d) – 0.4%
Mattel, Inc. (B+/B3)
	4,345,000		2.350		08/15/21	4,182,062
	1,710,000		3.150		03/15/23	1,615,950
Mattel, Inc. (BB-/B1)(e)
	2,245,000		6.750		12/31/25	2,309,544
						8,107,556
Trucking & Leasing(d)(e) – 0.6%
Avolon Holdings Funding Ltd. (BBB-/Baa3)
	1,685,000		5.250		05/15/24	1,796,631
Park Aerospace Holdings Ltd. (BBB-/Baa3)
	2,750,000		3.625		03/15/21	2,770,625
	5,150,000		5.250		08/15/22	5,433,250
	2,781,000		4.500		03/15/23	2,876,945
						12,877,451
TOTAL CORPORATE OBLIGATIONS (Cost $2,043,816,832)						$2,068,655,246
Shares		Description				Value
Common Stocks(g) – 0.0%
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 – 0.0%
	137,610		Chaparral Energy, Inc. Class A			648,143
Paper & Forest Products(f) – 0.0%
	2,500		Port Townsend Holdings Co., Inc.			—
Pharmaceuticals(f) – 0.0%
	40		Dawn Holdings, Inc.			—
	1		Nycomed			—
						—
TOTAL COMMON STOCKS (Cost $6,294,166)						$          648,143

Shares		Dividend Rate	Value
	Preferred Stocks(h)(k) – 0.1%
	Media – 0.1%
	Spanish Broadcasting System, Inc.
	3,014	10.750%	$       2,049,520
	(Cost $3,042,344)
Units		Expiration Date	Value
	Warrant(g) – 0.0%
	Lender Process Services, Inc. (NR/NR)(f)
	14,274	12/31/20	$                   —
	TBS International Ltd. (NR/NR)(f)
	12,063	02/07/14	—
	TBS International Ltd. (NR/NR)(f)
	2,807	02/07/15	—
	TBS International Ltd. (NR/NR)(f)
	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) – 1.4%
	Goldman Sachs Financial Square Government Fund - Institutional Shares
	30,678,489	2.308%	$     30,678,489
	(Cost $30,678,489)
Shares		Description	Value
	Exchange Traded Funds – 2.5%
	461,000	Goldman Sachs Access High Yield Corporate Bond ETF (NR/NR)(l)	$     22,747,907
	390,000	iShares iBoxx High Yield Corporate Bond ETF (NR/NR)	34,000,200
	TOTAL EXCHANGE TRADED FUNDS (Cost $56,819,537)		$     56,748,107
	TOTAL INVESTMENTS – 98.0% (Cost $2,237,556,245)		$2,232,400,693

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate (Paid) Received			Maturity Date	Value
Reverse Repurchase Agreement(m) – 0.2%
Barclays Reverse Repurchase Agreement (NR/NR)
$	(4,537,000)		(0.020)	%	05/19/20	$     (4,537,000)
(Cost $(4,537,000))
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.2%						50,699,437
NET ASSETS – 100.0%						$2,278,563,130

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 June 30, 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 June 30, 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)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.
(g)	Security is currently in default and/or non-income producing.
(h)	Pay-in-kind securities.
(i)	All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of June 30, 2019, the value of securities pledged amounted to $3,939,000.
(j)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2019.
(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 June 30, 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.

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

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 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	104	09/19/19	$	18,466,500		$	408,934
10 Year U.S. Treasury Notes	1,146	09/19/19		146,652,188			2,842,652
Total						$	3,251,586
Short position contracts:
Eurodollars	(1)	12/14/20		(246,113	)		(1,361	)
Ultra 10 Year U.S. Treasury Notes	(276)	09/19/19		(38,122,500	)		(814,197	)
2 Year U.S. Treasury Notes	(378)	09/30/19		(81,337,922	)		(142,146	)
5 Year U.S. Treasury Notes	(468)	09/30/19		(55,297,125	)		(81,330	)
20 Year U.S. Treasury Bonds	(87)	09/19/19		(13,536,656	)		(370,062	)
Total						$	(1,409,096	)
TOTAL FUTURES CONTRACTS						$	1,842,490

SWAP CONTRACTS — At June 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at June 30, 2019(b)			Termination Date		Notional Amount (000s)	Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.HY. Index 32	5.000%		3.248	%		06/20/24	$18,750	$	1,444,270	$	993,456	$	450,814

(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.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – 92.7%
Aerospace(b) – 0.5%
TransDigm, Inc. (B+/Ba3)
(3M LIBOR + 2.500%)
$	5,827,591		4.830	%	08/22/24	$       5,701,307
(3M LIBOR + 2.500%)
	5,384,181		4.830		05/30/25	5,254,045
						10,955,352
Airlines(b) – 0.6%
Allegiant Travel Co. (BB-/Ba3) (3M LIBOR + 4.500%)
	5,885,250		7.065		02/05/24	5,881,601
Atlantic Aviation FBO, Inc. (BB/Ba3) (1M LIBOR + 3.750%)
	7,064,500		6.160		12/06/25	7,108,653
						12,990,254
Automotive - Distributors(b) – 1.2%
American Axle & Manufacturing, Inc. (BB/Ba2) (3M LIBOR + 2.250%)
	5,001,813		4.840		04/06/24	4,887,721
Bombardier Recreational Products, Inc. (BB/Ba3) (1M LIBOR + 2.000%)
	5,400,000		4.400		05/23/25	5,348,268
Drive Chassis Holding Co. LLC (B+/Caa1) (3M LIBOR + 8.250%)
	4,550,000		10.834		04/10/26	4,362,313
Thor Industries, Inc. (BB/Ba2) (1M LIBOR + 3.750%)
	5,508,961		6.250		02/01/26	5,422,911
Wand NewCo 3, Inc. (B/B1) (1M LIBOR + 3.500%)
	6,925,000		5.919		02/05/26	6,925,000
						26,946,213
Automotive - Parts(b) – 3.0%
Adient US LLC (BB-/Ba2) (3M LIBOR + 4.250%)
	6,900,000		6.815		05/06/24	6,714,597
CS Intermediate Holdco 2 LLC (BB+/Ba1) (1M LIBOR + 2.000%)
	3,872,133		4.402		11/02/23	3,707,567
Dana, Inc. (BBB-/Baa3) (1M LIBOR + 2.250%)
	3,291,750		4.652		02/28/26	3,282,138
Dealer Tire LLC (B/B2) (1M LIBOR + 5.500%)
	6,857,812		7.902		12/12/25	6,857,812
Garrett LX III S.a r.l. (BB-/Ba3) (3M LIBOR + 2.500%)
	5,969,925		4.820		09/27/25	5,857,989
Gates Global LLC (B+/B1) (1M LIBOR + 2.750%)
	6,103,067		5.152		04/01/24	6,060,040
Mavis Tire Express Services Corp. (B/B1) (1M LIBOR + 3.250%)
	9,946,503		5.652		03/20/25	9,735,139
Navistar International Corp. (BB-/Ba2) (1M LIBOR + 3.500%)
	6,111,184		5.910		11/06/24	6,090,162
Panther BF Aggregator 2 LP (B+/Ba3) (1M LIBOR + 3.750%)
EUR	3,150,000		3.750		04/30/26	3,583,800
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. (NR/NR) (1M LIBOR + 3.500%)
$	4,750,000		5.902		04/30/26	4,711,430
Tenneco, Inc. (BB/Ba3) (1M LIBOR + 3.000%)
	9,253,500		5.402		10/01/25	8,529,414
						65,130,088
Building Materials(b) – 3.2%
ACProducts, Inc. (B+/B3)(c) (1M LIBOR + 5.500%)
	3,751,406		7.902		02/15/24	3,563,836

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Building Materials(b) – (continued)
American Builders & Contractors Supply Co., Inc. (BB+/B1) (1M LIBOR + 2.000%)
$	6,117,514		4.402	%	10/31/23	$       6,023,182
Beacon Roofing Supply, Inc. (BB+/B1) (1M LIBOR + 2.250%)
	3,683,350		4.663		01/02/25	3,635,466
CPG International, Inc. (B/B2)(6M LIBOR + 3.750%)
	11,129,883		5.933		05/05/24	10,935,110
Foundation Building Materials LLC (BB-/B2) (1M LIBOR + 3.000%)
	7,005,773		5.402		08/13/25	6,970,744
Hayward Industries, Inc. (B/B3) (1M LIBOR + 3.500%)
	7,814,678		5.902		08/05/24	7,641,270
Jeld-Wen, Inc. (BB+/Ba2) (3M LIBOR + 2.000%)
	3,362,249		4.330		12/14/24	3,342,076
LBM Borrower LLC (B+/B2) (1M LIBOR + 3.750%)
	3,439,649		6.152		08/20/22	3,430,328
NCI Building Systems, Inc. (B+/B2) (3M LIBOR + 3.750%)
	13,721,016		6.354		04/12/25	13,309,385
Quikrete Holdings, Inc. (BB-/B1) (1M LIBOR + 2.750%)
	10,825,000		5.152		11/15/23	10,623,547
						69,474,944
Chemicals(b) – 4.1%
Alpha 3 B.V. (B/B1) (3M LIBOR + 3.000%)
	8,541,580		5.330		01/31/24	8,342,988
ASP Unifrax Holdings, Inc. (B-/B3) (1M LIBOR + 3.750%)
	9,775,875		6.080		12/12/25	9,503,519
ASP Unifrax Holdings, Inc. (CCC+/Caa2) (3M LIBOR + 8.500%)
	1,975,000		10.928		12/14/26	1,889,206
Cyanco Intermediate Corp. (B/B2) (1M LIBOR + 3.500%)
	5,240,585		5.902		03/16/25	5,218,731
Emerald Performance Materials LLC (B-/B2) (1M LIBOR + 3.500%)
	4,501,171		5.902		08/01/21	4,480,555
Emerald Performance Materials LLC (CCC+/Caa2) (1M LIBOR + 7.750%)
	3,550,000		10.152		08/01/22	3,476,054
Momentive Performance Materials, Inc. (BB-/B1) (3M LIBOR + 3.250%)
	6,400,000		5.590		04/16/24	6,336,000
Platform Specialty Products Corp. (BB/Ba2) (1M LIBOR + 2.250%)
	2,189,000		4.652		01/30/26	2,180,113
Polar US Borrower LLC (B/B2) (3M LIBOR + 3.750%)
	5,867,632		7.080		10/15/25	5,786,952
PQ Corp. (BB-/B1) (3M LIBOR + 2.500%)
	5,245,314		5.083		02/08/25	5,218,353
Starfruit Finco B.V. (B+/B1)
(1M LIBOR + 3.250%)
	14,264,250		5.669		10/01/25	14,020,617
(3M EURIBOR + 3.750%)
EUR	4,450,000		3.750		10/01/25	5,074,568
The Chemours Co. (BBB-/Baa3) (1M LIBOR + 1.750%)
$	3,734,089		4.160		04/03/25	3,621,133
Tronox Finance LLC (BB-/Ba3) (1M LIBOR + 3.000%)
	7,352,823		5.402		09/23/24	7,272,751
Univar, Inc. (BB+/Ba3) (1M LIBOR + 2.250%)
	6,718,607		4.652		07/01/24	6,695,495
						89,117,035

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Commercial Services(d) – 0.7%
Allied Universal Holding Co. LLC (B-/B3)
$	662,162		4.000	%(c)	06/26/26	$          658,851
	6,687,838		4.000		06/26/26	6,654,399
Stats LLC (NR/NR)
	2,650,000		4.750		05/17/26	2,610,250
Western Midstream Operating LP (B/B1)
	5,500,000		5.750		05/29/26	5,362,500
						15,286,000
Construction Machinery(b) – 0.9%
Brookfield WEC Holdings, Inc. (B/B2) (1M LIBOR + 3.500%)
	9,950,000		5.902		08/01/25	9,925,125
Milacron LLC (B+/B2) (1M LIBOR + 2.500%)
	3,100,000		4.902		09/28/23	3,014,750
Welbilt, Inc. (BB-/B1) (1M LIBOR + 2.500%)
	6,522,500		4.902		10/23/25	6,392,050
						19,331,925
Consumer Cyclical Services(b) – 0.6%
Verisure Holding AB (NR/NR) (3M EURIBOR + 3.000%)
EUR	11,300,000		3.000		10/20/22	12,717,270
Consumer Cyclical Services - Business(b) – 2.4%
Advantage Sales & Marketing, Inc. (B-/B2) (3M LIBOR + 3.250%)
$	9,150,721		5.580		07/23/21	8,356,896
Advantage Sales & Marketing, Inc. (CCC/Caa2) (3M LIBOR + 6.500%)
	4,203,226		8.830		07/25/22	3,302,181
Blitz F18-675 GmbH (NR/NR) (3M EURIBOR + 3.750%)
EUR	4,627,500		3.750		07/31/25	5,292,608
Colorado Buyer, Inc. (CCC/Caa1) (1M LIBOR + 7.250%)
$	2,875,000		9.670		05/01/25	2,484,834
Iron Mountain, Inc. (BB/Ba3) (1M LIBOR + 1.750%)
	6,953,646		4.152		01/02/26	6,745,036
Sabre GLBL, Inc. (BB/Ba2) (1M LIBOR + 2.000%)
	4,378,727		4.402		02/22/24	4,365,941
Tempo Acquisition LLC (B/B1) (1M LIBOR + 3.000%)
	10,272,589		5.402		05/01/24	10,223,383
Travelport Finance S.a.r.l. (NR/NR) (3M LIBOR + 5.000%)
	12,700,000		7.541		05/29/26	11,920,093
						52,690,972
Consumer Products - Household & Leisure(b) – 0.5%
Diamond (BC) B.V. (B-/B1) (3M LIBOR + 3.000%)
	7,608,877		5.583		09/06/24	6,676,790
Prestige Brands, Inc. (BB/Ba3) (1M LIBOR + 2.000%)
	3,409,689		4.402		01/26/24	3,390,935
						10,067,725
Consumer Products - Non Durable(b) – 1.4%
Alphabet Holding Co., Inc. (B-/B3) (1M LIBOR + 3.500%)
	7,108,215		5.902		09/26/24	6,695,938
Alphabet Holding Co., Inc. (CCC/Caa2) (1M LIBOR + 7.750%)
	9,600,000		10.152		09/26/25	8,479,968
Energizer Holdings, Inc. (BB+/Ba1) (1M LIBOR + 2.250%)
	3,990,000		4.750		12/17/25	3,972,564

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Consumer Products - Non Durable(b) – (continued)
KIK Custom Products, Inc. (CCC+/B3) (1M LIBOR + 4.000%)
$	11,775,000		6.402	%	05/15/23	$     11,070,973
						30,219,443
Diversified Financial Services(b) – 2.9%
AlixPartners LLP (B+/B2) (1M LIBOR + 2.750%)
	6,398,852		5.152		04/04/24	6,376,648
Blackstone CQP Holding Co. LP (B+/B1) (3M LIBOR + 3.500%)
	7,500,000		5.887		09/30/24	7,507,500
Citadel Securities LP (NR/NR) (1M LIBOR + 3.500%)
	11,271,750		5.902		02/22/26	11,271,750
DLG Acquisitions Ltd. (B/B2) (1M LIBOR + 4.000%)
EUR	1,825,000		6.439		07/01/22	2,078,383
Edelman Financial Center LLC (B/B1) (1M LIBOR + 3.250%)
$	6,506,787		5.644		07/21/25	6,480,045
FinCo I LLC (BB/Baa3) (1M LIBOR + 2.000%)
	4,609,023		4.402		12/27/22	4,598,929
First Eagle Investment Management LLC (BB+/Ba1) (3M LIBOR + 2.750%)
	4,925,250		5.080		12/26/24	4,909,243
Franklin Square Holdings LP (BB/Ba1) (1M LIBOR + 2.500%)
	4,143,687		4.938		08/01/25	4,143,687
Jefferies Finance LLC/JFIN Co-Issuer Corp. (BB-/Ba2) (1M LIBOR + 3.750%)
	8,500,000		6.250		05/21/26	8,474,500
VFH Parent LLC (NR/NR)(6M LIBOR + 3.500%)
	2,295,833		6.044		03/01/26	2,298,703
Victory Capital Management, Inc. (BB-/Ba3) (3M LIBOR + 2.750%)
	4,900,000		4.399		02/12/25	4,902,058
						63,041,446
Diversified Manufacturing – 3.0%
AI Plex Acquico GMBH (B/B2)(d)
	1,150,000		5.000		06/24/26	1,092,500
Atkore International, Inc. (BB-/B2)(b) (3M LIBOR + 2.750%)
	7,846,002		5.070		12/22/23	7,811,715
Clark Equipment Co. (BB/Ba3)(b) (3M LIBOR + 2.000%)
	3,474,405		4.330		05/18/24	3,442,545
Cortes NP Acquisition Corp. (B/B2)(b) (3M LIBOR + 4.000%)
	11,712,284		6.330		11/30/23	11,126,670
Dynacast International LLC (B/B2)(b) (3M LIBOR + 3.250%)
	9,551,735		5.580		01/28/22	9,193,545
Gardner Denver, Inc. (BB+/Ba3)(b) (1M LIBOR + 2.750%)
	3,181,967		5.152		07/30/24	3,183,972
Rexnord LLC (BBB-/Ba1)(b) (1M LIBOR + 2.000%)
	4,373,642		4.402		08/21/24	4,367,081
Robertshaw US Holding Corp. (B/B3)(b) (1M LIBOR + 3.500%)
	2,994,581		5.938		02/28/25	2,755,015
Robertshaw US Holding Corp. (CCC+/Caa2)(b) (1M LIBOR + 8.000%)
	4,650,000		10.438		02/28/26	3,987,375
Titan Acquisition Ltd./Titan Co-Borrower LLC (NR/NR)(b) (1M LIBOR + 3.000%)
	14,446,789		5.402		03/28/25	13,776,603
Zodiac Pool Solutions LLC (BB/Ba3)(b) (1M LIBOR + 2.250%)
	6,364,606		4.652		07/02/25	6,312,925
						67,049,946

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a)– (continued)
Entertainment – 2.4%
AMC Entertainment Holdings, Inc. (BB-/Ba2)(b)(6M LIBOR + 3.000%)
$	8,927,625		5.230	%	04/22/26	$       8,900,842
Amer Sports Oyj (NR/NR)(b)(6M LIBOR + 4.500%)
EUR	4,300,000		4.500		02/26/26	4,891,047
CityCenter Holdings LLC (BB-/B1)(b) (1M LIBOR + 2.250%)
$	5,604,161		4.652		04/18/24	5,578,157
Crown Finance US, Inc. (BB-/B1)(b) (1M LIBOR + 2.500%)
	5,112,069		4.652		02/28/25	5,024,192
Intrawest Resorts Holdings, Inc. (B/B2)(b) (1M LIBOR + 3.000%)
	11,117,449		5.402		07/31/24	11,061,862
PCI Gaming Authority (BB+/Ba3)(b) (1M LIBOR + 3.000%)
	5,600,000		5.402		05/29/26	5,605,824
UFC Holdings LLC (B+/B2)(b) (1M LIBOR + 3.250%)
	7,719,573		5.660		04/29/26	7,698,884
Vue International Bidco PLC (B-/B2)(d)
EUR	3,136,096		0.000		06/14/26	3,574,971
Vue International Bidco PLC (B-/B3)(d)
	563,904		0.000		06/18/26	642,818
						52,978,597
Environmental(b) – 1.9%
Apergy Corp. (BB/Ba1) (1M LIBOR + 2.500%)
$	3,422,468		4.938		05/09/25	3,409,634
Core & Main LP (B+/B2) (3M LIBOR + 2.750%)
	7,624,399		5.270		08/01/24	7,598,171
EnergySolutions LLC (B-/B3) (3M LIBOR + 3.750%)
	11,832,152		6.080		05/09/25	11,299,705
FTS International, Inc. (B/B3) (1M LIBOR + 4.750%)
	2,320,243		7.152		04/16/21	2,313,862
GFL Environmental, Inc. (B+/B1) (1M LIBOR + 3.000%)
	10,021,291		5.402		05/30/25	9,849,526
Innovative Water Care Global Corp. (NR/NR) (3M LIBOR + 5.000%)
	2,917,688		7.330		02/20/26	2,760,862
MEG Energy Corp. (BB/Ba3) (1M LIBOR + 3.500%)
	5,692,661		5.910		12/31/23	5,680,820
						42,912,580
Food & Beverages – 1.3%
C.H. Guenther & Son, Inc. (NR/NR)(d)
	5,902,832		5.152		03/31/25	5,847,522
Chobani LLC/Chobani Finance Corp., Inc. (B/B1)(b) (1M LIBOR + 3.500%)
	3,582,785		5.902		10/10/23	3,518,976
High Liner Foods, Inc. (B/B3)(b)(c) (3M LIBOR + 3.250%)
	1,983,295		5.852		04/24/21	1,884,130
Refresco Group BV (NR/NR)(b) (3M LIBOR + 3.250%)
	6,890,400		5.768		03/28/25	6,855,948
Shearer’s Foods, Inc. (CCC/Caa2)(b) (1M LIBOR + 6.750%)
	2,390,889		9.152		06/30/22	2,372,957
Sigma Bidco B.V. (NR/NR)(b) (3M LIBOR + 3.000%)
	2,598,081		5.603		07/02/25	2,563,449
US Foods, Inc. (BBB-/Ba3)(b) (1M LIBOR + 2.000%)
	4,612,174		4.402		06/27/23	4,577,075
						27,620,057

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Food & Drug Retailers(b) – 0.8%
Albertsons LLC (BB/Ba2)
(1M LIBOR + 3.000%)
$	3,045,128		5.402	%	06/22/23	$       3,040,560
(1M LIBOR + 3.000%)
	7,607,466		5.402		11/17/25	7,564,180
(3M LIBOR + 3.000%)
	2,143,213		5.311		12/21/22	2,142,677
BJ’s Wholesale Club, Inc. (BB-/B2) (1M LIBOR + 2.750%)
	5,136,949		5.161		02/03/24	5,137,463
						17,884,880
Gaming(b) – 2.8%
Caesars Entertainment Operating Co., Inc. (BB/B1) (1M LIBOR + 2.000%)
	6,734,423		4.402		10/06/24	6,673,409
Caesars Resort Collection LLC (BB/Ba3) (1M LIBOR + 2.750%)
	11,522,917		5.152		12/22/24	11,318,846
Eldorado Resorts LLC (BB/Ba1) (3M LIBOR + 2.250%)
	6,309,856		4.688		04/17/24	6,280,262
MGM Growth Properties LLC (BB+/Ba3) (1M LIBOR + 2.000%)
	7,984,848		4.402		03/21/25	7,928,715
Mohegan Tribal Gaming Authority (B-/B1) (1M LIBOR + 3.750%)
	7,129,533		6.152		10/13/21	6,826,527
Scientific Games International, Inc. (B+/Ba3) (1M LIBOR + 2.750%)
	10,428,341		5.231		08/14/24	10,261,801
The Stars Group Holdings B.V. (B+/B1) (3M LIBOR + 3.500%)
	2,689,742		5.830		07/10/25	2,688,344
Wynn Resorts Ltd. (BB/Ba3) (1M LIBOR + 2.250%)
	8,844,063		4.690		10/30/24	8,764,200
						60,742,104
Health Care - Pharmaceuticals – 1.4%
Amedes Holding AG (B/B2)(d)
EUR	3,025,000		0.000		05/30/26	3,440,898
Bausch Health Cos., Inc. (BB-/Ba2)(b) (1M LIBOR + 2.750%)
$	15,536,830		5.162		11/27/25	15,435,840
Endo Luxembourg Finance Co. I S.A.R.L. (B+/Ba3)(b) (1M LIBOR + 4.250%)
	6,893,423		6.688		04/29/24	6,456,863
Grifols Worldwide Operations USA, Inc. (BB+/Ba2)(b)(1 Week LIBOR + 2.250%)
	5,969,466		4.635		01/31/25	5,949,766
						31,283,367
Health Care - Services(b) – 7.9%
21st Century Oncology Holdings, Inc. (NR/NR) (3M LIBOR + 6.125%)
	12,338,972		8.735		01/16/23	10,657,787
Air Medical Group Holdings, Inc. (B/B1)
(1M LIBOR + 3.250%)
	9,126,061		5.644		04/28/22	8,580,140
(1M LIBOR + 4.250%)
	2,563,378		6.652		03/14/25	2,404,448
Air Methods Corp. (B/B3) (3M LIBOR + 3.500%)
	6,598,847		5.830		04/21/24	5,331,341
American Renal Holdings, Inc. (B/B2) (1M LIBOR + 5.500%)
	7,712,774		7.902		06/21/24	7,700,742
Change Healthcare Holdings LLC (B+/B1) (1M LIBOR + 2.500%)
	8,877,310		4.902		03/01/24	8,803,007
Envision Healthcare Corp. (B+/B1) (1M LIBOR + 3.750%)
	14,925,000		6.152		10/10/25	13,152,656

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Health Care - Services(b) – (continued)
ExamWorks Group, Inc. (NR/NR) (1M LIBOR + 3.250%)
$	4,804,804		5.652	%	07/27/23	$       4,791,783
Gentiva Health Services, Inc. (B/B1) (1M LIBOR + 3.750%)
	4,782,862		6.188		07/02/25	4,782,862
HCA, Inc. (NR/NR)(d) (1M LIBOR + 2.000%)
	5,460,305		4.330		03/13/25	5,461,179
IQVIA, Inc. (BBB-/Ba1) (1M LIBOR + 1.750%)
	5,247,000		4.152		06/11/25	5,213,104
MPH Acquisition Holdings LLC (B+/B1) (3M LIBOR + 2.750%)
	11,432,295		5.080		06/07/23	10,913,727
Parexel International Corp. (B-/B2) (1M LIBOR + 2.750%)
	5,137,406		5.152		09/27/24	4,914,494
RegionalCare Hospital Partners Holdings, Inc. (B+/B1) (1M LIBOR + 4.500%)
	11,531,402		6.904		11/17/25	11,455,179
Rodenstock GmbH (B/B2) (1M LIBOR + 5.250%)
EUR	5,200,000		5.250		06/05/26	5,810,923
Sedgwick Claims Management Services, Inc. (B/B2) (1M LIBOR + 3.250%)
$	7,611,750		5.652		12/31/25	7,496,204
Sotera Health Holdings LLC (B/B1) (1M LIBOR + 3.000%)
	14,027,363		5.402		05/15/22	13,816,953
Team Health Holdings, Inc. (B/B2) (1M LIBOR + 2.750%)
	18,937,385		5.152		02/06/24	16,735,914
U.S. Renal Care, Inc. (B/B2) (3M LIBOR + 4.250%)
	11,600,000		6.580		12/30/22	11,369,856
Verscend Holding Corp. (B+/B3) (1M LIBOR + 4.500%)
	7,645,419		6.902		08/27/25	7,640,679
VVC Holding Corp. (B/B2) (3M LIBOR + 4.500%)
	7,581,000		6.830		02/11/26	7,555,755
						174,588,733
Home Construction(b) – 0.3%
Builders FirstSource, Inc. (BB-/B2) (3M LIBOR + 3.000%)
	2,583,899		5.330		02/29/24	2,572,608
Gyp Holdings III Corp. (BB-/B2) (1M LIBOR + 2.750%)
	4,624,572		5.152		06/01/25	4,498,367
						7,070,975
Insurance(b) – 1.3%
Alliant Holdings Intermediate LLC (B/B2) (1M LIBOR + 3.250%)
	3,400,000		5.662		05/09/25	3,351,142
AssuredPartners, Inc. (B/B2) (1M LIBOR + 3.500%)
	3,390,219		5.902		10/22/24	3,352,079
Hub International Ltd. (B/B2) (3M LIBOR + 3.000%)
	6,840,452		5.586		04/25/25	6,663,969
USI, Inc. (B/B2) (3M LIBOR + 3.000%)
	14,615,027		5.330		05/16/24	14,231,382
						27,598,572
Lodging(b) – 0.2%
Four Seasons Holdings, Inc. (BB+/Ba3) (1M LIBOR + 2.000%)
	5,510,486		4.402		11/30/23	5,495,939
Machinery(b) – 0.2%
Shape Technologies Group, Inc. (B/B2) (3M LIBOR + 3.000%)
	4,173,049		5.487		04/21/25	3,995,694

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a)– (continued)
Media - Broadcasting & Radio(b) – 3.2%
Ascend Learning LLC (B/Ba3) (1M LIBOR + 3.000%)
$	6,174,204		5.402	%	07/12/24	$       6,075,787
Digital Room Holdings, Inc. (B-/B2) (1M LIBOR + 5.000%)
	5,025,000		7.402		05/08/26	4,874,250
Meredith Corp. (BB/Ba2) (1M LIBOR + 2.750%)
	5,893,413		5.152		01/31/25	5,885,103
Metro-Goldwyn-Mayer, Inc. (B-/B2) (1M LIBOR + 4.500%)
	4,125,000		6.910		07/03/26	3,985,781
Metro-Goldwyn-Mayer, Inc. (BB/Ba2) (1M LIBOR + 2.500%)
	2,244,347		4.910		07/03/25	2,217,706
Nexstar Broadcasting, Inc. (BB/Ba3) (1M LIBOR + 2.250%)
	6,815,958		4.652		01/17/24	6,755,091
Renaissance Holding Corp. (B-/B2) (1M LIBOR + 3.250%)
	4,895,714		5.731		05/30/25	4,740,666
Renaissance Holding Corp. (CCC/Caa2) (1M LIBOR + 7.000%)
	2,525,000		9.481		05/29/26	2,398,750
The E.W. Scripps Co. (BB/Ba3) (1M LIBOR + 2.000%)
	6,862,885		4.402		10/02/24	6,656,999
Tribune Media Co. (BB+/Ba3)
(1M LIBOR + 3.000%)
	952,474		5.402		12/27/20	950,988
(1M LIBOR + 3.000%)
	10,021,374		5.402		01/27/24	9,998,425
Univision Communications, Inc. (B/B2) (1M LIBOR + 2.750%)
	9,917,639		5.152		03/15/24	9,431,080
WMG Acquisition Corp. (BB-/Ba3) (1M LIBOR + 2.125%)
	5,987,047		4.527		11/01/23	5,900,235
						69,870,861
Media - Cable(b) – 3.3%
Altice Financing SA (NR/NR) (1M LIBOR + 2.750%)
	7,894,937		5.144		07/15/25	7,475,558
Altice Financing SA (B+/B2) (1M LIBOR + 2.750%)
	1,994,911		5.144		01/31/26	1,888,303
Cogeco Communications, Inc. (BB-/B1) (1M LIBOR + 2.375%)
	5,623,631		4.652		01/03/25	5,564,357
CSC Holdings LLC (BB/Ba3)
(1M LIBOR + 2.250%)
	9,199,678		4.644		07/17/25	9,041,536
(1M LIBOR + 2.500%)
	5,983,502		4.894		01/25/26	5,897,998
Numericable Group SA (NR/NR) (1M LIBOR + 2.750%)
	7,736,152		5.152		07/31/25	7,484,727
Numericable Group SA (B/B2) (1M LIBOR + 2.750%)
	10,568,400		5.152		07/31/25	10,043,785
Unitymedia Finance LLC (BB-/Ba3) (1M LIBOR + 2.000%)
	3,000,000		4.394		06/01/23	2,990,010
(1M LIBOR + 2.250%)
	3,000,000		4.394		09/30/25	2,990,790
Unitymedia Hessen GmbH & Co. KG (BB-/Ba3) (1M LIBOR + 2.000%)
	3,000,000		4.354		06/01/23	2,991,480
UPC Financing Partnership (BB/Ba3) (1M LIBOR + 2.500%)
	7,025,000		4.894		01/15/26	7,014,814
Virgin Media Bristol LLC (BB-/Ba3) (1M LIBOR + 2.500%)
	3,458,080		4.894		01/15/26	3,443,106

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Media - Cable(b) – (continued)
Ziggo Secured Finance BV (B+/B1) (1M LIBOR + 2.500%)
$	5,700,000		4.894	%	04/15/25	$       5,579,502
						72,405,966
Media - Non Cable(b) – 2.9%
Cambium Learning Group, Inc. (B-/B2) (3M LIBOR + 4.500%)
	6,591,875		7.083		12/18/25	6,501,237
CBS Radio, Inc. (BB/Ba3) (1M LIBOR + 2.750%)
	3,208,813		5.152		11/18/24	3,202,139
Getty Images, Inc. (B-/B2) (1M LIBOR + 4.500%)
	11,412,737		6.938		02/19/26	11,336,614
Hubbard Radio LLC (BB-/B1) (1M LIBOR + 3.500%)
	460,120		5.910		03/28/25	457,820
iHeartCommunications, Inc. (BB-/B1) (3M LIBOR + 4.000%)
	6,096,285		6.579		05/01/26	6,102,015
Lions Gate Capital Holdings LLC (BB-/Ba2) (1M LIBOR + 2.250%)
	5,305,734		4.652		03/24/25	5,263,712
McGraw-Hill Global Education Holdings LLC (B+/B2) (1M LIBOR + 4.000%)
	14,453,492		6.402		05/04/22	13,757,990
Mission Broadcasting, Inc. (BB/Ba3) (1M LIBOR + 2.250%)
	1,361,208		4.690		01/17/24	1,349,052
NEP Europe Finco BV (B+/B1) (3M EURIBOR + 3.500%)
EUR	2,313,375		3.500		10/20/25	2,639,299
NEP/NCP Holdco, Inc. (B+/B1) (1M LIBOR + 3.250%)
$	1,064,650		5.652		10/20/25	1,061,328
NEP/NCP Holdco, Inc. (CCC+/Caa1) (1M LIBOR + 7.000%)
	7,000,000		9.402		10/19/26	6,895,000
Nielsen Finance LLC (BBB-/Ba1) (1M LIBOR + 2.000%)
	2,565,467		4.412		10/04/23	2,539,017
Prometric Holdings, Inc. (B/B1) (1M LIBOR + 3.000%)
	3,011,951		5.410		01/29/25	2,951,712
						64,056,935
Metals & Mining(b) – 1.6%
Aleris International, Inc. (B-/B3) (1M LIBOR + 4.750%)
	5,010,221		7.152		02/27/23	5,011,774
AMG Advanced Metallurgical Group NV (BB/Ba3) (2M LIBOR + 3.000%)
	5,951,244		5.402		02/01/25	5,899,171
Anvil International LLC (B/B2) (3M LIBOR + 5.000%)
	4,000,000		7.330		05/28/26	3,910,000
The Crosby Group LLC (B-/B2) (1M LIBOR + 3.000%)
	4,850,000		5.404		11/23/20	4,803,537
U.S. Silica Co. (B/B1) (1M LIBOR + 4.000%)
	8,228,220		6.438		05/01/25	7,713,956
Unimin Corp. (BB-/B1) (3M LIBOR + 3.750%)
	10,945,852		6.598		06/01/25	8,795,758
						36,134,196
Packaging – 3.3%
Berlin Packaging LLC (B-/B3)(b) (1M LIBOR + 3.000%)
	8,525,786		5.440		11/07/25	8,265,238
BWAY Holding Co. (B/B2)(b) (3M LIBOR + 3.250%)
	13,608,480		5.854		04/03/24	13,126,468
Charter NEX US Holdings, Inc. (B/B2)(b)
(1M LIBOR + 3.000%)
	10,479,626		5.402		05/16/24	10,274,435
(1M LIBOR + 3.500%)
	2,300,000		5.902		05/16/24	2,289,650

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Packaging – (continued)
Consolidated Container Co. LLC (B+/B2)(b)
(1M LIBOR + 2.750%)
$	750,000		5.152	%	05/22/24	$          746,250
(1M LIBOR + 2.750%)
	5,805,712		5.152		05/22/24	5,702,661
Flex Acquisition Co., Inc. (B/B2)(b)
(1M LIBOR + 3.000%)
	4,590,262		5.440		12/29/23	4,355,011
(3M LIBOR + 3.250%)
	5,903,253		5.690		06/29/25	5,591,207
Multi Color Corp. (B/B2)
	1,850,000		4.500	(d)	06/18/26	1,849,223
(1M LIBOR + 4.500%)
EUR	3,050,000		6.902	(b)(c)	06/18/26	3,433,474
Pro Mach Group, Inc. (B-/B2)(b) (1M LIBOR + 2.750%)
$	14,318,750		5.144		03/07/25	13,769,912
Reynolds Group Holdings, Inc. (B+/B1)(b) (1M LIBOR + 2.750%)
	3,183,673		5.152		02/05/23	3,157,249
						72,560,778
Pipelines – 1.8%
BCP Raptor LLC (B/B3)(b)
(1M LIBOR + 4.250%)
	11,094,619		6.652		06/24/24	10,512,151
(1M LIBOR + 4.750%)
	6,150,000		7.152		11/03/25	5,837,396
Centurion Pipeline Co. LLC (BB+/Ba3)(b) (1M LIBOR + 3.250%)
	5,621,750		5.652		09/29/25	5,614,723
Grizzly Acquisitions, Inc. (NR/NR)(d)
	3,771,500		5.850		10/01/25	3,764,183
Lower Cadence Holdings LLC (B/B2)(b) (1M LIBOR + 4.000%)
	2,250,000		6.404		05/22/26	2,235,938
Moda Ingleside Energy Center LLC (BB+/B1)(b) (1M LIBOR + 3.250%)
	3,184,000		5.652		09/29/25	3,177,377
Prairie ECI Acquiror LP (NR/NR)(b) (3M LIBOR + 4.750%)
	3,491,250		7.080		03/11/26	3,502,597
Traverse Midstream Partners LLC (B+/B2)(b) (3M LIBOR + 4.000%)
	6,054,250		6.590		09/27/24	5,976,392
						40,620,757
Real Estate Investment Trust(b) – 0.9%
Brookfield Property REIT, Inc. (BB+/Ba3) (1M LIBOR + 2.500%)
	14,027,915		4.902		08/27/25	13,678,760
iStar, Inc. (BB-/Ba2) (1M LIBOR + 2.750%)
	5,645,905		5.171		06/28/23	5,631,791
						19,310,551
Restaurants(b) – 1.1%
1011778 B.C. Unlimited Liability Co. (BB-/Ba3) (1M LIBOR + 2.250%)
	7,363,864		4.652		02/16/24	7,302,523
IRB Holding Corp. (B/B2) (1M LIBOR + 3.250%)
	13,407,116		5.644		02/05/25	13,224,913
NPC International, Inc. (CCC+/B2) (1M LIBOR + 3.500%)
	5,281,312		5.939		04/19/24	4,238,253
						24,765,689

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a)– (continued)
Retailers(b) – 3.0%
Academy Ltd. (CCC+/Caa2) (1M LIBOR + 4.000%)
$	13,589,279		6.439	%	07/01/22	$       9,661,977
Bass Pro Group LLC (B+/B1) (1M LIBOR + 5.000%)
	10,567,443		7.402		09/25/24	10,076,480
EG Finco Ltd. (B/B2) (3M LIBOR + 4.000%)
	2,593,438		6.330		02/07/25	2,546,964
Harbor Freight Tools USA, Inc. (BB-/Ba3) (1M LIBOR + 2.500%)
	12,815,339		4.902		08/18/23	12,460,867
JC Penney Corp., Inc. (B-/B3) (3M LIBOR + 4.250%)
	4,036,364		6.771		06/23/23	3,504,896
Neiman Marcus Group Ltd. LLC (CCC+/Caa2) (1M LIBOR + 3.250%)
	5,079,143		8.421		10/25/23	4,338,451
PetSmart, Inc. (B/B3) (1M LIBOR + 4.000%)
	6,748,931		6.670		03/11/22	6,561,244
Shutterfly, Inc. (BB-/Ba3) (1M LIBOR + 2.500%)
	6,290,120		4.910		08/17/24	6,285,402
Staples, Inc. (B+/B1) (3M LIBOR + 5.000%)
	10,843,125		7.601		04/16/26	10,394,111
						65,830,392
Services Cyclical - Business Services(b) – 1.6%
EVO Payments International LLC (B/B2) (1M LIBOR + 3.250%)
	10,508,197		5.660		12/22/23	10,465,534
First Data Corp. (BB/Ba2) (1M LIBOR + 2.000%)
	12,033,804		4.404		04/26/24	12,018,882
Global Payments, Inc. (BBB-/Ba2) (1M LIBOR + 1.750%)
	3,308,375		4.152		10/17/25	3,301,130
Lighthouse Network LLC (B+/B1) (3M LIBOR + 4.500%)
	2,955,000		7.083		11/29/24	2,951,306
Vantiv LLC (BBB-/Ba2) (1 Week LIBOR + 1.750%)
	5,624,797		4.132		08/09/24	5,618,722
						34,355,574
Services Cyclical - Consumer Services(b) – 2.2%
Asurion LLC (B+/Ba3)
(1M LIBOR + 3.000%)
	4,980,588		8.902		08/04/22	4,966,344
(1M LIBOR + 3.000%)
	6,179,433		5.402		11/03/23	6,163,984
Asurion LLC (B-/B3) (1M LIBOR + 6.500%)
	11,100,000		8.902		08/04/25	11,245,743
KUEHG Corp. (B-/B2) (3M LIBOR + 3.750%)
	10,548,827		6.080		02/21/25	10,496,082
Spin Holdco, Inc. (B/B2) (3M LIBOR + 3.250%)
	11,312,126		5.851		11/14/22	11,073,779
USIC Holdings, Inc. (B/B2) (1M LIBOR + 3.000%)
	715,455		5.402		12/08/23	709,495
Weight Watchers International, Inc. (BB-/Ba2) (3M LIBOR + 4.750%)
	3,755,591		7.350		11/29/24	3,683,597
						48,339,024
Technology - Hardware(b) – 0.2%
CommScope, Inc. (BB-/Ba1) (1M LIBOR + 3.250%)
	5,175,000		5.652		04/06/26	5,154,300

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a)– (continued)
Technology - Software/Services – 14.3%
Almonde, Inc. (B-/B2)(b) (1M LIBOR + 3.500%)
$	5,766,046		5.902	%	06/13/24	$       5,610,709
Almonde, Inc. (CCC/Caa2)(b) (1M LIBOR + 7.250%)
	3,825,000		9.652		06/13/25	3,787,553
Ancestry.com Operations, Inc. (B/B2)(b) (1M LIBOR + 3.250%)
	7,603,782		5.660		10/19/23	7,575,268
AppLovin Corp. (B+/B1)(b) (1M LIBOR + 3.500%)
	6,596,482		5.902		08/15/25	6,575,900
Aspect Software, Inc. (NR/NR)(b) (1M LIBOR + 5.000%)
	3,014,428		7.419		01/15/24	2,682,841
Avast Software B.V. (NR/NR)(b) (3M LIBOR + 2.250%)
	1,929,286		4.580		09/30/23	1,923,266
BMC Software Finance, Inc. (B/B2)(b) (3M LIBOR + 4.250%)
	13,822,683		6.580		10/02/25	13,066,720
Bracket Intermediate Holding Corp. (B-/B2)(b) (3M LIBOR + 4.250%)
	7,138,538		6.815		09/05/25	7,102,845
Carbonite, Inc. (B/B1)(b) (1M LIBOR + 3.750%)
	3,240,000		6.152		03/26/26	3,242,689
CCC Information Services, Inc. (B/B2)(b) (1M LIBOR + 2.750%)
	7,549,251		5.160		04/26/24	7,437,899
CCC Information Services, Inc. (CCC/Caa2)(b) (1M LIBOR + 6.750%)
	2,675,000		9.152		04/27/25	2,685,031
Ceridian HCM Holding, Inc. (B/B2)(b) (1M LIBOR + 3.000%)
	10,453,114		5.402		04/30/25	10,472,453
ConvergeOne Holdings Corp. (NR/NR)(b) (1M LIBOR + 5.000%)
	3,591,000		7.402		01/04/26	3,406,961
Dell International LLC (BBB-/Baa3)(b) (1M LIBOR + 1.750%)
	3,229,580		4.160		09/07/21	3,222,314
Dynatrace LLC (B/B1)(b) (1M LIBOR + 3.000%)
	8,382,063		5.402		08/22/25	8,359,012
Dynatrace LLC (CCC+/Caa1)(b) (1M LIBOR + 7.000%)
	3,647,059		9.402		08/21/26	3,665,294
Ellie Mae, Inc. (B/B2)(b) (3M LIBOR + 4.000%)
	7,650,000		6.525		04/02/26	7,618,099
Ensono LP (B/B2)(b) (1M LIBOR + 5.250%)
	5,624,557		7.652		06/27/25	5,594,691
Eta Australia Holdings III Pty Ltd (NR/NR)(b) (1M LIBOR + 4.000%)
	5,150,000		6.402		06/05/26	5,146,807
Financial & Risk US Holdings, Inc. (B/B2)(b) (1M LIBOR + 3.750%)
	8,532,125		6.152		10/01/25	8,268,141
(6M EURIBOR + 4.000%)
EUR	3,482,500		4.000		10/01/25	3,948,269
Genuine Financial Holdings LLC (B/B2)(b) (1M LIBOR + 3.750%)
$	6,727,698		6.152		07/12/25	6,626,783
Genuine Financial Holdings LLC (CCC+/Caa2)(b) (1M LIBOR + 7.250%)
	4,300,000		9.652		07/10/26	4,235,500
Hyland Software, Inc. (B-/B1)(b) (1M LIBOR + 3.500%)
	7,964,813		9.402		07/01/24	7,905,076
Hyland Software, Inc. (CCC/Caa1)(b) (1M LIBOR + 7.000%)
	4,050,000		9.402		07/07/25	4,060,125
Infor (US), Inc. (B/Ba3)(b) (3M LIBOR + 2.750%)
	9,053,417		5.080		02/01/22	9,024,355
Ion Trading Technologies S.a.r.l. (B/B2)(b) (3M LIBOR + 4.000%)
	11,934,352		4.250		11/21/24	11,544,338
MA FinanceCo. LLC (BB-/B1)(b) (1M LIBOR + 2.500%)
	1,359,079		4.902		06/21/24	1,330,199
Marcel LUX IV S.a.r.l. (B/B2)(b) (3M LIBOR + 3.250%)
	9,200,000		5.893		03/15/26	9,031,364
McAfee LLC (B-/Caa1)(b) (1M LIBOR + 8.500%)
	2,800,000		10.902		09/29/25	2,828,000

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

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%)
$	7,314,902		6.152	%	09/13/24	$       7,177,747
Microchip Technology, Inc. (BB+/Baa3)(b) (1M LIBOR + 2.000%)
	4,880,981		4.410		05/29/25	4,848,961
Mitchell International, Inc. (NR/NR)(b) (1M LIBOR + 7.250%)
	2,750,000		9.652		12/01/25	2,651,688
Mitchell International, Inc. (B-/B2)(b) (1M LIBOR + 3.250%)
	12,871,456		5.652		11/29/24	12,262,379
Omnitracs, Inc. (B/B2)(b) (3M LIBOR + 2.750%)
	6,913,555		5.099		03/21/25	6,801,210
PowerSchool (B-/B2)(b) (3M LIBOR + 3.250%)
	12,885,250		5.815		08/01/25	12,704,083
Quest Software US Holdings Inc. (B+/B2)(b) (3M LIBOR + 4.250%)
	2,568,546		6.833		05/16/25	2,523,597
Quorum Software, Inc (B/B2)(b) (3M LIBOR + 4.250%)
	4,875,500		6.580		09/22/25	4,857,217
Rocket Software, Inc. (B/B1)(b) (1M LIBOR + 4.250%)
	3,690,750		6.652		11/28/25	3,603,095
Seattle SpinCo, Inc. (BB-/B1)(b) (1M LIBOR + 2.500%)
	9,178,196		4.902		06/21/24	8,983,159
Solera, LLC (B/Ba3)(b) (1M LIBOR + 2.750%)
	3,825,180		5.152		03/03/23	3,795,306
SS&C Technologies Holdings Europe S.a.r.l. (BB+/Ba2)(b) (1M LIBOR + 2.250%)
	3,966,782		4.652		04/16/25	3,948,931
SS&C Technologies, Inc. (BB+/Ba2)(b) (1M LIBOR + 2.250%)
	5,792,730		4.652		04/16/25	5,766,663
The Dun & Bradstreet Corp. (B-/B2)(b) (1M LIBOR + 5.000%)
	8,200,000		7.404		02/06/26	8,197,458
The Ultimate Software Group, Inc. (B/B2)(b) (3M LIBOR + 3.750%)
	4,950,000		6.080		05/04/26	4,956,188
Tibco Software, Inc. (B/B1)(b) (1M LIBOR + 4.000%)
	2,300,000		6.390		06/11/26	2,302,875
TriTech Software Systems (B/B2)(b) (1M LIBOR + 3.750%)
	14,626,500		6.152		08/29/25	14,431,529
TTM Technologies, Inc. (BB+/Ba3)(b) (1 M LIBOR + 2.500%)
	4,591,547		4.939		09/28/24	4,548,524
Ultra Clean Holdings, Inc. (NR/NR)(b) (1M LIBOR + 4.500%)
	4,524,922		6.902		08/27/25	4,253,426
Upland Software, Inc. (B/B2)(d)
	2,450,000		3.750		06/26/26	2,446,938
Vertafore, Inc. (B-/B2)(b) (1M LIBOR + 3.250%)
	13,163,488		5.652		07/02/25	12,631,420
Vertafore, Inc. (CCC/Caa2)(b) (1M LIBOR + 7.250%)
	3,500,000		9.652		07/02/26	3,396,470
						315,067,366
Telecommunication Services(b) – 1.4%
DigiCert, Inc. (B-/B2) (1M LIBOR + 4.000%)
	10,751,959		6.402		10/31/24	10,698,199
Imperva, Inc. (B-/B2) (1M LIBOR + 4.000%)
	4,924,385		6.411		01/12/26	4,890,554
MLN US Holding Co. LLC (B/B2) (1M LIBOR + 4.500%)
	5,298,375		6.939		11/30/25	5,050,040
Vivid Seats Ltd. (B/B2) (1M LIBOR + 3.500%)
	10,576,152		5.902		06/30/24	10,457,171
						31,095,964

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Textiles(b) – 0.4%
Kontoor Brands, Inc. (BB-/Ba2) (3M LIBOR + 4.250%)
$	2,300,000		6.801	%	05/15/26	$       2,300,000
Renfro Corp. (B/WR)(c) (3M LIBOR + 5.500%)
	6,824,159		7.900		03/31/21	6,721,797
						9,021,797
Transportation Services(b) – 0.7%
Hornblower Sub LLC (B/B2) (3M LIBOR + 4.500%)
	6,607,781		6.830		04/27/25	6,599,522
XPO Logistics, Inc. (NR/NR) (1M LIBOR + 2.500%)
	8,250,000		4.883		02/24/25	8,252,970
						14,852,492
Utilities - Electric(b) – 0.8%
Calpine Corp. (BB/Ba2) (3M LIBOR + 2.500%)
	2,984,456		4.830		01/15/24	2,966,609
LMBE-MC Holdco II LLC (BB-/Ba3) (3M LIBOR + 4.000%)
	7,234,615		6.330		11/14/25	7,230,129
Lonestar II Generation Holdings LLC (B+/Ba3)(c)
(1M LIBOR + 5.000%)
	353,573		7.402		04/20/26	353,573
(1M LIBOR + 5.000%)
	2,946,428		7.402		04/20/26	2,946,428
Talen Energy Supply LLC (B+/B2) (1M LIBOR + 3.750%)
	1,100,000		6.110		06/28/26	1,093,125
Vistra Energy Corp. (BBB-/Ba1) (1M LIBOR + 2.000%)
	4,095,798		4.394		12/31/25	4,089,163
						18,679,027
Wireless Telecommunications(b) – 1.5%
Digicel International Finance Ltd. (NR/B1) (3M LIBOR + 3.250%)
	13,814,478		5.780		05/28/24	11,949,523
Intelsat Jackson Holdings Ltd. (B/B1) (6M LIBOR + 6.250%)
	3,375,000		6.625		01/02/24	3,386,239
Intelsat Jackson Holdings SA (B/B1) (1M LIBOR + 4.500%)
	5,000,000		6.904		01/02/24	5,009,800
SBA Senior Finance II LLC (BB+/B1) (1M LIBOR + 2.000%)
	10,223,449		4.410		04/11/25	10,087,478
Sprint Communications, Inc. (BB-/Ba2) (1M LIBOR + 2.500%)
	3,084,224		4.938		02/02/24	3,034,105
						33,467,145
Wirelines Telecommunications(b) – 3.0%
CenturyLink, Inc. (BBB-/Ba3) (1M LIBOR + 2.750%)
	12,436,869		5.152		01/31/25	12,132,912
Cincinnati Bell, Inc. (BB-/Ba3) (1M LIBOR + 3.250%)
	7,733,664		5.652		10/02/24	7,674,038
Consolidated Communications, Inc. (B+/Ba3) (1M LIBOR + 3.000%)
	11,557,710		5.410		10/04/23	11,035,764
Frontier Communications Corp. (B-/B2) (1M LIBOR + 3.750%)
	10,170,277		6.160		06/15/24	9,958,430
GTT Communications, Inc. (B-/B2) (1M LIBOR + 2.750%)
	10,048,382		5.150		05/31/25	8,980,741
Level 3 Financing, Inc. (BBB-/Ba1) (1M LIBOR + 2.250%)
	4,000,000		4.652		02/22/24	3,966,000
Windstream Corp. (NR/WR) (3M LIBOR + 4.000%)
	3,597,226		8.500		03/29/21	3,694,854

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Wirelines Telecommunications(b) – (continued)
Zacapa LLC (B-/B2) (3M LIBOR + 5.000%)
$	7,559,479		7.330	%	07/02/25	$       7,591,003
						65,033,742
TOTAL BANK LOANS (Cost $2,084,741,304)						$2,037,812,667
Corporate Obligations – 1.9%
Aerospace & Defense(e)(f) – 0.1%
Bombardier, Inc. (B-/Caa1)
$	2,450,000		7.875	%	04/15/27	$       2,453,063
Commercial Services – 0.6%
Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)(f)
	4,600,000		5.250		04/15/24	4,680,500
United Rentals North America, Inc. (BB-/Ba3)(e)
	7,000,000		5.875		09/15/26	7,455,000
						12,135,500
Consumer Cyclical Services - Business(c) – 0.0%
Escrow Ambassadors Group, Inc. (NR/NR)
	9,986,469		13.000		04/15/20	—
Healthcare Providers & Services(e)(f) – 0.2%
CHS/Community Health Systems, Inc. (B-/Caa1)
	3,750,000		8.000		03/15/26	3,604,687
Media(e) – 0.2%
iHeartCommunications, Inc. (BB-/B1)
	1,393,436		6.375		05/01/26	1,478,784
iHeartCommunications, Inc. (B-/Caa1)
	2,525,604		8.375		05/01/27	2,645,570
						4,124,354
Oil Field Services(e) – 0.5%
Exterran Energy Solutions LP/EES Finance Corp. (B+/B1)
	8,850,000		8.125		05/01/25	8,982,750
Noble Holding International Ltd. (B/Caa2)
	1,008,000		7.750		01/15/24	771,120
SM Energy Co. (BB-/B2)
	2,400,000		6.750		09/15/26	2,244,000
						11,997,870
Telecommunication Services(e)(f) – 0.3%
Intelsat Jackson Holdings SA (B/B1)
	6,500,000		8.000		02/15/24	6,776,250
TOTAL CORPORATE OBLIGATIONS (Cost $42,129,814)						$     41,091,724

Shares		Description	Value
Common Stocks(g) – 0.3%
Media – 0.3%
	579,399	Clear Channel Outdoor Holdings, Inc. Class A	$       2,734,763
	246,396	iHeartMedia, Inc. Class A	3,757,539
TOTAL COMMON STOCKS (Cost $9,285,958)			$       6,492,302
Units		Expiration Date	Value
Warrant(g) – 0.0%
Aspect Software, Inc. Class B (NR/NR)(c)
	162,749		$              8,137
True Religion Warrant (NR/NR)
	2,145	10/27/22	—
True Religion Warrant 2 (NR/NR)
	8,103	10/27/22	—
TOTAL WARRANT (Cost $0)			$              8,137
Shares		Description	Value
Exchange Traded Funds – 2.7%
	343,342	Eaton Vance Floating-Rate Income Trust (NR/NR)	$       4,628,250
	351,021	Eaton Vance Senior Floating-Rate Trust (NR/NR)	4,594,865
	905,000	Invesco Senior Loan ETF (NR/NR)	20,507,300
	81,000	iShares iBoxx High Yield Corporate Bond ETF (NR/NR)	7,061,580
	479,789	Nuveen Floating Rate Income Fund (NR/NR)	4,725,922
	478,796	Nuveen Floating Rate Income Opportunity Fund (NR/NR)	4,663,473
	265,000	SPDR Blackstone/GSO Senior Loan ETF (NR/NR)	12,248,300
TOTAL EXCHANGE TRADED FUNDS (Cost $57,764,814)			$     58,429,690
Shares		Dividend Rate	Value
Investment Company(h) – 0.6%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	14,147,372	2.308%	$     14,147,372
(Cost $14,147,372)
TOTAL INVESTMENTS – 98.2% (Cost $2,208,069,262)			$2,157,981,892
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.8%			40,077,820
NET ASSETS – 100.0%			$2,198,059,712

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

(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 June 30, 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 June 30, 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 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)	Security is currently in default and/or non-income producing.
(h)	Represents an affiliated fund.

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At June 30, 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. (B/B1)03/20/2025, due 03/20/25	$	1,261,699	$	1,234,888	$	(25,951	)
TOTAL					$	(25,951	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	42,530,890	EUR	37,785,991		07/10/19	$	(472,282	)

FUTURES CONTRACTS — At June 30, 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	09/30/19	$	2,008,656		$	29,125
Short position contracts:
10 Year U.S. Treasury Notes	(195)	09/19/19		(24,953,906	)		(440,585	)
TOTAL FUTURES CONTRACTS						$	(411,460	)

Abbreviations:
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 92.9%
Aerospace & Defense – 2.6%
Lockheed Martin Corp.
$	850,000		4.070	%	12/15/42	$       938,256
	125,000		4.700	(a)	05/15/46	151,484
Northrop Grumman Corp.
	800,000		2.930	(a)	01/15/25	815,760
	1,925,000		3.250	(a)	01/15/28	1,975,781
	1,175,000		4.750		06/01/43	1,361,331
	450,000		4.030	(a)	10/15/47	479,169
The Boeing Co.(a)
	800,000		3.450		11/01/28	843,144
	500,000		3.550		03/01/38	504,445
	400,000		3.625		03/01/48	399,756
United Technologies Corp.
	2,675,000		3.950	(a)	08/16/25	2,880,868
	1,875,000		4.125	(a)	11/16/28	2,057,737
	370,000		5.700		04/15/40	471,343
	250,000		4.050	(a)	05/04/47	266,903
						13,145,977
Agriculture – 1.0%
Altria Group, Inc.(a)
	1,325,000		3.800		02/14/24	1,381,524
	1,100,000		4.400		02/14/26	1,175,790
BAT Capital Corp.(a)
	620,000		3.222		08/15/24	624,780
	200,000		3.557		08/15/27	199,080
	25,000		4.540		08/15/47	23,218
Reynolds American, Inc.
	700,000		4.850		09/15/23	752,388
	525,000		5.850	(a)	08/15/45	564,223
						4,721,003
Automotive – 1.0%
Ford Motor Credit Co. LLC
	1,075,000		5.875		08/02/21	1,133,093
	700,000		3.815	(a)	11/02/27	669,403

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – (continued)
General Motors Financial Co., Inc.
$	1,600,000		4.375	%	09/25/21	$    1,651,200
	1,425,000		5.650	(a)	01/17/29	1,565,405
						5,019,101
Banks – 19.7%
AIB Group PLC(b)
	1,975,000		4.750		10/12/23	2,073,284
Banco Santander SA
	1,000,000		4.250		04/11/27	1,050,370
	1,000,000		3.306		06/27/29	1,006,530
Bank of America Corp.
(3M USD LIBOR + 0.930%)
	5,050,000		2.816	(a)(c)	07/21/23	5,097,369
	1,023,000		4.000		04/01/24	1,090,866
	4,850,000		4.200		08/26/24	5,151,815
(3M USD LIBOR + 1.040%)
	4,963,000		3.419	(a)(c)	12/20/28	5,112,188
(3M USD LIBOR + 1.070%)
	1,150,000		3.970	(a)(c)	03/05/29	1,227,015
(3M USD LIBOR + 1.310%)
	1,725,000		4.271	(a)(c)	07/23/29	1,881,026
(3M USD LIBOR + 1.210%)
	400,000		3.974	(a)(c)	02/07/30	428,020
Barclays PLC(a)(c) (3M USD LIBOR + 1.400%)
	2,075,000		4.610		02/15/23	2,146,816
BNP Paribas SA(b)
	7,725,000		3.500		03/01/23	7,932,725
	775,000		3.375		01/09/25	787,795
BPCE SA(b)
	2,300,000		5.700		10/22/23	2,520,156
	1,350,000		4.625		09/12/28	1,492,614
Citigroup, Inc.
	2,325,000		2.700	(a)	10/27/22	2,341,763
	1,800,000		3.875		03/26/25	1,876,338
	575,000		3.400		05/01/26	595,085
	800,000		4.450		09/29/27	861,080
	1,200,000		4.750		05/18/46	1,355,772
Credit Agricole SA
	2,350,000		4.375		03/17/25	2,466,748
Credit Suisse AG(b)
	1,800,000		6.500		08/08/23	1,987,416
Credit Suisse Group AG(a)(b)
	1,345,000		4.282		01/09/28	1,418,262
Credit Suisse Group Funding Guernsey Ltd.
	884,000		4.550		04/17/26	961,041
HSBC Bank USA NA
	300,000		7.000		01/15/39	421,731

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
HSBC Holdings PLC(a)(c)
(3M USD LIBOR + 1.000%)
$	725,000		3.520	%	05/18/24	$       726,363
(3M USD LIBOR + 1.211%)
	1,775,000		3.803		03/11/25	1,846,941
ING Groep NV
	1,300,000		3.550		04/09/24	1,342,822
JPMorgan Chase & Co.
	6,300,000		3.875		09/10/24	6,616,953
(3M USD LIBOR + 3.800%)
	1,575,000		5.300	(a)(c)	09/10/24	1,592,026
(3M USD LIBOR + 1.000%)
	1,550,000		4.023	(a)(c)	12/05/24	1,645,495
	1,000,000		3.200	(a)	06/15/26	1,030,020
(3M USD LIBOR + 1.245%)
	1,300,000		3.960	(a)(c)	01/29/27	1,389,921
	1,628,000		3.625	(a)	12/01/27	1,679,331
(3M USD LIBOR + 1.330%)
	75,000		4.452	(a)(c)	12/05/29	83,352
(3M USD LIBOR + 1.360%)
	600,000		3.882	(a)(c)	07/24/38	627,438
Morgan Stanley, Inc.
	1,300,000		4.875		11/01/22	1,390,688
	3,225,000		3.700		10/23/24	3,401,440
	3,550,000		4.000		07/23/25	3,803,044
(3M USD LIBOR + 1.628%)
	3,150,000		4.431	(a)(c)	01/23/30	3,481,348
(3M USD LIBOR + 1.455%)
	800,000		3.971	(a)(c)	07/22/38	832,920
	500,000		4.300		01/27/45	546,650
Royal Bank of Scotland Group PLC
(3M USD LIBOR + 1.480%)
	1,008,000		3.498	(a)(c)	05/15/23	1,017,979
	700,000		6.100		06/10/23	757,396
	2,001,000		3.875		09/12/23	2,053,426
(3M USD LIBOR + 1.550%)
	1,475,000		4.519	(a)(c)	06/25/24	1,535,962
(3M USD LIBOR + 1.762%)
	700,000		4.269	(a)(c)	03/22/25	723,569
Santander Holdings USA, Inc.(a)
	750,000		4.500		07/17/25	796,898
Santander UK PLC
	1,475,000		2.875		06/18/24	1,481,726
Wells Fargo & Co.
	1,325,000		3.000		02/19/25	1,347,406
	850,000		3.900		05/01/45	910,766
Wells Fargo Bank NA
	799,000		5.950		08/26/36	1,015,106

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Westpac Banking Corp.(a)(c) (5 Year USD ICE Swap + 2.236%)
$	625,000		4.322	%	11/23/31	$       646,088
						97,606,899
Beverages – 7.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	2,350,000		4.700		02/01/36	2,583,590
	2,175,000		4.900		02/01/46	2,417,926
Anheuser-Busch InBev Finance, Inc.(a)
	1,585,000		3.300		02/01/23	1,635,054
Anheuser-Busch InBev Worldwide, Inc.
	4,775,000		4.150	(a)	01/23/25	5,168,651
	2,000,000		4.750	(a)	01/23/29	2,266,560
	325,000		4.950		01/15/42	360,682
	550,000		4.600	(a)	04/15/48	588,379
	1,825,000		5.550	(a)	01/23/49	2,228,416
Bacardi Ltd.(a)(b)
	1,225,000		5.300		05/15/48	1,288,663
Constellation Brands, Inc.(a)
	2,025,000		3.200		02/15/23	2,069,064
	4,550,000		4.400		11/15/25	4,977,154
	350,000		3.700		12/06/26	366,590
	500,000		3.600		02/15/28	515,645
	600,000		4.500		05/09/47	626,214
Keurig Dr Pepper, Inc.(a)
	5,450,000		4.057		05/25/23	5,721,519
	1,200,000		4.597		05/25/28	1,314,072
	500,000		4.500		11/15/45	504,775
						34,632,954
Biotechnology(a) – 1.8%
Amgen, Inc.
	800,000		4.400		05/01/45	848,504
Celgene Corp.
	1,575,000		3.875		08/15/25	1,682,604
	3,525,000		3.900		02/20/28	3,785,815
	1,100,000		4.550		02/20/48	1,253,483

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Biotechnology(a) – (continued)
Gilead Sciences, Inc.
$	750,000		4.000	%	09/01/36	$       790,080
	375,000		4.800		04/01/44	425,306
						8,785,792
Chemicals – 2.0%
Celanese US Holdings LLC(a)
	600,000		3.500		05/08/24	615,612
CNAC HK Finbridge Co. Ltd.
	200,000		4.625		03/14/23	209,154
DuPont de Nemours, Inc.(a)
	1,175,000		4.493		11/15/25	1,299,726
	925,000		4.725		11/15/28	1,044,362
	75,000		5.419		11/15/48	91,091
Huntsman International LLC(a)
	1,000,000		4.500		05/01/29	1,029,767
Sasol Financing International Ltd.
	200,000		4.500		11/14/22	206,000
SASOL Financing USA LLC(a)
	200,000		5.875		03/27/24	215,813
Syngenta Finance NV(b)
	1,905,000		3.698		04/24/20	1,918,468
	970,000		3.933		04/23/21	986,199
The Sherwin-Williams Co.(a)
	2,050,000		3.125		06/01/24	2,087,925
	475,000		4.000		12/15/42	460,284
						10,164,401
Commercial Services(a) – 0.2%
IHS Markit Ltd.
	900,000		3.625		05/01/24	925,920
Computers – 2.5%
Apple, Inc.
	1,652,000		3.850		05/04/43	1,753,532
Dell International LLC/EMC Corp.(a)(b)
	2,350,000		5.450		06/15/23	2,531,725
	1,375,000		6.020		06/15/26	1,513,586
	175,000		8.350		07/15/46	220,670
Hewlett Packard Enterprise Co.(a)
	5,399,000		4.900		10/15/25	5,921,785
	355,000		6.350		10/15/45	392,577
						12,333,875
Diversified Financial Services – 1.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	900,000		4.625		10/30/20	923,724

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust – (continued)
$	950,000		4.875	%(a)	01/16/24	$    1,018,010
Air Lease Corp.(a)
	2,000,000		3.750		06/01/26	2,049,180
GE Capital International Funding Co.
	1,750,000		3.373		11/15/25	1,771,630
	1,175,000		4.418		11/15/35	1,161,570
Huarong Finance 2019 Co. Ltd.
	200,000		3.750		05/29/24	201,313
Huarong Finance II Co. Ltd.
	200,000		5.500		01/16/25	218,500
						7,343,927
Electrical – 4.6%
Arizona Public Service Co.(a)
	675,000		3.750		05/15/46	674,946
Berkshire Hathaway Energy Co.
	725,000		3.250	(a)	04/15/28	746,359
	1,767,000		6.125		04/01/36	2,361,224
CMS Energy Corp.(a)
	500,000		4.875		03/01/44	579,905
Consumers Energy Co.(a)
	325,000		4.350		04/15/49	375,778
Dominion Energy, Inc.(a)
	1,450,000		2.000		08/15/21	1,436,051
	1,225,000		3.900		10/01/25	1,304,343
Duke Energy Corp.(a)
	400,000		4.800		12/15/45	449,648
Entergy Corp.(a)
	875,000		2.950		09/01/26	874,711
Exelon Corp.(a)
	1,125,000		3.497		06/01/22	1,151,809
	400,000		4.450		04/15/46	427,576
Florida Power & Light Co.(a)
	625,000		3.950		03/01/48	683,397
NRG Energy, Inc.(a)(b)
	1,035,000		4.450		06/15/29	1,077,062
PPL WEM Ltd./Western Power Distribution Ltd.(a)(b)
	300,000		5.375		05/01/21	310,422
Progress Energy, Inc.
	1,000,000		7.000		10/30/31	1,347,460
Public Service Electric & Gas Co.(a)
	1,525,000		3.950		05/01/42	1,632,192
Puget Sound Energy, Inc.(a)
	325,000		4.223		06/15/48	361,754
Sempra Energy(a)
	570,000		3.400		02/01/28	568,222
	1,125,000		3.800		02/01/38	1,087,470
Southern California Edison Co.(a)
	500,000		4.200		03/01/29	531,240

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
Southern California Edison Co.(a) – (continued)
$	275,000		4.050	%	03/15/42	$       270,677
	805,000		4.125		03/01/48	814,217
	625,000		4.875		03/01/49	698,175
The Southern Co.(a)
	1,800,000		3.250		07/01/26	1,826,388
Vistra Operations Co. LLC(a)(b)
	1,450,000		4.300		07/15/29	1,471,011
						23,062,037
Engineering & Construction(a) – 0.1%
Mexico City Airport Trust
	240,000		3.875	(b)	04/30/28	231,737
	200,000		5.500		07/31/47	198,937
	220,000		5.500	(b)	07/31/47	218,831
						649,505
Environmental(a) – 0.3%
Waste Management, Inc.
	1,300,000		3.200		06/15/26	1,352,221
Food & Drug Retailing – 0.8%
Grupo Bimbo SAB de CV(a)
	1,070,000		4.700		11/10/47	1,095,643
Kraft Heinz Foods Co.(a)
	600,000		3.000		06/01/26	583,842
Mars, Inc.(a)(b)
	525,000		3.200		04/01/30	544,656
Smithfield Foods, Inc.(b)
	925,000		2.700		01/31/20	922,169
	850,000		5.200	(a)	04/01/29	924,222
						4,070,532
Gas(a) – 0.7%
NiSource, Inc.
	825,000		3.650		06/15/23	853,809
	2,550,000		3.490		05/15/27	2,635,502
						3,489,311
Hand/Machine Tools(a) – 0.1%
Snap-on, Inc.
	550,000		4.100		03/01/48	595,650
Healthcare Providers & Services – 2.2%
Becton Dickinson & Co.(a)
	7,950,000		2.894		06/06/22	8,054,224
	1,300,000		3.363		06/06/24	1,340,274

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
CommonSpirit Health
$	150,000		4.350	%	11/01/42	$       150,657
UnitedHealth Group, Inc.
	1,125,000		4.625		07/15/35	1,291,849
						10,837,004
Insurance – 2.4%
AIA Group Ltd.(a)(b)
	775,000		3.200		03/11/25	792,360
American International Group, Inc.
	1,000,000		4.125		02/15/24	1,058,110
	750,000		3.900	(a)	04/01/26	784,380
	325,000		4.200	(a)	04/01/28	346,479
	700,000		6.250		05/01/36	867,349
	350,000		4.500	(a)	07/16/44	368,911
	225,000		4.800	(a)	07/10/45	247,244
Arch Capital Finance LLC(a)
	400,000		4.011		12/15/26	429,636
	323,000		5.031		12/15/46	381,918
Arch Capital Group Ltd.
	845,000		7.350		05/01/34	1,192,464
Great-West Lifeco Finance 2018 LP(a)(b)
	425,000		4.047		05/17/28	466,284
MetLife, Inc.
	400,000		4.050		03/01/45	428,304
Teachers Insurance & Annuity Association of America(b)
	890,000		4.900		09/15/44	1,041,861
The Hartford Financial Services Group, Inc.
	200,000		6.625		04/15/42	260,144
The Northwestern Mutual Life Insurance Co.(a)(b)
	800,000		3.850		09/30/47	823,968
Voya Financial, Inc.
	1,275,000		3.650		06/15/26	1,314,818
XLIT Ltd.
	998,000		4.450		03/31/25	1,074,247
						11,878,477
Internet(a) – 1.5%
Amazon.com, Inc.
	4,700,000		3.875		08/22/37	5,175,311
	900,000		4.950		12/05/44	1,132,065
eBay, Inc.
	1,400,000		4.000		07/15/42	1,299,452
						7,606,828

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – 4.7%
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
$	3,225,000		4.464	%	07/23/22	$    3,385,927
	7,350,000		4.500		02/01/24	7,823,781
	275,000		6.484		10/23/45	326,675
Comcast Corp.
	2,000,000		3.950	(a)	10/15/25	2,159,540
	638,000		3.300	(a)	02/01/27	663,188
	1,525,000		4.150	(a)	10/15/28	1,679,528
	2,275,000		4.250	(a)	10/15/30	2,535,010
	250,000		6.400		03/01/40	338,483
	525,000		3.400	(a)	07/15/46	501,685
	500,000		4.700	(a)	10/15/48	585,390
	263,000		3.999	(a)	11/01/49	276,421
The Walt Disney Co.(b)
	650,000		6.150		03/01/37	881,920
	700,000		6.150		02/15/41	970,753
Time Warner Cable LLC(a)
	500,000		5.875		11/15/40	541,960
Viacom, Inc.(a)
	450,000		5.850		09/01/43	529,133
						23,199,394
Mining(b) – 0.6%
Glencore Finance Canada Ltd.
	800,000		4.950		11/15/21	839,752
	825,000		4.250		10/25/22	862,942
Glencore Funding LLC
	1,050,000		4.125	(a)	03/12/24	1,087,117
	206,000		4.625		04/29/24	217,948
						3,007,759
Miscellaneous Manufacturing – 1.0%
General Electric Co.
	175,000		2.700		10/09/22	174,689
	550,000		3.100		01/09/23	554,664
	600,000		3.450	(a)	05/15/24	613,032
	269,000		5.875		01/14/38	304,266

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing – (continued)
Parker-Hannifin Corp.(a)
$	2,775,000		3.250	%	06/14/29	$    2,876,537
	270,000		4.000		06/14/49	284,369
						4,807,557
Oil Field Services – 6.3%
Anadarko Petroleum Corp.
	1,700,000		4.850	(a)	03/15/21	1,759,347
	1,425,000		5.550	(a)	03/15/26	1,600,802
	1,420,000		6.450		09/15/36	1,744,995
	375,000		6.600	(a)	03/15/46	487,601
BP Capital Markets America, Inc.(a)
	1,475,000		3.224		04/14/24	1,526,227
	675,000		3.410		02/11/26	708,048
	950,000		3.119		05/04/26	971,508
	675,000		4.234		11/06/28	749,412
Cenovus Energy, Inc.(a)
	650,000		4.250		04/15/27	671,996
Continental Resources, Inc.(a)
	2,275,000		4.500		04/15/23	2,391,480
Devon Energy Corp.(a)
	1,320,000		3.250		05/15/22	1,361,237
	2,517,000		5.850		12/15/25	2,998,905
Diamondback Energy, Inc.(a)
	1,300,000		4.750		11/01/24	1,332,500
	700,000		4.750	(b)	11/01/24	717,500
Gazprom OAO Via Gaz Capital SA
	200,000		5.150	(b)	02/11/26	213,188
	70,000		8.625	(d)	04/28/34	95,419
	110,000		7.288		08/16/37	138,875
Halliburton Co.(a)
	425,000		3.800		11/15/25	445,710
Lukoil International Finance B.V.
	1,030,000		4.563		04/24/23	1,068,863
Marathon Oil Corp.(a)
	1,100,000		4.400		07/15/27	1,166,990
Marathon Petroleum Corp.(a)
	725,000		3.625		09/15/24	750,846
	1,920,000		3.800		04/01/28	1,953,965
Newfield Exploration Co.
	1,750,000		5.625		07/01/24	1,933,750
Petroleos Mexicanos
	422,000		6.375		02/04/21	433,500

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Petroleos Mexicanos – (continued)
EUR	1,370,000		5.125	%	03/15/23	$    1,638,640
$	70,000		6.625		06/15/35	64,488
	126,000		6.375		01/23/45	107,789
	320,000		6.750		09/21/47	283,860
	1,014,000		6.350		02/12/48	867,730
Reliance Industries Ltd.(b)
	250,000		3.667		11/30/27	252,109
Suncor Energy, Inc.(a)
	900,000		3.600		12/01/24	938,484
						31,375,764
Pharmaceuticals – 3.6%
AbbVie, Inc.(a)
	1,150,000		3.750		11/14/23	1,199,163
Bayer US Finance II LLC(a)(b)
	1,100,000		3.875		12/15/23	1,139,974
	1,475,000		3.375		07/15/24	1,488,555
	349,000		4.700		07/15/64	315,531
Cigna Corp.(a)(b)
	7,125,000		3.750		07/15/23	7,414,916
	275,000		4.900		12/15/48	299,874
CVS Health Corp.(a)
	2,000,000		3.375		08/12/24	2,045,460
	375,000		3.875		07/20/25	391,391
	1,770,000		5.125		07/20/45	1,884,024
Elanco Animal Health, Inc.
	1,125,000		3.912		08/27/21	1,149,065
Teva Pharmaceutical Finance Netherlands III B.V.
	660,000		2.200		07/21/21	624,525
						17,952,478
Pipelines – 7.8%
Abu Dhabi Crude Oil Pipeline LLC(b)
	490,000		4.600		11/02/47	538,388
Energy Transfer Operating LP(a)
	650,000		4.650		06/01/21	674,076
	1,540,000		5.200		02/01/22	1,624,561
	1,900,000		4.200		04/15/27	1,974,860
	456,000		5.150		03/15/45	465,658
	450,000		6.250		04/15/49	532,337

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Enterprise Products Operating LLC(a)
$	575,000		4.800	%	02/01/49	$       639,940
(3M USD LIBOR + 2.778%)
	4,420,000		5.298	(c)	06/01/67	4,066,356
EQM Midstream Partners LP(a)
	4,464,000		4.750		07/15/23	4,628,007
	425,000		5.500		07/15/28	447,236
Kinder Morgan Energy Partners LP(a)
	1,500,000		3.950		09/01/22	1,560,990
	700,000		5.400		09/01/44	780,731
MPLX LP(a)
	700,000		4.500		04/15/38	706,286
	400,000		4.700		04/15/48	406,564
	520,000		5.500		02/15/49	587,954
Plains All American Pipeline LP/PAA Finance Corp.(a)
	400,000		3.650		06/01/22	409,696
	1,375,000		3.850		10/15/23	1,419,096
	1,819,000		4.650		10/15/25	1,938,526
	1,200,000		4.500		12/15/26	1,276,428
	280,000		5.150		06/01/42	278,673
Sabine Pass Liquefaction LLC(a)
	1,875,000		6.250		03/15/22	2,033,850
	4,525,000		5.625		03/01/25	5,068,000
	475,000		5.000		03/15/27	520,804
Sunoco Logistics Partners Operations LP(a)
	550,000		5.950		12/01/25	625,427
	150,000		5.400		10/01/47	159,177
The Williams Cos., Inc.
	3,630,000		3.600	(a)	03/15/22	3,723,436
	150,000		6.300		04/15/40	181,394
Valero Energy Partners LP(a)
	875,000		4.375		12/15/26	934,964
Western Midstream Operating LP(a)
	600,000		5.450		04/01/44	564,402
	175,000		5.300		03/01/48	162,386
						38,930,203

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust – 3.7%
Alexandria Real Estate Equities, Inc.(a)
$	500,000		3.800	%	04/15/26	$       524,465
American Campus Communities Operating Partnership LP(a)
	1,600,000		4.125		07/01/24	1,688,976
American Homes 4 Rent LP(a)
	1,851,000		4.900		02/15/29	2,013,629
American Tower Corp.
	1,550,000		5.000		02/15/24	1,705,201
	1,400,000		3.375	(a)	05/15/24	1,438,430
Camden Property Trust(a)
	1,338,000		4.100		10/15/28	1,458,206
	700,000		3.150		07/01/29	711,620
Crown Castle International Corp.(a)
	275,000		4.300		02/15/29	296,942
Kilroy Realty LP(a)
	575,000		4.750		12/15/28	637,514
National Retail Properties, Inc.(a)
	700,000		3.600		12/15/26	718,389
Office Properties Income Trust(a)
	1,125,000		3.600		02/01/20	1,127,610
Public Storage(a)
	850,000		3.385		05/01/29	887,094
Spirit Realty LP(a)
	925,000		4.000		07/15/29	933,464
VEREIT Operating Partnership LP(a)
	1,050,000		4.625		11/01/25	1,128,425
	1,225,000		4.875		06/01/26	1,325,510
	1,000,000		3.950		08/15/27	1,029,980
WP Carey, Inc.(a)
	700,000		3.850		07/15/29	708,463
						18,333,918
Retailing – 0.8%
Lowe’s Cos., Inc.(a)
	1,175,000		3.650		04/05/29	1,226,313
Starbucks Corp.(a)
	400,000		3.800		08/15/25	426,660
The Home Depot, Inc.
	400,000		5.875		12/16/36	531,164
	500,000		4.875	(a)	02/15/44	606,955
	500,000		4.400	(a)	03/15/45	573,250
Walmart, Inc.(a)
	475,000		4.050		06/29/48	542,977
						3,907,319
Semiconductors – 2.9%
Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	1,775,000		3.625		01/15/24	1,793,567

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Semiconductors – (continued)
Broadcom Corp./Broadcom Cayman Finance Ltd.(a) – (continued)
$	600,000		3.125	%	01/15/25	$       585,750
	4,725,000		3.875		01/15/27	4,630,783
Broadcom, Inc.(a)(b)
	2,475,000		3.625		10/15/24	2,487,028
	2,075,000		4.250		04/15/26	2,099,879
Microchip Technology, Inc.
	775,000		3.922		06/01/21	789,330
NXP B.V./NXP Funding LLC(b)
	850,000		3.875		09/01/22	873,877
NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(b)
	1,050,000		3.875		06/18/26	1,077,405
						14,337,619
Software(a) – 1.3%
Fidelity National Information Services, Inc.
	700,000		3.750		05/21/29	742,644
Fiserv, Inc.
	1,600,000		3.200		07/01/26	1,635,648
	475,000		3.500		07/01/29	488,006
	1,325,000		4.400		07/01/49	1,387,739
Oracle Corp.
	1,400,000		4.300		07/08/34	1,590,960
	575,000		3.800		11/15/37	606,895
						6,451,892
Telecommunication Services – 7.4%
AT&T, Inc.
	442,000		4.000		01/15/22	458,858
	5,822,000		3.600	(a)	02/17/23	6,042,770
	4,400,000		3.800	(a)	03/01/24	4,623,608
	3,700,000		4.450	(a)	04/01/24	3,983,901
	1,475,000		4.350	(a)	03/01/29	1,581,731
	175,000		4.900	(a)	08/15/37	188,914
	1,125,000		4.850	(a)	03/01/39	1,208,948
	300,000		6.000	(a)	08/15/40	356,601
	125,000		4.300	(a)	12/15/42	123,401
	378,000		4.350	(a)	06/15/45	376,325
	275,000		4.850	(a)	07/15/45	292,936
	500,000		4.750	(a)	05/15/46	525,870

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
Deutsche Telekom International Finance B.V.(a)(b)
$	575,000		4.375	%	06/21/28	$       625,226
Telefonica Emisiones SA(a)
	375,000		5.520		03/01/49	434,104
Verizon Communications, Inc.
	2,125,000		3.376		02/15/25	2,217,225
	650,000		2.625		08/15/26	645,769
	4,056,000		4.329		09/21/28	4,486,220
	750,000		3.875	(a)	02/08/29	803,805
	2,551,000		4.016	(a)(b)	12/03/29	2,764,901
	325,000		4.272		01/15/36	351,728
	375,000		5.250		03/16/37	449,205
	295,000		4.125		08/15/46	309,408
	400,000		4.862		08/21/46	465,028
	596,000		5.012		04/15/49	708,203
Vodafone Group PLC
	1,850,000		3.750		01/16/24	1,934,489
	525,000		4.375		05/30/28	566,459
						36,525,633
Transportation – 0.6%
Burlington Northern Santa Fe LLC
	425,000		6.150		05/01/37	568,790
	1,525,000		5.750	(a)	05/01/40	1,994,685
Norfolk Southern Corp.(a)
	200,000		4.650		01/15/46	228,386
						2,791,861
Trucking & Leasing(a)(b) – 0.2%
Avolon Holdings Funding Ltd.
	750,000		3.950		07/01/24	768,000
TOTAL CORPORATE OBLIGATIONS (Cost $439,645,902)						$460,610,811
Foreign Debt Obligations – 4.3%
Sovereign – 4.3%
Abu Dhabi Government International Bond
$	1,680,000		4.125	%	10/11/47	$       1,839,600
Perusahaan Penerbit SBSN Indonesia III
	2,970,000		4.550		03/29/26	3,170,475
Republic of Chile(a)
	200,000		3.500		01/25/50	203,600

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of Colombia(a)
$	1,221,000		4.000	%	02/26/24	$    1,278,997
	350,000		4.500		03/15/29	383,031
	200,000		5.200		05/15/49	227,375
Republic of Indonesia
	200,000		3.700	(b)	01/08/22	204,500
	387,000		5.875		01/15/24	434,166
	630,000		4.125		01/15/25	663,469
EUR	510,000		3.375		07/30/25	653,861
$	350,000		4.350	(b)	01/08/27	373,625
EUR	400,000		3.750		06/14/28	542,113
$	470,000		6.750		01/15/44	643,019
Republic of Kuwait
	6,180,000		3.500		03/20/27	6,573,975
Republic of Qatar(b)
	1,800,000		5.103		04/23/48	2,144,812
United Mexican States
EUR	1,770,000		1.625		04/08/26	2,062,355
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $19,526,243)						$  21,398,973
Municipal Debt Obligations – 0.9%
California(a) – 0.1%
California State GO Bonds Build America Taxable Series 2009
$	455,000		7.300	%	10/01/39	$       683,933
Illinois – 0.7%
Illinois State GO Bonds Build America Series 2010(a)
	1,625,000		6.630		02/01/35	1,874,324
Illinois State GO Bonds Taxable-Pension Series 2003
	1,360,000		5.100		06/01/33	1,432,189
						3,306,513
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	541,432
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $3,797,059)						$    4,531,878
TOTAL INVESTMENTS – 98.1% (Cost $462,969,204)						$486,541,662
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.9%						9,273,459
NET ASSETS – 100.0%						$495,815,121

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

(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 June 30, 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 June 30, 2019.

Currency Abbreviations:
EUR	— Euro
USD	— U.S. Dollar
Investment Abbreviations:
GO	— General Obligation
ICE	— Inter Continental Exchange
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
RB	— Revenue Bond
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Gain
BoA Securities LLC		USD  4,768,636		EUR  4,233,613	07/10/19	$	(49,520	)

FUTURES CONTRACTS — At June 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars	29	12/16/19	$	7,111,525		$	39,390
Ultra Long U.S. Treasury Bonds	189	09/19/19		33,559,313			1,105,146
2 Year U.S. Treasury Notes	162	09/30/19		34,859,109			112,078
10 Year U.S. Treasury Notes	31	09/19/19		3,967,031			6,408
20 Year U.S. Treasury Bonds	13	09/19/19		2,022,719			45,670
Total						$	1,308,692
Short position contracts:
Eurodollars	(5)	03/16/20		(1,228,625	)		(7,886	)
Eurodollars	(19)	06/15/20		(4,673,050	)		(32,068	)
Eurodollars	(1)	12/14/20		(246,113	)		(1,361	)
Ultra 10 Year U.S. Treasury Notes	(89)	09/19/19		(12,293,125	)		(184,238	)
5 Year U.S. Treasury Notes	(240)	09/30/19		(28,357,500	)		(214,365	)
Total						$	(439,918	)
TOTAL FUTURES CONTRACTS						$	868,774

SWAP CONTRACTS — At June 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

Payments Made by the Fund	Payments Received by Fund(a)	Termination Date	Notional Amount (000s)(b)		Market Value	Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
1.390%	3M LIBOR	11/30/23	$	1,900	$6,112	$	4,737	$	1,375

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2019.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at June 30, 2019(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
United Mexican States, 4.150%, 03/28/27		(1.000)%		1.106%		06/20/24	$	640	$	(2,991	)	$	(9,428	)	$	6,437
Protection Sold:
Boeing Co., 8.750%, 08/15/21		1.000		0.408		06/20/24		1,750		49,994			37,773			12,221
CDX.NA.IG Index 31		1.000		0.475		12/20/23		23,525		536,136			351,638			184,498
CDX.NA.IG Index 32		1.000		0.545		06/20/24		48,075		1,046,609			773,247			273,362
Prudential Financial, Inc., 3.500%, 05/15/24		1.000		0.564		06/20/24		1,150		24,221			17,084			7,137
Republic of Peru, 8.750%, 11/21/33		1.000		0.529		06/20/24		550		12,524			8,862			3,662
Republic of Colombia, 10.375%, 01/28/33		1.000		0.916		06/20/24		1,830		7,828			(10,207	)		18,035
AT&T, Inc., 2.450%, 06/30/20		1.000		0.917		06/20/24		2,325		9,757			5,385			4,372
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.901		06/20/24		70		347			(158	)		505
TOTAL									$	1,684,425		$	1,174,196		$	510,229

(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.

Abbreviations:
BoA Securities LLC	— Bank of America Securities LLC
CDX.NA.IG Index 31	— CDX North America Investment Grade Index 31
CDX.NA.IG Index 32	— CDX North America Investment Grade Index 32

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 73.1%
Argentina – 1.4%
Republic of Argentina (NR/NR)
$	355,000		4.500	%	02/13/20	$       304,013
Republic of Argentina (B/B2)
EUR	560,000		3.375		01/15/23	498,277
	1,110,000		5.000		01/15/27	920,998
	580,000		5.250		01/15/28	480,005
	60,000		3.380	(a)	12/31/38	38,868
						2,242,161
Brazil – 8.5%
Brazil Notas do Tesouro Nacional (BB-/Ba2)
BRL	26,285,000		10.000		01/01/21	7,223,500
	3,898,000		10.000		01/01/23	1,117,308
	15,222,000		10.000		01/01/25	4,477,526
	2,850,924		6.000		08/15/40	990,017
						13,808,351
Chile – 7.8%
Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
CLP	705,000,000		4.500		02/28/21	1,073,513
Bonos de la Tesoreria de la Republica en pesos (NR/NR)(b)
	1,070,000,000		4.000		03/01/23	1,648,884
Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
	1,260,000,000		5.000		03/01/35	2,197,846
Bonos de la Tesoreria de la Republica en Pesos (NR/A1)
	1,740,000,000		4.500		03/01/21	2,650,505
	1,825,000,000		4.500		03/01/26	2,915,557
Republic of Chile (A+/A1)
	1,504,000,000		5.500		08/05/20	2,282,329
						12,768,634
Colombia – 9.6%
Republic of Colombia (NR/NR)
COP	1,695,300,000		6.250		11/26/25	546,817
	1,244,107,965		3.300		03/17/27	406,121
	6,038,700,000		7.000		06/30/32	1,985,330
Republic of Colombia (NR/Baa2)(c)
	1,851,000,000		4.375		03/21/23	559,431

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Colombia – (continued)
Republic of Colombia (BBB/Baa2)
COP	12,248,000,000		11.000	%	07/24/20	$    4,070,178
	7,432,541,778		3.500		03/10/21	2,388,197
	12,602,300,000		7.000		05/04/22	4,134,974
	1,701,200,000		7.500		08/26/26	585,639
	2,660,100,000		6.000		04/28/28	829,254
	316,300,000		7.750		09/18/30	110,721
						15,616,662
Czech Republic – 3.5%
Czech Republic Government Bond (NR/NR)
CZK	4,420,000		2.400		09/17/25	208,551
	57,020,000		1.000		06/26/26	2,470,713
	37,030,000		0.250		02/10/27	1,513,237
	13,850,000		0.950		05/15/30	580,470
Czech Republic Government Bond (NR/A1)
	14,410,000		4.200		12/04/36	859,637
						5,632,608
Dominican Republic – 1.7%
Dominican Republic (NR/NR)
DOP	2,800,000		10.500		04/07/23	58,053
	5,400,000		11.500		05/10/24	117,376
	39,400,000		11.375		07/06/29	844,882
	49,900,000		12.000		03/05/32	1,111,197
Dominican Republic (BB-/Ba3)(b)
	12,300,000		8.900		02/15/23	240,371
	21,900,000		9.750		06/05/26	439,591
						2,811,470
Hungary – 2.0%
Hungary Government Bond (BBB/NR)
HUF	303,790,000		3.000		06/26/24	1,146,269
Hungary Government Bond (BBB/NR)
	580,950,000		3.000		10/27/27	2,166,226
						3,312,495
Indonesia – 0.8%
Republic of Indonesia (NR/Baa2)
IDR	20,000,000,000		7.000		05/15/27	1,393,028

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Peru – 3.7%
Republic of Peru (NR/NR)
PEN	1,125,000		5.400	%(b)	08/12/34	$       345,724
	1,484,000		6.714		02/12/55	529,580
Republic of Peru (NR/A3)(b)
	13,940,000		6.150		08/12/32	4,636,777
Republic of Peru (A-/A3)
	41,000		6.950		08/12/31	14,566
	1,206,000		6.900		08/12/37	427,422
						5,954,069
Poland – 5.0%
Republic of Poland (A/NR)
PLN	5,610,000		2.750		10/25/29	1,550,392
Republic of Poland (A/A2)
	3,510,000		4.000		10/25/23	1,019,904
	20,260,000		2.500		07/25/27	5,495,294
						8,065,590
Russia – 5.8%
Russian Federation Bond (NR/NR)
RUB	63,610,000		6.500		02/28/24	978,550
	152,610,000		7.950		10/07/26	2,501,345
	329,850,000		6.900		05/23/29	5,075,683
Russian Federation Bond (NR/NR)
	52,390,000		7.250		05/10/34	816,260
						9,371,838
South Africa – 8.5%
Republic of South Africa (BB+/Baa3)
ZAR	2,770,000		8.000		01/31/30	185,698
	10,570,000		7.000		02/28/31	642,475
	15,716,000		8.250		03/31/32	1,038,531
	60,040,000		8.875		02/28/35	4,062,728
	77,050,000		8.500		01/31/37	4,986,933
	22,620,000		9.000		01/31/40	1,511,044
	2,790,000		6.500		02/28/41	141,421
	19,154,300		8.750		01/31/44	1,238,879
						13,807,709

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Thailand – 10.6%
Thailand Government Bond (NR/NR)
THB	85,000,000		2.000	%	12/17/22	$    2,776,063
	108,350,000		2.400		12/17/23	3,599,969
	24,710,000		3.300		06/17/38	902,250
Thailand Government Bond (NR/Baa1)
	34,820,000		2.125		12/17/26	1,139,775
	169,290,000		3.775		06/25/32	6,398,968
Thailand Government Bond (A-/Baa1)
	58,690,000		3.850		12/12/25	2,129,320
	6,550,000		3.650		06/20/31	244,227
						17,190,572
Turkey – 3.8%
Republic of Turkey (NR/NR)
TRY	23,770,000		12.200		01/18/23	3,569,297
	1,490,000		11.000		02/24/27	196,334
Republic of Turkey (NR/B1)
$	1,985,000		4.875		10/09/26	1,779,677
	610,000		6.000		03/25/27	580,834
						6,126,142
Uruguay – 0.4%
Republic of Uruguay (NR/NR)(b)
UYU	11,125,000		8.500		03/15/28	275,911
Republic of Uruguay (BBB/Baa2)
	12,231,755		4.375		12/15/28	365,840
						641,751
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $118,126,588)						$118,743,080
Corporate Obligations – 3.5%
Argentina(b) – 0.2%
Banco Macro SA (NR/B2)
ARS	21,350,000		17.500	%	05/08/22	$       301,182

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Peru(b)(c) – 0.9%
Banco de Credito del Peru (BBB+/Baa1)
PEN	4,800,000		4.850	%	10/30/20	$    1,467,201
South Africa(d) – 0.8%
Transnet SOC Ltd. (BB+/Baa3)
ZAR	17,000,000		10.000		03/30/29	1,232,980
United Kingdom – 0.9%
European Bank for Reconstruction & Development (NR/NR)
UAH	40,400,000		16.950		04/03/20	1,519,844
Venezuela(e) – 0.7%
Petroleos de Venezuela SA (NR/NR)
$	9,280,000		6.000		10/28/22	1,113,600
TOTAL CORPORATE OBLIGATIONS (Cost $9,309,492)						$    5,634,807
Structured Notes – 11.3%
Singapore(b) – 1.3%
Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
IDR	27,327,000,000		9.000	%	03/19/29	$    2,130,162
United Kingdom(b) – 3.6%
Arab Republic of Egypt (Issuer HSBC Bank PLC) (NR/NR)(f)(g)
EGP	15,275,000		0.000		11/21/19	855,839
Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
IDR	52,836,000,000		8.750		05/17/31	4,062,510
	12,570,000,000		7.500		08/18/32	868,622
						5,786,971
United States – 6.4%
Arab Republic of Egypt (Issuer Citibank NA) (NR/NR)(b)(g)
EGP	30,500,000		0.000		03/05/20	1,636,496
Republic of Columbia (Issuer Citibank NA) (NR/NR)
COP	4,226,000,000		11.000		07/25/24	1,589,376
Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)(b)
EGP	15,250,000		0.000	(g)	10/24/19	868,889
	15,250,000		0.000	(g)	12/05/19	851,707
IDR	15,558,000,000		7.000		05/17/27	1,083,636
	50,711,000,000		8.750		05/17/31	3,899,121
	6,568,000,000		7.500		08/19/32	453,867
						10,383,092
TOTAL STRUCTURED NOTES (Cost $19,785,690)						$  18,300,225

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations(c) – 0.2%
Puerto Rico – 0.2%
Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-1 (NR/NR)
$	29,000		4.500	%	07/01/34	$         29,922
	14,000		4.550		07/01/40	14,000
	89,000		4.750		07/01/53	86,514
	224,000		5.000		07/01/58	224,000
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $344,394)						$       354,436
U.S. Treasury Obligation – 1.3%
United States Treasury Note
$	2,200,000		1.750	%	06/30/24	$    2,198,179
(Cost $2,195,706)
TOTAL INVESTMENTS – 89.4% (Cost $149,761,870)						$145,230,727
OTHER ASSETS IN EXCESS OF     LIABILITIES – 10.6%						17,195,710
NET ASSETS – 100.0%						$162,426,437

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 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)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $1,232,980, which represents approximately 0.8% of the Fund’s net assets as of June 30, 2019.
(e)	Security is currently in default and/or non-income producing.
(f)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2019.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
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.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

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
HKD	— Hong Kong Dollar
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
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
UAH	— Ukraine Hryvna
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
HIBOR	— Hong Kong Interbank 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
SHIBOR	— Shanghai Interbank Offered Rate
SIBOR	— Singapore Interbank Offered Rate
TIIE	— La Tasa de Interbank Equilibrium Interest Rate
WIBOR	— Warsaw Interbank Offered Rate
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 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	25,968,830	USD	554,879		07/10/19	$	46,586
	ARS	43,881,756	USD	929,698		07/12/19		83,379
	ARS	36,365,220	USD	741,013		07/31/19		74,912
	BRL	48,569,349	USD	12,562,749		07/02/19		83,379
	BRL	21,764,626	USD	5,640,681		08/02/19		10,046
	CLP	2,275,117,104	USD	3,298,530		07/05/19		59,151
	CLP	1,546,523,840	USD	2,229,981		07/23/19		53,109
	CNH	25,047,717	USD	3,630,434		09/18/19		13,390
	CZK	103,079,442	EUR	3,998,055		09/18/19		40,186
	EUR	1,684,877	USD	1,916,107		09/18/19		11,828
	HUF	122,641,967	USD	433,767		09/18/19		29
	IDR	63,613,521,481	USD	4,428,518		08/13/19		50,677
	INR	290,678,852	USD	4,170,516		07/15/19		36,606
	KRW	2,006,175,491	USD	1,724,553		07/22/19		9,731
	KRW	656,585,761	USD	557,598		08/05/19		10,325
	MXN	296,284,945	USD	15,221,175		09/18/19		11,186
	MYR	40,577,361	USD	9,645,201		07/24/19		175,969
	PHP	29,536,397	USD	563,156		07/31/19		12,720
	PLN	15,498,790	EUR	3,625,009		09/18/19		10,599
	PLN	20,012,757	USD	5,339,778		09/18/19		29,931
	RON	12,571,835	USD	3,009,560		09/18/19		11,839
	RUB	342,650,172	USD	5,241,253		07/30/19		156,905
	SGD	3,672,363	USD	2,708,348		09/18/19		9,164
	TRY	23,684,544	USD	3,799,144		09/18/19		121,287
	TWD	98,763,915	USD	3,162,851		08/05/19		31,581
	USD	1,240,311	COP	3,971,872,722		07/22/19		6,380
	USD	1,112,000	JPY	118,945,858		09/18/19		2,307
	USD	530,713	TRY	3,195,486		09/18/19		1,774
	ZAR	29,634,092	USD	2,022,268		09/18/19		60,792
TOTAL							$	1,225,768

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	BRL	7,000,063	USD	1,827,457		07/02/19	$	(4,832	)
	CNH	2,994,814	USD	436,732		09/18/19		(1,061	)
	COP	4,096,994,786	USD	1,280,591		07/22/19		(7,789	)
	HUF	83,321,719	PLN	1,101,775		09/18/19		(905	)
	HUF	1,134,222,652	USD	4,025,443		09/18/19		(13,597	)
	IDR	2,579,813,400	USD	181,677		08/13/19		(26	)
	KRW	1,515,803,181	USD	1,313,180		07/22/19		(2,811	)
	MXN	108,715,267	USD	5,612,991		09/18/19		(23,811	)
	PLN	1,870,999	USD	502,035		09/18/19		(19	)
	RUB	131,945,310	USD	2,091,504		07/30/19		(12,820	)
	SGD	458,446	USD	339,326		09/18/19		(81	)
	TRY	6,808,646	USD	1,136,018		09/18/19		(9,003	)
	TWD	39,239,680	USD	1,271,457		08/05/19		(2,283	)
	USD	224,081	ARS	10,231,377		07/12/19		(12,126	)
	USD	14,231,546	BRL	55,569,411		07/02/19		(237,206	)
	USD	3,291,723	CLP	2,275,117,104		07/05/19		(65,959	)
	USD	7,346,926	CLP	5,118,722,132		07/23/19		(209,698	)
	USD	3,612,081	CNH	25,067,300		09/18/19		(34,592	)
	USD	7,176,036	COP	23,397,466,342		07/22/19		(92,791	)
	USD	534,215	EUR	468,162		09/18/19		(1,484	)
	USD	811,471	IDR	11,533,437,323		08/13/19		(629	)
	USD	646,879	INR	45,222,650		07/15/19		(7,648	)
	USD	521,983	KRW	603,918,359		07/22/19		(88	)
	USD	1,900,990	KRW	2,249,747,029		08/05/19		(44,961	)
	USD	1,576,055	PEN	5,221,797		07/09/19		(9,205	)
	USD	257,742	PEN	859,955		07/17/19		(3,227	)
	USD	2,423,097	RUB	158,657,111		07/30/19		(76,409	)
	USD	2,029,974	SGD	2,761,922		09/18/19		(13,820	)
	USD	3,628,109	THB	112,939,482		09/18/19		(61,543	)
	USD	222,932	TRY	1,390,700		09/18/19		(7,266	)
	USD	2,484,566	TWD	78,184,825		08/05/19		(44,255	)
	USD	1,980,777	ZAR	28,537,649		09/18/19		(25,212	)
TOTAL							$	(1,027,157	)

FUTURES CONTRACTS — At June 30, 2019, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars	1	12/14/20	$	246,113		$	1,031
Ultra Long U.S. Treasury Bonds	26	09/19/19		4,616,625			122,188
Ultra 10 Year U.S. Treasury Notes	62	09/19/19		8,563,750			192,991
2 Year U.S. Treasury Notes	15	09/30/19		3,227,695			3,235
10 Year U.S. Treasury Notes	44	09/19/19		5,630,625			23,297
Total						$	342,742
Short position contracts:
Eurodollars	(48)	12/16/19		(11,770,800	)		(109,950	)
5 Year U.S. Treasury Notes	(30)	09/30/19		(3,544,687	)		(9,430	)
20 Year U.S. Treasury Bonds	(102)	09/19/19		(15,870,563	)		(434,085	)
Total						$	(553,465	)
TOTAL FUTURES CONTRACTS						$	(210,723	)

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 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	167,355	(b)	$	141,073		$	—		$	141,073
6M Thai Reuters(c)	1.500	BoA Securities LLC		09/18/21	THB	72,240	(b)		(532	)		192			(724	)
6M Thai Reuters(c)	1.750	BoA Securities LLC		06/19/24		69,200			11,877			(2,227	)		14,104
Columbia IBR Overnight IB(d)	4.750	Citibank NA		06/20/20	COP	11,205,350			25,749			6,140			19,609
6M Thai Reuters(c)	1.750	Citibank NA		06/19/21	THB	304,480			38,166			(4,047	)		42,213
6M Thai Reuters(c)	1.500	Citibank NA		09/18/21		133,090	(b)		(982	)		(3,405	)		2,423
6M Thai Reuters(c)	2.000	Citibank NA		06/20/23		80,000			39,767			4,004			35,763
3M KLIBOR(d)	3.650	Citibank NA		02/27/24	MYR	15,020			46,501			—			46,501
6M Thai Reuters(c)	1.750	Citibank NA		06/19/24	THB	33,550			5,758			(614	)		6,372
3M TELBOR(d)	1.750	Citibank NA		12/18/29	ILS	4,070	(b)		13,469			2,325			11,144
6M Thai Reuters(c)	1.750	Citibank NA		06/19/21		98,980			12,723			1,050			11,673
6M Thai Reuters(c)	1.750	CS International (London)		03/20/21	THB	151,070			15,506			765			14,741
6.055%(d)	Colombia IBR Overnight IB	CS International (London)		05/02/24	COP	3,635,890			(83,477	)		—			(83,477	)
6M Thai Reuters(c)	1.750	Deutsche Bank AG (London)		06/19/21	THB	87,770			11,002			—			11,002
3M TELBOR(d)	1.750(e)	Deutsche Bank AG (London)		12/18/29	ILS	4,660	(b)		15,423			645			14,778
6M Thai Reuters(c)	1.750	JPMorgan Securities, Inc.		06/19/21	THB	255,890			32,897			4,939			27,958
6M Thai Reuters(c)	1.750	MS & Co. Int. PLC		03/20/21		264,270			33,612			(243	)		33,855
Mexico IB TIIE 28D(a)	5.630	MS & Co. Int. PLC		06/17/21	MXN	135,000			(251,185	)		—			(251,185	)
6M Thai Reuters(c)	1.750	MS & Co. Int. PLC		06/19/21	THB	87,700			12,059			532			11,527
3M KLIBOR(d)	3.693	MS & Co. Int. PLC		03/01/24	MYR	5,490			19,489			—			19,489
3M KLIBOR(d)	3.605	MS & Co. Int. PLC		03/06/24		30,010			78,738			—			78,738
3M KLIBOR(d)	3.330	MS & Co. Int. PLC		05/31/24		2,610			(981	)		—			(981	)
TOTAL								$	216,652		$	10,056		$	206,596

(a) Payments made monthly.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2019.

(c) Payments made semi-annually.

(d) Payments made quarterly.

(e) Payments made annually.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

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		$	154,100		$	21,422		$	132,678
8.360(b)		Mexico IB TIIE 28D		03/18/20	MXN	813,650			(42,515	)		(54,298	)		11,783
7.330(c)		3M JIBAR		03/21/20	ZAR	10			(3	)		(1	)		(2	)
6M MIBOR(c)		4.750		06/20/20	COP	22,723,025			52,220			22,016			30,204
8.000(b)		1M BID Avg		01/04/21	BRL	5,440			(51,384	)		(17,827	)		(33,557	)
3M KWCDC(c)		1.750		03/20/21	KRW	16,967,220			63,275			340			62,935
3.000(d)		3M LIBOR(c)		03/20/21	$	21,140			(577,197	)		(152,414	)		(424,783	)
6M MIBOR(c)		5.000		03/20/21	COP	28,910,210			147,801			3,191			144,610
6M MIBOR(d)		6.750		03/20/21	INR	608,600			201,4321			85,523			115,908
3M KWCDC(c)		1.750		06/19/21	KRW	63,764,460			290,036			67,750			222,286
Mexico IB TIIE 28D(b)		7.600		09/15/21	MXN	101,990	(e)		27,455			(1,396	)		28,851
3M KWCDC(c)		1.250		09/18/21	KRW	8,062,700			(25,476	)		(13,188	)		(12,288	)
6M PRIBOR(d)		2.200		09/18/21	CZK	325,040	(e)		87,312			37,438			49,874
1.500(d)		3M LIBOR(f)		09/18/21	$	3,190	(e)		13,200			9,988			3,212
6M CLICP(d)		3.150		09/23/21	CLP	615,100			14,255			14,370			(115	)
3.150(d)		6M CLICP		09/23/21		25			(1	)		—			(1	)
6M BUBOR(d)		0.800(f)		12/18/21	HUF	2,684,990	(e)		(3,621	)		50			(3,671	)
3M JIBAR(c)		6.750		12/18/21	ZAR	178,740	(e)		15,077			(7,816	)		22,893
10.300(a)		1M BID Avg		01/03/22	BRL	80			(2,250	)		(129	)		(2,121	)
Mexico IB TIIE 28D(b)		7.500		09/14/22	MXN	57,875	(e)		24,210			830			23,380
2.130(f)		6M PRIBOR(d)		09/18/22	CZK	64,760	(e)		(30,791	)		26			(30,817	)
1M BID Avg(b)		6.660		01/02/23	BRL	4,460			3,248			—			3,248
1M BID Avg(f)		6.848		01/02/23		8,525			17,610			—			17,610
7.750(b)		Mexico IB TIIE 28D		09/13/23	MXN	59,875	(e)		(59,385	)		9			(59,394	)
1.876(f)		6M PRIBOR(d)		09/18/23	CZK	147,435	(e)		(48,613	)		(44,542	)		(4,071	)
1M SHIBOR(c)		3.000		06/19/24	CNY	19,360			12,715			(3,277	)		15,992
5.750(d)		6M MIBOR		06/19/24	INR	38,170			(4,946	)		(1,954	)		(2,992	)
Mexico IB TIIE 28D(b)		7.450		09/11/24	MXN	135,550	(e)		63,407			(5,811	)		69,218
6M EURO(d)		0.500(f)		09/18/24	EUR	720	(e)		29,635			25,294			4,341
2.000(f)		6M PRIBOR(d)		09/18/24	CZK	39,790	(e)		(31,777	)		18			(31,795	)
5.955(b)		Mexico IB TIIE 28D		11/20/24	MXN	54,290			175,991			14			175,977
5.660(b)		Mexico IB TIIE 28D		01/24/25		20,280			85,023			14			85,009
Mexico IB TIIE 28D(b)		7.550		09/09/26		77,975	(e)		45,831			2,838			42,993
7.500(b)		Mexico IB TIIE 28D		06/09/27		34,390			(6,121	)		(38,418	)		32,297
1.250(f)		6M EURO(d)		12/19/28	EUR	200			(25,882	)		(5,746	)		(20,136	)
Mexico IB TIIE 28D(b)		8.250		06/06/29	MXN	34,900			90,299			(920	)		91,219
2.000(c)		3M HIBOR		06/19/29	HKD	8,040			(13,679	)		(5,226	)		(8,453	)
1.500(c)		3M KWCDC		06/19/29	KRW	3,073,740			(16,438	)		7,785			(24,223	)
6M EURO(d)		1.000(f)		09/18/29	EUR	2,860	(e)		262,933			217,974			44,959
6M SIBOR(d)		2.000		09/18/29	SGD	1,240	(e)		1,218			4,729			(3,511	)
1.750(c)		3M HIBOR		09/18/29	HKD	3,130	(e)		3,514			3,027			487
1.250(c)		3M KWCDC		09/18/29	KRW	1,049,490			15,937			8,956			6,981
3.000(d)		3M LIBOR(c)		09/18/29	$	2,450	(e)		(233,339	)		(218,059	)		(15,280	)
3M MIBOR(c)		5.950		09/18/29	COP	9,451,000			147,236			11,895			135,341
6M BUBOR(d)		2.500(f)		12/18/29	HUF	415,630	(e)		60,400			20,371			40,029
1.750(f)		6M PRIBOR(d)		12/18/29	CZK	80,640	(e)		(58,245	)		(714	)		(57,531	)
2.500(f)		6M WIBOR(d)		12/18/29	PLN	9,950	(e)		(80,693	)		(24,722	)		(55,971	)
3M JIBAR(c)		8.000		12/18/29	ZAR	4,480	(e)		4,478			(565	)		5,043
TOTAL								$	797,491		$	(31,155	)	$	828,646

(a) Payments made at termination date.

(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 June 30, 2019.

(f) Payments made annually.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)	Credit Spread at June 30, 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)%		0.117%		BoA Securities LLC		12/20/20		2,320	$	(30,929	)	$	7,693	$	(38,622	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.152		BoA Securities LLC		06/20/21		70		(1,185	)		324		(1,509	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.117		Citibank NA		12/20/20		3,400		(45,327	)		13,132		(58,459	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.152		Citibank NA		06/20/21		3,810		(64,523	)		15,774		(80,297	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.152		JPMorgan Securities, Inc.		06/20/21		250		(4,234	)		1,007		(5,241	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.152		UBS AG (London)		06/20/21		280		(4,741	)		487		(5,228	)
Protection Sold:
People’s Republic of China, 7.500%, 10/28/27	1.000		0.392		MS & Co. Int. PLC		12/20/23		6,780		180,215			149,008		31,207
										$	29,276		$	187,425	$	(158,149	)

(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 June 30, 2019(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
Republic of Turkey, 11.875%, 01/15/30		(1.000)%		3.943%		06/20/24		$1,720	$	218,550		$	243,009		$	(24,459	)
Protection Sold:
Federative Republic of Brazil, 4.250%, 01/07/25		1.000		0.412		09/20/19		1,100		1,622			1,361			261
People’s Republic of China, 7.500%, 10/28/27		1.000		0.224		06/20/22		8,820		202,824			191,717			11,107
United Mexican States, 4.150%, 03/28/27		1.000		1.106		06/20/24		2,275		(10,640	)		(26,609	)		15,969
TOTAL									$	412,356		$	409,478		$	2,878

(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 CONTRACT^#

Counterparty	Notional Amount (000s)		Reference Obligation	Settlement Date	Unrealized Appreciation/ (Depreciation)*
BoA Securities LLC		COP  8,765,700	Coltes 20 11.000% 08/14/19	08/14/19	$18,740

# Represents a short term forward contract to purchase the referenced obligation denominated in a non-deliverable foreign currency.

* 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.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 103.0%
Collateralized Mortgage Obligations – 6.0%
Interest Only(a) – 0.9%
FHLMC REMIC Series 3852, Class SW(b)(-1x1M LIBOR + 6.000%)
$	462,391		3.560	%	05/15/41	$         71,393
FHLMC REMIC Series 4286, Class SN(b)(-1x1M LIBOR + 6.000%)
	3,524,327		3.560		12/15/43	593,748
FHLMC REMIC Series 4314, Class SE(b)(-1x1M LIBOR + 6.050%)
	333,743		3.610		03/15/44	55,019
FHLMC REMIC Series 4320, Class SD(b)(-1x1M LIBOR + 6.100%)
	174,186		3.660		07/15/39	28,687
FHLMC REMIC Series 4456, Class IO
	214,300		4.500		10/15/44	37,628
FHLMC REMIC Series 4583, Class ST(b)(-1x1M LIBOR + 6.000%)
	1,438,842		3.560		05/15/46	252,866
FHLMC STRIPS Series 304, Class C45
	255,733		3.000		12/15/27	18,477
FNMA REMIC Series 2007-36, Class SN(b)(-1x1M LIBOR + 6.770%)
	417,968		4.340		04/25/37	83,000
FNMA REMIC Series 2008-17, Class SI(b)(-1x1M LIBOR + 6.300%)
	536,075		3.870		03/25/38	94,659
FNMA REMIC Series 2011-124, Class SC(b)(-1x1M LIBOR + 6.550%)
	324,499		4.120		12/25/41	58,027
FNMA REMIC Series 2012-88, Class SB(b)(-1x1M LIBOR + 6.670%)
	396,161		4.240		07/25/42	66,707
GNMA REMIC Series 2010-101, Class S(b)(-1x1M LIBOR + 6.000%)
	976,259		3.559		08/20/40	166,504
GNMA REMIC Series 2010-20, Class SE(b)(-1x1M LIBOR + 6.250%)
	395,603		3.809		02/20/40	71,182
GNMA REMIC Series 2010-85, Class SN(b)(-1x1M LIBOR + 5.940%)
	38,033		3.499		07/20/40	6,435
GNMA REMIC Series 2013-124, Class CS(b)(-1x1M LIBOR + 6.050%)
	1,428,237		3.609		08/20/43	260,881
GNMA REMIC Series 2013-134, Class DS(b)(-1x1M LIBOR + 6.100%)
	89,792		3.659		09/20/43	15,783
GNMA REMIC Series 2014-11, Class KI
	217,163		4.500		12/20/42	22,461
GNMA REMIC Series 2014-117, Class SJ(b)(-1x1M LIBOR + 5.600%)
	4,092,949		3.159		08/20/44	656,574
GNMA REMIC Series 2014-132, Class SL(b)(-1x1M LIBOR + 6.100%)
	653,148		3.659		10/20/43	85,232
GNMA REMIC Series 2014-133, Class BS(b)(-1x1M LIBOR + 5.600%)
	307,082		3.159		09/20/44	46,976
GNMA REMIC Series 2014-158, Class SA(b)(-1x1M LIBOR + 5.600%)
	1,922,382		3.162		10/16/44	302,031
GNMA REMIC Series 2015-110, Class MS(b)(-1x1M LIBOR + 5.710%)
	1,260,966		3.269		08/20/45	180,739
GNMA REMIC Series 2015-111, Class IM
	691,182		4.000		08/20/45	94,892
GNMA REMIC Series 2015-111, Class SM(b)(-1x1M LIBOR + 6.200%)
	388,240		3.759		08/20/45	62,287
GNMA REMIC Series 2015-112, Class SB(b)(-1x1M LIBOR + 5.740%)
	373,620		3.299		08/20/45	53,750
GNMA REMIC Series 2015-119, Class SN(b)(-1x1M LIBOR + 6.250%)
	813,287		3.809		08/20/45	130,520
GNMA REMIC Series 2015-129, Class IC
	434,989		4.500		09/16/45	81,226
GNMA REMIC Series 2015-168, Class SD(b)(-1x1M LIBOR + 6.200%)
	204,618		3.759		11/20/45	35,931
GNMA REMIC Series 2015-57, Class AS(b)(-1x1M LIBOR + 5.600%)
	2,293,791		3.159		04/20/45	322,027

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
GNMA REMIC Series 2015-72, Class JI(c)
$	95,658		3.500	%	05/20/45	$         10,068
GNMA REMIC Series 2015-83, Class PI(c)
	159,652		3.500		06/20/45	17,972
GNMA REMIC Series 2015-90, Class PI(c)
	126,075		3.500		04/20/45	12,119
GNMA REMIC Series 2016-1, Class ST(b)(-1x1M LIBOR + 6.200%)
	396,487		3.759		01/20/46	62,091
GNMA REMIC Series 2016-138, Class DI
	241,760		4.000		10/20/46	36,052
GNMA REMIC Series 2016-27, Class IA
	864,972		4.000		06/20/45	101,667
GNMA REMIC Series 2016-4, Class SM(b)(-1x1M LIBOR + 5.650%)
	570,554		3.209		01/20/46	86,311
						4,281,922
Regular Floater(b) – 2.6%
FHLMC REMIC Series 4103, Class BF (1M LIBOR + 0.350%)
	560,154		2.790		12/15/38	559,511
FNMA REMIC Series 2010-118, Class YF (1M LIBOR + 0.500%)
	4,013,301		2.930		10/25/40	4,029,022
FNMA REMIC Series 2011-63, Class FG (1M LIBOR + 0.450%)
	100,498		2.880		07/25/41	100,577
FNMA REMIC Series 2017-96, Class FA (1M LIBOR + 0.400%)
	2,334,213		2.830		12/25/57	2,327,774
GNMA REMIC Series 2017-182, Class FN (1M LIBOR + 0.300%)
	4,802,846		2.738		12/16/47	4,764,242
						11,781,126
Sequential Fixed Rate – 1.9%
FHLMC REMIC Series 2042, Class N
	45,613		6.500		03/15/28	50,020
FHLMC REMIC Series 3748, Class D
	406,740		4.000		11/15/39	419,336
FHLMC REMIC Series 4577, Class HM(d)
	718,039		4.000		12/15/50	767,517
FNMA REMIC Series 2000-16, Class ZG
	131,369		8.500		06/25/30	157,124
FNMA REMIC Series 2005-59, Class KZ
	773,801		5.500		07/25/35	866,878
FNMA REMIC Series 2011-52, Class GB
	461,784		5.000		06/25/41	505,200
FNMA REMIC Series 2011-99, Class DB
	504,377		5.000		10/25/41	551,814
FNMA REMIC Series 2012-111, Class B
	71,994		7.000		10/25/42	83,625
FNMA REMIC Series 2012-153, Class B
	277,827		7.000		07/25/42	324,491
FNMA REMIC Series 2017-87, Class EA
	4,746,972		3.000		04/25/44	4,890,152
						8,616,157
Sequential Floating Rate(b) – 0.6%
Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	71,812		4.398		04/25/35	73,267
Bear Stearns ALT-A Trust Series 2005-5, Class 21A1
	334,755		4.472		07/25/35	335,999
Countrywide Alternative Loan Trust Series 2005-38, Class A1(12M MTA + 1.500%)
	84,768		3.981		09/25/35	84,093

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
$	98,449		2.921	%	01/19/36	$         90,107
Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	32,772		3.150		10/25/34	32,393
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX
	7,086		0.123		08/25/33	35
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX
	909		0.320		07/25/33	10
Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	309,159		4.533		10/25/34	309,797
New Residential Mortgage Loan Trust Series 2015-1A, Class A1(e)
	259,733		3.750		05/28/52	268,512
Silverstone Master Issuer PLC Series 2019-1A, Class 1A(c)(e) (3M USD LIBOR + 0.570%)
	760,000		3.148		01/21/70	762,159
Station Place Securitization Trust Series 2015-2, Class AR(e) (1M USD LIBOR + 0.550%)
	600,000		3.049		05/15/21	600,000
						2,556,372
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  27,235,577
Commercial Mortgage-Backed Securities – 3.0%
Sequential Fixed Rate – 2.4%
BBCMS Mortgage Trust Series 2018-C2, Class A4
$	2,650,000		4.047	%	12/15/51	2,914,384
BANK 2018-BNK15 Series 18-BN15, Class A4(b)
	900,000		4.407		11/15/61	1,018,332
Morgan Stanley Capital I Trust Series 2018-L1, Class A3
	6,400,000		4.139		10/15/51	7,089,753
						11,022,469
Sequential Floating Rate(b)(e) – 0.6%
Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A (1M USD LIBOR + 0.900%)
	924,113		3.294		09/15/35	922,404
Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A (1M LIBOR + 0.830%)
	1,798,934		3.224		06/15/35	1,801,187
						2,723,591
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$  13,746,060
Federal Agencies – 94.0%
Adjustable Rate FHLMC(b) – 0.0%
(1 Year CMT + 2.107%)
$	8,694		4.516	%	10/01/34	9,156
(1 Year CMT + 2.217%)
	16,740		4.514		09/01/33	17,592
(1 Year CMT + 2.250%)
	39,498		4.439		04/01/33	41,441
(1 Year CMT + 2.250%)
	13,178		4.747		11/01/34	13,857
(1 Year CMT + 2.250%)
	12,485		4.981		02/01/35	13,136
(1 Year CMT + 2.250%)
	45,335		4.569		06/01/35	47,703
						142,885

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – 0.1%
(1 Year CMT + 2.193%)
$	20,627		4.836	%	02/01/35	$         21,696
(1 Year CMT + 2.213%)
	4,310		4.650		07/01/33	4,540
(1 Year CMT + 2.258%)
	95,505		4.488		06/01/33	100,450
(1 Year CMT + 2.306%)
	1,242		4.794		04/01/34	1,304
(1 Year CMT + 2.530%)
	80,234		4.780		08/01/34	84,201
(12M USD LIBOR + 1.622%)
	30,651		4.741		03/01/35	32,080
(12M USD LIBOR + 1.641%)
	32,342		4.557		12/01/33	33,759
(12M USD LIBOR + 1.670%)
	16,374		4.563		11/01/34	17,140
(12M USD LIBOR + 1.810%)
	18,831		4.932		04/01/35	19,838
(12M USD LIBOR + 1.973%)
	32,378		4.981		05/01/35	34,148
(6M USD LIBOR + 1.412%)
	5,074		4.155		06/01/33	5,233
(6M USD LIBOR + 1.824%)
	824		4.449		12/01/33	861
(COF + 1.250%)
	977		2.375		07/01/22	970
(COF + 1.250%)
	7,972		2.208		07/01/27	7,840
(COF + 1.250%)
	8,807		2.208		11/01/27	8,664
(COF + 1.250%)
	4,801		2.208		01/01/31	4,702
(COF + 1.250%)
	6,510		2.208		06/01/32	6,370
(COF + 1.250%)
	6,625		2.375		08/01/32	6,530
(COF + 1.250%)
	14,998		2.375		05/01/33	14,793
(COF + 1.250%)
	86,078		2.416		08/01/33	84,368
(COF + 1.250%)
	3,244		2.208		11/01/35	3,176
(COF + 1.250%)
	21,576		2.208		12/01/37	21,197
(COF + 1.250%)
	12,873		2.208		01/01/38	12,656
(COF + 1.250%)
	7,707		2.208		11/01/40	7,548
						534,064
Adjustable Rate GNMA(b) – 0.2%
(1 Year CMT + 1.500%)
	9,825		3.625		06/20/23	9,956
(1 Year CMT + 1.500%)
	5,151		3.750		07/20/23	5,204

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(b) – (continued)
(1 Year CMT + 1.500%)
$	4,808		3.750	%	08/20/23	$           4,858
(1 Year CMT + 1.500%)
	11,424		3.750		09/20/23	11,545
(1 Year CMT + 1.500%)
	3,880		4.000		03/20/24	3,939
(1 Year CMT + 1.500%)
	34,392		3.625		04/20/24	34,996
(1 Year CMT + 1.500%)
	4,390		3.625		05/20/24	4,488
(1 Year CMT + 1.500%)
	36,187		3.625		06/20/24	36,751
(1 Year CMT + 1.500%)
	22,958		3.750		07/20/24	23,241
(1 Year CMT + 1.500%)
	31,194		3.750		08/20/24	31,582
(1 Year CMT + 1.500%)
	9,205		3.750		09/20/24	9,322
(1 Year CMT + 1.500%)
	12,805		4.125		11/20/24	13,012
(1 Year CMT + 1.500%)
	13,288		4.125		12/20/24	13,504
(1 Year CMT + 1.500%)
	8,450		4.000		01/20/25	8,595
(1 Year CMT + 1.500%)
	4,926		4.000		02/20/25	5,011
(1 Year CMT + 1.500%)
	18,415		3.625		05/20/25	18,732
(1 Year CMT + 1.500%)
	15,152		3.750		07/20/25	15,367
(1 Year CMT + 1.500%)
	6,347		4.000		02/20/26	6,467
(1 Year CMT + 1.500%)
	379		3.750		07/20/26	385
(1 Year CMT + 1.500%)
	18,190		4.000		01/20/27	18,572
(1 Year CMT + 1.500%)
	7,213		4.000		02/20/27	7,363
(1 Year CMT + 1.500%)
	55,217		3.625		04/20/27	56,348
(1 Year CMT + 1.500%)
	4,975		3.625		05/20/27	5,077
(1 Year CMT + 1.500%)
	7,925		3.625		06/20/27	8,093
(1 Year CMT + 1.500%)
	2,752		4.125		11/20/27	2,811
(1 Year CMT + 1.500%)
	8,722		4.125		12/20/27	8,909
(1 Year CMT + 1.500%)
	19,210		4.000		01/20/28	19,639
(1 Year CMT + 1.500%)
	6,592		4.000		02/20/28	6,740
(1 Year CMT + 1.500%)
	6,609		4.000		03/20/28	6,758
(1 Year CMT + 1.500%)
	32,378		3.750		07/20/29	33,045
(1 Year CMT + 1.500%)
	19,511		3.750		08/20/29	19,903
(1 Year CMT + 1.500%)
	3,635		3.750		09/20/29	3,708
(1 Year CMT + 1.500%)
	15,997		4.125		10/20/29	16,379

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(b) – (continued)
(1 Year CMT + 1.500%)
$	21,743		4.125	%	11/20/29	$         22,265
(1 Year CMT + 1.500%)
	4,349		4.125		12/20/29	4,455
(1 Year CMT + 1.500%)
	6,416		4.000		01/20/30	6,576
(1 Year CMT + 1.500%)
	2,767		4.000		02/20/30	2,839
(1 Year CMT + 1.500%)
	18,521		4.000		03/20/30	18,986
(1 Year CMT + 1.500%)
	19,245		3.625		04/20/30	19,715
(1 Year CMT + 1.500%)
	51,309		3.625		05/20/30	52,566
(1 Year CMT + 1.500%)
	5,375		3.625		06/20/30	5,510
(1 Year CMT + 1.500%)
	47,623		3.750		07/20/30	48,629
(1 Year CMT + 1.500%)
	8,290		3.750		09/20/30	8,467
(1 Year CMT + 1.500%)
	14,011		4.125		10/20/30	14,372
						674,680
FHLMC – 10.0%
	2,547		5.500		04/01/20	2,552
	65,989		5.000		10/01/33	71,396
	3,383		5.000		07/01/35	3,661
	2,235		4.500		08/01/35	2,399
	5,083		4.500		09/01/35	5,355
	4,674		4.500		10/01/35	4,948
	78,058		5.000		12/01/35	85,333
	2,030		5.000		02/01/37	2,228
	31,587		4.500		01/01/38	33,927
	1,317		4.500		06/01/38	1,384
	51,669		4.500		09/01/38	55,886
	205		4.500		01/01/39	214
	29,440		4.500		02/01/39	31,641
	11,410		4.500		03/01/39	12,265
	2,678		4.500		04/01/39	2,879
	88,605		4.500		05/01/39	95,243
	202,145		5.000		05/01/39	218,363
	252,280		4.500		06/01/39	271,179
	3,425		4.500		07/01/39	3,682
	409,339		5.000		07/01/39	445,082
	5,860		4.500		08/01/39	6,299
	11,665		4.500		09/01/39	12,538
	3,234		4.500		10/01/39	3,476
	2,121		4.500		11/01/39	2,279
	9,055		4.500		12/01/39	9,734
	8,845		4.500		01/01/40	9,507
	6,497		4.500		04/01/40	6,966
	9,604		4.500		05/01/40	10,297
	20,710		4.000		06/01/40	21,869
	13,049		4.500		06/01/40	13,991
	10,921		4.500		07/01/40	11,709
	2,018		4.500		08/01/40	2,164
	18,743		5.000		08/01/40	20,179
	25,259		5.000		10/01/40	27,385
	193,955		4.000		02/01/41	204,782
	54,967		4.500		02/01/41	58,948

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	9,551		4.500	%	03/01/41	$         10,243
	25,282		4.500		04/01/41	27,114
	22,309		4.500		05/01/41	23,925
	43,217		4.500		06/01/41	46,348
	2,995		5.000		06/01/41	3,241
	103,522		4.500		08/01/41	111,023
	113,982		4.500		09/01/41	122,211
	72,656		4.000		10/01/41	77,573
	14,042		4.000		11/01/41	14,826
	7,068		4.500		12/01/41	7,581
	769,896		4.000		03/01/42	810,637
	85,394		4.500		03/01/42	91,583
	45,586		3.000		05/01/42	46,448
	425,535		3.500		06/01/42	442,334
	945,327		4.500		06/01/42	1,015,661
	127,002		3.000		08/01/42	129,704
	146,756		3.500		08/01/42	152,067
	49,043		3.000		10/01/42	50,002
	317,591		3.500		10/01/42	329,084
	656,862		3.000		11/01/42	671,991
	213,524		3.500		11/01/42	221,251
	1,153,430		3.000		12/01/42	1,179,993
	2,042,423		3.000		01/01/43	2,089,125
	192,285		3.000		02/01/43	196,104
	2,773,912		3.500		08/01/43	2,871,791
	1,202,512		4.000		08/01/43	1,277,507
	727,930		4.000		01/01/44	768,356
	749,597		3.500		02/01/44	776,723
	582,352		3.500		06/01/44	605,951
	15,504		4.000		11/01/44	16,534
	81,647		3.500		02/01/45	85,213
	135,767		3.500		03/01/45	141,698
	736,537		3.500		06/01/45	766,844
	23,119		3.500		08/01/45	23,900
	33,109		3.500		09/01/45	34,227
	588,900		3.500		10/01/45	613,133
	61,709		3.500		11/01/45	63,792
	4,789,220		3.500		03/01/46	4,978,095
	718,554		3.500		05/01/46	745,741
	932,235		3.500		06/01/46	963,025
	343,534		3.500		07/01/46	354,881
	497,802		3.500		08/01/46	517,819
	57,555		3.500		10/01/46	59,456
	71,262		3.500		12/01/46	73,616
	14,497,592		3.000		05/01/47	14,786,181
	525,528		3.500		12/01/47	546,332
	4,307,191		3.000		01/01/48	4,356,664
						45,069,288
FNMA – 34.2%
	6		5.500		07/01/19	6
	313		5.500		08/01/19	313
	317		5.500		09/01/19	317
	652		5.500		10/01/19	652
	315		5.500		11/01/19	316
	360		5.500		12/01/19	360
	1,134		5.500		02/01/20	1,135
	1,171		5.500		01/01/21	1,188
	3,449		7.000		09/01/21	3,518
	18,574		7.000		06/01/22	19,170
	7,648		7.000		07/01/22	7,879

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	705		4.500	%	04/01/23	$              727
	2,864		7.000		08/01/31	3,108
	256,491		4.500		07/01/36	273,714
	26,261		4.500		12/01/36	28,025
	246,434		4.500		02/01/39	264,749
	5,005		4.500		03/01/39	5,415
	6,957		4.500		05/01/39	7,526
	5,338		4.500		07/01/39	5,778
	4,778		4.000		08/01/39	5,043
	11,952		4.500		09/01/39	12,840
	17,913		4.500		10/01/39	19,244
	39,497		4.500		02/01/40	42,778
	6,619		4.500		03/01/40	7,111
	93,502		4.500		04/01/40	100,191
	32,866		4.500		06/01/40	35,617
	6,528		4.500		09/01/40	7,075
	7,044		4.500		12/01/40	7,548
	95,161		4.500		01/01/41	102,205
	28,107		4.500		04/01/41	30,082
	52,772		4.500		06/01/41	56,559
	37,278		4.500		07/01/41	39,782
	172,886		4.500		08/01/41	184,574
	176,668		4.500		09/01/41	188,531
	162,604		3.500		10/01/41	169,039
	156,470		4.500		10/01/41	166,977
	44,190		3.500		11/01/41	45,938
	123,481		4.500		11/01/41	131,772
	78,422		4.500		12/01/41	84,050
	153,907		3.500		01/01/42	160,045
	74,548		4.500		01/01/42	79,578
	16,109		3.500		02/01/42	16,696
	694,489		4.000		03/01/42	730,802
	18,695		4.500		03/01/42	19,886
	121,650		4.000		04/01/42	128,011
	24,055		4.500		04/01/42	25,707
	13,916		3.500		05/01/42	14,416
	55,218		3.500		06/01/42	57,421
	137,244		3.500		07/01/42	142,118
	141,641		3.500		08/01/42	146,671
	100,731		3.000		09/01/42	102,768
	159,228		3.500		09/01/42	165,059
	254,093		3.500		10/01/42	264,171
	25,961		3.500		11/01/42	26,883
	573,648		3.000		12/01/42	585,600
	113,464		3.500		12/01/42	117,989
	119,663		3.000		01/01/43	122,568
	13,203		3.500		01/01/43	13,672
	44,622		3.000		02/01/43	45,706
	634,930		3.500		02/01/43	658,782
	1,165,769		3.000		03/01/43	1,194,164
	1,471,001		3.500		03/01/43	1,525,514
	1,267,693		3.000		04/01/43	1,298,874
	1,669,728		3.500		04/01/43	1,727,632
	548,979		2.500		05/01/43	547,150
	1,569,908		3.000		05/01/43	1,608,525
	285,505		3.500		05/01/43	295,279
	52,776		3.000		06/01/43	54,075
	966,456		3.500		06/01/43	1,002,593
	474,459		3.000		07/01/43	486,131
	5,026,452		3.500		07/01/43	5,205,444
	1,886,245		3.500		08/01/43	1,951,910
	54,140		3.500		09/01/43	56,299

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	785,654		3.500	%		01/01/44		$       814,162
	51,044		3.500			08/01/44		52,727
	113,712		3.500			09/01/44		117,826
	147,856		3.500			10/01/44		154,677
	24,870		3.500			12/01/44		25,761
	57,332		5.000			12/01/44		62,034
	40,147		3.500			01/01/45		41,874
	560,487		4.000			02/01/45		588,307
	173,101		3.500			03/01/45		180,219
	469,960		4.000			03/01/45		496,296
	113,223		3.500			04/01/45		116,977
	232,251		4.000			04/01/45		245,266
	1,566,080		4.500			04/01/45		1,701,093
	1,022,869		3.500			05/01/45		1,070,377
	251,651		4.500			05/01/45		273,189
	2,967,353		4.500			06/01/45		3,128,588
	159,676		3.500			07/01/45		164,971
	27,253		3.500			11/01/45		28,157
	691,490		4.000			11/01/45		722,808
	495,227		3.500			01/01/46		511,649
	855,185		3.500			03/01/46		894,058
	445,020		4.000			03/01/46		464,806
	122,837		3.500			04/01/46		128,427
	857,667		3.500			05/01/46		890,802
	310,728		4.000			06/01/46		324,322
	779,814		4.500			06/01/46		821,455
	759,078		3.000			07/01/46		769,255
	837,386		4.000			07/01/46		874,020
	441,060		3.000			08/01/46		446,973
	975,088		4.000			08/01/46		1,017,747
	1,477,531		3.000			09/01/46		1,497,340
	530,947		3.000			10/01/46		538,065
	501,471		4.000			10/01/46		523,409
	3,398,411		3.000			11/01/46		3,445,043
	8,137,398		3.000			12/01/46		8,246,497
	3,298,565		3.000			01/01/47		3,342,790
	146,058		3.000			02/01/47		148,016
	2,080,426		4.500			02/01/47		2,211,519
	573,078		3.000			04/01/47		580,761
	2,754,197		3.000			07/01/47		2,791,122
	498,482		4.500			11/01/47		531,332
	7,898,108		4.500			12/01/47		8,319,856
	906,448		4.000			02/01/48		954,413
	931,837		4.500			05/01/48		1,003,144
	3,693,371		3.000			07/01/48		3,742,888
	2,000,000		4.500			10/01/48		2,093,360
	2,818,327		5.000			02/01/49		3,126,577
	5,471,728		4.500			06/01/51		5,805,961
	4,229,275		4.000			08/01/51		4,455,711
	883,096		3.500			11/01/51		914,794
	4,823,377		4.000			05/01/56		5,056,825
	1,458,317		3.500			06/01/56		1,497,740
	5,392,623		4.000			07/01/56		5,665,371
	3,000,944		3.500			08/01/56		3,104,691
	4,787,682		3.500			10/01/56		4,917,096
	2,691,015		3.500			01/01/57		2,771,171
	3,934,850		4.000			02/01/57		4,133,885
	16,000,000		4.500			TBA-30yr	(f)	16,718,573

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	16,000,000		5.000	%		TBA- 30yr	(f)	$  16,908,750
								154,814,514
GNMA – 49.5%
	3,380		5.500			07/15/20		3,404
	4,989		6.000			04/15/26		5,457
	190		6.500			01/15/32		209
	996		6.500			02/15/32		1,094
	355,736		5.500			04/15/33		402,334
	5,102		5.000			11/15/33		5,544
	923		6.500			08/15/34		1,052
	1,036		6.500			02/15/36		1,200
	1,596		6.500			03/15/36		1,844
	3,216		6.500			04/15/36		3,649
	11,735		6.500			05/15/36		13,580
	6,119		6.500			06/15/36		7,085
	34,812		6.500			07/15/36		39,998
	35,455		6.500			08/15/36		40,766
	64,280		6.500			09/15/36		74,219
	27,946		6.500			10/15/36		32,272
	39,362		6.500			11/15/36		45,353
	19,715		6.500			12/15/36		22,802
	10,285		6.500			01/15/37		11,934
	1,711		6.500			03/15/37		1,983
	4,718		6.500			04/15/37		5,478
	2,765		6.500			05/15/37		3,171
	2,664		6.500			08/15/37		3,086
	10,958		6.500			09/15/37		12,635
	12,193		6.500			10/15/37		14,424
	5,296		6.500			11/15/37		6,067
	2,324		6.500			05/15/38		2,712
	2,210		6.500			11/15/38		2,578
	2,833		6.500			02/15/39		3,280
	360,618		5.000			01/20/40		386,186
	403,066		4.500			05/15/40		425,833
	200,166		5.000			07/15/40		215,485
	168,143		3.500			09/15/42		175,528
	357,113		3.500			02/15/45		370,065
	92,295		4.000			05/20/45		97,332
	73,081		4.000			07/20/45		77,070
	138,979		4.000			10/20/45		146,565
	420,643		4.000			01/20/46		443,602
	1,571,761		4.500			03/20/46		1,666,123
	7,483,460		4.500			02/20/47		7,909,351
	905,381		4.500			03/20/47		956,908
	5,343,218		4.500			05/20/47		5,633,947
	912,773		4.500			06/20/47		963,579
	276,791		4.500			07/20/47		290,632
	2,801,484		4.500			08/20/47		2,953,915
	5,037,333		3.500			01/20/48		5,210,701
	18,887,179		4.500			08/20/48		19,731,878
	18,121,712		4.500			09/20/48		18,919,435
	2,685,358		5.000			09/20/48		2,812,583
	11,648,682		5.000			11/20/48		12,201,758
	2,925,171		5.000			12/20/48		3,064,057
	22,289,344		5.000			01/20/49		23,347,636
	2,956,593		5.000			02/20/49		3,104,984
	27,000,000		3.000			TBA-30yr	(f)	27,580,346

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	56,000,000		3.500	%		TBA-30yr	(f)	$  57,794,027
	26,000,000		4.000			TBA-30yr	(f)	26,953,472
								224,202,208
TOTAL FEDERAL AGENCIES								$425,437,639
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $460,366,807)								$466,419,276
Asset-Backed Securities – 12.6%
Collateralized Loan Obligations(b)(e) – 4.2%
Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
$	1,300,000		3.590	%		06/15/28		$    1,302,824
Battalion CLO Ltd. Series 2018-12A, Class A1 (3M USD LIBOR + 1.070%)
	800,000		3.753			05/17/31		786,544
Cedar Funding V CLO Ltd. Series 2016-5A, Class A1R (3M USD LIBOR + 1.100%)
	4,510,000		3.873			07/17/31		4,481,871
Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	949,122		4.037			07/15/26		949,356
Madison Park Funding XII Ltd. Series 2014-12A, Class AR (3M USD LIBOR + 1.260%)
	1,088,798		4.021			07/20/26		1,088,894
Magnetite XVI Ltd. Series 2015-16A, Class AR (3M USD LIBOR + 0.800%)
	1,500,000		3.580			01/18/28		1,494,138
Nassau Ltd. Series 2019-IA, Class ANA (3M USD LIBOR + 1.510%)
	1,000,000		4.270			04/15/31		999,441
OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	1,600,000		3.845			04/26/31		1,582,979
Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A (1M USD LIBOR + 0.850%)
	539,324		3.280			06/25/35		537,700
Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%)
	850,000		4.161			01/21/31		831,640
Sound Point CLO XVIII Ltd. Series 2017-4A, Class B (3M USD LIBOR + 1.800%)
	550,000		4.561			01/21/31		532,947
Thacher Park CLO Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 1.160%)
	2,344,200		3.921			10/20/26		2,346,080
York CLO 1 Ltd. Series 2014-1A, Class ARR (3M USD LIBOR + 1.120%)
	2,100,000		3.881			10/22/29		2,092,778
								19,027,192
Credit Card – 0.4%
Citibank Credit Card Issuance Trust Series 2018-A7, Class A7
	1,750,000		3.960			10/13/30		1,943,949
Home Equity(b) – 0.0%
Countrywide Home Equity Loan Trust Series 2004-O, Class 1A (1M USD LIBOR + 0.280%)
	33,753		2.720			02/15/34		32,071

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(b) – 8.0%
Academic Loan Funding Trust Series 2013-1, Class A(e) (1M USD LIBOR + 0.800%)
$	3,620,922		3.230	%	12/26/44	$    3,618,949
Brazos Education Loan Authority, Inc. Series 2012-1, Class A1 (1M USD LIBOR + 0.700%)
	337,157		3.130		12/26/35	336,015
ECMC Group Student Loan Trust Series 2017-1A, Class A(e) (1M USD LIBOR + 1.200%)
	2,869,643		3.630		12/27/66	2,881,943
ECMC Group Student Loan Trust Series 2018-1A, Class A(c)(e) (1M USD LIBOR + 0.750%)
	3,734,730		3.180		02/27/68	3,712,259
ECMC Group Student Loan Trust Series 2018-2A, Class A(e) (1M USD LIBOR + 0.800%)
	2,250,576		3.230		09/25/68	2,235,711
Education Loan Asset-Backed Trust I Series 2013-1, Class A1(e) (1M USD LIBOR + 0.800%)
	343,847		3.230		06/25/26	344,101
Goal Capital Funding Trust Series 2010-1, Class A(e) (3M USD LIBOR + 0.700%)
	1,404,899		3.351		08/25/48	1,409,763
Higher Education Funding I Series 2014-1, Class A(e) (3M USD LIBOR + 1.050%)
	1,454,598		3.701		05/25/34	1,464,343
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	928,870		3.671		07/25/45	933,176
Navient Student Loan Trust Series 2016-5A, Class A(e) (1M USD LIBOR + 1.250%)
	2,736,455		3.680		06/25/65	2,767,205
Nelnet Student Loan Trust Series 2006-2, Class A7(e) (3M Euribor + 0.580%)
	2,450,000		3.351		01/26/37	2,375,357
North Carolina State Education Assistance Authority Series 2010-1, Class A1 (3M USD LIBOR + 0.900%)
	524,503		3.671		07/25/41	521,711
Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A3 (3M USD LIBOR + 0.950%)
	700,000		3.613		10/01/37	701,847
Panhandle-Plains Higher Education Authority, Inc. Series 2011-2, Class A3 (3M USD LIBOR + 0.850%)
	1,100,000		3.647		07/01/32	1,100,447
PHEAA Student Loan Trust Series 2011-1A, Class A1(e) (3M USD LIBOR + 1.100%)
	1,814,468		3.702		06/25/38	1,827,706
PHEAA Student Loan Trust Series 2014-3A, Class A(e) (1M USD LIBOR + 0.590%)
	4,022,273		3.020		08/25/40	3,995,216
PHEAA Student Loan Trust Series 2016-1A, Class A(e) (1M USD LIBOR + 1.150%)
	972,793		3.580		09/25/65	979,042
PHEAA Student Loan Trust Series 2016-2A, Class A(e) (1M USD LIBOR + 0.950%)
	1,080,846		3.380		11/25/65	1,077,341
South Carolina Student Loan Corp. Series 2010-1, Class A3 (3M USD LIBOR + 1.050%)
	1,850,000		3.821		10/27/36	1,861,718

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(b) – (continued)
Utah State Board of Regents Series 2016-1, Class A (1M USD LIBOR + 0.750%)
$	2,036,568		3.180	%	09/25/56	$      2,035,592
						36,179,442
TOTAL ASSET-BACKED SECURITIES (Cost $57,084,170)						$    57,182,654
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%)
$	1,136,731		3.430	%	10/25/37	$      1,142,104
(Cost $1,127,380)
U.S. Treasury Obligations(g) – 5.5%
United States Treasury Bills
$	8,333,000		0.000	%(h)	07/05/19	$      8,331,199
	8,333,000		0.000		07/09/19	8,329,331
	8,334,000		0.000		07/16/19	8,326,826
TOTAL U.S. TREASURY OBLIGATIONS (Cost $24,986,150)						$    24,987,356
Shares		Dividend Rate				Value
Investment Company(i) – 8.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	36,147,507		2.308%			$    36,147,507
(Cost $36,147,507)
TOTAL INVESTMENTS – 129.4% (Cost $579,712,014)						$  585,878,897
LIABILITIES IN EXCESS OF     OTHER ASSETS – (29.4)%						(133,233,837)
NET ASSETS – 100.0%						$  452,645,060

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 June 30, 2019.
(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 June 30, 2019.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.

(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 $145,955,168 which represents approximately 32.2% of the Fund’s net assets as of June 30, 2019.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(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:
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
COF	— Cost of Funds Index
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
PLC	— Public Limited Company
REMIC	— Real Estate Mortgage Investment Conduit
STRIPS	— Separate Trading of Registered Interest and Principal of Securities
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At June 30, 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		07/15/19	$	(5,000,000)	$	(5,041,396)
FNMA		3.500			TBA-30yr		08/13/19		(3,000,000)		(3,066,033)
GNMA		5.000			TBA-30yr		07/22/19		(10,000,000)		(10,453,125)
TOTAL (Proceeds Receivable: $18,507,031)										$	(18,560,554)

(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 June 30, 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	32	09/19/19	$	4,420,000		$	54,207
2 Year U.S. Treasury Notes	10	09/30/19		2,151,797			(21	)
5 Year U.S. Treasury Notes	250	09/30/19		29,539,062			306,435
10 Year U.S. Treasury Notes	68	09/19/19		8,701,875			88,693
20 Year U.S. Treasury Bonds	9	09/19/19		1,400,344			16,829
Total						$	466,143
Short position contracts:
Eurodollars	(4)	03/16/20		(982,900	)		(6,309	)
Eurodollars	(19)	06/15/20		(4,673,050	)		(32,068	)
Ultra Long U.S. Treasury Bonds	(12)	09/19/19		(2,130,750	)		(22,089	)
Total						$	(60,466	)
TOTAL FUTURES CONTRACTS						$	405,677

SWAP CONTRACTS — At June 30, 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)
1.390%	3M LIBOR	11/30/23	$	1,700	$5,470	$	4,239	$	1,231

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2019.

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2019, the Fund had the following written and 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		11		$27,500	$	1,375	$	5,384	$	(4,009	)

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
Puts
6M IRS	Citibank NA	$	2.600		09/30/2019		9,000,000	$	9,000,000	$	3,883	$	60,750	$	(56,866	)
Total purchased options contracts							9,000,011	$	9,027,500	$	5,258	$	66,134	$	(60,875	)

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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.

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 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.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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

v. 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.

vi. 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.

vii. 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 other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 other investments. 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 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.

A forward 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 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 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.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

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.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 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 pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for the 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 June 30, 2019:

EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	1,002,520,581		$	—
Corporate Obligations		—			395,518,826			—
Municipal Debt Obligations		—			5,886,857			—
U.S. Treasury Obligations		23,218,840			—			—
Investment Company		15,698,751			—			—
Total	$	38,917,591		$	1,403,926,264		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	3,915,947		$	—
Futures Contracts		6,624,206			—			—
Interest Rate Swap Contracts		—			1,834,176			—
Credit Default Swap Contracts		—			2,492,213			—
Total	$	6,624,206		$	8,242,336		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(4,948,602	)	$	—
Futures Contracts		(871,733	)		—			—
Interest Rate Swap Contracts		—			(1,654,683	)		—
Credit Default Swap Contracts		—			(5,905,129	)		—
Total	$	(871,733	)	$	(12,508,414	)	$	—
HIGH YIELD
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	73,621,188		$	—
Corporate Obligations		—			2,068,655,246			—
Common Stock and/or Other Equity Investments
North America		648,143			2,049,520			—
Investment Company		30,678,489			—			—
Exchange Traded Funds		56,748,107			—			—
Total	$	88,074,739		$	2,144,325,954		$	—
Liabilities
Reverse Repurchase Agreements	$	—		$	(4,537,000	)	$	—
Total	$	—		$	(4,537,000	)	$	—
Derivative Type
Assets(a)
Futures Contracts	$	3,251,586		$	—		$	—
Credit Default Swap Contracts		—			450,814			—
Total	$	3,251,586		$	450,814		$	—
Liabilities(a)
Futures Contracts	$	(1,409,096	)	$	—		$	—

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

HIGH YIELD FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	2,018,909,429		$	18,903,238
Corporate Obligations		—			41,091,724			—
Unfunded Loan Commitment		—			1,234,888			—
Common Stock and/or Other Equity Investments
North America		2,734,763			3,757,539			—
Warrants		—			—			8,137
Exchange Traded Funds		58,429,690			—			—
Investment Company		14,147,372			—			—
Total	$	75,311,825		$	2,064,993,580		$	18,911,375
Derivative Type
Assets(a)
Futures Contracts	$	29,125		$	—		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(472,282	)	$	—
Futures Contracts		(440,585	)		—			—
Total	$	(440,585	)	$	(472,282	)	$	—
INVESTMENT GRADE CREDIT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	460,610,811		$	—
Foreign Debt Obligations		—			21,398,973			—
Municipal Debt Obligations		—			4,531,878			—
Total	$	—		$	486,541,662		$	—
Derivative Type
Assets(a)
Futures Contracts	$	1,308,692		$	—		$	—
Interest Rate Swap Contracts		—			1,375			—
Credit Default Swap Contracts		—			510,229			—
Total	$	1,308,692		$	511,604		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(49,520	)	$	—
Futures Contracts		(439,918	)		—			—
Total	$	(439,918	)	$	(49,520	)	$	—
LOCAL EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	118,743,080		$	—
Corporate Obligations		—			5,634,807			—
Structured Notes		—			18,300,225			—
Municipal Debt Obligations		—			354,436			—
U.S. Treasury Obligations		2,198,179			—			—
Total	$	2,198,179		$	143,032,548		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	1,225,768		$	—
Futures Contracts		342,742			—			—
Interest Rate Swap Contracts		—			2,162,321			—
Credit Default Swap Contracts		—			58,544			—
Non Deliverable Bond Forwards Contracts		—			18,740
Total	$	342,742		$	3,465,373		$	—

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

LOCAL EMERGING MARKETS DEBT (continued)
Investment Type	Level 1			Level 2			Level 3
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,027,157	)	$	—
Futures Contracts		(553,465	)		—			—
Interest Rate Swap Contracts		—			(1,127,079	)		—
Credit Default Swap Contracts		—			(213,815	)		—
Total	$	(553,465	)	$	(2,368,051	)	$	—
U.S. MORTGAGES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	466,419,276		$	—
Asset-Backed Securities		—			57,182,654			—
Municipal Debt Obligation		—			1,142,104			—
U.S. Treasury Obligations		24,987,356			—			—
Investment Company		36,147,507			—			—
Total	$	61,134,863		$	524,744,034		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(18,560,554	)	$	—
Total	$	—		$	(18,560,554	)	$	—
Derivative Type
Assets(a)
Futures Contracts	$	466,164		$	—		$	—
Interest Rate Swap Contracts		—			1,231			—
Options Purchased		1,375			3,883			—
Total	$	467,539		$	5,114		$	—
Liabilities(a)
Futures Contracts	$	(60,487	)	$	—		$	—

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

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

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.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

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 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 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.

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 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 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. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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, a Fund trades financial instruments and enter 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 is non-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.