GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 54.0%
Aerospace & Defense – 0.9%
General Dynamics Corp.
$	1,700,000		3.000	%	05/11/21	$    1,727,489
Northrop Grumman Corp.
	1,188,000		3.500		03/15/21	1,211,463
United Technologies Corp.(a)(b) (3M USD LIBOR + 0.650%)
	1,925,000		3.175		08/16/21	1,926,983
						4,865,935
Agriculture – 0.9%
Altria Group, Inc.(a)
	1,525,000		3.490		02/14/22	1,565,260
Archer-Daniels-Midland Co.(a)
	750,000		3.375		03/15/22	775,380
BAT Capital Corp.
	2,525,000		2.297		08/14/20	2,518,890
						4,859,530
Automotive – 3.1%
BMW US Capital LLC(b)(c) (3M USD LIBOR + 0.370%)
	2,500,000		2.898		08/14/20	2,506,050
Daimler Finance North America LLC(c)
	775,000		3.350		05/04/21	785,633
(3M USD LIBOR + 0.390%)
	800,000		2.955	(b)	05/04/20	800,448
Toyota Motor Credit Corp.(b) (3M USD LIBOR + 0.150%)
	8,000,000		2.672		08/21/20	7,991,200
Volkswagen Group of America Finance LLC(b)(c) (3M USD LIBOR + 0.770%)
	4,000,000		3.305		11/13/20	4,016,840
						16,100,171
Banks – 16.7%
ABN AMRO Bank NV(c)
	2,100,000		2.650		01/19/21	2,108,589
	600,000		3.400		08/27/21	611,928
Banco Santander SA
	1,400,000		2.706		06/27/24	1,402,240
Bank of America Corp.
	1,150,000		2.625		10/19/20	1,153,508
	3,050,000		2.151	(a)	11/09/20	3,041,734
(3M USD LIBOR + 0.630%)
	850,000		3.499	(a)(b)	05/17/22	866,686
(3M USD LIBOR + 0.660%)
	1,375,000		2.369	(a)(b)	07/21/21	1,373,446
Bank of America NA(a)(b) (3M USD LIBOR + 0.650%)
	500,000		3.335		01/25/23	512,895
Banque Federative du Credit Mutuel SA(c)
	700,000		2.200		07/20/20	699,139
(3M USD LIBOR + 0.490%)
	3,000,000		3.082	(b)	07/20/20	3,007,770
Barclays Bank PLC(b) (3M USD LIBOR + 0.400%)
	5,000,000		2.922		08/21/20	4,972,500

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
BNP Paribas SA(c)
$	900,000		2.950	%	05/23/22	$       908,838
BNZ International Funding Ltd.(b)(c) (3M USD LIBOR + 0.700%)
	4,100,000		3.222		02/21/20	4,111,931
BPCE SA
	1,725,000		2.650		02/03/21	1,732,745
Citibank NA(a)
	5,050,000		2.125		10/20/20	5,038,738
Citigroup, Inc.
	875,000		2.400		02/18/20	874,860
Citizens Bank NA(a)
	1,200,000		3.250		02/14/22	1,221,636
(3M USD LIBOR + 0.540%)
	1,175,000		3.060	(b)	03/02/20	1,176,845
Cooperatieve Rabobank UA
	550,000		3.125		04/26/21	558,619
(3M USD LIBOR + 0.430%)
	450,000		3.016	(b)	04/26/21	451,184
Credit Suisse Group Funding Guernsey Ltd.
	4,575,000		3.450		04/16/21	4,645,729
Deutsche Bank AG
	2,075,000		2.700		07/13/20	2,059,514
HSBC Holdings PLC(a)(b) (3M USD LIBOR + 0.600%)
	1,600,000		3.120		05/18/21	1,601,152
ING Bank NV(c)
	1,725,000		2.750		03/22/21	1,735,574
JPMorgan Chase & Co.(a)(b)
(3M USD LIBOR + 0.610%)
	2,150,000		3.012		06/18/22	2,153,504
(3M USD LIBOR + 0.610%)
	1,900,000		3.514		06/18/22	1,941,287
(3M USD LIBOR + 0.695%)
	1,775,000		3.207		04/01/23	1,809,950
Lloyds Bank PLC
	1,050,000		3.300		05/07/21	1,065,036
(3M USD LIBOR + 0.490%)
	1,025,000		3.055	(b)	05/07/21	1,025,267
Morgan Stanley, Inc.
	1,425,000		2.500		04/21/21	1,427,494
(3M USD LIBOR + 1.180%)
	4,575,000		3.772	(a)(b)	01/20/22	4,622,351
MUFG Bank Ltd.(c)
	1,625,000		2.300		03/05/20	1,623,521
MUFG Union Bank NA(a)
	1,325,000		3.150		04/01/22	1,353,912
National Bank of Canada(b) (3M USD LIBOR + 0.160%)
	3,000,000		2.682		08/20/20	3,001,929
NatWest Markets PLC(c)
	2,000,000		3.625		09/29/22	2,042,080
Nordea Bank Abp(c)
	1,900,000		2.500		09/17/20	1,903,173
Santander UK PLC
	1,825,000		2.125		11/03/20	1,815,364
	775,000		2.500		01/05/21	774,682
Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
	1,200,000		4.247		01/20/23	1,238,472

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
SunTrust Bank(a)(b) (3M USD LIBOR + 0.500%)
$	1,450,000		3.525	%	10/26/21	$    1,471,489
The Huntington National Bank(a)
	1,250,000		3.125		04/01/22	1,275,675
The Toronto-Dominion Bank(b) (3M USD LIBOR + 0.300%)
	3,000,000		2.879		05/01/20	3,001,950
UBS Group Funding Switzerland AG(c)
	2,625,000		2.650		02/01/22	2,637,337
Wells Fargo & Co.
	3,200,000		2.100		07/26/21	3,183,392
Westpac Banking Corp.
	2,425,000		2.300		05/26/20	2,426,916
						87,662,581
Beverages – 1.2%
Anheuser-Busch InBev Finance, Inc.(a)
	100,000		2.650		02/01/21	100,510
	2,225,000		3.300		02/01/23	2,295,265
Constellation Brands, Inc.
	1,550,000		2.250		11/06/20	1,547,288
	975,000		2.700	(a)	05/09/22	980,694
Diageo Capital PLC
	1,350,000		3.000		05/18/20	1,356,318
						6,280,075
Chemicals – 1.4%
Celanese US Holdings LLC(a)
	350,000		3.500		05/08/24	359,107
DuPont de Nemours, Inc.(b) (3M USD LIBOR + 0.710%)
	1,725,000		3.228		11/15/20	1,736,368
Syngenta Finance NV(c)
	1,210,000		3.698		04/24/20	1,218,555
	1,485,000		3.933		04/23/21	1,509,799
The Sherwin-Williams Co.
	1,175,000		2.250		05/15/20	1,172,579
	1,300,000		2.750	(a)	06/01/22	1,312,675
						7,309,083
Commercial Services(a) – 0.4%
IHS Markit Ltd.
	1,298,000		5.000	(c)	11/01/22	1,375,880
	475,000		3.625		05/01/24	488,680
						1,864,560
Computers(a) – 0.8%
Dell International LLC/EMC Corp.(c)
	1,175,000		4.420		06/15/21	1,210,038

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers(a) – (continued)
Hewlett Packard Enterprise Co.
$	2,550,000		3.600	%	10/15/20	$    2,582,895
	625,000		3.500		10/05/21	637,613
						4,430,546
Diversified Financial Services – 3.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	725,000		4.450		12/16/21	752,601
	1,500,000		4.125		07/03/23	1,566,825
AIG Global Funding(c)
	675,000		2.150		07/02/20	673,373
	675,000		3.350		06/25/21	686,576
(3M USD LIBOR + 0.460%)
	525,000		2.809	(b)	06/25/21	525,866
Air Lease Corp.
	1,425,000		3.500		01/15/22	1,458,616
	1,150,000		2.750	(a)	01/15/23	1,149,034
American Express Co.(a)
	1,350,000		3.375		05/17/21	1,374,934
American Express Credit Corp.(a)
	1,275,000		2.375		05/26/20	1,275,485
Capital One Financial Corp.(a)
	1,000,000		2.500		05/12/20	1,000,990
	1,600,000		3.450		04/30/21	1,628,576
(3M USD LIBOR + 0.720%)
	1,300,000		3.303	(b)	01/30/23	1,296,009
TD Ameritrade Holding Corp.(a)(b) (3M USD LIBOR + 0.430%)
	2,950,000		3.009		11/01/21	2,956,991
The Charles Schwab Corp.(a)
	1,125,000		3.250		05/21/21	1,145,689
(3M USD LIBOR + 0.320%)
	1,100,000		2.842	(b)	05/21/21	1,100,715
						18,592,280
Electrical – 3.2%
American Electric Power Co., Inc.
	1,475,000		2.150		11/13/20	1,470,118
Dominion Energy, Inc.(d)
	2,700,000		2.715		08/15/21	2,703,726
DTE Energy Co.
	475,000		2.600		06/15/22	477,019
NextEra Energy Capital Holdings, Inc.
	925,000		3.342		09/01/20	935,628
	1,200,000		2.900		04/01/22	1,218,228
NRG Energy, Inc.(a)(c)
	1,225,000		3.750		06/15/24	1,258,859
Pinnacle West Capital Corp.
	575,000		2.250		11/30/20	572,855

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
Public Service Enterprise Group, Inc.
$	1,950,000		1.600	%	11/15/19	$    1,942,453
	675,000		2.875	(a)	06/15/24	683,026
Sempra Energy(a)(b) (3M USD LIBOR + 0.500%)
	1,700,000		3.097		01/15/21	1,694,305
Southern Power Co.(a)
	1,150,000		2.500		12/15/21	1,149,736
Vistra Operations Co. LLC(a)(c)
	875,000		3.550		07/15/24	881,545
WEC Energy Group, Inc.
	1,400,000		3.375		06/15/21	1,426,586
	525,000		3.100		03/08/22	534,345
						16,948,429
Food & Drug Retailing – 1.3%
Conagra Brands, Inc.(a)(b) (3M USD LIBOR + 0.750%)
	1,775,000		3.342		10/22/20	1,775,124
General Mills, Inc.(b) (3M USD LIBOR + 0.540%)
	1,350,000		3.141		04/16/21	1,349,892
Mondelez International Holdings Netherlands BV(b)(c) (3M USD LIBOR + 0.610%)
	1,800,000		3.192		10/28/19	1,802,232
Nestle Holdings, Inc.(a)(c)
	1,200,000		3.100		09/24/21	1,224,420
Sysco Corp.(a)
	625,000		2.600		10/01/20	626,788
						6,778,456
Gas(a) – 0.1%
NiSource, Inc.
	525,000		2.650		11/17/22	528,224
Healthcare Providers & Services – 1.3%
Abbott Laboratories(a)
	1,275,000		2.900		11/30/21	1,295,298
Becton Dickinson & Co.
	675,000		2.404		06/05/20	674,474
(3M USD LIBOR + 0.875%)
	2,025,000		3.194	(a)(b)	12/29/20	2,025,121
Humana, Inc.
	1,550,000		2.500		12/15/20	1,549,551
UnitedHealth Group, Inc.
	1,500,000		1.950		10/15/20	1,493,730
						7,038,174
Insurance – 1.3%
Jackson National Life Global Funding(b)(c) (3M USD LIBOR + 0.300%)
	3,500,000		2.882		04/27/20	3,499,335
Marsh & McLennan Cos., Inc.
	1,675,000		3.500		12/29/20	1,702,403
Metropolitan Life Global Funding I(c)
	1,625,000		3.375		01/11/22	1,669,720
						6,871,458

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet – 0.3%
Amazon.com, Inc.
$	1,825,000		1.900	%	08/21/20	$    1,820,492
Lodging(b) – 0.2%
Marriott International, Inc. (3M USD LIBOR + 0.600%)
	1,250,000		3.120		12/01/20	1,254,824
Machinery-Diversified – 0.1%
John Deere Capital Corp.
	300,000		3.200		01/10/22	307,281
Media – 2.4%
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	3,600,000		4.464		07/23/22	3,779,640
Comcast Corp.
	1,025,000		3.450		10/01/21	1,054,407
(3M USD LIBOR + 0.330%)
	1,550,000		2.922	(b)	10/01/20	1,552,619
(3M USD LIBOR + 0.440%)
	1,050,000		3.032	(b)	10/01/21	1,054,295
Fox Corp.(c)
	2,475,000		3.666		01/25/22	2,556,452
Sky Ltd.(c)
	1,550,000		3.125		11/26/22	1,586,208
Time Warner Cable LLC(a)
	1,024,000		4.000		09/01/21	1,049,672
						12,633,293
Mining(a)(c) – 0.1%
Glencore Funding LLC
	575,000		3.000		10/27/22	578,525
Miscellaneous Manufacturing – 0.5%
General Electric Co.
	542,000		6.000		08/07/19	543,745
(3M USD LIBOR + 0.800%)
	522,000		3.397	(b)	04/15/20	521,948
Ingersoll-Rand Global Holding Co. Ltd.
	1,300,000		2.900		02/21/21	1,309,503
						2,375,196
Multi-National – 2.2%
European Investment Bank
	11,440,000		2.375		05/13/21	11,547,879
Oil Field Services – 1.4%
BP Capital Markets PLC
	2,550,000		3.561		11/01/21	2,627,851
Marathon Oil Corp.(a)
	2,875,000		2.700		06/01/20	2,876,725
Phillips 66(a)(b)(c) (3M USD LIBOR + 0.750%)
	750,000		3.347		04/15/20	750,105
Schlumberger Finance Canada Ltd.(c)
	850,000		2.200		11/20/20	848,776
						7,103,457

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – 3.4%
AbbVie, Inc.
$	1,225,000		3.375	%	11/14/21	$    1,249,463
Bayer US Finance II LLC(a)(b)(c) (3M USD LIBOR + 0.630%)
	2,225,000		2.979		06/25/21	2,214,720
Bristol-Myers Squibb Co.(c)
	1,175,000		2.550		05/14/21	1,183,307
	1,325,000		2.600		05/16/22	1,340,595
Cigna Corp.(c)
	1,275,000		3.200		09/17/20	1,285,940
	2,900,000		3.400		09/17/21	2,955,187
CVS Health Corp.
	500,000		3.125		03/09/20	501,885
	1,325,000		2.800	(a)	07/20/20	1,328,366
	900,000		3.350		03/09/21	912,474
	2,200,000		2.125	(a)	06/01/21	2,184,930
(3M USD LIBOR + 0.630%)
	525,000		3.083	(b)	03/09/20	526,412
(3M USD LIBOR + 0.720%)
	375,000		3.173	(b)	03/09/21	376,448
Elanco Animal Health, Inc.(e)
	1,625,000		3.912		08/27/21	1,659,761
						17,719,488
Pipelines – 1.4%
Enbridge Energy Partners LP
	846,000		5.200		03/15/20	861,660
Enterprise Products Operating LLC
	1,450,000		5.250		01/31/20	1,471,953
Kinder Morgan Energy Partners LP
	2,325,000		6.850		02/15/20	2,384,543
Sabine Pass Liquefaction LLC(a)
	2,300,000		6.250		03/15/22	2,494,856
						7,213,012
Real Estate Investment Trust(a) – 0.3%
Alexandria Real Estate Equities, Inc.
	376,000		4.600		04/01/22	396,544
American Tower Corp.
	1,125,000		3.300		02/15/21	1,139,389
						1,535,933
Retailing – 1.0%
Alimentation Couche-Tard, Inc.(c)
	1,800,000		2.350		12/13/19	1,798,038
Dollar Tree, Inc.(a)(b) (3M USD LIBOR + 0.700%)
	2,850,000		3.288		04/17/20	2,850,342
The Home Depot, Inc.
	550,000		3.250		03/01/22	567,380
						5,215,760

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Savings & Loans(a)(b)(c) – 0.1%
Nationwide Building Society (3M USD LIBOR + 1.181%)
$	700,000		3.622	%	04/26/23	$       712,705
Semiconductors – 1.5%
Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	1,550,000		3.000		01/15/22	1,555,626
Broadcom, Inc.(c)
	3,100,000		3.125		04/15/21	3,119,096
	3,125,000		3.125		10/15/22	3,141,594
						7,816,316
Software(a) – 0.8%
Fiserv, Inc.
	1,025,000		2.700		06/01/20	1,027,501
	2,875,000		2.750		07/01/24	2,899,351
						3,926,852
Telecommunication Services – 1.7%
AT&T, Inc.
	350,000		2.800	(a)	02/17/21	352,191
	425,000		3.875		08/15/21	438,124
	1,625,000		3.000		02/15/22	1,650,431
	474,000		3.200	(a)	03/01/22	483,864
(3M USD LIBOR + 0.950%)
	1,245,000		3.547	(b)	07/15/21	1,255,408
Verizon Communications, Inc.
	4,375,000		2.946		03/15/22	4,462,938
						8,642,956
Transportation(a) – 0.2%
Ryder System, Inc.
	875,000		2.875		06/01/22	885,150
Trucking & Leasing(a)(c) – 0.3%
Avolon Holdings Funding Ltd.
	1,550,000		3.625		05/01/22	1,570,739
TOTAL CORPORATE OBLIGATIONS (Cost $280,807,625)						$282,989,360
Mortgage-Backed Obligations(b)(c) – 3.8%
Collateralized Mortgage Obligations – 3.8%
Sequential Floating Rate – 3.8%
Station Place Securitization Trust Series 2015-2, Class AR (1M USD LIBOR + 0.550%)
$	20,000,000		3.049	%	05/15/21	$ 20,000,000
(Cost $20,000,000)

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debenture(b) – 1.8%
FFCB (3M USD LIBOR + 0.290%)
$	9,400,000		2.386	%	04/11/22	$    9,402,538
(Cost $9,400,000)
Asset-Backed Securities – 18.5%
Automotive – 4.7%
Ally Master Owner Trust Series 2017-3, Class A2(a)
$	3,750,000		2.040	%	06/15/22	$    3,737,578
Ally Master Owner Trust Series 2018-1, Class A2
	5,900,000		2.700		01/17/23	5,938,713
Chesapeake Funding II LLC Series 2016-2A, Class A1(c)
	602,693		1.880		06/15/28	601,673
Ford Credit Auto Owner Trust Series 2016-2, Class A(c)
	500,000		2.030		12/15/27	498,956
Ford Credit Floorplan Master Owner Trust Series 2017-2, Class A1
	5,200,000		2.160		09/15/22	5,191,644
Ford Credit Floorplan Master Owner Trust Series 2018-3, Class A1
	3,250,000		3.520		10/15/23	3,343,647
NextGear Floorplan Master Owner Trust Series 2018-1A, Class A1(b)(c) (1M USD LIBOR + 0.640%)
	1,750,000		3.080		02/15/23	1,754,794
Nissan Master Owner Receivables Trust Series 2017-C, Class A(b) (1M USD LIBOR + 0.320%)
	3,100,000		2.760		10/17/22	3,101,191
Tesla Auto Lease Trust Series 2018-A, Class A(a)(c)
	360,068		2.320		12/20/19	359,914
						24,528,110
Credit Card – 5.5%
American Express Credit Account Master Trust Series 2019-2, Class A
	2,050,000		2.670		11/15/24	2,084,544
Barclays Dryrock Issuance Trust Series 2015-1, Class A
	3,450,000		2.200		12/15/22	3,448,034
Barclays Dryrock Issuance Trust Series 2016-1, Class A
	1,600,000		1.520		05/16/22	1,599,493
Capital One Multi-Asset Execution Trust Series 2016-A5, Class A5
	2,100,000		1.660		06/17/24	2,082,503
Chase Issuance Trust Series 2016-A5, Class A5
	3,950,000		1.270		07/15/21	3,948,399
Evergreen Credit Card Trust Series 2019-1, Class A(b)(c) (1M USD LIBOR + 0.480%)
	6,300,000		2.920		01/15/23	6,318,303
Golden Credit Card Trust Series 2016-5A, Class A(c)
	2,800,000		1.600		09/15/21	2,795,087
Golden Credit Card Trust Series 2017-2A, Class A(c)
	800,000		1.980		04/15/22	796,961
Master Credit Card Trust II Series 2017-1A, Class A(c)
	2,600,000		2.260		07/21/21	2,598,880
Trillium Credit Card Trust II Series 2019-2A, Class A(c)
	3,450,000		3.038		01/26/24	3,492,207
						29,164,411
Home Equity(b) – 0.0%
Centex Home Equity Loan Trust Series 2004-D, Class MV3 (1M USD LIBOR + 1.000%)
	54,851		3.930		09/25/34	54,754

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Home Equity(b) – (continued)
Morgan Stanley ABS Capital I, Inc. Trust Series 2004-HE4, Class M3 (1M USD LIBOR + 2.250%)
$	20,588		4.680	%	05/25/34	$         20,568
						75,322
Student Loan(b) – 8.3%
Access Group, Inc. Series 2013-1, Class A(c) (1M USD LIBOR + 0.500%)
	1,195,910		2.930		02/25/36	1,182,205
ECMC Group Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.350%)
	3,293,786		3.780		07/26/66	3,320,258
ECMC Group Student Loan Trust Series 2017-1A, Class A(c) (1M USD LIBOR + 1.200%)
	2,869,643		3.630		12/27/66	2,881,943
Education Loan Asset-Backed Trust I Series 2013-1, Class A1(c) (1M USD LIBOR + 0.800%)
	764,105		3.230		06/25/26	764,668
Educational Services of America, Inc. Series 2010-1, Class A1(c) (3M USD LIBOR + 0.850%)
	457,126		3.621		07/25/23	457,357
Educational Services of America, Inc. Series 2014-1, Class A(c) (1M USD LIBOR + 0.700%)
	1,430,333		3.130		02/25/39	1,427,140
GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L(c) (3M LIBOR + 0.110%)
	1,014,056		2.761		11/25/26	1,012,158
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,346,862		3.671		07/25/45	1,353,106
Missouri Higher Education Loan Authority Series 2011-1, Class A1 (3M USD LIBOR + 0.850%)
	2,437,739		3.452		06/25/36	2,442,144
Navient Student Loan Trust Series 2016-5A, Class A(c) (1M USD LIBOR + 1.250%)
	3,728,420		3.680		06/25/65	3,770,317
Navient Student Loan Trust Series 2016-7A, Class A(c) (1M USD LIBOR + 1.150%)
	1,860,223		3.580		03/25/66	1,867,181
Navient Student Loan Trust Series 2017-2A, Class A(c) (1M USD LIBOR + 1.050%)
	2,755,556		3.480		12/27/66	2,764,121
Nelnet Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	368,963		2.871		01/25/30	368,893
Nelnet Student Loan Trust Series 2012-3A, Class A(c) (1M USD LIBOR + 0.700%)
	3,770,495		3.130		02/25/45	3,727,014
Northstar Education Finance, Inc. Series 2012-1, Class A(c) (1M USD LIBOR + 0.700%)
	984,579		3.130		12/26/31	982,911
PHEAA Student Loan Trust Series 2014-3A, Class A(c) (1M USD LIBOR + 0.590%)
	5,592,682		3.020		08/25/40	5,555,061
SLC Student Loan Center Series 2011-1, Class A(c) (1M USD LIBOR + 1.220%)
	3,857,291		3.650		10/25/27	3,872,041
SLM Student Loan Trust Series 2007-1, Class A5 (3M USD LIBOR + 0.090%)
	2,621,136		2.861		01/26/26	2,615,853

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(b) – (continued)
South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
$	450,930		3.187	%	10/01/24	$       452,119
Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,100,000		3.586		05/01/35	1,106,842
Utah State Board of Regents Series 2016-1, Class A (1M USD LIBOR + 0.750%)
	1,462,887		3.180		09/25/56	1,462,185
Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	26,370		2.901		01/26/26	26,365
						43,411,882
TOTAL ASSET-BACKED SECURITIES (Cost $97,014,711)						$  97,179,725
Municipal Debt Obligation(a)(b) – 0.1%
Utah – 0.1%
Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2 (3M USD LIBOR + 0.850%)
$	413,072		3.429	%	05/01/29	$       414,195
(Cost $413,751)
U.S. Treasury Obligations – 3.9%
United States Treasury Floating Rate Note(b) (3M USD LIBOR + 0.115%)
	14,300,000		2.211	%	01/31/21	$  14,287,346
United States Treasury Notes
	940,000		1.375	(f)	04/30/21	932,877
	4,920,000		2.500		03/31/23	5,055,684
TOTAL U.S. TREASURY OBLIGATIONS (Cost $20,079,413)						$  20,275,907
Shares		Dividend Rate				Value
Investment Companies(g) – 4.8%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	13,805,713		2.308%			$  13,805,713
Goldman Sachs Financial Square Money Market Fund - Institutional Shares
	11,285,856		2.506			11,292,628
TOTAL INVESTMENT COMPANIES (Cost $25,094,977)						$  25,098,341
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $452,810,477)						$455,360,066

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 11.2%
Certificates of Deposit – 0.9%
Bayerische Landesbank NY
$	2,000,000		2.580	%	07/05/19	$    2,000,054
National Securities Clearing Corp.(c)(h)
	2,500,000		0.000		12/13/19	2,472,583
						4,472,637
Commercial Paper – 10.3%
BAT International Finance PLC(c)(h)
	1,500,000		0.000		07/08/19	1,498,953
Bell Canada, Inc.(c)(h)
	1,550,000		0.000		07/23/19	1,547,171
Canadian Imperial Bank of Commerce(b)
	2,500,000		2.976		05/02/20	2,505,387
Credit Agricole Corporate & Investment Bank(b)
(3M USD LIBOR + 0.350%)
	2,500,000		2.933		07/30/20	2,502,637
(3M USD LIBOR + 0.385%)
	2,650,000		2.920		05/11/20	2,656,404
General Electric Co.(h)
	2,091,000		0.000		09/03/19	2,080,913
Marriott International, Inc.(c)(h)
	1,000,000		0.000		08/19/19	996,278
Nordea Bank AB NY(b)
(3M USD LIBOR + 0.270%)
	2,270,000		2.815		08/10/20	2,272,971
(3M USD LIBOR + 0.400%)
	3,200,000		2.711		03/27/20	3,208,440
Reckitt Benckiser Treasury Services PLC(c)(h)
	2,000,000		0.000		02/03/20	1,971,082
	2,000,000		0.000		02/04/20	1,970,951
Sempra Energy Holdings(c)(h)
	2,000,000		0.000		08/05/19	1,994,610
Societe Generale SA(b)(c)
	4,900,000		3.025		12/18/19	4,908,375
Standard Chartered Bank(b)
	3,000,000		2.822		09/18/20	3,005,362
Sumitomo Mitsui Banking Corp.(b)
(3M USD LIBOR + 0.370%)
	2,900,000		2.954		01/10/20	2,904,046
(3M USD LIBOR + 0.420%)
	5,190,000		3.001		07/24/20	5,197,558

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
Suncor Energy, Inc.(c)(h)
$	2,000,000		0.000	%	07/22/19	$    1,996,624
Svenska Handelsbanken AB(b)
(3M USD LIBOR + 0.270%)
	4,250,000		2.862		10/21/19	4,253,877
(3M USD LIBOR + 0.400%)
	4,000,000		2.992		04/01/20	4,010,710
Transcanada Pipelines Ltd.(c)(h)
	2,245,000		0.000		07/12/19	2,242,801
VW Credit, Inc.(c)(h)
	500,000		0.000		03/30/20	489,485
						54,214,635
TOTAL SHORT-TERM INVESTMENTS (Cost $58,606,343)						$  58,687,272
TOTAL INVESTMENTS – 98.1% (Cost $511,416,820)						$514,047,338
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.9%						10,034,167
NET ASSETS – 100.0%						$524,081,505

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2019.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2019.
(e)	Settlement is on a delayed delivery or when-issued basis with final maturity to be announced (TBA) in the future.
(f)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(g)	Represents an affiliated issuer.
(h)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
BP	— British Pound Offered Rate
FFCB	— Federal Farm Credit Bank
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 ENHANCED INCOME 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:
Eurodollars	189	09/16/19	$	46,302,638		$	44,449
Eurodollars	105	12/16/19		25,748,625			24,694
Total						$	69,143
Short position contracts:
Eurodollars	(167)	12/14/20		(41,100,788	)		(486,887	)
Eurodollars	(143)	03/15/21		(35,203,025	)		(476,157	)
2 Year U.S. Treasury Notes	(4)	09/30/19		(860,719	)		(1,351	)
5 Year U.S. Treasury Notes	(330)	09/30/19		(38,991,562	)		(439,778	)
Total						$	(1,404,173	)
TOTAL FUTURES CONTRACTS						$	(1,335,030	)

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 48.6%
Collateralized Mortgage Obligations – 2.0%
Interest Only(a) – 0.0%
CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X(b)(c)
$	4,008		0.000	%	08/25/33	$                —
CS First Boston Mortgage-Backed Pass-Through Certificates Series 2003-AR18, Class 2X(b)(c)
	12,055		0.000		07/25/33	—
FNMA STRIPS Series 151, Class 2
	226		9.500		07/25/22	14
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX(b)
	10,630		0.123		08/25/33	53
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX(b)
	1,818		0.320		07/25/33	20
						87
Inverse Floaters(b) – 0.0%
GNMA REMIC Series 2002-13, Class SB (-1x1M LIBOR + 37.567%)
	20,487		26.191		02/16/32	28,813
Principal Only(c) – 0.0%
FNMA REMIC Series G-35, Class N
	350		0.000		10/25/21	346
Regular Floater(b) – 0.7%
NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	674,835		2.917		10/07/20	675,285
NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A (1M LIBOR + 0.470%)
	1,338,495		2.937		11/05/20	1,339,912
						2,015,197
Sequential Fixed Rate – 1.2%
FHLMC REMIC Series 2329, Class ZA
	357,445		6.500		06/15/31	400,783
FHLMC REMIC Series 4273, Class PD
	568,495		6.500		11/15/43	665,001
FNMA REMIC Series 2011-52, Class GB
	577,230		5.000		06/25/41	631,500
FNMA REMIC Series 2011-99, Class DB
	574,756		5.000		10/25/41	628,811
FNMA REMIC Series 2012-111, Class B
	71,994		7.000		10/25/42	83,625
FNMA REMIC Series 2012-153, Class B
	310,512		7.000		07/25/42	362,667
GNMA REMIC Series 2002-42, Class KZ
	943,773		6.000		06/16/32	1,040,186
						3,812,573
Sequential Floating Rate(b) – 0.1%
FHLMC REMIC Series 1760, Class ZB(10Y - 0.600%)
	46,065		1.980		05/15/24	45,538

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B(6M USD LIBOR + 0.720%)
$	172,789		3.397	%	11/25/29	$       169,932
						215,470
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$    6,072,486
Federal Agencies – 46.6%
Adjustable Rate FHLMC(b) – 0.1%
(1 Year CMT + 2.224%)
	4,827		4.724		11/01/32	5,075
(1 Year CMT + 2.250%)
	317,805		4.562		09/01/33	333,167
						338,242
Adjustable Rate FNMA(b) – 0.5%
(1 Year CMT + 2.193%)
	333,866		4.836		02/01/35	351,172
(1 Year CMT + 2.222%)
	11,344		4.734		06/01/33	11,956
(12M USD LIBOR + 1.494%)
	354,804		4.244		09/01/35	369,557
(12M USD LIBOR + 1.591%)
	34,338		4.716		12/01/32	35,833
(12M USD LIBOR + 1.656%)
	351,622		4.501		10/01/33	367,323
(12M USD LIBOR + 1.670%)
	18,372		4.545		11/01/32	19,192
(6M USD LIBOR + 1.413%)
	355,419		4.038		05/01/33	366,781
						1,521,814
Adjustable Rate GNMA(b) – 0.5%
(1 Year CMT + 1.500%)
	22,752		3.625		06/20/23	23,057
	11,590		3.750		07/20/23	11,709
	10,817		3.750		08/20/23	10,930
	25,703		3.750		09/20/23	25,975
	8,986		4.000		03/20/24	9,123
	79,645		3.625		04/20/24	81,045
	10,165		3.625		05/20/24	10,393
	83,804		3.625		06/20/24	85,107
	51,656		3.750		07/20/24	52,291
	70,185		3.750		08/20/24	71,060
	20,712		3.750		09/20/24	20,973
	29,654		4.125		11/20/24	30,133
	30,772		4.125		12/20/24	31,274

GOLDMAN SACHS GOVERNMENT INCOME 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)
$	19,569		4.000	%	01/20/25	$         19,905
	11,406		4.000		02/20/25	11,604
	42,645		3.625		05/20/25	43,380
	34,092		3.750		07/20/25	34,575
	14,699		4.000		02/20/26	14,976
	853		3.750		07/20/26	867
	42,124		4.000		01/20/27	43,009
	16,703		4.000		02/20/27	17,052
	127,872		3.625		04/20/27	130,490
	11,520		3.625		05/20/27	11,758
	18,352		3.625		06/20/27	18,741
	6,541		4.125		11/20/27	6,680
	20,199		4.125		12/20/27	20,632
	44,487		4.000		01/20/28	45,479
	14,832		4.000		02/20/28	15,165
	15,305		4.000		03/20/28	15,650
	72,851		3.750		07/20/29	74,351
	43,900		3.750		08/20/29	44,782
	8,180		3.750		09/20/29	8,344
	37,045		4.125		10/20/29	37,929
	50,353		4.125		11/20/29	51,560
	10,073		4.125		12/20/29	10,316
	14,437		4.000		01/20/30	14,797
	6,226		4.000		02/20/30	6,387
	41,673		4.000		03/20/30	42,719
	44,569		3.625		04/20/30	45,655
	118,822		3.625		05/20/30	121,732
	12,446		3.625		06/20/30	12,761
	107,153		3.750		07/20/30	109,415
	18,653		3.750		09/20/30	19,050
	32,446		4.125		10/20/30	33,283
	61,167		4.000		03/20/32	62,833
						1,608,947

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – 0.5%
$	7,558		6.500	%	07/01/21	$           7,763
	837		6.500		08/01/22	868
	17,988		9.000		10/01/22	18,972
	49,587		4.500		10/01/23	51,819
	230,602		5.000		08/01/24	237,601
	26,847		6.500		07/01/28	28,310
	307,080		4.500		03/01/29	321,772
	3,816		8.000		07/01/30	4,454
	13,821		5.000		08/01/33	14,954
	2,699		5.000		09/01/33	2,920
	5,367		5.000		10/01/33	5,806
	3,342		5.000		11/01/34	3,616
	200,591		5.000		12/01/34	217,055
	9,511		5.000		07/01/35	10,291
	1,138		5.000		11/01/35	1,231
	18,367		5.000		12/01/35	20,079
	26,544		5.000		02/01/37	28,864
	2,354		5.000		03/01/38	2,565
	115,301		5.000		07/01/39	125,369
	15,532		4.000		06/01/40	16,402
	7,327		5.000		08/01/40	7,951
	2,042		4.500		11/01/40	2,190
	145,466		4.000		02/01/41	153,587
	1,295		5.000		04/01/41	1,410
	7,308		5.000		06/01/41	7,910
	266,437		5.000		07/01/41	286,549
	10,532		4.000		11/01/41	11,119
	15,662		3.000		05/01/42	15,958
	16,532		3.000		08/01/42	16,844
	17,687		3.000		01/01/43	17,978
	66,064		3.000		02/01/43	67,376
						1,709,583
FNMA – 14.6%
	169		6.500		08/01/19	169
	1,632		9.500		10/01/20	1,636
	83,502		5.500		02/01/23	89,000
	155,745		5.500		08/01/23	166,000
	3,789		6.500		11/01/28	4,042
	42,486		7.000		07/01/31	47,016
	458,097		5.500		07/01/33	498,767
	2,194		4.500		07/01/36	2,352
	2,366		4.500		04/01/39	2,542
	8,902		4.500		05/01/39	9,661
	4,551		4.000		08/01/39	4,803
	18,003		4.500		08/01/39	19,549
	350,939		4.500		12/01/39	381,085
	16,539		4.500		01/01/41	17,723
	176,010		4.500		05/01/41	188,641
	112,374		4.500		08/01/41	119,920
	100,522		4.500		08/01/42	108,874
	15,406		3.000		11/01/42	15,781
	179,003		3.000		12/01/42	183,349
	451,868		3.000		01/01/43	462,840
	82,822		3.000		02/01/43	84,834
	537,023		3.000		03/01/43	550,111
	874,905		3.000		04/01/43	896,425

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	603,548		3.000	%		05/01/43		$       618,393
	102,900		3.000			06/01/43		105,431
	925,079		3.000			07/01/43		947,833
	1,959,758		4.500			10/01/44		2,066,856
	1,129,900		4.500			04/01/45		1,227,310
	125,825		4.500			05/01/45		136,594
	741,838		4.500			06/01/45		782,147
	691,490		4.000			11/01/45		722,808
	222,510		4.000			03/01/46		232,402
	19,831		4.500			05/01/46		20,890
	155,364		4.000			06/01/46		162,161
	37,766		4.000			08/01/46		39,418
	255,413		4.500			08/01/46		268,812
	250,736		4.000			10/01/46		261,705
	61,455		4.500			06/01/47		66,273
	2,399,372		4.500			11/01/47		2,558,237
	553,238		4.000			12/01/47		585,970
	561,043		4.000			01/01/48		594,237
	1,894,321		4.000			02/01/48		1,999,311
	1,571,444		4.000			03/01/48		1,654,598
	916,840		4.000			05/01/48		965,355
	1,869,610		4.000			06/01/48		1,980,226
	894,412		3.500			01/01/57		921,054
	2,000,000		3.500			TBA-30yr	(d)	2,044,569
	1,000,000		4.000			TBA-30yr	(d)	1,033,453
	18,000,000		4.500			TBA-30yr	(d)	18,808,394
								44,659,557
GNMA – 30.4%
	52,169		7.000			12/15/27		58,172
	12,189		6.500			08/15/28		13,390
	77,526		6.000			01/15/29		85,425
	119,283		7.000			10/15/29		134,215
	36,563		5.500			11/15/32		39,887
	614,753		5.500			12/15/32		693,780
	20,934		5.500			01/15/33		22,707
	46,228		5.500			02/15/33		52,211
	52,701		5.500			03/15/33		59,483
	52,839		5.500			07/15/33		58,847
	18,221		5.500			08/15/33		20,087
	10,927		5.500			09/15/33		11,977
	37,532		5.500			04/15/34		42,029
	9,294		5.500			05/15/34		9,910
	302,878		5.500			06/15/34		341,403
	223,629		5.500			09/15/34		251,633
	228,335		5.500			12/15/34		256,728
	166,588		5.500			01/15/35		187,400
	113,959		5.000			03/15/38		122,685
	1,519		5.000			11/15/38		1,674
	7,868		4.000			02/20/41		8,305
	12,030		4.000			11/20/41		12,698
	1,987		4.000			01/20/42		2,098
	6,384		4.000			04/20/42		6,739
	3,608		4.000			10/20/42		3,808
	467,253		4.000			08/20/43		493,194
	6,712		4.000			03/20/44		7,081
	8,133		4.000			05/20/44		8,579
	561,887		4.000			11/20/44		592,555
	2,495,768		4.000			06/20/45		2,631,986
	648,679		4.000			01/20/46		684,084

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	806,712		4.500	%		02/20/48		$       847,052
	3,996,515		4.500			05/20/48		4,183,683
	3,597,388		4.500			08/20/48		3,758,275
	21,572,423		4.500			09/20/48		22,522,048
	1,082,056		5.000			11/20/48		1,133,431
	4,772,615		5.000			01/20/49		4,999,217
	985,531		5.000			02/20/49		1,034,995
	9,000,000		3.500			TBA-30yr	(d)	9,288,326
	37,000,000		4.500			TBA-30yr	(d)	38,569,507
								93,251,304
TOTAL FEDERAL AGENCIES								$143,089,447
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $147,741,148)								$149,161,933
Agency Debentures – 14.4%
FFCB
$	3,000,000		3.430	%		12/06/28		$    3,273,720
	720,000		5.270			05/01/29		891,216
	1,150,000		3.290			01/25/30		1,231,236
FHLB
	2,200,000		1.875			03/13/20		2,195,952
	3,700,000		2.125			06/09/23		3,742,564
	2,100,000		3.375			09/08/23		2,230,123
	300,000		3.375			12/08/23		319,004
FNMA
(SOFR + 0.160%)
	4,260,000		2.660	(b)		01/30/20		4,263,896
	1,400,000		1.875			09/24/26		1,385,482
	2,600,000		6.250			05/15/29		3,511,300
	4,000,000		6.625			11/15/30		5,715,280
Hashemite Kingdom of Jordan Government AID Bond(e)
	4,600,000		2.503			10/30/20		4,632,982
Israel Government AID Bond(e)
	1,400,000		5.500			09/18/23		1,598,786
	500,000		5.500			12/04/23		574,775
	700,000		5.500			04/26/24		811,475
New Valley Generation V
	1,045,342		4.929			01/15/21		1,079,449
Tennessee Valley Authority
	6,500,000		3.875			02/15/21		6,703,580
TOTAL AGENCY DEBENTURES (Cost $43,268,420)								$44,160,820

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – 9.4%
Automotive – 3.1%
Ally Master Owner Trust Series 2018-1, Class A2
$	4,100,000		2.700	%	01/17/23	$    4,126,902
Avis Budget Rental Car Funding AESOP LLC Series 2015-2A, Class A(f)
	2,150,000		2.630		12/20/21	2,155,299
Chesapeake Funding II LLC Series 2017-2A, Class A1(f)
	929,085		1.990		05/15/29	926,847
Ford Credit Auto Owner Trust Series 2016-2, Class A(f)
	400,000		2.030		12/15/27	399,165
Mercedes-Benz Master Owner Trust Series 2017-BA, Class A(b)(f) (1M LIBOR + 0.420%)
	1,850,000		2.860		05/16/22	1,852,918
						9,461,131
Student Loan(b) – 6.3%
Access Group, Inc. Series 2015-1, Class A(f) (1M USD LIBOR + 0.700%)
	456,426		3.130		07/25/56	450,139
ECMC Group Student Loan Trust Series 2016-1A, Class A(f) (1M USD LIBOR + 1.350%)
	1,250,419		3.780		07/26/66	1,260,468
ECMC Group Student Loan Trust Series 2018-2A, Class A(f) (1M USD LIBOR + 0.800%)
	1,547,271		3.230		09/25/68	1,537,051
Edsouth Indenture No. 9 LLC Series 2015-1, Class A(f) (1M USD LIBOR + 0.800%)
	966,905		3.230		10/25/56	955,888
Education Loan Asset-Backed Trust I Series 2013-1, Class A2(f) (1M USD LIBOR + 0.800%)
	2,750,000		3.230		04/26/32	2,748,673
GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L(f) (3M LIBOR + 0.110%)
	721,540		2.761		11/25/26	720,189
Higher Education Funding I Series 2014-1, Class A(f) (3M USD LIBOR + 1.050%)
	1,363,685		3.701		05/25/34	1,372,821
Navient Student Loan Trust Series 2016-5A, Class A(f) (1M USD LIBOR + 1.250%)
	2,804,866		3.680		06/25/65	2,836,385
Navient Student Loan Trust Series 2016-7A, Class A(f) (1M USD LIBOR + 1.150%)
	1,298,646		3.580		03/25/66	1,303,503
Navient Student Loan Trust Series 2017-4A, Class A2(f) (1M USD LIBOR + 0.500%)
	850,000		2.930		09/27/66	848,172
Nelnet Student Loan Trust Series 2013-5A, Class A(f) (1M USD LIBOR + 0.630%)
	253,470		3.060		01/25/37	252,323
North Carolina State Education Assistance Authority Series 2010-1, Class A1 (3M USD LIBOR + 0.900%)
	543,236		3.671		07/25/41	540,344
PHEAA Student Loan Trust Series 2016-1A, Class A(f) (1M USD LIBOR + 1.150%)
	1,276,791		3.580		09/25/65	1,284,993
Scholar Funding Trust Series 2013-A, Class A(f) (1M USD LIBOR + 0.650%)
	1,601,245		3.080		01/30/45	1,590,664
SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	866,354		4.471		07/25/23	876,197

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(b) – (continued)
Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
$	800,000		3.586	%	05/01/35	$       804,976
Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	23,733		2.901		01/26/26	23,728
						19,406,514
TOTAL ASSET-BACKED SECURITIES (Cost $28,724,380)						$  28,867,645
Municipal Debt Obligations – 1.9%
Alaska(b) – 0.6%
Alaska State Student Loan Corp. Series 2013, Class A (1M USD LIBOR + 0.500%)
$	1,715,241		2.904	%	08/25/31	$    1,713,513
New Hampshire(b)(g) – 0.4%
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,186,155		3.430		10/25/37	1,191,761
New Jersey – 0.8%
New Jersey Economic Development Authority Series A
	2,000,000		7.425		02/15/29	2,526,400
Texas(b)(g) – 0.1%
Brazos Higher Education Authority, Inc. Series 2005-2, Class I-A12 (3M USD LIBOR + 0.160%)
	382,240		2.509		03/27/23	381,576
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $5,263,424)						$    5,813,250
U.S. Treasury Obligations – 35.6%
United States Treasury Bonds
$	3,830,000		3.625	%(h)	02/15/44	$    4,623,528
	3,320,000		3.125		08/15/44	3,700,244
	15,700,000		2.875		11/15/46	16,779,375
	60,000		3.000		05/15/47	65,634
	5,080,000		2.750		11/15/47	5,294,313
United States Treasury Inflation Indexed Note
	1,781,273		0.750		07/15/28	1,857,122
United States Treasury Notes
	4,500,000		2.625		08/31/20	4,536,563
	820,000		1.875		01/31/22	822,627

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Notes (continued)
$	500,000		2.000	%(h)	07/31/22	$       503,984
	2,580,000		1.750		09/30/22	2,581,008
	8,040,000		2.625		06/30/23	8,313,234
	19,300,000		2.125		07/31/24	19,618,149
	5,670,000		2.125		09/30/24	5,763,466
	3,600,000		2.125		11/30/24	3,659,625
	2,910,000		2.750		06/30/25	3,061,184
	7,260,000		2.875		07/31/25	7,691,062
	400,000		2.000		08/15/25	403,656
	8,260,000		1.625		05/15/26	8,124,484
	1,390,000		2.250		02/15/27	1,423,664
	1,200,000		2.875		08/15/28	1,288,875
United States Treasury Strip Coupon(c)
	6,400,000		0.000		11/15/35	4,324,282
	1,300,000		0.000		05/15/36	865,892
	6,000,000		0.000		11/15/37	3,826,048
TOTAL U.S. TREASURY OBLIGATIONS (Cost $104,255,382)						$109,128,019
Shares		Dividend Rate				Value
Investment Company(i) – 9.8%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	30,190,989		2.308%			$  30,190,989
(Cost $30,190,989)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $359,443,743)						$367,322,656
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investment(c) – 0.4%
Commercial Paper – 0.4%
VW Credit, Inc.
$	1,150,000		0.000	%	12/06/19	$    1,136,464
(Cost $1,133,849)
TOTAL INVESTMENTS – 120.1% (Cost $360,577,592)						$368,459,120
LIABILITIES IN EXCESS OF     OTHER ASSETS – (20.1)%						(61,693,238)
NET ASSETS – 100.0%						$306,765,882

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)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $69,744,249 which represents approximately 22.7% of the Fund’s net assets as of June 30, 2019.
(e)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $7,618,018, which represents approximately 2.5% of the Fund’s net assets as of June 30, 2019.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(h)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(i)	Represents an affiliated issuer.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
FFCB	— Federal Farm Credit Bank
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
NCUA	— National Credit Union Administration
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Funding Rate
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 GOVERNMENT INCOME 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		07/15/2019	$	(2,000,000)	$	(2,016,559)
GNMA		4.000			TBA - 30yr		07/22/2019		(3,000,000)		(3,110,016)
TOTAL (Proceeds Receivable: $5,114,375)										$	(5,126,575)

(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:
Eurodollars	156	12/14/20	$	38,393,550		$	244,988
2 Year U.S. Treasury Notes	176	09/30/19		37,871,625			103,861
5 Year U.S. Treasury Notes	140	09/30/19		16,541,875			102,725
10 Year U.S. Treasury Notes	53	09/19/19		6,782,344			36,553
20 Year U.S. Treasury Bonds	22	09/19/19		3,423,062			79,846
Total						$	567,973
Short position contracts:
Eurodollars	(4)	09/16/19		(979,950	)		(7,959	)
Eurodollars	(19)	12/16/19		(4,659,275	)		(33,780	)
Eurodollars	(37)	03/16/20		(9,091,825	)		(107,011	)
Eurodollars	(54)	06/15/20		(13,281,300	)		(106,023	)
Eurodollars	(34)	09/14/20		(8,367,825	)		(128,429	)
Ultra Long U.S. Treasury Bonds	(45)	09/19/19		(7,990,312	)		(183,469	)
Ultra 10 Year U.S. Treasury Notes	(44)	09/19/19		(6,077,500	)		(129,910	)
Total						$	(696,581	)
TOTAL FUTURES CONTRACTS						$	(128,608	)

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

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

Payments Made by the Fund(a)	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
1.390%	12M LIBOR	11/30/23	$	2,000	(b)	$	6,435	$	4,987	$	1,448

(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 HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations(a) – 4.3%
Multi-National – 4.3%
European Investment Bank(b) (SOFR + 0.290%)
$	7,470,000		2.543	%	06/10/22	$    7,475,005
						7,475,005
Supranational – 2.3%
International Bank for Reconstruction & Development (SOFR + 0.220%)
	9,000,000		2.640		08/21/20	9,002,970
						9,002,970
TOTAL CORPORATE OBLIGATIONS (Cost $16,470,000)						$  16,477,975
Mortgage-Backed Obligations – 34.2%
Collateralized Mortgage Obligations – 24.9%
Interest Only(c) – 0.0%
FNMA REMIC Series 1990-145, Class B
$	2		1,004.961	%	12/25/20	$                  7
Regular Floater – 22.6%
FHLMC REMIC Series 1826, Class F(a) (1M LIBOR + 0.400%)
	4,277		2.840		09/15/21	4,278
FHLMC REMIC Series 3371, Class FA(a) (1M LIBOR + 0.600%)
	601,418		3.040		09/15/37	606,236
FHLMC REMIC Series 3374, Class FT(a) (1M LIBOR + 0.300%)
	129,037		2.740		04/15/37	128,546
FHLMC REMIC Series 3545, Class FA(a) (1M LIBOR + 0.850%)
	159,166		3.290		06/15/39	160,720
FHLMC REMIC Series 4272, Class FD(a) (1M LIBOR + 0.350%)
	3,392,224		2.790		11/15/43	3,378,209
FHLMC REMIC Series 4316, Class FY(a) (1M LIBOR + 0.400%)
	1,043,689		2.840		11/15/39	1,043,497
FHLMC REMIC Series 4477, Class FG(a) (1M LIBOR + 0.300%)
	2,935,682		2.802		10/15/40	2,924,093
FHLMC REMIC Series 4508, Class CF(a) (1M LIBOR + 0.400%)
	8,551,769		2.840		09/15/45	8,551,758
FHLMC REMIC Series 4751, Class EF(a) (1M LIBOR + 0.250%)
	9,971,154		2.690		05/15/41	9,916,411
FHLMC REMIC Series 4751, Class FA(a) (1M LIBOR + 0.250%)
	7,969,713		2.690		03/15/39	7,918,906
FHLMC STRIPS Series 237, Class F23(a) (1M LIBOR + 0.400%)
	233,501		2.840		05/15/36	233,050
FHLMC STRIPS Series 350, Class F2(a) (1M LIBOR + 0.350%)
	11,133,230		2.852		09/15/40	11,146,607
FNMA REMIC Series 1998-66, Class FC(a) (1M LIBOR + 0.500%)
	21,302		2.932		11/17/28	21,349
FNMA REMIC Series 2006-72, Class XF(a) (1M LIBOR + 0.500%)
	222,663		2.930		08/25/36	223,074
FNMA REMIC Series 2007-33, Class HF(a) (1M LIBOR + 0.350%)
	37,370		2.780		04/25/37	37,232
FNMA REMIC Series 2007-36, Class F(a) (1M LIBOR + 0.230%)
	766,584		2.660		04/25/37	760,718
FNMA REMIC Series 2008-22, Class FD(a) (1M LIBOR + 0.840%)
	338,963		3.270		04/25/48	343,552
FNMA REMIC Series 2009-66, Class FP(a) (1M LIBOR + 0.900%)
	13,350,059		3.330		09/25/39	13,566,809
FNMA REMIC Series 2009-75, Class MF(a) (1M LIBOR + 1.150%)
	516,114		3.580		09/25/39	527,414
FNMA REMIC Series 2010-123, Class FL(a) (1M LIBOR + 0.430%)
	1,180,854		2.860		11/25/40	1,180,387
FNMA REMIC Series 2010-8, Class FE(a) (1M LIBOR + 0.790%)
	6,228,138		3.220		02/25/40	6,290,318
FNMA REMIC Series 2011-110, Class FE(a) (1M LIBOR + 0.400%)
	1,977,720		2.830		04/25/41	1,975,526

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater – (continued)
FNMA REMIC Series 2011-63, Class FG(a) (1M LIBOR + 0.450%)
$	410,366		2.880	%	07/25/41	$       410,689
FNMA REMIC Series 2012-56, Class FG(a) (1M LIBOR + 0.500%)
	1,244,730		2.930		03/25/39	1,246,429
FNMA REMIC Series 2013-96, Class FW(a) (1M LIBOR + 0.400%)
	107,958		2.830		09/25/43	108,041
FNMA REMIC Series 2014-19, Class FA(a) (1M LIBOR + 0.400%)
	876,502		2.830		11/25/39	876,353
FNMA REMIC Series 2014-19, Class FJ(a) (1M LIBOR + 0.400%)
	984,702		2.830		11/25/39	984,533
FNMA REMIC Series 2017-45, Class FA(a) (1M LIBOR + 0.320%)
	7,006,990		2.806		06/25/47	6,996,425
NCUA Guaranteed Notes Series 2011-R1, Class 1A(a) (1M LIBOR + 0.450%)
	216,978		2.917		01/08/20	217,047
NCUA Guaranteed Notes Series 2011-R2, Class 1A(a) (1M LIBOR + 0.400%)
	823,469		2.867		02/06/20	823,603
NCUA Guaranteed Notes Series 2011-R3, Class 1A(a) (1M LIBOR + 0.400%)
	603,476		2.851		03/11/20	603,585
NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A(a) (1M LIBOR + 0.450%)
	957,261		2.917		10/07/20	957,898
NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A(a) (1M LIBOR + 0.470%)
	2,642,764		2.937		11/05/20	2,645,562
Silverstone Master Issuer PLC Series 2019-1A, Class 1A (3M LIBOR + 0.570%)
	780,000		3.149		01/21/70	782,216
						87,591,071
Sequential Fixed Rate – 0.1%
FHLMC REMIC Series 4248, Class LM
	506,777		6.500		05/15/41	586,452
Sequential Floating Rate(a) – 2.2%
FHLMC REMIC Series 3588, Class CW
	921,369		4.645		10/15/37	965,246
FNMA REMIC Series 1990-145, Class A
	830		3.508		12/25/20	833
FNMA REMIC Series 1997-20, Class F
	56,435		3.022		03/25/27	56,758
Holmes Master Issuer PLC Series 2018-1A, Class A2(b) (3M USD LIBOR + 0.360%)
	2,834,286		3.147		10/15/54	2,834,935
Permanent Master Issuer PLC Series 2018-1A, Class 1A1(b) (3M USD LIBOR + 0.380%)
	4,500,000		3.167		07/15/58	4,498,983
						8,356,755
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  96,534,285
Commercial Mortgage-Backed Securities(a) – 7.3%
Sequential Floating Rate – 7.3%
FHLMC Multifamily Structured Pass-Through Certificates Series J15L, Class AFL (1M LIBOR + 0.350%)
$	3,740,885		2.781	%	08/25/25	$     3,733,435

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A (1M USD LIBOR + 0.340%)
$	289,385		2.771	%	01/25/21	$       289,370
FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M LIBOR + 0.450%)
	2,291,610		2.881		06/25/23	2,291,608
FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M LIBOR + 0.370%)
	4,339,578		2.801		04/25/24	4,326,032
FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M LIBOR + 0.370%)
	6,324,697		2.801		05/25/24	6,316,888
FHLMC Multifamily Structured Pass-Through Certificates Series KF42, Class A (1M LIBOR + 0.250%)
	3,923,979		2.681		12/25/24	3,899,971
FHLMC Multifamily Structured Pass-Through Certificates Series KS02, Class A (1M LIBOR + 0.380%)
	1,096,774		2.811		08/25/23	1,096,241
FNMA ACES Series 2017-M13, Class FA (1M LIBOR + 0.400%)
	6,367,300		2.842		10/25/24	6,325,396
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$  28,278,941
Federal Agencies – 2.0%
Adjustable Rate FHLMC(a) – 0.8%
(1 Year CMT + 2.130%)
$	521		6.934	%	11/01/19	$              521
(1 Year CMT + 2.278%)
	1,228,320		4.599		01/01/38	1,289,778
(12M MTA + 2.155%)
	5,373		4.189		06/01/31	5,598
(12M USD LIBOR + 1.750%)
	532,055		4.188		05/01/35	559,426
(12M USD LIBOR + 1.860%)
	596,976		4.485		05/01/34	626,509
(3 Year CMT + 2.274%)
	10,825		4.813		05/01/35	11,134
(3 Year CMT + 2.558%)
	298,679		4.315		08/01/28	300,335
(6M CMT + 2.218%)
	64,125		4.942		05/01/29	65,957
(COF + 1.198%)
	3,277		2.448		02/01/31	3,262
(COF + 1.248%)
	11,400		4.456		06/01/30	11,907
(COF + 1.250%)
	352		5.957		01/01/20	354
	1,182		2.375		05/01/21	1,174
	5,575		4.086		06/01/29	5,785
	13,490		2.310		04/01/30	13,313
						2,895,053

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(a) – 0.9%
(1 year CMT + 1.500%)
$	6,287		4.034	%	05/20/22	$           6,269
	49,462		3.805		06/20/24	49,374
(1 Year CMT + 2.000%)
	603		6.812		02/01/22	618
(1 Year CMT + 2.266%)
	431,691		4.681		07/01/33	453,796
(1 Year CMT + 2.360%)
	171,813		4.743		11/01/34	181,184
(12M MTA + 1.200%)
	4,188		3.682		02/01/41	4,259
(12M MTA + 1.400%)
	43,624		3.882		06/01/40	44,547
(12M USD LIBOR + 1.550%)
	1,472,322		2.574		09/01/44	1,500,978
(12M USD LIBOR + 1.969%)
	892,212		4.901		03/01/37	939,273
(6M USD LIBOR + 1.750%)
	8,693		4.500		02/01/23	8,812
(6M USD LIBOR + 1.891%)
	84,156		4.621		01/01/24	85,777
(6M USD LIBOR + 1.925%)
	103,860		4.800		03/01/24	105,905
(COF + 1.250%)
	5,536		3.612		06/01/27	5,590
(COF + 1.250%)
	3,738		4.250		12/01/27	3,902
(COF + 1.250%)
	4,424		4.507		01/01/28	4,650
(COF + 1.250%)
	3,401		2.315		06/01/29	3,338
(COF + 1.250%)
	3,990		2.375		06/01/29	3,939
(COF + 1.254%)
	2,443		4.077		05/01/36	2,524
						3,404,735
Adjustable Rate GNMA(a) – 0.2%
(1 Year CMT + 1.500%)
	540,123		3.625		04/20/33	555,358
	122,038		3.625		05/20/33	126,694
	265,005		3.750		08/20/34	271,277
						953,329
FHLMC – 0.0%
	722		5.500		01/01/20	722
	9,061		7.000		04/01/21	9,136
	8,494		7.000		08/01/21	8,683
	34,055		7.000		05/01/22	35,128
	91,642		7.000		06/01/22	94,535
	848		4.500		05/01/23	875
						149,079
FNMA – 0.1%
	79		5.000		09/01/19	79
	537		5.000		01/01/20	550

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	10,625		7.000	%	07/01/21		$         10,856
	26,951		7.000		11/01/21		27,634
	19,971		7.000		12/01/21		20,071
	21,735		7.000		01/01/22		21,830
	5,747		7.000		02/01/22		5,900
	15,842		6.000		05/01/38		18,211
	20,016		6.000		11/01/38		23,017
	43,238		6.000		09/01/39		49,700
	16,796		6.000		10/01/39		19,248
	11,375		6.000		10/01/40		13,073
	16,518		6.000		05/01/41		18,981
							229,150
GNMA – 0.0%
	17,246		7.000		04/15/26	17,901	18,487
TOTAL FEDERAL AGENCIES							$    7,649,833
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $132,882,042)							$132,463,059
Agency Debenture(a)– 1.9%
FFCB (3M LIBOR + 0.290%)
$	7,200,000		3.625	%	04/11/22		$    7,201,944
(Cost $7,200,000)
Asset-Backed Securities(a) – 50.6%
Automotive – 7.4%
Ally Master Owner Trust Series 2017-3, Class A1(d) (1M LIBOR + 0.430%)
$	11,500,000		2.870	%	06/15/22		$  11,514,606
Chesapeake Funding II LLC Series 2016-2A, Class A2(b) (1M USD LIBOR + 1.000%)
	507,984		3.440		06/15/28		508,636
Chesapeake Funding II LLC Series 2017-3A, Class A2(b) (1M USD LIBOR + 0.340%)
	2,841,544		2.780		08/15/29		2,841,150
GMF Floorplan Owner Revolving Trust Series 2017-2, Class A2(b) (1M LIBOR + 0.430%)
	9,650,000		2.870		07/15/22		9,664,998
Nissan Master Owner Receivables Trust Series 2017-C, Class A (1M USD LIBOR + 0.320%)
	4,100,000		2.760		10/17/22		4,101,575
							28,630,965
Collateralized Loan Obligations(b) – 14.9%
Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%)
	3,600,000		3.815		01/28/31		3,577,878
Apex Credit CLO II LLC Series 2017-2A, Class A (3M USD LIBOR + 1.270%)
	3,000,000		3.903		09/20/29		3,000,267
Barings CLO Ltd. Series 2018-3A, Class A1 (3M USD LIBOR + 0.950%)
	4,000,000		3.711		07/20/29		3,978,508
CBAM CLO Management LLC Series 2017-2A, Class A (3M USD LIBOR + 1.240%)
	3,500,000		4.013		10/17/29		3,498,621
Cedar Funding VII Clo Ltd. Series 18-7A, Class A1 (3M USD LIBOR + 1.000%)
	3,000,000		3.761		01/20/31		2,976,555

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities (a) – (continued)
Collateralized Loan Obligations(b) – (continued)
Dryden 64 CLO Ltd. Series 18-64A, Class A(d) (3M USD LIBOR + 0.970%)
$	5,950,000		3.750	%	04/18/31	$    5,908,463
Jamestown CLO X Ltd. Series 2017-10A, Class A1 (3M USD LIBOR + 1.250%)
	4,750,000		4.023		07/17/29	4,749,924
Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,200,000		3.537		04/15/29	5,148,619
Newfleet CLO Ltd. Series 2016-1A, Class A1R (3M USD LIBOR + 0.950%)
	5,450,000		3.711		04/20/28	5,420,091
OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	6,000,000		3.845		04/26/31	5,936,172
OCP CLO Ltd. Series 2017-13A, Class A1A(d) (3M USD LIBOR + 1.260%)
	3,150,000		4.047		07/15/30	3,150,025
Pikes Peak Clo 2 Series 18-2A, Class A (3M USD LIBOR + 1.290%)
	6,700,000		4.109		01/18/32	6,710,693
WhiteHorse X Ltd. Series 2015-10A, Class A1R (3M USD LIBOR + 0.930%)
	3,750,000		3.703		04/17/27	3,740,734
						57,796,550
Credit Card – 16.5%
American Express Credit Account Master Trust Series 2017-2, Class A (1M LIBOR + 0.450%)
	6,700,000		2.890		09/16/24	6,734,419
CARDS II Trust Series 2017-2A, Class A(b) (1M LIBOR + 0.260%)
	3,600,000		2.700		10/17/22	3,600,205
Citibank Credit Card Issuance Trust Series 2017-A5, Class A5 (1M LIBOR + 0.620%)
	10,100,000		3.056		04/22/26	10,164,258
Citibank Credit Card Issuance Trust Series 2017-A7, Class A7 (1M LIBOR + 0.370%)
	10,750,000		2.837		08/08/24	10,774,292
Evergreen Credit Card Trust Series 2019-1, Class A(b) (1M USD LIBOR + 0.480%)
	8,700,000		2.920		01/15/23	8,725,276
Golden Credit Card Trust Series 2017-4A, Class A(b) (1M USD LIBOR + 0.520%)
	11,200,000		2.960		07/15/24	11,206,132
Golden Credit Card Trust Series 2019-1A, Class A(b) (1M USD LIBOR + 0.450%)
	3,500,000		2.890		12/15/22	3,506,544
Trillium Credit Card Trust II Series 2018-1A, Class A(b)(d) (1M USD LIBOR + 0.250%)
	8,900,000		2.680		02/27/23	8,900,435
						63,611,561
Other(b) – 0.1%
Mill City Mortgage Loan Trust Series 2016-1, Class A1
	558,485		2.500		04/25/57	557,192
Student Loan – 11.7%
Academic Loan Funding Trust Series 2013-1, Class A(b) (1M USD LIBOR + 0.800%)
	2,145,096		3.230		12/26/44	2,143,927
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A (1M USD LIBOR + 0.800%)
	1,819,618		3.230		02/25/41	1,808,571

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities (a) – (continued)
Student Loan – (continued)
Bank of America Student Loan Trust Series 2010-1A, Class A(b) (3M USD LIBOR + 0.800%)
$	798,777		3.571	%	02/25/43	$       801,094
ECMC Group Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.350%)
	1,189,423		3.780		07/26/66	1,198,982
Education Loan Asset-Backed Trust I Series 2013-1, Class A1(b) (1M USD LIBOR + 0.800%)
	897,824		3.230		06/25/26	898,485
Education Loan Asset-Backed Trust I Series 2013-1, Class A2(b) (1M USD LIBOR + 0.800%)
	3,000,000		3.230		04/26/32	2,998,553
Educational Funding of the South, Inc. Series 2012-1, Class A (1M USD LIBOR + 1.050%)
	1,587,212		3.480		03/25/36	1,591,270
Educational Services of America, Inc. Series 2010-1, Class A1(b) (3M USD LIBOR + 0.850%)
	579,307		3.621		07/25/23	579,600
Educational Services of America, Inc. Series 2012-1, Class A1(b) (1M USD LIBOR + 1.150%)
	1,514,383		3.580		09/25/40	1,515,924
Educational Services of America, Inc. Series 2014-1, Class A(b) (1M USD LIBOR + 0.700%)
	1,599,512		3.130		02/25/39	1,595,942
EFS Volunteer No. 2 LLC Series 2012-1, Class A2(b) (1M USD LIBOR + 1.350%)
	1,950,000		3.780		03/25/36	1,961,478
EFS Volunteer No. 3 LLC Series 2012-1, Class A3(b) (1M USD LIBOR + 1.000%)
	1,113,984		3.430		04/25/33	1,111,538
GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L(b) (3M LIBOR + 0.110%)
	799,544		2.761		11/25/26	798,047
Goal Capital Funding Trust Series 2010-1, Class A(b) (3M USD LIBOR + 0.700%)
	40,722		3.351		08/25/48	40,863
Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)
	1,500,054		3.701		05/25/34	1,510,103
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,068,201		3.671		07/25/45	1,073,153
Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1 (1M USD LIBOR + 0.750%)
	3,543,102		3.236		12/01/31	3,466,854
Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	1,229,302		3.601		02/25/42	1,229,821
Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%)
	381,893		3.721		04/25/38	382,586
Missouri Higher Education Loan Authority Series 2010-2, Class A1 (3M USD LIBOR + 0.850%)
	2,080,464		3.501		08/27/29	2,107,458
Missouri Higher Education Loan Authority Series 2011-1, Class A1 (3M USD LIBOR + 0.850%)
	3,378,186		3.452		06/25/36	3,384,291
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	2,126,518		3.441		05/20/30	2,129,013

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities (a) – (continued)
Student Loan – (continued)
NCUA Guaranteed Notes Series 2010-A1, Class A (1M LIBOR + 0.350%)
$	181,647		2.813	%	12/07/20	$       181,670
Nelnet Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	347,001		2.871		01/25/30	346,935
Northstar Education Finance, Inc. Series 2012-1, Class A(b) (1M USD LIBOR + 0.700%)
	430,046		3.130		12/26/31	429,318
Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%)
	1,521,667		3.386		07/01/31	1,509,445
Scholar Funding Trust Series 2010-A, Class A(b) (3M USD LIBOR + 0.750%)
	786,039		3.515		10/28/41	771,312
Scholar Funding Trust Series 2013-A, Class A(b) (1M USD LIBOR + 0.650%)
	2,134,552		3.080		01/30/45	2,120,447
SLC Student Loan Center Series 2011-1, Class A(b) (1M USD LIBOR + 1.220%)
	675,730		3.650		10/25/27	678,314
SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%)
	599,694		3.526		11/25/42	600,894
SLM Student Loan Trust Series 2004-8A, Class A5(b) (3M USD LIBOR + 0.500%)
	245,675		3.271		04/25/24	245,793
SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	491,489		3.521		04/25/23	488,304
SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	283,231		4.471		07/25/23	286,449
South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	343,565		3.187		10/01/24	344,472
Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	900,000		3.586		05/01/35	905,598
Utah State Board of Regents Series 2015-1, Class A (1M USD LIBOR + 0.600%)
	1,842,970		3.030		02/25/43	1,818,720
Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	26,370		2.901		01/26/26	26,365
						45,081,589
TOTAL ASSET-BACKED SECURITIES (Cost $195,611,284)						$195,677,857
Municipal Debt Obligations(a) – 3.2%
Alaska – 0.4%
Alaska State Student Loan Corp. Series 2013, Class A (1M USD LIBOR + 0.500%)
$	1,328,708		2.930	%	08/25/31	$    1,327,369

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations (a) – (continued)
New Hampshire(d) – 0.8%
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
$	1,285,001		3.620	%	10/25/37	$    1,291,074
New Hampshire State Higher Education Loan Corp. (Taxable-Student Loan) Series 2012-1 (1M USD LIBOR + 0.500%)
	1,953,626		2.930		10/25/28	1,954,330
						3,245,404
Rhode Island(d) – 0.1%
Rhode Island Student Loan Authority RB (Taxable - FFELP Loan Backed) Series 2014-1 (1M USD LIBOR + 0.700%)
	400,138		3.186		10/02/28	399,674
Utah – 1.9%
Utah State Board of Regents RB (Taxable-Student Loan) Series 2012-1 (1M USD LIBOR + 0.750%)
	7,105,686		3.180		12/26/31	7,117,978
Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2(d) (3M USD LIBOR + 0.850%)
	324,556		3.586		05/01/29	325,439
						7,443,417
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $12,404,933)						$  12,415,864
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $364,568,259)						$364,236,699
Short-term Investments – 0.9%
Certificate of Deposit – 0.5%
Citigroup Holdings, Inc.
$	2,100,000		2.510	%	07/01/19	$    2,100,000
						2,100,000
Commercial Paper – 0.4%
VW Credit, Inc.(e)
	1,650,000		0.000		12/06/19	1,630,578
						1,630,578
TOTAL SHORT-TERM INVESTMENTS (Cost $3,726,827)						$    3,730,578
TOTAL INVESTMENTS – 95.1% (Cost $368,295,086)						$367,967,277
OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.9%						18,830,105
NET ASSETS – 100.0%						$386,797,382

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2019.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(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.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
ACES	— Alternative Credit Enhancement Securities
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
COF	— Cost of Funds Index
FFCB	— Federal Farm Credit Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
MTA	— Monthly Treasury Average
NCUA	— National Credit Union Administration
PLC	— Public Limited Company
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Funding Rate
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 HIGH QUALITY FLOATING RATE 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:
5 Year U.S. Treasury Notes	157	09/30/19	$	18,550,531		$	262,388
Short position contracts:
Eurodollars	(6)	03/16/20		(1,474,350	)		(9,464	)
Eurodollars	(30)	06/15/20		(7,378,500	)		(50,538	)
20 Year U.S. Treasury Bonds	(3)	09/19/19		(466,781	)		(9,550	)
Ultra Long U.S. Treasury Bonds	(7)	09/19/19		(1,242,937	)		(39,021	)
Ultra 10 Year U.S. Treasury Notes	(15)	09/19/19		(2,071,875	)		(43,741	)
2 Year U.S. Treasury Notes	(72)	09/30/19		(15,492,938	)		(73,623	)
10 Year U.S. Treasury Notes	(25)	09/19/19		(3,199,219	)		(56,299	)
Total						$	(282,235	)
TOTAL FUTURES CONTRACTS						$	(19,847	)

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

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund	Termination Date		Notional Amount (000s)(b)		Market Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
3 month LIBOR	1.951%		06/15/21	$	9,640	$	77,007	$	1,161	$	75,846
1.390%	3M LIBOR		11/30/23		2,800		9,008		6,981		2,027
TOTAL						$	86,015	$	8,142	$	77,873

(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 INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 96.5%
United States Treasury Inflation Indexed Bonds
$	4,803,437		1.250	%	07/15/20	$    4,834,144
	19,296,916		0.125		04/15/21	19,117,714
	11,903,220		0.625		07/15/21	11,980,277
	73,836,871		0.125	(a)	04/15/22	73,261,806
	37,524,927		0.125		01/15/23	37,312,547
	4,848,390		0.375		07/15/25	4,903,196
	37,904,325		0.625		01/15/26	38,831,996
	42,423,616		0.125		07/15/26	42,153,728
	10,471,428		0.375		01/15/27	10,546,356
	12,951,800		0.375		07/15/27	13,079,029
	25,170,669		0.500		01/15/28	25,595,858
	17,507,364		0.750		07/15/28	18,252,858
	297,513		2.500	(a)	01/15/29	358,090
	6,667,860		0.625		02/15/43	6,465,943
	34,544,413		1.375		02/15/44	39,214,963
	19,747,364		0.750		02/15/45	19,551,942
United States Treasury Notes
	3,000,000		1.875		06/30/26	2,999,850
	7,470,000		2.875		08/15/28	8,023,247
TOTAL U.S. TREASURY OBLIGATIONS (Cost $365,346,559)						$376,483,544
Shares		Dividend Rate				Value
Investment Company(b) – 2.8%
Goldman Sachs Financial Square Government Fund - Institutional Shares
11,095,376			2.308%			$  11,095,376
(Cost $11,095,376)
TOTAL INVESTMENTS – 99.3% (Cost $376,441,935)						$387,578,920
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%						2,649,861
NET ASSETS – 100.0%						$390,228,781

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	Represents an affiliated issuer.

Investment Abbreviations:
LIBOR	— London 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 INFLATION PROTECTED SECURITIES 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:
Eurodollars	8	09/16/19	$	1,959,900		$	3,956
Eurodollars	6	12/16/19		1,471,350			619
Ultra Long U.S. Treasury Bonds	12	09/19/19		2,130,750			34,705
5 Year U.S. Treasury Notes	735	09/30/19		86,844,844			1,189,840
10 Year U.S. Treasury Notes	10	09/19/19		1,279,687			23,732
Total						$	1,252,852
Short position contracts:
Eurodollars	(12)	03/16/20		(2,948,700	)		(18,928	)
Eurodollars	(63)	06/15/20		(15,494,850	)		(106,158	)
Eurodollars	(26)	09/14/20		(6,398,925	)		(83,910	)
Ultra 10 Year U.S. Treasury Notes	(8)	09/19/19		(1,105,000	)		(20,632	)
2 Year U.S. Treasury Notes	(167)	09/30/19		(35,935,008	)		(189,636	)
20 Year U.S. Treasury Bonds	(127)	09/19/19		(19,760,406	)		(529,314	)
Total						$	(948,578	)
TOTAL FUTURES CONTRACTS						$	304,274

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)
3 Month LIBOR(a)	1.951%		06/15/21	$	22,920	(b)	$	183,092		$	2,761		$	180,331
1.390%(a)	3M LIBOR		11/30/23		5,900	(b)		18,982			14,711			4,271
2.251(c)	3M LIBOR		02/20/24		17,900			(456,116	)		144			(456,260	)
2.104(c)	3M LIBOR		12/14/24		10,000			(166,958	)		104			(167,062	)
2.014(c)	3M LIBOR		02/06/26		6,100			(75,145	)		77			(75,222	)
2.015(c)	3M LIBOR		02/06/26		6,100			(75,359	)		77			(75,436	)
2.007(c)	3M LIBOR		02/07/26		6,300			(73,901	)		80			(73,981	)
1.510(a)	3M LIBOR		04/30/26		6,350	(b)		24,910			66			24,844
3.000(d)	3M LIBOR		09/18/26		14,660	(b)		(1,129,777	)		(932,583	)		(197,194	)
3M LIBOR(c)	2.110		02/06/29		6,100			123,142			89			123,053
3M LIBOR(c)	2.112		02/06/29		6,100			124,389			89			124,300
3M LIBOR(c)	2.103		02/07/29		6,300			121,766			92			121,674
TOTAL							$	(1,380,975	)	$	(914,293	)	$	(466,682	)

(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.

(c) Payments made at termination date.

(d) Payments made semi-annually.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 42.8%
Collateralized Mortgage Obligations – 7.7%
Interest Only(a) – 0.0%
FHLMC REMIC Series 1161, Class U
$	29		1,172.807	%	11/15/21	$                 259
Inverse Floaters(b) – 0.0%
FNMA REMIC Series 1990-134, Class SC(-1x1M LIBOR + 21.600%)
	929		17.955		11/25/20	988
Regular Floater(b) – 1.3%
FNMA REMIC Series 2007-33, Class HF (1M LIBOR + 0.350%)
	321,610		2.780		04/25/37	320,421
NCUA Guaranteed Notes Series 2011-R1, Class 1A (1M LIBOR + 0.450%)
	1,270,869		2.917		01/08/20	1,271,275
NCUA Guaranteed Notes Series 2011-R2, Class 1A (1M LIBOR + 0.400%)
	5,517,242		2.867		02/06/20	5,518,141
NCUA Guaranteed Notes Series 2011-R3, Class 1A (1M LIBOR + 0.400%)
	4,090,223		2.851		03/11/20	4,090,964
NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	1,167,723		2.917		10/07/20	1,168,500
						12,369,301
Sequential Fixed Rate – 6.4%
FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 2A(c)
	1,815,484		3.250		04/25/38	1,819,151
FHLMC REMIC Series 108, Class G
	335		8.500		12/15/20	336
FHLMC REMIC Series 1980, Class Z
	283,017		7.000		07/15/27	317,882
FHLMC REMIC Series 2019, Class Z
	202,018		6.500		12/15/27	220,675
FHLMC REMIC Series 2755, Class ZA
	584,242		5.000		02/15/34	642,797
FHLMC REMIC Series 3530, Class DB
	2,313,890		4.000		05/15/24	2,386,490
FHLMC REMIC Series 4273, Class PD
	914,280		6.500		11/15/43	1,069,486
FHLMC REMIC Series 4619, Class NA
	3,544,813		3.000		03/15/44	3,647,056
FHLMC REMIC Series 4663, Class KA
	29,097,756		3.500		11/15/42	29,862,651
FNMA REMIC Series 1990-16, Class E
	7,636		9.000		03/25/20	7,722
FNMA REMIC Series 2012-111, Class B
	365,969		7.000		10/25/42	425,095
FNMA REMIC Series 2012-153, Class B
	1,315,591		7.000		07/25/42	1,536,563
FNMA REMIC Series 2015-30, Class EA
	6,035,596		3.000		05/25/45	6,192,714
GNMA REMIC Series 2019-35, Class A
	13,718,331		4.000		12/20/48	14,383,603
						62,512,221
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$    74,882,769

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 3.9%
Sequential Fixed Rate – 3.6%
FHLMC Multifamily Structured Pass Through Certificates Series K716, Class A2
$	16,100,000		3.130	%	06/25/21	$     16,322,726
FHLMC Multifamily Structured Pass Through Certificates Series K717, Class A2
	18,600,000		2.991		09/25/21	18,869,090
						35,191,816
Sequential Floating Rate(b) – 0.3%
FHLMC Multifamily Structured Pass Through Certificates Series KP02, Class A2
	3,081,221		2.355		04/25/21	3,076,721
FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A (1M USD LIBOR + 0.340%)
	220,802		2.771		01/25/21	220,791
						3,297,512
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$     38,489,328
Federal Agencies – 31.2%
Adjustable Rate FHLMC(b) – 0.7%
(1 Year CMT + 2.250%)
$	900,933		4.569	%	06/01/35	$          947,989
(12M USD LIBOR + 1.611%)
	4,402,025		2.543		11/01/44	4,470,295
(12M USD LIBOR + 1.730%)
	304,094		3.059		06/01/42	314,336
(12M USD LIBOR + 1.840%)
	336,359		4.507		11/01/34	353,597
(12M USD LIBOR + 2.000%)
	11,011		4.875		11/01/36	11,543
(12M USD LIBOR + 2.330%)
	81,892		4.790		05/01/36	86,348
(3 Year CMT + 2.000%)
	5		3.102		10/01/25	5
(6M USD LIBOR + 2.055%)
	14,532		4.929		10/01/36	15,187
						6,199,300
Adjustable Rate FNMA(b) – 0.9%
(1 Year CMT + 2.074%)
	147,942		4.434		10/01/35	155,692
(1 Year CMT + 2.195%)
	376		4.755		02/01/27	378
(1 Year CMT + 2.220%)
	466,174		4.393		06/01/34	490,319
(1 Year CMT + 2.255%)
	1,078		4.505		07/01/32	1,133
(1 Year CMT + 2.288%)
	427,128		4.994		02/01/34	448,851
(12M MTA + 1.948%)
	187,543		4.389		04/01/36	195,539

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – (continued)
(12M MTA + 2.356%)
$	919,442		4.828	%	07/01/36	$          972,397
(12M MTA + 2.464%)
	376,215		4.789		06/01/36	399,301
(12M USD LIBOR + 1.225%)
	10,921		4.100		01/01/33	11,241
(12M USD LIBOR + 1.325%)
	462,917		4.305		04/01/35	480,100
(12M USD LIBOR + 1.404%)
	158,220		4.404		05/01/35	164,554
(12M USD LIBOR + 1.506%)
	108,765		4.631		02/01/35	113,377
(12M USD LIBOR + 1.510%)
	51,972		4.635		02/01/35	54,253
(12M USD LIBOR + 1.637%)
	136,323		4.491		10/01/34	142,565
(12M USD LIBOR + 1.643%)
	194,973		4.668		03/01/35	204,340
(12M USD LIBOR + 1.667%)
	255,328		4.417		10/01/34	267,109
(12M USD LIBOR + 1.695%)
	226,057		4.570		05/01/34	237,519
(12M USD LIBOR + 1.720%)
	404,127		4.650		05/01/34	424,204
(12M USD LIBOR + 1.720%)
	191,938		4.845		03/01/35	201,586
(12M USD LIBOR + 1.720%)
	82,164		4.720		04/01/35	86,535
(12M USD LIBOR + 1.720%)
	427,754		4.829		03/01/36	447,859
(12M USD LIBOR + 1.755%)
	30,424		4.505		07/01/32	31,766
(12M USD LIBOR + 1.771%)
	694,938		4.673		07/01/37	730,837
(12M USD LIBOR + 1.800%)
	460,903		4.724		05/01/33	485,053
(12M USD LIBOR + 1.820%)
	27,180		4.756		12/01/46	28,724
(12M USD LIBOR + 1.894%)
	583,596		4.643		06/01/36	612,402
(12M USD LIBOR + 1.935%)
	169,265		4.810		11/01/36	177,821
(12M USD LIBOR + 1.951%)
	763,160		4.953		04/01/36	805,053
(6M USD LIBOR + 2.250%)
	112,455		5.125		08/01/33	117,367
(COF + 1.250%)
	568,848		4.608		08/01/33	599,848
(COF + 1.799%)
	32,676		2.757		08/01/29	32,692
						9,120,415
Adjustable Rate GNMA(b) – 0.3%
(1 Year CMT + 1.500%)
	142,271		3.625		05/20/34	146,251
	299,643		3.750		07/20/34	306,986
	232,026		3.750		08/20/34	237,518
	1,745,413		3.750		09/20/34	1,788,934
	206,781		4.125		10/20/34	212,675

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(b) – (continued)
$	306,730		4.125	%	12/20/34	$          314,915
						3,007,279
FHLMC – 0.8%
	3,573		5.500		01/01/20	3,574
	49,991		7.000		04/01/22	51,352
	848		4.500		05/01/23	875
	11,611		7.500		01/01/31	12,441
	35,107		4.500		07/01/33	37,114
	975,231		4.500		08/01/33	1,038,417
	2,038,875		4.500		09/01/33	2,166,006
	200,994		4.500		10/01/33	215,033
	4,514		4.500		04/01/34	4,781
	4,857		4.500		04/01/35	5,216
	2,892		4.500		07/01/35	3,097
	9,597		4.500		08/01/35	10,299
	36,892		4.500		09/01/35	39,220
	19,474		4.500		10/01/35	20,645
	1,994		4.500		12/01/35	2,097
	1,291		4.500		05/01/36	1,387
	1,186		6.000		06/01/36	1,279
	119,916		4.500		01/01/38	128,796
	2,202		4.500		04/01/38	2,355
	502		4.500		05/01/38	539
	7,209		4.500		06/01/38	7,630
	189,372		4.500		09/01/38	204,830
	3,925		4.500		01/01/39	4,193
	112,404		4.500		02/01/39	120,805
	54,162		4.500		03/01/39	58,220
	11,685		4.500		04/01/39	12,560
	329,262		4.500		05/01/39	353,927
	927,452		4.500		06/01/39	996,933
	20,787		4.500		07/01/39	22,345
	42,192		4.500		08/01/39	45,353
	55,829		4.500		09/01/39	60,013
	11,851		4.500		10/01/39	12,739
	22,324		4.500		11/01/39	23,997
	47,398		4.500		12/01/39	50,949
	36,868		4.500		01/01/40	39,630
	10,016		4.500		02/01/40	10,751
	29,583		4.500		04/01/40	31,734
	43,488		4.500		05/01/40	46,628
	50,878		4.500		06/01/40	54,552
	52,468		4.500		07/01/40	56,256
	44,350		4.500		08/01/40	47,551
	28,454		4.500		09/01/40	30,508
	10,703		4.500		10/01/40	11,475
	17,557		4.500		02/01/41	18,825
	35,005		4.500		03/01/41	37,542
	105,944		4.500		04/01/41	113,620
	86,858		4.500		05/01/41	93,151
	165,418		4.500		06/01/41	177,403
	12,505		4.500		07/01/41	13,412
	387,959		4.500		08/01/41	416,067
	430,585		4.500		09/01/41	461,674
	25,907		4.500		12/01/41	27,784
	312,984		4.500		03/01/42	335,661
						7,743,241

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – 19.4%
$	20		5.500	%	08/01/19	$                   20
	143		5.000		09/01/19	143
	112		7.000		11/01/19	112
	28,556,386		4.313		07/01/21	29,634,706
	383,910		5.500		09/01/23	398,013
	108,518		5.500		10/01/23	112,555
	944,685		6.000		02/01/24	1,036,984
	12,337		6.000		01/01/29	13,503
	16,750		6.000		12/01/31	18,698
	63,571		6.000		09/01/32	71,618
	41,174		6.000		10/01/32	46,624
	38,082		6.000		11/01/32	42,836
	14,517		6.000		02/01/33	16,369
	11,375		6.000		03/01/33	12,901
	2,769		6.000		04/01/33	3,135
	2,725		6.000		11/01/33	3,089
	23,122,388		6.000		05/01/34	26,006,115
	56,574		6.000		07/01/34	64,346
	4,229		6.000		10/01/34	4,816
	105,343		6.000		01/01/35	119,671
	84,703		6.000		03/01/35	96,018
	1,394,203		6.000		04/01/35	1,573,737
	140,834		6.000		05/01/35	160,947
	209,489		6.000		06/01/35	239,571
	33,122		6.000		08/01/35	37,900
	67,026		6.000		09/01/35	76,617
	626,167		6.000		11/01/35	716,314
	670,218		6.000		12/01/35	764,155
	1,348,123		6.000		01/01/36	1,539,774
	492,592		6.000		02/01/36	563,612
	285,653		6.000		03/01/36	327,046
	1,848,070		6.000		04/01/36	2,112,671
	355,130		6.000		05/01/36	407,040
	324,579		6.000		06/01/36	371,661
	656,569		6.000		07/01/36	751,314
	3,665,498		6.000		08/01/36	4,192,330
	869,686		6.000		09/01/36	980,245
	1,532,483		6.000		10/01/36	1,757,393
	525,263		4.500		11/01/36	562,956
	2,426,894		6.000		11/01/36	2,783,277
	383,007		6.000		12/01/36	439,929
	7,311		6.000		01/01/37	8,408
	167,032		6.000		02/01/37	191,445
	428,313		6.000		03/01/37	491,318
	275,763		6.000		04/01/37	316,477
	6,606,385		6.000		05/01/37	7,565,730
	419,316		6.000		07/01/37	481,482
	755,139		6.000		08/01/37	866,847
	472,295		6.000		09/01/37	542,094
	158,927		6.000		10/01/37	182,820
	229,468		7.500		10/01/37	265,026
	351,891		6.000		11/01/37	404,796
	2,538,701		6.000		12/01/37	2,919,576
	2,954,541		6.000		01/01/38	3,396,369
	1,958,980		6.000		02/01/38	2,249,101
	335,283		6.000		03/01/38	385,791
	3,761		6.000		04/01/38	4,308
	6,159,086		6.000		05/01/38	7,073,486
	69,976		6.000		06/01/38	80,398
	7,475,073		6.000		07/01/38	8,593,420
	152,412		6.000		08/01/38	174,648
	642,380		6.000		09/01/38	738,849
	97,696		6.000		10/01/38	112,210
	890,341		6.000		11/01/38	1,018,694
	686,590		6.000		12/01/38	795,310

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	114,561		6.000	%		01/01/39		$          131,751
	126,667		4.500			02/01/39		135,925
	114,137		4.500			04/01/39		122,619
	206,614		6.000			04/01/39		237,465
	7,633		4.500			08/01/39		8,288
	359,889		6.000			08/01/39		412,500
	3,281,818		6.000			09/01/39		3,772,051
	792,058		6.000			10/01/39		910,758
	28,892		6.000			11/01/39		33,229
	738,901		6.000			01/01/40		849,215
	1,720		6.000			02/01/40		1,979
	78,350		6.000			03/01/40		89,724
	11,732		6.000			04/01/40		13,497
	830,469		6.000			06/01/40		955,970
	361,620		6.000			07/01/40		415,637
	84,599		6.000			09/01/40		96,955
	575,616		6.000			10/01/40		661,604
	464,023		6.000			11/01/40		532,344
	22,460		6.000			04/01/41		25,769
	10,218		4.500			05/01/41		10,951
	17,931,321		6.000			05/01/41		20,555,379
	1,103,912		6.000			07/01/41		1,266,341
	449,497		4.500			08/01/41		479,680
	130,592		4.500			10/01/41		139,963
	13,000,000		3.500			TBA-30yr	(d)	13,289,697
	9,000,000		4.000			TBA-30yr	(d)	9,301,073
	17,000,000		4.500			TBA-30yr	(d)	17,763,484
								189,133,212
GNMA – 9.1%
	10,139		5.500			07/15/20		10,212
	1,290		6.500			01/15/32		1,417
	6,715		6.500			02/15/32		7,377
	5,940		6.500			08/15/34		6,768
	11,505		6.500			05/15/35		13,280
	2,922		6.500			06/15/35		3,366
	7,855		6.500			07/15/35		9,071
	3,027		6.500			08/15/35		3,504
	6,407		6.500			09/15/35		7,396
	2,416		6.500			10/15/35		2,795
	15,445		6.500			11/15/35		17,871
	10,574		6.500			12/15/35		12,084
	26,598		6.500			01/15/36		30,711
	32,129		6.500			02/15/36		37,169
	18,095		6.500			03/15/36		20,919
	58,630		6.500			04/15/36		67,300
	97,950		6.500			05/15/36		113,271
	69,429		6.500			06/15/36		80,338
	254,074		6.500			07/15/36		292,250
	261,116		6.500			08/15/36		300,487
	481,742		6.500			09/15/36		556,586
	184,296		6.500			10/15/36		212,882
	244,575		6.500			11/15/36		281,805
	122,585		6.500			12/15/36		141,772
	63,963		6.500			01/15/37		74,214
	24,218		6.500			02/15/37		28,047
	10,683		6.500			03/15/37		12,379
	29,321		6.500			04/15/37		34,044
	17,161		6.500			05/15/37		19,684
	16,536		6.500			08/15/37		19,156

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	68,075		6.500	%		09/15/37		$            78,489
	75,688		6.500			10/15/37		89,534
	32,929		6.500			11/15/37		37,723
	14,511		6.500			05/15/38		16,934
	58,862		6.000			11/15/38		67,558
	13,720		6.500			11/15/38		16,000
	6,312		6.500			01/15/39		7,116
	17,691		6.500			02/15/39		20,476
	12,505,296		4.500			08/20/47		13,185,721
	341,123		4.500			02/20/48		358,181
	1,003,141		4.500			05/20/48		1,050,121
	8,050,217		4.500			09/20/48		8,404,590
	4,000,000		3.500			TBA-30yr	(d)	4,128,145
	52,000,000		4.000			TBA-30yr	(d)	53,906,944
	5,000,000		4.500			TBA-30yr	(d)	5,212,096
								88,997,783
TOTAL FEDERAL AGENCIES								$   304,201,230
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $418,480,101)								$   417,573,327
Agency Debentures – 8.4%
FFCB(b)
(1 Day FCPR - 2.800%)
$	5,000,000		2.700	%		03/14/22		$       5,002,700
(3M LIBOR + 0.290%)
	18,100,000		2.386			04/11/22		18,104,887
FHLB
	7,000,000		1.875			03/13/20		6,987,120
	1,800,000		5.375			08/15/24		2,103,570
FNMA
	5,200,000		6.250			05/15/29		7,022,600
	16,080,000		7.125			01/15/30		23,305,226
Hashemite Kingdom of Jordan Government AID Bond(e)
	19,300,000		2.503			10/30/20		19,438,381
TOTAL AGENCY DEBENTURES (Cost $80,113,605)								$     81,964,484
Asset-Backed Securities(b) – 0.1%
Student Loan – 0.1%
NCUA Guaranteed Notes Series 2010-A1, Class A (1M LIBOR + 0.350%)
$	1,120,155		2.813	%		12/07/20		$       1,120,296
(Cost $1,120,155)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – 57.9%
United States Treasury Bonds
$	5,970,000		3.750	%(f)		11/15/43	$       7,344,033
	10,000		3.000	(f)		11/15/45	10,931
	200,000		2.875			11/15/46	213,750
	920,000		3.000	(f)		05/15/47	1,006,394
	110,000		3.000	(f)		02/15/48	120,313
	1,920,000		3.375			11/15/48	2,256,600
United States Treasury Floating Rate Note(b)
	12,100,000		2.211			01/31/21	12,089,292
United States Treasury Inflation Indexed Note
	3,399,686		0.750			07/15/28	3,544,450
United States Treasury Notes
	1,040,000		2.375	(f)		04/30/20	1,043,047
	104,300,000		2.625			07/31/20	105,057,805
	165,400,000		2.250			03/31/21	166,653,423
	37,900,000		1.375			04/30/21	37,612,789
	164,270,000		2.625			07/15/21	167,080,558
	26,300,000		1.875			02/28/22	26,392,461
	7,100,000		2.625			12/31/23	7,364,586
	5,470,000		2.125			11/30/24	5,560,597
	860,000		2.875			08/15/28	923,694
United States Treasury Strip Coupon(g)
	28,900,000		0.000			11/15/35	19,526,836
	2,800,000		0.000			05/15/36	1,864,999
TOTAL U.S. TREASURY OBLIGATIONS (Cost $558,730,403)							$   565,666,558
TOTAL INVESTMENTS – 109.2% (Cost $1,058,444,264)							$1,066,324,665
LIABILITIES IN EXCESS OF     OTHER ASSETS – (9.2)%							(90,009,035)
NET ASSETS – 100.0%							$   976,315,630

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)	Exempt from registration under Rule 144A of the Securities Act of 1933.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

(d)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $103,601,439 which represents approximately 10.6% of the Fund’s net assets as of June 30, 2019.
(e)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $19,438,381, which represents approximately 2.0% of the Fund’s net assets as of June 30, 2019.
(f)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
COF	— Cost of Funds Index
FDIC	— Federal Deposit Insurance Corp.
FFCB	— Federal Farm Credit Bank
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
MTA	— Monthly Treasury Average
NCUA	— National Credit Union Administration
REMIC	— Real Estate Mortgage Investment Conduit
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 SHORT DURATION GOVERNMENT 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:
Eurodollars	6	09/16/19	$	1,469,925		$	1,636
Eurodollars	12	03/16/20		2,948,700			3,951
Eurodollars	222	12/14/20		54,636,975			312,224
2 Year U.S. Treasury Notes	2,263	09/30/19		486,951,634			2,907,456
Total						$	3,225,267
Short position contracts:
Eurodollars	(314)	12/16/19		(77,000,650	)		(432,479	)
Eurodollars	(314)	06/15/20		(77,228,300	)		(278,027	)
Eurodollars	(259)	09/14/20		(63,743,138	)		(564,974	)
Ultra 10 Year U.S. Treasury Notes	(154)	09/19/19		(21,271,250	)		(454,051	)
5 Year U.S. Treasury Notes	(445)	09/30/19		(52,579,531	)		(517,339	)
10 Year U.S. Treasury Notes	(223)	09/19/19		(28,537,031	)		24,818
20 Year U.S. Treasury Bonds	(438)	09/19/19		(68,150,063	)		(1,772,730	)
Total						$	(3,994,782	)
TOTAL FUTURES CONTRACTS						$	(769,515	)

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 69.5%
Advertising – 0.2%
The Interpublic Group of Cos., Inc.
$	1,150,000		3.500	%	10/01/20	$    1,164,939
Aerospace & Defense – 0.6%
Northrop Grumman Corp.
	2,400,000		2.080		10/15/20	2,395,800
United Technologies Corp.(a)(b) (3M USD LIBOR + 0.650%)
	2,400,000		3.175		08/16/21	2,402,472
						4,798,272
Agriculture(a) – 1.0%
Altria Group, Inc.
	2,350,000		3.800		02/14/24	2,450,251
BAT Capital Corp.
	4,925,000		2.764		08/15/22	4,935,096
						7,385,347
Airlines – 0.4%
Delta Air Lines, Inc.
	2,575,000		3.400		04/19/21	2,614,194
Automotive – 1.3%
Daimler Finance North America LLC(c)
	500,000		2.450		05/18/20	499,515
Ford Motor Credit Co. LLC
	3,150,000		8.125		01/15/20	3,237,097
General Motors Financial Co., Inc.
	700,000		3.200	(a)	07/06/21	704,928
	1,450,000		4.200		11/06/21	1,492,326
	846,000		3.700	(a)	05/09/23	858,445
Volkswagen Group of America Finance LLC(b)(c) (3M USD LIBOR + 0.770%)
	3,000,000		3.305		11/13/20	3,012,630
						9,804,941
Banks – 17.7%
Banco Bilbao Vizcaya Argentaria SA
	1,025,000		3.000		10/20/20	1,032,114
Banco do Brasil SA
	350,000		4.750		03/20/24	365,975
Banco Santander SA
	1,800,000		3.848		04/12/23	1,867,410
	2,600,000		2.706		06/27/24	2,604,160
Bank of America Corp.(a)
	6,175,000		2.151		11/09/20	6,158,266
	3,075,000		2.503		10/21/22	3,081,919
(3M USD LIBOR + 0.630%)
	1,800,000		3.499	(b)	05/17/22	1,835,334
(3M USD LIBOR + 0.660%)
	1,250,000		2.369	(b)	07/21/21	1,248,588
Bank of America NA(a)(b) (3M USD LIBOR + 0.650%)
	500,000		3.335		01/25/23	512,895

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Banque Federative du Credit Mutuel SA(c)
$	2,800,000		3.750	%	07/20/23	$    2,926,308
Barclays Bank PLC
	1,100,000		5.140		10/14/20	1,131,009
	1,600,000		2.650	(a)	01/11/21	1,602,624
Barclays PLC(a)(b) (3M USD LIBOR + 1.380%)
	2,550,000		3.905		05/16/24	2,517,258
BNP Paribas SA(c)
	1,650,000		3.500		03/01/23	1,694,369
BPCE SA(c)
	2,425,000		3.000		05/22/22	2,448,619
Citibank NA(a)
	925,000		2.125		10/20/20	922,937
	1,425,000		3.650		01/23/24	1,497,974
Citigroup, Inc.
5,500,000			2.350		08/02/21	5,494,610
(3M USD LIBOR + 0.950%)
	3,750,000		2.876	(a)(b)	07/24/23	3,795,187
Citizens Bank NA(a)
	2,900,000		3.250		02/14/22	2,952,287
Credit Suisse AG
	155,000		5.400		01/14/20	157,314
Credit Suisse Group Funding Guernsey Ltd.
	5,375,000		3.450		04/16/21	5,458,097
HSBC Holdings PLC
	1,050,000		2.950		05/25/21	1,059,146
(3M USD LIBOR + 1.000%)
	1,300,000		3.520	(a)(b)	05/18/24	1,302,444
ING Groep NV
	1,525,000		4.100		10/02/23	1,609,775
JPMorgan Chase & Co.
	1,250,000		2.295	(a)	08/15/21	1,248,000
	6,000,000		3.200		01/25/23	6,151,292
(3M USD LIBOR + 0.695%)
	2,050,000		3.207	(a)(b)	04/01/23	2,090,365
(3M USD LIBOR + 0.730%)
	7,125,000		3.559	(a)(b)	04/23/24	7,388,055
Lloyds Bank PLC
	1,975,000		3.300		05/07/21	2,003,282
(3M USD LIBOR + 0.490%)
	1,875,000		3.055	(b)	05/07/21	1,875,488
Mitsubishi UFJ Financial Group, Inc.
	6,950,000		3.407		03/07/24	7,200,895
Morgan Stanley
	7,550,000		2.625		11/17/21	7,594,092
(3M USD LIBOR + 0.847%)
	5,175,000		3.737	(a)(b)	04/24/24	5,393,954
MUFG Union Bank NA(a)
	2,375,000		3.150		04/01/22	2,426,823
NatWest Markets PLC(c)
	2,725,000		3.625		09/29/22	2,782,334

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Royal Bank of Scotland Group PLC(a)(b)
(3M USD LIBOR + 1.550%)
$	2,525,000		4.519	%	06/25/24	$    2,629,358
(3M USD LIBOR + 1.762%)
	1,175,000		4.269		03/22/25	1,214,562
Santander UK PLC
	4,150,000		2.125		11/03/20	4,128,088
Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
	1,275,000		4.247		01/20/23	1,315,877
Sumitomo Mitsui Financial Group, Inc.
	4,650,000		2.784		07/12/22	4,697,011
The Bank of New York Mellon Corp.
	1,450,000		3.500		04/28/23	1,510,422
The Huntington National Bank(a)
	800,000		3.125		04/01/22	816,432
UBS Group Funding Switzerland AG(c)
	3,450,000		3.000		04/15/21	3,482,050
UniCredit SpA(c)
	1,000,000		6.572		01/14/22	1,061,740
Wells Fargo & Co.
	4,375,000		2.625		07/22/22	4,405,012
	1,400,000		3.750	(a)	01/24/24	1,471,554
Wells Fargo Bank NA(a)
	3,100,000		3.550		08/14/23	3,234,230
Yapi ve Kredi Bankasi AS
	880,000		4.000		01/22/20	876,150
						132,273,685
Beverages – 2.6%
Anheuser-Busch InBev Finance, Inc.(a)
	1,905,000		2.650		02/01/21	1,914,715
	2,359,000		3.300		02/01/23	2,433,497
Anheuser-Busch InBev Worldwide, Inc.(b) (3M USD LIBOR + 0.740%)
	2,725,000		3.344		01/12/24	2,721,267
Constellation Brands, Inc.(a)
	3,200,000		2.700		05/09/22	3,218,688
	3,025,000		2.650		11/07/22	3,036,465
Diageo Capital PLC(a)
	1,975,000		3.500		09/18/23	2,066,403
Keurig Dr Pepper, Inc.(a)
	3,900,000		4.057		05/25/23	4,094,298
						19,485,333
Building Materials(a) – 0.2%
Fortune Brands Home & Security, Inc.
	1,650,000		4.000		09/21/23	1,736,856
Chemicals – 2.5%
Celanese US Holdings LLC(a)
	900,000		3.500		05/08/24	923,418

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals – (continued)
CNAC HK Finbridge Co. Ltd.
$	600,000		3.125	%	06/19/22	$       598,263
	240,000		4.625		03/14/23	250,985
	230,000		3.375		06/19/24	229,898
DuPont de Nemours, Inc.
	1,575,000		3.766		11/15/20	1,604,626
	3,100,000		4.205	(a)	11/15/23	3,318,302
International Flavors & Fragrances, Inc.
	1,375,000		3.400		09/25/20	1,391,266
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(c)
	2,470,000		3.698		04/24/20	2,487,463
	3,055,000		3.933		04/23/21	3,106,018
The Dow Chemical Co(a)(c)
	1,125,000		3.150		05/15/24	1,146,364
The Sherwin-Williams Co.
	2,275,000		2.250		05/15/20	2,270,313
	700,000		2.750	(a)	06/01/22	706,825
						18,455,554
Commercial Services(a) – 0.4%
IHS Markit Ltd.
	1,373,000		5.000	(c)	11/01/22	1,455,380
	1,275,000		3.625		05/01/24	1,311,720
						2,767,100
Computers(a) – 1.9%
Dell International LLC/EMC Corp.(c)
	5,400,000		4.420		06/15/21	5,561,028
	1,700,000		5.450		06/15/23	1,831,461
DXC Technology Co.(b) (3M USD LIBOR + 0.950%)
	1,096,000		3.470		03/01/21	1,095,901
Hewlett Packard Enterprise Co.
	1,475,000		3.500		10/05/21	1,504,766
	800,000		4.400		10/15/22	843,280
(3M USD LIBOR + 0.720%)
	3,525,000		3.318	(b)	10/05/21	3,525,811
						14,362,247
Diversified Financial Services – 3.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	250,000		4.500		05/15/21	257,795
	1,500,000		4.125	(a)	07/03/23	1,566,825

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
AIG Global Funding(c)
$	1,100,000		3.350	%	06/25/21	$    1,118,865
(3M USD LIBOR + 0.460%)
	825,000		2.809	(b)	06/25/21	826,361
Air Lease Corp.
	1,975,000		3.500		01/15/22	2,021,590
	3,586,000		2.750	(a)	01/15/23	3,582,988
American Express Co.(a)
	2,850,000		3.375		05/17/21	2,902,640
	1,525,000		3.700		08/03/23	1,600,625
(3M USD LIBOR + 0.750%)
	1,200,000		3.326	(b)	08/03/23	1,205,748
Capital One Financial Corp.(a)
	3,325,000		3.450		04/30/21	3,384,384
	850,000		3.900		01/29/24	893,248
(3M USD LIBOR + 0.720%)
	1,475,000		3.303	(b)	01/30/23	1,470,472
GE Capital International Funding Co. Unlimited Co.
	1,675,000		2.342		11/15/20	1,666,608
International Lease Finance Corp.
	2,125,000		8.625		01/15/22	2,424,498
Synchrony Financial(a)
	327,000		3.000		08/15/19	327,049
						25,249,696
Electrical – 4.0%
Dominion Energy, Inc.
	1,350,000		2.579		07/01/20	1,348,528
	2,125,000		2.715	(d)	08/15/21	2,127,932
	525,000		3.071	(d)	08/15/24	529,043
DTE Energy Co.
	650,000		2.600		06/15/22	652,763
	3,575,000		3.300	(a)	06/15/22	3,655,044
Duke Energy Corp.(a)
	950,000		1.800		09/01/21	938,799
Exelon Corp.(a)
	750,000		2.450		04/15/21	748,868
ITC Holdings Corp.(a)
	1,925,000		2.700		11/15/22	1,930,833
NextEra Energy Capital Holdings, Inc.(a)
	2,625,000		3.150		04/01/24	2,699,340
NRG Energy, Inc.(a)(c)
	4,525,000		3.750		06/15/24	4,650,071
Public Service Enterprise Group, Inc.(a)
	975,000		2.875		06/15/24	986,593
Sempra Energy
	1,700,000		2.400		02/01/20	1,698,062
	1,100,000		2.400	(a)	03/15/20	1,098,834

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
(3M USD LIBOR + 0.500%)
$	1,350,000		3.097	%(a)(b)	01/15/21	$    1,345,477
Vistra Operations Co. LLC(a)(c)
	2,600,000		3.550		07/15/24	2,619,448
WEC Energy Group, Inc.
	1,600,000		3.375		06/15/21	1,630,384
	1,425,000		3.100		03/08/22	1,450,365
						30,110,384
Environmental(a) – 0.2%
Waste Management, Inc.
	1,500,000		2.950		06/15/24	1,541,340
Food & Drug Retailing – 1.5%
Conagra Brands, Inc.
	61,000		4.950		08/15/20	62,663
	925,000		3.800		10/22/21	950,308
(3M USD LIBOR + 0.750%)
	950,000		3.342	(a)(b)	10/22/20	950,067
General Mills, Inc.
	1,500,000		3.700	(a)	10/17/23	1,571,280
(3M USD LIBOR + 1.010%)
	2,175,000		3.598	(b)	10/17/23	2,185,875
Mondelez International Holdings Netherlands B.V.(a)(c)
	1,975,000		2.000		10/28/21	1,956,198
Smithfield Foods, Inc.(a)(c)
	2,350,000		2.650		10/03/21	2,314,444
Tyson Foods, Inc.(a)
	875,000		3.900		09/28/23	920,815
						10,911,650
Gas(a) – 0.1%
NiSource, Inc.
	1,100,000		2.650		11/17/22	1,106,754
Healthcare Providers & Services – 1.7%
Acadia Healthcare Co., Inc.(a)
	500,000		6.125		03/15/21	500,000
Becton Dickinson & Co.
	959,000		2.675		12/15/19	959,326
	4,375,000		2.894	(a)	06/06/22	4,432,356
(3M USD LIBOR + 0.875%)
	1,144,000		3.194	(a)(b)	12/29/20	1,144,069
HCA, Inc.
	1,600,000		5.875		03/15/22	1,748,000
Humana, Inc.
	1,675,000		2.500		12/15/20	1,674,514
SSM Health Care Corp.(a)
	2,335,000		3.688		06/01/23	2,433,496
						12,891,761

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Household Products(a) – 0.1%
Spectrum Brands, Inc.
$	450,000		6.625	%	11/15/22	$       460,125
Insurance – 0.1%
Marsh & McLennan Cos., Inc.
	875,000		3.500		12/29/20	889,315
Investment Companies – 0.1%
Huarong Finance Co. Ltd.
	380,000		3.750		05/29/24	382,494
Huarong Finance II Co. Ltd.
	270,000		5.500		01/16/25	294,975
						677,469
Iron/Steel – 0.0%
Vale Overseas Ltd.
	350,000		4.375		01/11/22	360,828
Lodging(a) – 0.2%
Marriott International, Inc.
	1,650,000		3.600		04/15/24	1,718,227
Media – 3.6%
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	5,650,000		4.464		07/23/22	5,931,935
	2,200,000		4.500		02/01/24	2,341,812
(3M USD LIBOR + 1.650%)
	1,275,000		4.229	(b)	02/01/24	1,284,945
Comcast Corp.
	2,225,000		3.450		10/01/21	2,288,835
(3M USD LIBOR + 0.330%)
	3,350,000		2.922	(b)	10/01/20	3,355,662
(3M USD LIBOR + 0.440%)
	2,250,000		3.032	(b)	10/01/21	2,259,203
CSC Holdings LLC
	1,150,000		6.750		11/15/21	1,227,625
DISH DBS Corp.
	900,000		6.750		06/01/21	942,750
Fox Corp.(c)
	1,225,000		3.666		01/25/22	1,265,315
	3,150,000		4.030	(a)	01/25/24	3,346,497
Time Warner Cable LLC
	775,000		5.000		02/01/20	785,842
	1,448,000		4.000	(a)	09/01/21	1,484,301
						26,514,722
Mining(c) – 0.2%
Glencore Funding LLC(a)
	625,000		3.000		10/27/22	628,831
Indonesia Asahan Aluminium Persero PT
	780,000		5.230		11/15/21	820,950

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mining(c) – (continued)
Vedanta Resources Finance II PLC
$	250,000		8.000	%	04/23/23	$       252,813
						1,702,594
Miscellaneous Manufacturing – 0.6%
General Electric Co.(b) (3M USD LIBOR + 0.800%)
	523,000		3.397		04/15/20	522,948
Ingersoll-Rand Global Holding Co. Ltd.
	3,475,000		2.900		02/21/21	3,500,402
Parker-Hannifin Corp.(a)
	625,000		2.700		06/14/24	634,637
						4,657,987
Oil Field Services – 3.1%
BP Capital Markets PLC
	3,250,000		2.500		11/06/22	3,280,258
(3M USD LIBOR + 0.250%)
	4,000,000		2.775	(b)	11/24/20	4,005,360
Continental Resources, Inc.(a)
	2,000,000		3.800		06/01/24	2,057,600
Devon Energy Corp.(a)
	1,400,000		4.000		07/15/21	1,448,356
Diamondback Energy, Inc.(a)(c)
	1,375,000		4.750		11/01/24	1,409,375
Gazprom OAO Via Gaz Capital SA
	670,000		5.999		01/23/21	700,778
Halliburton Co.(a)
	1,650,000		3.500		08/01/23	1,704,879
Marathon Oil Corp.(a)
	3,274,000		2.700		06/01/20	3,275,964
Newfield Exploration Co.
	800,000		5.625		07/01/24	884,000
Oasis Petroleum, Inc.(a)
	900,000		6.875		03/15/22	897,750
Petrobras Global Finance B.V.
	1,130,000		6.250		03/17/24	1,235,994
Petroleos Mexicanos
EUR	170,000		5.125		03/15/23	203,335
Range Resources Corp.(a)
$	500,000		5.750		06/01/21	505,000
Transocean Sentry, Ltd.(a)(c)
	1,900,000		5.375		05/15/23	1,902,375
						23,511,024
Pharmaceuticals – 5.0%
AbbVie, Inc.
	3,875,000		3.375		11/14/21	3,952,384
Bayer US Finance II LLC(a)(b)(c) (3M USD LIBOR + 1.010%)
	4,150,000		3.420		12/15/23	4,103,769
Bristol-Myers Squibb Co.(c)
	1,250,000		2.550		05/14/21	1,258,838
	1,450,000		2.600		05/16/22	1,467,066
	1,275,000		2.900	(a)	07/26/24	1,303,777
Cardinal Health, Inc.
	905,000		4.625		12/15/20	930,639

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
Cigna Corp.(c)
$	1,850,000		3.400	%	09/17/21	$    1,885,205
	1,625,000		3.750	(a)	07/15/23	1,691,121
(3M USD LIBOR + 0.650%)
	3,150,000		3.060	(a)(b)	09/17/21	3,151,134
CVS Health Corp.
	1,475,000		3.350		03/09/21	1,495,443
	3,348,000		2.125	(a)	06/01/21	3,325,066
	6,075,000		3.700	(a)	03/09/23	6,274,624
(3M USD LIBOR + 0.720%)
	425,000		3.173	(b)	03/09/21	426,641
Elanco Animal Health, Inc.
	1,375,000		3.912		08/27/21	1,404,413
	500,000		4.272	(a)	08/28/23	524,570
McKesson Corp.
	1,600,000		3.650		11/30/20	1,625,120
	675,000		2.700	(a)	12/15/22	677,741
Teva Pharmaceutical Finance Netherlands III B.V.
	2,150,000		2.200		07/21/21	2,034,437
						37,531,988
Pipelines – 5.7%
Enbridge Energy Partners LP
	2,114,000		5.200		03/15/20	2,153,130
Enbridge, Inc.(a)
	1,325,000		2.900		07/15/22	1,342,636
Energy Transfer Operating LP(a)
	5,000,000		3.600		02/01/23	5,106,100
Energy Transfer Partners LP/Regency Energy Finance Corp.(a)
	2,350,000		4.500		11/01/23	2,482,281
Enterprise Products Operating LLC
	1,550,000		5.200		09/01/20	1,599,352
EQM Midstream Partners LP(a)
	3,981,000		4.750		07/15/23	4,127,262
Kinder Morgan Energy Partners LP
	1,250,000		6.850		02/15/20	1,282,013
MPLX LP(a)
	3,250,000		3.375		03/15/23	3,323,547
NGPL PipeCo LLC(a)(c)
	215,000		4.375		08/15/22	221,988
	410,000		4.875		08/15/27	435,625
ONEOK Partners LP(a)
	3,250,000		3.375		10/01/22	3,308,760
Plains All American Pipeline LP/PAA Finance Corp.
	1,690,000		5.750		01/15/20	1,718,544
	2,965,000		3.650	(a)	06/01/22	3,036,872

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Sabine Pass Liquefaction LLC(a)
$	4,560,000		5.625	%	02/01/21	$    4,734,557
	225,000		5.625		04/15/23	244,717
	1,324,000		5.750		05/15/24	1,471,917
Texas Eastern Transmission LP(a)(c)
	1,225,000		4.125		12/01/20	1,244,968
The Williams Cos., Inc.
	1,300,000		5.250		03/15/20	1,324,349
	1,095,000		4.125	(a)	11/15/20	1,114,841
	2,025,000		3.600	(a)	03/15/22	2,077,123
						42,350,582
Real Estate(a) – 0.0%
China Evergrande Group
	230,000		8.250		03/23/22	222,238
Real Estate Investment Trust – 1.8%
Alexandria Real Estate Equities, Inc.(a)
	375,000		4.000		01/15/24	396,900
American Tower Corp.
	2,800,000		3.000		06/15/23	2,839,760
	1,325,000		3.375	(a)	05/15/24	1,361,371
Equinix, Inc.(a)
	450,000		5.375		01/01/22	461,250
GLP Capital LP/GLP Financing II, Inc.(a)
	450,000		4.875		11/01/20	457,875
Public Storage(a)
	850,000		2.370		09/15/22	853,842
SBA Communications Corp.(a)
	900,000		4.875		07/15/22	910,125
SL Green Operating Partnership LP(a)
	2,575,000		3.250		10/15/22	2,608,243
Ventas Realty LP(a)
	1,375,000		3.500		04/15/24	1,425,669
VEREIT Operating Partnership LP(a)
	1,725,000		4.125		06/01/21	1,770,099
						13,085,134
Retailing(a) – 0.8%
1011778 BC ULC/New Red Finance, Inc.(c)
	1,000,000		4.625		01/15/22	1,002,500
Alimentation Couche-Tard, Inc.(c)
	425,000		2.700		07/26/22	425,616
AutoZone, Inc.
	1,700,000		3.125		04/18/24	1,740,324
Dollar Tree, Inc.(b) (3M USD LIBOR + 0.700%)
	3,075,000		3.055		04/17/20	3,075,369
						6,243,809
Savings & Loans(a)(b)(c) – 0.3%
Nationwide Building Society (3M LIBOR + 1.181%)
	2,075,000		3.622		04/26/23	2,112,661

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Semiconductors – 3.1%
Broadcom Corp./Broadcom Cayman Finance Ltd.
$	950,000		2.200	%	01/15/21	$       941,982
	3,074,000		3.000	(a)	01/15/22	3,085,159
	4,055,000		3.625	(a)	01/15/24	4,097,415
Broadcom, Inc.(c)
	5,375,000		3.125		10/15/22	5,403,541
	5,250,000		3.625	(a)	10/15/24	5,275,515
Microchip Technology, Inc.
	1,125,000		3.922		06/01/21	1,145,801
NXP B.V./NXP Funding LLC(c)
	1,250,000		4.125		06/01/21	1,278,263
	1,600,000		3.875		09/01/22	1,644,944
						22,872,620
Software – 1.3%
Fiserv, Inc.
	1,225,000		4.750		06/15/21	1,278,998
	750,000		3.800	(a)	10/01/23	789,067
	7,625,000		2.750	(a)	07/01/24	7,689,584
						9,757,649
Telecommunication Services – 2.9%
AT&T, Inc.
	675,000		2.800	(a)	02/17/21	679,225
	900,000		3.000		02/15/22	914,085
	1,324,000		3.200	(a)	03/01/22	1,351,552
	3,225,000		3.600	(a)	02/17/23	3,347,292
CenturyLink, Inc.
	1,100,000		6.450		06/15/21	1,160,500
CommScope, Inc.(a)(c)
	817,000		5.000		06/15/21	817,000
Qwest Corp.
	650,000		6.750		12/01/21	694,841
Sprint Communications, Inc.
	425,000		6.000		11/15/22	443,063
Sprint Corp.
	1,000,000		7.250		09/15/21	1,062,500
Verizon Communications, Inc.
	2,200,000		2.450	(a)	11/01/22	2,216,764
	6,700,000		5.150		09/15/23	7,487,853
Wind Tre SpA(a)(b)(c) (3M EURIBOR + 2.750%)
EUR	1,250,000		2.750		01/20/24	1,398,477
						21,573,152

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Transportation(a) – 0.3%
Ryder System, Inc.
$	2,350,000		2.875	%	06/01/22	$    2,377,260
Trucking & Leasing(a)(c) – 0.6%
Avolon Holdings Funding Ltd.
	1,025,000		3.625		05/01/22	1,038,714
	1,075,000		3.950		07/01/24	1,100,800
Park Aerospace Holdings Ltd.
	900,000		5.250		08/15/22	949,500
SMBC Aviation Capital Finance DAC
	1,200,000		3.550		04/15/24	1,234,092
						4,323,106
TOTAL CORPORATE OBLIGATIONS (Cost $509,967,098)						$519,602,543
Mortgage-Backed Obligations – 11.5%
Collateralized Mortgage Obligations – 4.8%
Interest Only(e) – 0.5%
FHLMC REMIC Series 3852, Class SW(b) (-1x1M LIBOR + 6.000%)
$	924,782		3.560	%	05/15/41	$       142,787
FHLMC REMIC Series 4314, Class SE(b) (-1x1M LIBOR + 6.050%)
	667,486		3.610		03/15/44	110,039
FHLMC REMIC Series 4320, Class SD(b) (-1x1M LIBOR + 6.100%)
	160,787		3.660		07/15/39	26,481
FHLMC REMIC Series 4583, Class ST(b) (-1x1M LIBOR + 6.000%)
	742,628		3.560		05/15/46	130,511
FHLMC REMIC Series 4792, Class SA(b) (-1x1M LIBOR + 6.200%)
	1,527,361		3.760		05/15/48	216,232
FHLMC STRIPS Series 304, Class C45
	255,733		3.000		12/15/27	18,477
FNMA REMIC Series 2010-135, Class AS(b) (-1x1M LIBOR + 5.950%)
	252,217		3.520		12/25/40	37,590
FNMA REMIC Series 2016-1, Class SJ(b) (-1x1M LIBOR + 6.150%)
	1,148,839		3.720		02/25/46	201,890
GNMA REMIC Series 2010-20, Class SE(b) (-1x1M LIBOR + 6.250%)
	119,880		3.809		02/20/40	21,570
GNMA REMIC Series 2013-124, Class CS(b) (-1x1M LIBOR + 6.050%)
	683,070		3.609		08/20/43	124,769
GNMA REMIC Series 2013-134, Class DS(b) (-1x1M LIBOR + 6.100%)
	76,964		3.659		09/20/43	13,528
GNMA REMIC Series 2013-152, Class TS(b) (-1x1M LIBOR + 6.100%)
	258,596		3.659		06/20/43	43,945
GNMA REMIC Series 2014-117, Class SJ(b) (-1x1M LIBOR + 5.600%)
	1,960,995		3.159		08/20/44	314,575
GNMA REMIC Series 2014-132, Class SL(b) (-1x1M LIBOR + 6.100%)
	698,717		3.659		10/20/43	91,178
GNMA REMIC Series 2014-133, Class BS(b) (-1x1M LIBOR + 5.600%)
	614,164		3.159		09/20/44	93,952

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(e) – (continued)
GNMA REMIC Series 2014-158, Class SA(b) (-1x1M LIBOR + 5.600%)
$	921,326		3.162	%	10/16/44	$       144,752
GNMA REMIC Series 2014-162, Class SA(b) (-1x1M LIBOR + 5.600%)
	267,937		3.159		11/20/44	38,714
GNMA REMIC Series 2015-110, Class MS(b) (-1x1M LIBOR + 5.710%)
	6,046,884		3.269		08/20/45	866,722
GNMA REMIC Series 2015-111, Class IM
	488,594		4.000		08/20/45	67,079
GNMA REMIC Series 2015-123, Class SP(a)(b) (-1x1M LIBOR + 6.250%)
	435,538		3.799		09/20/45	72,632
GNMA REMIC Series 2015-57, Class AS(b) (-1x1M LIBOR + 5.600%)
	1,088,579		3.159		04/20/45	152,826
GNMA REMIC Series 2015-95, Class GI
	501,303		4.500		07/16/45	106,204
GNMA REMIC Series 2016-109, Class IH
	2,055,914		4.000		10/20/45	278,233
GNMA REMIC Series 2016-27, Class IA
	411,891		4.000		06/20/45	48,413
						3,363,099
Regular Floater – 0.2%
FNMA REMIC Series 2007-33, Class HF(b) (1M LIBOR + 0.350%)
	19,251		2.780		04/25/37	19,180
Silverstone Master Issuer PLC Series 2019-1A, Class 1A(a)(b)(c) (3M LIBOR + 0.570%)
	1,160,000		3.148		01/21/70	1,163,296
						1,182,476
Sequential Fixed Rate – 1.7%
FHLMC REMIC Series 4619, Class NA
	1,979,682		3.000		03/15/44	2,036,782
FHLMC REMIC Series 4630, Class MC
	1,227,839		4.000		08/15/54	1,272,024
FHLMC REMIC Series 4649, Class ML
	8,946,281		4.000		11/15/54	9,518,994
FNMA REMIC Series 2012-111, Class B
	23,998		7.000		10/25/42	27,875
FNMA REMIC Series 2012-153, Class B
	81,714		7.000		07/25/42	95,438
						12,951,113
Sequential Floating Rate(b)(c) – 2.4%
Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A (3M EURIBOR + 2.750%)
EUR	592,972		2.750		04/20/20	674,307
Holmes Master Issuer PLC Series 2018-1A, Class A2 (3M USD LIBOR + 0.360%)
$	2,302,857		3.147		10/15/54	2,303,384
New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	292,200		3.750		05/28/52	302,076
Station Place Securitization Trust Series 2015-2, Class AR (1M USD LIBOR + 0.550%)
	15,000,000		3.049		05/15/21	15,000,000
						18,279,767
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  35,776,455

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 0.5%
Sequential Fixed Rate – 0.0%
FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
$	139,551		2.779	%	09/25/22	$       140,942
Sequential Floating Rate(b)(c) – 0.5%
Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A (1M LIBOR + 0.830%)
	2,098,756		3.224		06/15/35	2,101,385
Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A (1M LIBOR + 0.900%)
	1,201,347		3.294		09/15/35	1,199,124
						3,300,509
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$    3,441,451
Federal Agencies – 6.2%
FNMA – 3.9%
$	3,331		6.000	%	11/01/23	$            3,647
	1,126,359		6.000		02/01/24	1,236,408
	15,024		6.000		01/01/29	16,444
	37,598		6.000		01/01/32	42,403
	7,371		6.000		11/01/32	8,296
	476,824		6.000		12/01/32	525,699
	3,963,776		6.000		05/01/34	4,458,121
	6,877		6.000		11/01/34	7,805
	40,960		6.000		06/01/35	46,721
	359,704		6.000		10/01/35	410,855
	1,685,458		6.000		11/01/35	1,924,859
	94,272		6.000		12/01/35	107,966
	1,742		6.000		01/01/36	1,984
	6,562		6.000		02/01/36	7,515
	2,317		6.000		03/01/36	2,651
	893,624		6.000		05/01/36	1,021,463
	54,050		6.000		06/01/36	61,928
	694,616		6.000		07/01/36	794,158
	72,552		6.000		08/01/36	83,060
	991,821		6.000		09/01/36	1,136,322
	2,048,825		6.000		10/01/36	2,348,493
	42,131		6.000		11/01/36	48,366
	416,716		6.000		02/01/37	479,145
	10,651		6.000		03/01/37	12,249
	39,327		6.000		05/01/37	45,038
	405,685		6.000		11/01/37	466,549
	58,903		6.000		12/01/37	67,812
	146,809		6.000		03/01/38	168,096
	156,404		6.000		05/01/38	179,721
	6,912		6.000		07/01/38	7,945
	3,689		6.000		09/01/38	4,226
	160,420		6.000		10/01/38	184,334
	671,644		6.000		11/01/38	771,470
	533,143		6.000		01/01/39	612,387
	105,644		6.000		09/01/39	121,454
	11,621		6.000		06/01/40	13,357
	815,608		6.000		10/01/40	937,803
	3,704,408		6.000		05/01/41	4,245,385

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	39,304		6.000	%		06/01/41		$         44,627
	1,000,000		3.500			TBA-30yr	(f)	1,022,284
	3,000,000		4.000			TBA-30yr	(f)	3,100,358
	2,000,000		4.500			TBA-30yr	(f)	2,089,822
								28,869,226
GNMA – 2.3%
	6,907,339		4.500			08/20/47		7,283,174
	1,000,000		3.500			TBA-30yr	(f)	1,032,036
	9,000,000		4.000			TBA-30yr	(f)	9,330,048
								17,645,258
TOTAL FEDERAL AGENCIES								$  46,514,484
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $85,134,124)								$  85,732,390
Agency Debenture(b) – 0.6%
FFCB (3M LIBOR + 0.290%)
$	4,200,000		2.386	%		04/11/22		$    4,201,134
(Cost $4,200,000)
Asset-Backed Securities – 10.5%
Automotive(c) – 0.1%
Ford Credit Auto Owner Trust Series 2016-2, Class A
$	450,000		2.030	%		12/15/27		$       449,060
Collateralized Loan Obligations(b)(c) – 5.4%
AIMCO CLO Series 2017-AA, Class A (3M USD LIBOR + 1.260%)
	3,150,000		4.021			07/20/29		3,151,232
Bowman Park CLO Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 1.180%)
	1,451,081		3.831			11/23/25		1,451,477
BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	4,400,000		3.490			09/15/35		4,404,167
Cedar Funding II CLO Ltd. Series 2013-1A, Class A1R (3M USD LIBOR + 1.230%)
	3,100,000		3.831			06/09/30		3,100,893
Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	2,067,730		4.037			07/15/26		2,068,240
KREF Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.100)
	2,400,000		3.532			06/15/36		2,404,500
Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	4,200,000		3.537			04/15/29		4,158,500
OCP CLO Ltd. Series 2015-8A, Class A1R (3M USD LIBOR + 0.850%)
	3,250,000		3.623			04/17/27		3,247,439
Orec Ltd. Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	1,500,000		3.620			06/15/36		1,501,020
Parallel Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.850%)
	1,250,000		3.611			07/20/27		1,249,485
Parallel Ltd. Series 2017-1A, Class A1 (3M USD LIBOR + 1.310%)
	2,700,000		4.071			07/20/29		2,699,949

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(c) – (continued)
Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A (1M USD LIBOR + 0.850%)
$	611,234		3.280	%	06/25/35	$       609,393
Recette CLO Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.920%)
	4,550,000		3.681		10/20/27	4,543,180
TPG Real Estate Finance Issuer Ltd. Series 2018-FL2, Class A (1M USD LIBOR + 1.130%)
	2,750,000		3.563		11/15/37	2,756,873
Whitehorse Ltd. Series 2014-9A, Class AR (3M USD LIBOR + 1.160%)
	2,410,804		3.933		07/17/26	2,413,361
WhiteHorse VIII Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	713,244		3.636		05/01/26	712,591
						40,472,300
Credit Card(c) – 0.1%
Golden Credit Card Trust Series 2017-2A, Class A
	1,050,000		1.980		04/15/22	1,046,011
Student Loan(b) – 4.9%
Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A (1M USD LIBOR + 0.800%)
	527,426		3.230		02/25/41	524,224
ECMC Group Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.350%)
	1,494,403		3.780		07/26/66	1,506,413
Education Loan Asset-Backed Trust I Series 2013-1, Class A2(c) (1M USD LIBOR + 0.800%)
	4,200,000		3.230		04/26/32	4,197,974
Educational Funding of the South, Inc. Series 2012-1, Class A (1M USD LIBOR + 1.050%)
	2,198,950		3.480		03/25/36	2,204,573
Educational Services of America, Inc. Series 2012-1, Class A1(c) (1M USD LIBOR + 1.150%)
	39,852		3.580		09/25/40	39,893
Educational Services of America, Inc. Series 2014-1, Class A(c) (1M USD LIBOR + 0.700%)
	676,717		3.130		02/25/39	675,206
Educational Services of America, Inc. Series 2015-2, Class A(c) (1M USD LIBOR + 1.000%)
	600,731		3.430		12/25/56	602,934
EFS Volunteer No. 2 LLC Series 2012-1, Class A2(c) (1M USD LIBOR + 1.350%)
	2,700,000		3.780		03/25/36	2,715,893
EFS Volunteer No. 3 LLC Series 2012-1, Class A3(c) (1M USD LIBOR + 1.000%)
	1,578,143		3.430		04/25/33	1,574,679
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,764,853		3.671		07/25/45	1,773,035
Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1 (1M USD LIBOR + 0.750%)
	1,807,220		3.236		12/01/31	1,768,329
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	1,594,889		3.441		05/20/30	1,596,760
Navient Student Loan Trust Series 2016-5A, Class A(c) (1M USD LIBOR + 1.250%)
	3,078,512		3.680		06/25/65	3,113,106

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(b) – (continued)
Navient Student Loan Trust Series 2016-7A, Class A(c) (1M USD LIBOR + 1.150%)
$	1,544,336		3.580	%	03/25/66	$    1,550,112
North Carolina State Education Assistance Authority Series 2010-1, Class A1 (3M USD LIBOR + 0.900%)
	842,952		3.671		07/25/41	838,464
Northstar Education Finance, Inc. Series 2012-1, Class A(c) (1M USD LIBOR + 0.700%)
	79,219		3.130		12/26/31	79,085
Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1(c) (1M USD LIBOR + 0.550%)
	43,810		2.980		05/25/57	43,316
PHEAA Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.150%)
	1,519,990		3.580		09/25/65	1,529,753
SLC Student Loan Center Series 2011-1, Class A(c) (1M USD LIBOR + 1.220%)
	4,242,082		3.650		10/25/27	4,258,303
SLC Student Loan Trust Series 2005-3, Class A3 (3M USD LIBOR + 0.120%)
	971,782		2.731		06/15/29	964,486
SLM Student Loan Trust Series 2004-8A, Class A5(c) (3M USD LIBOR + 0.500%)
	163,784		3.271		04/25/24	163,862
SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	1,122,644		2.911		10/25/28	1,114,368
SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	827,615		3.101		01/25/22	810,950
SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	307,510		4.421		07/25/22	310,673
SLM Student Loan Trust Series 2012-3, Class A (1M USD LIBOR + 0.650%)
	995,970		3.080		12/27/38	986,640
South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	493,875		3.187		10/01/24	495,178
Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,200,000		3.586		05/01/35	1,207,464
Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	18,459		2.901		01/26/26	18,455
						36,664,128
TOTAL ASSET-BACKED SECURITIES (Cost $78,382,146)						$  78,631,499
Foreign Debt Obligations – 1.5%
Sovereign – 1.5%
Abu Dhabi Government International Bond
$	870,000		2.500	%	10/11/22	$       878,700
Dominican Republic
	806,667		7.500		05/06/21	851,033
Ecuador Government International Bond
	1,510,000		7.950		06/20/24	1,580,310

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Qatar Government International Bond
$	870,000		2.375	%	06/02/21	$       869,913
	1,840,000		3.375	(c)	03/14/24	1,903,250
Republic of Colombia(a)
	1,510,000		4.000		02/26/24	1,581,725
Republic of Indonesia
	200,000		5.875		01/15/24	224,375
EUR	250,000		2.150	(c)	07/18/24	302,664
Republic of Nigeria
$	1,390,000		6.750		01/28/21	1,449,075
Republic of Sri Lanka
	200,000		6.850		11/03/25	200,500
Ukraine Government Bond
	1,500,000		7.750		09/01/21	1,568,250
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $11,117,751)						$  11,409,795
Municipal Debt Obligations – 3.4%
California(a) – 0.1%
San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2019 C
$	380,000		3.146	%	05/01/23	$       393,832
Connecticut – 0.4%
Connecticut State GO Bonds Series A
	3,000,000		3.130		01/15/24	3,085,830
Florida(a) – 1.7%
Florida State Board of Administration Finance Corp. Series 2016, Class A
	12,625,000		2.638		07/01/21	12,729,661
Illinois(a) – 0.5%
Chicago, Illinois GO Bonds (Prerefunded Taxable) Series B
	2,753,000		7.750		01/01/42	3,545,919
New Hampshire(a)(b) – 0.2%
New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,779,232		3.620		10/25/37	1,787,641
Texas(a) – 0.4%
City of Austin TX Electric Utility RB (Taxable) Series A
	595,000		2.425		11/15/19	595,613
	595,000		2.425		11/15/20	598,284
	595,000		2.425		11/15/21	599,915
	595,000		2.456		11/15/22	602,527
	595,000		2.524		11/15/23	604,199
						3,000,538

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Utah(a)(b) – 0.1%
Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2 (3M USD LIBOR + 0.850%)
$	457,329		3.586	%	05/01/29	$       458,573
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $24,636,789)						$  25,001,994
U.S. Treasury Obligations – 1.8%
United States Treasury Inflation Indexed Note(g)
$	1,160,372		0.750	%	07/15/28	$    1,209,782
United States Treasury Notes
	11,240,000		1.875		06/30/26	11,239,439
	630,000		2.875	(g)	08/15/28	676,659
TOTAL U.S. TREASURY OBLIGATIONS (Cost $13,012,127)						$  13,125,880
Shares		Dividend Rate				Value
Investment Company(h) – 1.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	7,696,773		2.308%			$    7,696,773
(Cost $7,696,773)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $734,146,808)						$745,402,008
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investment(i) – 0.5%
Commercial Paper – 0.5%
Marriott International, Inc.
$	4,000,000		0.000	%	08/19/19	$    3,985,111
(Cost $3,985,300)
TOTAL INVESTMENTS – 100.3% (Cost $738,132,108)						$749,387,119
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.3)%						(2,193,065)
NET ASSETS – 100.0%						$747,194,054

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2019.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2019.
(e)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(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 $16,574,548 which represents approximately 2.2% of the Fund’s net assets as of June 30, 2019.
(g)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(h)	Represents an affiliated issuer.
(i)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
ARS	— Argentine Peso
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
CNH	— Chinese Yuan Renminbi Offshore
COP	— Colombian Peso
CZK	— Czech Koruna
EUR	— Euro
GBP	— British Pound
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PLN	— Polish Zloty
RON	— New Romanian Leu
RUB	— Russian Ruble
SEK	— Swedish Krona
SGD	— Singapore Dollar
TRY	— Turkish Lira
TWD	— Taiwan Dollar
USD	— U.S. Dollar
ZAR	— South African Rand
Investment Abbreviations:
AUDOR	— Australian Dollar Offered Rate
CDOR	— Canadian Dollar Offered Rate
CHFOR	— Swiss Franc Offered Rate
CLO	— Collateralized Loan Obligation
EURO	— Euro Offered Rate
FFCB	— Federal Farm Credit Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
GO	— General Obligation
JYOR	— Japanese Yen Offered Rate
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
NIBOR	— Norwegian Interbank Offered Rate
NZDOR	— New Zealand Dollar Offered Rate
PLC	— Public Limited Company
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
STIBOR	— Stockholm Interbank Offered Rate
STRIPS	— Separate Trading of Registered Interest and Principal of Securities
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 SHORT DURATION INCOME 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	20,307,157	USD	433,905		07/10/19	$	36,429
	ARS	27,835,675	USD	589,739		07/12/19		52,890
	ARS	8,348,912	USD	170,126		07/31/19		17,199
	AUD	11,149,308	USD	7,769,368		09/18/19		76,756
	BRL	18,385,671	USD	4,737,512		07/02/19		49,615
	BRL	10,778,856	USD	2,793,528		08/02/19		4,975
	CAD	10,841,459	USD	8,196,957		09/18/19		93,839
	CLP	1,767,275,188	USD	2,562,388		07/05/19		45,806
	CLP	1,198,358,289	USD	1,727,492		07/23/19		41,610
	CNH	24,746,376	USD	3,580,954		09/18/19		19,031
	CZK	49,939,722	EUR	1,936,895		09/18/19		19,554
	EUR	372,434	GBP	332,182		09/18/19		2,804
	EUR	1,762,935	NOK	17,126,741		09/18/19		5,127
	EUR	1,554,934	USD	1,764,210		09/18/19		15,039
	GBP	218,719	SEK	2,566,298		09/18/19		825
	GBP	1,846,078	USD	2,349,069		09/18/19		3,710
	IDR	16,733,023,746	USD	1,171,558		08/13/19		6,658
	INR	195,561,211	USD	2,804,129		07/15/19		26,315
	INR	61,374,223	USD	876,950		08/13/19		7,827
	JPY	202,153,738	USD	1,878,650		09/18/19		7,324
	KRW	1,560,344,983	USD	1,341,271		07/22/19		7,604
	KRW	511,854,501	USD	434,687		08/05/19		8,049
	MXN	11,464,792	USD	589,143		09/18/19		276
	NOK	37,754,656	EUR	3,845,942		09/18/19		34,836
	NZD	13,772,954	USD	9,079,450		09/18/19		187,050
	PLN	15,354,430	EUR	3,590,925		09/18/19		10,866
	PLN	2,031,350	USD	544,203		09/18/19		837
	RUB	236,131,786	USD	3,613,803		07/30/19		106,248
	SEK	20,477,842	EUR	1,916,385		09/18/19		24,876
	SEK	1,802,930	NOK	1,650,178		09/18/19		1,384
	SEK	1,985,031	USD	209,272		09/18/19		5,704
	SGD	2,845,766	USD	2,098,646		09/18/19		7,193
	TRY	7,479,163	USD	1,231,255		09/18/19		6,748
	TWD	76,633,812	USD	2,454,141		08/05/19		24,514
	USD	1,145,558	CHF	1,109,124		09/18/19		1,202
	USD	672,206	EUR	586,360		09/18/19		1,258
	USD	225,570	GBP	176,321		09/18/19		853
	USD	2,632,670	JPY	281,436,523		09/18/19		7,037
	USD	994,884	SEK	9,167,004		09/18/19		2,112
	ZAR	21,374,932	USD	1,474,780		07/01/19		42,596
	ZAR	40,125,746	USD	2,707,466		09/18/19		113,075
TOTAL							$	1,127,651

GOLDMAN SACHS SHORT DURATION INCOME 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	AUD	423,031		CHF	290,024		09/18/19	$	(1,537	)
	BRL	5,452,282		USD	1,423,364		07/02/19		(3,739	)
	CAD	1,429,559		USD	1,093,487		09/18/19		(259	)
	COP	3,147,747,291		USD	987,352		07/22/19		(9,450	)
	EUR	876,582		SEK	9,326,703		09/18/19		(7,030	)
	GBP	233,615		CAD	391,609		09/18/19		(1,738	)
	GBP	1,747,976		EUR	1,958,720		09/18/19		(13,530	)
	GBP	484,815		USD	619,923		09/18/19		(2,038	)
	HUF	65,270,948		PLN	863,323		09/18/19		(772	)
	HUF	149,904,517		USD	530,658		09/18/19		(432	)
	JPY	35,310,245		USD	329,781		09/18/19		(358	)
	KRW	900,648,633		USD	780,374		07/22/19		(1,789	)
	MXN	61,489,338		USD	3,180,318		09/18/19		(19,079	)
	NOK	3,552,475		USD	418,358		09/18/19		(997	)
	RUB	60,455,573		USD	958,820		07/30/19		(6,395	)
	SGD	351,685		USD	260,305		09/18/19		(62	)
	TRY	5,276,615		USD	880,014		09/18/19		(6,592	)
	TWD	30,417,035		USD	985,364		08/05/19		(1,551	)
	USD	175,063		ARS	8,014,393		07/12/19		(9,961	)
	USD	3,093,777		AUD	4,416,301		09/18/19		(14,114	)
	USD	6,110,982		BRL	23,837,953		07/02/19		(95,768	)
	USD	4,032,129		CAD	5,310,841		09/18/19		(29,234	)
	USD	1,080,521		CHF	1,060,969		09/18/19		(14,151	)
	USD	2,557,451		CLP	1,767,275,188		07/05/19		(50,743	)
	USD	395,982		CLP	276,725,448		07/23/19		(12,540	)
	USD	2,251,825		CNH	15,627,329		09/18/19		(21,565	)
	USD	691,613		COP	2,255,002,829		07/22/19		(8,943	)
	USD	2,711,830		EUR	2,407,541		07/10/19		(28,125	)
	USD	7,687,898		EUR	6,757,490		09/18/19		(44,421	)
	USD	225,682		GBP	177,352		09/18/19		(348	)
	USD	217,649		INR	15,215,648		07/15/19		(2,573	)
	USD	1,064,392		JPY	114,334,829		09/18/19		(2,282	)
	USD	409,929		KRW	474,275,775		07/22/19		(69	)
	USD	868,083		KRW	1,026,160,781		08/05/19		(19,510	)
	USD	676,238		MXN	13,162,886		09/18/19		(482	)
	USD	873,050		NOK	7,483,466		09/18/19		(6,141	)
	USD	1,654,244		NZD	2,491,039		09/18/19		(21,737	)
	USD	929,485		PLN	3,484,445		09/18/19		(5,441	)
	USD	697,451		RON	2,914,649		09/18/19		(3,029	)
	USD	3,679,972		RUB	241,273,081		07/30/19		(121,076	)
	USD	1,029,692		SEK	9,646,139		09/18/19		(14,969	)
	USD	991,254		SGD	1,349,880		09/18/19		(7,643	)
	USD	348,296		TRY	2,170,385		09/18/19		(10,961	)
	USD	2,008,719		TWD	63,216,800		08/05/19		(35,973	)
	USD	1,493,730		ZAR	21,374,932		07/01/19		(23,646	)
	USD	1,342,083		ZAR	19,322,070		09/18/19		(16,117	)
TOTAL								$	(698,910	)

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:
Australian 3 Year Government Bonds	42	09/16/19	$	3,390,831	$	(4,886	)
Australian 10 Year Government Bonds	24	09/16/19		2,420,390		(6,829	)
Eurodollars	1	12/16/19		245,225		103
Eurodollars	349	12/14/20		85,893,262		536,367
Italian 10 Year Government Bonds	12	09/06/19		1,832,551		76,394
Ultra Long U.S. Treasury Bonds	19	09/19/19		3,373,688		45,487
10 Year German Euro-Bund	34	09/06/19		6,678,371		65,671
10 Year U.S. Treasury Notes	353	09/19/19		45,172,969		778,702
5 Year U.S. Treasury Notes	353	09/30/19		41,709,156		329,900
2 Year U.S. Treasury Notes	573	09/30/19		123,297,961		534,567
Total					$	2,355,476

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts	Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Eurodollars	(8)		09/16/19	$	(1,959,900	)	$	(15,919	)
Eurodollars	(84)		03/16/20		(20,640,900	)		(76,356	)
Eurodollars	(104)		06/15/20		(25,578,800	)		(155,276	)
Eurodollars	(74)		09/14/20		(18,212,325	)		(105,708	)
French 10 Year Government Bonds	(49)		09/06/19		(9,186,212	)		(142,715	)
Ultra 10 Year U.S. Treasury Notes	(50)		09/19/19		(6,906,250	)		(147,280	)
5 Year German Euro-Bobl	(8)		09/06/19		(1,222,974	)		(3,833	)
10 Year U.K. Long Gilt	(16)		09/26/19		(2,647,590	)		1,663
20 Year U.S. Treasury Bonds	(91)		09/19/19		(14,159,031	)		(380,166	)
Total							$	(1,025,590	)
TOTAL FUTURES CONTRACTS							$	1,329,886

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)
0.726%(a)	6M GBP		11/07/19	GBP	61,800	(b)	$	(5,133	)	$	315		$	(5,448	)
3M LIBOR(c)	1.951%		06/15/21	$	10,680	(b)		85,315			1,286			84,029
3M NZDOR(d)	1.500(e)		09/18/21	NZD	60,120	(b)		148,509			77,663			70,846
1.750(e)	3M LIBOR(d)		09/18/21	$	28,800	(b)		(21,764	)		21,801			(43,565	)
1.100(c)	6M GBP		08/01/23	GBP	980			(26,066	)		(8,332	)		(17,734	)
1.390(c)	3M LIBOR		11/30/23	$	2,600	(b)		8,365			6,483			1,882
6M EURO(e)	0.500(c)		09/18/24	EUR	43,000	(b)		1,769,815			1,510,596			259,219
6M CDOR(e)	2.750		09/18/24	CAD	27,650	(b)		1,058,987			1,036,483			22,504
2.000(e)	3M LIBOR(d)		09/18/24	$	19,660	(b)		(244,289	)		(211,205	)		(33,084	)
0.250(c)	3M STIBOR(d)		09/18/24	SEK	370,420	(b)		(256,689	)		(150,235	)		(106,454	)
6M AUDOR(e)	1.750		09/18/26	AUD	5,750	(b)		99,709			52,381			47,328
1.500(e)	6M GBP		09/18/26	GBP	2,840	(b)		(129,987	)		(135,046	)		5,059
6M JYOR(e)	0.500		03/22/28	JPY	1,607,480	(b)		341,807			258,924			82,883
1.900(e)	6M GBP		08/03/28	GBP	4,710	(b)		(214,098	)		(8,492	)		(205,606	)
6M CHFOR(e)	1.050(c)		08/07/28	CHF	7,440	(b)		403,102			(5,680	)		408,782
6M EURO(e)	1.200(c)		02/12/29	EUR	8,960	(b)		351,305			54,075			297,230
3M LIBOR(d)	2.800(e)		02/12/29	$	9,370	(b)		272,368			42,459			229,909
1.500(e)	6M GBP		02/12/29	GBP	13,670	(b)		(263,894	)		(56,765	)		(207,129	)
6M EURO(e)	1.200(c)		02/21/29	EUR	6,740	(b)		262,589			44,642			217,947
2.300(c)	3M NIBOR(e)		02/21/29	NOK	74,130	(b)		(145,021	)		(80,676	)		(64,345	)
3M LIBOR(d)	2.500(e)		05/20/29	$	35,760	(b)		521,506			153,769			367,737
0.900(c)	6M EURO(e)		05/20/29	EUR	36,080	(b)		(698,002	)		(172,830	)		(525,172	)
6M GBP(e)	1.750		06/19/29	GBP	3,470	(b)		114,442			115,209			(767	)
3M LIBOR(d)	3.000(e)		06/19/29	$	7,470	(b)		270,563			91,362			179,201
3.250(e)	3M NZDOR(d)		06/19/29	NZD	3,670	(b)		(118,498	)		(26,106	)		(92,392	)
3.000(e)	6M AUDOR		06/19/29	AUD	6,450	(b)		(217,897	)		(227,487	)		9,590
1.500(c)	6M EURO(e)		06/19/29	EUR	11,000	(b)		(583,573	)		(459,542	)		(124,031	)
6M EURO(e)	1.000(c)		09/18/29		390	(b)		35,855			29,724			6,131
6M AUDOR(e)	2.000		09/18/29	AUD	7,730	(b)		210,234			224,238			(14,004	)
1.800(c)	3M NIBOR(e)		09/18/29	NOK	20,410	(b)		11,814			5,022			6,792
0.750(d)	3M STIBOR(d)		09/18/29	SEK	9,400	(b)		(18,406	)		(10,550	)		(7,856	)
1.500(e)	6M GBP		09/18/29	GBP	2,890	(b)		(155,190	)		(163,601	)		8,411
3M LIBOR(d)	3.000(e)		06/20/39	$	2,970	(b)		123,710			98,205			25,505
1.750(c)	6M EURO(e)		06/20/39	EUR	2,920	(b)		(184,147	)		(150,300	)		(33,847	)
6M GBP(e)	1.750		06/15/49	GBP	410	(b)		18,547			18,773			(226	)
3M LIBOR(d)	2.750(e)		06/15/49	$	730	(b)		18,938			13,877			5,061
1.500(c)	6M EURO(e)		06/15/49	EUR	590	(b)		(35,704	)		(35,704	)		—
TOTAL							$	2,809,122		$	1,954,736		$	854,386

(a) Payments made at maturity.

(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 annually.

(d) Payments made quarterly.

(e) Payments made semi-annually.

GOLDMAN SACHS SHORT DURATION INCOME 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:
iTraxx Europe Series 31	(1.000)%		0.523%		06/20/24	EUR	12,760	$	(349,740	)	$	(317,971	)	$	(31,769	)
CDX.NA.IG Index 32	(1.000)		1.023		06/20/29	$	6,930		11,158			15,979			(4,821	)
Protection Sold:
CDX.NA.IG Index 31	1.000		0.475		12/20/23		15,200		346,409			133,170			213,239
CDX.NA.IG Index 32	1.000		0.545		06/20/24		25,520		555,617			485,603			70,014
AT&T Inc., 2.450%, 06/30/20	1.000		0.917		06/20/24		3,425		14,373			7,933			6,440
Republic of Indonesia, 5.875%, 03/13/20	1.000		0.901		06/20/24		120		595			(271	)		866
TOTAL								$	578,412		$	324,443		$	253,969

(a) Payments made quarterly.

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

PURCHASED OPTIONS CONTRACTS — At June 30, 2019, the Fund had the following purchased options:

EXCHANGE TRADED OPTIONS ON FUTURES

Description	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
Eurodollar Futures	$	97.750		06/15/2020		29	$	72,500	$	3,625	$	14,197	$	(10,572	)

Abbreviations:
MS & Co. Int. PLC	—	Morgan Stanley & Co. International PLC
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 SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 50.8%
Advertising – 0.5%
The Interpublic Group of Cos., Inc.
$	15,100,000		3.500	%	10/01/20	$     15,296,149
Agriculture – 0.7%
BAT Capital Corp.
	23,243,000		2.297		08/14/20	23,186,752
Automotive – 4.3%
BMW US Capital LLC(a)(b) (3M USD LIBOR + 0.530%)
	20,000,000		2.833		04/14/22	20,023,540
Daimler Finance North America LLC(b)
	11,700,000		2.450		05/18/20	11,688,651
	10,446,000		3.350		05/04/21	10,589,319
(3M USD LIBOR + 0.670%)
	15,000,000		3.235	(a)	11/05/21	15,013,350
Harley-Davidson Financial Services, Inc.(b)(c)
	12,735,000		2.850		01/15/21	12,752,574
PACCAR Financial Corp.(a) (3M USD LIBOR + 0.450%)
	27,350,000		2.860		06/17/22	27,345,351
Volkswagen Group of America Finance LLC(b)
(3M USD LIBOR + 0.770%)
	23,008,000		3.305	(a)	11/13/20	23,104,864
	8,000,000		3.875		11/13/20	8,144,640
(3M USD LIBOR + 0.940%)
	5,500,000		3.475	(a)	11/12/21	5,528,270
						134,190,559
Banks – 34.0%
ABN AMRO Bank NV(b)
	3,107,000		2.650		01/19/21	3,119,708
(3M USD LIBOR + 0.570%)
	38,650,000		3.091	(a)	08/27/21	38,805,759
Australia & New Zealand Banking Group Ltd.(a)(b) (3M USD LIBOR + 0.460%)
	18,475,000		2.985		05/17/21	18,526,176
Bank of America Corp.
	2,575,000		2.250		04/21/20	2,573,429
	5,000,000		5.625		07/01/20	5,160,150
Bank of Montreal(a) (3M USD LIBOR + 0.400%)
	12,000,000		2.992		01/22/21	12,030,000
Banque Federative du Credit Mutuel SA(b)
	6,000,000		2.200		07/20/20	5,992,620
	30,000,000		2.750		10/15/20	30,141,900
Barclays Bank PLC(a)
(3M USD LIBOR + 0.550%)
	8,000,000		3.115		08/07/19	8,002,400
(3M USD LIBOR + 0.400%)
	15,500,000		2.922		08/21/20	15,414,750
BNZ International Funding Ltd.(b)
	8,190,000		2.400		02/21/20	8,192,785

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(3M USD LIBOR + 0.980%)
$	13,145,000		3.408	%(a)	09/14/21	$     13,283,154
BPCE SA
	2,000,000		2.250		01/27/20	1,998,960
Capital One NA(c)
	13,336,000		2.350		01/31/20	13,332,266
Citibank NA(a)(c)
(3M USD LIBOR + 0.530%)
	15,000,000		3.050		02/19/22	15,007,050
(3M USD LIBOR + 0.600%)
	30,000,000		3.123		05/20/22	30,042,000
Citigroup, Inc.
	4,000,000		2.700		03/30/21	4,019,280
(3M USD LIBOR + 1.190%)
	6,588,000		3.766	(a)	08/02/21	6,677,729
Citizens Bank NA(a)(c) (3M USD LIBOR + 0.720%)
	15,000,000		3.248		02/14/22	14,955,450
Commonwealth Bank of Australia
	10,000,000		2.300		09/06/19	9,999,900
	5,928,000		5.000	(b)	03/19/20	6,040,158
(3M USD LIBOR + 0.700%)
	9,250,000		3.151	(a)(b)	03/10/22	9,291,995
Compass Bank(a)(c) (3M USD LIBOR + 0.730%)
	5,592,000		3.181		06/11/21	5,597,312
Cooperatieve Rabobank UA
	2,700,000		2.250		01/14/20	2,698,056
(3M USD LIBOR + 0.430%)
	28,575,000		3.016	(a)	04/26/21	28,650,152
Credit Agricole Corporate & Investment Bank(a) (3M USD LIBOR + 0.470%)
	6,780,000		3.067		07/13/20	6,795,835
(3M USD LIBOR + 0.625%)
	15,000,000		3.221	(a)(b)	10/03/21	15,022,350
Discover Bank(c)
	4,835,000		3.100		06/04/20	4,859,900
DNB Bank ASA(b)
	18,257,000		2.125		10/02/20	18,194,013
Federation des Caisses Desjardins du Quebec(b)
	15,000,000		2.250		10/30/20	14,978,550
HSBC Holdings PLC(a)
(3M USD LIBOR + 0.600%)
	30,500,000		3.120	(c)	05/18/21	30,521,960
(3M USD LIBOR + 1.660%)
	3,500,000		4.181		05/25/21	3,575,495
ING Bank NV(b)
(3M USD LIBOR + 0.610%)
	3,250,000		3.128	(a)	08/15/19	3,252,730
	7,000,000		2.500		10/01/19	7,001,260
	6,260,000		2.450		03/16/20	6,264,570
	12,000,000		2.700		08/17/20	12,046,080
	11,520,000		2.750		03/22/21	11,590,618
ING Groep NV(a) (3M USD LIBOR + 1.150%)
	10,310,000		3.480		03/29/22	10,435,370

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
JPMorgan Chase & Co(a)(c) (3M USD LIBOR + 0.550%)
$	20,000,000		3.003	%	03/09/21	$     20,032,600
JPMorgan Chase Bank NA(a)(c)
(3M USD LIBOR + 0.280%)
	18,000,000		2.604		02/01/21	18,024,480
(3M USD LIBOR + 0.290%)
	10,258,000		2.869		02/01/21	10,261,488
Lloyds Bank PLC(a) (3M USD LIBOR + 0.490%)
	18,351,000		3.055		05/07/21	18,355,771
Macquarie Bank Ltd.(b)
	15,370,000		2.850		01/15/21	15,466,216
Mitsubishi UFJ Financial Group, Inc.
	8,000,000		2.950		03/01/21	8,069,920
(3M USD LIBOR + 0.650%)
	20,000,000		3.236	(a)	07/26/21	20,048,000
(3M USD LIBOR + 0.700%)
	12,500,000		3.172	(a)	03/07/22	12,534,125
Mitsubishi UFJ Trust & Banking Corp.(b)
	13,473,000		2.650		10/19/20	13,513,149
Mizuho Bank Ltd.(b)
	20,000,000		2.700		10/20/20	20,070,000
Mizuho Financial Group, Inc.
	6,000,000		2.632	(b)	04/12/21	6,014,220
(3M USD LIBOR + 1.140%)
	10,446,000		3.590	(a)	09/13/21	10,576,157
(3M USD LIBOR + 0.940%)
	15,000,000		3.461	(a)	02/28/22	15,120,600
Morgan Stanley
	4,000,000		5.500		01/26/20	4,068,120
	7,884,000		5.500		07/24/20	8,136,840
	6,256,000		5.750		01/25/21	6,568,925
(3M USD LIBOR + 1.180%)
	35,851,000		3.772	(a)(c)	01/20/22	36,222,058
MUFG Bank Ltd.(b)
	2,000,000		2.350		09/08/19	1,999,500
	6,280,000		2.300		03/05/20	6,274,285
National Australia Bank Ltd.(a)(b) (3M USD LIBOR + 0.710%)
	12,000,000		3.275		11/04/21	12,081,360
National Australia Bank Ltd.(b)
	1,454,000		4.375		12/10/20	1,496,660
(3M USD LIBOR + 0.350%)
	16,000,000		2.954	(a)	01/12/21	16,021,920
Nordea Bank Abp(b)
	3,745,000		2.125		05/29/20	3,738,147
	14,115,000		2.500		09/17/20	14,138,572
	9,300,000		4.875		01/14/21	9,650,238
Regions Bank(a)(c) (3M USD LIBOR + 0.380%)
	3,191,000		2.699		04/01/21	3,182,959
Royal Bank of Canada(a) (3M USD LIBOR + 0.400%)
	10,000,000		2.980		01/25/21	10,037,370

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Santander UK PLC(a)
(3M USD LIBOR + 0.620%)
$	13,350,000		3.140	%	06/01/21	$     13,372,428
(3M USD LIBOR + 0.660%)
	11,800,000		3.178		11/15/21	11,831,978
Skandinaviska Enskilda Banken AB(b)
	6,000,000		2.625		11/17/20	6,021,120
(3M USD LIBOR + 0.430%)
	42,010,000		2.955	(a)	05/17/21	42,141,071
Societe Generale SA(b)
	12,000,000		2.625		09/16/20	12,031,920
	4,900,000		2.500		04/08/21	4,902,695
(3M USD LIBOR + 1.330%)
	3,500,000		3.919	(a)	04/08/21	3,549,980
Standard Chartered PLC(b)
	15,000,000		2.100		08/19/19	14,987,550
Sumitomo Mitsui Banking Corp.
	9,028,000		2.450		01/16/20	9,030,618
	5,000,000		2.650		07/23/20	5,014,550
Sumitomo Mitsui Trust Bank Ltd.(a)(b) (3M USD LIBOR + 0.910%)
	13,483,000		3.511		10/18/19	13,507,135
SVB Financial Group
	2,650,000		5.375		09/15/20	2,739,093
Svenska Handelsbanken AB
	11,000,000		5.125	(b)	03/30/20	11,228,580
(3M USD LIBOR + 1.150%)
	5,000,000		3.469	(a)	03/30/21	5,076,600
(3M USD LIBOR + 0.470%)
	5,000,000		2.995	(a)	05/24/21	5,020,450
The Bank of Nova Scotia(a) (3M USD LIBOR + 0.420%)
	12,000,000		3.000		01/25/21	12,029,040
UBS AG
	14,050,000		2.350		03/26/20	14,049,438
	2,500,000		2.200	(b)(c)	06/08/20	2,496,525
	3,000,000		4.875		08/04/20	3,083,370
Wells Fargo & Co.
	10,000,000		2.150		01/30/20	9,990,000
	7,500,000		4.600		04/01/21	7,782,525
(3M USD LIBOR + 0.930%)
	6,827,000		3.465	(a)(c)	02/11/22	6,864,753
Wells Fargo Bank NA(a)(c) (3M USD LIBOR + 0.620%)
	26,000,000		3.141		05/27/22	26,049,660
Westpac Banking Corp.(a)
(3M USD LIBOR + 0.360%)
	16,000,000		2.880	(b)	09/01/20	15,990,560
(3M USD LIBOR + 0.850%)
	19,655,000		3.431		01/11/22	19,847,619
						1,054,434,808

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals(a) – 0.3%
DuPont de Nemours, Inc. (3M USD LIBOR + 0.710%)
$	10,000,000		3.228	%	11/15/20	$     10,065,900
Computers – 1.6%
Hewlett Packard Enterprise Co.(c)
	14,559,000		3.600		10/15/20	14,746,811
(3M USD LIBOR + 0.720%)
	14,298,000		3.318	(a)	10/05/21	14,301,289
International Business Machines Corp.(a) (3M USD LIBOR + 0.400%)
	20,450,000		2.935		05/13/21	20,520,552
						49,568,652
Diversified Financial Services(c) – 1.9%
American Express Co.
	8,000,000		3.000		02/22/21	8,085,040
(3M USD LIBOR + 0.620%)
	30,000,000		3.140	(a)	05/20/22	30,085,500
American Express Credit Corp.(a) (3M USD LIBOR + 0.730%)
	3,000,000		3.251		05/26/20	3,015,510
Capital One Financial Corp.
	15,000,000		2.500		05/12/20	15,014,850
	2,804,000		2.400		10/30/20	2,805,991
						59,006,891
Electrical – 0.9%
DTE Energy Co.
	1,750,000		1.500		10/01/19	1,745,817
NextEra Energy Capital Holdings, Inc.(a) (3M USD LIBOR + 0.450%)
	11,625,000		2.780		09/28/20	11,696,029
Sempra Energy(a)(c) (3M USD LIBOR + 0.500%)
	10,000,000		3.097		01/15/21	9,966,500
Southern Power Co
	4,600,000		1.950		12/15/19	4,585,970
						27,994,316
Food & Drug Retailing(a)(b) – 0.4%
Mondelez International Holdings Netherlands BV (3M USD LIBOR + 0.610%)
	12,271,000		3.192		10/28/19	12,286,216
Insurance – 1.0%
Metropolitan Life Global Funding I(a)(b) (3M USD LIBOR + 0.230%)
	9,000,000		2.819		01/08/21	9,000,810
Protective Life Global Funding(b)
	2,800,000		2.262		04/08/20	2,797,956
	13,355,000		2.700		11/25/20	13,412,159
Reinsurance Group of America, Inc.
	4,125,000		5.000		06/01/21	4,315,328
						29,526,253

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Lodging(a) – 0.7%
Marriott International, Inc.
(3M USD LIBOR + 0.600%)
$	15,608,000		3.120	%	12/01/20	$     15,668,231
(3M USD LIBOR + 0.650%)
	5,850,000		3.103		03/08/21	5,864,684
						21,532,915
Machinery - Construction & Mining(a) – 0.7%
Caterpillar Financial Services Corp. (3M USD LIBOR + 0.390%)
	22,500,000		2.915		05/17/21	22,558,725
Miscellaneous Manufacturing – 0.5%
General Electric Co.
	2,645,000		6.000		08/07/19	2,653,517
(3M USD LIBOR + 0.800%)
	2,894,000		3.397	(a)	04/15/20	2,893,711
	3,420,000		5.550		05/04/20	3,500,267
	5,500,000		4.375		09/16/20	5,617,370
						14,664,865
Oil Field Services(a)(b)(c) – 0.2%
Phillips 66 (3M USD LIBOR + 0.750%)
	6,500,000		3.347		04/15/20	6,500,910
Pharmaceuticals – 2.0%
Bayer US Finance II LLC(a)(b)(c) (3M USD LIBOR + 0.630%)
	16,550,000		2.979		06/25/21	16,473,539
Bayer US Finance LLC(b)
	7,427,000		2.375		10/08/19	7,414,968
CVS Health Corp.
(3M USD LIBOR + 0.720%)
	10,000,000		3.173	(a)	03/09/21	10,038,600
	13,000,000		3.350		03/09/21	13,180,180
McKesson Corp.
	15,700,000		3.650		11/30/20	15,946,490
						63,053,777
Real Estate Investment Trust(c) – 0.8%
ERP Operating LP
	10,350,000		2.375		07/01/19	10,350,000
HCP, Inc.
	4,485,000		2.625		02/01/20	4,489,171
WEA Finance LLC/Westfield UK & Europe Finance PLC(b)
	5,296,000		2.700		09/17/19	5,295,894
	4,500,000		3.250		10/05/20	4,541,130
						24,676,195
Trucking & Leasing(a)(b) – 0.3%
Aviation Capital Group LLC (3M USD LIBOR + 0.950%)
	10,000,000		3.470		06/01/21	10,037,300
TOTAL CORPORATE OBLIGATIONS (Cost $1,572,065,094)						$1,578,581,183

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Shares		Dividend Rate				Value
Investment Companies(d) – 11.3%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	58,257,351		2.308%			$     58,257,351
Goldman Sachs Financial Square Money Market Fund - Institutional Shares
	291,478,260		2.506			291,653,147
TOTAL INVESTMENT COMPANIES (Cost $349,825,186)						$   349,910,498
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $1,921,890,280)						$1,928,491,681
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 37.1%
Certificates of Deposit – 3.2%
Bayerische Landesbank
$	34,000,000		2.580	%	07/05/19	$     34,000,910
Lloyds Bank Corp.
	14,163,000		3.000		07/29/19	14,170,099
National Bank of Kuwait SAKP
	20,000,000		2.760		10/29/19	20,018,842
	30,000,000		2.650		08/12/19	30,004,895
						98,194,746
Commercial Paper – 30.4%
AT&T, Inc.(b)(e)
	18,000,000		0.000		12/10/19	17,782,777
Bank of China Ltd.(e)
	15,000,000		0.000		03/06/20	14,736,450
	10,000,000		0.000		09/03/19	9,952,858
	15,000,000		0.000		08/08/19	14,956,062
	7,000,000		0.000		10/02/19	6,953,053
Bank of Montreal(a)
	15,250,000		2.812		08/28/20	15,262,129
Bank of Nova Scotia(a)
	24,000,000		2.666		09/21/20	24,008,617
Bayerische Landesbank(e)
	39,450,000		0.000		08/08/19	39,337,318
Bedford Row Funding Corp.(b)(e)
	7,000,000		0.000		10/16/19	6,952,666
	9,500,000		0.000		10/18/19	9,434,534

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
Bell Canada, Inc.(b)(e)
$	10,000,000		0.000	%	08/19/19	$       9,961,910
BNP Paribas SA(a)
	15,000,000		2.684		07/10/19	15,000,290
Boeing Co.(b)(e)
	10,000,000		0.000		12/11/19	9,887,489
Canadian Imperial Bank of Commerce(a)
(1M USD LIBOR + 0.350%)
	10,000,000		2.780		11/05/19	10,007,814
(3M USD LIBOR + 0.400%)
	16,000,000		2.976		05/02/20	16,034,475
(3M USD LIBOR + 0.330%)
	10,000,000		2.911		07/11/19	10,000,848
Chariot Funding LLC(b)(e)
	15,400,000		0.000		07/12/19	15,385,746
China Construction Banking Corp.(b)(e)
	20,000,000		0.000		09/09/19	19,898,489
	8,000,000		0.000		09/20/19	7,952,587
	11,000,000		0.000		10/01/19	10,926,124
Cnpc Finance(b)(e)
	25,000,000		0.000		07/11/19	24,977,214
Collateralized Commercial Paper II Co. LLC(b)(e)
	15,000,000		0.000		10/22/19	14,891,347
	4,510,000		0.000		11/25/19	4,468,095
Cooperatieve Rabobank UA(a)
	7,250,000		2.673		03/24/20	7,263,648
Credit Agricole Corporate & Investment Bank(a)
(3M USD LIBOR + 0.400%)
	10,000,000		2.743		09/24/20	10,006,011
(3M USD LIBOR + 0.350%)
	11,500,000		2.933		07/30/20	11,512,131
Credit Suisse AG(a)
	15,000,000		2.810		05/04/20	15,016,115
Credit Suisse New York(a)
(SOFRRATE + 0.380%)
	4,000,000		2.810		10/04/19	4,002,437
(3M USD LIBOR + 0.170%)
	4,000,000		2.503		09/26/19	4,001,131
E.I.Du Pont De Nemours & Co.(b)(e)
	13,500,000		0.000		08/01/19	13,467,947
Federation des Caisses Desjardins du Quebec(b)(e)
	20,000,000		0.000		08/13/19	19,939,050
First Abu Dhabi Bank P.J.S.C.(b)(e)
	30,000,000		0.000		08/07/19	29,920,567
General Electric Co.(e)
	12,430,000		0.000		09/03/19	12,370,038

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
$	3,000,000		0.000	%	08/01/19	$       2,992,784
Henkel Corp.(b)(e)
	14,000,000		0.000		02/04/20	13,796,655
HSBC Bank PLC(a)(b)
	5,450,000		2.802		09/25/19	5,452,417
Louis Vuitton SE(e)
	30,000,000		0.000		10/24/19	29,764,000
Macquarie Bank Ltd.(b)(e)
	9,000,000		0.000		11/07/19	8,924,364
Mccormick & Co.(b)(e)
	15,000,000		0.000		10/21/19	14,873,644
Metlife Short Term Funding(b)(e)
	10,000,000		0.000		07/23/19	9,983,354
Mizuho Bank Ltd.(a)
(3M USD LIBOR + 0.380%)
	6,500,000		2.729		06/25/20	6,508,189
(3M USD LIBOR + 0.400%)
	5,000,000		2.921		11/27/19	5,002,793
(3M USD LIBOR + 0.400%)
	9,000,000		3.002		10/04/19	9,009,337
Natixis SA(a)
	25,000,000		3.112		01/22/21	25,037,959
Nordea Bank Abp(a)
	15,052,000		2.855		02/05/21	15,049,579
Oversea-Chinese Banking Corp. Ltd.(a)
	13,000,000		2.791		10/24/19	13,008,393
Reckitt Benckiser Treas(b)(e)
	4,000,000		0.000		08/05/19	3,989,938
Reckitt Benckiser Treasury Services PLC(b)(e)
	20,500,000		0.000		02/04/20	20,202,246
Schlumberger Holdings(b)(e)
	19,350,000		0.000		07/08/19	19,335,901
	25,000,000		0.000		07/16/19	24,967,175
	16,000,000		0.000		07/03/19	15,994,176
Societe Generale SA(a)(b)
	19,450,000		3.025		12/18/19	19,483,242
Standard Chartered Bank
(3M USD LIBOR + 0.310%)
	12,000,000		2.889	(a)	10/31/19	12,009,554
(3M USD LIBOR + 0.420%)
	18,000,000		2.822	(a)	09/18/20	18,032,174
	7,000,000		3.190		10/31/19	7,018,928
Sumitomo Mitsui Banking Corp.(a)
(3M USD LIBOR + 0.350%)
	1,180,000		2.947		10/15/20	1,180,294

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
(3M USD LIBOR + 0.410%)
$	1,000,000		2.812	%	06/18/20	$       1,001,234
(3M USD LIBOR + 0.420%)
	4,000,000		3.001		07/24/20	4,005,825
(3M USD LIBOR + 0.370%)
	11,000,000		2.953		01/31/20	11,012,702
(3M USD LIBOR + 0.370%)
	5,100,000		2.951		07/11/19	5,100,428
Svenska Handelsbanken AB(a)
(3M USD LIBOR + 0.280%)
	10,450,000		2.682		09/11/20	10,457,382
(3M USD LIBOR + 0.400%)
	15,250,000		2.992		04/01/20	15,290,833
Swedbank AB(a)
	1,000,000		2.845		08/24/20	1,001,467
The Boeing Co.(b)(e)
	30,000,000		0.000		08/14/19	29,906,353
The Toronto-Dominion Bank(b)(e)
	7,200,000		0.000		10/18/19	7,148,816
United Healthcare Co.(b)(e)
	25,000,000		0.000		07/11/19	24,977,575
	15,000,000		0.000		08/30/19	14,934,743
Versailles LLC(b)(e)
	14,500,000		0.000		08/08/19	14,460,499
VW Credit, Inc.(b)(e)
	10,000,000		0.000		12/06/19	9,882,291
Walgreens Boots Alliance, Inc.(e)
	5,600,000		0.000		08/01/19	5,586,529
	1,872,000		0.000		08/12/19	1,865,998
	6,050,000		0.000		08/26/19	6,024,339
	10,000,000		0.000		09/09/19	9,947,399
Westpac Banking Corp.(a)(b)
	15,000,000		2.924		10/31/19	15,008,802
						945,498,278
Repurchase Agreement – 3.5%
Bank of America Corp.
	15,000,000		3.040		07/22/19	15,000,000
Maturity Value: $15,026,600 Settlement Date: 7/1/2019 Collateralized by various common stocks and preferred stock. The aggregate market value of the collateral was 16,247,264.

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Repurchase Agreement – (continued)
BNP Paribas SA
$	35,000,000		2.600	%	07/01/19	$    35,000,000
Maturity Value: $35,000,000 Settlement Date: 7/1/2019 Collateralized by various corporate obligations and government bonds, 3.500% to 8.750%, due 04/01/20 to 03/15/43. The aggregate market value of the collateral, including accrued interest, was $38,501,065.
Citigroup Global Markets, Inc.
	19,000,000		2.955		08/16/19	19,000,000
Maturity Value: $19,071,729 Settlement Date: 7/1/2019 Collateralized by various mortgage obligations and corporate obligations, 0.000% to 5.273%, due 06/25/25 to 08/28/57. The aggregate market value of the collateral, including accrued interest, was $21,850,001.
Nomura
	19,000,000		3.148		08/02/19	19,000,000
Maturity Value: $19,099,687 Settlement Date: 7/1/2019 Collateralized by various mortgage obligations, 2.644% to 11.272%, due 09/25/22 to 08/25/58. The aggregate market value of the collateral, including accrued interest, was $22,559,623.
Wells Fargo
	20,000,000		2.749		08/22/19	20,000,000
Maturity Value: $20,079,416 Settlement Date: 7/1/2019 Collateralized by various mortgage obligations and municipal debt obligation, 2.501% to 6.425%, due 06/01/25 to 01/15/60. The aggregate market value of the collateral, including accrued interest, was $23,109,558.
						108,000,000
TOTAL SHORT-TERM INVESTMENTS (Cost $1,151,013,331)						$1,151,693,024
TOTAL INVESTMENTS – 99.2% (Cost $3,072,903,611)						$3,080,184,705
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.8%						24,270,239
NET ASSETS – 100.0%						$3,104,454,944

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on 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)	Represents an affiliated issuer.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
SOFR	— Secured Overnight Funding 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 SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

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

iii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real 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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

v. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

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

vii. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

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 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.

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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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:

ENHANCED INCOME
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	282,989,360	$	—
Mortgage-Backed Obligations		—			20,000,000		—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		20,275,907			9,402,538		—
Asset-Backed Securities		—			97,179,725		—
Municipal Debt Obligation		—			414,195		—
Investment Companies		25,098,341			—		—
Short-term Investments		—			58,687,272		—
Total	$	45,374,248		$	468,673,090	$	—
Derivative Type
Assets(a)
Futures Contracts	$	69,143		$	—	$	—
Liabilities(a)
Futures Contracts	$	(1,404,173	)	$	—	$	—
GOVERNMENT INCOME
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	149,161,933	$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		109,128,019			44,160,820		—
Asset-Backed Securities		—			28,867,645		—
Municipal Debt Obligations		—			5,813,250		—
Investment Company		30,190,989			—		—
Short-term Investments		—			1,136,464		—
Total	$	139,319,008		$	229,140,112	$	—

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Investment Type	Level 1			Level 2			Level 3
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(5,126,575	)	$	—
Total	$	—		$	(5,126,575	)	$	—
Derivative Type
Assets(a)
Futures Contracts	$	567,973		$	—		$	—
Interest Rate Swap Contracts		—			1,448			—
Total	$	567,973		$	1,448		$	—
Liabilities(a)
Futures Contracts	$	(696,581	)	$	—		$	—
HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	16,477,975		$	—
Mortgage-Backed Obligations		—			132,463,059			—
U.S. Government Agencies		—			7,201,944			—
Asset-Backed Securities		—			195,677,857			—
Municipal Debt Obligations		—			12,415,864			—
Short-term Investments		—			3,730,578			—
Total	$	—		$	367,967,277		$	—
Derivative Type
Assets(a)
Futures Contracts	$	262,388		$	—		$	—
Interest Rate Swap Contracts		—			77,873			—
Total	$	262,388		$	77,873		$	—
Liabilities(a)
Futures Contracts	$	(282,235	)	$	—		$	—
INFLATION PROTECTED SECURITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	376,483,544		$	—		$	—
Investment Company		11,095,376			—			—
Total	$	387,578,920		$	—		$	—
Derivative Type
Assets(a)
Futures Contracts	$	1,252,852		$	—		$	—
Interest Rate Swap Contracts		—			578,473			—
Total	$	1,252,852		$	578,473		$	—
Liabilities(a)
Futures Contracts	$	(948,578	)	$	—		$	—
Interest Rate Swap Contracts		—			(1,045,155	)		—
Total	$	(948,578	)	$	(1,045,155	)	$	—
SHORT DURATION GOVERNMENT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	417,573,327		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		565,666,558			81,964,484			—
Asset-Backed Securities		—			1,120,296			—
Total	$	565,666,558		$	500,658,107		$	—
Derivative Type
Assets(a)
Futures Contracts	$	3,250,085		$	—		$	—
Liabilities(a)
Futures Contracts	$	(4,019,600	)	$	—		$	—

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SHORT DURATION INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	519,602,543		$	—
Mortgage-Backed Obligations		—			85,732,390			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		13,125,880			4,201,134			—
Asset-Backed Securities		—			78,631,499			—
Foreign Debt Obligations		—			11,409,795			—
Municipal Debt Obligations		—			25,001,994			—
Investment Company		7,696,773			—			—
Short-term Investments		—			3,985,111			—
Total	$	20,822,653		$	728,564,466		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,127,651		$	—
Futures Contracts(a)		2,368,854			—			—
Interest Rate Swap Contracts(a)		—			2,336,046			—
Credit Default Swap Contracts(a)		—			290,559			—
Options Purchased		3,625			—			—
Total	$	2,372,479		$	3,754,256		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(698,910	)	$	—
Futures Contracts		(1,038,968	)		—			—
Interest Rate Swap Contracts		—			(1,481,660	)		—
Credit Default Swap Contracts		—			(36,590	)		—
Total	$	(1,038,968	)	$	(2,217,160	)	$	—
SHORT-TERM CONSERVATIVE INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,578,581,183		$	—
Investment Companies		349,910,498			—			—
Short-term Investments		—			1,151,693,024			—
Total	$	349,910,498		$	2,730,274,207		$	—

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

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

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2019 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and 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.

State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.