GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 63.2%
Angola – 1.0%
Republic of Angola (NR/Caa1)(a)
$	9,610,000		8.250	%	05/09/28	$       9,222,597
Republic of Angola (CCC+/Caa1)
	2,670,000		9.125	(a)	11/26/49	2,464,744
	2,010,000		9.125		11/26/49	1,855,481
						13,542,822
Argentina(b) – 1.7%
Republic of Argentina (CCC+/NR)
EUR	120,088		0.500		07/09/29	56,482
$	1,479,348		1.000		07/09/29	643,516
	19,634,677		0.125	(c)	07/09/30	7,981,496
EUR	3,559,900		0.125		07/09/30	1,609,112
$	33,640,015		0.125	(c)	07/09/35	12,312,246
	1,434,455		0.125	(c)	07/09/41	540,790
						23,143,642
Armenia(a) – 0.2%
Republic of Armenia (NR/Ba3)
	2,100,000		3.950		09/26/29	2,101,969
Azerbaijan – 0.9%
Republic of Azerbaijan (NR/Ba2u)
	3,534,000		4.750		03/18/24	3,854,269
	8,050,000		3.500		09/01/32	8,497,781
						12,352,050
Bahrain – 1.9%
Kingdom of Bahrain (B+/NR)
	560,000		7.000		10/12/28	646,800
	990,000		6.000		09/19/44	1,023,103
Kingdom of Bahrain (B+/B2u)
	1,380,000		7.375		05/14/30	1,636,594
	8,530,000		7.375	(a)	05/14/30	10,116,047
	4,410,000		5.625	(a)	09/30/31	4,663,575
	1,140,000		5.625		09/30/31	1,205,550
	6,010,000		5.450	(a)	09/16/32	6,310,500
						25,602,169

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Belarus – 0.6%
Republic of Belarus (B/B3u)
$	450,000		7.625	%	06/29/27	$          494,437
	1,340,000		6.200		02/28/30	1,357,169
Republic of Belarus Ministry of Finance (B/NR)(a)
	1,400,000		5.875		02/24/26	1,435,000
	5,390,000		6.378		02/24/31	5,470,850
						8,757,456
Belize(a)(d) – 0.1%
Republic of Belize (CCC+/Caa3)
	2,537,842		4.938		02/20/34	1,156,304
Bermuda(a)(b) – 0.3%
Bermuda Government Bond (A+/A2)
	1,900,000		2.375		08/20/30	1,993,100
	1,890,000		3.375		08/20/50	2,035,884
						4,028,984
Bolivia – 0.0%
Republic of Bolivian (B+/B2)
	200,000		4.500		03/20/28	187,687
Brazil – 0.7%
Republic of Brazil (BB-/NR)
	5,930,000		3.875		06/12/30	6,256,150
	3,210,000		4.750	(b)	01/14/50	3,424,669
						9,680,819
Chile(b) – 0.0%
Republic of Chile (A+/A1)
	390,000		3.500		01/25/50	447,159
Colombia(b) – 1.6%
Republic of Colombia (BBB-/Baa2)
	2,460,000		3.000		01/30/30	2,584,537
	4,600,000		3.125		04/15/31	4,882,900
	2,180,000		5.000		06/15/45	2,664,369
	640,000		5.200		05/15/49	809,000
	10,370,000		4.125		05/15/51	11,521,070
						22,461,876

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Costa Rica(a) – 0.1%
Republic of Costa Rica (B/B2)
$	1,080,000		6.125	%	02/19/31	$       1,005,750
Croatia – 0.9%
Croatia Government International Bond (BBB-/Ba1)
EUR	2,720,000		1.125		06/19/29	3,497,340
	6,160,000		1.500		06/17/31	8,212,054
						11,709,394
Dominican Republic – 3.0%
Dominican Republic (NR/NR)
DOP	8,900,000		18.500	(a)	02/04/28	228,421
	152,600,000		10.750		08/11/28	2,988,963
Dominican Republic (BB-/Ba3)
$	450,000		6.875		01/29/26	541,969
	1,500,000		8.625		04/20/27	1,906,406
	3,130,000		4.875	(a)	09/23/32	3,449,847
	4,740,000		6.850	(a)	01/27/45	5,766,506
	6,599,000		6.850		01/27/45	8,028,096
	11,020,000		6.500	(a)	02/15/48	12,986,381
	170,000		6.500		02/15/48	200,334
	3,490,000		6.400	(a)	06/05/49	4,097,478
	1,760,000		5.875		01/30/60	1,929,400
						42,123,801
Ecuador(a) – 1.2%
Republic of Ecuador (B-/NR)
	3,532,360		0.000	(e)	07/31/30	1,669,040
	993,040		0.500	(c)	07/31/30	638,028
	14,798,455		0.500	(c)	07/31/35	8,028,162
	12,551,936		0.500	(c)	07/31/40	6,323,038
						16,658,268

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Egypt – 3.7%
Republic of Egypt (B/B2u)(a)
$	6,510,000		8.875	%	05/29/50	$       7,630,940
Republic of Egypt (NR/B2)
	2,050,000		7.500		01/31/27	2,364,547
Republic of Egypt (B/NR)
EUR	120,000		4.750		04/11/25	152,737
	1,770,000		6.375	(a)	04/11/31	2,321,116
	2,369,000		6.375		04/11/31	3,106,624
Republic of Egypt (B/B2)
	8,360,000		4.750	(a)	04/16/26	10,595,982
	2,260,000		5.625	(a)	04/16/30	2,880,857
	7,200,000		5.625		04/16/30	9,177,952
Republic of Egypt (B/B2u)
$	8,180,000		7.625	(a)	05/29/32	9,251,069
	2,850,000		8.700	(a)	03/01/49	3,294,422
	990,000		8.700		03/01/49	1,144,378
						51,920,624
El Salvador(b) – 0.4%
Republic of El Salvador (B-/B3)
	150,000		9.500		07/15/52	151,313
	5,670,000		9.500	(a)	07/15/52	5,719,612
						5,870,925
Gabon – 0.3%
Republic of Gabon (NR/Caa1)(a)
	2,760,000		6.625		02/06/31	2,841,937
Republic of Gabon (NR/NR)
	1,854,118		6.375		12/12/24	1,928,283
						4,770,220
Ghana – 0.9%
Republic of Ghana (NR/B1)
	1,970,000		10.750		10/14/30	2,630,566

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Ghana – (continued)
Republic of Ghana (B-/B3)(a)
$	2,370,000		6.375	%	02/11/27	$       2,456,653
Republic of Ghana (B-/B3)
	210,000		8.627	(a)	06/16/49	213,938
	1,899,000		8.627		06/16/49	1,934,606
Republic of Ghana (B-/B3u)(a)
	4,640,000		8.125		03/26/32	4,899,550
						12,135,313
Guatemala – 2.1%
Republic of Guatemala (BB-/Ba1)
	4,220,000		4.500	(a)	05/03/26	4,667,056
	5,430,000		4.500		05/03/26	6,005,241
	7,400,000		4.375	(a)	06/05/27	8,227,875
	350,000		4.375		06/05/27	389,156
	1,410,000		4.900	(a)(b)	06/01/30	1,639,566
	6,120,000		6.125	(a)(b)	06/01/50	8,070,750
						28,999,644
Honduras – 0.3%
Republic of Honduras (BB-/B1)
	1,310,000		7.500	(a)	03/15/24	1,460,241
	1,120,000		7.500		03/15/24	1,248,450
	1,170,000		5.625	(a)(b)	06/24/30	1,328,681
						4,037,372
Hungary – 0.3%
Hungary Government International Bond (BBB/Baa3)
EUR	3,250,000		1.750		06/05/35	4,409,021
Indonesia – 4.6%
Perusahaan Penerbit SBSN (NR/Baa2)(a)
$	4,870,000		4.150		03/29/27	5,583,760
Perusahaan Penerbit SBSN (BBB/Baa2)
	33,470,000		4.400	(a)	03/01/28	39,180,819
	1,460,000		4.450		02/20/29	1,725,081
	4,050,000		3.800	(a)	06/23/50	4,467,656
Republic of Indonesia (NR/Baa2)
	550,000		4.350		01/11/48	655,531

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Indonesia – (continued)
Republic of Indonesia (BBB/Baa2)
EUR	1,550,000		0.900	%	02/14/27	$       1,919,003
$	2,380,000		3.850		10/15/30	2,763,031
	350,000		4.625		04/15/43	421,203
	720,000		3.500		02/14/50	780,075
	5,550,000		4.450		04/15/70	6,817,828
						64,313,987
Iraq(b) – 0.0%
Republic of Iraq (NR/NR)
	234,375		5.800		01/15/28	217,676
Israel – 0.4%
State of Israel (AA-/A1)
	1,390,000		3.875		07/03/50	1,670,606
	2,820,000		4.500	(f)	04/03/20	3,729,450
						5,400,056
Ivory Coast – 0.7%
Republic of Ivory Coast (NR/Ba3)
EUR	2,100,000		5.250		03/22/30	2,751,461
	1,230,000		4.875	(a)	01/30/32	1,542,074
$	570,000		6.125		06/15/33	642,141
EUR	2,370,000		6.625	(a)	03/22/48	3,202,033
	1,580,000		6.625		03/22/48	2,134,688
						10,272,397
Jamaica – 0.7%
Jamaica Government International Bond (B+/B2)
$	6,890,000		7.875		07/28/45	9,850,547
Jordan(a) – 0.2%
Kingdom of Jordan (B+/B1)
	3,000,000		5.850		07/07/30	3,307,500
Kenya – 1.0%
Republic of Kenya (B+/B2u)
	610,000		7.000		05/22/27	670,619

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Kenya – (continued)
Republic of Kenya (B+/B2u) – (continued)
$	3,900,000		7.000	%(a)	05/22/27	$       4,287,562
	750,000		7.250	(a)	02/28/28	841,406
	550,000		7.250		02/28/28	617,031
	6,380,000		8.000	(a)	05/22/32	7,434,694
	200,000		8.000		05/22/32	233,063
						14,084,375
Lebanon(g) – 0.3%
Republic of Lebanon (NR/NR)
	3,663,000		6.750		11/29/27	439,560
Republic of Lebanon (D/NR)
	3,990,000		6.200		02/26/25	478,800
	2,020,000		6.650		04/22/24	242,400
	130,000		6.600		11/27/26	15,600
	710,000		6.850		03/23/27	85,200
	750,000		6.650		11/03/28	90,000
	7,704,000		6.850		05/25/29	924,480
	9,584,000		6.650		02/26/30	1,150,080
	1,520,000		7.050		11/02/35	182,400
						3,608,520
Macedonia – 1.3%
Republic of North Macedonia (BB-/NR)
EUR	600,000		5.625		07/26/23	819,345
	10,480,000		2.750	(a)	01/18/25	13,547,061
	2,710,000		2.750		01/18/25	3,503,105
						17,869,511
Mexico – 2.8%
Mexico Government International Bond (BBB/Baa1)(b)
	850,000		1.350		09/18/27	1,070,853
	820,000		4.500		04/22/29	961,450
United Mexican States (BBB/Baa1)(b)
	3,300,000		4.750		04/27/32	3,966,188

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Mexico – (continued)
United Mexican States (BBB/Baa1)
$	6,970,000		2.659	%(b)	05/24/31	$       7,168,645
	1,560,000		4.750		03/08/44	1,856,010
	320,000		4.600		01/23/46	374,200
	1,220,000		4.350		01/15/47	1,390,800
	383,000		4.500	(b)	01/31/50	447,871
	5,690,000		5.000	(b)	04/27/51	7,094,007
	13,439,000		3.771	(b)	05/24/61	13,973,200
						38,303,224
Mongolia – 0.5%
Republic of Mongolia (B/B3)
	781,000		5.125		12/05/22	810,532
	1,940,000		5.125	(a)	04/07/26	2,080,650
Republic of Mongolia (B/B3u)
	3,490,000		5.625		05/01/23	3,677,587
						6,568,769
Morocco(a) – 1.4%
Kingdom of Morocco (BBB-/NR)
	7,490,000		3.000		12/15/32	7,583,625
Kingdom of Morocco (BBB-/Ba1u)
EUR	2,560,000		1.500		11/27/31	3,043,375
Morocco Government International Bond (BBB-/NR)
$	3,300,000		2.375		12/15/27	3,312,375
	5,060,000		4.000		12/15/50	5,205,475
						19,144,850
Mozambique(c) – 0.1%
Republic of Mozambique (NR/Caa2u)
	2,060,000		5.000		09/15/31	1,868,806
Nigeria – 1.8%
Republic of Nigeria (B-/B2)
	3,140,000		6.500		11/28/27	3,382,369
	1,190,000		7.143		02/23/30	1,281,109
	8,390,000		7.875		02/16/32	9,236,865
	9,820,000		7.696	(a)	02/23/38	10,436,819
						24,337,162

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Oman – 1.2%
Oman Government International Bond (NR/Ba3)
$	2,680,000		6.750	%(a)	10/28/27	$       2,897,750
	680,000		5.625		01/17/28	692,886
	4,660,000		7.375	(a)	10/28/32	5,126,000
	4,250,000		6.750	(a)	01/17/48	4,198,203
	800,000		6.750		01/17/48	790,250
Oman Government International Bond (B+/Ba3)
	1,430,000		4.750		06/15/26	1,426,872
	1,280,000		6.500		03/08/47	1,253,600
						16,385,561
Panama – 1.1%
Panama Notas del Tesoro (BBB/Baa1)
	2,740,000		3.750		04/17/26	2,984,887
Republic of Panama (BBB/Baa1)(b)
	6,500,000		4.500		04/01/56	8,385,000
	3,680,000		3.870		07/23/60	4,333,200
						15,703,087
Papua New Guinea(a) – 0.1%
Papua New Guinea Government International Bond (B-/B2)
	1,450,000		8.375		10/04/28	1,478,547
Paraguay – 3.1%
Republic of Paraguay (BB/NR)(a)
	4,590,000		5.600		03/13/48	5,892,412
Republic of Paraguay (BB/Ba1)
	12,098,000		4.625		01/25/23	13,031,814
	3,930,000		5.000	(a)	04/15/26	4,594,416
	685,000		5.000		04/15/26	800,808
	2,770,000		4.700	(a)	03/27/27	3,223,587
	400,000		4.950	(b)	04/28/31	483,000
	2,760,000		4.950	(a)(b)	04/28/31	3,332,700
	5,650,000		6.100		08/11/44	7,558,641
	3,050,000		5.400	(a)(b)	03/30/50	3,849,672
						42,767,050
Peru(b) – 0.7%
Republic of Peru (BBB+/NR)
	4,910,000		2.780		12/01/60	4,941,915
	5,260,000		3.230		07/28/21	5,257,370
						10,199,285

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Philippines – 0.3%
Republic of Philippines (BBB+/Baa2)
$	1,320,000		1.648	%	06/10/31	$       1,329,900
	2,470,000		2.650		12/10/45	2,488,525
						3,818,425
Qatar – 1.6%
Republic of Qatar (AA-/Aa3)
	10,470,000		5.103	(a)	04/23/48	14,710,350
	2,950,000		4.817	(a)	03/14/49	4,017,531
	240,000		4.817		03/14/49	326,850
	2,770,000		4.400	(a)	04/16/50	3,601,000
						22,655,731
Romania – 3.1%
Republic of Romania (BBB-/Baa3)
EUR	3,330,000		2.375	(a)	04/19/27	4,440,580
	7,360,000		2.875		05/26/28	10,092,784
	1,330,000		2.500		02/08/30	1,779,150
	3,250,000		3.624	(a)	05/26/30	4,729,695
$	2,070,000		3.000	(a)	02/14/31	2,215,547
EUR	2,320,000		2.124	(a)	07/16/31	2,998,968
	1,730,000		2.124		07/16/31	2,236,299
	2,270,000		2.000	(a)	01/28/32	2,904,003
	40,000		2.625	(a)	12/02/40	51,981
	420,000		4.625	(a)	04/03/49	692,676
	900,000		3.375	(a)	01/28/50	1,261,659
	1,880,000		3.375		01/28/50	2,635,466
$	5,860,000		4.000	(a)	02/14/51	6,372,750
						42,411,558

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Russia – 1.4%
Russian Federation Bond (NR/NR)
$	4,000,000		4.750	%	05/27/26	$       4,622,000
	3,200,000		4.375	(a)	03/21/29	3,734,400
	4,200,000		5.100	(a)	03/28/35	5,301,188
	4,600,000		5.100		03/28/35	5,806,062
						19,463,650
Saudi Arabia – 1.6%
Saudi Government International Bond (NR/A1)
	1,770,000		2.750	(a)	02/03/32	1,867,350
	920,000		4.500		10/26/46	1,113,775
	3,600,000		4.625		10/04/47	4,444,875
	1,380,000		5.000		04/17/49	1,807,800
	1,770,000		3.750	(a)	01/21/55	1,933,172
	410,000		3.750		01/21/55	447,797
	8,270,000		4.500	(a)	04/22/60	10,378,850
						21,993,619
Senegal(a) – 0.4%
Republic of Senegal (B+/Ba3)
EUR	4,580,000		4.750		03/13/28	5,969,334
Serbia – 0.7%
Republic of Serbia (NR/Ba3)
	440,000		3.125		05/15/27	603,373
	2,740,000		3.125	(a)	05/15/27	3,757,368
Republic of Serbia (BB+/Ba3)(a)
	4,400,000		1.500		06/26/29	5,549,956
						9,910,697
South Africa – 1.6%
Republic of South Africa (NR/Ba2)
$	3,660,000		4.850		09/27/27	3,952,800
	3,350,000		5.650		09/27/47	3,329,062
Republic of South Africa (BB-/Ba2)
	240,000		4.875		04/14/26	261,750
	2,670,000		4.300		10/12/28	2,776,800
	5,670,000		4.850		09/30/29	6,006,656
	1,180,000		6.250		03/08/41	1,273,294
	4,120,000		5.750		09/30/49	4,112,275
						21,712,637

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Sri Lanka – 1.0%
Republic of Sri Lanka (CCC+/Caa1)
$	200,000		5.750	%(a)	04/18/23	$          126,938
	4,380,000		6.850	(a)	03/14/24	2,651,269
	910,000		6.350	(a)	06/28/24	549,128
	3,960,000		6.125		06/03/25	2,341,350
	6,010,000		6.850	(a)	11/03/25	3,551,534
	2,490,000		6.850		11/03/25	1,471,434
	230,000		6.750		04/18/28	130,525
	1,690,000		6.750	(a)	04/18/28	959,075
	4,240,000		7.550	(a)	03/28/30	2,406,200
						14,187,453
Tajikistan – 0.0%
Republic of Tajikistan (B-/B3)
	710,000		7.125		09/14/27	605,941
Trinidad and Tobago(a)(b) – 0.1%
Republic of Trinidad & Tobago (BBB-/Ba1)
	1,560,000		4.500		06/26/30	1,675,050
Tunisia(a) – 0.1%
Banque Centrale de Tunisie International Bond (NR/B2)
EUR	850,000		6.750		10/31/23	981,615
	760,000		6.375		07/15/26	847,795
						1,829,410
Turkey – 3.0%
Republic of Turkey (NR/B2)
$	5,380,000		4.250		03/13/25	5,388,406
EUR	5,290,000		3.250		06/14/25	6,527,154
	6,280,000		5.200		02/16/26	8,304,900
$	1,200,000		4.875		10/09/26	1,212,750

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Turkey – (continued)
Republic of Turkey (NR/B2) – (continued)
$	4,780,000		6.000	%	03/25/27	$       5,066,800
	3,450,000		5.250		03/13/30	3,461,859
	7,640,000		5.750		05/11/47	7,258,000
	999,000		7.375		02/05/25	1,113,885
	3,640,000		6.000		01/14/41	3,588,813
						41,922,567
Ukraine – 2.6%
Ukraine Government Bond (B/NR)
	600,000		8.994		02/01/24	678,000
EUR	2,210,000		4.375	(a)	01/27/30	2,575,822
$	3,453,000		7.253	(a)	03/15/33	3,763,770
	3,518,000		0.000	(h)	05/31/40	3,615,844
Ukraine Government Bond (B/B3u)
	1,050,000		7.750		09/01/21	1,088,850
	7,470,000		7.750		09/01/23	8,217,000
	9,860,000		7.750		09/01/24	10,935,356
	2,630,000		7.750		09/01/25	2,939,847
	1,330,000		7.750		09/01/26	1,501,238
						35,315,727
United Arab Emirates(a) – 0.5%
Finance Department Government of Sharjah (BBB-/Baa2)
	6,310,000		4.000		07/28/50	6,396,762
Uruguay(b) – 0.0%
Republic of Uruguay (BBB/Baa2)
	350,000		4.375		01/23/31	429,297
Uzbekistan(a) – 0.2%
Republic of Uzbekistan (BB-/NR)
	1,460,000		5.375		02/20/29	1,700,900
	1,160,000		3.700		11/25/30	1,220,900
						2,921,800
Venezuela(g) – 0.3%
Petroleos de Venezuela SA (NR/NR)
	138,210,000		6.000		10/28/22	3,662,565

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Vietnam(b)(i) – 0.3%
Debt and Asset Trading Corp. (NR/NR)
$	4,680,000		1.000	%	10/10/25	$       4,024,800
Zambia – 0.2%
Republic of Zambia (D/NR)
	5,834,000		5.375		09/20/22	3,008,156
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $870,027,829)						$   876,699,358
Corporate Obligations – 25.7%
Argentina(a) – 0.0%
Telecom Argentina SA (CCC+/NR)
$	256,000		8.500	%	08/06/25	$          239,120
Azerbaijan – 0.1%
State Oil Co. of the Azerbaijan Republic (BB-/Ba2)
	400,000		4.750		03/13/23	425,500
State Oil Co. of the Azerbaijan Republic (BB-/NR)
	1,040,000		6.950		03/18/30	1,330,017
						1,755,517
Bahrain(a) – 0.2%
CBB International Sukuk Programme Co. SPC (B+/B2u)
	2,670,000		3.950		09/16/27	2,760,112
Brazil – 1.7%
Banco do Brasil SA (CCC+/NR)(b)(h) (10 Year CMT + 4.398%)
	5,210,000		6.250		10/29/49	5,335,366
Banco do Brasil SA (CCC+/B2)(b)(h) (10 Year CMT + 6.362%)
	5,670,000		9.000		06/29/49	6,323,822
BRF SA (NR/Ba2)(b)
	2,020,000		4.875		01/24/30	2,192,331
	1,290,000		5.750	(a)	09/21/50	1,431,497
	200,000		5.750		09/21/50	221,937
Embraer Overseas Ltd. (BB+/Ba2)
	13,000		5.696		09/16/23	13,784
Itau Unibanco Holding SA (BB-/B2)(a)(b)(h) (5 Year CMT + 3.222%)
	3,360,000		4.625		12/31/99	3,298,050
Samarco Mineracao SA (NR/WR)(g)
	3,185,000		4.125		11/01/22	2,229,500
	2,080,000		5.750		10/24/23	1,473,550
	800,000		5.375		09/26/24	568,000
						23,087,837

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
British Virgin Islands – 1.0%
Contemporary Ruiding Development Ltd. (BBB+/Baa1)(b)
$	290,000		2.625	%	09/17/30	$          293,081
Easy Tactic Ltd. (NR/NR)(b)
	740,000		8.625		02/27/24	652,819
Fortune Star BVI Ltd. (BB/NR)(b)
	610,000		5.250		03/23/22	616,672
	260,000		6.750		07/02/23	273,569
FPC Resources Ltd. (NR/NR)(b)
	380,000		4.375		09/11/27	398,169
Huarong Finance 2017 Co. Ltd.
	3,770,000		4.750		04/27/27	4,200,015
(5 Year CMT + 6.983%)
	3,530,000		4.000	(b)(h)	12/31/99	3,597,291
Huarong Finance 2019 Co. Ltd.(b)
	1,690,000		3.875		11/13/29	1,796,681
Huarong Finance 2019 Co. Ltd. (NR/Baa1)(b)
	280,000		3.625		09/30/30	293,688
Sino-Ocean Land Treasure IV Ltd. (NR/Baa3)(b)
	320,000		4.750		01/14/30	333,200
Studio City Finance Ltd. (BB-/B1)(a)(b)
	430,000		6.000		07/15/25	453,650
	350,000		6.500		01/15/28	374,829
Sunny Express Enterprises Corp. (NR/A3)(b)(h) (3 Year CMT + 4.762%)
	870,000		3.350		12/31/99	882,506
						14,166,170
Burundi – 0.3%
Eastern & Southern African Trade & Development Bank (NR/Baa3)
	3,660,000		5.375		03/14/22	3,777,523
Chile – 0.7%
Corp Nacional del Cobre de Chile (A/A3)(a)(b)
	2,290,000		3.750		01/15/31	2,602,012
Embotelladora Andina SA (BBB/NR)(a)
	506,000		5.000		10/01/23	558,972
Empresa de los Ferrocarriles del Estado (A+/NR)(a)(b)
	600,000		3.068		08/18/50	580,125

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chile – (continued)
Empresa de Transporte de Pasajeros Metro SA (A+/NR)(a)(b)
$	830,000		3.650	%	05/07/30	$          931,675
GNL Quintero SA (BBB/Baa2)
	1,060,000		4.634		07/31/29	1,175,606
Inversiones CMPC SA (BBB-/NR)(a)(b)
	660,000		4.375		05/15/23	701,993
Sociedad Quimica y Minera de Chile SA (BBB+/Baa1)(a)(b)
	3,291,000		4.375		01/28/25	3,624,214
						10,174,597
China – 0.4%
Fantasia Holdings Group Co. Ltd. (NR/NR)(b)
	200,000		9.250		07/28/23	201,438
Fantasia Holdings Group Co. Ltd. (NR/NR)(b)
	450,000		9.875		10/19/23	457,312
iQIYI, Inc. (NR/NR)(j)
	710,000		2.000		04/01/25	627,725
Kaisa Group Holdings Ltd. (NR/NR)(b)
	200,000		8.500		06/30/22	204,625
Kaisa Group Holdings Ltd. (NR/B2)(b)
	200,000		10.875		07/23/23	208,563
	260,000		11.950		11/12/23	275,681
	240,000		11.250		04/16/25	245,250
Meituan (BBB-/Baa3)(a)(b)
	540,000		3.050		10/28/30	562,612
Sunac China Holdings Ltd. (B+/B1)(b)
	880,000		8.350		04/19/23	926,475
Yuzhou Group Holdings Co. Ltd. (NR/B1)(b)
	970,000		7.700		02/20/25	1,039,416
Zhenro Properties Group Ltd. (NR/B2)(b)(h) (-1x3 Year CMT + 13.414%)
	590,000		10.250		12/31/99	608,253
						5,357,350
Colombia – 0.9%
Banco de Bogota SA (NR/Ba2)
	6,870,000		6.250	(a)	05/12/26	7,952,025
	1,980,000		6.250		05/12/26	2,291,850
Grupo Aval Ltd. (NR/Ba2)
	590,000		4.750		09/26/22	617,841
	1,530,000		4.375	(a)(b)	02/04/30	1,627,059
						12,488,775

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Cyprus – 0.1%
MHP SE (B/NR)
$	1,910,000		7.750	%	05/10/24	$       2,090,256
Dominican Republic(a)(b) – 0.2%
Aeropuertos Dominicanos Siglo XXI SA (B+/B1)
	3,220,000		6.750		03/30/29	3,347,794
Hong Kong – 0.2%
CNAC HK Finbridge Co. Ltd. (NR/Baa2)
	2,630,000		3.000		09/22/30	2,487,216
India – 0.1%
Adani Electricity Mumbai Ltd. (BBB-/Baa3)
	200,000		3.949		02/12/30	211,625
Greenko Investment Co. (B+/NR)(a)(b)
	1,190,000		4.875		08/16/23	1,213,428
						1,425,053
Indonesia – 0.2%
Indonesia Asahan Aluminium Persero PT (NR/Baa2)(a)(b)
	1,060,000		5.800		05/15/50	1,319,037
Perusahaan Gas Persero Tbk PT (NR/Baa2)
	1,730,000		5.125		05/16/24	1,910,569
						3,229,606
Ireland – 0.6%
Credit Bank of Moscow Via CBOM Finance PLC (NR/NR)(b)(h)(5 Year USD Swap + 5.416%)
	310,000		7.500		10/05/27	310,000
Credit Bank of Moscow Via CBOM Finance PLC (BB-/NR)(a)
	430,000		4.700		01/29/25	439,137
Credit Bank of Moscow Via CBOM Finance PLC (BB-/Ba3)(a)
	3,010,000		5.550		02/14/23	3,152,975
Phosagro OAO Via Phosagro Bond Funding DAC (BBB-/Baa3)(a)(b)
	3,610,000		3.949		04/24/23	3,772,450
						7,674,562
Israel(a)(b) – 0.3%
Leviathan Bond Ltd. (BB-/Ba3)
	3,350,000		5.750		06/30/23	3,566,008

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Ivory Coast(a)(i) – 0.2%
Brazil Minas SPE via State of Minas Gerais (BB-/NR)
$	2,800,000		5.333	%	02/15/28	$       3,044,125
Japan(b)(h) – 0.1%
SoftBank Group Corp. (B+/B2u) (5 Year USD ICE Swap + 4.226%)
	1,310,000		6.000		12/31/99	1,278,888
Kazakhstan – 1.0%
KazMunayGas National Co. JSC (NR/Baa3)(a)(b)
	2,100,000		3.500		04/14/33	2,283,750
KazMunayGas National Co. JSC (BB/Baa3)
	6,002,000		4.750		04/19/27	6,966,071
Tengizchevroil Finance Co International Ltd. (BBB/Baa2)(a)(b)
	1,500,000		3.250		08/15/30	1,588,125
Tengizchevroil Finance Co. International Ltd. (BBB/Baa2)(a)(b)
	2,920,000		2.625		08/15/25	3,030,960
						13,868,906
Luxembourg – 0.6%
Gazprom PJSC Via Gaz Capital SA (BBB-/Baa2)
	410,000		8.625	(j)	04/28/34	641,137
	3,970,000		7.288		08/16/37	5,822,253
MHP Lux SA (B/NR)
	380,000		6.950		04/03/26	416,694
Millicom International Cellular SA (NR/Ba2)(a)(b)
	280,000		4.500		04/27/31	301,788
Rede D’or Finance Sarl (BB/NR)(b)
	620,000		4.500		01/22/30	644,800
	980,000		4.500	(a)	01/22/30	1,019,200
						8,845,872
Malaysia(b) – 0.6%
Axiata Spv5 Labuan Ltd. (BBB+/Baa2)
	360,000		3.064		08/19/50	362,925
Petronas Capital Ltd. (A-/A2)(a)
	4,410,000		4.550		04/21/50	5,889,180
	1,890,000		4.800		04/21/60	2,740,500
						8,992,605

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mauritius – 0.4%
MTN Mauritius Investments Ltd. (BB-/Ba2)
$	3,390,000		5.373	%	02/13/22	$       3,491,700
	1,790,000		4.755		11/11/24	1,885,093
	550,000		6.500	(a)	10/13/26	628,719
						6,005,512
Mexico – 5.0%
Banco Mercantil del Norte SA (BB-/Ba2)(b)(h)
(10 Year CMT + 5.353%)
	200,000		7.625		12/31/99	226,000
(10 Year CMT + 5.470%)
	1,350,000		7.500	(a)	12/31/99	1,522,969
(10 Year CMT + 5.470%)
	330,000		7.500		12/31/99	372,281
(5 Year CMT + 4.967%)
	3,820,000		6.750	(a)	12/31/99	4,125,600
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa3)(a)(b)(h)(5 Year CMT + 2.995%)
	1,090,000		5.950		10/01/28	1,198,319
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa1)
	330,000		4.125		11/09/22	347,841
BBVA Bancomer SA (NR/Baa3)(b)(h)(5 Year CMT + 4.308%)
	600,000		5.875		09/13/34	687,000
BBVA Bancomer SA (BB/NR)(b)(h)
(5 Year CMT + 2.650%)
	3,080,000		5.125	(a)	01/18/33	3,326,400
(5 Year CMT + 2.650%)
	1,210,000		5.125		01/18/33	1,306,800
Cemex SAB de CV (BB/NR)(b)
	400,000		7.375	(a)	06/05/27	454,375
	830,000		5.450		11/19/29	911,962
	1,820,000		5.200	(a)	09/17/30	1,988,350
Industrias Penoles SAB de CV (BBB/NR)(a)(b)
	400,000		4.750		08/06/50	463,000
Mexico City Airport Trust (BBB/Baa3)(b)
	1,180,000		4.250	(a)	10/31/26	1,250,800
	1,409,000		4.250		10/31/26	1,493,540
	5,200,000		3.875	(a)	04/30/28	5,369,000
	2,190,000		5.500	(a)	10/31/46	2,285,812
	722,000		5.500		10/31/46	753,588
	10,548,000		5.500		07/31/47	11,022,660

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mexico – (continued)
Petroleos Mexicanos (BBB/Ba2)
EUR	13,560,000		5.125	%	03/15/23	$     17,191,961
$	930,000		6.875	(a)(b)	10/16/25	1,017,094
	1,280,000		5.350		02/12/28	1,264,000
	997,000		5.950	(b)	01/28/31	994,507
	1,940,000		5.625		01/23/46	1,659,306
	365,000		6.750		09/21/47	342,188
	2,091,000		6.350		02/12/48	1,878,633
	3,343,000		7.690	(b)	01/23/50	3,370,580
	3,043,000		6.950	(b)	01/28/60	2,856,312
						69,680,878
Netherlands – 2.2%
Bharti Airtel International Netherlands B.V. (BBB-/Ba1)
	550,000		5.125		03/11/23	586,781
Greenko Dutch B.V. (NR/Ba1)(b)
	690,000		4.875		07/24/22	694,959
IHS Netherlands Holdco B.V. (B-/B2)(a)(b)
	490,000		7.125		03/18/25	514,041
	400,000		8.000		09/18/27	431,000
Lukoil International Finance B.V. (BBB/NR)
	1,800,000		4.750		11/02/26	2,048,625
Lukoil Securities B.V. (BBB/NR)(a)
	1,740,000		3.875		05/06/30	1,881,497
Metinvest B.V. (B/NR)(b)
	301,000		7.750	(a)	04/23/23	320,565
	200,000		7.750		04/23/23	213,000
MV24 Capital B.V. (BB/NR)(a)
	1,457,333		6.748		06/01/34	1,598,512
NE Property B.V. (BBB/NR)(b)
EUR	980,000		1.750		11/23/24	1,225,277
	2,440,000		3.375		07/14/27	3,234,197
Petrobras Global Finance B.V. (BB-/Ba2)
$	2,510,000		5.999		01/27/28	2,936,700
	1,820,000		6.850	(k)	06/05/15	2,260,904

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Netherlands – (continued)
PPF Telecom Group B.V. (BB+/Ba1)(b)
EUR	1,648,000		2.125	%	01/31/25	$       2,052,679
Prosus NV (BBB-/Baa3)(b)
$	460,000		5.500		07/21/25	527,706
	480,000		3.680		01/21/30	521,100
	3,220,000		3.680	(a)	01/21/30	3,495,713
	1,500,000		4.027	(a)	08/03/50	1,556,250
Royal Capital B.V. (NR/NR)(b)(h) (-1x5 Year CMT + 7.396%)
	460,000		5.000		12/31/49	477,825
Syngenta Finance NV (BBB-/Ba2)(a)(b)
	4,140,000		5.676		04/24/48	4,292,186
						30,869,517
Pakistan – 0.5%
The Third Pakistan International Sukuk Co. Ltd. (NR/B3)
	2,130,000		5.500		10/13/21	2,153,297
The Third Pakistan International Sukuk Co. Ltd. (B-/B3)
	5,200,000		5.625		12/05/22	5,307,250
						7,460,547
Panama – 0.6%
Aeropuerto Internacional de Tocumen SA (BB+/NR)(b)
	2,240,000		5.625		05/18/36	2,604,000
Autoridad del Canal de Panama (A-/A1)(a)
	380,000		4.950		07/29/35	479,631
Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2)(a)(b)
	2,830,000		2.375		09/14/25	2,902,929
Banco Nacional de Panama (BBB/Baa1)(a)(b)
	2,190,000		2.500		08/11/30	2,190,000
						8,176,560
Peru – 0.7%
ABY Transmision Sur SA (BBB/NR)(a)
	5,000,556		6.875		04/30/43	6,681,993
Corp. Lindley SA (BBB/NR)
	815,000		6.750	(a)	11/23/21	842,251
	1,780,000		6.750		11/23/21	1,839,519
	120,000		4.625	(a)	04/12/23	124,725
						9,488,488

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Philippines – 0.2%
International Container Terminal Services, Inc. (NR/NR)
$	340,000		4.750	%	06/17/30	$          370,175
SMC Global Power Holdings Corp. (NR/NR)(b)(h)
(-1x 5 year CMT + 9.199%)
	1,750,000		7.000		12/31/99	1,791,563
(5 Year CMT + 6.608%)
	210,000		6.500		12/31/99	211,509
						2,373,247
Singapore(b) – 0.1%
Eterna Capital Pte Ltd. (CCC+p/Caa2)(d)
	402,741		8.000		12/11/22	193,316
Innovate Capital Pte Ltd. (NR/NR)(d)
	648,539		6.000		12/11/24	199,218
Trafigura Group Pte Ltd. (NR/NR)(h)(5 Year USD Swap + 6.647%)
	470,000		6.875		12/31/99	462,216
						854,750
South Africa – 0.1%
Eskom Holdings SOC Ltd. (CCC+/Caa2)
	520,000		6.750		08/06/23	527,963
	800,000		7.125		02/11/25	817,250
						1,345,213
Thailand(a)(b) – 0.3%
PTT Treasury Center Co. Ltd. (BBB+/Baa1)
	2,850,000		3.700		07/16/70	2,996,953
PTTEP Treasury Center Co. Ltd. (NR/Baa1)
	1,040,000		2.993		01/15/30	1,103,375
						4,100,328
Turkey – 1.2%
Akbank T.A.S. (NR/Caa2)(b)(h) (5 Year USD Swap + 4.029%)
	564,000		6.797		04/27/28	547,080
TC Ziraat Bankasi A/S (NR/B2)
	500,000		5.125		05/03/22	501,250
	770,000		5.125	(a)	09/29/23	769,037
Turkiye Vakiflar Bankasi TAO (NR/B2)
	1,090,000		8.125	(a)	03/28/24	1,163,916
	250,000		8.125		03/28/24	266,953
	1,080,000		5.250	(a)	02/05/25	1,063,125

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Turkey – ( continued)
Yapi ve Kredi Bankasi A/S (NR/B2)
$	1,820,000		6.100	%	03/16/23	$       1,861,519
	200,000		5.850		06/21/24	204,000
	4,610,000		8.250	(a)	10/15/24	5,047,950
Yapi ve Kredi Bankasi A/S (NR/Caa3u)(b)(h) (5 Year USD Swap + 11.245%)
	4,330,000		13.875		12/31/99	4,827,950
						16,252,780
United Arab Emirates – 2.9%
Abu Dhabi Crude Oil Pipeline LLC (AA/NR)(a)
	12,180,000		4.600		11/02/47	15,160,294
DP World Crescent Ltd. (NR/Baa3)
	840,000		4.848		09/26/28	976,500
	1,390,000		3.875		07/18/29	1,525,525
	1,500,000		3.750	(b)	01/30/30	1,631,250
DP World PLC (NR/Baa3)
	1,070,000		5.625		09/25/48	1,362,913
	290,000		6.850	(a)	07/02/37	397,209
DP World Salaam (NR/Ba2)(b)(h) (5 Year CMT + 5.750%)
	6,350,000		6.000		12/31/99	6,887,766
Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2)(a)
	1,010,000		2.625		03/31/36	1,045,350
	1,840,000		3.250		09/30/40	1,941,200
NBK Tier 1 Financing 2 Ltd. (NR/Baa3)(a)(b)(h) (6 Year USD Swap + 2.832%)
	2,480,000		4.500		12/31/99	2,525,725
Sharjah Sukuk Program Ltd. (BBB-/Baa2)
	1,370,000		4.226		03/14/28	1,527,978
	4,900,000		3.234		10/23/29	5,117,437
						40,099,147
United Kingdom – 1.1%
Gazprom PJSC via Gaz Finance PLC (BB/NR)(a)(b)(h) (5 Year CMT + 4.264%)
	6,010,000		4.599		10/15/99	6,242,887
Gazprom PJSC Via Gaz Finance PLC (BBB-/Baa2)(a)
	6,160,000		3.250		02/25/30	6,354,425
Vedanta Resources Finance II PLC (B-/NR)(a)(b)
	500,000		13.875		01/21/24	525,313

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
United Kingdom – (continued)
Vedanta Resources Finance II PLC (B-/Caa1)(b)
$	460,000		9.250	%	04/23/26	$          340,400
Vedanta Resources Ltd. (B-/Caa1)
	600,000		7.125		05/31/23	487,125
	1,280,000		6.125	(b)	08/09/24	911,600
						14,861,750
United States – 0.7%
Brazil Loan Trust 1 (BB-/NR)(a)(i)
	4,742,599		5.477		07/24/23	4,907,108
Sasol Financing USA LLC (BB/Ba2)(b)
	4,800,000		5.875		03/27/24	5,106,000
						10,013,108
Venezuela(g) – 0.2%
Petroleos de Venezuela SA (CCC-/NR)
	2,180,000		5.500		04/12/37	69,760
Petroleos de Venezuela SA (D/NR)
	41,690,000		6.000		05/16/24	1,334,080
	3,387,934		6.000		11/15/26	110,108
	19,170,000		5.375		04/12/27	613,440
						2,127,388
TOTAL CORPORATE OBLIGATIONS (Cost $347,678,534)						$   357,367,105
Structured Notes(a)(e) – 0.9%
United Kingdom – 0.3%
HSBC Bank PLC (NR/NR)
EGP	88,025,000		0.000	%	12/23/21	$       4,975,231
United States – 0.6%
Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)
	59,625,000		0.000		07/08/21	3,552,748
	78,475,000		0.000		09/02/21	4,599,119
						8,151,867
TOTAL STRUCTURED NOTES (Cost $13,104,572)						$     13,127,098

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Shares	Dividend Rate	Value
Investment Company(l) – 3.3%
Goldman Sachs Financial Square Government Fund - Institutional Shares
45,527,646	0.026%	$     45,527,646
(Cost $45,527,646)
TOTAL INVESTMENTS — 93.1% (Cost $1,276,338,581)		$1,292,721,207
OTHER ASSETS IN EXCESS OF     LIABILITIES — 6.9%		95,175,187
NET ASSETS — 100.0%		$1,387,896,394

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2020.
(d)	Pay-in-kind securities.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	Actual maturity date is April 03, 2120.
(g)	Security is currently in default and/or non-income producing.
(h)	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 December 31, 2020.
(i)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $11,976,033, which represents approximately 0.9% of the Fund’s net assets as of December 31, 2020.
(j)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on December 31, 2020.
(k)	Actual maturity date is June 05, 2115.
(l)	Represents an affiliated fund.
Security ratings disclosed, if any, are obtained from by S&P’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CNH	— Chinese Yuan Renminbi Offshore
CNY	— Chinese Yuan Renminbi
COP	— Colombian Peso
CZK	— Czech Koruna
DOP	— Dominican Peso
EGP	— Egyptian Pound
EUR	— Euro
GBP	— British Pound
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
ILS	— Israeli Shekel
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PHP	— Philippine Peso
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona

SGD	— Singapore Dollar
THB	— Thai Baht
TRY	— Turkish Lira
TWD	— Taiwan Dollar
USD	— U.S. Dollar
ZAR	— South African Rand
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
EURO	— Euro Offered Rate
JIBAR	— Johannesburg Interbank Agreed Rate
LLC	— Limited Liability Company
MTN	— Medium Term Note
NR	— Not Rated
PLC	— Public Limited Company
TIIE	— La Tasa de Interbank Equilibrium Interest Rate
WIBOR	— Warsaw Interbank Offered Rate
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2020, 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	AUD	1,823,126		EUR	1,127,732		03/17/21	$	26,313
	AUD	11,003,000		NZD	11,614,910		03/17/21		128,531
	AUD	3,743,209		USD	2,832,483		03/17/21		55,181
	BRL	11,577,550		USD	2,188,833		01/05/21		40,381
	BRL	7,204,926		USD	1,384,801		02/02/21		1,691
	CAD	8,015,399		USD	6,274,781		03/17/21		23,519
	CHF	2,382,477		USD	2,696,367		03/17/21		954
	CNH	45,081,643		USD	6,873,072		03/17/21		23,862
	COP	28,404,227,085		USD	7,839,983		01/29/21		476,736
	EUR	1,045,086		JPY	131,648,410		03/17/21		2,847
	EUR	3,371,724		PLN	15,228,983		03/17/21		48,299
	EUR	2,188,053		USD	2,659,515		01/21/21		14,947
	EUR	39,412,038		USD	47,780,554		03/17/21		452,014
	GBP	1,017,189		EUR	1,123,599		03/17/21		16,616
	GBP	4,439,319		USD	5,929,863		03/17/21		143,847
	IDR	104,996,985,168		USD	7,392,757		01/06/21		139,849
	IDR	32,182,279,275		USD	2,265,560		03/05/21		36,573
	ILS	7,148,735		USD	2,197,816		03/17/21		29,857
	INR	1,428,995,939		USD	19,227,308		01/27/21		284,947
	JPY	1,259,506,134		USD	12,082,512		03/17/21		126,489
	KRW	19,146,009,778		USD	17,085,558		01/08/21		513,023
	KRW	11,553,286,810		USD	10,170,684		01/15/21		448,897
	KRW	11,553,286,810		USD	10,362,993		02/19/21		255,788
	MXN	67,244,553		USD	3,300,755		03/17/21		48,948
	NOK	4,766,185		EUR	451,889		03/17/21		2,694
	NOK	95,637,771		USD	10,871,824		03/17/21		279,132
	NZD	13,970,877		USD	9,827,814		03/17/21		227,484
	NZD	2,033,969		USD	1,439,879		03/18/21		24,038
	PHP	65,786,579		USD	1,363,961		01/15/21		4,671
	PHP	127,572,802		USD	2,650,579		02/08/21		707
	RUB	41,521,242		USD	540,047		01/25/21		19,449
	RUB	231,721,759		USD	2,992,271		02/08/21		125,133
	SEK	22,854,864		EUR	2,256,746		03/17/21		18,367
	SEK	11,406,710		USD	1,379,438		03/17/21		8,132
	SGD	4,972,829		USD	3,723,892		03/17/21		39,157
	THB	305,451,633		USD	10,138,072		03/17/21		58,519
	TRY	11,127,359		USD	1,322,437		01/11/21		169,450
	TRY	21,677,306		USD	2,670,345		01/19/21		227,319
	TRY	8,793,345		USD	1,104,717		01/25/21		68,082
	TRY	38,781,146		USD	4,775,818		03/17/21		285,449
	TWD	76,638,934		USD	2,708,800		01/04/21		19,896
	TWD	186,881,301		USD	6,648,138		02/05/21		40,447
	TWD	38,136,910		USD	1,349,406		02/17/21		18,433
	TWD	38,605,031		USD	1,388,171		03/05/21		987
	USD	1,387,755		CNH	9,070,642		03/17/21		59
	USD	1,319,696		JPY	136,046,091		03/17/21		935
	USD	2,979,365		KRW	3,232,412,345		01/08/21		8,204
	USD	245,183		KRW	266,531,040		02/19/21		211
	USD	9,874,201		MXN	197,851,345		03/04/21		3,376
	USD	1,094,099		MXN	21,849,101		03/17/21		5,713
	USD	14,804,640		PLN	53,689,621		03/10/21		427,998
	USD	2,198,587		THB	65,524,163		03/17/21		11,259
	USD	6,226,370		TWD	173,548,811		02/05/21		14,963
	USD	546,230		ZAR	8,065,845		03/17/21		2,743
	ZAR	96,614,196		USD	6,234,548		03/03/21		287,505
	ZAR	37,059,585		USD	2,468,944		03/17/21		28,178
TOTAL								$	5,768,799

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (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	EUR	1,129,313		GBP	1,014,283		03/17/21	$	(5,646	)
	EUR	5,637,086		NOK	60,278,365		03/17/21		(129,519	)
	EUR	1,131,713		NZD	1,948,731		03/17/21		(17,571	)
	HUF	512,919,245		EUR	1,439,338		03/17/21		(33,796	)
	MXN	288,192,958		USD	14,399,573		03/17/21		(43,600	)
	PLN	5,135,372		EUR	1,145,964		03/17/21		(27,282	)
	PLN	64,629,243		USD	17,559,970		03/17/21		(253,514	)
	SEK	25,296,918		EUR	2,523,000		03/17/21		(10,411	)
	TWD	151,546,086		USD	5,436,091		02/05/21		(12,173	)
	TWD	38,517,753		USD	1,382,547		02/17/21		(1,048	)
	USD	2,786,783		AUD	3,677,946		03/17/21		(50,534	)
	USD	2,206,709		BRL	11,577,550		01/05/21		(22,505	)
	USD	5,198,344		CAD	6,667,786		03/17/21		(41,036	)
	USD	4,071,791		CNH	26,658,600		03/17/21		(6,645	)
	USD	7,176,959		COP	24,921,134,349		01/29/21		(119,915	)
	USD	11,567		CZK	252,126		03/17/21		(177	)
	USD	213,112,683		EUR	180,414,278		01/21/21		(7,408,002	)
	USD	7,539,964		GBP	5,584,730		03/17/21		(100,854	)
	USD	7,423,206		IDR	104,996,985,168		01/06/21		(109,398	)
	USD	5,197,746		ILS	16,893,455		03/17/21		(66,557	)
	USD	16,792,338		INR	1,245,045,647		01/27/21		(208,162	)
	USD	4,074,237		JPY	422,053,277		03/17/21		(16,930	)
	USD	19,010,808		KRW	21,354,591,537		01/08/21		(617,852	)
	USD	10,363,644		KRW	11,553,286,810		01/15/21		(255,937	)
	USD	1,937,871		MXN	39,399,294		03/17/21		(24,756	)
	USD	3,269,654		NOK	28,450,423		03/17/21		(47,543	)
	USD	1,375,918		NZD	1,933,409		03/17/21		(15,619	)
	USD	1,380,117		RUB	104,686,878		01/25/21		(30,532	)
	USD	2,740,378		RUB	207,814,546		02/08/21		(55,396	)
	USD	6,671,656		SEK	56,494,250		03/17/21		(200,589	)
	USD	4,399,511		SGD	5,850,092		03/17/21		(27,383	)
	USD	4,212,887		THB	127,028,763		03/17/21		(27,588	)
	USD	1,631,864		TRY	13,598,753		01/11/21		(191,373	)
	USD	2,738,052		TRY	21,939,622		01/19/21		(194,677	)
	USD	1,383,963		TRY	11,178,989		01/25/21		(107,018	)
	USD	2,720,325		TWD	76,638,934		01/04/21		(8,371	)
	USD	1,346,499		TWD	38,023,777		02/05/21		(14,393	)
	USD	8,154,971		ZAR	124,242,608		03/17/21		(216,653	)
	ZAR	8,176,607		USD	551,621		03/17/21		(671	)
TOTAL								$	(10,721,626	)

FUTURES CONTRACTS — At December 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra 10 Year U.S. Treasury Notes	45	03/22/21	$	7,036,172		$	7,651
2 Year U.S. Treasury Notes	218	03/31/21		48,172,891			42,151
5 Year U.S. Treasury Notes	1,065	03/31/21		134,364,727			263,046
10 Year U.S. Treasury Notes	1,269	03/22/21		175,221,141			296,774
20 Year U.S. Treasury Bonds	367	03/22/21		63,559,812			(355,661	)
Total						$	253,961
Short position contracts:
Ultra Long U.S. Treasury Bonds	(33)	03/22/21	$	(7,047,563	)		(15,656	)
TOTAL FUTURES CONTRACTS						$	238,305

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At December 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date		Notional Amount (000s)				Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.500%(a)	(a)		03/17/23		CNY	157,200	(b)	$	(291	)	$	99,951		$	(100,242	)
6M EURO(f)	(0.250)%(c)		03/17/23		EUR	40,120	(b)		266,658			287,373			(20,715	)
6M WIBOR(f)	0.345(c)		06/16/23		PLN	45,495	(b)		24,979			(49,883	)		74,862
6M WIBOR(f)	0.750(c)		12/16/25			48,880			98,854			(10,252	)		109,106
3M JIBAR(a)	4.000(a)		06/16/23		ZAR	258,850	(b)		81,699			(3,338	)		85,037
1M BID Average(d)	4.230(d)		01/02/23		BRL	76,795			107,300			(46,935	)		154,235
Mexico Interbank TIIE 28 Days(e)	4.400(e)		03/15/23		MXN	1,616,210	(b)		167,554			21,857			145,697
Mexico Interbank TIIE 28 Days(e)	4.900(e)		03/11/26			383,270	(b)		132,635			9,072			123,563
1M BID Avg(d)	4.930(d)		01/02/24		BRL	34,105			82,989			(7,052	)		90,041
3M JIBAR(a)	5.250(a)		03/17/26		ZAR	537,155	(b)		572,130			(33,575	)		605,705
(0.250)(c)	6M EURO(f)		03/17/24		EUR	15,550	(b)		(147,066	)		(159,137	)		12,071
(0.250)(c)	6M EURO(f)		03/17/26			50,920	(b)		(644,471	)		(687,651	)		43,180
(0.250)(c)	6M EURO(f)		03/17/28			25,400	(b)		(295,116	)		(304,476	)		9,360
0.000(c)	6M EURO(f)		03/17/31			32,000	(b)		(1,019,685	)		(1,009,877	)		(9,808	)
0.000(c)	6M EURO(f)		03/17/51			2,730	(b)		(27,944	)		(7,850	)		(20,094	)
0.250(c)	6M EURO(f)		03/17/41			3,260	(b)		(200,515	)		(192,275	)		(8,240	)
0.250(d)	6M WIBOR(a)		12/16/21		PLN	243,090			(67,601	)		(11,598	)		(56,003	)
TOTAL								$	(867,891	)	$	(2,105,646	)	$	1,237,755

(a) Payments made quarterly.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2020.

(c) Payments made annually.

(d) Payments made at maturity.

(e) Payments made monthly.

(f) Payments made semi-annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)	Credit Spread at December 31, 2020(b)		Counterparty		Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)%		0.057%		Barclays Bank PLC	06/20/21	$	7,030	$	(33,801	)	$	3,562	$	(37,363	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.057		BofA Securities LLC	06/20/21		8,370		(40,243	)		9,141		(49,384	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.057		Citibank NA	06/20/21		48,730		(234,298	)		32,729		(267,027	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.057		Deutsche Bank AG (London)	06/20/21		28,030	$	(134,769	)		10,150		(144,919	)

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)

Reference Obligation/Index	Financing Rate Paid by the Fund(a)	Credit Spread at December 31, 2020(b)		Counterparty		Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased: (continued)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)%		0.064%		Deutsche Bank AG (London)	12/20/21	$	15,570	$	(148,280	)	$	11,212		$	(159,492	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.057		JPMorgan Securities, Inc.	06/20/21		19,180		(92,216	)		6,962			(99,178	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.072		JPMorgan Securities, Inc.	06/20/22		2,820		(39,801	)		(9,051	)		(30,750	)
People’s Republic of China, 7.500%, 10/28/27(a)	(1.000)		0.057		UBS AG (London)	06/20/21		18,520		(89,044	)		7,961			(97,005	)
Protection Sold:
Ukraine Government, 7.375%, 09/25/32(a)	5.000		3.805		Barclays Bank PLC	06/20/25		520		25,949			(21,173	)		47,122
Republic of Colombia, 10.375%, 01/28/33(a)	1.000		0.305		Citibank NA	12/20/22		3,940		55,687			—			55,687
Ukraine Government, 7.375%, 09/25/32(a)	5.000		3.485		Deutsche Bank AG (London)	12/20/23		3,820		169,054			(199,259	)		368,313
Republic of Colombia, 10.375%, 01/28/33(a)	1.000		0.305		JPMorgan Securities, Inc.	12/20/22		3,600		50,881			654			50,227
TOTAL									$	(510,881	)	$	(147,112	)	$	(363,769	)

(a) Payments made quarterly.

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at December 31, 2020(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Argentine Republic, 1.000%, 07/09/29(a)	5.000%		10.871%		12/20/25	$	560	$	(119,275	)	$	(117,527	)	$	(1,748	)
CDX.NA.EM Index 34(a)	1.000		1.498		12/20/25		13,930		(325,982	)		(841,377	)		515,395
Federative Republic of Brazil, 4.250%, 01/07/25(a)	1.000		1.171		12/20/24		13,220		(84,319	)		(105,437	)		21,118
Kingdom of Saudi Arabia, 2.375%, 10/26/21(a)	1.000		0.432		06/20/24		17,110		343,845			58,278			285,567
Kingdom of Saudi Arabia, 2.375%, 10/26/21(a)	1.000		0.670		12/20/25		2,310		38,325			88			38,237
Republic of Abu Dhabi, 3.125%, 08/03/26(a)	1.000		0.276		12/20/24		4,140		120,838			90,031			30,807
Republic of Chile, 3.875%, 08/05/20(a)	1.000		0.266		06/20/24		2,020		52,417			42,885			9,532
Republic of Chile, 3.875%, 08/05/20(a)	1.000		0.320		12/20/24		12,630		346,347			252,738			93,609

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at December 31, 2020(b)		Termination Date		Notional Amount (000s)	Value		Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold: (continued)
Republic of Colombia, 10.375%, 01/28/33(a)	1.000%		0.433%		12/20/23	$29,500	$	508,210	$	(275,492	)	$	783,702
Republic of Colombia, 10.375%, 01/28/33(a)	1.000		0.554		06/20/24	2,730		43,205		(1,131	)		44,336
Republic of Indonesia, 5.875%, 03/13/20(a)	1.000		0.693		12/20/25	22,960		352,747		119,942			232,805
Republic of Panama, 8.875%, 09/30/27(a)	1.000		0.485		12/20/25	1,000		25,833		3,917			21,916
Republic of Peru, 8.750%, 11/21/33(a)	1.000		0.357		06/20/24	16,310		371,216		207,545			163,671
Republic of Peru, 8.750%, 11/21/33(a)	1.000		0.416		12/20/24	11,830		278,891		131,531			147,360
Republic of the Philippines, 10.625%, 03/16/25(a)	1.000		0.182		12/20/23	9,460		234,593		7,972			226,621
Republic of the Philippines, 10.625%, 03/16/25(a)	1.000		0.266		12/20/24	2,270		67,150		(16,799	)		83,949
Russian Federation, 7.500%, 03/31/30(a)	1.000		0.687		12/20/24	26,630		338,434		(590,254	)		928,688
Russian Federation, 7.500%, 03/31/30(a)	1.000		0.795		06/20/25	630		5,923		(2,597	)		8,520
State of Qatar, 9.750%, 06/15/30(a)	1.000		0.237		06/20/24	5,830		157,163		85,930			71,233
State of Qatar, 9.750%, 06/15/30(a)	1.000		0.270		12/20/24	13,450		396,183		(169,542	)		565,725
TOTAL							$	3,151,744	$	(1,119,299	)	$	4,271,043

(a) Payments made quarterly.

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

Abbreviations:
1M BID Avg	— 1 month Brazilian Interbank Deposit Average
BofA Securities LLC	— Bank of America Securities LLC
Mexico IB TIIE 28D	— Mexico Interbank TIIE 28 Days
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – 1.4%
Chemicals(b) – 0.1%
Polar US Borrower LLC (B-/B2)
$	3,241,730		0.000	%	10/15/25	$       3,180,948
Commercial Services(c) – 0.1%
Prime Security Services Borrower LLC (BB-/Ba3) (1M LIBOR + 3.250%)
	1,713,211		4.250		09/23/26	1,717,494
Diversified Manufacturing(c) – 0.1%
Titan Acquisition Ltd. (B-/B2) (6M LIBOR + 3.000%)
	3,395,170		3.267		03/28/25	3,303,738
Entertainment(c) – 0.2%
AMC Entertainment Holdings, Inc. (CCC/Caa2) (3M LIBOR + 3.000%)
	5,422,475		3.254		04/22/26	3,469,028
Healthcare Providers & Services(c) – 0.1%
RegionalCare Hospital Partners Holdings, Inc. (B/B1) (1M LIBOR + 3.750%)
	1,653,293		3.897		11/16/25	1,646,894
Packaging(c) – 0.1%
Charter NEX US, Inc. (NR/NR) (1M LIBOR + 4.250%)
	1,920,963		5.000		12/01/27	1,928,646
Services Cyclical - Business Services(c) – 0.1%
Travelport Finance (Luxembourg) S.a.r.l. (B-/B3) (3M LIBOR + 1.500%)
	2,091,909		8.000		02/28/25	2,059,547
Travelport Finance (Luxembourg) S.a.r.l. (CCC-/Caa3) (3M LIBOR + 5.000%)
	1,754,078		5.220		05/29/26	1,183,635
						3,243,182
Technology - Software/Services – 0.5%
Banff Merger Sub, Inc. (B-/B2)(c) (1M LIBOR + 4.250%)
	1,835,949		4.397		10/02/25	1,826,237
Mitchell International, Inc. (B-/B2)(c)
(1M LIBOR + 3.250%)
	2,076,351		3.397		11/29/24	2,036,132
(1M LIBOR + 4.250%)
	1,795,500		4.750		11/29/24	1,794,602
The Dun & Bradstreet Corp. (NR/NR)(b)
	975,000		0.000		02/06/26	974,591
The Dun & Bradstreet Corp. (B+/B1)(c) (1M LIBOR + 3.750%)
	1,935,375		3.898		02/06/26	1,934,562
TriTech Software Systems (CCC+/Caa1)(c) (3M LIBOR + 3.750%)
	2,071,334		4.004		08/29/25	1,927,376
						10,493,500

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Telecommunication Services(c) – 0.1%
Altice France SA (B/B2) (1M LIBOR + 3.688%)
$	1,960,497		3.846	%	01/31/26	$       1,937,834
Intelsat Jackson Holdings SA (NR/NR) (3M LIBOR + 5.500%)
	39,912		6.500		07/13/22	40,651
						1,978,485
TOTAL BANK LOANS (Cost $31,779,545)						$     30,961,915
Corporate Obligations – 93.4%
Advertising(d) – 0.5%
Lamar Media Corp. (BB-/B1)
$	926,000		3.750	%	02/15/28	$          951,465
National CineMedia LLC (CCC+/B3)(e)
	2,025,000		5.875		04/15/28	1,701,000
Outfront Media Capital LLC/Outfront Media Capital Corp. (B+/B2)(e)
	1,100,000		6.250		06/15/25	1,163,250
	1,160,000		5.000		08/15/27	1,191,900
	2,900,000		4.625		03/15/30	2,954,375
Terrier Media Buyer, Inc. (CCC+/Caa1)(e)
	1,925,000		8.875		12/15/27	2,122,312
						10,084,302
Aerospace & Defense(d) – 1.7%
Howmet Aerospace, Inc. (BB+/Ba3)
	1,289,000		6.875		05/01/25	1,514,575
Moog, Inc. (BB/Ba3)(e)
	3,080,000		4.250		12/15/27	3,214,750
Spirit AeroSystems, Inc. (B/B1)(e)
	2,823,000		7.500		04/15/25	3,034,725
The Boeing Co. (BBB-/Baa2)
	2,150,000		2.750		02/01/26	2,265,928
	2,150,000		3.625		02/01/31	2,354,400
TransDigm UK Holdings PLC (B-/B3)
	220,000		6.875		05/15/26	232,650
TransDigm, Inc. (B+/Ba3)(e)
	1,323,000		8.000		12/15/25	1,463,569
TransDigm, Inc. (B-/B3)
	6,885,000		6.500		05/15/25	7,082,944
	3,580,000		6.375		06/15/26	3,714,250
	1,230,000		7.500		03/15/27	1,316,100

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Aerospace & Defense(d) – (continued)
TransDigm, Inc. (B-/B3) – (continued)
$	9,215,000		5.500	%	11/15/27	$       9,675,750
Triumph Group, Inc. (B-/B2)(e)
	892,000		8.875		06/01/24	981,200
Triumph Group, Inc. (CCC-/Ca)
	225,000		7.750		08/15/25	205,594
						37,056,435
Airlines – 0.9%
American Airlines Group, Inc. (CCC/Caa1)(e)
	3,725,000		5.000		06/01/22	3,347,844
Delta Air Lines, Inc. (B+/Baa3)(d)
	3,600,000		2.900		10/28/24	3,537,000
	3,825,000		7.375		01/15/26	4,384,406
Delta Air Lines, Inc. (BB+/Baa2)(e)
	3,192,000		7.000		05/01/25	3,690,750
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (NR/Baa3)(d)(e)
	2,507,000		6.500		06/20/27	2,701,292
United Airlines Holdings, Inc. (B/Ba3)
	1,900,000		4.250		10/01/22	1,909,500
						19,570,792
Apparel(d) – 0.1%
PVH Corp. (BBB-/Baa3)
	1,669,000		4.625		07/10/25	1,878,243
Automotive – 4.8%
Adient Global Holdings Ltd. (B/B3)(d)(e)
	2,951,000		4.875		08/15/26	3,017,397
Adient US LLC (B+/Ba3)(d)(e)
	2,477,000		7.000		05/15/26	2,684,449
Allison Transmission, Inc. (NR/Ba3)(d)(e)
	1,752,000		3.750		01/30/31	1,787,040
American Axle & Manufacturing, Inc. (B-/B2)(d)
	7,810,000		6.250		04/01/25	8,102,875
	230,000		6.250		03/15/26	238,050
	230,000		6.500		04/01/27	241,213
	1,775,000		6.875		07/01/28	1,912,563
BorgWarner, Inc. (BBB/Baa1)(e)
	1,128,000		5.000		10/01/25	1,326,020

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – (continued)
Clarios Global LP/Clarios US Finance Co. (B/B1)(d)
EUR	836,000		4.375	%	05/15/26	$       1,057,525
Clarios Global LP/Clarios US Finance Co. (CCC+/Caa1)(d)(e)
$	8,200,000		8.500		05/15/27	8,897,000
Dana Financing Luxembourg S.a.r.l. (BB-/B2)(d)(e)
	2,440,000		5.750		04/15/25	2,528,450
Dana, Inc. (BB-/B2)(d)
	4,350,000		5.375		11/15/27	4,611,000
Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)(d)(e)
	4,623,000		8.000		02/01/28	4,894,601
Ford Motor Co. (BB+/Ba2)
	4,823,000		9.000	(d)	04/22/25	5,925,084
	7,526,000		4.750		01/15/43	7,638,890
Ford Motor Credit Co. LLC (BB+/Ba2)
	3,027,000		3.336		03/18/21	3,031,486
	2,332,000		3.813		10/12/21	2,361,115
	2,650,000		3.350		11/01/22	2,689,739
	958,000		3.087		01/09/23	967,634
	4,200,000		4.140	(d)	02/15/23	4,321,359
	6,166,000		4.375		08/06/23	6,398,452
	1,837,000		3.810	(d)	01/09/24	1,882,629
	1,350,000		4.687	(d)	06/09/25	1,437,811
	4,881,000		5.125	(d)	06/16/25	5,294,767
	3,020,000		3.375	(d)	11/13/25	3,091,399
	4,730,000		4.125	(d)	08/17/27	4,956,174
IHO Verwaltungs GmbH (BB-/Ba2)(d)(e)(f)
(PIK 5.500%, Cash 4.750%)
	2,695,000		4.750		09/15/26	2,792,694
(PIK 6.750%, Cash 6.000%)
	900,000		6.000		05/15/27	951,750
(PIK 7.125%, Cash 6.375%)
	2,985,000		6.375		05/15/29	3,276,037
Meritor, Inc. (BB-/B1)(d)(e)
	730,000		6.250		06/01/25	786,575
Navistar International Corp. (CCC+/B3)(d)(e)
	2,175,000		6.625		11/01/25	2,267,438
Tesla, Inc. (BB/B3)(d)(e)
	2,570,000		5.300		08/15/25	2,679,225

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – (continued)
The Goodyear Tire & Rubber Co. (B+/B2)(d)
$	1,955,000		9.500	%	05/31/25	$       2,201,819
						106,250,260
Banks – 2.4%
Barclays PLC (B+/Ba2)(c)(d) (5 Year CMT + 5.672%)
	6,325,000		8.000		12/31/99	7,052,375
Citigroup, Inc. (BB+/Ba1)(c)(d)
(3M USD LIBOR + 3.423%)
	6,125,000		6.300		12/29/49	6,637,969
(3M USD LIBOR + 3.950%)
	2,050,000		5.950		12/29/49	2,224,250
(5 Year CMT + 3.597%)
	955,000		4.000		12/31/99	981,263
Credit Suisse Group AG (BB/NR)(c)(d) (5 Year USD Swap + 3.455%)
	1,129,000		6.250		12/29/49	1,233,432
Credit Suisse Group AG (BB-/Ba1u)(c)(d)(e)
(5 Year CMT + 3.554%)
	2,230,000		4.500		12/31/99	2,241,150
(5 Year CMT + 4.889%)
	1,075,000		5.250		12/31/99	1,142,188
Deutsche Bank AG (B+/B1)(c)(d) (5 Year CMT + 4.524%)
	1,800,000		6.000		12/31/99	1,804,500
Deutsche Bank AG (BB+/Ba2)(c)(d) (5 Year USD ICE Swap + 2.553%)
	5,150,000		4.875		12/01/32	5,381,750
Freedom Mortgage Corp. (B-/B2)(d)(e)
	4,825,000		7.625		05/01/26	5,066,250
HSBC Holdings PLC (NR/Baa3)(c)(d) (5 Year CMT + 3.649%)
	2,110,000		4.600		12/31/99	2,148,592
Intesa Sanpaolo SpA (BB+/Ba1)(e)
	2,350,000		5.017		06/26/24	2,561,500
	3,120,000		5.710		01/15/26	3,564,600
Natwest Group PLC (BB-/Ba2)(c)(d) (3M USD LIBOR + 2.320%)
	2,300,000		2.574		12/31/99	2,231,000
The Bank of New York Mellon Corp. (BBB/Baa1)(c)(d) (5 Year CMT + 4.358%)
	1,220,000		4.700		12/31/99	1,342,939
UBS Group AG (BB/Ba1u)(c)(d)(e) (5 Year USD Swap + 4.344%)
	4,000,000		7.000		12/31/99	4,400,000
UniCredit SpA (BB+/Baa3)(c)(d)(e) (5 Year CMT + 4.750%)
	3,415,000		5.459		06/30/35	3,735,590
						53,749,348
Building Materials(d) – 2.2%
American Woodmark Corp. (BB/Ba2)(e)
	3,170,000		4.875		03/15/26	3,233,400

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Building Materials(d) – (continued)
Builders FirstSource, Inc. (B+/B3)(e)
$	611,000		5.000	%	03/01/30	$          661,408
Builders FirstSource, Inc. (BB+/B1)(e)
	7,034,000		6.750		06/01/27	7,614,305
Cornerstone Building Brands, Inc. (B-/Caa1)(e)
	6,465,000		8.000		04/15/26	6,772,087
	336,000		6.125		01/15/29	357,840
CP Atlas Buyer, Inc. (CCC+/Caa2)(e)
	1,500,000		7.000		12/01/28	1,560,000
Forterra Finance LLC/FRTA Finance Corp. (B/B2)(e)
	1,096,000		6.500		07/15/25	1,174,090
Griffon Corp. (B+/B2)
	986,000		5.750		03/01/28	1,042,695
JELD-WEN, Inc. (BB-/B2)(e)
	3,730,000		4.625		12/15/25	3,813,925
	4,220,000		4.875		12/15/27	4,494,300
Masonite International Corp. (BB+/Ba3)(e)
	2,675,000		5.375		02/01/28	2,855,563
SRM Escrow Issuer LLC (B+/B1)(e)
	2,782,000		6.000		11/01/28	2,903,712
Standard Industries, Inc. (BBB-/Ba2)(e)
	3,020,000		4.375		07/15/30	3,231,642
	4,209,000		5.000		02/15/27	4,408,927
Summit Materials LLC/Summit Materials Finance Corp. (BB/B2)(e)
	2,580,000		6.500		03/15/27	2,741,250
	1,455,000		5.250		01/15/29	1,527,750
						48,392,894
Chemicals – 3.9%
Ashland Services B.V. (BB+/Ba1)(d)(e)
EUR	825,000		2.000		01/30/28	1,003,149
Axalta Coating Systems LLC (BB-/B1)(d)(e)
$	4,465,000		3.375		02/15/29	4,470,581
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. (BB-/B1)(d)(e)
	860,000		4.750		06/15/27	910,525
Cornerstone Chemical Co. (B-/B3)(d)(e)
	4,060,000		6.750		08/15/24	3,577,875
HB Fuller Co. (BB-/B2)(d)
	350,000		4.000		02/15/27	360,500
	430,000		4.250		10/15/28	441,825

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals – (continued)
Hexion, Inc. (CCC+/B3)(d)(e)
$	1,698,000		7.875	%	07/15/27	$       1,818,983
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. (B-/Caa1)(d)(e)
	1,087,000		9.000		07/01/28	1,195,700
Ingevity Corp. (NR/Ba3)(d)(e)
	4,330,000		4.500		02/01/26	4,394,950
	565,000		3.875		11/01/28	566,413
Kraton Polymers LLC/Kraton Polymers Capital Corp. (BB-/B2)(d)(e)
	1,275,000		4.250		12/15/25	1,300,500
Methanex Corp. (BB/Ba1)(d)
	4,425,000		5.125		10/15/27	4,812,187
	2,625,000		5.250		12/15/29	2,848,125
Minerals Technologies, Inc. (BB-/Ba3)(d)(e)
	3,507,000		5.000		07/01/28	3,664,815
Nouryon Holding B.V. (B-/Caa1)(d)(e)
	5,365,000		8.000		10/01/26	5,720,431
OCI NV (BB/Ba3)(d)(e)
	1,500,000		5.250		11/01/24	1,558,125
	3,025,000		4.625		10/15/25	3,146,000
Olin Corp. (BB-/Ba3)(d)
	1,650,000		5.000		02/01/30	1,757,250
PQ Corp. (B/B3)(d)(e)
	5,475,000		5.750		12/15/25	5,611,875
Rayonier AM Products, Inc. (B-/B1)(d)(e)
	458,000		7.625		01/15/26	477,465
SPCM SA (BB+/Ba2)(d)(e)
	3,180,000		4.875		09/15/25	3,279,375
The Chemours Co. (B/B1)(d)
	6,290,000		7.000		05/15/25	6,518,012
	270,000		5.375	(g)	05/15/27	286,200
	3,685,000		5.750	(e)	11/15/28	3,758,700
Tronox Finance PLC (B/B3)(d)(e)
	3,155,000		5.750		10/01/25	3,273,313
Tronox, Inc. (B/B3)(d)(e)
	230,000		6.500		04/15/26	238,338
Tronox, Inc. (B+/Ba3)(d)(e)
	2,100,000		6.500		05/01/25	2,244,375

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals – (continued)
Valvoline, Inc. (BB-/Ba3)(d)
$	4,630,000		4.375	%	08/15/25	$       4,783,716
	1,680,000		3.625	(e)	06/15/31	1,726,200
WR Grace & Co-Conn (BB-/Ba3)(e)
	8,815,000		5.625		10/01/24	9,542,237
	1,018,000		4.875	(d)	06/15/27	1,073,990
						86,361,730
Commercial Services – 3.2%
Algeco Global Finance PLC (B-/B2)(d)(e)
	2,375,000		8.000		02/15/23	2,419,531
Allied Universal Holdco LLC/Allied Universal Finance Corp. (B-/B3)(d)(e)
	1,624,000		6.625		07/15/26	1,725,500
Allied Universal Holdco LLC/Allied Universal Finance Corp. (CCC/Caa2)(d)(e)
	6,685,000		9.750		07/15/27	7,286,650
APX Group, Inc. (B-/B3)(d)(e)
	3,125,000		6.750		02/15/27	3,359,375
Gartner, Inc. (BB/Ba3)(d)(e)
	1,545,000		3.750		10/01/30	1,628,044
Graham Holdings Co. (BB/Ba1)(d)(e)
	3,350,000		5.750		06/01/26	3,525,875
Herc Holdings, Inc. (B+/B3)(d)(e)
	947,000		5.500		07/15/27	1,006,188
IHS Markit Ltd. (NR/Ba1)(d)
	3,725,000		4.250		05/01/29	4,483,969
Jaguar Holding Co. II/PPD Development LP (B+/B2)(d)(e)
	1,150,000		4.625		06/15/25	1,206,062
	1,350,000		5.000		06/15/28	1,447,875
MPH Acquisition Holdings LLC (B-/B3)(d)(e)
	7,460,000		5.750		11/01/28	7,310,800
Nielsen Finance LLC/Nielsen Finance Co. (BB-/B2)(d)(e)
	1,218,000		5.000		04/15/22	1,221,045
Prime Security Services Borrower LLC/Prime Finance, Inc. (B-/B3)(d)(e)
	7,512,000		6.250		01/15/28	8,056,620
Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)(e)
	1,900,000		5.250		04/15/24	2,023,500
	6,975,000		3.375	(d)	08/31/27	6,887,812
Refinitiv US Holdings, Inc. (B-/Caa2)(d)(e)
	5,814,000		8.250		11/15/26	6,337,260

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Commercial Services – (continued)
Service Corp. International (BB/Ba3)(d)
$	520,000		3.375	%	08/15/30	$          538,200
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. (B/Ba3)(d)(e)
	1,885,000		4.625		11/01/26	1,950,975
Team Health Holdings, Inc. (CCC/Ca)(d)(e)(g)
	1,605,000		6.375		02/01/25	1,380,300
The ADT Security Corp. (BB-/Ba3)(e)
	585,000		4.875		07/15/32	633,263
The Nielsen Co. Luxembourg S.a.r.l. (BB-/B2)(d)(e)
	1,325,000		5.000		02/01/25	1,361,437
United Rentals North America, Inc. (BB-/Ba3)(d)
	1,041,000		4.875		01/15/28	1,108,665
	1,370,000		3.875		02/15/31	1,438,500
Verscend Escrow Corp. (CCC+/Caa2)(d)(e)
	2,145,000		9.750		08/15/26	2,327,325
						70,664,771
Computers(d)(e) – 1.3%
Austin BidCo, Inc. (CCC+/NR)
	548,000		7.125		12/15/28	572,660
Banff Merger Sub, Inc. (CCC+/Caa2)
	8,510,000		9.750		09/01/26	9,148,250
Booz Allen Hamilton, Inc. (BB-/Ba2)
	1,035,000		3.875		09/01/28	1,064,756
Dell International LLC/EMC Corp. (BB/Ba2)
	1,196,000		5.875		06/15/21	1,197,495
	6,980,000		7.125		06/15/24	7,241,750
MTS Systems Corp. (B/B3)
	600,000		5.750		08/15/27	651,000
Presidio Holdings, Inc. (CCC+/Caa1)
	1,335,000		8.250		02/01/28	1,473,506
Science Applications International Corp. (BB-/B1)
	4,551,000		4.875		04/01/28	4,795,617
Seagate HDD (BB+/Ba1)
	3,432,000		3.375		07/15/31	3,445,213
						29,590,247
Distribution & Wholesale(d)(e) – 1.0%
American Builders & Contractors Supply Co., Inc. (B+/B3)
	3,030,000		5.875		05/15/26	3,147,412

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Distribution & Wholesale(d)(e) – (continued)
Avient Corp. (BB-/Ba3)
$	2,193,000		5.750	%	05/15/25	$       2,330,063
Core & Main Holdings LP (CCC+/Caa2)(f) (PIK 9.375%, Cash 8.625%)
	5,000,000		8.625		09/15/24	5,093,750
Core & Main LP (CCC+/Caa2)
	2,725,000		6.125		08/15/25	2,799,937
H&E Equipment Services, Inc. (BB-/B2)
	915,000		3.875		12/15/28	919,575
IAA, Inc. (B/B2)
	1,450,000		5.500		06/15/27	1,535,188
Performance Food Group, Inc. (B/B2)
	946,000		5.500		06/01/24	951,913
Resideo Funding, Inc. (BB/B3)
	4,454,000		6.125		11/01/26	4,700,386
Wolverine Escrow LLC (CCC+/Caa3)
	230,000		8.500		11/15/24	216,200
						21,694,424
Diversified Financial Services – 4.3%
AerCap Holdings NV (BB+/Ba2)(c)(d) (5 Year CMT + 4.535%)
	3,265,000		5.875		10/10/79	3,240,512
Curo Group Holdings Corp. (B-/B3)(d)(e)
	2,835,000		8.250		09/01/25	2,707,425
Global Aircraft Leasing Co. Ltd. (NR/B1)(d)(e)(f) (PIK 7.250%, Cash 6.500%)
	9,641,391		6.500		09/15/24	8,532,631
Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB/Ba3)(d)
	7,800,000		4.750		09/15/24	8,131,500
LD Holdings Group LLC (B-/B2)(d)(e)
	2,870,000		6.500		11/01/25	2,991,975
Lincoln Financing S.a.r.l. (BB+/B1)(d)(e)
EUR	3,125,000		3.625		04/01/24	3,855,222
LPL Holdings, Inc. (BB/B1)(d)(e)
$	820,000		5.750		09/15/25	846,650
Nationstar Mortgage Holdings, Inc. (B/B2)(d)(e)
	2,800,000		6.000		01/15/27	2,975,000
	3,043,000		5.500		08/15/28	3,183,587
	554,000		5.125		12/15/30	578,930
Navient Corp. (B+/Ba3)
	1,090,000		7.250		01/25/22	1,140,413
	3,185,000		5.500		01/25/23	3,344,250

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Navient Corp. (B+/Ba3) – (continued)
$	6,482,000		5.875	%	10/25/24	$       6,887,125
	3,035,000		6.750		06/15/26	3,300,562
	5,550,000		5.000	(d)	03/15/27	5,591,625
OneMain Finance Corp. (BB-/Ba3)
	5,190,000		7.125		03/15/26	6,085,275
	3,790,000		5.625		03/15/23	4,074,250
	5,703,000		8.875	(d)	06/01/25	6,451,519
	3,115,000		6.625	(d)	01/15/28	3,691,275
	1,275,000		4.000	(d)	09/15/30	1,318,031
PennyMac Financial Services, Inc. (B+/B2)(d)(e)
	1,733,000		5.375		10/15/25	1,828,315
Quicken Loans, Inc. (BB/Ba1)(d)(e)
	4,525,000		5.250		01/15/28	4,834,682
The Charles Schwab Corp. (BBB/Baa2)(c)(d)
(10 Year CMT + 3.079%)
	2,235,000		4.000		12/31/99	2,346,236
(5 Year CMT + 4.971%)
	1,700,000		5.375		12/31/99	1,892,576
United Shore Financial Services LLC (NR/Ba3)(d)(e)
	4,300,000		5.500		11/15/25	4,504,250
						94,333,816
Electrical – 2.9%
Calpine Corp. (B+/B2)(d)(e)
	2,980,000		5.125		03/15/28	3,136,450
Calpine Corp. (BB+/Ba2)(d)(e)
	4,017,000		5.250		06/01/26	4,157,595
	7,535,000		4.500		02/15/28	7,836,400
	4,730,000		3.750		03/01/31	4,670,875
FirstEnergy Corp. (BB/Ba1)
	1,475,000		2.650	(d)	03/01/30	1,474,198
	590,000		7.375		11/15/31	837,478
	2,690,000		4.850	(d)	07/15/47	3,340,784
FirstEnergy Transmission LLC (BB/Baa2)(d)(e)
	1,475,000		5.450		07/15/44	1,860,426
NRG Energy, Inc. (BB+/Ba2)(d)
	2,990,000		5.750		01/15/28	3,251,625
	1,599,000		3.375	(e)	02/15/29	1,636,976

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
NRG Energy, Inc. (BB+/Ba2)(d) – (continued)
$	905,000		5.250	%(e)	06/15/29	$          990,975
	4,262,000		3.625	(e)	02/15/31	4,384,532
Pattern Energy Operations LP/Pattern Energy Operations, Inc. (BB-/Ba3)(d)(e)
	1,705,000		4.500		08/15/28	1,798,775
PG&E Corp. (BB-/B1)(d)
	275,000		5.000		07/01/28	292,875
	2,190,000		5.250		07/01/30	2,409,000
Pike Corp. (CCC+/B3)(d)(e)
	2,905,000		5.500		09/01/28	3,057,513
Talen Energy Supply LLC (BB-/Ba3)(d)(e)
	3,850,000		7.250		05/15/27	4,081,000
	1,675,000		6.625		01/15/28	1,754,563
Talen Energy Supply LLC (CCC+/B3)(d)
	4,380,000		6.500		06/01/25	3,536,850
	2,050,000		10.500	(e)	01/15/26	1,824,500
Vistra Operations Co. LLC (BB+/Ba2)(d)(e)
	1,249,000		5.625		02/15/27	1,330,185
	6,875,000		5.000		07/31/27	7,304,687
						64,968,262
Electrical Components & Equipment(d)(e) – 0.4%
Energizer Holdings, Inc. (B+/B2)
	1,645,000		4.375		03/31/29	1,702,575
Wesco Distribution, Inc. (BB-/B2)
	5,824,000		7.125		06/15/25	6,384,560
						8,087,135
Electronics(e) – 0.3%
Sensata Technologies B.V. (BB+/Ba3)
	1,040,000		5.000		10/01/25	1,151,800
Sensata Technologies, Inc. (BB+/Ba3)(d)
	3,475,000		4.375		02/15/30	3,748,656
	1,557,000		3.750		02/15/31	1,607,603
TTM Technologies, Inc. (BB-/Ba3)(d)
	975,000		5.625		10/01/25	998,156
						7,506,215

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy-Alternate Sources(d)(e) – 0.0%
Enviva Partners LP/Enviva Partners Finance Corp. (B+/B1)
$	690,000		6.500	%	01/15/26	$          732,263
Engineering & Construction(d)(e) – 0.1%
KBR, Inc. (B+/B1)
	1,707,000		4.750		09/30/28	1,779,547
MasTec, Inc. (BB/Ba2)
	449,000		4.500		08/15/28	470,889
						2,250,436
Entertainment(d)(e) – 2.5%
Allen Media LLC/Allen Media Co-Issuer, Inc. (B-/Caa1)
	3,500,000		10.500		02/15/28	3,644,375
AMC Entertainment Holdings, Inc. (CCC/Caa2)
	1,263,000		10.500		04/15/25	896,730
Banijay Group SAS (CCC+/Caa1)
EUR	1,275,000		6.500		03/01/26	1,561,171
Caesars Entertainment, Inc. (B/B1)
$	1,893,000		6.250		07/01/25	2,016,045
Caesars Entertainment, Inc. (CCC+/Caa1)
	3,499,000		8.125		07/01/27	3,870,769
Caesars Resort Collection LLC/CRC Finco, Inc. (B+/B1)
	1,471,000		5.750		07/01/25	1,553,744
Caesars Resort Collection LLC/CRC Finco, Inc. (CCC+/Caa1)
	5,310,000		5.250		10/15/25	5,363,100
Cedar Fair LP/Canada’s Wonderland Co/Magnum Management Corp./Millennium Op (B/Ba2)
	1,844,000		5.500		05/01/25	1,926,980
Cinemark USA, Inc. (BB-/Ba3)
	990,000		8.750		05/01/25	1,069,200
International Game Technology PLC (BB/Ba3)
	2,556,000		5.250		01/15/29	2,754,090
Lions Gate Capital Holdings LLC (CCC+/B3)
	235,000		6.375		02/01/24	240,875
	6,775,000		5.875		11/01/24	6,876,625
Live Nation Entertainment, Inc. (B+/B1)
	1,005,000		3.750		01/15/28	1,015,050
Live Nation Entertainment, Inc. (B-/B3)
	1,700,000		5.625		03/15/26	1,742,500
Motion Bondco DAC (CCC-/Caa2)(g)
	2,235,000		6.625		11/15/27	2,318,812

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Entertainment(d)(e) – (continued)
Penn National Gaming, Inc. (B/B3)
$	2,175,000		5.625	%	01/15/27	$       2,272,875
Pinewood Finance Co. Ltd. (BB/NR)
GBP	1,200,000		3.250		09/30/25	1,671,392
Scientific Games International, Inc. (B-/Caa2)
$	2,964,000		8.250		03/15/26	3,193,710
	1,280,000		7.000		05/15/28	1,372,800
SeaWorld Parks & Entertainment, Inc. (CCC/Caa2)
	2,975,000		9.500		08/01/25	3,220,437
Six Flags Theme Parks, Inc. (B/Ba2)
	1,711,000		7.000		07/01/25	1,852,158
Vail Resorts, Inc. Co. (BB/B1)
	463,000		6.250		05/15/25	494,253
WMG Acquisition Corp. (BB/Ba3)
	1,230,000		3.875		07/15/30	1,303,800
	2,996,000		3.000		02/15/31	2,936,080
WMG Acquisition Corp. (BB-/B2)
	1,225,000		5.500		04/15/26	1,269,406
						56,436,977
Environmental(d) – 0.6%
Covanta Holding Corp. (B/B1)
	395,000		5.000		09/01/30	421,663
GFL Environmental, Inc. (B-/B3)(e)
	4,113,000		8.500		05/01/27	4,575,712
GFL Environmental, Inc. (BB-/Ba3)(e)
	700,000		4.250		06/01/25	728,000
	2,420,000		3.750		08/01/25	2,471,425
	3,547,000		3.500		09/01/28	3,617,940
Waste Pro USA, Inc. (B/Caa1)(e)
	909,000		5.500		02/15/26	927,180
						12,741,920

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Drug Retailing – 4.7%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (BB-/B1)(d)
$	3,839,000		3.500	%(e)	03/15/29	$       3,867,792
	3,944,000		5.750		03/15/25	4,062,320
	510,000		7.500	(e)	03/15/26	568,013
	5,385,000		4.625	(e)	01/15/27	5,694,637
	4,025,000		5.875	(e)	02/15/28	4,372,156
	2,630,000		4.875	(e)	02/15/30	2,886,425
B&G Foods, Inc. (B/B2)(d)
	3,415,000		5.250		04/01/25	3,517,450
	235,000		5.250		09/15/27	249,394
Chobani LLC/Chobani Finance Corp., Inc. (CCC/Caa2)(d)(e)
	3,157,000		7.500		04/15/25	3,291,172
FAGE International SA/FAGE USA Dairy Industry, Inc. (B+/B2)(d)(e)
	1,505,000		5.625		08/15/26	1,544,506
H-Food Holdings LLC/Hearthside Finance Co., Inc. (CCC/Caa2)(d)(e)
	5,299,000		8.500		06/01/26	5,537,455
JBS USA LUX SA/JBS USA Finance, Inc. (BB+/Ba2)(d)(e)
	2,275,000		5.750		06/15/25	2,348,938
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. (BB+/Ba2)(d)(e)
	950,000		6.500		04/15/29	1,106,750
	3,200,000		5.500		01/15/30	3,684,000
Kraft Heinz Foods Co. (BB+/Baa3)(d)
	16,075,000		3.000		06/01/26	16,777,092
	1,752,000		4.625		01/30/29	2,001,471
	770,000		4.250	(e)	03/01/31	857,176
	6,745,000		4.875	(e)	10/01/49	7,847,531
Lamb Weston Holdings, Inc. (BB+/Ba2)(d)(e)
	705,000		4.875		05/15/28	784,313
New Albertsons LP (B/WR)
	3,100,000		7.450		08/01/29	3,627,000
Post Holdings, Inc. (B+/B2)(d)(e)
	1,535,000		5.000		08/15/26	1,584,888
	4,945,000		5.750		03/01/27	5,241,700
	6,180,000		5.625		01/15/28	6,589,425
	4,080,000		4.625		04/15/30	4,284,000
SEG Holding LLC/SEG Finance Corp. (B+/B2)(d)(e)
	370,000		5.625		10/15/28	390,350

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
Sigma Holdco B.V. (B-/Caa1)(d)(e)
$	2,350,000		7.875	%	05/15/26	$       2,411,687
TreeHouse Foods, Inc. (BB-/B2)(d)
	849,000		4.000		09/01/28	874,470
United Natural Foods, Inc. (CCC+/B3)(d)(e)
	3,427,000		6.750		10/15/28	3,572,647
US Foods, Inc. (B+/Caa1)(d)(e)
	2,655,000		5.875		06/15/24	2,684,869
US Foods, Inc. (BB-/B3)(d)(e)
	1,980,000		6.250		04/15/25	2,116,125
						104,375,752
Food Service(d)(e) – 0.0%
Aramark Services, Inc. (B+/B1)
	582,000		6.375		05/01/25	624,195
Forest Products&Paper(d) – 0.3%
Mercer International, Inc. (B+/Ba3)
	4,950,000		7.375		01/15/25	5,135,625
	2,305,000		5.500		01/15/26	2,339,575
						7,475,200
Gaming – 1.8%
Boyd Gaming Corp. (B-/Caa1)(d)
	695,000		8.625	(e)	06/01/25	773,188
	1,585,000		6.000		08/15/26	1,650,381
	2,200,000		4.750		12/01/27	2,285,250
Hilton Domestic Operating Co., Inc. (BB/Ba2)(d)
	1,235,000		5.375	(e)	05/01/25	1,315,275
	1,599,000		5.750	(e)	05/01/28	1,746,907
	1,970,000		4.875		01/15/30	2,162,075
Marriott International, Inc. (BBB-/Baa3)(d)
	998,000		4.625		06/15/30	1,170,375
MGM China Holdings Ltd. (BB-/Ba3)(d)(e)
	910,000		5.250		06/18/25	944,978
MGM Resorts International (BB-/Ba3)
	2,569,000		7.750		03/15/22	2,735,985
	5,630,000		6.000		03/15/23	5,995,950
	5,648,000		5.500	(d)	04/15/27	6,290,460
	1,483,000		4.750	(d)	10/15/28	1,579,395

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Gaming – (continued)
Sands China Ltd. (BBB-/Baa2)(d)(e)
$	630,000		4.375	%	06/18/30	$          693,000
Station Casinos LLC (B-/Caa1)(d)(e)
	3,912,000		4.500		02/15/28	3,931,560
Wyndham Destinations, Inc. (BB-/Ba3)(d)(e)
	3,370,000		4.625		03/01/30	3,555,350
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. (BB-/B1)(d)(e)
	2,350,000		5.500		03/01/25	2,452,812
Wynn Macau Ltd. (BB-/B1)(d)(e)
	1,510,000		5.625		08/26/28	1,582,563
						40,865,504
Gas(d) – 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp. (NR/Ba3)
	550,000		5.875		08/20/26	621,500
	7,580,000		5.750		05/20/27	8,622,250
						9,243,750
Hand/Machine Tools(d)(e) – 0.0%
Colfax Corp. (BB/Ba2)
	360,000		6.000		02/15/24	373,050
Healthcare Providers & Services – 4.2%
Acadia Healthcare Co, Inc. (B-/B3)(d)
	1,400,000		5.500	(e)	07/01/28	1,498,000
	415,000		5.625		02/15/23	416,556
	1,070,000		6.500		03/01/24	1,095,413
Centene Corp. (BBB-/Ba1)(d)
	1,755,000		4.625		12/15/29	1,947,155
	7,100,000		3.375		02/15/30	7,483,045
CHS/Community Health Systems, Inc. (B-/Caa2)(d)(e)
	225,000		8.625		01/15/24	234,281
	3,940,000		8.000		03/15/26	4,255,200
	4,120,000		5.625		03/15/27	4,444,450
CHS/Community Health Systems, Inc. (CCC-/Ca)(d)(e)
	2,200,000		8.125		06/30/24	2,282,500
DaVita, Inc. (B+/Ba3)(d)(e)
	2,800,000		4.625		06/01/30	2,968,000
	3,610,000		3.750		02/15/31	3,646,100

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
Encompass Health Corp. (B+/B1)(d)
$	3,950,000		4.500	%	02/01/28	$       4,127,750
Global Medical Response, Inc. (B/B2)(d)(e)
	3,490,000		6.500		10/01/25	3,655,775
HCA, Inc. (BB-/Ba2)
	735,000		5.875		05/01/23	804,825
	6,120,000		5.375		02/01/25	6,862,050
	590,000		5.875	(d)	02/01/29	710,213
	6,795,000		3.500	(d)	09/01/30	7,160,231
Hill-Rom Holdings, Inc. (BB/Ba3)(d)(e)
	1,005,000		5.000		02/15/25	1,030,125
Hologic, Inc. (BB-/Ba2)(d)(e)
	760,000		3.250		02/15/29	774,250
Lifepoint Health, Inc. (CCC+/Caa1)(d)(e)
	2,205,000		5.375		01/15/29	2,213,489
MEDNAX, Inc. (B+/B1)(d)(e)
	1,365,000		6.250		01/15/27	1,463,963
Molina Healthcare, Inc. (BB-/Ba3)(d)(e)
	1,860,000		3.875		11/15/30	1,971,600
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. (CCC+/Caa1)(d)(e)
	5,635,000		9.750		12/01/26	6,156,237
Select Medical Corp. (B-/B3)(d)(e)
	1,300,000		6.250		08/15/26	1,397,500
Syneos Health, Inc. (BB-/B2)(d)(e)
	1,808,000		3.625		01/15/29	1,812,520
Tenet Healthcare Corp. (NR/B1)(d)(e)
	3,000,000		4.625		09/01/24	3,060,000
Tenet Healthcare Corp. (BB-/B1)(d)
	2,475,000		4.625		07/15/24	2,536,875
	2,700,000		7.500	(e)	04/01/25	2,956,500
	4,200,000		4.625	(e)	06/15/28	4,420,500
Tenet Healthcare Corp. (CCC+/B1)(d)(e)
	600,000		6.250		02/01/27	634,500
Tenet Healthcare Corp. (CCC+/Caa1)(d)
	5,940,000		7.000		08/01/25	6,155,325
West Street Merger Sub, Inc. (CCC/Caa2)(d)(e)
	2,425,000		6.375		09/01/25	2,479,562
						92,654,490

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Home Builders – 0.9%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (B+/B1)(d)(e)
$	5,400,000		6.375	%	05/15/25	$       5,494,500
	1,057,000		4.875		02/15/30	1,092,674
Installed Building Products, Inc. (B+/B3)(d)(e)
	1,250,000		5.750		02/01/28	1,329,687
Mattamy Group Corp. (BB/B1)(d)(e)
	2,800,000		5.250		12/15/27	2,964,500
	1,518,000		4.625		03/01/30	1,601,490
Taylor Morrison Communities, Inc. (BB/Ba3)(d)(e)
	605,000		5.875		06/15/27	684,406
	1,201,000		5.125		08/01/30	1,345,120
TRI Pointe Group, Inc. (BB-/Ba3)(d)
	1,910,000		5.250		06/01/27	2,072,350
	1,472,000		5.700		06/15/28	1,661,520
TRI Pointe Group, Inc./TRI Pointe Homes, Inc. (BB-/Ba3)
	695,000		5.875		06/15/24	757,550
Williams Scotsman International, Inc. (B+/B3)(d)(e)
	845,000		4.625		08/15/28	874,575
						19,878,372
Household Products(d) – 0.7%
Central Garden & Pet Co. (BB/B1)
	2,365,000		4.125		10/15/30	2,471,425
Kronos Acquisition Holdings, Inc. (CCC/Caa1)(e)
	6,985,000		9.000		08/15/23	7,150,894
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (CCC/Caa2)(e)
	2,458,000		7.000		12/31/27	2,571,683
Prestige Brands, Inc. (B+/B3)(e)
	1,550,000		5.125		01/15/28	1,654,625
Spectrum Brands, Inc. (B/B2)
	2,550,000		5.750		07/15/25	2,629,687
						16,478,314
Housewares(d) – 0.3%
CD&R Smokey Buyer, Inc. (B/B2)(e)
	950,000		6.750		07/15/25	1,015,313

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Housewares(d) – (continued)
Newell Brands, Inc. (BB+/Ba1)
$	1,043,000		4.875	%	06/01/25	$       1,144,693
	4,565,000		4.700		04/01/26	5,032,912
						7,192,918
Insurance(d)(e) – 1.2%
Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	3,280,000		8.125		02/15/24	3,472,700
Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	4,075,000		7.000		11/15/25	4,248,187
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (CCC+/Caa2)
	8,651,000		6.750		10/15/27	9,202,501
AssuredPartners, Inc. (CCC+/Caa2)
	695,000		5.625		01/15/29	725,406
GTCR AP Finance, Inc. (CCC+/Caa2)
	3,550,000		8.000		05/15/27	3,856,188
HUB International Ltd. (CCC+/Caa2)
	2,580,000		7.000		05/01/26	2,683,200
USI, Inc. (CCC+/Caa2)
	2,510,000		6.875		05/01/25	2,575,888
						26,764,070
Internet – 2.0%
Adevinta ASA (NR/Ba3)(d)(e)
EUR	475,000		2.625		11/15/25	593,044
Adevinta ASA (BB-/Ba3)(d)(e)
	375,000		3.000		11/15/27	473,594
ANGI Group LLC (BB-/Ba3)(d)(e)
$	3,715,000		3.875		08/15/28	3,742,863
Arches Buyer, Inc. (CCC+/Caa1)(d)(e)
	718,000		6.125		12/01/28	741,335
Cablevision Lightpath LLC (B+/B1)(d)(e)
	200,000		3.875		09/15/27	201,250
Cars.com, Inc. (B/B3)(d)(e)
	3,342,000		6.375		11/01/28	3,542,520
Expedia Group, Inc. (BBB-/Baa3)(d)(e)
	2,170,000		6.250		05/01/25	2,516,614
	797,000		4.625		08/01/27	888,846
Getty Images, Inc. (CCC+/Caa2)(d)(e)
	3,145,000		9.750		03/01/27	3,333,700
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/B1)(d)(e)
	2,620,000		5.250		12/01/27	2,754,275

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet – (continued)
GrubHub Holdings, Inc. (BB-/B1)(d)(e)
$	4,861,000		5.500	%	07/01/27	$       5,091,897
Match Group Holdings II LLC (BB/Ba3)(d)(e)
	4,227,000		4.625		06/01/28	4,438,350
	181,000		4.125		08/01/30	186,883
Netflix, Inc. (BB/Ba3)
	1,684,000		3.625	(d)(e)	06/15/25	1,791,355
	2,082,000		4.875		04/15/28	2,342,250
	585,000		5.875		11/15/28	699,075
Twitter, Inc. (BB+/Ba2)(d)(e)
	2,954,000		3.875		12/15/27	3,146,010
Uber Technologies, Inc. (CCC+/B3)(d)(e)
	6,570,000		7.500		05/15/25	7,087,387
	225,000		8.000		11/01/26	244,688
	730,000		6.250		01/15/28	793,875
						44,609,811
Iron/Steel(d) – 0.4%
Cleveland-Cliffs, Inc. (B/B2)(e)
	3,100,000		6.750		03/15/26	3,324,750
Cleveland-Cliffs, Inc. (CCC/B3)
	4,354,000		5.750		03/01/25	4,408,425
						7,733,175
Leisure Time – 0.6%
Carnival Corp. (B/B2)(d)(e)
	1,060,000		7.625		03/01/26	1,154,075
Carnival Corp. (BB-/B1)(d)
EUR	1,000,000		10.125		02/01/26	1,410,310
$	1,360,000		9.875	(e)	08/01/27	1,565,700
NCL Corp. Ltd. (BB-/B1)(d)(e)
	2,843,000		10.250		02/01/26	3,340,525
Royal Caribbean Cruises Ltd. (NR/NR)(e)
	95,000		4.250		06/15/23	127,259
Royal Caribbean Cruises Ltd. (BB/Ba2)(d)(e)
	1,253,000		10.875		06/01/23	1,422,155
Royal Caribbean Cruises Ltd. (BB-/B2)(d)(e)
	1,615,000		9.125		06/15/23	1,752,275

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Leisure Time – (continued)
VOC Escrow Ltd. (B+/B2)(d)(e)
$	2,595,000		5.000	%	02/15/28	$       2,582,025
						13,354,324
Lodging(d)(e) – 0.2%
Hilton Domestic Operating Co, Inc. (BB/Ba2)
	1,497,000		4.000		05/01/31	1,571,850
Wyndham Destinations, Inc. (BB-/Ba3)
	1,476,000		6.625		07/31/26	1,682,640
						3,254,490
Machinery - Construction & Mining(d)(e) – 0.2%
The Manitowoc Co., Inc. (B/B3)
	4,465,000		9.000		04/01/26	4,822,200
Machinery-Diversified(d)(e) – 0.5%
Clark Equipment Co. (BB+/Ba3)
	1,782,000		5.875		06/01/25	1,880,010
GrafTech Finance, Inc. (BB-/B1)
	1,415,000		4.625		12/15/28	1,429,150
Husky III Holding Ltd. (CCC/Caa2)(f)
	2,612,000		13.000		02/15/25	2,840,550
Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC/Caa2)
	3,375,000		7.750		04/15/26	3,510,000
Vertical Holdco Gmbh Co. (CCC/Caa1)
	545,000		7.625		07/15/28	592,688
Vertical US New Co., Inc. (B/B1)
	275,000		5.250		07/15/27	289,781
						10,542,179
Media – 7.6%
Altice Financing SA (B/B2)(d)(e)
	3,050,000		7.500		05/15/26	3,210,125
AMC Networks, Inc. (BB/Ba3)(d)
	1,150,000		5.000		04/01/24	1,170,125
	1,015,000		4.750		08/01/25	1,047,988
CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)(d)(e)
	11,430,000		5.750		02/15/26	11,815,762
	1,680,000		5.500		05/01/26	1,743,000
	2,800,000		4.750		03/01/30	3,017,000
	1,800,000		4.500		08/15/30	1,917,000

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)(d)(e)
$	6,640,000		4.250	%	02/01/31	$       6,996,900
CSC Holdings LLC (B/B3)
	10,000		5.250		06/01/24	10,813
	1,142,000		5.750	(d)(e)	01/15/30	1,250,490
	12,574,000		4.625	(d)(e)	12/01/30	13,092,677
CSC Holdings LLC (BB/Ba3)(d)(e)
	4,839,000		5.500		05/15/26	5,020,462
	4,270,000		5.500		04/15/27	4,526,200
	4,319,000		3.375		02/15/31	4,259,614
Cumulus Media New Holdings, Inc. (B/B2)(d)(e)
	4,110,000		6.750		07/01/26	4,192,200
Diamond Sports Group LLC/Diamond Sports Finance Co. (B/B3)(d)(e)
	9,245,000		6.625		08/15/27	5,593,225
Diamond Sports Group LLC/Diamond Sports Finance Co. (BB-/Ba3)(d)(e)
	1,750,000		5.375		08/15/26	1,421,875
DISH DBS Corp. (B-/B2)
	6,290,000		5.875		07/15/22	6,565,187
	5,880,000		5.000		03/15/23	6,078,450
	230,000		5.875		11/15/24	240,638
	3,890,000		7.750		07/01/26	4,347,075
	1,975,000		7.375	(d)	07/01/28	2,103,375
Entercom Media Corp. (B-/B3)(d)(e)
	6,651,000		6.500		05/01/27	6,750,765
Entercom Media Corp. (CCC+/Caa1)(d)(e)
	2,810,000		7.250		11/01/24	2,817,025
Gray Television, Inc. (B+/B3)(d)(e)
	4,130,000		7.000		05/15/27	4,522,350
iHeartCommunications, Inc. (B+/B1)(d)(e)
	3,890,000		5.250		08/15/27	4,084,500
	1,050,000		4.750		01/15/28	1,081,500
Meredith Corp. (BB-/Ba3)(d)(e)
	1,035,000		6.500		07/01/25	1,102,275
Meredith Corp. (CCC+/Caa1)(d)
	1,710,000		6.875		02/01/26	1,675,800
Nexstar Broadcasting, Inc. (B/B3)(d)(e)
	1,950,000		5.625		07/15/27	2,093,813
	1,413,000		4.750		11/01/28	1,474,819

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
Radiate Holdco LLC/Radiate Finance, Inc. (B/B1)(d)(e)
$	1,968,000		4.500	%	09/15/26	$       2,027,040
Scripps Escrow II, Inc. (CCC+/Caa1)(d)(e)
	485,000		5.375		01/15/31	509,250
Scripps Escrow, Inc. (B-/Caa1)(d)(e)
	3,885,000		5.875		07/15/27	4,050,112
Sinclair Television Group, Inc. (B/B2)(d)(e)
	230,000		5.500		03/01/30	239,200
Sinclair Television Group, Inc. (BB/Ba2)(d)(e)
	3,180,000		4.125		12/01/30	3,251,550
Sirius XM Radio, Inc. (BB/Ba3)(d)(e)
	5,535,000		5.000		08/01/27	5,839,425
	3,909,000		4.125		07/01/30	4,153,312
TEGNA, Inc. (BB-/Ba3)(d)(e)
	761,000		4.750		03/15/26	809,514
	3,450,000		4.625		03/15/28	3,540,563
The E.W. Scripps Co. (B-/Caa1)(d)(e)
	5,275,000		5.125		05/15/25	5,380,500
Univision Communications, Inc. (B/B2)(d)(e)
	240,000		5.125		02/15/25	242,400
	2,400,000		6.625		06/01/27	2,577,000
Virgin Media Finance PLC (B/B2)(d)(e)
	4,150,000		5.000		07/15/30	4,310,812
Virgin Media Secured Finance PLC (BB-/Ba3)(d)(e)
	3,605,000		5.500		08/15/26	3,749,200
	2,150,000		5.500		05/15/29	2,322,000
Virgin Media Vendor Financing Notes III DAC (B/B2)(d)(e)
GBP	1,575,000		4.875		07/15/28	2,197,213
Virgin Media Vendor Financing Notes IV DAC (B/B2)(d)(e)
	1,850,000		5.000		07/15/28	1,914,750
Ziggo Bond Co. B.V. (B-/B3)(d)
EUR	2,175,000		3.375	(e)	02/28/30	2,666,362
	1,725,000		3.375		02/28/30	2,114,701
$	1,725,000		5.125	(e)	02/28/30	1,815,563
						168,933,495

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mining(d) – 1.4%
Alcoa Nederland Holding B.V. (BB+/Ba1)(e)
$	3,250,000		7.000	%	09/30/26	$       3,465,312
	2,790,000		5.500		12/15/27	3,037,613
Constellium SE (B/B2)(e)
	1,600,000		5.875		02/15/26	1,640,800
	950,000		5.625		06/15/28	1,021,250
FMG Resources August 2006 Pty Ltd. (BB+/Ba1)(e)
	5,240,000		5.125		03/15/23	5,515,100
Freeport-McMoRan, Inc. (BB/Ba1)
	2,990,000		4.375		08/01/28	3,169,400
	2,420,000		4.625		08/01/30	2,637,800
	295,000		5.400		11/14/34	368,750
Hudbay Minerals, Inc. (B/B3)(e)
	3,870,000		6.125		04/01/29	4,189,275
Novelis Corp. (B+/B2)(e)
	2,410,000		5.875		09/30/26	2,518,450
	2,325,000		4.750		01/30/30	2,484,844
						30,048,594
Miscellaneous Manufacturing – 0.5%
Bombardier, Inc. (CCC/Caa3)(e)
	2,250,000		8.750		12/01/21	2,328,750
	1,015,000		5.750		03/15/22	1,035,300
	3,440,000		6.125		01/15/23	3,371,200
EnPro Industries, Inc. (BB/B1)(d)
	3,095,000		5.750		10/15/26	3,288,437
Hillenbrand, Inc. (BB+/Ba1)(d)
	665,000		5.750		06/15/25	719,863
						10,743,550
Office & Business Equipment(d) – 0.4%
Xerox Corp. (BB/Ba1)
	3,345,000		4.375		03/15/23	3,516,431
Xerox Holdings Corp. (BB/Ba1)(e)
	5,200,000		5.000		08/15/25	5,512,000
	585,000		5.500		08/15/28	620,100
						9,648,531

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – 6.4%
Antero Resources Corp. (B/B3)(d)
$	1,305,000		5.125	%	12/01/22	$       1,305,000
Apache Corp. (BB+/Ba1)(d)
	900,000		4.625		11/15/25	943,875
	3,475,000		4.375		10/15/28	3,596,625
	2,250,000		4.250		01/15/30	2,362,500
Berry Petroleum Co. LLC (B/B3)(d)(e)
	2,990,000		7.000		02/15/26	2,526,550
Cenovus Energy, Inc. (BBB-/Ba2)
	447,000		3.000	(d)	08/15/22	455,050
	4,108,000		3.800	(d)	09/15/23	4,279,057
	2,200,000		5.375	(d)	07/15/25	2,479,972
	1,470,000		5.250	(d)	06/15/37	1,657,866
	2,090,000		6.750		11/15/39	2,724,315
Continental Resources, Inc. (BB+/Ba1u)(d)
	911,000		4.500		04/15/23	938,330
	1,775,000		3.800		06/01/24	1,828,250
	4,650,000		5.750	(e)	01/15/31	5,161,500
	2,660,000		4.900		06/01/44	2,620,100
EQT Corp. (BB/Ba3)(d)
	2,100,000		3.000		10/01/22	2,121,000
	2,400,000		7.875		02/01/25	2,736,000
Exterran Energy Solutions LP/EES Finance Corp. (B/B1)(d)
	2,835,000		8.125		05/01/25	2,367,225
Laredo Petroleum, Inc. (B-/Caa1)(d)
	3,968,000		9.500		01/15/25	3,491,840
MEG Energy Corp. (B-/B3)(d)(e)
	1,653,000		7.000		03/31/24	1,665,397
	3,935,000		7.125		02/01/27	4,053,050
Nabors Industries Ltd. (CCC-/Caa1)(d)(e)
	2,655,000		7.250		01/15/26	1,855,181
Nabors Industries, Inc. (B-/B3)(d)(e)
	1,133,000		9.000		02/01/25	1,090,513
Noble Holding International Ltd. (NR/WR)(d)(h)
	730,000		7.750		01/15/24	13,542
	3,100,000		7.875	(e)	02/01/26	1,228,375

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Occidental Petroleum Corp. (BB-/Ba2)
$	7,960,000		8.000	%(d)	07/15/25	$        8,994,800
	3,000,000		5.875	(d)	09/01/25	3,195,000
	795,000		5.500	(d)	12/01/25	824,813
	9,267,000		6.450		09/15/36	9,684,015
	14,817,000		4.400	(d)	04/15/46	12,816,705
	4,142,000		4.200	(d)	03/15/48	3,396,440
	3,317,000		4.400	(d)	08/15/49	2,794,572
Ovintiv Exploration, Inc. (BBB-/Ba1)
	5,360,000		5.625		07/01/24	5,755,300
Parsley Energy LLC/Parsley Finance Corp. (BB/Ba3)(d)(e)
	2,000,000		5.375		01/15/25	2,047,500
Precision Drilling Corp. (B/B3)(d)
	5,320,000		7.750		12/15/23	4,947,600
Range Resources Corp. (B+/B3)(d)
	1,088,000		5.000		03/15/23	1,060,800
	5,000		4.875		05/15/25	4,688
SM Energy Co. (B/B3)(d)(e)
	1,288,000		10.000		01/15/25	1,391,040
Southwestern Energy Co. (BB-/Ba3)(d)
	2,710,000		7.750		10/01/27	2,913,250
Sunoco LP/Sunoco Finance Corp. (BB-/B1)(d)
	925,000		5.500		02/15/26	948,125
	325,000		6.000		04/15/27	344,094
	1,495,000		4.500	(e)	05/15/29	1,552,931
Transocean Phoenix 2 Ltd. (CCC+/NR)(d)(e)
	2,577,000		7.750		10/15/24	2,512,575
Transocean Poseidon Ltd. (CCC+/Caa1)(d)(e)
	3,183,000		6.875		02/01/27	2,896,530
Transocean, Inc. (CCC/Caa3)(d)(e)
	4,108,000		11.500		01/30/27	2,978,300
Transocean, Inc. (CCC-/Ca)(d)(e)
	5,055,000		7.500		01/15/26	2,325,300
USA Compression Partners LP/USA Compression Finance Corp. (B+/B3)(d)
	7,760,000		6.875		04/01/26	8,128,600
Valaris PLC (NR/WR)(d)(h)
	4,550,000		5.400		12/01/42	273,000
	3,100,000		5.750		10/01/44	127,875

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
WPX Energy, Inc. (BB-/B1)(d)
$	2,185,000		5.250	%	09/15/24	$       2,370,725
	3,275,000		5.875		06/15/28	3,561,562
	1,039,000		4.500		01/15/30	1,106,535
						142,453,788
Packaging – 2.8%
ARD Finance SA (B-/Caa3)(d)(f)
(PIK 5.750%, Cash 5.000%)
EUR	3,125,000		5.000		06/30/27	3,885,153
(PIK 7.250%, Cash 6.500%)
$	3,425,000		6.500	(e)	06/30/27	3,630,500
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B/Caa1)(d)(e)
	8,305,000		5.250		08/15/27	8,659,237
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (BB/B1)(d)(e)
	2,910,000		5.250		04/30/25	3,062,775
Berry Global, Inc. (BB/B2)(d)
	109,000		5.125		07/15/23	110,499
	4,050,000		5.625	(e)	07/15/27	4,353,750
CANPACK SA/Eastern PA Land Investment Holding LLC (BB/Ba2)(d)(e)
	605,000		3.125		11/01/25	610,294
Flex Acquisition Co., Inc. (CCC+/Caa2)(d)(e)
	2,420,000		6.875		01/15/25	2,453,275
	235,000		7.875		07/15/26	247,337
Graphic Packaging International LLC (BB+/Ba2)(e)
	1,394,000		3.500		03/15/28	1,439,305
LABL Escrow Issuer LLC (B/B2)(d)(e)
	3,715,000		6.750		07/15/26	3,993,625
LABL Escrow Issuer LLC (B-/Caa2)(d)(e)
	3,030,000		10.500		07/15/27	3,408,750
Mauser Packaging Solutions Holding Co. (CCC/Caa3)(d)(e)
	6,025,000		7.250		04/15/25	6,115,375
Owens-Brockway Glass Container, Inc. (B/B3)(e)
	4,270,000		5.875		08/15/23	4,574,237
Pactiv LLC (B-/Caa1)
	1,965,000		8.375		04/15/27	2,299,050
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B+/B1)(d)(e)
	133,000		5.125		07/15/23	134,663
	3,631,000		4.000		10/15/27	3,708,159

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Packaging – (continued)
Trident TPI Holdings, Inc. (CCC+/Caa2)(d)(e)
$	2,200,000		6.625	%	11/01/25	$       2,235,750
Trivium Packaging Finance B.V. (B/B2)(d)(e)
	1,775,000		5.500		08/15/26	1,874,844
Trivium Packaging Finance B.V. (CCC+/Caa2)(d)(e)
	5,730,000		8.500		08/15/27	6,295,837
						63,092,415
Pharmaceuticals – 2.7%
AdaptHealth LLC (B/B1)(d)(e)
	985,000		6.125		08/01/28	1,058,875
	595,000		4.625		08/01/29	611,363
Bausch Health Americas, Inc. (B/B3)(d)(e)
	14,060,000		9.250		04/01/26	15,659,325
	2,585,000		8.500		01/31/27	2,875,812
	2,946,000		5.250		02/15/31	3,078,570
	6,100,000		6.125		04/15/25	6,275,375
	2,595,000		5.000		01/30/28	2,666,362
	5,478,000		6.250		02/15/29	5,929,935
	2,595,000		5.250		01/30/30	2,711,775
Bausch Health Cos., Inc. (BB/Ba2)(d)(e)
	465,000		5.500		11/01/25	478,950
Cheplapharm Arzneimittel GmbH (B/B2)(d)(e)
	1,694,000		5.500		01/15/28	1,759,643
Herbalife Nutrition Ltd./HLF Financing, Inc. (BB-/B1)(d)(e)
	1,408,000		7.875		09/01/25	1,534,720
HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)(d)(e)
	5,425,000		7.250		08/15/26	5,736,937
Par Pharmaceutical, Inc. (B+/B2)(d)(e)
	6,675,000		7.500		04/01/27	7,209,000
Teva Pharmaceutical Finance Co. B.V. (BB-/Ba2)
	855,000		3.650		11/10/21	863,550
Vizient, Inc. (B/B2)(d)(e)
	990,000		6.250		05/15/27	1,056,825
						59,507,017

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – 4.4%
Antero Midstream Partners LP/Antero Midstream Finance Corp. (B-/B3)(d)(e)
$	2,070,000		5.750	%	03/01/27	$       2,028,600
Buckeye Partners LP (BB/B1)(d)
	615,000		4.350		10/15/24	627,300
	2,400,000		4.125	(e)	03/01/25	2,436,000
	3,794,000		3.950		12/01/26	3,841,425
	860,000		4.125		12/01/27	875,050
	1,573,000		4.500	(e)	03/01/28	1,618,224
Cheniere Energy Partners LP (BB/Ba2)(d)
	3,645,000		5.250		10/01/25	3,745,237
	2,825,000		4.500		10/01/29	2,980,375
Cheniere Energy, Inc. (BB/Ba3)(d)(e)
	3,275,000		4.625		10/15/28	3,455,125
DCP Midstream Operating LP (BB+/Ba2)
	5,090,000		5.375	(d)	07/15/25	5,586,275
	510,000		5.125	(d)	05/15/29	562,275
	925,000		6.450	(e)	11/03/36	1,003,625
EnLink Midstream LLC (BB+/NR)(d)(e)
	2,115,000		5.625		01/15/28	2,159,944
EnLink Midstream LLC (BB+/Ba2)(d)
	2,490,000		5.375		06/01/29	2,433,975
EnLink Midstream Partners LP (BB+/Ba2)(d)
	2,325,000		4.400		04/01/24	2,298,844
	3,235,000		5.450		06/01/47	2,588,000
EQM Midstream Partners LP (BB-/Ba3)(d)
	2,800,000		6.500	(e)	07/01/27	3,150,000
	2,970,000		5.500		07/15/28	3,237,300
Genesis Energy LP/Genesis Energy Finance Corp. (B+/B1)(d)
	3,584,000		5.625		06/15/24	3,476,480
Global Partners LP/GLP Finance Corp. (B+/B2)(d)
	2,970,000		7.000		08/01/27	3,177,900
	1,780,000		6.875	(e)	01/15/29	1,931,300
NuStar Logistics LP (BB-/Ba3)(d)
	2,790,000		5.750		10/01/25	2,971,350
	3,420,000		5.625		04/28/27	3,642,300

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Plains All American Pipeline LP/PAA Finance Corp. (BBB-/Ba1)(d)
$	1,308,000		3.800	%	09/15/30	$       1,400,829
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (D/Caa2)(d)
	5,321,000		5.750		04/15/25	3,418,742
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1)(d)(e)
	5,955,000		4.750		10/01/23	6,097,920
	1,935,000		5.500		09/15/24	1,968,862
	2,563,000		7.500		10/01/25	2,748,817
	1,310,000		5.500		01/15/28	1,337,838
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1)(d)(e)
	3,140,000		6.000		12/31/30	3,234,200
Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB/Ba3)(d)
	1,865,000		5.875		04/15/26	1,962,913
	4,525,000		5.375		02/01/27	4,739,937
	1,810,000		6.500		07/15/27	1,963,850
	1,980,000		5.000		01/15/28	2,079,000
Western Midstream Operating LP (BB/Ba2)(d)
	1,500,000		5.375		06/01/21	1,507,500
	2,230,000		5.050		02/01/30	2,475,300
	1,725,000		5.300		03/01/48	1,703,438
	675,000		6.250		02/01/50	739,125
						97,205,175
Pipelines(d) – 0.1%
EQM Midstream Partners LP (BB-/Ba3)
	2,030,000		4.000		08/01/24	2,080,750
Real Estate(d)(e) – 0.3%
Realogy Group LLC/Realogy Co-Issuer Corp. (B-/Caa1)
	3,510,000		4.875		06/01/23	3,580,200
	1,919,000		9.375		04/01/27	2,125,292
Realogy Group LLC/Realogy Co.-Issuer Corp. (B-/B3)
	773,000		7.625		06/15/25	836,773
The Howard Hughes Corp. (BB-/Ba3)
	603,000		5.375		08/01/28	645,210
						7,187,475

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust(d) – 2.0%
ESH Hospitality, Inc. (BB-/Ba3)(e)
$	4,125,000		4.625	%	10/01/27	$       4,222,969
Iron Mountain, Inc. (BB-/Ba3)(e)
	4,200,000		5.000		07/15/28	4,462,500
	2,085,000		4.500		02/15/31	2,168,400
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. (BB-/B1)(e)
	3,120,000		4.625		06/15/25	3,318,900
	3,337,000		3.875		02/15/29	3,395,398
MPT Operating Partnership LP/MPT Finance Corp. (BBB-/Ba1)
	1,685,000		4.625		08/01/29	1,808,258
	4,680,000		3.500		03/15/31	4,832,802
Service Properties Trust (BB/Ba1)
	1,531,000		7.500		09/15/25	1,779,895
Service Properties Trust (BB-/Ba2)
	2,900,000		4.350		10/01/24	2,871,136
Starwood Property Trust, Inc. (B+/Ba3)
	7,835,000		4.750		03/15/25	7,972,112
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC (B/B2)(e)
	2,715,000		6.000		04/15/23	2,769,300
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC (CCC/Caa2)
	1,270,000		8.250		10/15/23	1,273,175
	275,000		7.125	(e)	12/15/24	277,406
VICI Properties LP/VICI Note Co., Inc. (BB/Ba3)(e)
	2,154,000		3.500		02/15/25	2,197,080
						43,349,331
Retailing – 4.5%
1011778 BC ULC/New Red Finance, Inc. (B+/B2)(d)(e)
	1,635,000		4.375		01/15/28	1,686,094
1011778 BC ULC/New Red Finance, Inc. (B+/B2)(d)(e)
	7,857,000		4.000		10/15/30	7,915,927
Asbury Automotive Group, Inc. (BB/B1)(d)
	295,000		4.500		03/01/28	307,538
	190,000		4.750		03/01/30	202,350
Beacon Roofing Supply, Inc. (B-/Caa1)(d)(e)
	10,615,000		4.875		11/01/25	10,880,375

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing – (continued)
Burlington Stores, Inc. (NR/NR)(e)
$	1,141,000		2.250	%	04/15/25	$       1,585,534
Carvana Co. (CCC+/Caa2)(d)(e)
	4,210,000		5.625		10/01/25	4,309,987
eG Global Finance PLC (B-/B3)(d)(e)
	2,560,000		6.750		02/07/25	2,636,800
	2,210,000		8.500		10/30/25	2,353,650
Group 1 Automotive, Inc. (BB+/Ba2)(d)(e)
	1,382,000		4.000		08/15/28	1,413,095
IRB Holding Corp. (B/B2)(d)(e)
	1,171,000		7.000		06/15/25	1,273,463
IRB Holding Corp. (CCC+/Caa1)(d)(e)
	8,870,000		6.750		02/15/26	9,158,275
Ken Garff Automotive LLC (B/B1)(d)(e)
	720,000		4.875		09/15/28	748,800
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (BB/Ba3)(d)(e)
	4,187,000		5.250		06/01/26	4,344,012
Kirk Beauty One GmbH (CCC-/Caa3)(d)
EUR	2,250,000		8.750		07/15/23	1,723,086
L Brands, Inc. (B+/B2)
$	5,785,000		5.250		02/01/28	6,030,862
L Brands, Inc. (BB/Ba2)(d)(e)
	880,000		6.875		07/01/25	954,800
LBM Acquisition LLC (CCC+/NR)(d)(e)
	1,195,000		6.250		01/15/29	1,242,800
Lithia Motors, Inc. (BB/Ba2)(d)(e)
	875,000		4.375		01/15/31	936,250
Macy’s Retail Holdings, Inc. (B/B1)(d)
	2,550,000		2.875		02/15/23	2,441,625
Macy’s, Inc. (BB-/Ba1)(d)(e)
	2,900,000		8.375		06/15/25	3,219,000
Nordstrom, Inc. (BB+/Baa3)(d)
	2,370,000		5.000		01/15/44	2,215,950
Penske Automotive Group, Inc. (B+/Ba3)(d)
	3,175,000		3.500		09/01/25	3,190,875
PetSmart, Inc. (CCC+/Caa1)(d)(e)
	6,095,000		7.125		03/15/23	6,079,762
QVC, Inc. (BB+/Ba2)
	1,465,000		5.950		03/15/43	1,545,575

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing – (continued)
Specialty Building Products Holdings LLC/SBP Finance Corp. (B-/B3)(d)(e)
$	1,418,000		6.375	%	09/30/26	$       1,492,445
Staples, Inc. (B/B1)(d)(e)
	4,855,000		7.500		04/15/26	5,037,062
Staples, Inc. (CCC+/B3)(d)(e)
	3,095,000		10.750		04/15/27	3,071,787
Stonegate Pub Co Financing 2019 PLC (NR/B3)(d)(e)
GBP	1,750,000		8.250		07/31/25	2,410,692
Suburban Propane Partners LP/Suburban Energy Finance Corp. (BB-/B1)(d)
$	1,895,000		5.500		06/01/24	1,928,163
	2,175,000		5.875		03/01/27	2,267,438
Walgreens Boots Alliance, Inc. (BBB/Baa2)(d)
	1,740,000		4.100		04/15/50	1,843,356
Yum! Brands, Inc. (B+/B1)(d)
	187,000		7.750	(e)	04/01/25	207,103
	2,400,000		4.750	(e)	01/15/30	2,631,000
	495,000		3.625		03/15/31	499,950
						99,785,481
Semiconductors(d)(e) – 0.4%
Amkor Technology, Inc. (BB/B1)
	3,489,000		6.625		09/15/27	3,785,565
Microchip Technology, Inc. (NR/Ba2)
	280,000		4.250		09/01/25	296,100
ON Semiconductor Corp. (BB/Ba2)
	2,170,000		3.875		09/01/28	2,254,088
Qorvo, Inc. (BB+/Ba1)
	3,320,000		3.375		04/01/31	3,419,600
						9,755,353
Software(d) – 1.6%
Black Knight InfoServ LLC (B+/Ba3)(e)
	1,555,000		3.625		09/01/28	1,586,100
BY Crown Parent LLC/BY Bond Finance, Inc. (B-/B1)(e)
	355,000		4.250		01/31/26	363,875
Camelot Finance SA (B/B2)(e)
	3,450,000		4.500		11/01/26	3,596,625
Castle US Holding Corp. (CCC/Caa2)(e)
	2,020,000		9.500		02/15/28	2,020,000

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software(d) – (continued)
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. (B-/Caa1)(e)
$	950,000		5.750	%	03/01/25	$          966,625
J2 Global, Inc. (BB/Ba3)(e)
	3,565,000		4.625		10/15/30	3,744,712
Nuance Communications, Inc. (BB-/Ba3)
	3,640,000		5.625		12/15/26	3,844,750
Open Text Corp. (BB/Ba2)(e)
	4,730,000		3.875		02/15/28	4,848,250
PTC, Inc. (BB/Ba3)(e)
	1,077,000		3.625		02/15/25	1,109,310
Solera LLC/Solera Finance, Inc. (CCC+/Caa1)(e)
	6,500,000		10.500		03/01/24	6,727,500
SS&C Technologies, Inc. (B+/B2)(e)
	5,090,000		5.500		09/30/27	5,439,937
The Dun & Bradstreet Corp. (B-/Caa1)(e)
	1,968,000		10.250		02/15/27	2,218,920
						36,466,604
Storage/Warehousing(d)(e) – 0.1%
Modulaire Global Finance 2 PLC (CCC/Caa1)
	2,390,000		10.000		08/15/23	2,428,838
Telecommunication Services – 6.3%
Altice France Holding SA (CCC+/WR)(d)(e)
	4,755,000		10.500		05/15/27	5,343,431
Altice France SA (B/B2)(d)(e)
	7,290,000		7.375		05/01/26	7,672,725
	4,910,000		8.125		02/01/27	5,401,000
	225,000		5.500		01/15/28	234,000
	664,000		5.125		01/15/29	678,940
CenturyLink, Inc. (BB-/B2)
	2,250,000		5.125	(d)(e)	12/15/26	2,362,500
	3,465,000		6.875		01/15/28	3,989,081
	1,700,000		7.600		09/15/39	2,065,500
CommScope Technologies LLC (CCC+/B3)(d)(e)
	4,022,000		6.000		06/15/25	4,102,440
CommScope, Inc. (CCC+/B3)(d)(e)
	1,780,000		8.250		03/01/27	1,900,150
	4,645,000		7.125		07/01/28	4,935,312

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
Digicel Group 0.5 Ltd. (NR/Ca)(d)(e)(f) (PIK 3.000%, Cash 5.000%)
$	2,594,498		8.000	%	04/01/25	$       1,364,544
Frontier Communications Corp. (B+/B3)(d)(e)
	401,000		5.875		10/15/27	433,581
	1,211,000		5.000		05/01/28	1,262,468
Intelsat Jackson Holdings SA (NR/WR)(e)(h)
	210,000		9.500		09/30/22	233,625
	6,885,000		8.500	(d)	10/15/24	4,888,350
	15,490,000		9.750	(d)	07/15/25	11,075,350
Intelsat Luxembourg SA (NR/WR)(d)(h)
	13,875,000		8.125		06/01/23	641,719
Intelsat SA (NR/NR)(h)
	4,650,000		4.500		06/15/25	1,534,500
Level 3 Financing, Inc. (BB/Ba3)(d)
	5,285,000		5.250		03/15/26	5,450,156
	6,921,000		4.625	(e)	09/15/27	7,206,491
	5,950,000		4.250	(e)	07/01/28	6,098,750
	2,075,000		3.625	(e)	01/15/29	2,069,813
LogMeIn, Inc. (B-/B1)(d)(e)
	3,175,000		5.500		09/01/27	3,309,938
Nokia of America Corp. (NR/WR)
	5,200,000		6.450		03/15/29	5,668,000
Nokia Oyj (BB+/Ba2)
	295,000		6.625		05/15/39	377,600
Sprint Capital Corp. (BB/B1)
	1,421,000		8.750		03/15/32	2,241,628
Sprint Communications, Inc. (BB/B1)
	1,203,000		11.500		11/15/21	1,303,751
	5,550,000		6.000		11/15/22	5,994,000
Sprint Corp. (BB/B1)
	9,085,000		7.875		09/15/23	10,515,887
	4,882,000		7.625	(d)	02/15/25	5,833,990
	4,727,000		7.625	(d)	03/01/26	5,861,480
T-Mobile USA, Inc. (BB/Ba3)(d)
	1,485,000		6.000		03/01/23	1,488,713
	1,360,000		6.000		04/15/24	1,373,600
	3,820,000		6.500		01/15/26	3,944,150

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
Telecom Italia Capital SA (BB+/Ba2)
$	6,865,000		7.200	%	07/18/36	$       9,250,587
	1,455,000		7.721		06/04/38	2,015,175
Telesat Canada/Telesat LLC (BB-/Ba3)(d)(e)
	402,000		4.875		06/01/27	416,070
						140,538,995
Toys/Games/Hobbies(d) – 0.3%
Mattel, Inc. (B+/B1)(e)
	2,165,000		6.750		12/31/25	2,275,956
	1,553,000		5.875		12/15/27	1,723,830
Mattel, Inc. (B-/B3)
	2,335,000		3.150		03/15/23	2,364,188
						6,363,974
Transportation(d)(e) – 0.1%
XPO Logistics, Inc. (BB-/Ba3)
	1,853,000		6.250		05/01/25	1,989,659
TOTAL CORPORATE OBLIGATIONS (Cost $1,972,855,175)						$2,074,171,289

Shares			Description		Value
Common Stock – 0.0%
Auto Components – 0.0%
		1,229	Lear Corp.		$          195,448
(Cost $0)
Principal Amount			Interest Rate	Maturity Date	Value
Structured Note(d)(e)(i) – 0.1%
CHS/Community Health Systems, Inc. (CCC-/Ca)
$	1,820,000		9.875%	06/30/23	$       1,906,450
(Cost $1,716,852)
Shares			Dividend Rate		Value
Preferred Stocks(d) – 0.1%
Banks(g) – 0.1%
Bank of America Corp.
		64,000	4.375%		$       1,699,200
Media(f) – 0.0%
Spanish Broadcasting System, Inc.
		3,014	10.750		—
TOTAL PREFERRED STOCKS (Cost $4,642,344)					$       1,699,200

Units		Expiration Date	Value
Warrant(h) – 0.0%
True Religion Warrant (NR/NR)
1,914		10/27/22	$                    —
True Religion Warrant 2 (NR/NR)
7,229		10/27/22	$                    —
TOTAL WARRANT (Cost $0)			$                    —
Shares		Dividend Rate	Value
Investment Company(j) – 0.1%
Goldman Sachs Financial Square Government Fund - Institutional Shares
1,163,749		0.026%	$       1,163,749
(Cost $1,163,749)
Shares		Description	Value
Exchange Traded Funds – 1.4%
268,548	iShares Broad USD High Yield Corporate Bond ETF (NR/NR)		$     11,080,291
252,838	iShares iBoxx High Yield Corporate Bond ETF (NR/NR)		22,072,757
TOTAL EXCHANGE TRADED FUNDS (Cost $32,640,546)			$     33,153,048
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT (Cost $2,044,798,211)			$2,143,251,099
Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(j) – 0.2%
Goldman Sachs Financial Square Government Fund - Institutional Shares (NR/NR)
4,056,700		0.026%	$       4,056,700
(Cost $4,056,700)
TOTAL INVESTMENTS – 96.7% (Cost $2,048,854,911)			$2,147,307,799
OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.3%			72,292,993
NET ASSETS – 100.0%			$2,219,600,792

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on December 31, 2020. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2020.
(d)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)	Pay-in-kind securities.
(g)	All or a portion of security is on loan.
(h)	Security is currently in default and/or non-income producing.
(i)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2020.
(j)	Represents an affiliated issuer.

Currency Abbreviations:
EUR	— Euro
GBP	— British Pound
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
CP	— Commercial Paper
ETF	— Exchange Traded Fund
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
WR	— Withdrawn Rating
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
Deutsche Bank AG		USD	1,374,401		EUR	1,155,463		01/21/21	$	(37,923	)
JPMorgan Securities, Inc.		USD	17,990,821		EUR	15,231,588		01/21/21		(626,776	)
UBS AG (London)		USD	5,784,066		GBP	4,490,358		01/13/21		(357,254	)
TOTAL									$	(1,021,953	)

FUTURES CONTRACTS — At December 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes	38	03/31/21	$	8,397,109		$	5,374
10 Year U.S. Treasury Notes	1,434	03/22/21		198,004,031			269,736
20 Year U.S. Treasury Bonds	513	03/22/21		88,845,188			(726,972	)
Total						$	(451,862	)
Short position contracts:
Ultra Long U.S. Treasury Bonds	(56)	03/22/21		(11,959,500	)		(20,693	)
Ultra 10 Year U.S. Treasury Notes	(79)	03/22/21		(12,352,391	)		(8,037	)
5 Year German Euro-Bobl	(85)	03/08/21		(14,037,126	)		2,972
5 Year U.S. Treasury Notes	(167)	03/31/21		(21,069,398	)		(1,948	)
Total						$	(27,706	)
TOTAL FUTURES CONTRACTS						$	(479,568	)

SWAP CONTRACTS — At December 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at December 31, 2020(b)		Termination Date		Notional Amount (000s)	Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.HY Index 34	5.000%		2.758%		06/20/25	$77,073	$	7,247,820		$	2,879,388		$	4,368,432
Nabors Industries, Inc., 5.750%, 01/02/25	1.000		13.818		12/20/22	2,030		(448,077	)		(814,738	)		366,661
CDX.NA.HY Index 35	5.000		2.938		12/20/25	81,245		7,679,755			3,568,035			4,111,720
TOTAL							$	14,479,498		$	5,632,685		$	8,846,813

(a) Payments made quarterly.

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS ON COMMODITY INDICES

Reference Obligation/Index	Financing Rate Paid by the Fund(a)	Counterparty	Termination Date(b)	Notional Amount (000s)	Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
IBOXHY Index	0.235%	JPMorgan Securities, Inc.	06/20/21	$69	$	312,021	$	—	$	312,021

(a) Payments made quarterly.

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

Abbreviations:
CDX.NA.IG Index 34	— CDX North America Investment Grade Index 34
CDX.NA.IG Index 35	— CDX North America Investment Grade Index 35
IBOXHY Index	— Markit iBoxx USD Liquid High Yield Index

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – 88.6%
Aerospace & Defense(b) – 0.5%
Dynasty Acquisition Co., Inc. (B-/Caa1)
(3M LIBOR + 3.500%)
$	2,255,831		3.754	%	04/06/26	$       2,143,039
(3M LIBOR + 3.500%)
	1,212,812		3.754		04/06/26	1,152,172
TransDigm, Inc. (B+/Ba3) (1M LIBOR + 2.250%)
	4,007,529		2.397		08/22/24	3,924,453
						7,219,664
Airlines(b) – 1.7%
Allegiant Travel Co. (B+/Ba3) (3M LIBOR + 3.000%)
	3,829,909		3.214		02/05/24	3,718,612
American Airlines, Inc. (B/Ba3) (1M LIBOR + 1.750%)
	4,900,000		1.898		01/29/27	4,189,500
Atlantic Aviation FBO, Inc. (BB-/B2) (1M LIBOR + 3.750%)
	4,483,253		3.900		12/06/25	4,460,836
Delta Air Lines, Inc. (NR/Baa1) (3M LIBOR + 3.750%)
	1,650,000		4.750		10/20/27	1,708,311
Delta Air Lines, Inc. (BB+/Baa2) (3M LIBOR + 4.750%)
	3,781,000		5.750		04/29/23	3,834,350
JetBlue Airways Corp. (B+/Ba2) (3M LIBOR + 5.250%)
	2,925,000		6.250		06/17/24	3,002,249
Kestrel Bidco, Inc. (B-/B2) (6M LIBOR + 3.000%)
	2,039,849		4.000		12/11/26	1,951,891
						22,865,749
Automotive - Distributors – 0.9%
American Axle & Manufacturing, Inc. (BB-/Ba2)(b) (1M LIBOR + 2.250%)
	2,604,061		3.000		04/06/24	2,558,022
Bombardier Recreational Products, Inc. (BB-/B1)(c)
	1,325,000		0.000		05/24/27	1,307,616
Drive Chassis Holding Co. LLC (NR/NR)(b) (3M LIBOR + 8.250%)
	2,525,000		8.474		04/10/26	2,507,653
Highline Aftermarket Acquisition LLC (NR/NR)(b)(d) (3M LIBOR + 4.500%)
	2,600,000		5.250		10/30/27	2,613,000
Thor Industries, Inc. (BB/B2)(b)(3M LIBOR + 3.750%)
	2,974,809		3.938		02/01/26	2,967,371
						11,953,662
Automotive - Parts – 2.8%
Adient US LLC (B+/Ba3)(b) (1M LIBOR + 4.250%)
	3,127,530		4.397		05/06/24	3,122,307

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Automotive - Parts – (continued)
Belron Finance US LLC (BB/Ba3)(c)
$	1,296,725		0.000	%	10/30/26	$       1,293,484
CS Intermediate Holdco 2 LLC (B-/B1)(b) (1M LIBOR + 2.000%)
	2,939,834		3.000		11/02/23	2,735,104
Dana, Inc. (BBB-/Baa3)(b) (1M LIBOR + 2.250%)
	1,100,000		2.397		02/27/26	1,093,125
Garrett LX III S.a r.l. (D/WR)(b) (3M LIBOR + 2.500%)
	4,761,107		5.750		09/27/25	4,659,933
Gates Global LLC (B+/B1)(b) (1M LIBOR + 2.750%)
	2,090,698		3.750		04/01/24	2,083,151
Mavis Tire Express Services Corp. (B-/B2)(b)
(3M LIBOR + 3.250%)
	2,625,642		3.504		03/20/25	2,574,442
(3M LIBOR + 4.000%)
	1,450,000		5.000		03/20/25	1,453,625
Navistar International Corp. (BB-/Ba2)(b) (1M LIBOR + 3.500%)
	2,981,367		3.660		11/06/24	2,974,658
Panther BF Aggregator 2 LP (B/B1)(b)
(1M EURIBOR + 3.750%)
EUR	1,111,765		3.750		04/30/26	1,351,913
(1M LIBOR + 3.500%)
$	3,091,500		3.647		04/30/26	3,075,393
Tenneco, Inc. (B/Ba3)(b) (1M LIBOR + 3.000%)
	4,223,634		3.147		10/01/25	4,110,990
Trico Group LLC (B/B3)(b) (3M LIBOR + 7.500%)
	1,333,905		8.500		02/02/24	1,327,236
Wand NewCo 3, Inc. (B-/B1)(b) (1M LIBOR + 3.000%)
	3,135,788		3.147		02/05/26	3,087,184
Wheel Pros LLC (B-/B2)(b) (1M LIBOR + 5.250%)
	2,329,124		6.250		11/06/27	2,284,288
						37,226,833
Building & Construction Material(b) – 0.3%
CSC Holdings LLC (BB/Ba3) (1M LIBOR + 2.500%)
	3,914,942		2.659		04/15/27	3,874,148
Building Materials – 2.5%
ACProducts, Inc. (B/B2)(b) (3M LIBOR + 6.500%)
	4,857,188		7.500		08/18/25	4,978,617
Beacon Roofing Supply, Inc. (BB/B2)(b) (1M LIBOR + 2.250%)
	1,992,924		2.397		01/02/25	1,976,423
CPG International, Inc. (BB-/B2)(b) (3M LIBOR + 3.750%)
	4,297,400		4.750		05/05/24	4,290,954

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Building Materials – (continued)
Foundation Building Materials Holding Co. LLC (BB-/B2)(b) (1M LIBOR + 3.000%)
$	1,066,096		3.147	%	08/13/25	$       1,064,934
Hayward Industries, Inc. (B/B3)(b)
(1M LIBOR + 3.500%)
	4,808,159		3.647		08/05/24	4,746,038
(1M LIBOR + 3.750%)
	750,000		4.500		08/04/26	746,250
Ingersoll-Rand Services Co. (BB+/Ba2)(b) (1M LIBOR + 1.750%)
	1,736,875		1.897		03/01/27	1,712,125
Jeld-Wen, Inc. (BB+/Ba2)(b) (1M LIBOR + 2.000%)
	2,021,022		2.148		12/14/24	1,993,859
LBM Acquisition LLC (B/B2)(c)
	515,057		0.000		12/09/27	514,521
	2,317,757		0.000		12/09/27	2,315,347
NCI Building Systems, Inc. (B+/B2)(b) (1M LIBOR + 3.750%)
	5,328,948		3.904		04/12/25	5,315,626
Quikrete Holdings, Inc. (BB-/Ba3)(b) (1M LIBOR + 2.500%)
	3,224,733		2.647		02/01/27	3,210,640
						32,865,334
Chemicals(b) – 4.5%
Alpha 3 B.V. (B-/B2) (3M LIBOR + 3.000%)
	4,533,867		4.000		01/31/24	4,514,054
Ascend Performance Materials Operations LLC (BB-/B1) (3M LIBOR + 5.250%)
	1,994,949		6.250		08/27/26	1,999,937
ASP Unifrax Holdings, Inc. (CCC/Caa3) (3M LIBOR + 8.500%)
	1,975,000		8.717		12/14/26	1,654,063
ASP Unifrax Holdings, Inc. (CCC+/Caa1) (3M LIBOR + 3.750%)
	2,837,034		4.004		12/12/25	2,590,638
Consolidated Energy Finance SA (B+/B1) (1M LIBOR + 2.500%)
	3,909,898		2.645		05/07/25	3,729,066
Cyanco Intermediate Corp. (B/B2) (1M LIBOR + 3.500%)
	3,869,416		3.647		03/16/25	3,838,770
Diamond (BC) B.V. (B-/B1) (3M LIBOR + 5.000%)
	997,500		6.000		09/06/24	995,006
Element Solutions, Inc. (BB/Ba2) (1M LIBOR + 2.000%)
	3,169,127		2.147		01/31/26	3,133,475
Emerald Performance Materials LLC (B/B2) (1M LIBOR + 4.000%)
	3,193,676		5.000		08/12/25	3,207,664
Hexion, Inc. (B+/Ba3) (6M LIBOR + 3.500%)
	3,600,911		3.730		07/01/26	3,564,902

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Chemicals(b) – (continued)
INEOS Enterprises Holdings US Finco LLC (BB/B1) (3M LIBOR + 3.500%)
$	3,192,028		4.500	%	08/28/26	$       3,171,088
Innophos, Inc. (B+/B1) (1M LIBOR + 3.500%)
	1,895,226		3.647		02/07/27	1,890,488
Momentive Performance Materials, Inc. (B/B2) (1M LIBOR + 3.250%)
	5,546,193		3.400		05/15/24	5,463,001
Plaze, Inc. (B/B3) (1M LIBOR + 4.250%)
	972,563		5.250		08/03/26	964,461
Polar US Borrower LLC (B-/B2) (1M LIBOR + 4.750%)
	3,898,367		4.899		10/15/25	3,825,273
PQ Corp. (BB-/B1) (3M LIBOR + 2.250%)
	3,106,586		2.464		02/07/27	3,078,440
Starfruit Finco B.V. (B+/B1) (1M LIBOR + 3.000%)
	5,080,344		3.153		10/01/25	5,021,056
The Chemours Co. (BB/Ba1) (1M LIBOR + 1.750%)
	1,951,353		1.900		04/03/25	1,910,296
Tronox Finance LLC (B+/Ba3) (1M LIBOR + 3.000%)
	1,718,595		3.147		09/23/24	1,707,647
Univar, Inc. (BB+/Ba3) (1M LIBOR + 2.250%)
	3,115,414		2.397		07/01/24	3,099,276
						59,358,601
Commercial Services – 3.1%
AlixPartners LLP (B+/B2)(b) (1M LIBOR + 2.500%)
	1,072,215		2.647		04/04/24	1,058,984
Amentum Government Services Holdings LLC (B/B1)(b)
(1M LIBOR + 3.500%)
	855,700		3.647		02/01/27	852,491
(3M LIBOR + 4.750%)
	2,700,000		5.500		01/29/27	2,713,500
APX Group, Inc. (B-/B3)(b) (1M LIBOR + 5.000%)
	1,984,998		5.147		12/31/25	1,971,877
AQ Carver Buyer, Inc. (B/B2)(b) (6M LIBOR + 5.000%)
	2,172,500		6.000		09/23/25	2,139,913
Avis Budget Car Rental LLC (BB-/Ba2)(b) (1M LIBOR + 2.250%)
	2,008,909		2.400		08/06/27	1,935,464
Da Vinci Purchaser Corp. (B/B2)(b) (3M LIBOR + 4.000%)
	3,980,000		5.000		01/08/27	3,986,647
Fly Funding II S.a.r.l. (BB+/Ba3)(b) (3M LIBOR + 6.000%)
	1,475,000		6.237		10/08/25	1,452,875
GlobalLogic Holdings, Inc. (B/B2)(b) (1M LIBOR + 3.750%)
	2,094,750		4.500		09/14/27	2,084,276

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Commercial Services – (continued)
IRB Holding Corp. (B/B2)
$	1,300,000		0.000	%(c)	12/15/27	$       1,300,403
(6M LIBOR + 2.750%)
	5,652,988		3.750	(b)	02/05/25	5,598,380
Northstar Group Services, Inc. (NR/NR)(b)(d) (3M LIBOR + 5.500%)
	2,700,000		6.500		11/09/26	2,666,250
Packers Holdings LLC (B-/B2)(b) (1M LIBOR + 4.000%)
	1,250,000		4.750		12/04/24	1,249,225
Prime Security Services Borrower LLC (BB-/Ba3)(b) (1M LIBOR + 3.250%)
	3,118,399		4.250		09/23/26	3,126,195
Rockwood Service Corporation (B/B2)(b) (1M LIBOR + 4.250%)
	1,488,750		4.397		01/23/27	1,483,167
STG-Fairway Holdings LLC (B-/B2)(b) (1M LIBOR + 3.250%)
	2,315,871		3.397		01/31/27	2,275,344
Trans Union LLC (BBB-/Ba2)(b) (1M LIBOR + 1.750%)
	2,436,745		1.898		11/16/26	2,425,074
TruGreen LP (NR/NR)(c)(d)
	1,225,000		0.000		11/02/28	1,225,000
TruGreen LP (B/B1)(c)
	1,275,000		0.000		11/02/27	1,279,781
						40,824,846
Computers(b) – 0.2%
Redstone Buyer LLC (B/B1) (2M LIBOR + 5.000%)
	2,600,000		6.000		09/01/27	2,607,306
Construction Machinery(b) – 0.5%
Brookfield WEC Holdings Inc. (B/B2) (1M LIBOR + 3.000%)
	4,917,918		3.750		08/01/25	4,900,361
Welbilt, Inc. (CCC+/B3) (1M LIBOR + 2.500%)
	2,147,500		2.645		10/23/25	2,029,388
						6,929,749
Consumer Cyclical Services – 0.3%
Fleet U.S. Bidco, Inc. (B+/B2)(b) (1M LIBOR + 3.250%)
	2,577,475		3.397		10/07/26	2,551,700
KAR Auction Services, Inc. (B/Ba3)(c)
	1,975,000		0.000		09/19/26	1,940,437
						4,492,137
Consumer Cyclical Services - Business(b) – 1.8%
Advantage Sales & Marketing, Inc. (B/B2) (3M LIBOR + 5.250%)
	2,500,000		6.000		10/28/27	2,488,550

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Consumer Cyclical Services - Business(b) – (continued)
Allied Universal Holding Co. LLC (B-/B3) (1M LIBOR + 4.250%)
$	4,379,695		4.397	%	07/10/26	$       4,356,877
Colorado Buyer, Inc. (CC/Caa2) (3M LIBOR + 7.250%)
	2,875,000		8.250		05/01/25	2,240,948
GT Polaris, Inc. (NR/NR) (3M LIBOR + 4.000%)
	1,275,000		5.000		09/24/27	1,278,506
Guidehouse LLP (B-/B1) (1M LIBOR + 4.500%)
	3,677,847		4.647		05/01/25	3,671,706
Sabre GLBL, Inc. (B/Ba3) (1M LIBOR + 2.000%)
	3,361,741		2.147		02/22/24	3,275,310
Stats Intermediate Holdings LLC (B-/B2) (3M LIBOR + 5.250%)
	1,308,454		5.471		07/10/26	1,289,913
Tempo Acquisition LLC (B/B1) (1M LIBOR + 3.250%)
	2,468,519		3.750		11/02/26	2,448,474
The House of HR (NR/NR) (6M EURIBOR + 4.250%)
EUR	2,475,000		4.250		07/27/26	3,001,542
						24,051,826
Consumer Products(b) – 0.2%
Coty, Inc. (B/B3) (1M LIBOR + 2.250%)
$	3,406,781		2.402		04/07/25	3,202,375
Consumer Products - Household & Leisure(b) – 0.7%
Diamond (BC) B.V. (B-/B1) (3M LIBOR + 3.000%)
	3,057,775		3.214		09/06/24	3,009,371
Harbor Freight Tools USA, Inc. (BB-/Ba3) (1M LIBOR + 3.250%)
	3,999,149		4.000		10/19/27	3,992,471
Prestige Brands, Inc. (BB/Ba3) (1M LIBOR + 2.000%)
	1,998,892		2.147		01/26/24	1,999,731
						9,001,573
Consumer Products - Non Durable – 0.7%
Alphabet Holding Co., Inc. (B-/B3)(b) (1M LIBOR + 3.500%)
	2,782,147		3.647		09/26/24	2,753,547
Alphabet Holding Co., Inc. (CCC/Caa2)(b) (1M LIBOR + 7.750%)
	2,575,000		7.897		09/26/25	2,558,262
HLF Financing S.a r.l. (BB+/Ba1)(b) (1M LIBOR + 2.750%)
	1,915,559		2.897		08/18/25	1,910,368
Kronos Acquisition Holdings, Inc. (B-/B2)(c)
	1,925,000		0.000		12/17/26	1,922,594
						9,144,771

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Distribution & Wholesale(c) – 0.1%
American Builders & Contractors Supply Co., Inc. (BB+/B1)
$	1,271,780		0.000	%	01/15/27	$       1,258,605
Distributor(b) – 0.2%
UGI Energy Services LLC (NR/Ba3) (1M LIBOR + 3.750%)
	2,615,460		3.897		08/13/26	2,615,460
Diversified Financial Services – 3.4%
Advisor Group, Inc. (B-/B2)(b) (1M LIBOR + 5.000%)
	1,965,075		5.147		07/31/26	1,943,794
Blackstone CQP Holding Co. LP (B+/B1)(b) (3M LIBOR + 3.500%)
	4,331,089		3.736		09/30/24	4,314,847
Citadel Securities LP (BBB-/Ba1)(b) (1M LIBOR + 2.750%)
	4,357,550		2.897		02/27/26	4,355,719
DLG Acquisitions Ltd. (NR/NR)(b) (6M EURIBOR + 3.500%)
EUR	1,825,000		3.500		05/15/26	2,204,429
Edelman Financial Center LLC (B/B2)(b) (1M LIBOR + 3.000%)
$	3,609,487		3.147		07/21/25	3,549,714
FinCo I LLC (BB/Baa3)(b) (1M LIBOR + 2.500%)
	1,390,589		2.647		06/27/25	1,387,988
First Eagle Holdings, Inc. (BB/Ba2)(b) (3M LIBOR + 2.500%)
	2,620,407		2.754		02/01/27	2,591,294
Fiserv Investment Solutions, Inc. (B/B2)(b) (3M LIBOR + 4.750%)
	2,544,744		4.970		02/18/27	2,561,718
Franklin Square Holdings LP (BB/Ba1)(b) (1M LIBOR + 2.250%)
	1,279,931		2.438		08/01/25	1,268,732
Jefferies Finance LLC (BB-/Ba3)(b) (1M LIBOR + 3.000%)
	3,956,127		3.188		06/03/26	3,922,500
KREF Holdings X LLC (BB-/Ba2)(c)
	1,275,000		0.000		08/05/27	1,284,563
MHI Holdings LLC (B/B2)(b) (1M LIBOR + 5.000%)
	3,060,393		5.147		09/21/26	3,045,091
Milano Acquisition Corp. (B+/B2)(b) (3M LIBOR + 4.000%)
	3,250,000		4.750		10/01/27	3,244,573
Nielsen Finance LLC (BBB-/Ba1)(b) (1M EURIBOR + 3.750%)
EUR	622,745		3.750		06/04/25	762,047
Radar Bidco SARL (NR/NR)(b)(d) (3M EURIBOR + 8.000%)
	1,149,826		8.000		12/16/24	1,415,220
Syncapay, Inc (B/B2)(c)
$	4,650,000		0.000		12/10/27	4,464,000

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Diversified Financial Services – (continued)
VFH Parent LLC (B+/Ba3)(b) (3M LIBOR + 3.000%)
$	1,721,820		3.153	%	03/01/26	$       1,717,154
Victory Capital Holdings, Inc. (BB-/Ba3)(b) (3M LIBOR + 2.500%)
	1,161,757		2.734		07/01/26	1,156,436
						45,189,819
Diversified Manufacturing(b) – 2.0%
AI Aqua Merger Sub, Inc. (B/B2)
(1M LIBOR + 3.250%)
	966,302		4.250		12/13/23	959,054
(1M LIBOR + 3.250%)
	1,605,652		4.250		12/13/23	1,591,603
(1M LIBOR + 5.250%)
	500,000		6.250	(d)	12/13/23	500,000
AI Plex Acquico GmbH (B-/B3) (6M LIBOR + 5.000%)
	2,693,866		5.316		07/31/26	2,601,817
Apex Tool Group LLC (CCC+/B3) (1M LIBOR + 5.250%)
	3,874,367		6.500		08/01/24	3,822,218
Atkore International, Inc. (BB-/Ba3) (3M LIBOR + 2.750%)
	3,732,485		3.750		12/22/23	3,740,249
Dynacast International LLC (CCC/Caa1) (3M LIBOR + 3.250%)
	4,070,343		3.490		01/28/22	3,846,474
Gardner Denver, Inc. (BB+/Ba2) (1M LIBOR + 1.750%)
	1,495,665		1.897		03/01/27	1,474,351
Robertshaw US Holding Corp. (CCC-/Caa3) (1M LIBOR + 8.000%)
	4,650,000		9.000		02/28/26	3,627,000
Titan Acquisition Ltd. (B-/B2) (6M LIBOR + 3.000%)
	4,148,835		3.267		03/28/25	4,037,107
						26,199,873
Electrical Utilities – 0.5%
Energizer Holdings, Inc. (NR/NR)
	925,000		0.000	(c)	12/16/27	923,270
(3M LIBOR + 2.250%)
	750,000		2.750	(b)	12/16/27	748,597
Pacific Gas & Electric Co. (BB-/B1)(b) (1M LIBOR + 4.500%)
	2,587,000		5.500		06/23/25	2,613,517
Resideo Funding, Inc. (BBB-/Ba2)(b) (3M LIBOR + 2.250%)
	2,613,810		2.510		10/24/25	2,568,069
						6,853,453
Entertainment(b) – 3.0%
Allen Media LLC (BB-/Ba3) (3M LIBOR + 5.500%)
	4,579,680		5.754		02/10/27	4,554,858

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Entertainment(b) – (continued)
Alterra Mountain Co. (B/B2)
(1M LIBOR + 2.750%)
$	3,482,859		2.897	%	07/31/24	$       3,429,154
(1M LIBOR + 4.500%)
	369,576		5.500		08/01/26	370,962
AMC Entertainment Holdings, Inc. (CCC/Caa2) (3M LIBOR + 2.000%)
	5,631,904		5.250		04/22/26	3,603,010
Amer Sports Oyj (NR/NR) (6M EURIBOR + 4.500%)
EUR	3,225,000		4.500		03/30/26	3,748,267
Banijay Entertainment S.A.S (B/B1) (1M LIBOR + 3.750%)
$	3,640,875		3.903		03/01/25	3,586,262
CityCenter Holdings LLC (B+/B2) (1M LIBOR + 2.250%)
	3,538,895		2.397		04/18/24	3,483,618
Crown Finance US, Inc. (B-/B3) (3M LIBOR + 7.000%)
	447,586		7.000		05/23/24	531,136
Crown Finance US, Inc. (CCC/Caa2)
(6M LIBOR + 2.250%)
	3,096,308		2.769		02/28/25	2,089,512
(6M LIBOR + 2.750%)
	1,091,723		3.019		09/30/26	728,725
PCI Gaming Authority (BB+/Ba3) (1M LIBOR + 2.500%)
	4,918,308		2.647		05/29/26	4,858,501
Playtika Holding Corp. (BB-/B1) (3M LIBOR + 6.000%)
	3,117,340		7.000		12/10/24	3,132,584
UFC Holdings LLC (B/B2) (6M LIBOR + 3.250%)
	2,551,228		4.250		04/29/26	2,540,462
Vue International Bidco PLC (CCC+/Caa1) (6M EURIBOR + 4.750%)
EUR	3,136,096		4.750		07/03/26	3,245,573
						39,902,624
Environmental(b) – 1.0%
Core & Main LP (B/B2) (3M LIBOR + 2.750%)
$	4,040,700		3.750		08/01/24	4,017,143
EnergySolutions LLC (B-/B3) (3M LIBOR + 3.750%)
	4,477,482		4.750		05/09/25	4,397,246
GFL Environmental, Inc. (BB-/WR) (3M LIBOR + 3.000%)
	2,378,165		3.500		05/30/25	2,380,139
Innovative Water Care Global Corp. (CCC+/Caa1) (3M LIBOR + 5.000%)
	2,225,462		6.000		02/27/26	1,991,788
						12,786,316
Food & Beverages – 1.8%
BellRing Brands LLC (B+/B2)(b) (1M LIBOR + 5.000%)
	1,173,461		6.000		10/21/24	1,176,982
CHG PPC Parent LLC (B/B2)(b) (1M LIBOR + 2.750%)
	2,587,281		2.897		03/31/25	2,543,634

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Food & Beverages – (continued)
Chobani LLC (B-/B1)(b) (1M LIBOR + 3.500%)
$	3,192,000		4.500	%	10/20/27	$       3,180,828
Froneri International Ltd. (B+/B1)(b)
(1M EURIBOR + 2.625%)
EUR	1,100,000		2.625		01/31/27	1,324,115
(1M LIBOR + 2.250%)
$	5,174,000		2.397		01/31/27	5,117,086
Shearer’s Foods, Inc. (B-/B2)(b) (3M LIBOR + 4.000%)
	1,271,813		4.750		09/23/27	1,271,418
Sigma Bidco B.V. (NR/NR)(b) (6M LIBOR + 3.000%)
	4,474,905		3.369		07/02/25	4,431,544
Sunshine Investments B.V. (NR/NR)(c)
EUR	1,200,000		0.000		03/28/25	1,467,475
Sunshine Investments B.V. (B+/B1)(b)
(3M EURIBOR + 3.250%)
	525,000		3.250		03/28/25	635,818
(3M LIBOR + 3.250%)
$	3,169,746		3.471		03/28/25	3,142,011
						24,290,911
Food & Drug Retailing(b) – 0.2%
B&G Foods, Inc. (BB/Ba2) (1M LIBOR + 2.500%)
	1,350,000		2.647		10/10/26	1,346,139
US Foods, Inc. (BB-/B3) (1M LIBOR + 1.750%)
	1,919,974		1.897		06/27/23	1,889,216
						3,235,355
Gaming(b) – 1.2%
Caesars Resort Collection LLC (B+/B1) (1M LIBOR + 2.750%)
	6,936,292		2.897		12/23/24	6,796,733
Mohegan Tribal Gaming Authority (CCC+/Caa1) (3M LIBOR + 5.375%)
	1,351,697		6.375		10/13/23	1,288,722
Scientific Games International, Inc. (B+/B1) (1M LIBOR + 2.750%)
	6,709,437		2.897		08/14/24	6,543,378
The Stars Group Holdings B.V. (BBB-/Ba1) (3M LIBOR + 3.500%)
	1,228,178		3.751		07/10/25	1,231,936
						15,860,769
Health Care - Pharmaceuticals(b) – 1.8%
Amedes Holding AG (B/B2) (3M EURIBOR + 3.000%)
EUR	3,010,720		3.000		06/08/26	3,682,644
Bausch Health Cos., Inc. (BB/Ba2)
(1M LIBOR + 2.750%)
$	2,172,111		2.898		11/27/25	2,149,608
(1M LIBOR + 3.000%)
	5,013,722		3.148		06/02/25	4,991,812

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Health Care - Pharmaceuticals(b) – (continued)
Endo Finance Co. (Luxembourg) S.a.r.l. (B+/B2) (3M LIBOR + 4.250%)
$	5,055,860		5.000	%	04/29/24	$       4,967,383
Grifols Worldwide Operations USA, Inc. (BB+/Ba2) (1 Week LIBOR + 2.000%)
	4,899,399		2.102		11/15/27	4,853,491
Sunshine Luxembourg VII S.a r.l. (B-/B2) (3M LIBOR + 4.000%)
	3,185,042		5.000		10/01/26	3,191,029
						23,835,967
Health Care - Services – 6.0%
Air Medical Group Holdings, Inc. (B/B2)(b) (3M LIBOR + 4.250%)
	3,018,878		5.250		03/14/25	2,985,459
Air Methods Corp. (B/B3)(b) (3M LIBOR + 3.500%)
	2,051,375		4.500		04/22/24	1,970,345
American Renal Holdings, Inc. (B-/B3)(b) (1M LIBOR + 5.000%)
	3,062,227		5.147		06/21/24	3,052,397
Athenahealth, Inc. (B/B2)(b) (1M LIBOR + 4.500%)
	4,431,566		4.648		02/11/26	4,419,380
Change Healthcare Holdings LLC (B+/B1)(b) (3M LIBOR + 2.500%)
	2,649,872		3.500		03/01/24	2,635,298
Envision Healthcare Corp. (CCC/Caa1)(b) (1M LIBOR + 3.750%)
	6,730,210		3.897		10/10/25	5,593,680
ExamWorks Group, Inc. (B/B1)(b) (3M LIBOR + 3.250%)
	2,579,846		4.250		07/27/23	2,574,480
Gentiva Health Services, Inc. (B/B1)(b) (1M LIBOR + 3.250%)
	3,801,266		3.438		07/02/25	3,775,151
Global Medical Response, Inc. (B/B2)(b) (3M LIBOR + 4.750%)
	1,500,000		5.750		10/02/25	1,487,505
Help At Home, Inc. (B-/B1)(b) (3M LIBOR + 5.000%)
	1,864,655		6.000		10/29/27	1,848,339
Jaguar Holding Company II (BB-/Ba2)(b) (1M LIBOR + 2.500%)
	4,498,401		3.500		08/18/22	4,494,488
MPH Acquisition Holdings LLC (B+/Ba3)(b) (3M LIBOR + 2.750%)
	5,165,057		3.750		06/07/23	5,136,029
Pluto Acquisition I, Inc. (B-/B2)(c)
	1,250,000		0.000		06/22/26	1,250,000
RegionalCare Hospital Partners Holdings, Inc. (B/B1)(b) (1M LIBOR + 3.750%)
	5,599,810		3.897		11/16/25	5,578,138
Rodenstock GmbH (NR/NR)(b)(d) (6M EURIBOR + 5.250%)
EUR	2,725,000		5.250		06/15/26	3,287,384

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Health Care - Services – (continued)
Sedgwick Claims Management Services, Inc. (B/B2)(b) (1M LIBOR + 3.250%)
$	6,111,141		3.397	%	12/31/25	$       6,006,763
Sotera Health Holdings LLC (B+/B1)(b) (3M LIBOR + 4.500%)
	4,400,670		5.500		12/11/26	4,413,521
Team Health Holdings, Inc. (B-/Caa1)(b) (1M LIBOR + 2.750%)
	7,075,001		3.750		02/06/24	6,282,884
U.S. Renal Care, Inc. (B-/B2)(b) (1M LIBOR + 5.000%)
	4,834,110		5.147		06/26/26	4,803,896
Verscend Holding Corp. (B+/B3)(b) (1M LIBOR + 4.500%)
	4,558,426		4.647		08/27/25	4,549,309
Vizient, Inc. (BB-/Ba2)(b) (1M LIBOR + 2.000%)
	1,977,437		2.147		05/06/26	1,958,493
WP CityMD Bidco LLC (B-/B2)(b) (3M LIBOR + 4.500%)
	1,435,500		5.500		08/13/26	1,432,514
						79,535,453
Healthcare Providers & Services(b) – 0.2%
Conservice Midco LLC (B/B2) (3M LIBOR + 4.250%)
	2,498,738		4.503		05/13/27	2,498,738
Home Construction – 0.3%
CP Atlas Buyer, Inc. (B/B2)(b)
(3M LIBOR + 4.500%)
	825,000		5.250		11/23/27	826,031
(3M LIBOR + 4.500%)
	275,000		5.250		11/23/27	275,344
Gyp Holdings III Corp. (BB-/B1)(b) (1M LIBOR + 2.750%)
	1,926,566		2.897		06/01/25	1,916,124
MI Windows and Doors LLC (NR/NR)(c)
	1,500,000		0.000		12/18/27	1,501,875
						4,519,374
Hotels, Restaurants & Leisure(b) – 0.1%
Carnival Corp. (BB-/Ba2) (1M LIBOR + 7.500%)
	1,246,867		8.500		06/30/25	1,281,156
Insurance – 1.6%
Acrisure LLC (B/B2)(b) (1M LIBOR + 3.500%)
	3,473,750		3.647		02/15/27	3,400,662
Alliant Holdings Intermediate LLC (B/B2)(b) (1M LIBOR + 3.250%)
	3,965,661		3.397		05/09/25	3,894,795
AssuredPartners, Inc. (B/B1)(b) (1M LIBOR + 3.500%)
	1,841,213		3.647		02/12/27	1,811,864

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Insurance – (continued)
HUB International Ltd. (B/B2)(b) (3M LIBOR + 2.750%)
$	5,153,053		2.965	%	04/25/25	$       5,054,836
OneDigital Borrower LLC (B/B3)(c)
	1,624,219		0.000		11/16/27	1,624,219
	300,781		0.000		11/16/27	300,781
Sedgwick Claims Management Services, Inc. (B/B2)(b) (1M LIBOR + 4.250%)
	547,250		5.250		09/03/26	550,670
USI, Inc. (B/B2)(b) (3M LIBOR + 3.000%)
	5,008,480		3.254		05/16/24	4,932,302
						21,570,129
Lodging(c) – 0.1%
Four Seasons Hotels Ltd. (BB+/Ba3)
	1,944,935		0.000		11/30/23	1,929,298
Machinery – 0.6%
Shape Technologies Group, Inc. (CCC+/Caa2)(b) (1M LIBOR + 3.000%)
	2,869,363		3.147		04/21/25	2,499,932
Star US Bidco LLC (B-/B3)(b)(1M LIBOR + 4.250%)
	1,991,247		5.250		03/17/27	1,948,933
Vertical Midco GmbH (NR/NR)(c) (6M LIBOR + 4.250%)
	3,192,000		0.000		07/30/27	3,202,821
						7,651,686
Media – 0.4%
Adevinta ASA (NR/NR)(c)
	950,000		0.000		10/13/27	948,518
EUR	1,250,000		0.000		10/13/27	1,528,116
Gray Television, Inc. (BB/Ba2)(c)
$	1,300,000		0.000		01/02/26	1,289,704
Meredith Corp. (BB-/Ba3)(b) (1M LIBOR + 2.500%)
	1,893,413		2.647		01/31/25	1,871,052
						5,637,390
Media - Broadcasting & Radio – 1.8%
Cumulus Media New Holdings, Inc. (B/B2)(b) (3M LIBOR + 3.750%)
	3,278,353		4.750		03/31/26	3,215,507
Diamond Sports Group LLC (BB-/Ba3)(b) (1M LIBOR + 3.250%)
	2,742,025		3.400		08/24/26	2,415,834
Digital Room Holdings, Inc. (B-/B2)(b) (6M LIBOR + 5.000%)
	2,992,175		5.269		05/21/26	2,805,164

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Media - Broadcasting & Radio – (continued)
Metro-Goldwyn-Mayer, Inc. (BB-/Ba3)(b) (1M LIBOR + 2.500%)
$	2,210,427		2.650	%	07/03/25	$       2,210,427
Metro-Goldwyn-Mayer, Inc. (CCC+/B3)(b) (1M LIBOR + 4.500%)
	1,050,000		5.500		07/03/26	1,044,750
Nexstar Broadcasting, Inc. (BB/Ba3)(b)
(1M LIBOR + 2.250%)
	2,057,015		2.395		01/17/24	2,036,116
(3M LIBOR + 2.750%)
	2,221,570		2.905		09/18/26	2,204,087
Renaissance Holding Corp. (B-/B2)(b) (1M LIBOR + 3.250%)
	1,916,649		3.397		05/30/25	1,880,405
Renaissance Holding Corp. (CCC/Caa2)(b) (1M LIBOR + 7.000%)
	2,000,000		7.147		05/29/26	1,972,500
The E.W. Scripps Co. (BB-/Ba3)
	1,350,000		0.000	(c)	12/15/27	1,350,000
(1M LIBOR + 2.000%)
	1,546,351		2.147	(b)	10/02/24	1,534,274
WMG Acquisition Corp. (BB/Ba3)(b) (1M LIBOR + 2.125%)
	1,136,053		2.272		11/01/23	1,133,032
						23,802,096
Media - Cable – 3.0%
Altice Financing SA (B/B2)(b)
(1M LIBOR + 2.750%)
	1,964,377		2.909		07/15/25	1,919,117
(1M LIBOR + 2.750%)
	4,028,673		2.897		01/31/26	3,934,000
Altice France SA (B/B2)(b) (1M LIBOR + 3.688%)
	4,435,335		3.846		01/31/26	4,384,062
Charter Communications Operating LLC (BBB-/Ba1)(c)
	1,296,717		0.000		02/01/27	1,288,133
Cogeco Communications, Inc. (BB/B1)(b) (1M LIBOR + 2.000%)
	3,254,527		2.147		01/03/25	3,209,777
CSC Holdings LLC (BB/Ba3)(b) (1M LIBOR + 2.250%)
	3,912,453		2.409		07/17/25	3,848,172
iHeartCommunications, Inc. (B+/B1)(b) (1M LIBOR + 4.000%)
	1,726,188		4.750		05/01/26	1,724,755
ION Media Networks, Inc. (BB-/B1)(b) (1M LIBOR + 3.000%)
	2,525,725		3.188		12/18/24	2,521,507
Numericable Group SA (B/B2)(b) (1M LIBOR + 2.750%)
	4,700,984		2.897		07/31/25	4,594,835
Univision Communications, Inc. (B/B2)(b) (1M LIBOR + 3.750%)
	1,923,142		4.750		03/15/26	1,922,334
Virgin Media Bristol LLC (BB-/Ba3)(b) (1M LIBOR + 2.500%)
	4,858,080		2.659		01/31/28	4,808,625

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Media - Cable – (continued)
Windstream Services LLC (B/B3)(c)
$	1,325,000		0.000	%	09/21/27	$       1,293,531
Ziggo Financing Partnership B.V. (B+/B1)(b) (1M LIBOR + 2.500%)
	4,500,000		2.659		04/30/28	4,467,645
						39,916,493
Media - Non Cable(b) – 3.7%
Ascend Learning LLC (B-/B1) (1M LIBOR + 3.000%)
	2,462,778		4.000		07/12/24	2,447,386
Cambium Learning Group, Inc. (NR/Caa2) (3M LIBOR + 8.500%)
	1,075,000		9.500		12/18/26	1,045,437
Cambium Learning Group, Inc. (B-/B2) (3M LIBOR + 4.500%)
	2,652,328		4.754		12/18/25	2,633,099
Clear Channel Outdoor Holdings, Inc. (B/B1) (3M LIBOR + 3.500%)
	4,162,673		3.714		08/21/26	3,999,122
Entercom Media Corp. (BB-/Ba3) (1M LIBOR + 2.500%)
	2,790,329		2.648		11/18/24	2,720,571
Getty Images, Inc. (B-/B2) (1M LIBOR + 4.500%)
	4,428,458		4.647		02/19/26	4,350,960
Hubbard Radio LLC (B/B2) (3M LIBOR + 4.250%)
	3,790,378		5.250		03/28/25	3,657,714
iHeartCommunications, Inc. (B+/B1) (1M LIBOR + 3.000%)
	925,672		3.147		05/01/26	909,473
Lions Gate Capital Holdings LLC (B+/Ba2) (1M LIBOR + 2.250%)
	3,224,921		2.398		03/24/25	3,172,516
McGraw-Hill Global Education Holdings LLC (B/Caa1) (3M LIBOR + 4.000%)
	4,673,373		5.000		05/04/22	4,545,369
Meredith Corp. (BB-/Ba3) (3M LIBOR + 4.250%)
	4,104,375		5.250		01/31/25	4,122,845
NEP/NCP Holdco, Inc. (B/Caa1) (1M LIBOR + 3.250%)
	2,819,601		3.397		10/20/25	2,666,102
NEP/NCP Holdco, Inc. (CCC/Caa3) (1M LIBOR + 7.000%)
	3,200,000		7.147		10/19/26	2,713,600
Nielsen Finance LLC (NR/NR) (1M LIBOR + 3.750%)
	2,546,375		4.750		06/04/25	2,558,572
Prometric Holdings, Inc. (B-/B2) (1M LIBOR + 3.000%)
	1,396,447		4.000		01/29/25	1,356,648

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Media - Non Cable(b) – (continued)
Terrier Media Buyer, Inc. (B+/B1)
(1M LIBOR + 4.250%)
$	4,752,000		4.397	%	12/17/26	$        4,750,527
(1M LIBOR + 4.250%)
	995,000		4.397		12/17/26	992,512
						48,642,453
Metals & Mining(b) – 0.9%
Anvil International LLC (B-/B3) (1M LIBOR + 5.000%)
	3,950,000		5.150		05/28/26	3,721,887
Crosby US Acquisition Corp. (B-/B2) (1M LIBOR + 4.750%)
	3,335,569		4.894		06/26/26	3,252,180
Oxbow Carbon LLC (BB-/B1) (1M LIBOR + 4.250%)
	3,480,938		5.000		10/13/25	3,472,235
U.S. Silica Co. (CCC+/Caa1) (1M LIBOR + 4.000%)
	1,538,478		5.000		05/01/25	1,344,245
						11,790,547
Oil & Gas Services(b) – 0.0%
EG Group Ltd. (B-/B3) (3M LIBOR + 4.000%)
	548,590		4.254		02/07/25	541,392
Packaging – 3.6%
Berlin Packaging LLC (B-/B3)(b) (1M LIBOR + 3.000%)
	4,959,314		3.160		11/07/25	4,871,931
Berry Global, Inc. (BBB-/Ba2)(c)
	3,250,000		0.000		07/01/26	3,230,922
BWAY Holding Co. (B-/B3)(b) (3M LIBOR + 3.250%)
	5,705,949		3.480		04/03/24	5,499,108
Canister International Group, Inc. (B/B2)(b) (1M LIBOR + 4.750%)
	2,387,486		4.897		12/21/26	2,375,549
Charter NEX US, Inc. (NR/NR)(b) (1M LIBOR + 4.250%)
	4,735,717		5.000		12/01/27	4,754,660
Consolidated Container Co. LLC (B+/B2)(b) (1M LIBOR + 2.750%)
	3,959,717		3.750		05/22/24	3,945,699
Flex Acquisition Co., Inc. (B/B2)(b)
(3M LIBOR + 3.000%)
	1,114,243		4.000		12/29/23	1,106,934
(3M LIBOR + 3.000%)
	3,242,609		3.225		06/29/25	3,199,644
LABL, Inc. (B/B2)(b)
(1M EURIBOR + 5.000%)
EUR	3,050,000		5.000		07/01/26	3,726,033
(1M LIBOR + 4.500%)
$	1,105,049		4.647		07/01/26	1,104,010
Pregis TopCo Corp. (B-/B2)(b) (1M LIBOR + 4.250%)
	1,500,000		5.000		08/01/26	1,488,750

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Packaging – (continued)
Pro Mach Group, Inc. (B-/B2)(b) (1M LIBOR + 2.750%)
$	4,722,760		2.897	%	03/07/25	$       4,632,508
Reynolds Consumer Products, Inc (BB+/Ba1)(b) (1M LIBOR + 1.750%)
	2,735,076		1.897		02/04/27	2,714,563
Reynolds Group Holdings, Inc. (B+/B1)(b) (1M LIBOR + 3.250%)
	2,475,000		3.397		02/05/26	2,453,344
Trident TPI Holdings, Inc. (B-/B2)(b) (3M LIBOR + 3.000%)
	2,520,348		4.000		10/17/24	2,483,097
						47,586,752
Paper – 0.4%
Altium Packaging LLC (B+/B2)(b) (1M LIBOR + 3.000%)
	738,787		3.147		06/14/26	733,247
Clearwater Paper Corp. (BB+/Ba1)(c)
	1,206,643		0.000		07/26/26	1,209,659
Pregis TopCo Corp. (B-/B2)(b) (1M LIBOR + 3.750%)
	3,636,699		3.897		07/31/26	3,618,516
						5,561,422
Pipelines(b) – 2.2%
BCP Raptor LLC (B-/B3)
(1M LIBOR + 4.250%)
	1,527,108		5.250		06/24/24	1,394,448
(1M LIBOR + 4.750%)
	3,229,911		4.897		11/03/25	2,894,000
Buckeye Partners LP (BBB-/Ba1) (1M LIBOR + 2.750%)
	3,932,844		2.897		11/01/26	3,924,860
Centurion Pipeline Co. LLC (BB/B1)
(1M LIBOR + 3.250%)
	1,247,212		3.397		09/29/25	1,237,471
(1M LIBOR + 4.250%)
	1,560,000		4.147	(d)	09/28/25	1,552,200
Illuminate Buyer LLC (B+/B1) (1M LIBOR + 4.000%)
	2,593,500		4.147		06/30/27	2,592,411
Lower Cadence Holdings LLC (B-/B2) (1M LIBOR + 4.000%)
	2,216,250		4.147		05/22/26	2,159,470
NorthRiver Midstream Finance LP (BB/Ba3) (3M LIBOR + 3.250%)
	3,714,500		3.475		10/01/25	3,648,976
Prairie ECI Acquiror LP (B-/B3) (1M LIBOR + 4.750%)
	3,079,942		4.897		03/11/26	3,002,943
Traverse Midstream Partners LLC (B/B3) (1M LIBOR + 5.500%)
	2,717,508		6.500		09/27/24	2,659,761
Waterbridge Midstream Operating LLC (B-/B3) (6M LIBOR + 5.750%)
	4,141,049		6.750		06/22/26	3,543,206
						28,609,746

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Real Estate Investment Trust(b) – 0.8%
Brookfield Property REIT, Inc. (BB+/B1) (1M LIBOR + 2.500%)
$	4,835,935		2.647	%	08/27/25	$       4,555,160
Forest City Enterprises LP (B+/B2) (1M LIBOR + 3.500%)
	2,828,354		3.647		12/08/25	2,699,325
Realogy Group LLC (BB/Ba3) (1M LIBOR + 2.250%)
	3,011,196		3.000		02/08/25	2,953,110
						10,207,595
Restaurants(b) – 0.4%
1011778 B.C. Unlimited Liability Co. (BB+/Ba2) (1M LIBOR + 1.750%)
	4,837,162		1.897		11/19/26	4,763,105
Retailers(b) – 1.8%
Bass Pro Group LLC (B+/B1) (1M LIBOR + 5.000%)
	4,984,898		5.750		09/25/24	4,993,821
Dealer Tire LLC (B-/B1) (1M LIBOR + 4.250%)
	3,339,910		4.397		12/12/25	3,309,283
EG America LLC (B-/B3) (3M LIBOR + 4.000%)
	3,980,870		4.254		02/07/25	3,928,641
Neiman Marcus Group Ltd. LLC (CCC+/Caa2) (3M LIBOR + 12.000%)
	827,336		13.000		09/25/25	877,663
OEConnection LLC (B-/B2) (1M LIBOR + 4.000%)
	3,208,483		4.147		09/25/26	3,168,377
Shutterfly, Inc. (B-/B2) (3M LIBOR + 6.000%)
	2,122,565		7.000		09/25/26	2,107,409
Staples, Inc. (B/B1) (3M LIBOR + 5.000%)
	5,363,729		5.214		04/16/26	5,185,117
						23,570,311
Retailing(c) – 0.1%
PetSmart, Inc. (B/B1)
	1,300,000		0.000		03/11/22	1,296,334
Semiconductors(b)(d) – 0.0%
Allegro Microsystems, Inc. (BB/B1) (1M LIBOR + 4.000%)
	150,000		4.147		09/30/27	149,625
Services Cyclical - Business Services – 0.7%
Asurion LLC (B+/Ba3)(c)
	2,668,159		0.000		11/03/24	2,644,145
EVO Payments International LLC (B/B2)(b) (1M LIBOR + 3.250%)
	2,507,227		3.400		12/22/23	2,504,093

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Services Cyclical - Business Services – (continued)
Travelport Finance (Luxembourg) S.a.r.l. (B-/B3)(b) (3M LIBOR + 1.500%)
$	2,774,727		8.000	%	02/28/25	$       2,731,802
Travelport Finance (Luxembourg) S.a.r.l. (CCC-/Caa3)(b) (3M LIBOR + 5.000%)
	2,320,928		5.220		05/29/26	1,566,139
						9,446,179
Services Cyclical - Consumer Services(b) – 1.6%
Asurion LLC (B/B3) (1M LIBOR + 6.500%)
	1,769,818		6.647		08/04/25	1,780,880
Asurion LLC (B+/Ba3) (1M LIBOR + 3.000%)
	2,488,481		3.147		11/03/23	2,462,551
KUEHG Corp. (CCC+/B3) (3M LIBOR + 3.750%)
	3,685,206		4.750		02/21/25	3,484,363
Red Ventures LLC (B+/B1) (1M LIBOR + 3.500%)
	2,825,000		4.250		11/08/24	2,803,812
USIC Holdings, Inc. (B-/B2) (1M LIBOR + 3.000%)
	2,750,467		4.000		12/08/23	2,747,029
USS Ultimate Holdings, Inc. (B-/B1) (1M LIBOR + 3.750%)
	2,485,861		4.750		08/25/24	2,480,417
USS Ultimate Holdings, Inc. (CCC/Caa1) (1M LIBOR + 7.750%)
	2,225,000		8.750		08/25/25	2,213,875
Weight Watchers International, Inc. (BB/Ba2) (1M LIBOR + 4.750%)
	3,303,390		5.500		11/29/24	3,298,567
						21,271,494
Technology - Hardware – 0.8%
CommScope, Inc. (B/Ba3)(b) (1M LIBOR + 3.250%)
	3,224,634		3.397		04/06/26	3,196,418
Dell International LLC (BBB-/Baa3)(c)
	2,548,924		0.000		09/19/25	2,549,230
ON Semiconductor Corp. (BB+/Baa3)(b) (1M LIBOR + 2.000%)
	2,641,563		2.147		09/19/26	2,645,974
Tech Data Corp. (BBB-/Ba2)(b) (1M LIBOR + 5.500%)
	1,300,000		5.645		06/30/25	1,296,750
Xperi Corp. (BB-/Ba3)(b) (1M LIBOR + 4.000%)
	915,357		4.147		06/01/25	916,309
						10,604,681
Technology - Software – 2.4%
Avast Software B.V. (BB+/Ba2)(b) (3M LIBOR + 2.250%)
	490,252		3.250		09/29/23	487,497

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Technology - Software – (continued)
Camelot U.S. Acquisition 1 Co. (B/B2)(b) (1M LIBOR + 3.000%)
$	2,530,827		3.147	%	10/30/26	$       2,517,110
Castle US Holding Corp. (B-/B2)(b) (3M LIBOR + 3.750%)
	3,796,624		4.004		01/29/27	3,717,123
Cornerstone OnDemand, Inc. (B/B1)(b) (1M LIBOR + 4.250%)
	2,061,321		4.394		04/22/27	2,068,309
Dynatrace LLC (BB-/B1)(b) (1M LIBOR + 2.250%)
	2,389,134		2.397		08/22/25	2,363,762
Flexera Software LLC (B-/B1)(c)
	1,275,000		0.000		01/26/28	1,273,406
Go Daddy Operating Co. LLC (BB/Ba1)(b) (1M LIBOR + 2.500%)
	1,265,882		2.647		08/10/27	1,269,578
Informatica LLC (B-/B1)(b) (1M LIBOR + 3.250%)
	2,411,775		3.397		02/25/27	2,389,177
Ivanti Software, Inc. (B-/B2)(c)
	1,925,000		0.000		12/01/27	1,918,378
The Ultimate Software Group, Inc. (B/B1)(b) (3M LIBOR + 4.000%)
	1,521,188		4.750		05/04/26	1,527,926
The Ultimate Software Group, Inc. (CCC/Caa1)(b) (3M LIBOR + 6.750%)
	50,000		7.500		05/03/27	51,313
Tibco Software, Inc. (B/B2)(b) (1M LIBOR + 3.750%)
	4,226,404		3.900		06/30/26	4,137,903
Uber Technologies (B/B1)(b) (1M LIBOR + 4.000%)
	1,338,172		5.000		04/04/25	1,341,798
VS Buyer LLC (B-/B1)(b) (1M LIBOR + 3.250%)
	2,431,625		3.397		02/28/27	2,416,427
Weld North Education LLC (B-/WR)(c)
	1,775,000		0.000		02/15/25	1,766,125
Zelis Healthcare Corp. (B/B2)(b) (1M LIBOR + 4.750%)
	2,679,699		4.897		09/30/26	2,683,799
						31,929,631
Technology - Software/Services – 11.7%
Ahead Data Blue LLC (B/B1)(b) (3M LIBOR + 5.000%)
	1,975,000		6.000		10/13/27	1,938,581
Almonde, Inc. (CCC-/Caa2)(b) (6M LIBOR + 7.250%)
	1,625,000		8.250		06/13/25	1,625,585
AppLovin Corp. (B+/B1)(b)
(1M LIBOR + 3.500%)
	2,742,732		3.647		08/15/25	2,732,447
(1M LIBOR + 4.000%)
	863,475		4.147		08/15/25	860,781

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Technology - Software/Services – (continued)
Aston Finance Co. S.a.r.l. (B-/B2)(b) (3M LIBOR + 4.250%)
$	620,188		4.391	%	10/09/26	$         611,078
Banff Merger Sub, Inc. (B-/B2)(b) (1M LIBOR + 4.250%)
	3,764,569		4.397		10/02/25	3,744,654
Bracket Intermediate Holding Corp. (B-/B2)(b) (3M LIBOR + 4.250%)
	3,007,676		4.484		09/05/25	2,966,320
BY Crown Parent LLC (B-/B1)(c)
	1,945,113		0.000		02/02/26	1,940,250
Camelot U.S. Acquisition 1 Co. (B/B2)(b) (1M LIBOR + 3.000%)
	675,000		4.000		10/30/26	674,366
Cardtronics USA, Inc. (BB+/Ba2)(b) (1M LIBOR + 4.000%)
	2,566,427		5.000		06/29/27	2,562,141
Ceridian HCM Holding, Inc. (B+/B2)(b) (1 Week LIBOR + 2.500%)
	3,882,436		2.600		04/30/25	3,827,422
Cloudera, Inc. (NR/NR)(b) (3M LIBOR + 2.500%)
	1,400,000		3.250		12/17/27	1,396,500
ConvergeOne Holdings, Inc. (B-/B2)(b) (1M LIBOR + 5.000%)
	2,379,669		5.148		01/04/26	2,233,914
DCert Buyer, Inc. (B-/B2)(b) (1M LIBOR + 4.000%)
	3,200,813		4.147		10/16/26	3,193,387
Electronics for Imaging, Inc. (CCC+/B3)(b) (1M LIBOR + 5.000%)
	1,856,250		5.147		07/23/26	1,578,388
Emerald TopCo, Inc. (B/B2)(b) (3M LIBOR + 3.500%)
	3,476,347		3.714		07/24/26	3,428,548
Epicor Software Corp. (B-/B2)(b) (1M LIBOR + 4.250%)
	2,443,875		5.250		07/30/27	2,455,581
Epicor Software Corp. (CCC/Caa2)(b) (1M LIBOR + 7.750%)
	200,000		8.750		07/31/28	208,126
Eta Australia Holdings III Pty Ltd. (B-/B3)(b) (1M LIBOR + 4.000%)
	5,072,750		4.147		05/06/26	4,945,931
Finastra USA, Inc. (CCC+/B2)(b)(6M LIBOR + 3.500%)
	2,373,784		4.500		06/13/24	2,322,605
Genuine Financial Holdings LLC (B-/B3)(b) (1M LIBOR + 3.750%)
	4,116,963		3.897		07/11/25	3,981,433
Genuine Financial Holdings LLC (CCC/Caa3)(b) (1M LIBOR + 7.250%)
	4,300,000		7.397		07/10/26	3,341,100
Hudson River Trading LLC (BB-/Ba2)(b) (1M LIBOR + 3.000%)
	3,382,915		3.147		02/18/27	3,378,686
Huskies Parent, Inc. (B-/B2)(b)(2M LIBOR + 4.000%)
	2,871,000		4.179		07/31/26	2,856,645

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Technology - Software/Services – (continued)
Hyland Software, Inc. (B-/B1)(b) (1M LIBOR + 3.500%)
$	2,532,565		4.250	%	07/01/24	$       2,535,376
Hyland Software, Inc. (CCC/Caa1)(b) (1M LIBOR + 7.000%)
	1,716,000		7.750		07/07/25	1,726,004
Ion Trading Technologies S.a.r.l. (B/B3)(b) (3M LIBOR + 4.000%)
	4,268,590		5.000		11/21/24	4,253,351
MA FinanceCo. LLC (BB-/B1)(b) (1M LIBOR + 2.750%)
	411,089		2.897		06/21/24	404,923
Marcel LUX IV S.a.r.l. (B/B2)(b) (1M LIBOR + 3.250%)
	4,518,458		3.395		03/15/26	4,411,145
McAfee LLC (BB-/B1)(b) (1M LIBOR + 3.750%)
	1,733,393		3.898		09/30/24	1,732,093
MH Sub I LLC (B/B2)(b) (1M LIBOR + 3.500%)
	3,580,806		3.647		09/13/24	3,528,455
Mitchell International, Inc. (NR/NR)(b) (1M LIBOR + 7.250%)
	1,100,000		7.397		12/01/25	1,061,500
Mitchell International, Inc. (B-/B2)(b)
(1M LIBOR + 3.250%)
	2,899,089		3.397		11/29/24	2,842,933
(1M LIBOR + 4.250%)
	1,745,625		4.750		11/29/24	1,744,752
Omnitracs, Inc. (B-/B2)(b)
(1M LIBOR + 2.750%)
	4,152,423		2.898		03/21/25	4,058,122
(1M LIBOR + 4.250%)
	1,100,000		4.403		03/23/25	1,102,750
Omnitracs, Inc. (CCC/Caa2)(b) (1M LIBOR + 8.000%)
	1,600,000		8.148		09/29/28	1,576,000
Park Place Technologies LLC (B-/B2)(b) (1M LIBOR + 5.000%)
	1,600,000		6.000		11/10/27	1,533,328
Pitney Bowes, Inc. (BBB-/Ba1)(b) (1M LIBOR + 5.500%)
	2,021,250		5.650		01/07/25	2,001,462
Presidio, Inc. (B/B1)(b) (3M LIBOR + 3.500%)
	1,990,000		3.720		01/22/27	1,981,921
Project Boost Purchaser LLC (B-/B2)(b) (1M LIBOR + 3.500%)
	3,763,472		3.647		06/01/26	3,721,133
QBS Parent, Inc. (B/B3)(b) (3M LIBOR + 4.250%)
	4,203,527		4.504		09/22/25	3,854,634
Quest Software US Holdings, Inc. (B+/B2)(b) (3M LIBOR + 4.250%)
	2,529,825		4.464		05/16/25	2,482,390
Refinitiv US Holdings, Inc. (B/B2)(b) (1M LIBOR + 3.250%)
	5,702,941		3.397		10/01/25	5,691,079
Rocket Software, Inc. (B-/B2)(b) (1M LIBOR + 4.250%)
	1,947,312		4.397		11/28/25	1,928,112

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Technology - Software/Services – (continued)
Seattle SpinCo, Inc. (BB-/B1)(b) (1M LIBOR + 2.750%)
$	2,776,186		2.897	%	06/21/24	$       2,734,543
Severin Acquisition LLC (B-/B2)(b) (1M LIBOR + 3.250%)
	5,034,523		3.404		08/01/25	4,965,299
Sirius Computer Solutions, Inc. (B/Ba3)(b) (1M LIBOR + 3.500%)
	2,712,223		3.647		07/01/26	2,696,248
Syncsort, Inc. (B-/B2)(b) (3M LIBOR + 6.000%)
	4,399,328		7.000		08/16/24	4,391,101
The Dun & Bradstreet Corp. (B+/B1)
	550,000		0.000	(c)	02/06/26	549,769
(1M LIBOR + 3.750%)
	4,488,265		3.898	(b)	02/06/26	4,486,380
The Ultimate Software Group, Inc. (B/B1)(b) (1M LIBOR + 3.750%)
	4,888,125		3.897		05/04/26	4,880,500
TriTech Software Systems (CCC+/Caa1)(b) (3M LIBOR + 3.750%)
	7,352,085		4.004		08/29/25	6,841,115
TTM Technologies, Inc. (BB+/Ba1)(b) (3M LIBOR + 2.500%)
	1,456,321		2.655		09/28/24	1,449,040
Ultra Clean Holdings, Inc. (B+/B1)(b) (1M LIBOR + 4.500%)
	2,761,026		4.647		08/27/25	2,733,416
Upland Software, Inc. (B/B2)(b) (1M LIBOR + 3.750%)
	4,369,687		3.897		08/06/26	4,333,288
Virtusa Corp. (NR/NR)(c)
	3,230,000		0.000		12/01/27	3,205,775
						156,242,406
Telecommunication Services – 4.2%
Buzz Merger Sub Ltd. (B/B1)(b)
(1M LIBOR + 2.750%)
	2,605,313		2.897		01/29/27	2,589,029
(1M LIBOR + 3.250%)
	997,500		3.750		01/29/27	996,253
CCI Buyer, Inc. (B-/B1)(c)
	1,275,000		0.000		12/17/27	1,272,871
CenturyLink, Inc. (BBB-/Ba3)(b) (1M LIBOR + 2.250%)
	5,113,085		2.397		03/15/27	5,054,285
CNT Holdings I Corp. (NR/NR)(b) (3M LIBOR + 6.750%)
	525,000		7.500		10/16/28	532,875
CNT Holdings I Corp. (B/B2)(b)(6M LIBOR + 3.750%)
	3,350,000		4.500		11/08/27	3,344,238
Connect Finco S.a.r.l. (B+/B1)(b) (1M LIBOR + 4.500%)
	4,328,250		5.500		12/11/26	4,338,292
Hoya Midco LLC ( B-/B3)(b)(6M LIBOR + 3.500%)
	5,134,570		4.500		06/30/24	4,823,313

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Telecommunication Services – (continued)
Imperva, Inc. (B-/B2)(b) (3M LIBOR + 4.000%)
$	5,630,380		5.000	%	01/12/26	$       5,623,342
Intelsat Jackson Holdings Ltd. (NR/WR)(b) (1M LIBOR + 8.625%)
	3,375,000		8.625		01/02/24	3,426,840
Intelsat Jackson Holdings SA (NR/NR)(b) (3M LIBOR + 5.500%)
	481,082		6.500		07/13/22	489,982
LogMeIn, Inc. (B-/B1)(b) (1M LIBOR + 4.750%)
	2,425,000		4.903		08/31/27	2,414,403
MH Sub I LLC (B/B2)(b) (1M LIBOR + 3.750%)
	1,644,119		4.750		09/13/24	1,637,543
MLN US Holding Co. LLC (B-/B3)(b) (1M LIBOR + 4.500%)
	3,322,520		4.652		11/30/25	2,996,514
Project Alpha Intermediate Holding, Inc. (B/B3)(b) (3M LIBOR + 3.500%)
	5,092,943		4.500		04/26/24	5,039,875
PUG LLC (B-/B3)(b) (1M LIBOR + 3.500%)
	2,019,899		3.647		02/12/27	1,922,277
Rackspace Hosting, Inc. (B+/B1)(b) (3M LIBOR + 3.000%)
	1,736,504		4.000		11/03/23	1,732,597
Web.com Group, Inc. (B+/B2)(b) (1M LIBOR + 3.750%)
	5,425,000		3.898		10/10/25	5,341,346
Zayo Group Holdings, Inc. (B/B1)(b) (1M LIBOR + 3.000%)
	2,915,382		3.147		03/09/27	2,893,517
						56,469,392
Textiles(b) – 0.4%
Kontoor Brands, Inc. (B+/Ba2) (1M LIBOR + 4.250%)
	1,709,667		4.397		05/15/26	1,701,118
Renfro Corp. (NR/NR)(d) (1M LIBOR + 9.000%)
	1,425,211		10.000		02/12/21	1,325,446
Renfro Corp. (CC/Caa3)(d)(2M LIBOR + 5.500%)
	6,189,104		6.750		03/31/21	2,175,842
						5,202,406
Transportation(c) – 0.2%
Genesee & Wyoming, Inc. (BB+/Ba2)
	2,568,530		0.000		12/30/26	2,560,902
Transportation Services(b) – 0.2%
XPO Logistics, Inc. (BBB-/Baa3) (1M LIBOR + 2.500%)
	3,200,000		2.658		02/24/25	3,196,448

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Utilities - Electric(b) – 0.9%
Calpine Corp. (BB+/Ba2)
(1M LIBOR + 2.000%)
$	1,234,375		2.147	%	08/12/26	$       1,216,415
(1M LIBOR + 2.500%)
	2,360,328		2.650		12/16/27	2,342,626
LMBE-MC Holdco II LLC (BB-/Ba3)(3M LIBOR + 4.000%)
	5,039,243		4.240		12/03/25	4,969,953
Lonestar II Generation Holdings LLC (B+/Ba3)
(1M LIBOR + 5.000%)
	3,318,545		5.147		04/20/26	3,241,389
(1M LIBOR + 5.000%)
	404,463		5.147		04/20/26	395,059
						12,165,442
Wireless Telecommunications – 0.9%
Digicel International Finance Ltd. (NR/Caa1)(b)(6M LIBOR + 3.250%)
	3,731,178		3.510		05/28/24	3,403,133
Radiate Holdco LLC (B/B1)(b)(1M LIBOR + 3.500%)
	1,925,000		4.250		09/25/26	1,925,905
Telesat Canada (BB-/Ba3)(b)(1M LIBOR + 2.750%)
	1,604,677		2.900		12/07/26	1,587,138
UPC Broadband Holding B.V. (BB-/B1)(c)
	2,225,000		0.000		01/31/29	2,226,112
	2,225,000		0.000		01/31/29	2,226,112
						11,368,400
Wirelines Telecommunications(b) – 0.7%
GTT Communications, Inc. (CCC/WR)(3M LIBOR + 2.750%)
	2,803,123		3.000		05/31/25	2,182,007
Level 3 Financing, Inc. (BBB-/Ba1)(1M LIBOR + 1.750%)
	3,823,623		1.897		03/01/27	3,755,906
Zacapa LLC (B-/B2)(6M LIBOR + 4.500%)
	3,677,496		4.769		07/02/25	3,662,566
						9,600,479
TOTAL BANK LOANS (Cost $1,195,919,791)						$1,178,766,681
Corporate Obligations(e) – 4.8%
Aerospace & Defense(f) – 0.1%
TransDigm, Inc. (B+/Ba3)
$	319,000		8.000	%	12/15/25	$         352,894
Triumph Group, Inc. (B-/B2)
	544,000		8.875		06/01/24	598,400
						951,294

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations(e) – (continued)
Airlines(f) – 0.1%
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (NR/Baa3)
$	1,585,000		6.500	%	06/20/27	$         1,707,838
Automotive – 0.6%
Dana, Inc. (BB-/B2)
	945,000		5.625		06/15/28	1,017,056
Ford Motor Co. (BB+/Ba2)
	2,019,000		9.000		04/22/25	2,480,354
Ford Motor Credit Co. LLC (BB+/Ba2)
	2,650,000		4.140		02/15/23	2,726,572
	650,000		4.687		06/09/25	692,279
The Goodyear Tire & Rubber Co. (B+/B2)
	710,000		5.125		11/15/23	710,887
						7,627,148
Capital Goods(f) – 0.1%
Vertical US New Co., Inc. (B/B1)
	700,000		5.250		07/15/27	737,625
Chemicals(f) – 0.2%
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. (B-/Caa1)
	553,000		9.000		07/01/28	608,300
Rayonier AM Products, Inc. (B-/B1)
	253,000		7.625		01/15/26	263,753
The Chemours Co. (B/B1)
	1,445,000		5.750		11/15/28	1,473,900
						2,345,953
Commercial Services(f) – 0.0%
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. (B/Ba3)
	505,000		4.625		11/01/26	522,675
Diversified Financial Services(f) – 0.3%
LD Holdings Group LLC (B-/B2)
	1,050,000		6.500		11/01/25	1,094,625
PennyMac Financial Services, Inc. (B+/B2)
	1,215,000		5.375		10/15/25	1,281,825
United Shore Financial Services LLC (NR/Ba3)
	1,550,000		5.500		11/15/25	1,623,625
						4,000,075

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations(e) – (continued)
Electrical – 0.2%
PG&E Corp. (BB-/B1)
$	2,215,000		5.000	%	07/01/28	$       2,358,975
Entertainment(f) – 0.1%
Caesars Entertainment, Inc. (B/B1)
	1,785,000		6.250		07/01/25	1,901,025
Food & Drug Retailing(f) – 0.2%
US Foods, Inc. (B+/Caa1)
	1,300,000		5.875		06/15/24	1,314,625
US Foods, Inc. (BB-/B3)
	1,019,000		6.250		04/15/25	1,089,056
						2,403,681
Food Service(f) – 0.0%
Aramark Services, Inc. (B+/B1)
	400,000		6.375		05/01/25	429,000
Gaming – 0.2%
MGM Resorts International (BB-/Ba3)
	2,281,000		4.750		10/15/28	2,429,265
Healthcare Providers & Services(f) – 0.1%
DaVita, Inc. (B+/Ba3)
	1,420,000		3.750		02/15/31	1,434,200
Insurance(f) – 0.2%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2)
	2,500,000		4.250		10/15/27	2,543,750
Internet(f) – 0.6%
ANGI Group LLC (BB-/Ba3)
	1,055,000		3.875		08/15/28	1,062,913
Cablevision Lightpath LLC (B+/B1)
	2,469,000		3.875		09/15/27	2,484,431
Uber Technologies, Inc. (CCC+/B3)
	1,780,000		7.500		05/15/25	1,920,175
	2,175,000		6.250		01/15/28	2,365,312
						7,832,831
Leisure Time(f) – 0.0%
Sabre GLBL, Inc. (B/Ba3)
	416,000		9.250		04/15/25	495,040

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations(e) – (continued)
Machinery-Diversified(f) – 0.1%
Clark Equipment Co. (BB+/Ba3)
$	899,000		5.875	%	06/01/25	$          948,445
GrafTech Finance, Inc. (BB-/B1)
	1,040,000		4.625		12/15/28	1,050,400
						1,998,845
Media – 0.8%
Diamond Sports Group LLC/Diamond Sports Finance Co. (BB-/Ba3)(f)
	4,850,000		5.375		08/15/26	3,940,625
iHeartCommunications, Inc. (B+/B1)
	1,393,436		6.375		05/01/26	1,487,493
iHeartCommunications, Inc. (CCC+/Caa1)
	1		8.375		05/01/27	1
Nexstar Broadcasting, Inc. (B/B3)(f)
	1,894,000		4.750		11/01/28	1,976,862
Radiate Holdco LLC/Radiate Finance, Inc. (B/B1)(f)
	797,000		4.500		09/15/26	820,910
Scripps Escrow II, Inc. (CCC+/Caa1)(f)
	450,000		5.375		01/15/31	472,500
Townsquare Media, Inc. (B/B2)(f)
	957,000		6.875		02/01/26	1,000,065
Univision Communications, Inc. (B/B2)(f)
	1,500,000		6.625		06/01/27	1,610,625
						11,309,081
Oil Field Services – 0.3%
CNX Resources Corp. (NR/B3)(f)
	525,000		6.000		01/15/29	535,500
Exterran Energy Solutions LP/EES Finance Corp. (B/B1)
	3,700,000		8.125		05/01/25	3,089,500
Noble Holding International Ltd. (NR/WR)(g)
	1,008,000		7.750		01/15/24	18,698
						3,643,698
Pharmaceuticals(f) – 0.2%
Herbalife Nutrition Ltd./HLF Financing, Inc. (BB-/B1)
	2,017,000		7.875		09/01/25	2,198,530
Real Estate Investment Trust – 0.1%
Realogy Group LLC/Realogy Co.-Issuer Corp. (B/B3)(f)
	717,000		7.625		06/15/25	776,153

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date	Value
Corporate Obligations(e) – (continued)
Real Estate Investment Trust – (continued)
Service Properties Trust (BB/Ba1)
$	455,000	7.500%	09/15/25	$          528,969
				1,305,122
Retailing(f) – 0.3%
PetSmart, Inc. (CCC+/Caa1)
	1,875,000	8.875	06/01/25	1,921,875
Specialty Building Products Holdings LLC/SBP Finance Corp. (B-/B3)
	855,000	6.375	09/30/26	899,888
Staples, Inc. (B/B1)
	1,375,000	7.500	04/15/26	1,426,562
				4,248,325
TOTAL CORPORATE OBLIGATIONS (Cost $62,664,247)				$     64,423,976
Asset-Backed Securities(b)(f) – 0.8%
Collateralized Loan Obligations – 0.8%
Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3M USD LIBOR + 3.800%)
$	5,400,000	4.018%	04/17/33	$       5,401,280
ICG US CLO LLC Series 2015-2RA, Class C (NR/Baa3) (3M USD LIBOR + 3.500%)
	2,100,000	3.730	01/16/33	2,041,998
Race Point VIII CLO Ltd. Series 2013-8A, Class DR2 (BBB-/NR) (3M USD LIBOR + 3.500%)
	3,235,000	3.724	02/20/30	3,129,481
TOTAL ASSET-BACKED SECURITIES (Cost $10,715,998)				$     10,572,759
Shares		Description		Value
Common Stocks – 0.5%
Aerospace & Defense(d) – 0.3%
	314,360	Swissport		$       3,456,341
Energy Equipment & Services(g) – 0.1%
	58,419	FTS International, Inc. Class A		1,121,645
Media – 0.1%
	162,749	Bright Pattern Holding Co.		204,250
	579,399	Clear Channel Outdoor Holdings, Inc.(g)		956,008
				1,160,258
Specialty Retail – 0.0%
	9,541	Neiman Marcus Group, Inc.		616,349
TOTAL COMMON STOCKS (Cost $12,504,216)				$       6,354,593

Units	Expiration Date			Value
Warrant(g) – 0.0%
Aspect Software, Inc. Class B (NR/NR)(d)
162,749			//0	$            40,687
True Religion Warrant (NR/NR)
2,145			10/27/22	—
True Religion Warrant 2 (NR/NR)
8,103			10/27/22	—
TOTAL WARRANT (Cost $—)				$            40,687
Shares	Description			Value
Exchange Traded Funds – 2.8%
186,021		Eaton Vance Senior Floating-Rate Trust (NR/NR)(h)		$     2,368,047
641,000		Invesco Senior Loan ETF (NR/ NR)		14,281,480
349,789		Nuveen Floating Rate Income Fund (NR/NR)		3,057,156
348,796		Nuveen Floating Rate Income Opportunity Fund (NR/NR)		3,020,574
329,000		SPDR Blackstone/GSO Senior Loan ETF (NR/NR)		15,018,850
TOTAL EXCHANGE TRADED FUNDS (Cost $37,891,039)				$     37,746,107
Shares	Dividend Rate			Value
Investment Company(i) – 5.4%
Goldman Sachs Financial Square Government Fund - Institutional Shares
71,938,832 (Cost $71,938,832)		0.026%		$     71,938,832
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE (Cost $1,391,634,123)				$1,369,843,635
Securities Lending Reinvestment Vehicle(i) – 0.1%
Goldman Sachs Financial Square Government Fund - Institutional Shares
1,117,675		0.026%		$       1,117,675
(Cost $1,117,675)
TOTAL INVESTMENTS – 103.0% (Cost $1,392,751,798)				$1,370,961,310
LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.0)%				(40,067,464)
NET ASSETS – 100.0%				$1,330,893,846
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

(a)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on December 31, 2020. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2020.
(c)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Security is currently in default and/or non-income producing.
(h)	All or a portion of security is on loan.
(i)	Represents an affiliated fund.

Currency Abbreviations:
EUR	— Euro
USD	— U.S. Dollar
Investment Abbreviations:
CLO	— Collateralized Loan Obligation
ETF	— Exchange Traded Fund
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At December 31, 2020, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
Help At Home, Inc. (B-/B1), due 10/29/27	$	235,345	$	233,286	$	1,392
Intelsat Jackson Holdings SA (NR/NR), due 07/13/22		160,361		163,327		2,966
OEConnection LLC (B-/B2), due 09/25/26(a)		11,607		11,462		(97	)
TOTAL			$	408,075	$	4,261

(a) Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	4,578,238	EUR	3,722,339		01/21/21	$	28,417

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	USD	32,318,395	EUR	27,296,216		01/21/21	$	(1,045,818	)

FUTURES CONTRACTS — At December 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds	3	03/22/21	$	640,688		$	(7,389	)
Short position contracts:
Ultra 10 Year U.S. Treasury Notes	(22)	03/22/21		(3,439,906	)		9,993
2 Year U.S. Treasury Notes	(80)	03/31/21		(17,678,125	)		(16,268	)
5 Year U.S. Treasury Notes	(129)	03/31/21		(16,275,164	)		(36,625	)
10 Year U.S. Treasury Notes	(93)	03/22/21		(12,841,266	)		(9,921	)
20 Year U.S. Treasury Bonds	(2)	03/22/21		(346,375	)		3,004
Total						$	(49,817	)
TOTAL FUTURES CONTRACTS						$	(57,206	)

SWAP CONTRACTS — At December 31, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at December 31, 2020(b)		Termination Date		Notional Amount (000s)	Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.HY Index 35		5.000%		2.938%		12/20/25	$11,700	$	1,105,952	$	524,898	$	581,054

(a) Payments made quarterly.

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
CDX.NA.HY Index 35	— CDX North America High Yield Index 35
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 91.3%
Aerospace & Defense – 2.3%
Lockheed Martin Corp.
$	850,000		4.070	%	12/15/42	$    1,101,047
	125,000		4.700	(a)	05/15/46	174,946
Northrop Grumman Corp.
	1,175,000		4.750		06/01/43	1,571,022
	380,000		4.030	(a)	10/15/47	474,221
Raytheon Technologies Corp.
	1,725,000		4.125	(a)	11/16/28	2,056,027
	370,000		5.700		04/15/40	541,558
	550,000		4.050	(a)	05/04/47	683,920
	500,000		4.625	(a)	11/16/48	679,350
The Boeing Co.(a)
	1,000,000		1.875		06/15/23	1,019,400
	1,950,000		3.450		11/01/28	2,096,211
	1,350,000		3.250		02/01/35	1,378,188
	500,000		3.550		03/01/38	510,430
	450,000		3.375		06/15/46	440,001
	575,000		3.625		03/01/48	580,164
	150,000		3.850		11/01/48	155,102
	1,450,000		5.805		05/01/50	1,994,359
						15,455,946
Agriculture(a) – 1.4%
Altria Group, Inc.
	2,225,000		3.800		02/14/24	2,429,611
	1,100,000		4.400		02/14/26	1,276,561
BAT Capital Corp.
	620,000		3.222		08/15/24	671,231
	675,000		2.789		09/06/24	721,825
	200,000		3.557		08/15/27	222,888
	1,875,000		2.259		03/25/28	1,938,056
	700,000		4.390		08/15/37	782,460
	175,000		5.282		04/02/50	215,652

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Agriculture(a) – (continued)
Cargill, Inc.(b)
$	600,000		3.875	%	05/23/49	$       743,406
						9,001,690
Automotive – 1.1%
Ford Motor Credit Co. LLC
	1,475,000		5.875		08/02/21	1,506,332
General Motors Co.
	2,425,000		5.400		10/02/23	2,723,687
	625,000		6.600	(a)	04/01/36	849,000
	125,000		5.950	(a)	04/01/49	168,444
General Motors Financial Co., Inc.(a)
	1,425,000		5.650		01/17/29	1,764,264
						7,011,727
Automotive – 0.0%
General Motors Co.
	75,000		5.200		04/01/45	90,674
						90,674
Banks – 20.6%
ABN AMRO Bank NV(a)(c) (-1X 5 year EUR Swap + 4.674%)
EUR	600,000		4.375		09/22/49	779,022
AIB Group PLC(b)
$	1,975,000		4.750		10/12/23	2,171,275
Banco Santander SA
	1,000,000		2.746		05/28/25	1,068,900
	1,000,000		4.250		04/11/27	1,159,090
	1,000,000		3.306		06/27/29	1,124,280
	1,600,000		2.749		12/03/30	1,649,856
Bank of America Corp.
	4,850,000		4.200		08/26/24	5,429,672
	4,100,000		3.950		04/21/25	4,618,445
	(3M USD LIBOR + 0.990%)
	275,000		2.496	(a)(c)	02/13/31	291,695
	(3M USD LIBOR + 1.040%)
	5,363,000		3.419	(a)(c)	12/20/28	6,055,417
	(3M USD LIBOR + 1.070%)
	2,300,000		3.970	(a)(c)	03/05/29	2,678,672
	(3M USD LIBOR + 1.210%)
	400,000		3.974	(a)(c)	02/07/30	471,172
	(3M USD LIBOR + 1.310%)
	1,125,000		4.271	(a)(c)	07/23/29	1,338,109
	(SOFR + 1.010%)
	100,000		1.197	(a)(c)	10/24/26	101,698

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Bank of America Corp. – (continued)
	(SOFR + 1.370%)
$	1,150,000		1.922	%(a)(c)	10/24/31	$    1,164,835
Barclays PLC(a)(c) (3M USD LIBOR + 1.400%)
	2,425,000		4.610		02/15/23	2,531,263
BNP Paribas SA(b)
	775,000		3.375		01/09/25	848,571
	(5 year USD Swap + 4.149%)
	2,250,000		6.625	(a)(c)	03/25/49	2,456,730
BPCE SA(b)
	2,225,000		5.700		10/22/23	2,516,208
	1,350,000		4.625		09/12/28	1,626,264
CIT Bank NA(a)(c) (SOFR + 1.715%)
	650,000		2.969		09/27/25	677,476
CIT Group, Inc.(a)
	1,250,000		4.750		02/16/24	1,365,625
Citigroup, Inc.
	3,150,000		3.875		03/26/25	3,525,795
	575,000		3.400		05/01/26	648,704
	800,000		4.450		09/29/27	944,296
	1,900,000		4.125		07/25/28	2,220,625
	1,200,000		4.750		05/18/46	1,589,100
(SOFR + 1.422%)
	1,050,000		2.976	(a)(c)	11/05/30	1,155,672
(SOFR + 3.914%)
	575,000		4.412	(a)(c)	03/31/31	697,055
Credit Agricole SA(a)(b)(c)
	(5 year USD Swap + 4.319%)
	1,900,000		6.875		09/23/49	2,114,282
(SOFR + 1.676%)
	700,000		1.907		06/16/26	725,004
Credit Agricole SA, Class B
	2,350,000		4.375		03/17/25	2,643,914
Credit Suisse AG(b)
	3,300,000		6.500		08/08/23	3,717,780
Credit Suisse Group AG
	884,000		4.550		04/17/26	1,040,159
	1,895,000		4.282	(a)(b)	01/09/28	2,194,808
	(SOFR + 3.730%)
	1,625,000		4.194	(a)(b)(c)	04/01/31	1,910,789
Deutsche Bank AG(a)(c)
	(SOFR + 1.870%)
	1,300,000		2.129		11/24/26	1,330,368
	(SOFR + 2.159%)
	1,400,000		2.222		09/18/24	1,439,410

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Erste Group Bank AG(a)(c) (5 year EUR Swap + 6.204%)
EUR	600,000		6.500	%	04/15/49	$       816,991
First Horizon Corp.(a)
$	825,000		3.550		05/26/23	875,086
	1,475,000		4.000		05/26/25	1,646,011
HSBC Bank USA NA
	300,000		7.000		01/15/39	475,296
HSBC Holdings PLC
	350,000		4.950		03/31/30	437,406
	(3M USD LIBOR + 1.000%)
	725,000		1.220	(a)(c)	05/18/24	729,930
	(3M USD LIBOR + 1.211%)
	1,775,000		3.803	(a)(c)	03/11/25	1,937,909
	(SOFR + 1.538%)
	1,425,000		1.645	(a)(c)	04/18/26	1,458,217
ING Groep NV(a)(b)(c) (1 Year CMT + 1.100%)
	2,050,000		1.400		07/01/26	2,082,205
JPMorgan Chase & Co.
	1,275,000		3.875		09/10/24	1,427,069
	2,353,000		3.625	(a)	12/01/27	2,673,361
	(3M USD LIBOR + 1.245%)
	1,300,000		3.960	(a)(c)	01/29/27	1,494,324
	(3M USD LIBOR + 1.360%)
	600,000		3.882	(a)(c)	07/24/38	728,862
	(3M USD LIBOR + 3.800%)
	2,375,000		4.014	(a)(c)	02/01/49	2,373,836
	(SOFR + 2.515%)
	525,000		2.956	(a)(c)	05/13/31	574,623
	(SOFR + 3.125%)
	2,325,000		4.600	(a)(c)	02/01/49	2,398,191
	(SOFR + 3.790%)
	275,000		4.493	(a)(c)	03/24/31	338,940
Macquarie Group Ltd.(a)(b)(c) (3M USD LIBOR + 1.372%)
	1,350,000		3.763		11/28/28	1,499,837
Mitsubishi UFJ Financial Group, Inc.
	1,275,000		3.751		07/18/39	1,538,912
Morgan Stanley, Inc.
	475,000		4.100		05/22/23	514,853
	4,275,000		3.950		04/23/27	4,942,840
	500,000		4.300		01/27/45	665,330
	(3M USD LIBOR + 1.455%)
	770,000		3.971	(a)(c)	07/22/38	952,136
	(3M USD LIBOR + 1.628%)
	3,550,000		4.431	(a)(c)	01/23/30	4,325,675
	(SOFR + 1.152%)
	1,075,000		2.720	(a)(c)	07/22/25	1,149,885
	(SOFR + 3.120%)
	925,000		3.622	(a)(c)	04/01/31	1,074,323

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Natwest Group PLC
$	700,000		6.100	%	06/10/23	$       782,547
Natwest Group PLC
	2,001,000		3.875		09/12/23	2,169,924
	(3M USD LIBOR + 1.480%)
	1,008,000		3.498	(a)(c)	05/15/23	1,048,391
	(3M USD LIBOR + 1.550%)
	1,475,000		4.519	(a)(c)	06/25/24	1,610,376
	(3M USD LIBOR + 1.762%)
	700,000		4.269	(a)(c)	03/22/25	773,395
	(5 Year CMT + 2.100%)
	925,000		3.754	(a)(c)	11/01/29	981,656
Santander Holdings USA, Inc.(a)
	1,275,000		4.500		07/17/25	1,445,710
Santander UK PLC
	2,050,000		2.875		06/18/24	2,195,119
State Street Corp.(a)(c) (SOFR + 2.650%)
	75,000		3.152		03/30/31	85,484
Truist Bank(a)
	1,100,000		2.250		03/11/30	1,154,175
Wells Fargo & Co.
	3,025,000		4.100		06/03/26	3,469,856
	2,175,000		4.300		07/22/27	2,551,166
	850,000		3.900		05/01/45	1,057,009
	(3M USD LIBOR + 1.170%)
	2,625,000		3.196	(a)(c)	06/17/27	2,912,227
	(SOFR + 2.000%)
	2,775,000		2.188	(a)(c)	04/30/26	2,920,132
Wells Fargo Bank NA
	799,000		5.950		08/26/36	1,138,783
Westpac Banking Corp.(a)(c)
	(5 Year CMT + 2.000%)
	325,000		4.110		07/24/34	369,060
	(5 Year USD ICE Swap + 2.236%)
	625,000		4.322		11/23/31	713,000
						136,532,094
Beverages – 4.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	2,550,000		4.700		02/01/36	3,232,150
	3,600,000		4.900		02/01/46	4,682,160
Anheuser-Busch InBev Worldwide, Inc.
	2,625,000		4.750	(a)	01/23/29	3,235,890
	175,000		5.450	(a)	01/23/39	236,268
	325,000		4.950		01/15/42	425,360

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Beverages – (continued)
Anheuser-Busch InBev Worldwide, Inc. – (continued)
$	250,000		4.600	%(a)	04/15/48	$       315,118
	1,775,000		5.550	(a)	01/23/49	2,513,151
	75,000		4.600	(a)	06/01/60	96,311
Bacardi Ltd.(a)(b)
	1,000,000		5.300		05/15/48	1,380,550
Constellation Brands, Inc.(a)
	2,625,000		4.400		11/15/25	3,052,822
	1,475,000		3.700		12/06/26	1,689,082
	600,000		4.500		05/09/47	759,456
Keurig Dr Pepper, Inc.(a)
	4,025,000		4.597		05/25/28	4,906,314
	500,000		4.500		11/15/45	639,805
	175,000		5.085		05/25/48	245,138
	200,000		3.800		05/01/50	238,768
						27,648,343
Biotechnology(a) – 0.3%
Amgen, Inc.
	800,000		4.400		05/01/45	1,013,144
Royalty Pharma PLC(b)
	550,000		1.200		09/02/25	558,492
	475,000		1.750		09/02/27	488,148
						2,059,784
Building Materials(a) – 1.3%
Carrier Global Corp.
	2,975,000		2.493		02/15/27	3,208,478
	4,775,000		2.722		02/15/30	5,102,279
	525,000		3.377		04/05/40	575,064
						8,885,821
Chemicals – 1.7%
Celanese US Holdings LLC(a)
	600,000		3.500		05/08/24	649,248
DuPont de Nemours, Inc.(a)
	925,000		4.725		11/15/28	1,138,194
	125,000		5.319		11/15/38	169,055
Huntsman International LLC(a)
	1,600,000		4.500		05/01/29	1,847,810

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals – (continued)
LYB International Finance B.V.(a)
$	725,000		4.875	%	03/15/44	$       916,610
Nutrition & Biosciences, Inc.(a)(b)
	600,000		1.832		10/15/27	617,988
	2,175,000		2.300		11/01/30	2,236,030
	1,575,000		3.268		11/15/40	1,689,487
Syngenta Finance NV(b)
	970,000		3.933		04/23/21	977,207
The Sherwin-Williams Co.(a)
	475,000		3.450		06/01/27	538,788
	475,000		4.000		12/15/42	558,614
	150,000		3.300		05/15/50	167,718
						11,506,749
Commercial Services – 1.6%
CoStar Group, Inc.(a)(b)
	1,825,000		2.800		07/15/30	1,894,058
DP World PLC
	360,000		5.625		09/25/48	458,550
Global Payments, Inc.(a)
	1,925,000		2.650		02/15/25	2,062,175
IHS Markit Ltd.(a)
	900,000		3.625		05/01/24	981,702
	2,000,000		4.000	(b)	03/01/26	2,285,440
PayPal Holdings, Inc.(a)
	2,450,000		2.850		10/01/29	2,722,832
						10,404,757
Computers – 3.6%
Amdocs Ltd.(a)
	2,200,000		2.538		06/15/30	2,314,136
Apple, Inc.
	1,652,000		3.850		05/04/43	2,097,032
Dell International LLC / EMC Corp.(a)(b)
	724,000		5.300		10/01/29	887,045
Dell International LLC/EMC Corp.(a)(b)
	1,975,000		5.450		06/15/23	2,184,488
	3,980,000		6.020		06/15/26	4,856,317
	375,000		4.900		10/01/26	442,815

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers – (continued)
Dell International LLC/EMC Corp.(a)(b) – (continued)
$	225,000		6.200	%	07/15/30	$       291,114
	775,000		8.100		07/15/36	1,138,785
	75,000		8.350		07/15/46	112,884
Hewlett Packard Enterprise Co.(a)
	1,300,000		4.450		10/02/23	1,431,495
	700,000		4.650		10/01/24	795,606
	5,199,000		4.900		10/15/25	6,085,430
	880,000		6.350		10/15/45	1,161,186
						23,798,333
Diversified Financial Services – 3.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	1,875,000		4.875		01/16/24	2,050,800
	2,035,000		6.500		07/15/25	2,432,680
Air Lease Corp.
	850,000		2.250		01/15/23	872,814
	2,150,000		3.375	(a)	07/01/25	2,322,559
	1,450,000		2.875	(a)	01/15/26	1,533,796
	2,000,000		3.750	(a)	06/01/26	2,205,860
Ally Financial, Inc.(a)
	750,000		1.450		10/02/23	765,480
American Express Co.(a)(c) (3M USD LIBOR + 3.285%)
	527,000		3.502		03/15/49	518,436
Avolon Holdings Funding Ltd.(a)(b)
	750,000		3.950		07/01/24	792,150
Avolon Holdings Funding, Ltd.(a)(b)
	1,325,000		4.250		04/15/26	1,431,689
	1,625,000		3.250		02/15/27	1,655,452
GE Capital International Funding Co.
	1,750,000		3.373		11/15/25	1,945,440
	600,000		4.418		11/15/35	715,416
Huarong Finance II Co. Ltd.
	200,000		3.750		05/29/24	210,500
	200,000		5.500		01/16/25	225,593
	200,000		5.000		11/19/25	225,063
	200,000		3.875	(a)	11/13/29	212,625

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Intercontinental Exchange, Inc.(a)
$	1,600,000		2.650	%	09/15/40	$    1,640,032
JAB Holdings BV(a)(b)
	1,200,000		2.200		11/23/30	1,203,096
Nasdaq, Inc.(a)
	175,000		3.250		04/28/50	191,259
						23,150,740
Electrical – 4.9%
AEP Transmission Co. LLC(a)
	700,000		3.650		04/01/50	845,439
Ameren Corp.(a)
	850,000		3.500		01/15/31	978,919
American Electric Power Co., Inc.(a)
	350,000		2.300		03/01/30	365,176
Arizona Public Service Co.(a)
	275,000		3.750		05/15/46	335,065
Berkshire Hathaway Energy Co.
	725,000		3.250	(a)	04/15/28	826,275
	1,425,000		3.700	(a)(b)	07/15/30	1,686,858
	1,017,000		6.125		04/01/36	1,502,119
	475,000		4.250	(a)(b)	10/15/50	612,061
	925,000		2.850	(a)(b)	05/15/51	947,672
CMS Energy Corp.(a)
	500,000		4.875		03/01/44	663,445
Dominion Energy, Inc.(a)
	1,225,000		3.900		10/01/25	1,392,225
	650,000		3.375		04/01/30	740,051
Duke Energy Corp.(a)
	400,000		4.800		12/15/45	527,692
Duquesne Light Holdings, Inc.(a)(b)
	1,625,000		2.532		10/01/30	1,679,259
Exelon Corp.(a)
	400,000		4.450		04/15/46	509,276
	125,000		4.700		04/15/50	165,483
FirstEnergy Corp.(a)
	525,000		2.050		03/01/25	523,682
	1,150,000		2.650		03/01/30	1,149,374

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
Florida Power & Light Co.(a)
$	50,000		3.950	%	03/01/48	$         64,704
NRG Energy, Inc.(a)(b)
	1,985,000		4.450		06/15/29	2,300,079
Ohio Power Co.(a)
	450,000		2.600		04/01/30	491,139
Pacific Gas & Electric Co.(a)
	675,000		2.100		08/01/27	686,455
	975,000		2.500		02/01/31	974,522
	375,000		3.300		08/01/40	375,394
	825,000		3.500		08/01/50	817,501
Progress Energy, Inc.
	1,275,000		7.000		10/30/31	1,825,366
Public Service Electric & Gas Co.(a)
	975,000		3.950		05/01/42	1,201,112
Puget Sound Energy, Inc.(a)
	325,000		4.223		06/15/48	412,321
Sempra Energy(a)
	570,000		3.400		02/01/28	649,635
	1,125,000		3.800		02/01/38	1,299,139
Southern California Edison Co.(a)
	500,000		4.200		03/01/29	585,980
	275,000		4.050		03/15/42	313,726
	905,000		4.125		03/01/48	1,081,050
The Southern Co.(a)
	1,800,000		3.250		07/01/26	2,018,124
Vistra Operations Co. LLC(a)(b)
	1,675,000		4.300		07/15/29	1,898,110
						32,444,428
Electronics(a) – 0.3%
PerkinElmer, Inc.
	1,200,000		3.300		09/15/29	1,352,196
Roper Technologies, Inc.
	800,000		3.800		12/15/26	924,408
						2,276,604
Engineering & Construction(a) – 0.1%
Mexico City Airport Trust
	240,000		3.875	(b)	04/30/28	247,800

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Engineering & Construction(a) – (continued)
Mexico City Airport Trust – (continued)
$	200,000		5.500	%	07/31/47	$       209,000
	220,000		5.500	(b)	07/31/47	229,900
						686,700
Environmental(a) – 0.2%
Republic Services, Inc.
	1,300,000		1.750		02/15/32	1,302,847
Food & Drug Retailing(a) – 0.5%
Grupo Bimbo SAB de CV
	1,070,000		4.700		11/10/47	1,323,119
Mondelez International, Inc.
	600,000		2.625		09/04/50	602,394
Sysco Corp.
	150,000		6.600		04/01/40	218,894
	600,000		6.600		04/01/50	919,788
						3,064,195
Gas(a) – 0.2%
NiSource, Inc.
	225,000		3.600		05/01/30	260,435
Piedmont Natural Gas Co., Inc.
	325,000		3.350		06/01/50	364,088
The East Ohio Gas Co.(b)
	400,000		2.000		06/15/30	413,256
						1,037,779
Healthcare Providers & Services – 1.2%
Centene Corp.(a)
	1,250,000		4.250		12/15/27	1,330,425
CommonSpirit Health
	150,000		4.350		11/01/42	175,512
DENTSPLY SIRONA, Inc.(a)
	450,000		3.250		06/01/30	500,913
DH Europe Finance II S.a.r.l.(a)
	1,775,000		2.600		11/15/29	1,940,412
Stryker Corp.(a)
	2,025,000		1.950		06/15/30	2,081,437
Thermo Fisher Scientific, Inc.(a)
	850,000		4.497		03/25/30	1,061,149

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
Zimmer Biomet Holdings, Inc.(a)
$	1,025,000		3.550	%	03/20/30	$    1,162,514
						8,252,362
Home Furnishings(a) – 0.1%
Whirlpool Corp.
	550,000		4.600		05/15/50	712,525
Household Products(a) – 0.0%
Kimberly-Clark Corp.
	150,000		3.100		03/26/30	172,481
Insurance – 2.2%
American International Group, Inc.
	1,850,000		3.900	(a)	04/01/26	2,109,610
	325,000		4.200	(a)	04/01/28	385,531
	1,025,000		3.400	(a)	06/30/30	1,172,610
	700,000		6.250		05/01/36	1,003,674
	598,000		4.500	(a)	07/16/44	764,256
	375,000		4.800	(a)	07/10/45	497,280
Arch Capital Finance LLC(a)
	400,000		4.011		12/15/26	464,060
	323,000		5.031		12/15/46	439,729
Arch Capital Group Ltd.
	845,000		7.350		05/01/34	1,285,989
Great-West Lifeco Finance 2018 LP(a)(b)
	425,000		4.047		05/17/28	498,041
Marsh & McLennan Cos., Inc.(a)
	1,500,000		4.375		03/15/29	1,826,085
MetLife, Inc.
	475,000		4.721		12/15/44	649,824
Principal Financial Group, Inc.
	150,000		6.050		10/15/36	213,771
Teachers Insurance & Annuity Association of America(b)
	990,000		4.900		09/15/44	1,334,936
The Hartford Financial Services Group, Inc.
	200,000		6.625		04/15/42	290,792
Willis North America, Inc.(a)
	400,000		2.950		09/15/29	436,968

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – (continued)
XLIT Ltd.
$	998,000		4.450	%	03/31/25	$    1,139,476
						14,512,632
Internet(a) – 1.3%
Alphabet, Inc.
	700,000		1.900		08/15/40	682,605
Amazon.com, Inc.
	900,000		4.950		12/05/44	1,318,608
Booking Holdings, Inc.
	375,000		4.100		04/13/25	425,730
Expedia Group, Inc.
	3,125,000		3.600	(b)	12/15/23	3,334,531
	775,000		4.625	(b)	08/01/27	864,311
	1,825,000		3.250		02/15/30	1,891,558
Prosus NV
	200,000		3.680	(b)	01/21/30	217,125
	200,000		3.680		01/21/30	217,125
						8,951,593
Iron/Steel(a) – 0.2%
Steel Dynamics, Inc.
	1,250,000		1.650		10/15/27	1,285,575
Machinery-Diversified(a) – 0.5%
Otis Worldwide Corp.
	2,625,000		2.565		02/15/30	2,816,940
	325,000		3.112		02/15/40	354,289
						3,171,229
Media – 2.5%
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	3,150,000		4.908		07/23/25	3,662,253
	2,050,000		3.750		02/15/28	2,298,193
	300,000		6.484		10/23/45	425,613
	375,000		5.750		04/01/48	489,034
Comcast Corp.
	638,000		3.300	(a)	02/01/27	719,651
	175,000		3.400	(a)	04/01/30	201,798
	150,000		3.250	(a)	11/01/39	169,442

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
Comcast Corp. – (continued)
$	250,000		6.400	%	03/01/40	$       392,640
	475,000		3.750	(a)	04/01/40	572,237
	75,000		4.750		03/01/44	102,575
	525,000		3.400	(a)	07/15/46	602,243
	950,000		4.700	(a)	10/15/48	1,321,241
	263,000		3.999	(a)	11/01/49	332,619
Discovery Communications LLC(a)
	150,000		5.200		09/20/47	194,688
	75,000		5.300		05/15/49	99,301
Fox Corp.(a)
	225,000		5.476		01/25/39	308,927
The Walt Disney Co.
	650,000		3.800		03/22/30	773,701
	1,100,000		4.625	(a)	03/23/40	1,466,443
	50,000		4.950	(a)	10/15/45	69,300
	1,000,000		4.700	(a)	03/23/50	1,417,040
Time Warner Cable LLC(a)
	500,000		5.875		11/15/40	663,585
ViacomCBS, Inc.(a)
	450,000		5.850		09/01/43	623,192
						16,905,716
Mining – 0.8%
Glencore Finance Canada Ltd.(b)
	825,000		4.250		10/25/22	877,948
Glencore Funding LLC(b)
	781,000		4.625		04/29/24	874,673
Newcrest Finance Pty Ltd.(a)(b)
	375,000		3.250		05/13/30	415,688
Newmont Corp.(a)
	1,600,000		2.250		10/01/30	1,686,288
Teck Resources, Ltd.(a)
	1,225,000		3.900		07/15/30	1,362,984
						5,217,581
Miscellaneous Manufacturing – 0.9%
General Electric Co.
	600,000		3.450	(a)	05/15/24	654,174
	325,000		3.450	(a)	05/01/27	366,567

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing – (continued)
General Electric Co. – (continued)
$	500,000		3.625	%(a)	05/01/30	$       569,705
	600,000		6.750		03/15/32	840,594
	625,000		6.150		08/07/37	856,312
	1,069,000		5.875		01/14/38	1,448,891
	575,000		4.350	(a)	05/01/50	694,836
Parker-Hannifin Corp.(a)
	270,000		4.000		06/14/49	336,706
						5,767,785
Oil Field Services – 3.6%
BP Capital Markets America, Inc.(a)
	450,000		3.410		02/11/26	504,122
	950,000		3.119		05/04/26	1,051,260
	175,000		4.234		11/06/28	208,831
Continental Resources, Inc.(a)
	216,000		4.500		04/15/23	222,480
Devon Energy Corp.(a)
	2,492,000		5.850		12/15/25	2,928,000
Diamondback Energy, Inc.(a)
	1,525,000		4.750		05/31/25	1,715,045
Gazprom PJSC Via Gaz Capital SA
	200,000		5.150	(b)	02/11/26	227,625
	70,000		8.625	(d)	04/28/34	109,463
	110,000		7.288		08/16/37	161,322
Gazprom PJSC Via Gaz Finance PLC(b)
	450,000		3.250		02/25/30	464,203
KazMunayGas National Co. JSC
	280,000		6.375		10/24/48	403,288
Lukoil International Finance B.V.
	1,030,000		4.563		04/24/23	1,102,744
Marathon Petroleum Corp.(a)
	1,250,000		3.625		09/15/24	1,359,662
	1,895,000		3.800		04/01/28	2,112,698
Occidental Petroleum Corp.(a)
	1,100,000		2.900		08/15/24	1,057,375
Ovintiv Exploration, Inc.
	1,750,000		5.625		07/01/24	1,879,062

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Ovintiv, Inc.(a)
$	2,025,000		3.900	%	11/15/21	$    2,048,166
Pertamina Persero PT(a)
	370,000		4.175		01/21/50	397,519
Phillips 66(a)
	200,000		3.850		04/09/25	225,320
	875,000		1.300		02/15/26	889,648
Shell International Finance B.V.
	225,000		6.375		12/15/38	350,737
Suncor Energy, Inc.
	400,000		2.800		05/15/23	420,940
	900,000		3.600	(a)	12/01/24	993,321
	850,000		3.100	(a)	05/15/25	931,064
Valero Energy Corp.
	1,175,000		2.700		04/15/23	1,226,817
	650,000		2.850	(a)	04/15/25	693,479
						23,684,191
Packaging(a) – 0.1%
Berry Global, Inc.(b)
	450,000		1.570		01/15/26	454,014
Packaging Corp. of America
	375,000		4.050		12/15/49	465,731
						919,745
Pharmaceuticals(a) – 6.2%
AbbVie, Inc.
	5,950,000		3.200		11/21/29	6,698,688
	3,300,000		4.050		11/21/39	3,987,126
	75,000		4.875		11/14/48	101,936
	3,350,000		4.250		11/21/49	4,208,236
Bayer US Finance II LLC(b)
	2,375,000		3.375		07/15/24	2,565,000
Becton Dickinson & Co.
	3,839,000		3.700		06/06/27	4,395,540
	500,000		4.685		12/15/44	645,370
	175,000		4.669		06/06/47	228,902
	1,175,000		3.794		05/20/50	1,395,136

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals(a) – (continued)
Bristol-Myers Squibb Co.
$	375,000		4.550	%	02/20/48	$       519,184
	675,000		4.250		10/26/49	908,766
Cigna Corp.
	4,050,000		4.125		11/15/25	4,662,643
	1,425,000		2.400		03/15/30	1,514,604
	650,000		4.900		12/15/48	891,254
CVS Health Corp.
	3,300,000		3.875		07/20/25	3,736,194
	325,000		4.780		03/25/38	410,381
	720,000		5.125		07/20/45	964,814
	1,125,000		4.250		04/01/50	1,405,193
Takeda Pharmaceutical Co. Ltd.
	1,545,000		2.050		03/31/30	1,579,114
Zoetis, Inc.
	75,000		4.450		08/20/48	$100,202
						40,918,283
Pipelines – 4.9%
Abu Dhabi Crude Oil Pipeline LLC(b)
	490,000		4.600		11/02/47	609,897
Energy Transfer Operating LP(a)
	650,000		4.650		06/01/21	654,160
	1,540,000		5.200		02/01/22	1,596,133
	1,575,000		2.900		05/15/25	1,665,814
	1,500,000		4.200		04/15/27	1,649,760
	456,000		5.150		03/15/45	492,111
	550,000		5.300		04/15/47	603,823
	450,000		6.250		04/15/49	546,611
Enterprise Products Operating LLC(a)
	575,000		4.800		02/01/49	725,961
	(3M USD LIBOR + 2.778%)
	4,420,000		3.003	(c)	06/01/67	3,807,300
EQM Midstream Partners LP(a)
	1,139,000		4.750		07/15/23	1,190,255
Galaxy Pipeline Assets Bidco Ltd.(b)
	200,000		2.625		03/31/36	207,000
Kinder Morgan Energy Partners LP
	650,000		6.550		09/15/40	859,950

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
MPLX LP(a)
$	600,000		2.650	%	08/15/30	$       629,718
	400,000		4.500		04/15/38	458,124
	400,000		4.700		04/15/48	473,288
	520,000		5.500		02/15/49	682,448
Plains All American Pipeline LP/PAA Finance Corp.(a)
	400,000		3.650		06/01/22	412,116
	2,175,000		3.850		10/15/23	2,322,443
	1,769,000		4.650		10/15/25	1,977,600
Sabine Pass Liquefaction LLC(a)
	1,875,000		6.250		03/15/22	1,973,156
	4,050,000		5.625		03/01/25	4,725,945
	975,000		5.000		03/15/27	1,150,324
Sunoco Logistics Partners Operations LP(a)
	550,000		5.950		12/01/25	645,860
	100,000		5.400		10/01/47	111,740
The Williams Cos., Inc.
	150,000		6.300		04/15/40	199,761
Western Midstream Operating LP(a)
	725,000		4.100		02/01/25	743,125
	1,000,000		5.450		04/01/44	1,010,000
						32,124,423
Real Estate Investment Trust – 4.4%
Agree LP(a)
	375,000		2.900		10/01/30	396,964
Alexandria Real Estate Equities, Inc.(a)
	500,000		3.800		04/15/26	575,680
	1,125,000		3.375		08/15/31	1,288,980
	475,000		4.000		02/01/50	595,859
American Campus Communities Operating Partnership LP(a)
	1,100,000		3.875		01/30/31	1,232,660
American Tower Corp.
	1,550,000		5.000		02/15/24	1,755,142
	1,400,000		3.375	(a)	05/15/24	1,523,942
	1,300,000		4.000	(a)	06/01/25	1,467,297
	525,000		3.800	(a)	08/15/29	609,525

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
American Tower Corp. – (continued)
$	1,400,000		2.100	%(a)	06/15/30	$  1,437,044
Camden Property Trust(a)
	700,000		3.150		07/01/29	788,270
Crown Castle International Corp.(a)
	625,000		3.650		09/01/27	707,862
	275,000		4.300		02/15/29	325,716
	225,000		3.300		07/01/30	252,317
	975,000		4.000		11/15/49	1,138,030
	575,000		4.150		07/01/50	695,112
Duke Realty LP(a)
	925,000		1.750		07/01/30	936,063
Essex Portfolio LP(a)
	1,200,000		3.000		01/15/30	1,326,348
Healthcare Realty Trust, Inc.(a)
	450,000		2.050		03/15/31	450,405
Kimco Realty Corp.(a)
	550,000		3.800		04/01/27	622,501
Mid-America Apartments LP(a)
	1,075,000		1.700		02/15/31	1,074,409
MPT Operating Partnership LP/MPT Finance Corp.(a)
	950,000		4.625		08/01/29	1,019,492
National Retail Properties, Inc.(a)
	700,000		3.600		12/15/26	766,640
Spirit Realty LP(a)
	1,675,000		4.000		07/15/29	1,876,218
UDR, Inc.(a)
	875,000		2.100		08/01/32	889,936
VEREIT Operating Partnership LP(a)
	1,350,000		3.400		01/15/28	1,489,914
	975,000		3.100		12/15/29	1,051,157
	550,000		2.850		12/15/32	574,475
WP Carey, Inc.(a)
	700,000		3.850		07/15/29	794,444
	1,250,000		2.400		02/01/31	1,299,325
						28,961,727
Retailing – 2.1%
AutoNation, Inc.(a)
	1,675,000		4.750		06/01/30	2,015,896

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing – (continued)
Dollar Tree, Inc.(a)
$	1,925,000		4.000	%	05/15/25	$  2,172,863
Lowe’s Cos, Inc.(a)
	1,600,000		3.000		10/15/50	1,713,360
Lowe’s Cos., Inc.(a)
	875,000		1.700		10/15/30	883,977
McDonald’s Corp.(a)
	150,000		4.450		09/01/48	195,249
	525,000		4.200		04/01/50	672,215
Starbucks Corp.(a)
	1,125,000		3.500		11/15/50	1,290,724
The Home Depot, Inc.
	400,000		5.875		12/16/36	605,572
	500,000		4.875	(a)	02/15/44	706,920
	200,000		4.400	(a)	03/15/45	266,718
	400,000		4.250	(a)	04/01/46	531,244
Tractor Supply Co(a)
	1,300,000		1.750		11/01/30	1,306,149
Walgreens Boots Alliance, Inc.(a)
	1,200,000		4.100		04/15/50	1,271,280
						13,632,167
Savings & Loans(a)(b)(c) – 0.2%
Nationwide Building Society (3M USD LIBOR + 1.855%)
	1,250,000		3.960		07/18/30	1,456,025
Semiconductors – 2.9%
Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	600,000		3.125		01/15/25	648,510
	8,675,000		3.875		01/15/27	9,747,924
	64,000		3.500		01/15/28	70,421
Broadcom, Inc.(a)
	1,875,000		4.700		04/15/25	2,149,725
	2,075,000		4.250		04/15/26	2,377,722
KLA Corp.(a)
	550,000		3.300		03/01/50	620,109
Microchip Technology, Inc.(b)
	1,350,000		2.670		09/01/23	1,413,463
NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(b)
	550,000		3.875		06/18/26	629,030

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Semiconductors – (continued)
NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(b) – (continued)
$	1,125,000		3.400	%	05/01/30	$  1,275,502
						18,932,406
Software(a) – 1.5%
Citrix Systems, Inc.
	1,925,000		3.300		03/01/30	2,126,624
Fiserv, Inc.
	2,100,000		3.200		07/01/26	2,350,971
	1,025,000		4.400		07/01/49	1,364,183
Oracle Corp.
	750,000		3.600		04/01/40	879,300
	950,000		4.000		11/15/47	1,166,439
	425,000		3.600		04/01/50	495,656
ServiceNow, Inc.
	1,300,000		1.400		09/01/30	1,267,760
						9,650,933
Telecommunication Services – 7.2%
AT&T, Inc.
	4,925,000		2.300	(a)	06/01/27	5,248,868
	250,000		1.650	(a)	02/01/28	255,398
	3,100,000		2.750	(a)	06/01/31	3,310,490
	486,000		2.550	(a)(b)	12/01/33	499,637
	550,000		6.150		09/15/34	740,448
	175,000		4.900	(a)	08/15/37	218,738
	1,450,000		4.850	(a)	03/01/39	1,795,607
	300,000		6.000	(a)	08/15/40	416,121
	925,000		3.500	(a)	06/01/41	992,895
	125,000		4.300	(a)	12/15/42	145,799
	275,000		4.850	(a)	07/15/45	341,946
	250,000		4.750	(a)	05/15/46	309,250
	1,050,000		5.150	(a)	11/15/46	1,354,458
	575,000		3.650	(a)	06/01/51	600,990
	525,000		3.850	(a)	06/01/60	552,311
British Telecommunications PLC(a)(b)
	935,000		4.250		11/08/49	1,127,797

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
Deutsche Telekom International Finance B.V.(a)(b)
$	575,000		4.375	%	06/21/28	$       681,340
T-Mobile USA, Inc.(a)(b)
	1,975,000		3.500		04/15/25	2,182,780
	775,000		1.500		02/15/26	793,894
	4,800,000		3.750		04/15/27	5,458,090
	1,950,000		2.050		02/15/28	2,027,902
	4,525,000		3.875		04/15/30	5,237,393
	1,400,000		3.000		02/15/41	1,448,314
Verizon Communications, Inc.
	2,931,000		4.329		09/21/28	3,523,971
	750,000		3.875	(a)	02/08/29	881,910
	2,551,000		4.016	(a)	12/03/29	3,026,353
	475,000		3.150	(a)	03/22/30	532,371
	375,000		5.250		03/16/37	511,463
	1,100,000		2.650	(a)	11/20/40	1,111,759
	295,000		4.125		08/15/46	361,753
	400,000		4.862		08/21/46	536,824
	83,000		5.012		04/15/49	114,923
	881,000		2.987	(a)(b)	10/30/56	885,564
Vodafone Group PLC
	525,000		4.375		05/30/28	629,590
						47,856,947
Transportation – 0.7%
Burlington Northern Santa Fe LLC
	425,000		6.150		05/01/37	646,680
	825,000		5.750	(a)	05/01/40	1,216,033
FedEx Corp.(a)
	850,000		4.050		02/15/48	1,021,156
	700,000		5.250		05/15/50	989,338
Union Pacific Corp.(a)
	450,000		3.950		09/10/28	536,009

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Transportation – (continued)
Union Pacific Corp.(a) – (continued)
$	275,000		3.550	%	08/15/39	$       316,954
						4,726,170
TOTAL CORPORATE OBLIGATIONS (Cost $551,820,802)						$604,171,707
Foreign Debt Obligations – 3.8%
Sovereign – 3.8%
Abu Dhabi Government International Bond
$	1,680,000		4.125	%	10/11/47	$    2,104,725
Perusahaan Penerbit SBSN
	1,580,000		4.550		03/29/26	1,826,381
Republic of Chile(a)
	200,000		3.500		01/25/50	229,313
Republic of Colombia(a)
	1,221,000		4.000		02/26/24	1,318,680
	350,000		4.500		03/15/29	404,250
	690,000		3.000		01/30/30	724,931
	200,000		5.200		05/15/49	252,812
	490,000		4.125		05/15/51	544,390
Republic of Indonesia
	200,000		3.700	(b)	01/08/22	206,063
	387,000		5.875		01/15/24	445,050
	350,000		4.350	(b)	01/08/27	407,641
	1,610,000		4.350		01/08/27	1,875,147
	470,000		6.750		01/15/44	720,862
Republic of Panama(a)
	380,000		2.252		09/29/32	391,020
	200,000		3.870		07/23/60	235,500
Republic of Peru(a)
	610,000		2.783		01/23/31	668,865
	290,000		2.780		12/01/60	291,885
	220,000		3.230	(e)	07/28/21	219,890
Republic of Philippines
EUR	340,000		0.000	(f)	02/03/23	414,063
	450,000		0.700		02/03/29	551,289

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of Philippines – (continued)
$	210,000		2.650	%	12/10/45	$       211,575
Republic of Qatar(b)
	1,800,000		5.103		04/23/48	2,529,000
Republic of Romania(b)
EUR	90,000		2.124		07/16/31	116,339
	70,000		2.000		01/28/32	89,551
	80,000		4.625		04/03/49	131,938
State of Israel(g)
	200,000		4.500		04/03/20	264,500
United Mexican States
EUR	1,770,000		1.625		04/08/26	2,246,111
	130,000		1.350	(a)	09/18/27	163,777
$	740,000		3.750		01/11/28	833,656
	2,540,000		3.250	(a)	04/16/30	2,752,725
	960,000		2.659	(a)	05/24/31	987,360
	709,000		3.771	(a)	05/24/61	737,183
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $21,714,240)						$  24,896,472
Municipal Debt Obligations – 0.7%
California(a) – 0.1%
California State GO Bonds Build America Taxable Series 2009
$	455,000		7.300	%	10/01/39	$       751,036
Illinois – 0.5%
Illinois State GO Bonds Build America Series 2010(a)
	1,625,000		6.630		02/01/35	1,861,681
Illinois State GO Bonds Taxable-Pension Series 2003
	1,360,000		5.100		06/01/33	1,463,646
						3,325,327
New Jersey(a) – 0.1%
New Jersey State Turnpike Authority RB Build America Bonds Taxable Series 2009 F
	350,000		7.414		01/01/40	586,950
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $3,797,150)						$    4,663,313

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligation – 0.1%
United States Treasury Bonds
$	700,000		3.375	%	11/15/48	$       982,625
(Cost $856,709)
TOTAL INVESTMENTS – 95.9% (Cost $578,188,901)						$634,714,117
OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.1%						26,937,354
NET ASSETS – 100.0%						$661,651,471

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2020.
(d)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on December 31, 2020.
(e)	Actual maturity date is July 28, 2121.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Actual maturity date is April 3, 2120.

Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
EUR	— Euro
JPY	— Japanese Yen
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
SEK	— Swedish Krona
USD	— U.S. Dollar
Investment Abbreviations:
BP	— British Pound Offered Rate
CDOR	— Canadian Dollar Offered Rate
CMT	— Constant Maturity Treasury Indexes
EURO	— Euro Offered Rate
GO	— General Obligation
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
RB	— Revenue Bond
SOFR	— Secured Overnight Funding Rate

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2020, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Barclays Bank PLC	EUR	7,338,628	USD	8,906,379		03/17/21	$	74,655
MS & Co. Int. PLC	JPY	538,792,671	USD	5,165,688		03/17/21		57,089
TOTAL							$	131,744

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Barclays Bank PLC	USD	3,738,756	AUD	5,001,372		03/17/21	$	(119,506	)
	USD	4,334,464	NOK	38,187,908		03/17/21		(118,083	)
Deutsche Bank AG	USD	3,733,244	NZD	5,308,785		03/17/21		(87,662	)
JPMorgan Securities, Inc.	USD	4,366,412	EUR	3,661,557		01/21/21		(109,116	)
MS & Co. Int. PLC	USD	4,552,130	CAD	5,816,253		03/17/21		(18,135	)
State Street Bank (London)	USD	725,607	EUR	612,000		01/21/21		(22,442	)
UBS AG (London)	USD	4,826,325	SEK	40,886,162		03/17/21		(147,273	)
TOTAL							$	(622,217	)

FUTURES CONTRACTS — At December 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds	202	03/22/21	$	43,139,625		$	(184,722	)
2 Year U.S. Treasury Notes	205	03/31/21		45,300,195			41,671
10 Year U.S. Treasury Notes	140	03/22/21		19,330,938			11,096
20 Year U.S. Treasury Bonds	164	03/22/21		28,402,750			(183,323	)
Total						$	(315,278	)
Short position contracts:
Ultra 10 Year U.S. Treasury Notes	(175)	03/22/21		(27,362,891	)		72,509
5 Year U.S. Treasury Notes	(285)	03/31/21		(35,956,758	)		(46,061	)
Total						$	26,448
TOTAL FUTURES CONTRACTS						$	(288,830	)

SWAP CONTRACTS — At December 31, 2020, 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)
0.000%(c)	3M LIBOR©		07/25/24	$	17,380	(b)	$	(5,835	)	$	5,837		$	(11,672	)
6M CDOR(a)	0.960%(a)		11/09/24	CAD	31,430	(b)		44,129			27,667			16,462
0.000%(c)	3M LIBOR©		11/10/24	$	10,290	(b)		(8,910	)		10			(8,920	)
3M LIBOR©	0.500(a)		03/17/26		690	(b)		1,369			470			899
1.430(a)	6M CDOR(a)		11/09/30	CAD	6,300	(b)		(26,260	)		(19,313	)		(6,947	)
3M LIBOR©	1.245(a)		11/24/30	$	5,240	(b)		(44,405	)		(5,890	)		(38,515	)
0.000(d)	6M EURO(a)		03/17/31	EUR	430	(b)		(13,702	)		(13,570	)		(132	)
1.543(a)	3M LIBOR(c)		11/25/35	$	5,720	(b)		57,477			1,630			55,847
TOTAL							$	3,863		$	(3,159	)	$	7,022

(a) Payments made semi-annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2020.

(c) Payments made quarterly.

(d) Payments made annually.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2020 (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 December 31, 2020(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
AT&T, Inc., 2.450%, 06/30/20		1.000%		0.550%		06/20/24	$	2,325	$	36,978		$	3,754		$	33,224
CDX.NA.IG Index 28		1.000		0.437		06/20/22		28,500		246,754			289,084			(42,330	)
CDX.NA.IG Index 34		1.000		0.418		06/20/23		17,200		252,330			181,510			70,820
CDX.NA.IG Index 34		1.000		0.629		06/20/25		134,800		2,240,313			1,206,947			1,033,366
General Electric Co. 2.700%, 10/09/22		1.000		0.687		06/20/24		1,175		13,101			(13,921	)		27,022
General Electric Co. 2.700%, 10/09/22		1.000		0.770		12/20/24		550		5,156			(6,950	)		12,106
Prudential Financial, Inc., 3.500%, 05/15/24		1.000		0.359		06/20/24		1,150		26,029			11,910			14,119
Republic of Colombia, 10.375%, 01/28/33		1.000		0.554		06/20/24		1,830		28,962			(7,116	)		36,078
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.449		06/20/24		70		1,362			(110	)		1,472
Republic of Peru, 8.750%, 11/21/33		1.000		0.357		06/20/24		550		12,518			6,179			6,339
The Boeing Co., 8.750%, 08/15/21		1.000		1.073		06/20/24		1,750		(3,778	)		26,333			(30,111	)
United Mexican States, 4.150%, 03/28/27		1.000		0.497		06/20/24		640		11,406			(6,573	)		17,979
TOTAL									$	2,871,131		$	1,691,047		$	1,180,084

(a) Payments made quarterly.

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

Abbreviations:
CDX.NA.IG Index 28	— CDX North America Investment Grade Index 28
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 76.6%
Argentina(a) – 0.1%
Republic of Argentina (CCC+/NR)
$	12,578		1.000	%	07/09/29	$              5,471
	65,075		0.125	(b)	07/09/30	26,453
	188,322		0.125	(b)	07/09/35	68,926
						100,850
Brazil – 4.9%
Brazil Letras do Tesouro Nacional (NR/NR)(c)
BRL	13,552,000		0.000		04/01/21	2,595,914
Brazil Notas do Tesouro Nacional (BB-/Ba2)
	8,473,000		10.000		01/01/25	1,885,795
						4,481,709
Chile – 3.2%
Bonos de la Tesoreria de la Republica en pesos (NR/NR)(d)
CLP	55,000,000		4.700		09/01/30	90,625
Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
	790,000,000		5.000		03/01/35	1,336,728
Bonos de la Tesoreria de la Republica en Pesos (NR/A1)
	935,000,000		4.500		03/01/26	1,506,958
						2,934,311
China – 8.6%
Agricultural Development Bank of China (NR/NR)
CNY	21,890,000		2.960		04/17/30	3,161,219
China Development Bank (NR/NR)
	17,780,000		3.090		06/18/30	2,592,109
China Government Bond (NR/NR)
	13,900,000		2.850		06/04/27	2,084,339
						7,837,667
Colombia – 5.3%
Republic of Colombia (NR/NR)
COP	1,279,041,090		3.300		03/17/27	417,929
	2,538,700,000		5.750		11/03/27	785,291
	704,100,000		7.000		06/30/32	226,753
	2,058,100,000		7.250		10/18/34	672,331
Republic of Colombia (NR/Baa2)(a)
	1,851,000,000		4.375		03/21/23	552,413

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Colombia – (continued)
Republic of Colombia (BBB/Baa2)
COP	3,598,400,000		7.500	%	08/26/26	$       1,214,142
	3,130,500,000		6.000		04/28/28	978,241
						4,847,100
Czech Republic – 3.8%
Czech Republic Government Bond (NR/NR)
CZK	33,200,000		1.000		06/26/26	1,552,002
	27,080,000		0.250		02/10/27	1,205,402
Czech Republic Government Bond (NR/Aa3)
	11,320,000		4.200		12/04/36	735,812
						3,493,216
Dominican Republic – 0.2%
Dominican Republic (NR/NR)
DOP	2,800,000		10.500		04/07/23	51,163
Dominican Republic (BB-/Ba3)
$	150,000		5.875		01/30/60	164,438
						215,601
Egypt(d) – 0.3%
Republic of Egypt (B/B2u)
	200,000		8.875		05/29/50	234,437
Hungary – 3.2%
Hungary Government Bond (NR/NR)
HUF	179,680,000		2.750		12/22/26	650,634
Hungary Government Bond (NR/Baa3)
	124,250,000		3.000		08/21/30	453,329
Hungary Government Bond (BBB/NR)
	194,960,000		5.500		06/24/25	781,499
	292,160,000		3.000		10/27/27	1,077,046
						2,962,508
Indonesia – 1.5%
Indonesia Treasury Bond (NR/NR)
IDR	12,184,000,000		7.500		06/15/35	954,585
Indonesia Treasury Bond (NR/Baa2)
	6,000,000,000		7.000		05/15/27	455,018
						1,409,603

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Mexico – 5.5%
United Mexican States (NR/Baa1)
MXN	9,697,500		8.000	%	09/05/24	$          544,280
	4,741,100		5.750		03/05/26	249,271
	1,907,500		8.000		11/07/47	112,901
United Mexican States (BBB/Baa1)(a)
$	200,000		2.659		05/24/31	205,700
	200,000		3.771		05/24/61	207,950
United Mexican States (BBB+/Baa1)
MXN	17,779,300		8.500		05/31/29	1,088,060
	5,456,000		7.750		05/29/31	321,902
	8,836,600		10.000		11/20/36	621,964
	26,082,800		8.500		11/18/38	1,624,072
						4,976,100
Morocco(d) – 0.2%
Kingdom of Morocco (BBB-/NR)
$	200,000		3.000		12/15/32	202,500
Peru – 4.2%
Republic of Peru (NR/A3)
PEN	963,000		6.714		02/12/55	328,956
Republic of Peru (A-/A3)
	2,018,000		8.200		08/12/26	756,229
	1,269,000		6.350		08/12/28	444,648
	1,326,000		6.950		08/12/31	475,212
	2,660,000		6.150		08/12/32	894,079
	1,665,000		5.400		08/12/34	507,037
	246,000		6.900		08/12/37	83,692
	1,050,000		5.350		08/12/40	300,743
						3,790,596
Philippines – 0.3%
Republic of Philippines (BBB+/Baa2)
PHP	10,000,000		6.250		01/14/36	266,442

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Poland – 6.3%
Republic of Poland Government Bond (NR/NR)
PLN	9,170,000		0.750	%	04/25/25	$       2,490,434
Republic of Poland Government Bond (A/A2)
	5,120,000		2.500		07/25/27	1,520,952
	5,610,000		2.750		04/25/28	1,696,155
						5,707,541
Romania – 2.0%
Republic of Romania (NR/NR)
RON	2,110,000		3.650		07/28/25	552,165
	700,000		4.150		01/26/28	189,718
	2,600,000		3.650		09/24/31	673,241
Republic of Romania (BBB-/Baa3)(d)
EUR	100,000		3.624		05/26/30	145,529
	150,000		2.000		01/28/32	191,894
$	50,000		4.000		02/14/51	54,375
						1,806,922
Russia – 6.0%
Russian Federation Bond (NR/NR)
RUB	43,640,000		6.000		10/06/27	600,150
	33,630,000		7.650		04/10/30	511,665
	60,150,000		5.900		03/12/31	808,393
	45,560,000		7.700		03/23/33	692,522
	23,220,000		7.250		05/10/34	340,700
	161,060,000		7.700		03/16/39	2,480,537
						5,433,967
Serbia(d) – 0.1%
Republic of Serbia (NR/Ba3)
EUR	100,000		3.125		05/15/27	137,130
South Africa – 9.2%
Republic of South Africa (BB/Ba2)
ZAR	33,490,000		10.500		12/21/26	2,701,330
	6,930,000		7.000		02/28/31	404,193
	48,325,000		8.875		02/28/35	2,896,702

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
South Africa – (continued)
Republic of South Africa (BB/Ba2) – (continued)
$	12,200,000		8.500	%	01/31/37	$          689,105
	25,784,300		8.750		01/31/44	1,435,549
	4,620,000		8.750		02/28/48	257,532
						8,384,411
Thailand – 8.5%
Thailand Government Bond (NR/NR)
THB	16,360,000		3.300		06/17/38	674,399
	1,220,000		3.600		06/17/67	54,319
Thailand Government Bond (NR/Baa1)
	52,996,099		1.250		03/12/28	1,766,557
	79,990,000		3.775		06/25/32	3,330,830
Thailand Government Bond (A-/Baa1)
	49,960,000		3.850		12/12/25	1,931,531
						7,757,636
Turkey – 2.8%
Republic of Turkey (NR/NR)
TRY	13,490,000		12.200		01/18/23	1,755,896
	4,460,000		10.600		02/11/26	558,625
	2,080,000		11.000		02/24/27	260,665
						2,575,186
Ukraine(d) – 0.1%
Ukraine Government Bond (B/NR)
EUR	100,000		4.375		01/27/30	116,553
Uruguay – 0.3%
Republic of Uruguay (BBB/NR)
UYU	4,338,062		3.875		07/02/40	119,431
Republic of Uruguay (BBB/Baa2)
	4,511,236		4.375		12/15/28	122,131
						241,562
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $66,921,959)						$     69,913,548
Corporate Obligations – 5.4%
Brazil(a)(e) – 0.2%
Banco do Brasil SA (CCC+/NR) (10 Year CMT + 4.398%)
$	200,000		6.250	%	04/15/49	$          204,812

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
British Virgin Islands – 0.3%
Huarong Finance II Co. Ltd. (BBB+/Baa1)
$	260,000		5.500	%	01/16/25	$          293,271
China(f) – 0.0%
iQIYI, Inc. (NR/NR)
	10,000		2.000		04/01/25	8,841
Colombia – 0.2%
Banco de Bogota SA (NR/Ba2)
	200,000		6.250		05/12/26	231,500
Israel(a)(d) – 0.1%
Leviathan Bond Ltd. (BB-/Ba3)
	50,000		5.750		06/30/23	53,224
Mexico(a) – 0.3%
Mexico City Airport Trust (BBB/Baa3)
	270,000		3.875		04/30/28	278,775
Petroleos Mexicanos (BBB/Ba2)(d)
	10,000		6.875		10/16/25	10,936
						289,711
Peru(a) – 1.2%
Banco de Credito del Peru (BBB+/NR)
PEN	3,640,000		4.650		09/17/24	1,077,797
South Africa – 0.4%
Eastern & Southern African Trade & Development Bank (NR/Baa3)
$	390,000		4.875		05/23/24	411,497
Turkey – 0.2%
Yapi ve Kredi Bankasi AS (NR/B2)
	200,000		8.250		10/15/24	219,000
United Kingdom(d) – 1.0%
Gazprom PJSC via Gaz Finance PLC (BB/NR)(a)(e)(5 Year CMT + 4.264%)
	200,000		4.599		10/26/49	207,750
HSBC Bank PLC (NR/NR)(c)
EGP	11,800,000		0.000		12/23/21	666,944
						874,694
United States(d) – 1.2%
JPMorgan Chase Bank NA (NR/NR)
IDR	7,753,000,000		6.500		02/15/31	573,612

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
United States(d) – (continued)
JPMorgan Chase Bank NA (NR/NR) – (continued)
$	6,269,000,000		7.500	%(e)	06/17/35	$     491,160
						1,064,772
Venezuela(g) – 0.3%
Petroleos de Venezuela SA (NR/NR)
	9,280,000		6.000		10/28/22	245,920
TOTAL CORPORATE OBLIGATIONS (Cost $7,703,780)						$  4,975,039
Structured Notes – 8.8%
United Kingdom(d) – 4.2%
Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
IDR	33,591,000,000		8.750	%	05/19/31	$  2,821,166
	12,570,000,000		7.500		08/19/32	968,472
						3,789,638
United States – 4.6%
Republic of Columbia (Issuer Citibank NA) (NR/NR)
COP	4,226,000,000		11.000		07/25/24	1,502,404
Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)(d)
EGP	6,900,000		0.000	(c)	07/08/21	411,136
	10,375,000		0.000	(c)	09/02/21	608,039
IDR	15,558,000,000		7.000		05/17/27	1,179,861
	6,568,000,000		7.500		08/19/32	506,040
						4,207,480
TOTAL STRUCTURED NOTES (Cost $8,618,128)						$  7,997,118
U.S. Treasury Obligations – 0.1%
United States Treasury Notes
$	28,000		2.875	%	10/15/21	$       28,600
	72,000		1.750		09/30/22	74,029
TOTAL U.S. TREASURY OBLIGATIONS (Cost $100,370)						$     102,629
Shares		Dividend Rate				Value
Investment Company(h) – 3.1%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	2,800,830		0.026%			$  2,800,830
(Cost $2,800,830)
TOTAL INVESTMENTS – 94.0% (Cost $86,145,067)						$85,789,164
OTHER ASSETS IN EXCESS OF     LIABILITIES – 6.0%						5,443,166
NET ASSETS – 100.0%						$91,232,330

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)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2020.
(c)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2020.
(f)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on December 31, 2020.
(g)	Security is currently in default and/or non-income producing.
(h)	Represents an affiliated issuer.

Security ratings disclosed, if any, are obtained from by Standard & Poor’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
CNH	— Chinese Yuan Renminbi Offshore
CNY	— Chinese Yuan Renminbi
COP	— Colombian Peso
CZK	— Czech Koruna
DOP	— Dominican Peso
EGP	— Egyptian Pound
EUR	— Euro
GBP	— British Pound
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
ILS	— Israeli Shekel
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
MYR	— Malaysian Ringgit
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PEN	— Peruvian Nuevo Sol
PHP	— Philippine Peso
PLN	— Polish Zloty
RON	— New Romanian Leu
RUB	— Russian Ruble
SEK	— Swedish Krona
SGD	— Singapore Dollar
THB	— Thai Baht
TRY	— Turkish Lira
TWD	— Taiwan Dollar
USD	— U.S. Dollar
UYU	— Uruguayan Peso
ZAR	— South African Rand
Investment Abbreviations:
BUBOR	— Budapest Interbank Offered Rate
CLICP	— Sinacofi Chile Interbank Rate
CMT	— Constant Maturity Treasury Indexes
EURO	— Euro Offered Rate
JIBAR	— Johannesburg Interbank Agreed Rate
KLIBOR	— Kuala Lumpur Interbank Offered Rate
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
NR	— Not Rated
PLC	— Public Limited Company
TIIE	— La Tasa de Interbank Equilibrium Interest Rate
WIBOR	— Warsaw Interbank Offered Rate
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2020, 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	AUD	257,211	EUR	159,103		03/17/21	$	3,712
	AUD	1,516,000	NZD	1,600,309		03/17/21		17,709
	AUD	520,169	USD	393,619		03/17/21		7,660
	BRL	35,000,126	USD	6,636,250		01/05/21		102,894
	CAD	1,106,984	USD	866,597		03/17/21		3,244
	CHF	335,389	USD	379,577		03/17/21		135
	CNH	47,382,132	USD	7,211,561		03/17/21		37,318
	COP	5,179,708,119	USD	1,449,991		01/29/21		66,619
	EUR	144,919	JPY	18,255,246		03/17/21		395
	EUR	470,178	PLN	2,123,632		03/17/21		6,737
	EUR	2,037,000	USD	2,472,713		03/17/21		20,174
	GBP	141,850	EUR	156,689		03/17/21		2,317
	GBP	601,927	USD	804,081		03/17/21		19,454
	IDR	34,805,077,981	USD	2,408,831		01/06/21		88,126
	IDR	11,279,759,870	USD	794,070		03/05/21		12,819
	ILS	1,003,860	USD	308,628		03/17/21		4,192
	INR	189,067,703	USD	2,544,024		01/27/21		37,604
	JPY	128,396,750	USD	1,232,160		03/17/21		12,451
	KRW	2,540,497,918	USD	2,267,553		01/08/21		67,616
	KRW	1,527,005,081	USD	1,344,266		01/15/21		59,331
	KRW	1,527,005,081	USD	1,369,683		02/19/21		33,808
	MXN	13,065,490	USD	642,060		03/17/21		8,781
	MYR	11,720,886	USD	2,807,869		01/13/21		120,523
	MYR	10,447,105	USD	2,515,920		01/26/21		94,225
	MYR	1,224,141	USD	301,327		03/17/21		4,436
	NOK	664,313	EUR	62,985		03/17/21		376
	NOK	12,307,448	USD	1,397,936		03/17/21		37,060
	NZD	1,933,650	USD	1,360,226		03/17/21		31,485
	PEN	9,094,606	USD	2,497,675		07/12/21		12,868
	PHP	9,115,589	USD	188,995		01/15/21		647
	PHP	17,563,857	USD	364,854		02/08/21		168
	RON	5,766,032	USD	1,431,829		03/17/21		9,513
	RUB	157,899,570	USD	2,056,076		02/08/21		68,180
	SEK	3,204,142	EUR	316,386		03/17/21		2,575
	SEK	1,612,987	USD	195,062		03/17/21		1,150
	SGD	939,670	USD	703,724		03/17/21		7,345
	THB	52,092,833	USD	1,728,868		03/17/21		10,097
	TRY	1,468,117	USD	173,188		01/11/21		23,648
	TRY	2,826,164	USD	348,165		01/19/21		29,616
	TRY	1,167,796	USD	146,831		01/25/21		8,922
	TRY	620,189	USD	76,754		03/17/21		4,185
	TRY	5,852,333	USD	689,321		08/04/21		31,503
	TWD	20,584,156	USD	729,549		01/04/21		3,341
	TWD	24,682,444	USD	878,015		02/05/21		5,383
	TWD	5,192,498	USD	183,783		02/17/21		2,454
	TWD	5,396,192	USD	194,024		03/05/21		152
	USD	3,251,559	BRL	16,719,913		01/05/21		32,202
	USD	184,586	JPY	19,028,797		03/17/21		131
	USD	388,529	KRW	421,520,211		01/08/21		1,077
	USD	34,294	KRW	37,279,761		02/19/21		29
	USD	152,015	MXN	3,035,522		03/17/21		804
	USD	5,541,628	PEN	19,674,353		07/12/21		110,574
	USD	309,223	THB	9,215,745		03/17/21		1,583
	USD	180,402	TWD	5,065,520		01/04/21		46
	USD	767,439	TWD	21,406,024		02/05/21		1,304
	USD	77,325	ZAR	1,141,807		03/17/21		387
	ZAR	6,970,764	USD	465,670		03/17/21		4,028
TOTAL							$	1,275,113

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	BRL	16,719,913	USD	3,249,758		02/02/21	$	(32,233	)
	CNH	2,396,400	USD	367,000		03/17/21		(380	)
	COP	1,575,531,711	USD	461,897		01/29/21		(584	)
	EUR	157,764	GBP	141,695		03/17/21		(789	)
	EUR	796,153	NOK	8,514,320		03/17/21		(18,399	)
	EUR	157,821	NZD	271,756		03/17/21		(2,450	)
	HUF	71,845,074	EUR	201,609		03/17/21		(4,734	)
	HUF	124,105,335	USD	419,021		03/17/21		(996	)
	MXN	89,524,316	USD	4,473,235		03/17/21		(13,692	)
	PEN	1,996,290	USD	559,202		07/12/21		(8,132	)
	PLN	726,445	EUR	162,107		03/17/21		(3,859	)
	PLN	6,874,725	USD	1,867,885		03/17/21		(26,967	)
	SEK	3,519,310	EUR	351,000		03/17/21		(1,448	)
	TWD	20,423,672	USD	732,485		02/05/21		(1,510	)
	TWD	5,351,236	USD	192,076		02/17/21		(146	)
	USD	540,730	AUD	716,322		03/17/21		(11,869	)
	USD	3,514,784	BRL	18,280,213		01/05/21		(5,003	)
	USD	727,022	CAD	932,532		03/17/21		(5,739	)
	USD	379,439	CLP	277,944,903		03/15/21		(11,790	)
	USD	6,242,073	CNH	41,281,428		02/24/21		(83,555	)
	USD	376,003	CNH	2,463,207		03/17/21		(837	)
	USD	3,566,570	COP	12,732,601,394		01/29/21		(161,517	)
	USD	3,042,662	EUR	2,510,499		03/17/21		(29,694	)
	USD	1,054,649	GBP	781,157		03/17/21		(14,099	)
	USD	2,454,022	IDR	34,805,077,980		01/06/21		(42,934	)
	USD	698,591	ILS	2,270,526		03/17/21		(8,945	)
	USD	2,232,870	INR	165,538,904		01/27/21		(27,483	)
	USD	565,817	JPY	58,612,707		03/17/21		(2,344	)
	USD	2,501,406	KRW	2,809,949,480		01/08/21		(81,438	)
	USD	1,369,769	KRW	1,527,005,081		01/15/21		(33,827	)
	USD	273,526	MXN	5,561,206		03/17/21		(3,498	)
	USD	452,722	NOK	3,938,524		03/17/21		(6,494	)
	USD	188,567	NZD	265,056		03/17/21		(2,203	)
	USD	550,159	RUB	41,959,466		01/25/21		(15,242	)
	USD	381,788	RUB	28,946,186		02/08/21		(7,631	)
	USD	882,605	SEK	7,473,726		03/17/21		(26,536	)
	USD	620,073	SGD	824,524		03/17/21		(3,863	)
	USD	583,304	THB	17,588,202		03/17/21		(3,825	)
	USD	218,589	TRY	1,818,267		01/11/21		(25,193	)
	USD	658,219	TRY	5,304,905		01/19/21		(50,902	)
	USD	247,563	TRY	1,999,698		01/25/21		(19,143	)
	USD	44,507	TRY	360,482		03/17/21		(2,539	)
	USD	622,274	TRY	5,342,155		08/04/21		(35,713	)
	USD	551,314	TWD	15,518,636		01/04/21		(1,220	)
	USD	355,874	TWD	10,001,597		02/05/21		(2,089	)
	USD	2,105,036	ZAR	32,165,374		03/17/21		(62,307	)
	ZAR	6,216,757	USD	420,362		03/17/21		(1,469	)
TOTAL							$	(907,260	)

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At December 31, 2020, 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	1	03/31/21	$	126,164		$	100
Ultra Long U.S. Treasury Bonds	7	03/22/21		1,494,938			(7,722	)
Ultra 10 Year U.S. Treasury Notes	50	03/22/21		7,817,969			(21,793	)
Total						$	(29,415	)
Short position contracts:
10 Year U.S. Treasury Notes	(26)	03/22/21		(3,590,031	)		(1,058	)
20 Year U.S. Treasury Bonds	(41)	03/22/21		(7,100,688	)		62,206
2 Year U.S. Treasury Notes	(9)	03/31/21		(1,988,789	)		(1,371	)
Total						$	59,777
TOTAL FUTURES CONTRACTS						$	30,362

SWAP CONTRACTS — At December 31, 2020, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by the Fund	Counterparty	Termination Date	Notional Amount (000s)		Value		Upfront Payments (Received) Paid		Unrealized Appreciation/ (Depreciation)
3M TELBOR(a)	1.020%(b)	BofA Securities LLC	03/18/30	ILS	1,925	$	25,011	$	245	$	24,766
3M KLIBOR(a)	3.650(a)	Citibank NA	02/27/24	MYR	3,020		38,988		—		38,988
3M KLIBOR(a)	3.693(a)	MS & Co. Int. PLC	03/01/24		5,490		72,547		—		72,547
3M KLIBOR(a)	3.605(a)	MS & Co. Int. PLC	03/06/24		25,010		313,269		—		313,269
3M KLIBOR(a)	3.330(a)	MS & Co. Int. PLC	05/31/24		2,610		28,800		—		28,800
3M KLIBOR(a)	3.250(a)	MS & Co. Int. PLC	12/18/24		2,000		22,677		429		22,248
TOTAL						$	501,292	$	674	$	500,618

(a) Payments made quarterly.

(b) Payments made annually.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received/(Paid) by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.505%(a)	6M CLICP(a)	12/16/21	CLP	7,500,000		$	(482	)	$	—		$	(482	)
0.250(b)	6M WIBOR(c)	12/16/21	PLN	30,110			(8,373	)		(1,437	)		(6,936	)
1M BID Average(d)	4.120%(d)	01/03/22	BRL	16,325			76,912			(30,531	)		107,443
1M BID Average(d)	4.230(d)	01/02/23		15,865			22,167			(1,698	)		23,865
Mexico Interbank TIIE 28 Days(d)	4.400(d)	03/15/23	MXN	239,990	(e)		24,880			3,593			21,287
2.500(c)	3M LIBOR(c)	03/17/23	CNY	13,580	(e)		(25	)		7,900			(7,925	)
6M EURO(f)	(0.250)(a)	03/17/23	EUR	6,060	(e)		40,278			43,407			(3,129	)
6M BUBOR(f)	0.800(a)	03/17/23	HUF	147,900	(e)		196			181			15
3M LIBOR(c)	2.500(c)	03/17/23	COP	5,679,870	(e)		8,643			1,138			7,505
6M WIBOR(f)	0.345(a)	06/16/23	PLN	3,189	(e)		1,751			(141	)		1,892
3M JIBAR(c)	4.000(c)	06/16/23	ZAR	29,120	(e)		9,191			(378	)		9,569
1M BID Average(d)	4.930(d)	01/02/24	BRL	23,550			57,305			(51,045	)		108,350

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received/(Paid) by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M LIBOR(a)	0.750%(a)	12/16/25	THB	73,680		$	14,316		$	(1,040	)	$	15,356
6M WIBOR(f)	0.750(a)	12/16/25	PLN	6,030			12,195			(3,802	)		15,997
Mexico Interbank TIIE 28(d) Days	4.900(d)	03/11/26	MXN	73,370	(e)		25,390			2,842			22,548
6M CLICP(a)	1.700(a)	03/17/26	CLP	1,115,710	(e)		7,475			1,763			5,712
3M JIBAR(c)	5.250(c)	03/17/26	ZAR	33,325	(e)		35,495			2,897			32,598
(0.250)%(f)	6M EURO(a)	03/17/26	EUR	2,510	(e)		(31,768	)		(33,896	)		2,128
Mexico Interbank TIIE 28 Days(d)	5.200(d)	03/08/28	MXN	19,480	(e)		8,514			11			8,503
(0.250)(f)	6M EURO(a)	03/17/28	EUR	70	(e)		(813	)		(839	)		26
0.750(a)	3M LIBOR(c)	03/17/31	$	1,110	(e)		21,944			23,149			(1,205	)
0.000(f)	6M EURO(a)	03/17/31	EUR	210	(e)		(6,692	)		(6,627	)		(65	)
TOTAL						$	318,499		$	(44,553	)	$	363,052

(a) Payments made semi-annually.

(b) Payments made on termination date.

(c) Payments made quarterly.

(d) Payments made monthly.

(e) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2020.

(f) Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)	Credit Spread at December 31, 2020(b)		Counterparty		Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27	(1.000)%		0.057%		BofA Securities LLC	06/20/21	$	70	$	(336	)	$	76	$	(412	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.057		Citibank NA	06/20/21		2,190		(10,530	)		2,169		(12,699	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.057		JPMorgan Securities, Inc.	06/20/21		250		(1,202	)		238		(1,440	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.057		UBS AG (London)	06/20/21		280		(1,346	)		115		(1,461	)
TOTAL									$	(13,414	)	$	2,598	$	(16,012	)
Protection Sold:
People’s Republic of China, 7.500%, 10/28/27	1.000%		0.133%		MS & Co. Int. PLC	12/20/23	$	6,780	$	178,280		$	98,822	$	79,458
TOTAL									$	164,866		$	101,420	$	63,446

(a) Payments made quarterly.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2020 (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 December 31, 2020(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Republic of Colombia, 10.375%, 01/28/33		1.000%		0.554%		06/20/24	$	650	$	10,287	$	2,776		$	7,511
State of Qatar, 9.750%, 06/15/30		1.000		0.270		12/20/24		950		27,983		21,402			6,581
Republic of Peru, 8.750%, 11/21/33		1.000		0.416		12/20/24		1,000		23,575		16,700			6,875
People’s Republic of China, 7.500%, 10/28/27		1.000		0.072		06/20/22		1,210		17,078		12,836			4,242
Russian Federation, 7.500%, 03/31/30		1.000		0.795		06/20/25		200		1,880		(822	)		2,702
TOTAL									$	80,803	$	52,892		$	27,911

(a) Payments made quarterly.

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

NON-DELIVERABLE BOND FORWARD CONTRACTS – 0.0%

Counterparty	Notional Amount (000s)		Reference Obligation	Settlement Date	Unrealized Appreciation/ Depreciation)*
Deutsche Bank AG	COP	3,693,500	Colombia Domestic Bond, 0.650%, 01/06/21	01/06/21	$	8,992
	COP	642,500	Colombia Domestic Bond, 0.750%, 01/06/21	01/06/21		3,831
TOTAL					$	12,823

Abbreviations:
1M BID Avg	— 1 month Brazilian Interbank Deposit Average
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D	— Mexico Interbank TIIE 28 Days

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 119.4%
Collateralized Mortgage Obligations – 6.4%
Interest Only(a) – 2.6%
FHLMC REMIC Series 3852, Class SW(b)(-1x 1M USD LIBOR + 6.000%)
$	272,089		5.841	%	05/15/41	$         40,901
FHLMC REMIC Series 4286, Class SN(b)(-1x1M USD LIBOR + 6.000%)
	2,331,501		5.841		12/15/43	388,163
FHLMC REMIC Series 4314, Class SE(b)(-1x 1M USD LIBOR + 6.050%)
	220,983		5.891		03/15/44	35,688
FHLMC REMIC Series 4320, Class SD(b)(-1x 1M USD LIBOR + 6.100%)
	127,066		5.941		07/15/39	25,090
FHLMC REMIC Series 4456, Class IO
	129,251		4.500		10/15/44	18,369
FHLMC REMIC Series 4468, Class SY(b)(-1x1M USD LIBOR + 6.100%)
	224,559		5.941		05/15/45	47,959
FHLMC REMIC Series 4583, Class ST(b)(-1x 1M USD LIBOR + 6.000%)
	948,805		5.841		05/15/46	164,227
FHLMC REMIC Series 4936, Class ES(b)(-1x 1M USD LIBOR + 6.000%)
	315,092		5.852		12/25/49	41,649
FHLMC REMIC Series 4936, Class PS(b)(-1x 1M USD LIBOR + 6.000%)
	267,666		5.852		12/25/49	35,222
FHLMC REMIC Series 4998, Class GI
	870,353		4.000		08/25/50	121,093
FHLMC REMIC Series 5009, Class DI
	1,462,079		2.000		09/25/50	117,163
FHLMC REMIC Series 5012, Class DI
	331,226		4.000		09/25/50	46,185
FHLMC STRIPS Series 304, Class C45
	158,716		3.000		12/15/27	8,894
FNMA REMIC Series 2007-36, Class SN(b)(-1x1M USD LIBOR + 6.770%)
	302,056		6.622		04/25/37	67,088
FNMA REMIC Series 2008-17, Class SI(b)(-1x1M USD LIBOR + 6.300%)
	389,441		6.152		03/25/38	79,257
FNMA REMIC Series 2011-124, Class SC(b)(-1x 1M USD LIBOR + 6.550%)
	198,137		6.402		12/25/41	36,061

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
FNMA REMIC Series 2012-88, Class SB(b)(-1x 1M USD LIBOR + 6.670%)
$	258,440		6.522	%	07/25/42	$         43,925
FNMA REMIC Series 2015-34, Class LS(b)(-1x 1M USD LIBOR + 6.100%)
	1,615,418		5.952		06/25/45	326,407
FNMA REMIC Series 2017-104, Class SB(b)(-1x1M USD LIBOR + 6.150%)
	713,198		6.002		01/25/48	121,094
FNMA REMIC Series 2017-69, Class SG(b)(-1x1M USD LIBOR + 6.150%)
	964,379		6.002		09/25/47	178,089
FNMA REMIC Series 2017-86, Class SB(b)(-1x 1M USD LIBOR + 6.150%)
	839,790		6.002		11/25/47	151,539
FNMA REMIC Series 2018-8, Class SA(b)(-1x 1M USD LIBOR + 6.150%)
	650,351		6.002		02/25/48	97,621
FNMA REMIC Series 2019-81, Class SD(b)(-1x1M USD LIBOR + 6.000%)
	416,748		5.852		01/25/50	62,675
FNMA REMIC Series 2020-45, Class AI
	903,300		4.000		07/25/50	115,122
FNMA REMIC Series 2020-60, Class KI
	2,183,305		2.000		09/25/50	179,636
FNMA REMIC Series 2020-60, Class NI
	307,611		4.000		09/25/50	42,982
GNMA REMIC Series 2010-101, Class S(b)(-1x 1M USD LIBOR + 6.000%)
	601,953		5.848		08/20/40	118,385
GNMA REMIC Series 2010-20, Class SE(b)(-1x 1M USD LIBOR + 6.250%)
	261,863		6.098		02/20/40	52,723
GNMA REMIC Series 2010-85, Class SN(b)(-1x1M USD LIBOR + 5.940%)
	27,771		5.788		07/20/40	6,003
GNMA REMIC Series 2013-124, Class CS(b)(-1x 1M USD LIBOR + 6.050%)
	1,112,036		5.898		08/20/43	225,891
GNMA REMIC Series 2013-134, Class DS(b)(-1x 1M USD LIBOR + 6.100%)
	59,105		5.948		09/20/43	11,767
GNMA REMIC Series 2014-11, Class KI
	118,276		4.500		12/20/42	9,034

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
GNMA REMIC Series 2014-117, Class SJ(b)(-1x 1M USD LIBOR + 5.600%)
$	2,643,010		5.448	%	08/20/44	$       440,954
GNMA REMIC Series 2014-132, Class SL(b) (-1x 1M USD LIBOR + 6.100%)
	404,210		5.948		10/20/43	58,669
GNMA REMIC Series 2014-133, Class BS(b) (-1x 1M USD LIBOR + 5.600%)
	207,712		5.448		09/20/44	36,443
GNMA REMIC Series 2014-158, Class SA(b) (-1x 1M USD LIBOR + 5.600%)
	1,244,508		5.447		10/16/44	220,301
GNMA REMIC Series 2015-110, Class MS(b) (-1x 1M USD LIBOR + 5.710%)
	802,879		5.558		08/20/45	140,040
GNMA REMIC Series 2015-111, Class IM
	681,307		4.000		08/20/45	74,205
GNMA REMIC Series 2015-111, Class SM(b) (-1x1M USD LIBOR + 6.200%)
	250,089		6.048		08/20/45	45,211
GNMA REMIC Series 2015-112, Class SB(b) (-1x 1M USD LIBOR + 5.740%)
	237,890		5.588		08/20/45	40,471
GNMA REMIC Series 2015-119, Class SN(b) (-1x1M USD LIBOR + 6.250%)
	512,724		6.098		08/20/45	93,366
GNMA REMIC Series 2015-129, Class IC
	482,375		4.500		09/16/45	75,173
GNMA REMIC Series 2015-168, Class SD(b) (-1x 1M USD LIBOR + 6.200%)
	137,989		6.048		11/20/45	27,837
GNMA REMIC Series 2015-57, Class AS(b) (-1x 1M USD LIBOR + 5.600%)
	1,487,814		5.448		04/20/45	249,816
GNMA REMIC Series 2015-72, Class JI
	36,910		3.500		05/20/45	2,506
GNMA REMIC Series 2015-83, Class PI
	77,155		3.500		06/20/45	5,799
GNMA REMIC Series 2015-90, Class PI
	48,159		3.500		04/20/45	2,215
GNMA REMIC Series 2016-1, Class ST(b) (-1x 1M USD LIBOR + 6.200%)
	246,353		6.048		01/20/46	41,713
GNMA REMIC Series 2016-138, Class DI
	155,311		4.000		10/20/46	19,467

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
GNMA REMIC Series 2016-27, Class IA
$	498,904		4.000	%	06/20/45	$         45,215
GNMA REMIC Series 2016-4, Class SM(b) (-1x 1M USD LIBOR + 5.650%)
	406,930		5.498		01/20/46	73,916
GNMA REMIC Series 2017-112, Class SJ(b) (-1x1M USD LIBOR + 5.660%)
	773,961		5.508		07/20/47	119,077
GNMA REMIC Series 2018-105, Class SC(b) (-1x 1M USD LIBOR + 6.200%)
	450,867		6.048		08/20/48	69,122
GNMA REMIC Series 2018-124, Class SN(b) (-1x 1M USD LIBOR + 6.200%)
	1,297,426		6.048		09/20/48	227,329
GNMA REMIC Series 2018-139, Class SQ(b) (-1x 1M USD LIBOR + 6.150%)
	791,890		5.998		10/20/48	117,809
GNMA REMIC Series 2018-67, Class PS (-1x1M USD LIBOR + 6.200%)
	1,242,496		6.048		05/20/48	197,139
GNMA REMIC Series 2018-72, Class IB
	1,800,401		4.000		04/20/46	234,885
GNMA REMIC Series 2019-1, Class SN(b) (-1x 1M USD LIBOR + 6.050%)
	672,947		5.898		01/20/49	99,316
GNMA REMIC Series 2019-110, Class SD(b) (-1x 1M USD LIBOR + 6.100%)
	1,145,687		5.948		09/20/49	176,412
GNMA REMIC Series 2019-110, Class SE(b) (-1x 1M USD LIBOR + 6.100%)
	1,213,768		5.948		09/20/49	173,933
GNMA REMIC Series 2019-128, Class IO
	1,026,653		4.000		10/20/49	121,524
GNMA REMIC Series 2019-129, Class AI
	1,561,728		3.500		10/20/49	174,019
GNMA REMIC Series 2019-151, Class IA
	4,101,743		3.500		12/20/49	443,158
GNMA REMIC Series 2019-151, Class NI
	4,029,788		3.500		10/20/49	359,702
GNMA REMIC Series 2019-20, Class SF(b) (-1x 1M USD LIBOR + 3.790%)
	1,184,068		3.638		02/20/49	100,539
GNMA REMIC Series 2019-4, Class SJ (-1x 1M USD LIBOR + 6.050%)
	1,189,599		5.898		01/20/49	187,730

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
GNMA REMIC Series 2019-6, Class SA(b)(-1x 1M USD LIBOR + 6.050%)
$	400,122		5.898	%	01/20/49	$         62,410
GNMA REMIC Series 2019-78, Class SE (-1x 1M USD LIBOR + 6.100%)
	461,972		5.948		06/20/49	69,615
GNMA REMIC Series 2019-97, Class SC(b) (-1x 1M USD LIBOR + 6.100%)
	903,449		5.948		08/20/49	137,954
GNMA REMIC Series 2019-98, Class SC(b) (-1x1M USD LIBOR + 6.050%)
	1,423,400		5.898		08/20/49	222,263
GNMA REMIC Series 2020-11, Class SA(b) (-1X 1M USD LIBOR + 6.050%)
	1,360,272		5.898		02/20/50	228,610
GNMA REMIC Series 2020-11, Class SN(b) (-1X 1M USD LIBOR + 6.050%)
	869,590		5.898		01/20/50	140,259
GNMA REMIC Series 2020-146, Class IM
	1,653,704		2.500		10/20/50	196,302
GNMA REMIC Series 2020-146, Class KI
	2,414,948		2.500		10/20/50	234,942
GNMA REMIC Series 2020-151, Class HI
	496,845		2.500		10/20/50	28,347
GNMA REMIC Series 2020-173, Class AI
	1,596,344		2.500		11/20/50	99,282
GNMA REMIC Series 2020-51, Class ID
	677,176		3.500		04/20/50	63,125
GNMA REMIC Series 2020-55, Class AS(b) (-1X 1M USD LIBOR + 6.050%)
	577,698		5.898		04/20/50	99,710
GNMA REMIC Series 2020-55, Class IO
	640,884		3.500		04/20/50	72,476
GNMA REMIC Series 2020-78, Class DI
	2,417,082		4.000		06/20/50	311,823
GNMA Series 2018-7, Class DS(b) (-1x1M USD LIBOR + 5.700%)
	878,419		5.548		01/20/48	144,751
						9,622,782
Regular Floater(b) – 1.4%
FHLMC REMIC Series 2020-DNA3, Class M2(c) (1M USD LIBOR + 3.000%)
	530,000		3.148		06/25/50	532,882

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater(b) – (continued)
FHLMC REMIC Series 4103, Class BF (1M USD LIBOR + 0.350%)
$	75,155		0.509	%	12/15/38	$         75,173
FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	76,140		0.598		07/25/41	77,115
FNMA REMIC Series 2017-96, Class FA (1M USD LIBOR + 0.400%)
	1,773,550		0.548		12/25/57	1,787,470
GNMA REMIC Series 2017-182, Class FN (1M USD LIBOR + 0.300%)
	2,642,009		0.453		12/16/47	2,653,823
						5,126,463
Sequential Fixed Rate – 1.8%
FHLMC REMIC Series 2042, Class N
	26,383		6.500		03/15/28	29,701
FHLMC REMIC Series 3748, Class D
	171,215		4.000		11/15/39	173,679
FHLMC REMIC Series 4577, Class HM(d)
	533,601		4.000		12/15/50	601,617
FNMA REMIC Series 2000-16, Class ZG
	101,839		8.500		06/25/30	123,300
FNMA REMIC Series 2005-59, Class KZ
	611,074		5.500		07/25/35	706,668
FNMA REMIC Series 2011-52, Class GB
	329,384		5.000		06/25/41	376,947
FNMA REMIC Series 2011-99, Class DB
	356,047		5.000		10/25/41	406,445
FNMA REMIC Series 2012-111, Class B
	51,422		7.000		10/25/42	63,256
FNMA REMIC Series 2012-153, Class B
	195,872		7.000		07/25/42	246,190
FNMA REMIC Series 2017-87, Class EA
	3,475,349		3.000		04/25/44	3,745,355
						6,473,158
Sequential Floating Rate(b) – 0.6%
Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	33,397		2.929		04/25/35	33,432
Bear Stearns ALT-A Trust Series 2005-5, Class 21A1
	183,326		3.377		07/25/35	181,762
Countrywide Alternative Loan Trust Series 2005-38, Class A1(12M MTA + 1.500%)
	60,968		2.109		09/25/35	52,848

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ2, Class M3(1M USD LIBOR + 3.250%)
$	812,906		3.398	%	05/25/25	$       826,306
FHLMC Structured Agency Credit Risk Debt Notes Series 2020-DNA5, Class M2(c)(SOFR30A + 2.800%)
	201,000		2.882		10/25/50	203,139
FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2(1M USD LIBOR + 5.300%)
	23,709		5.448		10/25/28	24,942
FNMA Connecticut Avenue Securities Series 2016-C06, Class 1M2(1M USD LIBOR + 4.250%)
	229,463		4.398		04/25/29	237,423
HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A(1M USD LIBOR + 0.480%)
	47,540		0.632		01/19/36	45,519
Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	25,535		0.868		10/25/34	24,484
Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	210,843		2.794		10/25/34	213,429
New Residential Mortgage Loan Trust Series 2015-1A, Class A1(c)
	164,856		3.750		05/28/52	175,365
Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1(c)
	175,936		3.500		07/25/49	180,612
						2,199,261
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $23,409,423)						$  23,421,664
Commercial Mortgage-Backed Securities – 4.4%
Sequential Fixed Rate – 3.9%
Morgan Stanley Capital I Trust Series 2018-L1, Class A3
$	3,800,000		4.139	%	10/15/51	$    4,487,675
Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
	1,900,000		3.006		01/15/53	2,116,097
Bank Series 2018-BK15, Class D(c)
	800,000		3.000		11/15/61	632,023
BANK Series 2019-BNK19, Class D(c)
	100,000		3.000		08/15/61	93,710
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D(c)
	1,000,000		3.000		09/15/50	810,671
Citigroup Commercial Mortgage Trust Series 2017-P7, Class D(c)
	125,000		3.250		04/14/50	105,267
Benchmark Mortgage Trust Series 2019-B13, Class D(c)
	300,000		2.500		08/15/57	274,743

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
BANK Series 2018-BNK14, Class D(c)
$	200,000		3.000	%	09/15/60	$       170,628
JPMBD Commercial Mortgage Series 2017-C7, Class D(c)
	670,000		3.000		10/15/50	527,517
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D(c)
	150,000		3.060		10/15/48	141,173
Morgan Stanley Capital I Trust Series 2018-L1, Class D(c)
	900,000		3.000		10/15/51	780,938
Wells Fargo Commercial Mortgage Trust Series 2017-RB1, Class D(c)
	300,000		3.401		03/15/50	281,511
GS Mortgage Securities Trust Series 2019-GC42, Class D(c)
	100,000		2.800		09/01/52	92,836
Wells Fargo Commercial Mortgage Trust Series 2017-C38, Class D(c)
	300,000		3.000		07/15/50	266,553
Wells Fargo Commercial Mortgage Trust Series 2020-C55, Class D(c)
	500,000		2.500		02/15/53	405,767
BBCMS Mortgage Trust Series 2018-C2, Class A4
	2,650,000		4.047		12/15/51	3,116,391
						14,303,500
Sequential Floating Rate(b) – 0.5%
Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A(c)(1M USD LIBOR + 0.900%)
	33,727		1.059		09/15/35	33,589
BANK 2018-BNK15 Series 2018-BN15, Class A4
	900,000		4.407		11/15/61	1,084,281
Benchmark Mortgage Trust Series 2018-B6, Class D(c)
	220,000		3.118		10/10/51	208,451
Citigroup Commercial Mortgage Trust Series 2016-GC36, Class C
	400,000		4.755		02/10/49	389,582
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class D(c)
	150,000		4.145		07/15/50	147,300
						1,863,203
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $14,648,463)						$  16,166,703
Federal Agencies – 108.6%
Adjustable Rate FHLMC(b) – 0.0%
(1 Year CMT + 2.107%)
$	6,354		2.253	%	10/01/34	$           6,704
(1 Year CMT + 2.200%)
	10,032		2.422		09/01/33	10,561

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FHLMC(b) – (continued)
(1 Year CMT + 2.250%)
$	19,211		3.761	%	04/01/33	$         20,130
	9,611		2.375		11/01/34	10,109
	8,394		3.643		02/01/35	8,817
	30,424		3.154		06/01/35	32,009
						88,330
Adjustable Rate FNMA(b) – 0.1%
(1 Year CMT + 2.196%)
	9,768		3.464		02/01/35	10,287
(1 Year CMT + 2.200%)
	2,612		2.880		07/01/33	2,741
(1 Year CMT + 2.273%)
	65,764		2.677		06/01/33	69,048
(1 Year CMT + 2.309%)
	837		3.089		04/01/34	877
(12M USD LIBOR + 1.621%)
	19,037		3.621		03/01/35	19,921
(12M USD LIBOR + 1.646%)
	20,660		2.344		12/01/33	21,582
(12M USD LIBOR + 1.670%)
	10,304		2.175		11/01/34	10,810
(12M USD LIBOR + 1.810%)
	11,984		3.807		04/01/35	12,619
(12M USD LIBOR + 1.980%)
	29,561		3.892		05/01/35	31,195
(6M USD LIBOR + 1.412%)
	3,833		2.080		06/01/33	3,949
(COF + 1.250%)
	411		1.903		07/01/22	412
	6,150		1.773		07/01/27	6,194
	7,168		1.773		11/01/27	7,219
	4,209		1.773		01/01/31	4,253
	5,888		1.773		06/01/32	5,954
	5,985		1.903		08/01/32	6,052
	8,377		1.903		05/01/33	8,475
	66,730		1.779		08/01/33	67,397
	2,645		1.773		11/01/35	2,675
	13,651		1.773		12/01/37	13,750
	7,303		1.773		01/01/38	7,358
	6,641		1.773		11/01/40	6,710
						319,478
Adjustable Rate GNMA(b) – 0.1%
(1 Year CMT + 1.500%)
	5,139		2.875		06/20/23	5,208
	2,579		2.250		07/20/23	2,619
	2,505		2.250		08/20/23	2,545
	5,716		2.250		09/20/23	5,780
	2,062		3.000		03/20/24	2,092
	19,046		2.875		04/20/24	19,380
	2,665		2.875		05/20/24	2,722
	22,357		2.875		06/20/24	22,730
	13,739		2.250		07/20/24	13,946
	18,850		2.250		08/20/24	19,126

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(b) – (continued)
$	5,855		2.250	%	09/20/24	$           5,936
	7,474		3.125		11/20/24	7,602
	8,704		3.125		12/20/24	8,901
	4,980		3.000		01/20/25	5,075
	3,105		3.000		02/20/25	3,166
	12,041		2.875		05/20/25	12,304
	10,390		2.250		07/20/25	10,599
	4,401		3.000		02/20/26	4,485
	229		2.250		07/20/26	233
	11,516		3.000		01/20/27	11,778
	4,922		3.000		02/20/27	5,026
	38,060		2.875		04/20/27	38,925
	3,972		2.875		05/20/27	4,063
	5,695		2.875		06/20/27	5,826
	2,062		3.125		11/20/27	2,104
	6,018		3.125		12/20/27	6,143
	12,965		3.000		01/20/28	13,260
	4,229		3.000		02/20/28	4,324
	4,868		3.000		03/20/28	4,980
	20,933		2.250		07/20/29	21,404
	11,911		2.250		08/20/29	12,174
	2,737		2.250		09/20/29	2,800
	11,732		3.125		10/20/29	12,008
	17,150		3.125		11/20/29	17,556
	3,126		3.125		12/20/29	3,199
	4,616		3.000		01/20/30	4,735
	1,962		3.000		02/20/30	2,014
	12,661		3.000		03/20/30	12,991
	13,246		2.875		04/20/30	13,610
	36,539		2.875		05/20/30	37,689
	3,883		2.875		06/20/30	3,988
	30,271		2.250		07/20/30	31,286
	6,247		2.250		09/20/30	6,458
	10,163		3.125		10/20/30	10,417
						443,207
FHLMC – 11.5%
	49,755		5.000		10/01/33	56,810
	2,444		5.000		07/01/35	2,797
	1,585		4.500		08/01/35	1,775
	4,245		4.500		09/01/35	4,754
	1,535		4.500		10/01/35	1,720
	60,637		5.000		12/01/35	69,727
	1,923		5.000		02/01/37	2,213
	22,531		4.500		01/01/38	25,234
	976		4.500		06/01/38	1,094
	37,365		4.500		09/01/38	42,238
	105		4.500		01/01/39	118
	20,212		4.500		02/01/39	22,626
	7,232		4.500		03/01/39	8,095
	1,753		4.500		04/01/39	1,962
	54,906		4.500		05/01/39	61,454
	136,778		5.000		05/01/39	156,461
	166,759		4.500		06/01/39	186,646
	2,728		4.500		07/01/39	3,053
	275,561		5.000		07/01/39	317,863
	4,028		4.500		08/01/39	4,508
	9,319		4.500		09/01/39	10,431
	2,127		4.500		10/01/39	2,381
	1,351		4.500		11/01/39	1,512
	5,519		4.500		12/01/39	6,177
	5,923		4.500		01/01/40	6,629

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	4,130		4.500	%	04/01/40	$           4,618
	6,279		4.500		05/01/40	7,020
	15,052		4.000		06/01/40	16,600
	9,080		4.500		06/01/40	10,152
	5,478		4.500		07/01/40	6,124
	1,681		4.500		08/01/40	1,879
	8,154		5.000		08/01/40	9,258
	11,843		5.000		10/01/40	13,655
	120,937		4.000		02/01/41	133,419
	33,999		4.500		02/01/41	38,007
	6,192		4.500		03/01/41	6,922
	13,267		4.500		04/01/41	14,831
	13,809		4.500		05/01/41	15,437
	29,041		4.500		06/01/41	32,464
	1,619		5.000		06/01/41	1,865
	67,931		4.500		08/01/41	75,935
	76,582		4.500		09/01/41	85,623
	52,152		4.000		10/01/41	58,533
	7,909		4.000		11/01/41	8,771
	4,602		4.500		12/01/41	5,145
	512,263		4.000		03/01/42	565,471
	62,029		4.500		03/01/42	69,341
	26,799		3.000		05/01/42	28,599
	301,258		3.500		06/01/42	331,873
	644,933		4.500		06/01/42	722,656
	95,887		3.000		08/01/42	103,973
	85,559		3.500		08/01/42	93,367
	38,643		3.000		10/01/42	41,848
	226,010		3.500		10/01/42	246,634
	538,230		3.000		11/01/42	588,830
	147,657		3.500		11/01/42	161,131
	947,121		3.000		12/01/42	1,036,165
	1,632,615		3.000		01/01/43	1,785,167
	151,053		3.000		02/01/43	162,093
	1,871,600		3.500		08/01/43	2,029,147
	858,191		4.000		08/01/43	948,207
	478,968		4.000		01/01/44	528,876
	549,278		3.500		02/01/44	597,746
	465,676		3.500		06/01/44	513,264
	13,009		4.000		11/01/44	14,654
	61,918		3.500		02/01/45	68,477
	99,813		3.500		03/01/45	110,387
	14,794		3.500		08/01/45	15,991
	17,055		3.500		09/01/45	18,435
	38,998		3.500		11/01/45	42,128
	2,934,086		3.500		03/01/46	3,211,429
	474,280		3.500		05/01/46	515,733
	599,871		3.500		06/01/46	646,902
	232,591		3.500		07/01/46	250,972
	34,590		3.500		10/01/46	37,281
	55,298		3.500		12/01/46	59,598
	11,027,524		3.000		05/01/47	11,891,968
	374,647		3.500		12/01/47	409,772
	3,886,984		3.000		01/01/48	4,224,284
	2,303,469		4.000		06/01/48	2,490,575
	2,065,895		4.000		07/01/48	2,233,704
	3,341,710		3.500		12/01/48	3,538,133
						41,879,347
FNMA – 6.7%
	2,352		7.000		08/01/31	2,720
	100,574		3.500		07/01/42	109,749

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	93,363		3.500	%	08/01/42	$       101,852
	73,500		3.500		09/01/42	80,182
	9,672		3.500		10/01/42	10,552
	17,824		3.500		11/01/42	19,445
	9,651		3.500		01/01/43	10,529
	206,966		3.500		02/01/43	225,784
	24,166		3.500		05/01/43	26,363
	908,890		3.500		07/01/43	990,961
	458,404		3.500		01/01/44	500,083
	20,382		3.500		12/01/44	22,146
	393,963		4.000		03/01/45	430,968
	183,171		4.000		04/01/45	200,377
	1,987,520		4.500		06/01/51	2,249,390
	3,749,465		4.000		05/01/56	4,205,945
	4,266,024		4.000		07/01/56	4,786,725
	2,372,332		3.500		08/01/56	2,628,804
	3,980,495		3.500		10/01/56	4,436,948
	3,037,138		4.000		02/01/57	3,406,895
						24,446,418
GNMA – 46.9%
	3,314		6.000		04/15/26	3,517
	175		6.500		01/15/32	191
	878		6.500		02/15/32	984
	246,278		5.500		04/15/33	279,478
	4,485		5.000		11/15/33	5,050
	697		6.500		08/15/34	810
	567		6.500		02/15/36	667
	1,497		6.500		03/15/36	1,769
	2,208		6.500		04/15/36	2,554
	9,168		6.500		05/15/36	10,845
	4,915		6.500		06/15/36	5,847
	24,098		6.500		07/15/36	28,401
	27,766		6.500		08/15/36	32,528
	49,343		6.500		09/15/36	58,537
	20,848		6.500		10/15/36	24,581
	30,482		6.500		11/15/36	36,154
	13,044		6.500		12/15/36	15,339
	7,529		6.500		01/15/37	8,882
	1,608		6.500		03/15/37	1,917
	3,438		6.500		04/15/37	4,056
	1,363		6.500		05/15/37	1,584
	1,940		6.500		08/15/37	2,292
	7,259		6.500		09/15/37	8,534
	9,577		6.500		10/15/37	11,407
	2,810		6.500		11/15/37	3,281
	2,229		6.500		05/15/38	2,644
	1,737		6.500		02/15/39	2,048
	243,149		5.000		01/20/40	278,410
	212,103		4.500		05/15/40	237,473
	101,338		5.000		07/15/40	107,226
	151,946		3.500		09/15/42	165,401
	222,345		3.500		02/15/45	238,515
	58,766		4.000		05/20/45	64,455
	45,408		4.000		07/20/45	49,804
	82,937		4.000		10/20/45	90,811
	255,333		4.000		01/20/46	279,572
	984,384		4.500		03/20/46	1,087,743
	2,471,576		3.000		06/20/46	2,625,408
	1,632,757		3.500		09/20/46	1,764,434
	694,069		3.500		10/20/46	750,043
	710,457		3.500		12/20/46	767,754

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	718,455		3.500	%	01/20/47	$       776,396
	786,919		3.500		02/20/47	850,383
	4,330,148		4.500		02/20/47	4,734,845
	15,347		3.500		03/20/47	16,442
	478,272		4.500		03/20/47	524,603
	2,410,547		3.500		04/20/47	2,590,878
	26,507		3.500		05/20/47	28,399
	2,758,752		4.500		05/20/47	3,011,345
	4,065,566		4.000		06/20/47	4,379,097
	472,903		4.500		06/20/47	516,202
	145,424		4.500		07/20/47	158,739
	38,145		3.500		08/20/47	40,868
	1,384,903		4.500		08/20/47	1,511,705
	9,253		3.500		09/20/47	9,913
	15,245		3.500		10/20/47	16,333
	1,002,944		3.500		11/20/47	1,074,531
	14,223		3.500		12/20/47	15,238
	2,754,763		3.500		01/20/48	2,951,388
	768,361		4.500		09/20/48	830,308
	1,095,010		5.000		09/20/48	1,200,424
	5,313,153		5.000		11/20/48	5,814,674
	2,358,699		4.500		12/20/48	2,548,865
	1,920,746		5.000		12/20/48	2,102,049
	78,981		3.500		01/20/49	84,618
	3,428,257		4.500		01/20/49	3,700,100
	2,268,225		5.000		01/20/49	2,480,025
	2,673,483		4.000		02/20/49	2,862,323
	1,707,385		4.500		03/20/49	1,842,239
	2,645,738		5.000		03/20/49	2,889,895
	3,238,560		4.000		04/20/49	3,464,277
	2,046,023		4.000		05/20/49	2,187,985
	398,278		5.000		06/20/49	434,784
	5,714,486		3.000		07/20/49	5,985,046
	3,771,299		4.500		10/20/49	4,061,533
	755,459		4.500		12/20/49	809,899
	6,900,845		3.000		08/20/50	7,241,480
	53,000,000		2.000		TBA - 30yr(e)	55,423,753
	15,000,000		2.500		TBA - 30yr(e)	15,880,455
	7,000,000		2.500		TBA - 30yr(e)	7,396,387
	6,000,000		3.000		TBA - 30yr(e)	6,273,567
	1,000,000		3.500		TBA - 30yr(e)	1,059,704
	2,000,000		5.000		TBA - 30yr(e)	2,181,562
						171,024,203
UMBS – 25.3%
	468		7.000		09/01/21	470
	4,954		7.000		06/01/22	5,087
	2,914		7.000		07/01/22	2,998
	341		4.500		04/01/23	351
	36,833		5.000		07/01/23	40,683
	5,293		5.000		12/01/23	5,837

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	10,164		5.000	%	07/01/25	$         11,240
	3,853,679		5.000		09/01/31	4,253,498
	2,202		5.000		01/01/33	2,514
	198,624		4.500		07/01/36	222,017
	16,743		4.500		12/01/36	18,714
	160,241		4.500		02/01/39	179,325
	4,151		4.500		03/01/39	4,661
	4,533		4.500		05/01/39	5,090
	2,900		4.500		07/01/39	3,254
	3,183		4.000		08/01/39	3,510
	9,437		4.500		09/01/39	10,561
	11,261		4.500		10/01/39	12,603
	28,736		4.500		02/01/40	32,468
	4,645		4.500		03/01/40	5,198
	68,838		4.500		04/01/40	76,938
	24,457		4.500		06/01/40	27,634
	4,718		4.500		09/01/40	5,331
	5,578		4.500		12/01/40	6,234
	60,484		4.500		01/01/41	67,602
	18,614		4.500		04/01/41	20,807
	35,161		4.500		06/01/41	39,302
	24,534		4.500		07/01/41	27,423
	102,039		4.500		08/01/41	114,050
	126,651		4.500		09/01/41	141,567
	106,161		3.500		10/01/41	116,841
	90,337		4.500		10/01/41	100,976
	33,213		3.500		11/01/41	36,596
	85,791		4.500		11/01/41	95,895
	51,734		4.500		12/01/41	57,826
	110,912		3.500		01/01/42	122,210
	60,563		4.500		01/01/42	67,697
	15,379		3.500		02/01/42	16,730
	442,467		4.000		03/01/42	488,293
	6,602		4.500		03/01/42	7,504

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	89,219		4.000	%	04/01/42	$         98,459
	17,370		4.500		04/01/42	19,523
	8,864		3.500		05/01/42	9,659
	41,884		3.500		06/01/42	46,203
	82,338		3.000		09/01/42	88,406
	27,894		3.500		09/01/42	30,797
	182,977		3.500		10/01/42	202,014
	443,587		3.000		12/01/42	477,112
	79,770		3.500		12/01/42	87,995
	94,134		3.000		01/01/43	103,155
	35,286		3.000		02/01/43	38,703
	269,598		3.500		02/01/43	296,738
	940,750		3.000		03/01/43	1,031,839
	1,021,819		3.500		03/01/43	1,117,786
	1,025,303		3.000		04/01/43	1,124,579
	1,050,094		3.500		04/01/43	1,138,178
	410,738		2.500		05/01/43	437,765
	1,236,227		3.000		05/01/43	1,355,926
	180,897		3.500		05/01/43	196,903
	46,252		3.000		06/01/43	50,730
	763,092		3.500		06/01/43	834,827
	369,062		3.000		07/01/43	405,143
	2,563,100		3.500		07/01/43	2,789,032
	1,269,771		3.500		08/01/43	1,377,117
	40,471		3.500		09/01/43	44,682
	85,553		3.500		01/01/44	94,454
	31,916		3.500		08/01/44	34,294
	67,955		3.500		09/01/44	73,995
	110,929		3.500		10/01/44	123,338
	43,811		5.000		12/01/44	49,493
	35,391		3.500		01/01/45	39,161
	370,967		4.000		02/01/45	412,160
	136,904		3.500		03/01/45	150,779
	71,024		3.500		04/01/45	76,838
	790,034		3.500		05/01/45	877,914
	1,860,739		4.500		06/01/45	2,076,725
	104,963		3.500		07/01/45	113,490
	17,113		3.500		11/01/45	18,482
	430,869		4.000		11/01/45	469,568

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	327,266		3.500	%	01/01/46	$       353,851
	675,985		3.500		03/01/46	749,786
	257,845		4.000		03/01/46	280,573
	97,321		3.500		04/01/46	108,025
	597,402		3.500		05/01/46	650,973
	163,522		4.000		06/01/46	177,687
	435,930		4.500		06/01/46	476,883
	444,298		3.000		07/01/46	469,659
	479,445		4.000		07/01/46	520,975
	251,803		3.000		08/01/46	266,176
	639,984		4.000		08/01/46	695,422
	962,978		3.000		09/01/46	1,017,945
	330,272		3.000		10/01/46	349,124
	283,394		4.000		10/01/46	307,943
	1,220,700		3.000		11/01/46	1,298,335
	528,037		3.000		12/01/46	558,178
	2,157,172		3.000		01/01/47	2,280,307
	96,794		3.000		02/01/47	102,319
	1,776,128		4.000		02/01/47	1,930,732
	1,241,967		4.500		02/01/47	1,386,129
	324,251		3.000		04/01/47	343,212
	1,020,136		3.500		06/01/47	1,081,010
	1,652,379		3.000		09/01/47	1,746,699
	323,731		4.500		11/01/47	357,280
	2,873,829		4.000		02/01/48	3,137,489
	2,130,416		3.500		03/01/48	2,257,543
	633,475		4.500		05/01/48	708,031
	1,082,685		3.500		06/01/48	1,147,149
	2,801,519		4.500		06/01/48	3,036,691
	2,528,400		3.500		11/01/48	2,678,942
	2,942,448		5.000		11/01/48	3,354,189
	3,363,648		4.000		01/01/49	3,671,196
	644,438		4.500		TBA - 30yr	697,429
	9,449,311		4.500		03/01/49	10,230,719
	1,424,698		3.500		07/01/49	1,556,668
	945,722		3.500		08/01/49	1,034,369
	3,000,000		3.000		09/01/49	3,237,978

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	229,053		4.500	%	12/01/49	$       248,066
	7,566,889		4.500		01/01/50	8,197,360
	669,445		4.500		02/01/50	724,177
	381,478		4.500		03/01/50	416,563
	2,949,335		3.000		TBA -30yr	3,115,579
	994,317		3.000		08/01/50	1,050,443
						92,481,301
UMBS, 30 Year, Single Family(e) – 18.0%
	46,000,000		2.000		TBA -30yr	47,818,224
	14,000,000		3.000		TBA -30yr	14,667,723
	3,000,000		4.500		TBA - 30yr	3,251,250
						65,737,197
TOTAL FEDERAL AGENCIES						$396,419,481
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $423,855,715)						$436,007,848
Asset-Backed Securities(b) – 7.7%
Collateralized Loan Obligations(c) – 5.0%
Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
$	1,300,000		1.309	%	06/15/28	$       1,286,252
Battalion CLO Ltd. Series 2018-12A, Class A1 (3M USD LIBOR + 1.070%)
	800,000		1.292		05/17/31	796,980
Crown City CLO I Series 2020-1A, Class A2 (3M USD LIBOR + 2.550%)
	1,000,000		2.857		07/20/30	1,002,692
Crown City CLO I Series 2020-1A, Class B (3M USD LIBOR + 3.030%)
	600,000		3.337		07/20/30	600,080
Crown City CLO I Series 2020-1A, Class C (3M USD LIBOR + 4.620%)
	2,500,000		4.927		07/20/30	2,510,293
Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	418,587		1.487		07/15/26	417,972
Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	1,500,000		1.477		04/15/33	1,501,742
Halseypoint CLO 2 Ltd. Series 2020-2A, Class A1 (3M USD LIBOR + 1.860%)
	1,850,000		2.078		07/20/31	1,855,744

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities (b)– (continued)
Collateralized Loan Obligations(c) – (continued)
Madison Park Funding XII Ltd. Series 2014-12A, Class AR (3M USD LIBOR + 1.260%)
$	130,023		1.478	%	07/20/26	$       130,043
Magnetite XVI Ltd. Series 2015-16A, Class AR (3M USD LIBOR + 0.800%)
	1,479,941		1.018		01/18/28	1,474,391
Nassau Ltd. Series 2019-IA, Class ANA (3M USD LIBOR + 1.510%)
	1,000,000		1.747		04/15/31	1,000,592
Pikes Peak CLO 6 Series 2020-6A, Class C (3M USD LIBOR + 4.040%)
	800,000		4.260		08/18/30	806,995
Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%)
	850,000		1.618		01/21/31	838,231
Sound Point CLO XVIII Ltd. Series 2017-4A, Class B (3M USD LIBOR + 1.800%)
	550,000		2.018		01/21/31	524,602
Thacher Park CLO Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 1.160%)
	407,497		1.378		10/20/26	407,552
York CLO 1 Ltd. Series 2014-1A, Class ARR (3M USD LIBOR + 1.120%)
	2,100,000		1.336		10/22/29	2,094,292
Zais CLO Ltd. Series 2020-15A, Class A1 (3M USD LIBOR + 2.555%)
	925,000		2.777		07/28/30	931,050
						18,179,503
Student Loan – 2.7%
Brazos Education Loan Authority, Inc. Series 2012-1, Class A1 (1M USD LIBOR + 0.700%)
	262,611		0.848		12/26/35	259,909
ECMC Group Student Loan Trust Series 2017-1A, Class A(c) (1M USD LIBOR + 1.200%)
	1,498,487		1.348		12/27/66	1,504,975
Goal Capital Funding Trust Series 2010-1, Class A(c) (3M USD LIBOR + 0.700%)
	1,025,544		0.907		08/25/48	1,013,456
Higher Education Funding I Series 2014-1, Class A(c) (3M USD LIBOR + 1.050%)
	1,078,821		1.257		05/25/34	1,080,903
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	728,377		1.115		07/25/45	723,745
PHEAA Student Loan Trust Series 2011-1A, Class A1(c) (3M USD LIBOR + 1.100%)
	1,382,669		1.351		06/25/38	1,379,585

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

Principal Amount			Interest Rate			Maturity Date	Value
Asset-Backed Securities (b)– (continued)
Student Loan – (continued)
PHEAA Student Loan Trust Series 2014-3A, Class A(c) (1M USD LIBOR + 0.590%)
$		3,170,856		0.738	%	08/25/40	$      3,159,342
PHEAA Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.150%)
		731,342		1.298		09/25/65	738,719
							9,860,634
TOTAL ASSET-BACKED SECURITIES (Cost $27,961,287)							$    28,040,137
U.S. Treasury Obligations – 12.1%
United States Cash Management Bill(f)
$		20,000,000		0.000	%	03/30/21	$    19,996,600
United States Treasury Bills(f)
		15,620,000		0.000		01/21/21	15,619,628
United States Treasury Bonds
		880,000		1.625		11/15/50	875,462
United States Treasury Notes
		3,790,000		0.250		12/31/25	3,792,369
		3,780,000		0.625		12/31/27	3,774,094
TOTAL U.S. TREASURY OBLIGATIONS (Cost $44,043,546)							$    44,058,153
Shares	Dividend Rate						Value
Investment Company(g) – 2.1%
Goldman Sachs Financial Square Government Fund - Institutional Shares
		7,654,918		0.026	%		$      7,654,918
(Cost $7,654,918)
TOTAL INVESTMENTS – 141.3% (Cost $503,515,466)							$  515,761,056
LIABILITIES IN EXCESS OF     OTHER ASSETS – (41.3)%							(150,753,743)
NET ASSETS – 100.0%							$  365,007,313

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 December 31, 2020.
(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 December 31, 2020.
(e)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $153,952,625 which represents approximately 42.2% of the Fund’s net assets as of December 31, 2020.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Represents an affiliated issuer.

Currency Abbreviations:
CAD	— Canadian Dollar
USD	— U.S. Dollar
Investment Abbreviations:
CDOR	— Canadian Dollar Offered Rate
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
COF	— Cost of Funds Index
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
MTA	— Monthly Treasury Average
PI	— Private Investment
PLC	— Public Limited Company
REMIC	— Real Estate Mortgage Investment Conduit
STRIPS	— Separate Trading of Registered Interest and Principal of Securities

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At December 31, 2020, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date	Principal Amount		Value
UMBS, 30 Year, Single Family		3.500	%	TBA-30yr	01/14/20	$	(1,000,000)	$	(1,057,188)
UMBS, 30 Year, Single Family		4.000		TBA-30yr	01/14/20		(3,000,000)		(3,203,672)
UMBS, 30 Year, Single Family		5.000		TBA-30yr	01/14/20		(1,000,000)		(1,106,562)
TOTAL (Proceeds Receivable: $5,361,484)								$	(5,367,422)

(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 December 31, 2020, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra 10 Year U.S. Treasury Notes	3	03/22/21	$	469,078		$	1,401
20 Year U.S. Treasury Bonds	7	03/22/21		1,212,313			643
Total						$	2,044
Short position contracts:
Ultra Long U.S. Treasury Bonds	(17)	03/22/21		(3,630,562	)		17,648
2 Year U.S. Treasury Notes	(142)	03/31/21		(31,378,672	)		(27,864	)
5 Year U.S. Treasury Notes	(112)	03/31/21		(14,130,375	)		(13,771	)
10 Year U.S. Treasury Notes	(46)	03/22/21		(6,351,594	)		(5,282	)
Total						$	(29,269	)
TOTAL FUTURES CONTRACTS						$	(27,225	)

SWAP CONTRACTS — At December 31, 2020, 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)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.000%(b)	3M LIBOR(b)	07/25/24	$	16,200	$	(5,438	)	$	5,438		$	(10,876	)
6M CDOR(c)	0.960%(c)	11/09/24	CAD	14,760		20,724			15,168			5,556
0.000(b)	3M LIBOR(b)	11/10/24	$	9,600		(8,313	)		9			(8,322	)
3M LIBOR(b)	0.500(c)	03/17/26		140		278			96			182
1.430(c)	6M CDOR(c)	11/09/30	CAD	2,960		(12,338	)		(11,285	)		(1,053	)
3M LIBOR(b)	1.245(c)	11/24/30	$	2,520		(21,355	)		(3,237	)		(18,118	)
1.543(c)	3M LIBOR(b)	11/25/35		2,780		27,934			1,336			26,598
TOTAL					$	1,492		$	7,525		$	(6,033	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2020.

(b) Payments made quarterly.

(c) Payments made semi-annually.

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)	Credit Spread at December 31, 2020(b)	Counterparty	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 11	3.000%	4.368%	Citibank NA	11/18/54	$	1,500	$	(117,768	)	$	(218,565	)	$	100,797
Markit CMBX Series 8	3.000	7.961	Citibank NA	10/17/57		2,200		(352,046	)		(509,388	)		157,342
Markit CMBX Series 10	3.000	5.517	JPMorgan Securities, Inc.	11/17/59		2,450		(302,549	)		(7,255	)		(295,294	)
Markit CMBX Series 11	2.000	2.643	JPMorgan Securities, Inc.	11/18/54		2,500		(97,667	)		(390,354	)		292,687
Markit CMBX Series 11	3.000	4.368	JPMorgan Securities, Inc.	11/18/54		2,400		(188,531	)		(32,363	)		(156,168	)
Markit CMBX Series 9	3.000	2.643	JPMorgan Securities, Inc.	09/17/58		1,200		(143,124	)		(5,469	)		(137,655	)
Markit CMBX Series 10	3.000	5.517	MS & Co. Int. PLC	11/17/59		400		(49,463	)		(64,015	)		14,552
TOTAL							$	(1,251,148	)	$	(1,227,409	)	$	(23,739	)

(a) Payments made monthly.

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	JPMorgan Securities, Inc.	$	1.100		03/17/2021		5,000,000	$	5,000,000	$	10,169	$	60,000	$	(49,831	)
Puts
6M IRS	JPMorgan Securities, Inc.		0.555		06/17/2021		5,290,000		5,290,000		22,803		23,627		(824	)
Total purchased option contracts							10,290,000	$	10,290,000	$	32,972	$	83,627	$	(50,655	)

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
6M IRS	JPMorgan Securities, Inc.	$	0.900		03/17/2021		(5,000,000	)	$	(5,000,000	)	$	(4,248	)	$	(40,000	)	$	35,752
6M IRS	JPMorgan Securities, Inc.		0.700		03/17/2021		(5,000,000	)		(5,000,000	)		(1,656	)		(22,825	)		21,169
3M IRS	Deutsche Bank AG (London)		0.280		01/06/2021		(5,100,000	)		(5,100,000	)		(1	)		(5,610	)		5,609
3M IRS	Deutsche Bank AG (London)		0.310		01/20/2021		(5,090,000	)		(5,090,000	)		(768	)		(5,854	)		5,086
							(20,190,000	)	$	(20,190,000	)	$	(6,673	)	$	(74,289	)	$	67,616
Puts
6M IRS	JPMorgan Securities, Inc.		0.763		06/17/2021		(5,290,000	)		(5,290,000	)		(9,410	)		(9,270	)		(140	)
6M IRS	JPMorgan Securities, Inc.		0.659		06/17/2021		(5,290,000	)		(5,290,000	)		(14,490	)		(14,357	)		(133	)
3M IRS	Deutsche Bank AG (London)		0.480		01/06/2021		(5,100,000	)		(5,100,000	)		(431	)		(12,877	)		12,446
3M IRS	Deutsche Bank AG (London)		0.510		01/20/2021		(5,090,000	)		(5,090,000	)		(2,304	)		(14,252	)		11,948
							(20,770,000	)	$	(20,770,000	)	$	(26,635	)	$	(50,756	)	$	24,121
Total written option contracts							(40,960,000	)	$	(40,960,000)		$	(33,308	)	$	(125,045	)	$	91,737
TOTAL							(30,670,000	)	$	(30,670,000	)	$	(336	)	$	(41,418	)	$	41,082

Abbreviations:

MS & Co. Int. PLC-Morgan Stanley &  Co. International PLC

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

1. 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 level in the fair value hierarchy within the fair value measurement in its entirely falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Private Investments — Private investments may include, but are not limited to, investments in private equity or debt instruments. The investment manager estimates the fair value of private investments based upon various factors, including, but not limited to, transactions in similar instruments, completed or pending third-party transactions in underlying investments or comparable entities, subsequent rounds of financing, recapitalizations, and other transactions across the capital structure, offerings in equity or debt capital markets, and changes in current and projected financial ratios or cash flows.

Underlying Funds (including Money Market Funds) — Underlying Funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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 G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

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

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

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

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

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

v. Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss. Structured notes that are exchange traded are generally classified as Level 1 of the fair value hierarchy.

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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

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 by using the outright forward rates or interpolating based upon maturity dates, where available. 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.

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

iii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate and or credit default, swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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

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

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

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

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

A total return swap is an agreement that gives a Fund the right to receive or pay the appreciation or depreciation, as applicable, in the value of a specified security, an index, a basket of securities or indices or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, a Fund may also be required to pay the dollar value of that decline to the counterparty.

Secured Borrowings – Secured borrowings are valued at their contractual amounts, which approximate fair value, and are generally classified as Level 2 of the fair value hierarchy.

i. Reverse Repurchase Agreements — Reverse repurchase agreements involve the sale of securities held by a Fund subject to the Fund’s agreement to repurchase the securities at a mutually agreed upon date and price (including interest), under the terms of a Master Repurchase Agreement (“ MRA”). The gross value of reverse repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

When a Fund enters into a reverse repurchase agreement, it is required to deliver securities as collateral to the counterparty that exceed the value of the reverse repurchase agreement. During the term of a reverse repurchase agreement, the value of the underlying securities pledged as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the reverse repurchase agreement, including accrued interest. If the value of those securities pledged as collateral, including accrued interest, becomes less than the value of the reverse repurchase agreement, including accrued interest, a Fund will be obligated to deliver additional collateral to the buyer. If the buyer defaults on its commitment to sell back the securities, a Fund could suffer a loss to the extent that the amount borrowed is less than the replacement cost of similar securities and the Fund’s costs associated with delay and enforcement of the reverse repurchase agreement. In addition, in the event of default or insolvency of the buyer, a court could determine that the Fund’s interest in the amount borrowed is not enforceable, resulting in additional losses to a Fund.

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

To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for the valuation of Level 3 Assets and Liabilities.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of December 31, 2020:

EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	876,699,358		$	—
Corporate Obligations		—			357,367,105			—
Structured Notes		—			13,127,098			—
Investment Company		45,527,646			—			—
Total	$	45,527,646		$	1,247,193,561		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	5,768,799		$	—
Futures Contracts		609,622			—			—
Interest Rate Swap Contracts		—			1,452,857			—
Credit Default Swap Contracts		—			4,794,140			—
Total	$	609,622		$	12,015,796		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(10,721,626	)	$	—
Futures Contracts		(371,317	)		—			—
Interest Rate Swap Contracts		—			(215,102	)		—
Credit Default Swap Contracts		—			(886,866	)		—
Total	$	(371,317	)	$	(11,823,594	)	$	—

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

HIGH YIELD
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	30,961,915		$	—
Corporate Obligations		—			2,074,171,289			—
Structured Note		—			1,906,450			—
Common Stock and/or Other Equity Investments
North America		195,448			1,699,200			—
Investment Company		1,163,749			—			—
Exchange Traded Funds		33,153,048			—			—
Total	$	34,512,245		$	2,108,738,854		$	—
Derivative Type
Assets(a)
Futures Contracts	$	278,082		$	—		$	—
Credit Default Swap Contracts		—			8,846,813			—
Total Return Swap Contracts		—			312,021			—
Total	$	278,082		$	9,158,834		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,021,953	)	$	—
Futures Contracts		(757,650	)		—			—
Total	$	(757,650	)	$	(1,021,953	)	$	—

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

HIGH YIELD FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	1,161,856,714		$	16,909,967
Corporate Obligations		—			64,423,976			—
Asset-Backed Securities		—			10,572,759			—
Unfunded Loan Commitments		—			396,613			11,462
Common Stock and/or Other Equity Investments(a)
Europe		—			—			3,456,341
North America		2,077,653			820,599			—
Warrants		—			—			40,687
Exchange Traded Funds		37,746,107			—			—
Investment Company		71,938,832			—			—
Securities Lending Reinvestment Vehicle		1,117,675			—			—
Total	$	112,880,267		$	1,238,070,661		$	20,418,457
Derivative Type
Assets(b)
Forward Foreign Currency Exchange Contracts	$	—		$	28,417		$	—
Futures Contracts		12,997			—			—
Credit Default Swap Contracts		—			581,054			—
Total	$	12,997		$	609,471		$	—
Liabilities(b)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,045,818	)	$	—
Futures Contracts		(70,203	)		—			—
Total	$	(70,203	)	$	(1,045,818	)	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Funds utilize fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

The following is a reconciliation of Level 3 investments for the nine months ended December 31, 2020:

	Bank Loans			Common Stocks			Warrant
Beginning Balance as of April 1, 2020	$	96,748,223		$	—		$	40,687
Realized gain (loss)		(184,371	)		—			—
Net change in unrealized gain (loss) relating to instruments still held at reporting date		3,027,356			(713,730	)		—
Purchases		7,684,907			4,170,071			—
Sales		(7,542,099	)		—			—
Amortization		136,341			—			—
Transfers into Level 3		2,956,781			—			—
Transfers out of Level 3		(85,905,709	)		—			—
Ending Balance as of December 31, 2020	$	16,921,429		$	3,456,341		$	40,687

INVESTMENT GRADE CREDIT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	604,171,707		$	—
Foreign Debt Obligations		—			24,896,472			—
Municipal Debt Obligations		—			4,663,313			—
U.S. Treasury Obligations		982,625			—			—
Total	$	982,625		$	633,731,492		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	131,744		$	—
Futures Contracts		125,276			—			—
Interest Rate Swap Contracts		—			73,208			—
Credit Default Swap Contracts		—			1,252,525			—
Total	$	125,276		$	1,457,477		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(622,217	)	$	—
Futures Contracts		(414,106	)		—			—
Interest Rate Swap Contracts		—			(66,186	)		—
Credit Default Swap Contracts		—			(72,441	)		—
Total	$	(414,106	)	$	(760,844	)	$	—

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

LOCAL EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	69,913,548		$	—
Corporate Obligations		—			4,975,039			—
Structured Notes		—			7,997,118			—
U.S. Treasury Obligations		102,629			—			—
Investment Company		2,800,830			—			—
Total	$	2,903,459		$	82,885,705		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	1,275,113		$	—
Futures Contracts		62,306			—			—
Interest Rate Swap Contracts		—			883,412			—
Credit Default Swap Contracts		—			107,369			—
Total	$	62,306		$	2,265,894		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(907,260	)	$	—
Futures Contracts		(31,944	)		—			—
Interest Rate Swap Contracts		—			(19,742	)		—
Credit Default Swap Contracts		—			(16,012	)		—
Total	$	(31,944	)	$	(943,014	)	$	—

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

U.S. MORTGAGES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	436,007,848		$	—
Asset-Backed Securities		—			28,040,137			—
U.S. Treasury Obligations		44,058,153			—			—
Investment Company		7,654,918			—			—
Total	$	51,713,071		$	464,047,985		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(5,367,422	)	$	—
Total	$	—		$	(5,367,422	)	$	—
Derivative Type
Assets
Futures Contracts(a)	$	19,692		$	—		$	—
Interest Rate Swap Contracts(a)		—			32,336			—
Credit Default Swap Contracts(a)		—			565,378			—
Options Purchased		—			32,972			—
Total	$	19,692		$	630,686		$	—
Liabilities
Futures Contracts(a)	$	(46,917	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(38,369	)		—
Credit Default Swap Contracts(a)		—			(589,117	)		—
Written option contracts		—			(33,308	)		—
Total	$	(46,917	)	$	(660,794	)	$	—

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy.

Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

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

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

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2020 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. A Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

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

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

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

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which [a/the] Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Non-Diversification Risk — Each of the Emerging Markets Debt Fund and Local Emerging Markets Debt Fund is non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.