GOLDMAN SACHS BOND FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 48.2%
Aerospace & Defense – 0.5%
General Dynamics Corp.(a)
$	65,000		3.250	%	04/01/25	$         70,451
Northrop Grumman Corp.(a)
	815,000		2.930		01/15/25	868,928
	25,000		4.030		10/15/47	29,695
Raytheon Technologies Corp.
	475,000		3.950	(a)	08/16/25	528,205
	10,000		5.700		04/15/40	13,885
	100,000		4.625	(a)	11/16/48	128,406
The Boeing Co.(a)
	50,000		3.250		02/01/35	50,827
	25,000		3.375		06/15/46	24,084
	25,000		3.850		11/01/48	25,796
TransDigm, Inc.(a)
	166,000		6.250	(b)	03/15/26	175,130
	575,000		6.375		06/15/26	595,125
						2,510,532
Agriculture – 0.3%
BAT Capital Corp.(a)
	840,000		3.222		08/15/24	892,298
	25,000		4.758		09/06/49	27,055
Reynolds American, Inc.
	700,000		4.850		09/15/23	763,469
	65,000		4.450	(a)	06/12/25	72,064
						1,754,886
Apparel(a) – 0.0%
NIKE, Inc.
	65,000		2.400		03/27/25	68,715
Automotive – 1.1%
Allison Transmission, Inc.(a)(b)
	696,000		3.750		01/30/31	683,820
American Honda Finance Corp.
	15,000		1.200		07/08/25	15,120
BMW US Capital LLC(a)(b)
	30,000		3.625		04/18/29	33,721
BorgWarner, Inc.(b)
	60,000		5.000		10/01/25	68,922

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – (continued)
Ford Motor Co.(a)
$	27,000		9.000	%	04/22/25	$         33,271
Ford Motor Credit Co. LLC(a)
	330,000		2.979		08/03/22	334,542
	650,000		4.140		02/15/23	673,605
	839,000		3.625		06/17/31	854,775
General Motors Co.
	425,000		5.400		10/02/23	467,866
	225,000		4.000		04/01/25	247,230
	35,000		5.150	(a)	04/01/38	42,604
	25,000		6.750	(a)	04/01/46	36,218
	50,000		5.950	(a)	04/01/49	68,074
General Motors Financial Co., Inc.(a)
	300,000		4.300		07/13/25	331,653
	125,000		5.650		01/17/29	152,351
	500,000		2.350		01/08/31	493,240
Hyundai Capital America
	70,000		2.750		09/27/26	73,164
IHO Verwaltungs GmbH(a)(b)(c) (PIK 7.125%, Cash 6.375%)
	823,000		6.375		05/15/29	888,840
Lear Corp.(a)
	30,000		5.250		05/15/49	37,825
Toyota Motor Credit Corp.
	50,000		3.000		04/01/25	53,734
						5,590,575
Banks – 12.0%
ABN AMRO Bank NV(a)(d) (-1x 5 Year EUR Swap + 4.674%)
EUR	400,000		4.375		12/31/99	513,539
AIB Group PLC(b)
$	1,300,000		4.750		10/12/23	1,411,215
Banco do Brasil SA(a)(d) (10 Year CMT + 4.398%)
	200,000		6.250		10/29/49	204,700
Banco Santander SA
	800,000		2.746		05/28/25	842,960
	600,000		4.250		04/11/27	676,350
	200,000		2.749		12/03/30	198,218

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Bank of America Corp.
$	425,000		4.200	%	08/26/24	$       466,480
	1,300,000		3.248	(a)	10/21/27	1,410,162
	925,000		4.183	(a)	11/25/27	1,035,704
	100,000		6.110		01/29/37	137,235
	5,000		5.875		02/07/42	7,188
(3M USD LIBOR + 0.940%)
	60,000		3.864	(a)(d)	07/23/24	63,944
(3M USD LIBOR + 0.970%)
	65,000		3.458	(a)(d)	03/15/25	69,475
(3M USD LIBOR + 0.990%)
	75,000		2.496	(a)(d)	02/13/31	76,683
(3M USD LIBOR + 1.190%)
	525,000		2.884	(a)(d)	10/22/30	552,673
(3M USD LIBOR + 1.310%)
	750,000		4.271	(a)(d)	07/23/29	861,930
(3M USD LIBOR + 1.575%)
	525,000		3.824	(a)(d)	01/20/28	583,076
(3M USD LIBOR + 1.814%)
	30,000		4.244	(a)(d)	04/24/38	35,654
(SOFR + 0.740%)
	35,000		0.810	(a)(d)	10/24/24	35,118
(SOFR + 1.530%)
	600,000		1.898	(a)(d)	07/23/31	582,198
(SOFR + 2.150%)
	950,000		2.592	(a)(d)	04/29/31	977,939
Bank of Montreal(a)(d) (SOFR + 0.603%)
	35,000		0.949		01/22/27	34,386
Barclays PLC(a)(d)
(3M USD LIBOR + 1.400%)
	1,275,000		4.610		02/15/23	1,307,321
(SOFR + 2.714%)
	825,000		2.852		05/07/26	871,472
BNP Paribas SA(b)
	1,750,000		3.500		03/01/23	1,835,785
	550,000		3.375		01/09/25	590,821
(5 Year USD Swap + 4.149%)
	200,000		6.625	(a)(d)	12/31/99	219,134
(SOFR + 1.004%)
	725,000		1.323	(a)(d)	01/13/27	716,010
(SOFR + 2.074%)
	350,000		2.219	(a)(d)	06/09/26	360,868
BPCE SA(b)
	1,025,000		4.000		09/12/23	1,099,487
	525,000		4.625		09/12/28	612,959
(SOFR + 1.312%)
	475,000		2.277	(a)(d)	01/20/32	465,780
CaixaBank SA(a)(d) (-1X 5 year EUR Swap + 6.346%)
EUR	400,000		5.875		12/31/99	543,074
CIT Bank NA(a)(d) (SOFR + 1.715%)
$	600,000		2.969		09/27/25	629,892

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Citigroup, Inc.
$	780,000		3.500	%	05/15/23	$       822,151
	1,050,000		3.400		05/01/26	1,147,723
	125,000		4.300		11/20/26	141,226
	1,125,000		4.450		09/29/27	1,284,862
	475,000		4.125		07/25/28	535,648
(3M USD LIBOR + 0.897%)
	65,000		3.352	(a)(d)	04/24/25	69,328
(3M USD LIBOR + 1.023%)
	510,000		4.044	(a)(d)	06/01/24	543,425
(SOFR + 0.669%)
	55,000		0.981	(a)(d)	05/01/25	55,137
(SOFR + 0.686%)
	35,000		0.776	(a)(d)	10/30/24	35,083
(SOFR + 1.422%)
	550,000		2.976	(a)(d)	11/05/30	583,396
(SOFR + 2.842%)
	10,000		3.106	(a)(d)	04/08/26	10,698
Citizens Financial Group, Inc.(a)
	65,000		2.850		07/27/26	69,307
Commerzbank AG(a)(d)
(-1x 5 Year EUR Swap + 6.363%)
EUR	400,000		6.125		03/31/99	522,916
Credit Agricole SA(a)(b)(d)
(5 Year USD Swap + 4.319%)
	250,000		6.875		12/31/99	280,263
(SOFR + 1.676%)
$	375,000		1.907		06/16/26	382,196
Credit Suisse AG
	300,000		2.950		04/09/25	321,471
Credit Suisse Group AG
	307,000		4.550		04/17/26	347,429
	875,000		4.282	(a)(b)	01/09/28	973,647
(3M USD LIBOR + 1.410%)
	525,000		3.869	(a)(b)(d)	01/12/29	577,752
(SOFR + 1.730%)
	385,000		3.091	(a)(b)(d)	05/14/32	396,689
Deutsche Bank AG
	65,000		4.100		01/13/26	71,308
(SOFR + 1.718%)
	525,000		3.035	(a)(d)	05/28/32	534,030
(SOFR + 1.870%)
	450,000		2.129	(a)(d)	11/24/26	456,939
(SOFR + 2.159%)
	300,000		2.222	(a)(d)	09/18/24	308,052
Erste Group Bank AG(a)(d) (5 Year EUR Swap + 6.204%)
EUR	400,000		6.500		12/31/99	531,809
Fifth Third Bancorp(a)
$	375,000		2.375		01/28/25	392,985

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
First Horizon Corp.(a)
$	700,000		3.550	%	05/26/23	$       735,875
	700,000		4.000		05/26/25	772,114
HSBC Holdings PLC
	200,000		4.950		03/31/30	241,372
(3M USD LIBOR + 1.000%)
	450,000		1.155	(a)(d)	05/18/24	455,864
(3M USD LIBOR + 1.055%)
	625,000		3.262	(a)(d)	03/13/23	637,619
(3M USD LIBOR + 1.211%)
	600,000		3.803	(a)(d)	03/11/25	645,162
(SOFR + 1.538%)
	1,050,000		1.645	(a)(d)	04/18/26	1,064,038
Huntington Bancshares, Inc.(a)
	825,000		4.000		05/15/25	915,750
ING Groep NV(a)(b)(d) (1 Year CMT + 1.100%)
	950,000		1.400		07/01/26	953,230
Intesa Sanpaolo SpA(a)(d) (5 Year EUR Swap + 7.192%)
EUR	350,000		7.750		12/29/49	507,353
JPMorgan Chase & Co.(a)
$	425,000		3.625		12/01/27	466,897
(3M USD LIBOR + 0.730%)
	195,000		3.559	(d)	04/23/24	205,629
(3M USD LIBOR + 0.890%)
	220,000		3.797	(d)	07/23/24	234,230
(3M USD LIBOR + 1.000%)
	60,000		4.023	(d)	12/05/24	64,758
(3M USD LIBOR + 1.155%)
	65,000		3.220	(d)	03/01/25	69,039
(3M USD LIBOR + 1.245%)
	1,000,000		3.960	(d)	01/29/27	1,113,470
(3M USD LIBOR + 3.800%)
	1,710,000		3.976	(d)	12/29/49	1,714,685
(SOFR + 1.160%)
	580,000		2.301	(d)	10/15/25	603,594
(SOFR + 2.040%)
	25,000		2.522	(d)	04/22/31	25,693
(SOFR + 2.515%)
	275,000		2.956	(d)	05/13/31	289,022
(SOFR + 3.125%)
	800,000		4.600	(d)	12/31/99	828,312
(SOFR + 3.790%)
	75,000		4.493	(d)	03/24/31	88,889
Macquarie Group Ltd.(a)(b)(d) (SOFR + 1.069%)
	450,000		1.340		01/12/27	445,838
Mitsubishi UFJ Financial Group, Inc.
	60,000		3.741		03/07/29	67,544
	30,000		4.286		07/26/38	36,450
Morgan Stanley, Inc.(a)(d) (3M USD LIBOR + 1.140%)
	35,000		3.772		01/24/29	39,304

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley, Inc.
$	1,050,000		3.700	%	10/23/24	$    1,144,867
	50,000		4.000		07/23/25	55,672
	425,000		3.950		04/23/27	474,759
(3M USD LIBOR + 0.847%)
	350,000		3.737	(a)(d)	04/24/24	370,083
(3M USD LIBOR + 1.400%)
	1,550,000		1.576	(a)(d)	10/24/23	1,575,001
(3M USD LIBOR + 1.431%)
	35,000		4.457	(a)(d)	04/22/39	43,182
(3M USD LIBOR + 1.628%)
	200,000		4.431	(a)(d)	01/23/30	234,534
(SOFR + 1.034%)
	750,000		1.794	(a)(d)	02/13/32	721,447
(SOFR + 1.143%)
	725,000		2.699	(a)(d)	01/22/31	759,437
(SOFR + 1.152%)
	800,000		2.720	(a)(d)	07/22/25	842,232
(SOFR + 3.120%)
	400,000		3.622	(a)(d)	04/01/31	446,776
Natwest Group PLC
	826,000		3.875		09/12/23	882,374
(3M USD LIBOR + 1.480%)
	1,160,000		3.498	(a)(d)	05/15/23	1,189,951
(3M USD LIBOR + 1.550%)
	850,000		4.519	(a)(d)	06/25/24	912,509
(3M USD LIBOR + 1.762%)
	225,000		4.269	(a)(d)	03/22/25	244,148
(5 Year CMT + 2.100%)
	200,000		3.754	(a)(d)	11/01/29	212,500
Standard Chartered PLC(a)(b)(d)
(3M USD LIBOR + 1.150%)
	1,325,000		4.247		01/20/23	1,351,593
State Street Corp.(a)(d)
(3M USD LIBOR + 1.030%)
	60,000		4.141		12/03/29	70,302
(SOFR + 2.650%)
	25,000		3.152		03/30/31	27,397
The Bank of Nova Scotia
	70,000		2.200		02/03/25	73,083
Truist Bank(a)
	350,000		2.250		03/11/30	354,981
Turkiye Vakiflar Bankasi TAO
	200,000		8.125		03/28/24	216,725
	200,000		6.500	(b)	01/08/26	204,250
Wells Fargo & Co.
	315,000		3.750	(a)	01/24/24	338,783
	1,975,000		3.000		10/23/26	2,129,504
	600,000		4.300		07/22/27	683,712
	75,000		4.150	(a)	01/24/29	86,315

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Wells Fargo & Co. – (continued)
(3M USD LIBOR + 0.750%)
$	45,000		2.164	%(a)(d)	02/11/26	$         46,689
(SOFR + 1.087%)
	65,000		2.406	(a)(d)	10/30/25	68,007
(SOFR + 2.000%)
	50,000		2.188	(a)(d)	04/30/26	51,910
Westpac Banking Corp.
	65,000		2.350		02/19/25	68,323
(5 Year CMT + 2.000%)
	300,000		4.110	(a)(d)	07/24/34	329,280
						60,856,957
Beverages – 1.3%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	355,000		4.700		02/01/36	435,397
	1,625,000		4.900		02/01/46	2,055,479
Anheuser-Busch InBev Worldwide, Inc.(a)
	55,000		5.450		01/23/39	72,558
	925,000		4.600		04/15/48	1,130,886
Constellation Brands, Inc.(a)
	625,000		4.400		11/15/25	705,844
	225,000		3.700		12/06/26	250,281
	500,000		3.600		02/15/28	554,445
	625,000		3.150		08/01/29	671,806
Keurig Dr Pepper, Inc.(a)
	377,000		4.057		05/25/23	401,837
	30,000		4.417		05/25/25	33,682
Molson Coors Beverage Co.
	20,000		5.000		05/01/42	24,531
						6,336,746
Biotechnology(a)(b) – 0.1%
Royalty Pharma PLC
	425,000		1.200		09/02/25	421,396
Building Materials(a) – 0.7%
Carrier Global Corp.
	1,125,000		2.493		02/15/27	1,177,279
	875,000		2.722		02/15/30	907,156
Cemex SAB de CV(b)
	200,000		5.200		09/17/30	219,170
Martin Marietta Materials, Inc.
	1,100,000		3.200		07/15/51	1,098,581

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Building Materials(a) – (continued)
Masco Corp.
$	325,000		1.500	%	02/15/28	$       316,950
						3,719,136
Chemicals – 1.2%
Ashland Services B.V.(a)
EUR	650,000		2.000		01/30/28	780,489
DuPont de Nemours, Inc.(a)
$	425,000		4.205		11/15/23	460,114
	55,000		5.319		11/15/38	72,691
Huntsman International LLC(a)
	350,000		4.500		05/01/29	398,047
	250,000		2.950		06/15/31	253,036
International Flavors & Fragrances, Inc.(a)(b)
	650,000		1.832		10/15/27	648,758
	600,000		2.300		11/01/30	596,742
LYB International Finance B.V.
	25,000		5.250		07/15/43	32,317
OCP SA(a)(b)
	200,000		5.125		06/23/51	203,000
Sasol Financing USA LLC(a)
	310,000		5.875		03/27/24	330,305
The Dow Chemical Co.(a)
	30,000		3.600		11/15/50	32,342
The Sherwin-Williams Co.(a)
	500,000		3.450		06/01/27	550,980
	475,000		2.950		08/15/29	510,221
Tronox, Inc.(a)(b)
	990,000		4.625		03/15/29	998,662
Valvoline, Inc.(a)(b)
	315,000		3.625		06/15/31	315,000
						6,182,704
Commercial Services(a) – 1.0%
CoStar Group, Inc.(b)
	625,000		2.800		07/15/30	634,581
Global Payments, Inc.
	375,000		2.650		02/15/25	395,025
	225,000		3.200		08/15/29	240,338

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Commercial Services(a) – (continued)
Nielsen Finance LLC/Nielsen Finance Co.(b)
$	83,000		5.875	%	10/01/30	$         90,263
PayPal Holdings, Inc.
	1,150,000		1.650		06/01/25	1,180,877
	1,175,000		2.650		10/01/26	1,260,223
	950,000		2.300		06/01/30	984,428
Square, Inc.(b)
	160,000		2.750		06/01/26	162,400
	97,000		3.500		06/01/31	97,485
						5,045,620
Computers – 1.5%
Amdocs Ltd.(a)
	350,000		2.538		06/15/30	350,823
Apple, Inc.
	65,000		2.500		02/09/25	68,957
	1,875,000		2.450	(a)	08/04/26	1,994,438
	40,000		4.500	(a)	02/23/36	50,510
Booz Allen Hamilton, Inc.(a)(b)
	253,000		4.000		07/01/29	258,060
Dell International LLC/EMC Corp.(a)
	600,000		5.450		06/15/23	650,850
	275,000		5.850		07/15/25	322,751
	325,000		6.020		06/15/26	389,789
	50,000		5.300		10/01/29	60,304
	50,000		6.200		07/15/30	64,286
	100,000		8.350		07/15/46	163,605
Hewlett Packard Enterprise Co.(a)
	1,300,000		4.450		10/02/23	1,406,652
	550,000		4.650		10/01/24	611,347
	969,000		4.900		10/15/25	1,103,410
	155,000		6.350		10/15/45	209,303
HP, Inc.
	30,000		6.000		09/15/41	39,455
NetApp, Inc.(a)
	35,000		2.375		06/22/27	36,738
						7,781,278

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Cosmetics/Personal Care – 0.0%
The Procter & Gamble Co.
$	45,000		2.800	%	03/25/27	$         48,726
Diversified Financial Services – 2.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,150,000		4.625		07/01/22	1,196,126
	450,000		3.300	(a)	01/23/23	466,344
	400,000		4.875	(a)	01/16/24	435,620
	295,000		6.500	(a)	07/15/25	345,896
Air Lease Corp.
	550,000		2.250		01/15/23	564,349
	425,000		3.375	(a)	07/01/25	456,246
	1,325,000		2.875	(a)	01/15/26	1,393,569
	875,000		3.750	(a)	06/01/26	957,084
	50,000		3.250	(a)	10/01/29	52,020
Ally Financial, Inc.(a)
	275,000		1.450		10/02/23	279,331
	55,000		5.800		05/01/25	63,939
American Express Co.(a)
	165,000		2.500		07/30/24	173,895
Aviation Capital Group LLC(a)(b)
	375,000		1.950		01/30/26	374,993
Avolon Holdings Funding Ltd.(a)(b)
	425,000		3.950		07/01/24	453,126
	675,000		2.875		02/15/25	695,392
	175,000		4.250		04/15/26	189,754
Capital One Financial Corp.
	325,000		3.500		06/15/23	343,655
	320,000		3.300	(a)	10/30/24	344,768
GE Capital International Funding Co.
	1,600,000		3.373		11/15/25	1,745,584
	250,000		4.418		11/15/35	300,268

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Huarong Finance 2019 Co. Ltd.
$	280,000		3.750	%	05/29/24	$       205,800
JAB Holdings B.V.(a)(b)
	250,000		2.200		11/23/30	243,555
Mastercard, Inc.(a)
	250,000		3.300		03/26/27	276,430
Navient Corp.(a)
	15,000		4.875		03/15/28	15,075
Raymond James Financial, Inc.(a)
	75,000		4.650		04/01/30	89,738
The Charles Schwab Corp.(a)
	60,000		4.200		03/24/25	66,999
Visa, Inc.(a)
	100,000		2.050		04/15/30	102,866
	15,000		4.150		12/14/35	18,439
						11,850,861
Electrical – 1.9%
Alliant Energy Finance LLC(a)(b)
	375,000		3.750		06/15/23	396,356
	100,000		4.250		06/15/28	113,860
Ameren Corp.(a)
	125,000		3.500		01/15/31	136,920
Appalachian Power Co.(a)
	30,000		3.700		05/01/50	33,050
Berkshire Hathaway Energy Co.(a)
	225,000		3.250		04/15/28	247,259
	400,000		3.700		07/15/30	453,336
	20,000		4.450		01/15/49	25,005
Dominion Energy, Inc.
	675,000		3.071	(e)	08/15/24	716,074
	225,000		3.375	(a)	04/01/30	245,308
Exelon Corp.(a)
	325,000		4.050		04/15/30	370,022
	50,000		4.700		04/15/50	63,134
Exelon Generation Co. LLC(a)
	35,000		3.250		06/01/25	37,734
Florida Power & Light Co.(a)
	65,000		2.850		04/01/25	69,461
NextEra Energy Capital Holdings, Inc.(a)
	525,000		1.900		06/15/28	530,938
NRG Energy, Inc.(a)(b)
	675,000		3.750		06/15/24	718,814
	319,000		3.375		02/15/29	312,221

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
Pacific Gas & Electric Co.(a)
$	55,000		4.550	%	07/01/30	$         58,836
Pacific Gas & Electric Co.(a)
	250,000		2.100		08/01/27	242,858
	425,000		2.500		02/01/31	398,760
	125,000		3.300		08/01/40	113,679
	315,000		3.500		08/01/50	280,359
Sempra Energy(a)
	35,000		3.550		06/15/24	37,673
Southern California Edison Co.(a)
	780,000		3.700		08/01/25	850,036
	450,000		4.200		03/01/29	508,329
	25,000		4.875		03/01/49	29,744
Southern Power Co.(a)
	60,000		4.950		12/15/46	71,964
Southwestern Electric Power Co.(a)
	35,000		2.750		10/01/26	37,121
The Southern Co.(a)
	1,050,000		3.250		07/01/26	1,139,092
Vistra Operations Co. LLC(a)(b)
	1,175,000		3.550		07/15/24	1,239,625
						9,477,568
Electronics(a) – 0.1%
Honeywell International, Inc.
	35,000		1.350		06/01/25	35,676
Sensata Technologies, Inc.(b)
	276,000		3.750		02/15/31	273,240
						308,916
Engineering & Construction(a) – 0.2%
Mexico City Airport Trust
	400,000		4.250		10/31/26	432,450
	250,000		3.875	(b)	04/30/28	262,625
	310,000		5.500	(b)	07/31/47	312,712
						1,007,787

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Environmental(a) – 0.2%
GFL Environmental, Inc.(b)
$	150,000		3.750	%	08/01/25	$       153,938
Republic Services, Inc.
	675,000		1.750		02/15/32	643,147
Waste Management, Inc.
	250,000		1.150		03/15/28	242,102
						1,039,187
Finance(b) – 0.0%
American Homes 4 Rent LP
	180,000		2.375		07/15/31	177,323
Food & Drug Retailing(a) – 0.4%
BRF SA
	210,000		4.875		01/24/30	219,817
Kraft Heinz Foods Co.
	1,122,000		4.250		03/01/31	1,271,480
Sysco Corp.
	75,000		6.600		04/01/40	110,605
The JM Smucker Co.
	225,000		2.375		03/15/30	229,392
						1,831,294
Gas(a) – 0.1%
NiSource, Inc.
	100,000		3.600		05/01/30	110,711
The East Ohio Gas Co.(b)
	150,000		1.300		06/15/25	150,885
	125,000		2.000		06/15/30	123,769
						385,365
Healthcare Providers & Services – 1.3%
Abbott Laboratories(a)
	50,000		4.750		11/30/36	64,394
Anthem, Inc.(a)
	65,000		2.375		01/15/25	68,058
Centene Corp.(a)
	1,270,000		3.000		10/15/30	1,300,162
CommonSpirit Health(a)
	635,000		3.910		10/01/50	697,946

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
DENTSPLY SIRONA, Inc.(a)
$	350,000		3.250	%	06/01/30	$       374,577
DH Europe Finance II S.a.r.l.(a)
	700,000		2.200		11/15/24	730,933
	275,000		2.600		11/15/29	287,947
HCA, Inc.(a)
	40,000		5.500		06/15/47	52,090
Indigo Merger Sub, Inc.(a)(b)
	200,000		2.875		07/15/26	202,500
Laboratory Corp. of America Holdings(a)
	65,000		3.600		02/01/25	70,326
STERIS Irish FinCo UnLtd Co.(a)
	525,000		2.700		03/15/31	535,201
Stryker Corp.(a)
	850,000		1.950		06/15/30	840,752
Tenet Healthcare Corp.(a)(b)
	150,000		7.500		04/01/25	161,437
Thermo Fisher Scientific, Inc.(a)
	250,000		4.497		03/25/30	297,692
UnitedHealth Group, Inc.
	30,000		3.750		07/15/25	33,283
Zimmer Biomet Holdings, Inc.(a)
	65,000		3.550		04/01/25	70,533
	800,000		3.550		03/20/30	876,016
						6,663,847
Household Products(a) – 0.0%
Kimberly-Clark Corp.
	100,000		3.100		03/26/30	110,352
	10,000		2.875		02/07/50	10,318
						120,670
Insurance – 1.2%
American International Group, Inc.
	150,000		4.875		06/01/22	156,168
	100,000		4.125		02/15/24	108,882
	1,075,000		3.900	(a)	04/01/26	1,200,033
	375,000		4.200	(a)	04/01/28	430,864
	250,000		3.400	(a)	06/30/30	274,220

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – (continued)
Arch Capital Finance LLC(a)
$	1,000,000		4.011	%	12/15/26	$     1,131,080
Arch Capital Group US, Inc.
	250,000		5.144		11/01/43	329,075
Global Atlantic Fin Co.(a)(b)(d) (5 year CMT + 3.796%)
	445,000		4.700		10/15/51	445,489
Great-West Lifeco Finance 2018 LP(a)(b)
	225,000		4.047		05/17/28	257,056
Marsh & McLennan Cos., Inc.(a)
	575,000		4.375		03/15/29	674,458
Reinsurance Group of America, Inc.(a)
	65,000		3.900		05/15/29	72,828
Willis North America, Inc.(a)
	205,000		2.950		09/15/29	215,613
XLIT Ltd.
	775,000		4.450		03/31/25	869,131
						6,164,897
Internet – 0.5%
Amazon.com, Inc.(a)
	20,000		3.800		12/05/24	22,004
	400,000		3.875		08/22/37	476,164
Expedia Group, Inc.(a)
	300,000		3.600		12/15/23	318,744
	60,000		6.250	(b)	05/01/25	69,797
	125,000		4.625		08/01/27	141,238
	300,000		2.950		03/15/31	305,220
iQIYI, Inc.
	110,000		3.750		12/01/23	109,890
Prosus NV(a)(b)
	200,000		4.027		08/03/50	191,000
	200,000		3.832		02/08/51	185,000
TD Ameritrade Holding Corp.(a)
	55,000		3.300		04/01/27	60,375
Uber Technologies, Inc.(a)(b)
	650,000		7.500		05/15/25	701,187
						2,580,619

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Iron/Steel – 0.4%
ArcelorMittal SA
$	1,265,000		4.250	%	07/16/29	$     1,398,027
Steel Dynamics, Inc.(a)
	150,000		2.400		06/15/25	157,106
	275,000		1.650		10/15/27	274,123
Vale Overseas Ltd.
	134,000		6.250		08/10/26	160,699
						1,989,955
Lodging(a) – 0.5%
Hilton Domestic Operating Co., Inc.
	969,000		4.875		01/15/30	1,035,619
	3,000		4.000	(b)	05/01/31	3,023
Marriott Ownership Resorts, Inc.(b)
	630,000		4.500		06/15/29	637,875
MGM Resorts International
	310,000		6.750		05/01/25	331,312
	438,000		4.750		10/15/28	465,375
						2,473,204
Machinery - Construction & Mining(a)(b) – 0.1%
The Weir Group PLC
	600,000		2.200		05/13/26	602,344
Machinery-Diversified(a) – 0.3%
Otis Worldwide Corp.
	175,000		2.293		04/05/27	181,841
	1,275,000		2.565		02/15/30	1,321,244
Westinghouse Air Brake Technologies Corp.
	30,000		4.950		09/15/28	34,846
						1,537,931
Media – 2.1%
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	1,012,000		4.500		02/01/24	1,102,291
	425,000		4.908		07/23/25	481,899
	30,000		6.384		10/23/35	40,203
	30,000		5.375		05/01/47	36,787
	30,000		5.125		07/01/49	35,835

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
Comcast Corp.
$	550,000		3.700	%(a)	04/15/24	$       596,128
	225,000		3.100	(a)	04/01/25	242,721
	550,000		3.950	(a)	10/15/25	615,560
	256,000		3.300	(a)	02/01/27	281,068
	550,000		3.300	(a)	04/01/27	606,386
	350,000		3.150	(a)	02/15/28	383,799
	375,000		4.150	(a)	10/15/28	434,220
	25,000		6.500		11/15/35	36,378
	75,000		3.750	(a)	04/01/40	84,795
	75,000		4.700	(a)	10/15/48	97,235
Cox Communications, Inc.(a)(b)
	50,000		3.350		09/15/26	54,373
CSC Holdings LLC(a)(b)
	243,000		3.375		02/15/31	229,027
Discovery Communications LLC(a)
	50,000		5.200		09/20/47	62,283
Fox Corp.(a)
	300,000		4.030		01/25/24	325,005
NBCUniversal Media LLC
	458,000		4.450		01/15/43	562,122
Scripps Escrow II, Inc.(a)(b)
	490,000		3.875		01/15/29	483,875
Sirius XM Radio, Inc.(a)(b)
	520,000		4.000		07/15/28	535,600
TEGNA, Inc.(a)
	950,000		4.625		03/15/28	985,625
The Walt Disney Co.
	1,125,000		4.000		10/01/23	1,211,861
	35,000		3.350		03/24/25	38,063
Time Warner Cable LLC(a)
	30,000		5.875		11/15/40	38,716
ViacomCBS, Inc.
	10,000		6.875		04/30/36	14,354
Virgin Media Finance PLC(a)(b)
	950,000		5.000		07/15/30	950,000
						10,566,209

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mining – 1.0%
Freeport-McMoRan, Inc.(a)
$	1,415,000		4.625	%	08/01/30	$     1,547,656
Glencore Finance Canada Ltd.(b)
	650,000		4.250		10/25/22	680,303
Glencore Funding LLC(a)(b)
	1,800,000		4.125		03/12/24	1,940,976
	450,000		1.625		04/27/26	451,359
Newcrest Finance Pty Ltd.(a)(b)
	150,000		3.250		05/13/30	160,944
Teck Resources Ltd.(a)
	250,000		3.900		07/15/30	270,013
Vedanta Resources Ltd.(a)
	200,000		6.125		08/09/24	167,225
						5,218,476
Miscellaneous Manufacturing – 0.2%
General Electric Co.
	75,000		2.700		10/09/22	77,082
	125,000		3.450	(a)	05/01/27	137,509
	175,000		3.625	(a)	05/01/30	195,351
	30,000		5.875		01/14/38	40,857
Hillenbrand, Inc.(a)
	780,000		3.750		03/01/31	772,200
						1,222,999
Multi-National(a)(b) – 0.1%
The African Export-Import Bank
	270,000		2.634		05/17/26	273,343
	240,000		3.798		05/17/31	247,296
						520,639
Office(a)(b) – 0.2%
Xerox Holdings Corp.
	970,000		5.000		08/15/25	1,023,350
Oil Field Services – 1.6%
BP Capital Markets America, Inc.(a)
	35,000		3.194		04/06/25	37,706
	60,000		3.543		04/06/27	66,234
	225,000		4.234		11/06/28	260,955

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Devon Energy Corp.(a)
$	227,000		5.850	%	12/15/25	$       266,521
	221,000		5.875	(b)	06/15/28	245,608
	195,000		5.600		07/15/41	241,888
EQT Corp.(a)(b)
	755,000		3.625		05/15/31	788,975
Exxon Mobil Corp.(a)
	50,000		2.992		03/19/25	53,648
	45,000		4.227		03/19/40	53,849
Gazprom PJSC Via Gaz Capital SA
	230,000		5.150	(b)	02/11/26	258,221
	240,000		7.288		08/16/37	333,645
Gazprom PJSC Via Gaz Finance PLC(b)
	280,000		3.250		02/25/30	278,740
Halliburton Co.
	2,000		3.800	(a)	11/15/25	2,210
	50,000		6.700		09/15/38	68,464
Lukoil Securities B.V.(b)
	210,000		3.875		05/06/30	222,655
Lundin Energy Finance B.V.(a)(b)
	600,000		2.000		07/15/26	601,356
Marathon Oil Corp.(a)
	30,000		3.850		06/01/25	32,677
Marathon Petroleum Corp.(a)
	625,000		4.500		05/01/23	666,769
	40,000		4.700		05/01/25	45,112
	25,000		6.500		03/01/41	34,753
Petroleos de Venezuela SA
	4,280,000		6.000		10/28/22	136,960
	1,110,000		5.375	(f)	04/12/27	47,175
Phillips 66
	375,000		3.700		04/06/23	395,891
	100,000		3.850	(a)	04/09/25	110,063
	200,000		1.300	(a)	02/15/26	200,046
	60,000		4.650	(a)	11/15/34	71,548
Schlumberger Holdings Corp.(a)(b)
	30,000		4.300		05/01/29	34,370

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Suncor Energy, Inc.
$	225,000		2.800	%	05/15/23	$       233,858
	450,000		3.100	(a)	05/15/25	481,788
Sunoco LP/Sunoco Finance Corp.(a)(b)
	630,000		4.500		05/15/29	641,025
TotalEnergies Capital International SA(a)
	45,000		3.127		05/29/50	45,668
Valero Energy Corp.
	650,000		2.700		04/15/23	674,004
	385,000		2.850	(a)	04/15/25	408,219
	30,000		6.625		06/15/37	41,093
						8,081,694
Packaging(a)(b) – 0.1%
Berry Global, Inc.
	375,000		1.570		01/15/26	375,484
Pharmaceuticals – 1.7%
AbbVie, Inc.(a)
	550,000		4.450		05/14/46	666,193
	25,000		4.875		11/14/48	32,417
AstraZeneca PLC
	45,000		6.450		09/15/37	67,076
Bausch Health Americas, Inc.(a)(b)
	200,000		9.250		04/01/26	217,000
Bayer US Finance II LLC(a)(b)
	950,000		3.875		12/15/23	1,017,554
Becton Dickinson & Co.(a)
	580,000		3.700		06/06/27	644,711
Bristol-Myers Squibb Co.(a)
	634,000		3.875		08/15/25	705,502
	300,000		3.900		02/20/28	343,239
	20,000		3.400		07/26/29	22,404
Cigna Corp.(a)
	525,000		2.400		03/15/30	536,046
CVS Health Corp.(a)
	950,000		3.375		08/12/24	1,021,307
	195,000		2.625		08/15/24	205,897
	505,000		3.875		07/20/25	557,591
	150,000		5.125		07/20/45	194,691

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
Mylan, Inc.(a)
$	60,000		5.400	%	11/29/43	$         74,591
Pfizer, Inc.(a)
	750,000		3.450		03/15/29	843,735
	200,000		2.625		04/01/30	213,278
Prestige Brands, Inc.(a)(b)
	635,000		3.750		04/01/31	611,981
Takeda Pharmaceutical Co. Ltd.(a)
	680,000		2.050		03/31/30	674,125
Wyeth LLC
	45,000		5.950		04/01/37	64,570
						8,713,908
Pipelines – 2.3%
Cheniere Energy Partners LP(a)
	1,220,000		4.500		10/01/29	1,308,450
Enbridge, Inc.(a)
	775,000		2.500		08/01/33	775,349
Energy Transfer LP(a)
	875,000		4.200		09/15/23	935,594
	200,000		4.250		04/01/24	215,532
Energy Transfer LP(a)
	550,000		5.250		04/15/29	649,676
Energy Transfer LP(a)
	15,000		4.050		03/15/25	16,281
	725,000		5.500		06/01/27	851,701
	75,000		5.400		10/01/47	88,771
Galaxy Pipeline Assets Bidco Ltd.(b)
	200,000		2.625		03/31/36	196,000
Kinder Morgan Energy Partners LP(a)
	1,025,000		3.500		09/01/23	1,082,062
Kinder Morgan, Inc.
	500		7.750		01/15/32	721
	40,000		3.250	(a)	08/01/50	38,716
MPLX LP(a)
	50,000		4.250		12/01/27	56,580
	225,000		4.800		02/15/29	263,756
	200,000		4.500		04/15/38	228,642

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
ONEOK Partners LP(a)
$	25,000		6.125	%	02/01/41	$         32,231
Phillips 66 Partners LP(a)
	30,000		3.750		03/01/28	32,860
Plains All American Pipeline LP/PAA Finance Corp.(a)
	600,000		3.650		06/01/22	612,276
	425,000		3.850		10/15/23	450,551
Sabine Pass Liquefaction LLC(a)
	800,000		6.250		03/15/22	820,736
	300,000		5.625		04/15/23	322,428
Spectra Energy Partners LP(a)
	65,000		3.500		03/15/25	70,151
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(a)
	1,220,000		5.000		01/15/28	1,284,050
The Williams Cos., Inc.
	915,000		3.600	(a)	03/15/22	930,610
	450,000		3.900	(a)	01/15/25	491,994
	30,000		6.300		04/15/40	41,105
TransCanada PipeLines Ltd.
	45,000		7.625		01/15/39	69,882
Transcontinental Gas Pipe Line Co. LLC(a)
	10,000		7.850		02/01/26	12,705
Western Midstream Operating LP(a)
	6,000		5.450		04/01/44	6,450
						11,885,860
Real Estate Investment Trust – 2.9%
Agree LP(a)
	175,000		2.900		10/01/30	182,623
Alexandria Real Estate Equities, Inc.(a)
	325,000		3.800		04/15/26	362,203
	350,000		3.375		08/15/31	384,104
American Campus Communities Operating Partnership LP(a)
	800,000		3.750		04/15/23	839,064
American Tower Corp.(a)
	925,000		3.375		05/15/24	989,685
	500,000		2.100		06/15/30	491,885
Camden Property Trust(a)
	65,000		3.150		07/01/29	70,797

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
Crown Castle International Corp.(a)
$	1,275,000		3.150	%	07/15/23	$    1,339,553
	65,000		3.100		11/15/29	68,986
	75,000		3.300		07/01/30	80,556
Duke Realty LP(a)
	300,000		1.750		07/01/30	288,771
Healthcare Realty Trust, Inc.(a)
	175,000		2.050		03/15/31	169,715
Healthpeak Properties, Inc.(a)
	65,000		3.500		07/15/29	71,924
Host Hotels & Resorts LP(a)
	55,000		3.375		12/15/29	57,765
Kilroy Realty LP(a)
	500,000		4.750		12/15/28	580,640
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.(a)(b)
	813,000		3.875		02/15/29	825,195
Mid-America Apartments LP(a)
	325,000		1.700		02/15/31	308,471
MPT Operating Partnership LP/MPT Finance Corp.(a)
	782,000		3.500		03/15/31	789,914
National Retail Properties, Inc.(a)
	235,000		3.900		06/15/24	253,910
	400,000		4.000		11/15/25	443,356
Regency Centers LP(a)
	700,000		2.950		09/15/29	737,401
SBA Communications Corp.(a)(b)
	1,194,000		3.125		02/01/29	1,150,717
Simon Property Group LP(a)
	15,000		3.500		09/01/25	16,428
Spirit Realty LP(a)
	725,000		4.000		07/15/29	805,779
Trust Fibra Uno 1401(a)(b)
	300,000		5.250		12/15/24	332,588
UDR, Inc.(a)
	150,000		2.100		08/01/32	144,134
VEREIT Operating Partnership LP(a)
	800,000		4.625		11/01/25	906,760
	200,000		3.400		01/15/28	218,046
	400,000		2.850		12/15/32	418,328

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
VICI Properties LP/VICI Note Co., Inc.(a)(b)
$	765,000		3.750	%	02/15/27	$       781,256
Weyerhaeuser Co.
	50,000		7.375		03/15/32	72,072
WP Carey, Inc.(a)
	155,000		4.600		04/01/24	169,527
	105,000		4.000		02/01/25	114,500
	425,000		3.850		07/15/29	471,572
						14,938,225
Retailing – 0.9%
1011778 BC ULC/New Red Finance, Inc.(a)(b)
	192,000		4.000		10/15/30	185,280
7-Eleven, Inc.(a)(b)
	700,000		1.300		02/10/28	675,528
AutoNation, Inc.(a)
	225,000		4.750		06/01/30	266,373
CK Hutchison International 20 Ltd.(a)(b)
	200,000		2.500		05/08/30	204,618
Dollar Tree, Inc.(a)
	525,000		4.000		05/15/25	579,406
Group 1 Automotive, Inc.(a)(b)
	115,000		4.000		08/15/28	116,725
IRB Holding Corp.(a)(b)
	254,000		7.000		06/15/25	273,685
Lowe’s Cos, Inc.(a)
	60,000		4.000		04/15/25	66,415
Lowe’s Cos., Inc.(a)
	650,000		1.700		10/15/30	623,525
McDonald’s Corp.(a)
	75,000		4.450		09/01/48	93,437
Starbucks Corp.(a)
	850,000		3.800		08/15/25	941,018
Target Corp.
	65,000		3.500		07/01/24	70,527
The Home Depot, Inc.(a)
	275,000		3.900		12/06/28	319,630
Tractor Supply Co.(a)
	400,000		1.750		11/01/30	381,688
						4,797,855

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Savings & Loans(a)(b)(d) – 0.1%
Nationwide Building Society(3M USD LIBOR + 1.855%)
$	400,000		3.960	%	07/18/30	$       448,656
Semiconductors – 1.7%
Applied Materials, Inc.(a)
	275,000		1.750		06/01/30	272,217
	15,000		4.350		04/01/47	19,112
Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	50,000		3.875		01/15/27	55,261
	53,000		3.500		01/15/28	58,144
Broadcom, Inc.(a)
	2,331,000		3.459		09/15/26	2,536,990
	45,000		5.000		04/15/30	53,190
	225,000		3.419	(b)	04/15/33	237,236
	650,000		3.500	(b)	02/15/41	667,043
Intel Corp.(a)
	65,000		3.400		03/25/25	70,957
Lam Research Corp.(a)
	375,000		1.900		06/15/30	376,429
Microchip Technology, Inc.
	625,000		2.670		09/01/23	650,837
NXP B.V./NXP Funding LLC(b)
	1,325,000		3.875		09/01/22	1,374,462
NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(b)
	800,000		2.500		05/11/31	811,152
NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(b)
	275,000		3.400		05/01/30	299,789
ON Semiconductor Corp.(a)(b)
	860,000		3.875		09/01/28	882,575
TSMC Global Ltd.(a)(b)
	200,000		2.250		04/23/31	201,153
						8,566,547
Software(a) – 1.0%
Adobe, Inc.
	60,000		3.250		02/01/25	64,988
	450,000		2.150		02/01/27	471,370
	600,000		2.300		02/01/30	624,684

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software(a) – (continued)
Clarivate Science Holdings Corp.(b)
$	575,000		3.875	%	06/30/28	$       578,594
Fiserv, Inc.
	55,000		3.850		06/01/25	60,507
	750,000		3.200		07/01/26	812,497
Intuit, Inc.
	175,000		1.350		07/15/27	174,864
MSCI, Inc.(b)
	506,000		3.625		11/01/31	518,650
Oracle Corp.
	775,000		2.875		03/25/31	806,992
ServiceNow, Inc.
	975,000		1.400		09/01/30	914,833
						5,027,979
Telecommunication Services – 3.0%
AT&T, Inc.(a)
	400,000		4.450		04/01/24	437,064
	60,000		4.250		03/01/27	68,104
	1,375,000		2.300		06/01/27	1,422,960
	100,000		1.650		02/01/28	99,256
	500,000		2.750		06/01/31	519,795
	694,000		2.550	(b)	12/01/33	687,837
	10,000		5.250		03/01/37	12,613
	175,000		4.900		08/15/37	215,357
	450,000		3.500		06/01/41	468,427
	100,000		5.150		11/15/46	128,094
	225,000		5.450		03/01/47	296,903
	25,000		4.500		03/09/48	29,448
	175,000		5.150		02/15/50	226,410
	300,000		3.650		06/01/51	313,527
	100,000		3.500	(b)	09/15/53	100,292
Bell Canada(a)
	55,000		4.464		04/01/48	68,250
British Telecommunications PLC
	25,000		9.625		12/15/30	38,768

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
Level 3 Financing, Inc.(a)(b)
$	645,000		4.250	%	07/01/28	$       652,256
NTT Finance Corp.(a)(b)
	475,000		2.065		04/03/31	481,593
T-Mobile USA, Inc.(a)
	625,000		3.500		04/15/25	675,397
	375,000		1.500		02/15/26	377,625
	1,050,000		3.750		04/15/27	1,160,344
	375,000		2.050		02/15/28	379,999
	800,000		3.875		04/15/30	892,952
	325,000		3.000		02/15/41	321,389
Telefonica Emisiones SA
	325,000		4.570		04/27/23	348,069
Verizon Communications, Inc.
	950,000		3.376		02/15/25	1,032,137
	1,265,000		2.100	(a)	03/22/28	1,291,793
	630,000		4.329		09/21/28	732,249
	575,000		3.150	(a)	03/22/30	620,166
	800,000		2.550	(a)	03/21/31	818,520
	50,000		4.125		08/15/46	58,724
	18,000		5.012		04/15/49	23,817
	30,000		4.000	(a)	03/22/50	34,526
Vodafone Group PLC
	30,000		5.000		05/30/38	37,788
						15,072,449
Transportation(a) – 0.1%
Canadian Pacific Railway Co.
	200,000		2.050		03/05/30	199,306
CSX Corp.
	65,000		3.250		06/01/27	71,281
Union Pacific Corp.
	35,000		3.799		10/01/51	39,998
United Parcel Service, Inc.
	35,000		3.900		04/01/25	38,753
	25,000		5.300		04/01/50	36,610
						385,948
TOTAL CORPORATE OBLIGATIONS (Cost $234,089,776)						$  245,375,317

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 31.4%
Collateralized Mortgage Obligations – 4.3%
Interest Only(g) – 1.1%
FHLMC REMIC Series 4314, Class SE(d) (-1x 1M USD LIBOR + 6.050%)
$	433,842		5.977	%	03/15/44	$         69,796
FHLMC REMIC Series 4320, Class SD(d) (-1x 1M USD LIBOR + 6.100%)
	56,957		6.027		07/15/39	10,321
FHLMC REMIC Series 4583, Class ST(d) (-1x 1M USD LIBOR + 6.000%)
	853,796		5.927		05/15/46	149,351
FHLMC REMIC Series 4905, Class SA(d) (-1x 1M USD LIBOR + 6.100%)
	544,929		6.009		08/25/49	99,531
FHLMC REMIC Series 4980, Class KI
	2,708,903		4.500		06/25/50	389,014
FHLMC REMIC Series 4989, Class EI
	405,664		4.000		07/25/50	62,102
FHLMC REMIC Series 4998, Class GI
	1,515,144		4.000		08/25/50	234,545
FHLMC REMIC Series 5009, Class DI
	1,278,563		2.000		09/25/50	128,312
FHLMC REMIC Series 5020, Class IH
	1,223,062		3.000		08/25/50	149,402
FHLMC STRIPS Series 304, Class C45
	4,893		3.000		12/15/27	259
FNMA REMIC Series 2011-124, Class SC(d) (-1x 1M USD LIBOR + 6.550%)
	203,665		6.459		12/25/41	36,408
FNMA REMIC Series 2012-5, Class SA(d) (-1x 1M USD LIBOR + 5.950%)
	296,059		5.859		02/25/42	47,023
FNMA REMIC Series 2012-88, Class SB(d) (-1x 1M USD LIBOR + 6.670%)
	211,005		6.579		07/25/42	34,165

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
FNMA REMIC Series 2014-6, Class SA(d) (-1x 1M USD LIBOR + 6.600%)
$	261,930		6.509	%	02/25/44	$         47,003
FNMA REMIC Series 2017-31, Class SG(d) (-1x 1M USD LIBOR + 6.100%)
	655,256		6.009		05/25/47	122,974
FNMA REMIC Series 2017-86, Class SB(d) (-1x 1M USD LIBOR + 6.150%)
	490,193		6.059		11/25/47	90,568
FNMA REMIC Series 2018-17, Class CS(d) (-1x 1M USD LIBOR + 3.450%)
	910,649		2.500		03/25/48	57,820
FNMA REMIC Series 2020-49, Class KS(d) (-1x 1M USD LIBOR + 6.100%)
	561,870		6.009		07/25/50	108,003
FNMA REMIC Series 2020-60, Class KI
	1,198,833		2.000		09/25/50	120,311
FNMA REMIC Series 2020-62, Class GI
	819,884		4.000		06/25/48	136,447
GNMA REMIC Series 2020-61, Class SW(d) (-1X 1M USD LIBOR + 6.050%)
	754,576		5.957		08/20/49	109,478
GNMA REMIC Series 2010-20, Class SE(d) (-1x 1M USD LIBOR + 6.250%)
	506,308		6.157		02/20/40	91,200
GNMA REMIC Series 2013-181, Class SA(d) (-1x 1M USD LIBOR + 6.100%)
	307,373		6.007		11/20/43	56,938
GNMA REMIC Series 2014-132, Class SL(d) (-1x 1M USD LIBOR + 6.100%)
	290,548		6.007		10/20/43	32,114
GNMA REMIC Series 2014-133, Class BS(d) (-1x 1M USD LIBOR + 5.600%)
	174,695		5.507		09/20/44	28,495
GNMA REMIC Series 2014-162, Class SA(d) (-1x 1M USD LIBOR + 5.600%)
	151,472		5.507		11/20/44	22,577
GNMA REMIC Series 2015-111, Class IM
	436,462		4.000		08/20/45	50,633
GNMA REMIC Series 2015-119, Class SN(d) (-1x 1M USD LIBOR + 6.250%)
	204,218		6.157		08/20/45	34,999
GNMA REMIC Series 2015-123, Class SP(d) (-1x 1M USD LIBOR + 6.250%)
	248,167		6.157		09/20/45	45,495

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
GNMA REMIC Series 2015-167, Class AS(d) (-1x 1M USD LIBOR + 6.250%)
$	154,769		6.157	%	11/20/45	$         26,843
GNMA REMIC Series 2015-168, Class SD(d) (-1x 1M USD LIBOR + 6.200%)
	116,403		6.107		11/20/45	22,334
GNMA REMIC Series 2016-109, Class IH
	613,971		4.000		10/20/45	67,449
GNMA REMIC Series 2016-27, Class IA
	271,598		4.000		06/20/45	24,172
GNMA REMIC Series 2018-105, Class SC(d) (-1x 1M USD LIBOR + 6.200%)
	213,373		6.107		08/20/48	31,044
GNMA REMIC Series 2018-122, Class HS(d) (-1x 1M USD LIBOR + 6.200%)
	659,654		6.107		09/20/48	120,190
GNMA REMIC Series 2018-122, Class SE(d) (-1x 1M USD LIBOR + 6.200%)
	447,953		6.107		09/20/48	70,509
GNMA REMIC Series 2018-124, Class SN(d) (-1x 1M USD LIBOR + 6.200%)
	585,423		6.107		09/20/48	104,422
GNMA REMIC Series 2018-137, Class SN(d) (-1x 1M USD LIBOR + 6.150%)
	503,349		6.057		10/20/48	78,490
GNMA REMIC Series 2018-139, Class SQ(d) (-1x 1M USD LIBOR + 6.150%)
	356,953		6.057		10/20/48	49,131
GNMA REMIC Series 2018-72, Class IB
	11,716		4.000		04/20/46	1,545
GNMA REMIC Series 2019-1, Class SN(d) (-1x 1M USD LIBOR + 6.050%)
	142,162		5.957		01/20/49	20,668
GNMA REMIC Series 2019-110, Class PS(d) (-1X 1M USD LIBOR + 6.050%)
	297,277		5.957		09/20/49	51,549
GNMA REMIC Series 2019-128, Class IO
	776,186		4.000		10/20/49	93,426
GNMA REMIC Series 2019-129, Class AI
	18,431		3.500		10/20/49	2,181
GNMA REMIC Series 2019-151, Class IA
	1,544,709		3.500		12/20/49	177,914
GNMA REMIC Series 2019-151, Class NI
	1,082,948		3.500		10/20/49	96,069

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
GNMA REMIC Series 2019-153, Class EI
$	1,881,077		4.000	%	12/20/49	$        251,703
GNMA REMIC Series 2019-20, Class SF(d) (-1x 1M USD LIBOR + 3.790%)
	292,584		3.697		02/20/49	23,367
GNMA REMIC Series 2019-4, Class SJ(d) (-1x 1M USD LIBOR + 6.050%)
	556,925		5.957		01/20/49	89,056
GNMA REMIC Series 2019-6, Class SA(d) (-1x 1M USD LIBOR + 6.050%)
	150,240		5.957		01/20/49	23,385
GNMA REMIC Series 2019-69, Class S(d) (-1x 1M USD LIBOR + 3.270%)
	1,050,202		3.177		06/20/49	69,937
GNMA REMIC Series 2019-97, Class SC(d) (-1x 1M USD LIBOR + 6.100%)
	449,700		6.007		08/20/49	64,621
GNMA REMIC Series 2020-11, Class SN(d) (-1x 1M USD LIBOR + 6.050%)
	355,073		5.957		01/20/50	55,929
GNMA REMIC Series 2020-146, Class KI
	2,027,727		2.500		10/20/50	204,243
GNMA REMIC Series 2020-151, Class MI
	962,598		2.500		10/20/50	116,660
GNMA REMIC Series 2020-173, Class AI
	664,117		2.500		11/20/50	45,645
GNMA REMIC Series 2020-21, Class SA(d) (-1x 1M USD LIBOR + 6.050%)
	969,510		5.957		02/20/50	160,667
GNMA REMIC Series 2020-51, Class ID
	533,692		3.500		04/20/50	54,986
GNMA REMIC Series 2020-55, Class AS(d) (-1x 1M USD LIBOR + 6.050%)
	908,064		5.957		04/20/50	155,365
GNMA REMIC Series 2020-55, Class IO
	1,390,459		3.500		04/20/50	172,634
GNMA REMIC Series 2020-61, Class GI
	1,045,674		5.000		05/20/50	112,130
GNMA REMIC Series 2020-61, Class SF(d) (-1x 1M USD LIBOR + 6.440%)
	332,326		6.347		07/20/43	63,780
GNMA REMIC Series 2020-78, Class DI
	2,013,175		4.000		06/20/50	240,815

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
GNMA Series 2019-78, Class SA(d) (-1X 1M USD LIBOR + 6.050%)
$	750,416		5.957	%	06/20/49	$        112,359
						5,620,502
Regular Floater(d) – 0.0%
FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	68,098		0.542		07/25/41	68,924
Sequential Fixed Rate – 0.1%
FNMA REMIC Series 2005-70, Class PA
	34,543		5.500		08/25/35	38,739
FNMA REMIC Series 2011-52, Class GB
	264,809		5.000		06/25/41	297,564
FNMA REMIC Series 2012-111, Class B
	23,427		7.000		10/25/42	28,100
FNMA REMIC Series 2012-153, Class B
	61,777		7.000		07/25/42	75,619
						440,022
Sequential Floating Rate(d) – 3.1%
Alternative Loan Trust Series 2006-OC8, Class 2A3 (1M USD LIBOR + 0.500%)
	1,746,860		0.592		11/25/36	1,538,981
Bellemeade Re Ltd. Series 2021-2A, Class M1B(b) (SOFR30A + 1.500%)
	275,000		1.510		06/25/31	274,505
Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2(b) (1M USD LIBOR + 2.400%)
	213,751		2.492		04/25/31	214,970
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2(b) (1M USD LIBOR + 2.300%)
	356,790		2.392		08/25/31	359,201
Connecticut Avenue Securities Trust Series 2020-R01, Class 1M2(b) (1M USD LIBOR + 2.050%)
	39,203		2.142		01/25/40	39,348
Countrywide Alternative Loan Trust Series 2007-OA6, Class A1A (1M USD LIBOR + 1.400%)
	313,692		0.232		06/25/37	299,766
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1A (1M USD LIBOR + 0.200%)
	626,750		0.292		08/25/47	587,198
Fannie Mae Connecticut Avenue Securities Series 2014-C02, Class 1M2 (1M USD LIBOR + 2.600%)
	341,743		2.692		05/25/24	343,653

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(d) – (continued)
FHLMC STACR Remic Trust Series 2020-DNA1, Class M2(b) (1M USD LIBOR + 1.700%)
$	620,337		1.792	%	01/25/50	$       622,685
FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2(b) (1M USD LIBOR + 1.850%)
	125,000		1.942		02/25/50	125,963
FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2(b) (1M USD LIBOR + 3.000%)
	98,852		3.092		06/25/50	99,434
FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1(b) (1M USD LIBOR + 5.100%)
	825,000		5.192		06/25/50	863,575
FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1(b) (1M USD LIBOR + 6.000%)
	740,000		6.092		08/25/50	791,236
FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2(b) (1M USD LIBOR + 3.750%)
	214,462		3.842		08/25/50	216,767
FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1(b) (SOFR30A + 4.800%)
	713,000		4.818		10/25/50	751,336
FHLMC STACR REMIC Trust Series 2020-DNA6, Class B1(b) (SOFR30A + 3.000%)
	612,000		3.018		12/25/50	615,298
FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2(b) (1M USD LIBOR + 3.150%)
	550,558		3.242		09/25/50	556,616
FHLMC STACR REMIC Trust Series 2021-HQA1, Class B1(b) (SOFR30A + 3.000%)
	800,000		3.018		08/25/33	795,686
FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2(b) (SOFR30A + 2.050%)
	520,000		2.067		12/25/33	521,528
FHLMC Structured Agency Credit Risk Debt Notes Series 2020-HQA5, Class B1(b) (SOFR30A + 4.000%)
	161,000		4.018		11/25/50	167,551
FNMA Connecticut Avenue Securitie Series 2013-C01, Class M2 (1M USD LIBOR + 5.250%)
	69,126		5.342		10/25/23	72,239
FNMA Connecticut Avenue Securitie Series 2014-C01, Class M2 (1M USD LIBOR + 4.400%)
	378,022		4.492		01/25/24	390,921
Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	659,599		0.881		08/20/56	914,221

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(d) – (continued)
JPMorgan Mortgage Trust Series 2021-6, Class A3(b)
$	760,405		2.500	%	10/25/51	$       773,237
London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	478,886		0.936		11/15/49	664,057
Mill City Mortgage Loan Trust Series 2019-GS2, Class M1(b)
$	720,000		3.000		08/25/59	762,036
Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2(b)
	760,000		2.500		11/25/60	775,388
Stratton Mortgage Funding PLC Series 2019-1, Class A (3M SONIA IR + 1.200%)
GBP	1,221,408		1.249		05/25/51	1,698,020
Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1(b)
$	87,092		3.500		07/25/49	88,733
						15,924,149
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS Cost ($20,357,206)						$  22,053,597
Commercial Mortgage-Backed Securities – 0.9%
Sequential Fixed Rate – 0.8%
Banc of America Commercial Mortgage Trust Series 2016-UBS10, Class D(b)
$	500,000		3.000	%	07/15/49	$       469,137
BANK Series 2021-BN32, Class A5
	1,000,000		2.643		04/15/54	1,051,882
Cantor Commercial Real Estate Lending Series 2019-CF2, Class E(b)
	500,000		2.500		11/15/52	429,982
COMM 2017-COR2 Mortgage Trust Series 2017-COR2, Class D(b)
	350,000		3.000		09/10/50	339,847
CSAIL 2020-C19 Commercial Mortgage Trust Series 2020-C19, Class E(b)
	387,000		2.500		03/15/53	333,749
DOLP Trust Series 2021-NYC, Class A(b)
	1,100,000		2.956		05/10/41	1,175,109
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D(b)
	150,000		3.250		01/15/60	141,246
						3,940,952
Sequential Floating Rate(b) – 0.1%
BANK 2018-BNK10 Series 2018-BN10, Class D
	200,000		2.600		02/15/61	180,572
Barclays Commercial Mortgage Trust Series 2017-C1 Class D(d)
	150,000		3.660		02/15/50	140,976

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
CSAIL 2018-C14 Commercial Mortgage Trust Series 2018-C14, Class D(d)
$	250,000		5.053	%		11/15/51	$          264,415
							585,963
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES Cost ($3,660,337)							$       4,526,915
Federal Agencies – 26.2%
Adjustable Rate FHLMC(d) – 0.0%
$	22,725		2.297	%		09/01/35	$            23,995
FHLMC – 0.7%
	81,003		6.000			08/01/27	89,642
	9,193		5.000			08/01/33	10,381
	1,483		5.000			09/01/33	1,674
	2,114		5.000			10/01/33	2,387
	2,233		5.000			11/01/34	2,541
	115,358		5.000			12/01/34	131,279
	3,136		5.000			07/01/35	3,569
	409		5.000			11/01/35	462
	27,772		5.000			03/01/39	31,603
	3,904		5.000			05/01/39	4,443
	8,115		5.000			04/01/40	9,222
	1,977		5.000			08/01/40	2,247
	24,404		4.000			02/01/41	26,700
	743		5.000			04/01/41	844
	2,342		5.000			06/01/41	2,662
	702,361		4.000			03/01/48	751,574
	712,582		4.000			04/01/48	758,555
	1,773,774		4.500			08/01/48	1,958,577
							3,788,362
GNMA – 15.1%
	23,510		5.500			11/15/32	26,515
	11,339		5.500			01/15/33	12,698
	29,454		5.500			02/15/33	33,675
	30,913		5.500			03/15/33	35,288
	32,277		5.500			07/15/33	36,729
	9,519		5.500			08/15/33	10,629
	7,476		5.500			09/15/33	8,394
	18,232		5.500			04/15/34	20,508
	7,533		5.500			05/15/34	8,267
	130,295		5.500			09/15/34	150,143
	131,613		5.500			12/15/34	151,792
	90,850		5.500			01/15/35	105,110
	193		5.500			05/15/36	212
	4,204		4.000			02/20/41	4,613
	6,527		4.000			11/20/41	7,126
	1,093		4.000			01/20/42	1,193
	3,494		4.000			04/20/42	3,814
	2,216		4.000			10/20/42	2,419
	583,218		4.000			08/20/43	636,486
	3,415		4.000			03/20/44	3,723
	4,120		4.000			05/20/44	4,491
	287,492		4.000			11/20/44	312,762
	68,008		4.000			12/20/44	73,986

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	18,716		4.000	%		05/20/45		$            20,361
	70,777		4.000			07/20/45		76,865
	392,949		4.000			01/20/46		425,278
	2,312,590		3.500			04/20/47		2,454,140
	2,274,705		3.500			12/20/47		2,407,962
	1,630,009		4.500			05/20/48		1,761,893
	2,433,693		4.500			08/20/48		2,623,188
	309,482		5.000			08/20/48		333,889
	1,716,371		4.500			09/20/48		1,847,063
	2,219,667		5.000			10/20/48		2,393,333
	1,314,371		5.000			11/20/48		1,414,434
	1,260,862		5.000			12/20/48		1,356,458
	2,759,737		4.500			01/20/49		2,956,940
	2,465,969		5.000			01/20/49		2,652,163
	1,057,677		4.000			02/20/49		1,120,730
	2,266,745		4.500			02/20/49		2,427,125
	1,346,675		4.000			03/20/49		1,425,695
	59,077		4.500			03/20/49		63,220
	199,877		5.000			03/20/49		214,797
	983,004		4.000			05/20/49		1,039,840
	731,066		4.500			10/20/49		780,243
	740,601		4.500			12/20/49		786,695
	31,000,000		2.500			TBA-30yr	(h)	32,082,027
	10,000,000		3.000			TBA-30yr	(h)	10,432,235
	2,000,000		3.500			TBA-30yr	(h)	2,100,687
								76,847,834
UMBS – 4.9%
	1,265		5.500			09/01/23		1,301
	881		5.500			10/01/23		909
	324		5.500			05/01/25		327
	6,092		4.500			02/01/39		6,777
	3,824		4.500			04/01/39		4,254
	5,827		4.500			08/01/39		6,478
	81,767		4.500			12/01/39		90,877
	78,478		4.500			06/01/40		86,944
	28,979		4.500			08/01/41		32,184
	53,491		3.000			12/01/42		57,493
	119,588		3.000			01/01/43		128,533
	31,729		3.000			02/01/43		34,102
	12,230		3.000			03/01/43		13,160
	181,773		3.000			04/01/43		195,597
	30,294		3.000			05/01/43		32,597
	40,232		3.000			06/01/43		43,292
	13,333		3.000			07/01/43		14,347
	21,639		5.000			06/01/44		24,084
	16,484		3.500			03/01/45		17,585
	430,402		3.000			04/01/45		457,485
	1,469,928		4.500			04/01/45		1,644,458
	173,438		4.500			05/01/45		194,139
	732,444		4.500			06/01/45		808,406
	343,391		4.000			11/01/45		371,362
	98,384		4.000			03/01/46		106,231
	60,326		4.000			06/01/46		65,050
	16,486		4.000			08/01/46		17,777
	125,712		4.000			10/01/46		135,556
	107,763		4.000			06/01/47		116,914
	578,064		4.500			07/01/47		634,009
	262,843		4.500			11/01/47		288,076
	331,860		4.000			12/01/47		362,634

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	929,375		4.000	%	01/01/48	$       1,015,559
	1,896,763		4.000		02/01/48	2,064,132
	1,376,618		4.000		03/01/48	1,496,609
	971,203		4.000		06/01/48	1,059,823
	622,573		4.000		08/01/48	674,178
	484,578		4.500		09/01/48	534,845
	740,767		4.500		10/01/48	796,081
	2,254,304		5.000		11/01/48	2,530,637
	1,872,437		4.500		01/01/49	2,009,180
	2,554,173		3.000		09/01/49	2,717,489
	17,692		4.500		01/01/50	19,002
	3,644,238		3.000		12/01/50	3,865,865
						24,776,338
UMBS, 30 Year, Single Family(h) – 5.5%
	7,000,000		2.000		TBA - 30yr	7,072,838
	4,000,000		3.000		TBA-30yr	4,170,001
	13,000,000		2.500		TBA-30yr	13,411,327
	3,000,000		4.500		TBA-30yr	3,231,325
						27,885,491
TOTAL FEDERAL AGENCIES						$  133,322,020
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $156,230,289)						$  159,902,532
Agency Debentures – 0.6%
Federal Farm Credit Banks Funding Corp.
$	3,120,000		1.700	%	04/23/35	$       3,002,345
Israel Government AID Bond(i)
	40,000		5.500		09/18/33	56,436
TOTAL AGENCY DEBENTURES (Cost $3,019,796)						$       3,058,781
Asset-Backed Securities – 9.9%
Collateralized Loan Obligations – 7.8%
AGL CLO 3 Ltd. Series 2020-3A, Class A(b)(d) (3M USD LIBOR + 1.300%)
$	1,300,000		1.484	%	01/15/33	$       1,303,267
AMMC CLO 15 Ltd. Series 2014-15A, Class DRR(b)(d) (3M USD LIBOR + 3.400%)
	750,000		3.584		01/15/32	750,001
Bain Capital Credit CLO Ltd. Series 2017-2A, Class AR2(b)(d) (3M USD LIBOR + 1.180%)
	3,900,000		1.310		07/25/34	3,901,225
Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1A(b)(d)(3M USD LIBOR + 1.090%)
	2,009,000		1.278		04/20/31	2,005,779
Cathedral Lake VII Ltd. Series 2021-7RA, Class C(b)(d) (3M USD LIBOR + 2.570%)
	1,000,000		2.762		01/15/32	979,550

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations – (continued)
Cathedral Lake VII Ltd. Series 2021-7RA, Class D(b)(d) (3M USD LIBOR + 4.280%)
$	1,000,000		4.472	%	01/15/32	$          980,725
CBAM Ltd. Series 2017-2A, Class AR(b)(d) (3M USD LIBOR + 1.190%)
	2,000,000		1.280		07/17/34	2,004,082
Crown City CLO I Series 2020-1A, Class B(b)(d) (3M USD LIBOR + 3.030%)
	1,000,000		3.218		07/20/30	998,971
HalseyPoint CLO 2 Ltd. Series 2020-2A, Class A1(b)(d) (3M USD LIBOR + 1.860%)
	2,350,000		2.048		07/20/31	2,358,335
HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A(b)(d) (3M USD LIBOR + 1.450%)
	1,675,000		1.636		11/30/32	1,681,402
ICG US CLO Ltd. Series 2017-1A, Class ARR(b)(d) (3M USD LIBOR + 1.170%)
	1,300,000		1.266		07/28/34	1,300,537
KREF Ltd. Series 2018-FL1, Class A(b)(d) (1M USD LIBOR + 1.100%)
	1,795,438		1.182		06/15/36	1,796,001
Magnetite XXIV Ltd. Series 2019-24A, Class A(b)(d) (3M USD LIBOR + 1.330%)
	2,000,000		1.514		01/15/33	2,001,670
Marble Point CLO XIV Ltd. Series 2018-2A, Class A1R(b)(d) (3M USD LIBOR + 1.280%)
	2,900,000		1.468		01/20/32	2,900,855
MidOcean Credit CLO Series 2018-8X, Class A2 (3M USD LIBOR + 1.300%)
	500,000		1.455		02/20/31	498,128
MidOcean Credit CLO VI Series 2016-6A, Class D1R(b)(d) (3M USD LIBOR + 3.520%)
	800,000		3.712		04/20/33	790,256
Mill City Mortgage Loan Trust Series 2017-2, Class A3(b)(d)
	244,614		2.966		07/25/59	253,236
Mountain View CLO LLC Series 2016-1A, Class AR(b)(d) (3M USD LIBOR + 1.360%)
	1,200,000		1.546		04/14/33	1,202,318
Ozlm Ltd.Series 2015-14A, Class CRR(b)(d) (3M USD LIBOR + 3.390%)
	1,300,000		3.516		07/15/34	1,274,000
Steele Creek CLO Ltd. Series 2019-1A, Class D(b)(d) (3M USD LIBOR + 4.100%)
	1,350,000		4.284		04/15/32	1,349,984
TICP CLO VIII Ltd. Trust Series 2017-8A, Class A1(b)(d) (3M USD LIBOR + 1.230%)
	2,000,000		1.418		10/20/30	2,000,640

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations – (continued)
Trysail CLO Ltd. Series 2021-1A, Class A1(b)(d) (3M USD LIBOR + 1.320%)
$	3,900,000		1.461	%	07/20/32	$       3,900,819
Wellfleet CLO X Ltd. Series 2019-XA, Class A1R(b)(d) (3M USD LIBOR + 1.170%)
	2,375,000		1.344		07/20/32	2,375,625
Zais CLO Ltd. Series 2020-15A, Class A1(b)(d) (3M USD LIBOR + 2.555%)
	1,275,000		2.739		07/28/30	1,276,096
						39,883,502
Home Equity(d) – 0.6%
Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1M USD LIBOR + 0.675%)
	500,000		0.767		10/25/35	494,354
Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1M USD LIBOR + 0.620%)
	746		0.712		01/25/32	720
GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	14,804		7.000		09/25/37	14,962
Home Equity Asset Trust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%)
	257		0.692		11/25/32	222
Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%)
	981,380		0.322		04/25/37	946,029
Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.220%)
	2,681,145		0.312		04/25/37	947,318
Soundview Home Loan Trust Series 2007-NS1, Class A3 (1M USD LIBOR + 0.200%)
	471,704		0.292		01/25/37	464,484
						2,868,089
Student Loan(d) – 1.5%
AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	465,431		0.411		09/26/33	447,738
Navient Student Loan Trust Series 2017-2A, Class A(b) (1M USD LIBOR + 1.050%)
	3,149,886		1.142		12/27/66	3,200,174
PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	1,176,809		1.242		09/25/65	1,192,941
SLM Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%)
	125,314		0.296		01/25/27	124,974

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(d) – (continued)
SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
$	749,229		0.316	%	10/25/28	$          745,502
SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	618,830		0.506		01/25/22	606,746
SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	176,761		0.926		04/25/23	174,648
SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	400,192		1.826		07/25/22	403,169
SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	672,693		1.876		07/25/23	679,051
						7,574,943
TOTAL ASSET-BACKED SECURITIES (Cost $49,963,607)						$     50,326,534
Foreign Debt Obligations – 1.4%
Sovereign – 1.4%
Dominican Republic(b)
$	150,000		4.500	%	01/30/30	$          153,075
	200,000		5.875		01/30/60	199,287
Republic of Abu Dhabi(b)
	480,000		3.875		04/16/50	554,040
Republic of Brazil
	200,000		3.875		06/12/30	201,975
Republic of Colombia(a)
	230,000		3.000		01/30/30	224,796
	330,000		3.125		04/15/31	322,327
	470,000		4.125		05/15/51	445,266
Republic of Ecuador(b)
	41,572		0.000	(j)	07/31/30	22,956
	34,740		0.500	(e)	07/31/30	29,790
Republic of Egypt(b)
	200,000		4.550		11/20/23	207,475
	620,000		8.875		05/29/50	667,972

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of Indonesia
EUR	250,000		2.150	%(b)	07/18/24	$          313,353
$	200,000		3.850		10/15/30	222,350
Republic of Nigeria
	370,000		7.875		02/16/32	397,126
Republic of Peru(a)
	20,000		2.780		12/01/60	17,823
	100,000		3.230		07/28/21	87,706
Republic of Qatar(b)
	200,000		4.400		04/16/50	243,500
Republic of Romania
EUR	20,000		2.875		03/11/29	26,284
	500,000		3.624	(b)	05/26/30	684,771
$	130,000		3.000	(b)	02/14/31	134,818
EUR	70,000		2.000	(b)	01/28/32	83,978
	80,000		3.375	(b)	01/28/50	101,233
	70,000		3.375		01/28/50	88,579
$	230,000		4.000	(b)	02/14/51	241,974
Republic of Turkey
	200,000		5.950		01/15/31	195,688
	200,000		5.875		06/26/31	194,438
Ukraine Government Bond(b)
	430,000		7.253		03/15/33	447,146
United Mexican States
	200,000		4.500		04/22/29	226,162
	624,000		3.771	(a)	05/24/61	580,437
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $6,976,236)						$       7,316,325
Municipal Debt Obligations – 1.1%
California(a) – 0.3%
California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%	04/01/39	$          358,050

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
California(a) – (continued)
East Bay Municipal Utility Disrtict Water System RB Build America SubSeries 2010
$	900,000		5.874	%	06/01/40	$       1,305,983
						1,664,033
Illinois – 0.4%
Illinois State GO Bonds Build America Series 2010(a)
	115,000		6.630		02/01/35	143,628
	730,000		7.350		07/01/35	943,042
Illinois State GO Bonds Taxable-Pension Series 2003
	530,000		5.100		06/01/33	623,196
						1,709,866
New York(a) – 0.3%
New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B
	800,000		5.175		11/15/49	1,079,973
Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015
	375,000		4.810		10/15/65	512,892
						1,592,865
Ohio(a) – 0.1%
American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	250,000		6.270		02/15/50	352,407
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $4,172,381)						$       5,319,171
U.S. Treasury Obligations – 7.1%
United States Treasury Bonds
$	1,100,000		3.625	%	02/15/44	$       1,420,890
	3,510,000		2.250		08/15/49	3,635,044
	960,000		1.625	(k)	11/15/50	861,900
United States Treasury Notes
	60,000		1.625		09/30/26	62,156
	14,980,000		1.125		02/29/28	14,937,869
	15,250,000		1.250	(k)	03/31/28	15,311,953
TOTAL U.S. TREASURY OBLIGATIONS (Cost $36,216,332)						$     36,229,812

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Shares		Dividend Rate	Value
Investment Company(l) – 12.2%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	61,840,573	0.026%	$     61,840,573
(Cost $61,840,573)
TOTAL INVESTMENTS – 111.9% (Cost $552,508,990)			$   569,369,045
LIABILITIES IN EXCESS OF     OTHER ASSETS – (11.9)%			(60,413,913)
NET ASSETS – 100.0%			$   508,955,132

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)	Pay-in-kind securities.
(d)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2021.
(e)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2021.
(f)	Security is currently in default and/or non-income producing.
(g)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(h)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $72,500,441 which represents approximately 14.2% of the Fund’s net assets as of June 30, 2021.
(i)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $56,436, which represents approximately 0.0% of the Fund’s net assets as of June 30, 2021.
(j)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(k)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(l)	Represents an affiliated issuer.

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
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
PEN	— Peruvian Nuevo Sol
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:
AUDOR	— Australian Dollar Offered Rate
BP	— British Pound Offered Rate
CDOR	— Canadian Dollar Offered Rate
CHFOR	— Swiss Franc Offered Rate
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
EURO	— Euro Offered Rate
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GMAC	— General Motors Acceptance Corporation
GNMA	— Government National Mortgage Association
GO	— General Obligation
JIBAR	— Johannesburg Interbank Agreed Rate
JYOR	— Japanese Yen Offered Rate
KWCDC	— South Korean Won Certificate of Deposit
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
NIBOR	— Norwegian Interbank Offered Rate
NZDOR	— New Zealand Dollar Offered Rate
PLC	— Public Limited Company
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Funding Rate
STIBOR	— Stockholm Interbank Offered Rate
STRIPS	— Separate Trading of Registered Interest and Principal of Securities
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 BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2021, 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
JPMorgan Securities, Inc.	AUD	1,731,107	USD	1,297,873	07/06/21	$	416
	BRL	10,583,061	USD	2,037,192	07/02/21		90,073
	CAD	1,114,199	USD	895,879	09/15/21		2,929
	CNH	11,156,854	USD	1,713,454	09/15/21		2,048
	EUR	389,089	CZK	9,865,353	09/15/21		3,647
	EUR	376,976	HUF	130,980,336	09/15/21		6,326
	EUR	1,500,985	SEK	15,209,876	09/15/21		4,088
	GBP	294,873	EUR	342,250	09/15/21		1,502
	HUF	134,200,574	EUR	377,487	09/15/21		3,918
	HUF	27,834,690	USD	93,361	09/15/21		437
	IDR	22,908,527,706	USD	1,573,493	07/01/21		5,419
	JPY	56,908,854	EUR	426,253	09/15/21		6,358
	KRW	2,078,652,120	USD	1,832,872	09/15/21		6,098
	MXN	7,556,273	USD	366,049	09/15/21		9,359
	NOK	4,473,424	USD	517,124	09/15/21		2,591
	NZD	611,650	JPY	47,196,900	09/15/21		2,330
	NZD	325,364	USD	226,920	09/15/21		456
	PEN	1,473,768	USD	379,679	07/09/21		3,349
	RUB	115,522,089	USD	1,550,042	08/18/21		17,583
	RUB	38,653,538	USD	500,694	10/01/21		20,222
	TRY	12,110,547	USD	1,325,486	09/15/21		12,621
	USD	1,671,682	AUD	2,167,638	07/02/21		46,043
	USD	4,449,014	AUD	5,773,093	07/06/21		119,333
	USD	472,328	AUD	608,988	08/20/21		15,511
	USD	2,509,466	AUD	3,276,215	09/15/21		51,665
	USD	1,726,591	BRL	8,546,625	07/02/21		8,666
	USD	874,755	CAD	1,058,761	08/20/21		20,663
	USD	5,364,735	CAD	6,528,399	09/15/21		98,368
	USD	627,893	CHF	564,524	08/09/21		17,116
	USD	2,432,138	CHF	2,202,810	09/15/21		46,505
	USD	1,965,398	CLP	1,408,435,571	08/12/21		49,659
	USD	1,363,450	CNH	8,849,761	09/15/21		2,691
	USD	463,167	COP	1,684,133,408	07/22/21		14,904
	USD	11,753,894	EUR	9,848,186	07/01/21		76,151
	USD	15,633,384	EUR	13,065,743	09/10/21		117,857
	USD	17,953,620	EUR	14,912,416	09/15/21		243,184
	USD	5,725,159	GBP	4,030,341	08/05/21		149,425
	USD	1,801,703	GBP	1,286,497	09/15/21		21,783
	USD	3,522,953	IDR	51,011,377,354	07/01/21		7,122
	USD	778,802	ILS	2,524,595	09/17/21		3,713
	USD	1,211,528	JPY	132,557,571	08/26/21		17,772
	USD	9,537,417	JPY	1,049,760,543	09/15/21		82,019
	USD	2,325,677	KRW	2,592,733,975	09/15/21		31,902
	USD	1,534,356	NOK	12,708,971	08/09/21		58,015
	USD	2,644,655	NOK	22,053,160	09/15/21		82,558
	USD	1,370,915	NZD	1,934,109	09/15/21		19,292
	USD	4,999,853	SEK	41,701,485	08/04/21		125,529
	USD	5,996,692	SEK	49,673,398	09/15/21		188,263
	USD	1,737,260	SGD	2,303,086	07/02/21		24,547
	USD	1,988,859	SGD	2,670,940	09/15/21		2,609
	USD	919,490	THB	29,219,812	09/15/21		8,080
	USD	1,923,545	TRY	17,079,924	08/16/21		8,691
	USD	3,614,659	TRY	32,573,609	09/15/21		15,566
	USD	1,791,996	TWD	49,284,822	07/06/21		25,990
	USD	459,456	TWD	12,754,032	07/15/21		2,257
	USD	167,426	ZAR	2,348,987	08/31/21		4,199
	USD	1,256,323	ZAR	17,751,835	09/15/21		25,331
	ZAR	7,881,164	USD	545,076	09/15/21		1,439
TOTAL						$	2,036,188

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Loss
JPMorgan Securities, Inc.	AUD	1,836,511	EUR	1,163,290	09/15/21	$	(3,817	)
	AUD	2,167,638	USD	1,671,364	07/02/21		(45,725	)
	AUD	4,041,986	USD	3,116,072	07/06/21		(84,681	)
	AUD	798,256	USD	619,122	08/20/21		(20,332	)
	AUD	11,011,794	USD	8,387,159	09/15/21		(126,165	)
	BRL	2,726,170	USD	551,175	07/02/21		(3,198	)
	BRL	8,546,625	USD	1,721,097	08/03/21		(9,083	)
	CAD	492,142	JPY	44,367,134	09/15/21		(2,619	)
	CAD	1,011,000	USD	835,294	08/20/21		(19,730	)
	CAD	4,832,628	USD	3,932,267	09/15/21		(33,854	)
	CHF	234,653	USD	255,278	09/15/21		(1,150	)
	CLP	1,506,108,868	USD	2,122,653	08/12/21		(74,061	)
	CNH	3,029,062	USD	468,000	07/28/21		(661	)
	CNH	15,055,731	USD	2,341,118	09/15/21		(26,116	)
	COP	3,479,930,848	USD	944,753	07/22/21		(18,505	)
	CZK	19,621,356	EUR	770,108	09/15/21		(2,789	)
	CZK	49,304,309	USD	2,362,675	09/15/21		(71,482	)
	EUR	772,940	GBP	664,851	09/15/21		(1,880	)
	EUR	387,436	HUF	137,530,257	09/15/21		(3,323	)
	EUR	367,582	JPY	49,115,621	09/15/21		(5,842	)
	EUR	388,569	NOK	4,008,597	09/15/21		(4,236	)
	EUR	376,692	SEK	3,838,381	09/15/21		(1,460	)
	EUR	9,848,185	USD	11,747,653	07/01/21		(69,911	)
	EUR	9,976,639	USD	11,937,218	09/10/21		(89,993	)
	EUR	15,881,561	USD	19,256,333	09/15/21		(394,918	)
	GBP	2,247,143	USD	3,176,389	08/05/21		(67,603	)
	GBP	1,681,868	USD	2,375,859	09/15/21		(48,929	)
	HUF	469,976,688	EUR	1,339,133	09/15/21		(6,652	)
	HUF	398,601,389	USD	1,395,998	09/15/21		(52,778	)
	IDR	60,429,418,557	USD	4,180,476	07/01/21		(15,531	)
	IDR	9,315,753,005	USD	648,304	07/19/21		(9,815	)
	IDR	9,473,912,194	USD	653,690	07/26/21		(5,059	)
	IDR	6,652,825,708	USD	456,549	09/17/21		(4,090	)
	ILS	1,966,305	USD	607,031	09/17/21		(3,345	)
	INR	68,349,455	USD	918,182	07/29/21		(2,197	)
	JPY	101,116,224	CAD	1,135,162	09/15/21		(4,945	)
	JPY	164,632,535	USD	1,504,682	08/26/21		(22,073	)
	JPY	254,463,516	USD	2,311,621	09/15/21		(19,620	)
	KRW	1,553,381,655	USD	1,377,754	09/15/21		(3,488	)
	MXN	58,236,426	USD	2,930,009	09/15/21		(36,735	)
	NOK	28,217,972	EUR	2,770,678	09/15/21		(12,224	)
	NOK	17,979,150	USD	2,156,844	09/15/21		(68,057	)
	NZD	1,945,781	EUR	1,146,669	09/15/21		(2,040	)
	NZD	6,006,308	USD	4,237,667	09/15/21		(40,249	)
	PLN	3,343,520	EUR	746,116	09/15/21		(9,032	)
	PLN	1,724,975	USD	456,950	09/15/21		(4,452	)
	RUB	66,673,168	USD	913,749	08/18/21		(9,001	)
	SEK	35,570,886	EUR	3,514,784	09/15/21		(14,874	)
	SEK	39,781,000	USD	4,769,594	08/04/21		(119,748	)
	SEK	16,631,395	USD	2,014,698	09/15/21		(69,949	)
	SGD	4,359,616	USD	3,266,940	07/02/21		(24,867	)
	SGD	2,325,568	USD	1,756,319	09/15/21		(26,905	)
	THB	14,290,965	USD	457,489	09/15/21		(11,733	)
	TRY	10,670,058	USD	1,195,465	09/15/21		(16,518	)
	TWD	49,284,823	USD	1,781,442	07/06/21		(15,437	)
	TWD	61,307,970	USD	2,221,579	07/15/21		(23,848	)
	TWD	25,609,634	USD	920,300	07/23/21		(1,637	)
	USD	1,754,356	AUD	2,340,223	09/15/21		(1,268	)
	USD	935,628	BRL	4,762,607	07/02/21		(21,686	)

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Loss
JPMorgan Securities, Inc. (continued)	USD	467,085	CNH	3,029,062	07/28/21	$	(254	)
	USD	563,193	COP	2,133,380,140	07/22/21		(4,645	)
	USD	2,207,137	IDR	32,326,568,909	07/01/21		(20,890	)
	USD	457,657	IDR	6,705,138,128	07/26/21		(1,409	)
	USD	1,822,112	MXN	37,663,334	09/15/21		(49,060	)
	USD	859,280	NZD	1,234,626	09/15/21		(3,520	)
	USD	367,234	PEN	1,463,171	07/09/21		(13,040	)
	USD	918,866	PLN	3,506,491	09/15/21		(963	)
	USD	416,077	RUB	32,245,949	10/01/21		(18,487	)
	USD	231,516	SEK	1,987,472	09/15/21		(884	)
	USD	1,527,837	SGD	2,056,530	07/02/21		(1,522	)
	USD	458,270	THB	14,780,505	09/15/21		(2,756	)
	USD	366,341	TRY	3,328,114	09/15/21		(1,386	)
	USD	1,375,781	TWD	38,480,589	07/15/21		(3,647	)
	USD	1,707,398	TWD	47,670,552	07/26/21		(3,064	)
	USD	920,487	ZAR	13,413,263	09/15/21		(9,649	)
	ZAR	49,518,379	USD	3,572,816	09/15/21		(138,988	)
TOTAL						$	(2,186,080	)

FORWARD SALES CONTRACTS — At June 30, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
GNMA		4.000	%	TBA-30yr		07/22/19	$	(2,000,000	)	$	(2,111,520	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		07/14/21		(3,000,000	)		(3,194,296	)
UMBS, 30 Year, Single Family		4.500		TBA-30yr		07/30/21		(2,000,000	)		(2,151,717	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		08/12/21		(3,000,000	)		(3,196,875	)
TOTAL ((Proceeds Receivable: $10,695,078))										$	(10,654,408	)

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

FUTURES CONTRACTS — At June 30, 2021, 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		230		09/21/21	$	44,318,125		$	1,467,566
2 Year U.S. Treasury Notes		226		09/30/21		49,792,390			(78,696	)
20 Year U.S. Treasury Bonds		183		09/21/21		29,417,250			668,321
10 Year U.S. Treasury Notes		407		09/21/21		53,927,500			177,793
Total								$	2,234,984
Short position contracts:
Australian 10 Year Government Bonds		(12)		09/15/21		(1,270,616	)		(912	)
Euro Buxl 30 Year Bonds		(1)		09/08/21		(240,992	)		46
Ultra 10 Year U.S. Treasury Notes		(128)		09/21/21		(18,842,000	)		(271,477	)
5 Year German Euro-Bobl		(6)		09/08/21		(954,410	)		(152	)
5 Year U.S. Treasury Notes		(215)		09/30/21		(26,537,383	)		55,344
10 Year German Euro-Bund		(3)		09/08/21		(614,017	)		718
Total								$	(216,433	)
TOTAL FUTURES CONTRACTS								$	2,018,551

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2021, 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)
0.250%(b)	3M WIBOR(c)	12/16/21	PLN	18,330	$	(6,273	)	$	(425	)	$	(5,848	)
1M BID Avg(c)	3.390%(b)	01/03/22		12,550		(22,715	)		—			(22,715	)
1M BID Avg(c)	4.120(b)	01/03/22		6,500		15,890			15,908			(18	)
5.800(c)	1M BID Avg(c)	01/02/23		9,300		15,054			8,221			6,833
1M BID Avg(d)	4.230(d)	01/02/23		4,200		(20,634	)		(37,539	)		16,905
3M AUDOR(c)	0.190(c)	02/22/23	AUD	90,060		(56,883	)		(1,072,108	)		1,015,225
6M CDOR(f)	0.804(f)	02/28/23	CAD	107,340		(69,776	)		15,673			(85,449	)
6M CDOR(f)	0.750(f)	03/01/23		172,780		(189,547	)		(45,404	)		(144,143	)
0.275(f)	3M LIBOR(c)	03/03/23	$	139,780		70,281			29,992			40,289
(0.430)(g)	6M EURO(f)	05/17/23	EUR	2,550		42			239			(197	)
6M CDOR(f)	1.100(f)	06/15/23	CAD	57,340		(3,220	)		1,828			(5,048	)
0.450(f)	3M LIBOR(c)	06/15/23	$	45,890		(1,096	)		(697	)		(399	)
4.000(c)	3M JIBAR(c)	06/16/23	ZAR	—		—			5			(5	)
5.600(d)	Mexico IB TIIE 28D(d)	09/13/23		77,660		50,888			(1,028	)		51,916
6M EURO(f)	0.000(g)	09/15/23	EUR	2,950		(4,330	)		(3,559	)		(771	)
3M CNY(c)	2.500(c)	09/15/23	CNY	8,730		(2,504	)		(934	)		(1,570	)
1.250(c)	3M KWCDC(c)	09/15/23	KRW	10,596,430		32,886			8,436			24,450
0.843(g)	6M WIBOR(f)	09/15/23	PLN	21,200		12,513			(565	)		13,078
6M CDOR(f)	0.700(f)	11/18/23	CAD	27,520		(151,744	)		(502,625	)		350,881
1M BID Avg(b)	4.930(b)	01/02/24		1,840		(11,810	)		(801	)		(11,009	)
1M BID Avg(b)	7.370(b)	01/02/24		11,725		1,637			10,088			(8,451	)
3M AUDOR(c)	0.500(c)	01/25/24	AUD	42,340		(71,282	)		(13,326	)		(57,956	)
3M AUDOR(c)	0.500(c)	02/24/24		24,470		(8,455	)		60,584			(69,039	)
0.486(c)	3M AUDOR(c)	06/29/24		8,070		(1,045	)		299			(1,344	)
1M LIBOR + 0.090%(c)	3M LIBOR(c)	07/25/24	$	41,260		1,469			13,848			(12,379	)
3M LIBOR(c)	0.250(f)	09/15/24		2,530		(30,129	)		(24,608	)		(5,521	)
6M CDOR(f)	0.750(f)	09/15/24	CAD	10,160		(107,044	)		(76,589	)		(30,455	)
0.400(c)	3M AUDOR(c)	09/15/24	AUD	14,200		52,482			(17,052	)		69,534
6.320(b)	1M BID Avg(b)	01/02/25		6,086		36,500			(13,397	)		49,898
6M WIBOR(f)	0.750(g)	12/16/25	PLN	3,690		(21,573	)		(696	)		(20,877	)
1.550(f)	6M AUDOR(f)	02/23/26	AUD	5,070		(10,043	)		(39,805	)		29,762
6M EURO(f)	(0.160)(g)	05/17/26	EUR	3,200		8,004			(1,406	)		9,410
Mexico IB TIIE 28D(d)	6.300(d)	09/09/26		3,880		(3,519	)		68			(3,587	)
6M GBP(g)	0.000(g)	09/15/26	GBP	26,150		(894,102	)		(929,993	)		35,891
3M STIBOR(c)	0.500(g)	09/15/26	SEK	194,030		96,170			132,377			(36,207	)
6M AUDOR(f)	1.000(f)	09/15/26	AUD	18,520		2,265			59,407			(57,142	)
6M CDOR(f)	1.000(f)	09/15/26	CAD	6,320		(128,051	)		(109,319	)		(18,732	)
3M NZDOR(c)	1.250(f)	09/15/26	NZD	8,530		(51,017	)		(39,537	)		(11,480	)
6M NIBOR(f)	1.500(g)	09/15/26	NOK	81,650		(14,091	)		(55,814	)		41,723
1.500(c)	3M KWCDC(c)	09/15/26	KRW	861,080		7,162			3,873			3,289
0.500(c)	3M LIBOR(c)	09/15/26	$	500		12,808			13,482			(674	)
3M JIBAR(c)	5.800(c)	09/15/26	ZAR	12,660		(15,023	)		10			(15,033	)
0.000(g)	6M CHFOR(f)	09/15/26	CHF	4,330		36,836			9,963			26,873
0.000(f)	6M EURO(f)	09/15/26	EUR	36,680		380,313			337,434			42,879
0.000(f)	6M JYOR(f)	09/15/26	JPY	3,545,570		(9,756	)		(15,727	)		5,971
1.750(g)	6M WIBOR(f)	09/15/26	PLN	3,575		(11,066	)		(2,380	)		(8,686	)
8.495(b)	1M BID Avg(b)	01/04/27		7,200		(17,652	)		(12,012	)		(5,640	)
6M EURO(f)	(0.105)(g)	02/16/27	EUR	3,820		15,196			13,421			1,775
0.250(f)	6M JYOR(f)	03/19/30	JPY	696,973		(44,483	)		(40,564	)		(3,919	)
6M EURO(f)	0.050(g)	05/21/30	EUR	21,290		(333,900	)		(825,349	)		491,449
6M AUDOR(f)	1.240(f)	10/28/30	AUD	8,930		(297,716	)		(522,209	)		224,493
1.240(g)	6M NIBOR(f)	10/29/30	NOK	72,390		239,179			(613,858	)		853,037
6M AUDOR(f)	1.710(f)	01/21/31	AUD	11,060		(201,062	)		(327,323	)		126,261
1.000(g)	6M GBP(g)	01/26/31	GBP	6,880		(28,550	)		25,833			(54,383	)
1.000(g)	6M GBP(g)	02/10/31		8,640		(34,533	)		15,052			(49,585	)
6M EURO(f)	0.500(g)	02/12/31	EUR	11,510		62,016			121,155			(59,139	)
6M AUDOR(f)	2.500(f)	02/24/31	AUD	4,940		42,671			(135,573	)		178,244
3M LIBOR(c)	2.209(f)	02/25/31	$	13,580		187,291			(71,134	)		258,425
3M STIBOR(c)	1.272(g)	05/11/31	SEK	49,43		37,616			(8,323	)		45,939
2.130(g)	6M NIBOR(f)	05/11/31	NOK	46,090		(57,888	)		8,879			(66,767	)
0.250(g)	6M EURO(f)	05/17/31	EUR	1,430		(14,998	)		1,310			(16,308	)
3M JIBAR(c)	7.750(c)	06/16/31	ZAR	—		—			—			—

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund		Termination Date		Notional Amount (000s)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1.926%(g)		6M NIBOR(f)		06/29/31	NOK	14,730	$	(2,854	)	$	26		$	(2,880	)
Mexico IB TIIE 28D(d)		6.860%(d)		09/03/31		11,630		(9,725	)		(3,143	)		(6,582	)
6M EURO(f)		0.000(g)		09/15/31	EUR	90		(4,182	)		(4,154	)		(28	)
3M LIBOR(c)		1.000(f)		09/15/31	$	8,900		(395,782	)		(408,037	)		12,255
3M STIBOR(c)		1.000(g)		09/15/31	SEK	39,370		96,347			84,858			11,489
6M CDOR(f)		1.250(f)		09/15/31	CAD	9,080		(430,591	)		(447,404	)		16,813
6M AUDOR(f)		2.000(f)		09/15/31	AUD	4,470		116,779			137,807			(21,028	)
0.250(g)		6M GBP(g)		09/15/31	GBP	17,030		1,097,231			1,176,195			(78,964	)
0.000(f)		6M JYOR(f)		09/15/31	JPY	2,395,560		200,802			216,140			(15,338	)
2.000(g)		6M NIBOR(f)		09/15/31	NOK	42,420		(134,701	)		(98,355	)		(36,346	)
6M EURO(f)		0.500(g)		09/16/31	EUR	11,970		8,000			11,854			(3,854	)
3M NZDOR(c)		3.000(f)		09/16/31	NZD	1,910		32,283			7,650			24,633
2.500(f)		3M LIBOR(c)		09/17/31	$	11,420		(289,698	)		(286,040	)		(3,658	)
2.431(f)		3M LIBOR(c)		02/25/36		16,730		(247,738	)		37,338			(285,076	)
0.260(g)		6M EURO(f)		05/21/40	EUR	11,490		800,195			(230,674	)		1,030,869
2.750(f)		6M AUDOR(f)		02/24/41	AUD	1,560		(24,143	)		(30,091	)		5,948
0.000(g)		6M EURO(f)		09/15/41	EUR	130		14,932			15,392			(460	)
6M CDOR(f)		1.750(f)		09/15/51	CAD	5,460		(494,348	)		(626,993	)		132,645
1.250(f)		3M LIBOR(c)		09/15/51	$	4,150		529,094			703,696			(174,602	)
0.000(g)		6M EURO(f)		09/15/51	EUR	210		34,795			35,615			(820	)
0.250(f)		6M JYOR(f)		09/15/51	JPY	309,490		208,269			205,873			2,396
TOTAL							$	(425,376	)	$	(4,156,741	)	$	3,731,366

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2021.

(b) Payments made at maturity.

(c) Payments made at quarterly.

(d) Payments made at monthly.

(f) Payments made semi-annually.

(g) Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund			Credit Spread at June 30, 2021(a)			Counterparty	Termination Date		Notional Amount (000s)		Market Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000	)%(b)		0.074	%	Barclays Bank PLC		12/20/21	$	690	$	(3,279	)	$	(259	)	$	(3,020	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)(b)		0.082		Citibank NA		06/20/22		80		(748	)		(235	)		(513	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)(b)		0.082		JPMorgan Securities, Inc.		06/20/22		140		(1,308	)		(297	)		(1,011	)
Protection Sold:
Markit CMBX Series 11		3.000	(c)		3.623		Citibank NA		11/18/54		900		(30,206	)		(138,434	)		108,228
Markit CMBX Series 8		3.000	(c)		7.914		Citibank NA		10/17/57		1,250		(171,536	)		(193,155	)		21,619

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)

Reference Obligation/Index	Financing Rate Paid by the Fund			Credit Spread at June 30, 2021(a)			Counterparty	Termination Date		Notional Amount (000s)		Market Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold: (continued)
Markit CMBX Series 8		3.000	%(c)		7.914	%	Citibank NA		10/17/57	$	700	$	(97,869	)	$	(189,646	)	$	91,777
Markit CMBX Series 11		3.000	(c)		3.623		JPMorgan Securities, Inc.		11/18/54		350		(11,776	)		(106,191	)		94,415
Markit CMBX Series 10		3.000	(c)		4.922		MS & Co. Int. PLC		11/17/59		600		(52,575	)		(112,040	)		59,465
Markit CMBX Series 11		3.000	(c)		3.623		MS & Co. Int. PLC		11/18/54		1,000		(33,563	)		(278,522	)		244,959
TOTAL												$	(402,860	)	$	(1,018,779	)	$	615,919

(a) 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.

(b) Payments made quarterly.

(c) Payments made monthly.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)			Credit Spread at June 30, 2021(b)			Termination Date		Notional Amount (000s)		Market Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
ICE CD ITXEB		(1.000	)%		0.468	%		06/20/26	EUR	7,875	$	(251,590	)	$	(210,414	)	$	(41,176	)
Protection Sold:
CDX.NA.EM Index 35		1.000			1.549			06/20/26	$	9,050		(232,746	)		(327,543	)		94,797
CDX.NA.IG Index 28		1.000			0.218			06/20/22		11,100		88,771			74,435			14,336
CDX.NA.IG Index 34		1.000			0.245			06/20/23		7,575		115,594			63,862			51,732
General Electric Company, 2.700%, 10/09/22		1.000			0.715			06/20/26		1,525		21,631			20,661			970
ICE CD ITXEB		5.000			2.320			06/20/26	EUR	2,400		357,769			292,661			65,108
Prudential Financial, Inc., 3.500%, 05/15/24		1.000			0.283			06/20/24	$	825		17,943			8,274			9,669
Republic of Indonesia, 5.875%, 03/13/20		1.000			0.382			06/20/24		2,430		45,521			4,455			41,066
State of Qatar, 9.750%, 06/15/30		1.000			0.204			06/20/24		210		5,076			2,728			2,348
State of Qatar, 9.750%, 06/15/30		1.000			0.253			12/20/24		100		2,638			1,465			1,173
The Boeing Co., 8.750%, 08/15/21		1.000			0.879			06/20/24		500		1,938			6,448			(4,510	)
TOTAL											$	172,545		$	(62,968	)	$	235,513

(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 BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2021, 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 Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	BofA Securities LLC		0.632	%		12/23/2021	15,520,000	$	15,520,000		$	37,822		$	43,388		$	(5,566	)
1Y IRS	Deutsche Bank AG (London)		0.830			04/20/2022	31,720,000		31,720,000			159,311			229,043			(69,732	)
1Y IRS	JPMorgan Securities, Inc.		1.053			06/21/2022	9,580,000		9,580,000			71,916			85,477			(13,561	)
3Y IRS	JPMorgan Securities, Inc.		0.700			11/14/2022	10,200,000		10,200,000			33,532			103,239			(69,707	)
							67,020,000	$	67,020,000		$	302,581		$	461,147		$	(158,566	)
Puts
3M IRS	Citibank NA		0.165			08/20/2021	9,810,000		9,810,000			11,923			44,382			(32,459	)
6M IRS	Citibank NA		1.110			11/15/2021	3,150,000		3,150,000			22,049			30,492			(8,443	)
3M IRS	JPMorgan Securities, Inc.		0.670			07/06/2021	890,000		890,000			32			12,310			(12,278	)
6M IRS	JPMorgan Securities, Inc.		0.750			08/10/2021	18,970,000		18,970,000			234,365			96,747			137,618
3M IRS	MS & Co. Int. PLC		0.650			07/07/2021	174,260,000		174,260,000			2			15,305			(15,303	)
3M IRS	UBS AG (London)		0.165			08/19/2021	5,430,000		5,430,000			6,420			25,780			(19,360	)
6M IRS	UBS AG (London)		1.195			11/18/2021	2,140,000		2,140,000			12,167			15,301			(3,134	)
							214,650,000	$	214,650,000		$	286,958		$	240,317		$	46,641
Total purchased option contracts							281,670,000	$	281,670,000		$	589,539		$	701,464		$	(111,925	)
Written option contracts
Calls
6M IRS	BofA Securities LLC		1.297			12/23/2021	(5,040,000)		(5,040,000	)		(47,338	)		(43,382	)		(3,956	)
1M IRS	Citibank NA		0.080			07/14/2021	(3,350,000)		(3,350,000	)		(6,139	)		(15,086	)		8,947
1M IRS	Citibank NA		0.134			07/07/2021	(3,350,000)		(3,350,000	)		(15,011	)		(15,973	)		962
1M IRS	Citibank NA		1.583			07/01/2021	(3,780,000)		(3,780,000	)		(54,941	)		(28,917	)		(26,024	)
1Y IRS	Citibank NA		0.105			02/14/2022	(4,610,000)		(4,610,000	)		(40,211	)		(40,113	)		(98	)
6M IRS	Citibank NA		0.856			11/22/2021	(36,370,000)		(36,370,000	)		(110,449	)		(125,477	)		15,028
1M IRS	Deutsche Bank AG (London)		1.472			07/19/2021	(3,780,000)		(3,780,000	)		(28,744	)		(28,728	)		(16	)
1Y IRS	Deutsche Bank AG (London)		0.630			04/20/2022	(47,580,000)		(47,580,000	)		(120,320	)		(190,971	)		70,651
1M IRS	JPMorgan Securities, Inc.		0.096			07/21/2021	(3,350,000)		(3,350,000	)		(10,728	)		(17,787	)		7,059
1Y IRS	JPMorgan Securities, Inc.		0.105			02/14/2022	(4,610,000)		(4,610,000	)		(40,211	)		(41,840	)		1,629
1Y IRS	JPMorgan Securities, Inc.		1.378			06/21/2022	(5,050,000)		(5,050,000	)		(78,769	)		(85,518	)		6,749
3Y IRS	JPMorgan Securities, Inc.		1.060			11/14/2022	(2,000,000)		(2,000,000	)		(36,658	)		(103,884	)		67,226
1M IRS	MS & Co. Int. PLC		1.478			07/26/2021	(3,780,000)		(3,780,000	)		(32,874	)		(27,405	)		(5,469	)
1M IRS	MS & Co. Int. PLC		1.565			07/07/2021	(3,780,000)		(3,780,000	)		(49,560	)		(24,948	)		(24,612	)
1M IRS	UBS AG (London)		0.129			07/28/2021	(3,350,000)		(3,350,000	)		(20,015	)		(16,279	)		(3,736	)
							(133,780,000)	$	(133,780,000	)	$	(691,968	)	$	(806,308	)	$	114,340
Puts
1M IRS	Citibank NA		0.080			07/14/2021	(3,350,000)		(3,350,000	)		(17,594	)		(15,086	)		(2,508	)
1M IRS	Citibank NA		0.134			07/07/2021	(3,350,000)		(3,350,000	)		(3,724	)		(15,973	)		12,249
1M IRS	Citibank NA		1.583			07/01/2021	(3,780,000)		(3,780,000	)		(3	)		(28,917	)		28,914
1Y IRS	Citibank NA		0.105			02/14/2022	(4,610,000)		(4,610,000	)		(22,057	)		(43,667	)		21,610
3M IRS	Citibank NA		0.021			08/20/2021	(9,810,000)		(9,810,000	)		(3,721	)		(17,993	)		14,272
3M IRS	Citibank NA		0.093			08/20/2021	(9,810,000)		(9,810,000	)		(6,328	)		(26,389	)		20,061
3M IRS	Citibank NA		2.402			07/06/2021	(960,000)		(960,000	)		—			(12,768	)		12,768
1M IRS	Deutsche Bank AG (London)		1.472			07/19/2021	(3,780,000)		(3,780,000	)		(16,382	)		(28,728	)		12,346
1M IRS	JPMorgan Securities, Inc.		0.096			07/21/2021	(3,350,000)		(3,350,000	)		(16,729	)		(17,787	)		1,058
1Y IRS	JPMorgan Securities, Inc.		0.105			02/14/2022	(4,610,000)		(4,610,000	)		(22,057	)		(41,840	)		19,783
6M IRS	JPMorgan Securities, Inc.		0.878			08/10/2021	(18,970,000)		(18,970,000	)		(138,202	)		(58,807	)		(79,395	)
6M IRS	JPMorgan Securities, Inc.		1.006			08/10/2021	(18,970,000)		(18,970,000	)		(69,977	)		(37,940	)		(32,037	)
1M IRS	MS & Co. Int. PLC		1.478			07/26/2021	(3,780,000)		(3,780,000	)		(19,806	)		(27,405	)		7,599
1M IRS	MS & Co. Int. PLC		1.565			07/07/2021	(3,780,000)		(3,780,000	)		(1,468	)		(24,948	)		23,480
3M IRS	MS & Co. Int. PLC		2.350			07/07/2021	(970,000)		(970,000	)		—			(16,684	)		16,684
6M IRS	MS & Co. Int. PLC		0.075			11/18/2021	(3,070,000)		(3,070,000	)		(7,068	)		(15,766	)		8,698
1M IRS	UBS AG (London)		0.129			07/28/2021	(3,350,000)		(3,350,000	)		(13,680	)		(16,279	)		2,599
3M IRS	UBS AG (London)		0.022			08/19/2021	(5,430,000)		(5,430,000	)		(1,993	)		(9,915	)		7,922
3M IRS	UBS AG (London)		0.094			08/19/2021	(5,430,000)		(5,430,000	)		(3,396	)		(15,864	)		12,468
6M IRS	UBS AG (London)		0.145			11/15/2021	(4,530,000)		(4,530,000	)		(14,607	)		(31,205	)		16,598
							(115,690,000)	$	(115,690,000	)	$	(378,792	)	$	(503,961	)	$	125,169
Total written option contracts							(249,470,000)	$	(249,470,000	)	$	(1,070,760	)	$	(1,310,269	)	$	239,509
TOTAL							32,200,000	$	32,200,000		$	(481,221	)	$	(608,805	)	$	127,584

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

EXCHANGE TRADED OPTIONS ON FOREIGN CURRENCY
Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call AUD/Put USD	BofA Securities LLC	$	0.783		07/02/2021		4,702,000		$	4,702,000		$	4		$	18,074		$	(18,070	)
Puts
Put USD/Call TWD	BNP Paribas SA		27.200		07/02/2021		3,739,000			3,739,000			4			13,498			(13,494	)
Put USD/Call TWD	UBS AG (London)		27.720		07/22/2021		3,670,000			3,670,000			6,672			9,046			(2,374	)
Put USD/Call RUB	Barclays Bank PLC		72.350		09/30/2021		1,778,000			1,778,000			18,708			19,512			(804	)
							9,187,000		$	9,187,000		$	25,384		$	42,056		$	(16,672	)
Total purchased option contracts							13,889,000		$	13,889,000		$	25,388		$	60,130		$	(34,742	)
Written option contracts
Calls
Call EUR/Put AUD	Barclays Bank PLC		1.605		07/02/2021		(764,000	)		(764,000	)		(9	)		(2,269	)		2,260
Call EUR/Put NZD	Barclays Bank PLC		1.710		07/02/2021		(764,000	)		(764,000	)		(115	)		(2,558	)		2,443
Call USD/Put ZAR	Deutsche Bank AG (London)		15.500		08/27/2021		(1,880,000	)		(1,880,000	)		(9,770	)		(11,532	)		1,762
Call USD/Put TWD	UBS AG (London)		28.180		07/22/2021		(3,670,000	)		(3,670,000	)		(3,494	)		(7,472	)		3,978
							(7,078,000	)	$	(7,078,000	)	$	(13,388	)	$	(23,831	)	$	10,443
Puts
Put USD/Call RUB	JPMorgan Securities, Inc.		72.350		09/30/2021		(1,778,000	)		(1,778,000	)		(18,708	)		(24,634	)		5,926
Put EUR/Call AUD	Barclays Bank PLC		1.560		07/02/2021		(764,000	)		(764,000	)		(14	)		(2,894	)		2,880
Put EUR/Call NZD	Barclays Bank PLC		1.660		07/02/2021		(764,000	)		(764,000	)		(1	)		(2,474	)		2,473
							(3,306,000	)	$	(3,306,000	)	$	(18,723	)	$	(30,002	)	$	11,279
Total written option contracts							(10,384,000	)	$	(10,384,000	)	$	(32,111	)	$	(53,833	)	$	21,722
TOTAL							3,505,000		$	3,505,000		$	(6,723	)	$	6,297		$	(13,020	)

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
1M IRS	— 1 Month Interest Rate Swaptions
3M IRS	— 3 Month Interest Rate Swaptions
6M IRS	— 6 Month Interest Rate Swaptions
3Y IRS	— 3 Year Interest Rate Swaptions
1M BID Avg	— 1 month Brazilian Interbank Deposit Average
BofA Securities LLC	— Bank of America Securities LLC
CDX.NA.EM Index 35	— CDX North America Emerging Markets Index 35
CDX.NA.IG Index 28	— CDX North America Investment Grade Index 28
CDX.NA.IG Index 34	— CDX North America Investment Grade Index 34
ICE CD ITXEB	— iTraxx Europe Index
ICE CD ITXEX	— iTraxx Europe Crossover Index
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D	— Mexico Interbank TIIE 28 Days

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 39.4%
Aerospace & Defense – 0.7%
Northrop Grumman Corp.(a)
$	1,925,000		2.930	%	01/15/25	$     2,052,377
	2,750,000		3.250		01/15/28	3,001,267
	105,000		4.030		10/15/47	124,721
Raytheon Technologies Corp.
	1,775,000		3.950	(a)	08/16/25	1,973,818
	775,000		4.125	(a)	11/16/28	892,630
	800,000		5.700		04/15/40	1,110,768
	350,000		4.050	(a)	05/04/47	411,366
	200,000		4.625	(a)	11/16/48	256,812
The Boeing Co.(a)
	1,575,000		3.450		11/01/28	1,680,635
	300,000		3.250		02/01/35	304,962
	275,000		3.375		06/15/46	264,921
	100,000		3.625		03/01/48	99,730
	100,000		3.850		11/01/48	103,184
	2,725,000		5.805		05/01/50	3,676,815
						15,954,006
Agriculture(a) – 0.2%
BAT Capital Corp.
	1,685,000		3.222		08/15/24	1,789,908
	2,550,000		2.259		03/25/28	2,535,618
	425,000		4.758		09/06/49	459,939
						4,785,465
Automotive – 0.5%
Ford Motor Credit Co. LLC
	1,200,000		5.875		08/02/21	1,204,492
General Motors Co.
	1,425,000		5.400		10/02/23	1,568,725
	550,000		4.000		04/01/25	604,340
	200,000		5.950	(a)	04/01/49	272,296
General Motors Financial Co., Inc.(a)
	3,200,000		1.500		06/10/26	3,183,136
	675,000		4.300		07/13/25	746,219
	300,000		5.650		01/17/29	365,643
	2,825,000		2.350		01/08/31	2,786,806
						10,731,657

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – 9.4%
ABN AMRO Bank NV(a)(b)(g) (-1x 5 Year EUR Swap + 4.674%)
EUR	1,600,000		4.375	%	12/31/99	$     2,054,156
Banco Santander SA
$	2,400,000		2.746		05/28/25	2,528,880
	400,000		4.250		04/11/27	450,900
	800,000		3.306		06/27/29	868,912
	800,000		2.749		12/03/30	792,872
Bank of America Corp.
	4,810,000		4.200		08/26/24	5,279,456
	5,000,000		4.183	(a)	11/25/27	5,598,400
	350,000		6.110		01/29/37	480,323
(3M USD LIBOR + 0.990%)
	225,000		2.496	(a)(b)	02/13/31	230,049
(3M USD LIBOR + 1.190%)
	1,325,000		2.884	(a)(b)	10/22/30	1,394,841
(3M USD LIBOR + 1.370%)
	1,550,000		3.593	(a)(b)	07/21/28	1,704,969
(SOFR + 1.370%)
	5,725,000		1.922	(a)(b)	10/24/31	5,580,043
(SOFR + 1.530%)
	3,725,000		1.898	(a)(b)	07/23/31	3,614,479
(SOFR + 2.150%)
	5,225,000		2.592	(a)(b)	04/29/31	5,378,667
Barclays PLC(a)(b)
(3M USD LIBOR + 1.400%)
	2,725,000		4.610		02/15/23	2,794,079
(SOFR + 2.714%)
	2,600,000		2.852		05/07/26	2,746,458
BNP Paribas SA(c)
	3,825,000		3.500		03/01/23	4,012,501
	900,000		3.375		01/09/25	966,798
(5 Year USD Swap + 4.149%)
	650,000		6.625	(a)(b)	12/31/99	712,186
(SOFR + 1.004%)
	3,025,000		1.323	(a)(b)	01/13/27	2,987,490
(SOFR + 2.074%)
	1,325,000		2.219	(a)(b)	06/09/26	1,366,141
BPCE SA(c)
	2,250,000		4.000		09/12/23	2,413,507
	1,150,000		4.625		09/12/28	1,342,671
(SOFR + 1.312%)
	1,650,000		2.277	(a)(b)	01/20/32	1,617,974
(SOFR + 1.520%)
	1,675,000		1.652	(a)(b)	10/06/26	1,681,867

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Capital One NA(a)
$	1,700,000		2.650	%	08/08/22	$     1,739,950
CIT Bank NA(a)(b) (SOFR + 1.715%)
	1,500,000		2.969		09/27/25	1,574,730
CIT Group, Inc.(a)
	224,000		4.750		02/16/24	242,480
Citigroup, Inc.
	2,595,000		3.500		05/15/23	2,735,234
	2,500,000		4.600		03/09/26	2,847,700
	3,175,000		3.400		05/01/26	3,470,497
	2,450,000		4.450		09/29/27	2,798,145
	4,925,000		4.125		07/25/28	5,553,824
(3M USD LIBOR + 1.023%)
	1,795,000		4.044	(a)(b)	06/01/24	1,912,644
(SOFR + 1.422%)
	1,375,000		2.976	(a)(b)	11/05/30	1,458,490
Credit Agricole SA(c)
	1,050,000		3.250		10/04/24	1,125,327
(5 Year USD Swap + 4.319%)
	600,000		6.875	(a)(b)	12/31/99	672,630
(SOFR + 1.676%)
	1,275,000		1.907	(a)(b)	06/16/26	1,299,467
Credit Suisse AG
	1,175,000		2.950		04/09/25	1,259,095
Credit Suisse Group AG
	683,000		4.550		04/17/26	772,944
	1,400,000		4.282	(a)(c)	01/09/28	1,557,836
(3M USD LIBOR + 1.410%)
	1,675,000		3.869	(a)(b)(c)	01/12/29	1,843,304
(SOFR + 1.730%)
	1,545,000		3.091	(a)(b)(c)	05/14/32	1,591,906
(SOFR + 3.730%)
	1,925,000		4.194	(a)(b)(c)	04/01/31	2,163,315
Deutsche Bank AG(a)(b)
(SOFR + 1.718%)
	2,095,000		3.035		05/28/32	2,131,034
(SOFR + 1.870%)
	1,725,000		2.129		11/24/26	1,751,599
(SOFR + 2.159%)
	1,075,000		2.222		09/18/24	1,103,853
Erste Group Bank AG(a)(b) (5 Year EUR Swap + 6.204%)
EUR	1,600,000		6.500		12/31/99	2,127,236

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Fifth Third Bancorp(a)
$	1,235,000		2.375	%	01/28/25	$     1,294,231
HSBC Holdings PLC
	600,000		4.950		03/31/30	724,116
(3M USD LIBOR + 1.000%)
	850,000		1.155	(a)(b)	05/18/24	861,076
(3M USD LIBOR + 1.055%)
	1,200,000		3.262	(a)(b)	03/13/23	1,224,228
(3M USD LIBOR + 1.211%)
	1,625,000		3.803	(a)(b)	03/11/25	1,747,314
(SOFR + 1.538%)
	3,625,000		1.645	(a)(b)	04/18/26	3,673,466
Huntington Bancshares, Inc.(a)
	1,625,000		4.000		05/15/25	1,803,750
ING Groep NV(a)(b)(c) (1 Year CMT + 1.100%)
	3,400,000		1.400		07/01/26	3,411,560
JPMorgan Chase & Co.(a)(b)
(3M USD LIBOR + 0.730%)
	640,000		3.559		04/23/24	674,886
(3M USD LIBOR + 0.890%)
	650,000		3.797		07/23/24	692,042
(3M USD LIBOR + 0.945%)
	1,400,000		3.509		01/23/29	1,542,450
(3M USD LIBOR + 1.000%)
	3,025,000		4.023		12/05/24	3,264,882
(3M USD LIBOR + 1.245%)
	2,275,000		3.960		01/29/27	2,533,144
(3M USD LIBOR + 1.337%)
	2,150,000		3.782		02/01/28	2,386,005
(3M USD LIBOR + 1.360%)
	800,000		3.882		07/24/38	921,232
(3M USD LIBOR + 3.800%)
	2,250,000		3.976		12/29/49	2,256,165
(SOFR + 2.040%)
	100,000		2.522		04/22/31	102,772
(SOFR + 2.515%)
	925,000		2.956		05/13/31	972,166
(SOFR + 3.125%)
	2,350,000		4.600		12/31/99	2,433,166
(SOFR + 3.790%)
	275,000		4.493		03/24/31	325,927
Macquarie Bank Ltd.(a)(b)(c) (5 year CMT + 1.700%)
	2,550,000		3.052		03/03/36	2,538,831
Macquarie Group Ltd.(a)(b)(c) (SOFR + 1.069%)
	1,900,000		1.340		01/12/27	1,882,425
Mitsubishi UFJ Financial Group, Inc.
	1,700,000		3.751		07/18/39	1,935,671
Morgan Stanley, Inc.
	2,200,000		4.875		11/01/22	2,327,578
	525,000		3.875		04/29/24	570,770
	3,300,000		3.700		10/23/24	3,598,155

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley, Inc. – (continued)
$	700,000		4.000	%	07/23/25	$      779,408
	4,000,000		3.950		04/23/27	4,468,320
(3M USD LIBOR + 0.847%)
	550,000		3.737	(a)(b)	04/24/24	581,559
(3M USD LIBOR + 1.628%)
	325,000		4.431	(a)(b)	01/23/30	381,118
(SOFR + 0.720%)
	5,100,000		0.985	(a)(b)	12/10/26	5,024,418
(SOFR + 1.034%)
	2,625,000		1.794	(a)(b)	02/13/32	2,525,066
(SOFR + 1.143%)
	8,575,000		2.699	(a)(b)	01/22/31	8,982,312
(SOFR + 1.152%)
	1,050,000		2.720	(a)(b)	07/22/25	1,105,430
(SOFR + 3.120%)
	1,325,000		3.622	(a)(b)	04/01/31	1,479,946
Natwest Group PLC
	1,336,000		3.875		09/12/23	1,427,182
(3M USD LIBOR + 1.480%)
	1,883,000		3.498	(a)(b)	05/15/23	1,931,619
(3M USD LIBOR + 1.550%)
	2,100,000		4.519	(a)(b)	06/25/24	2,254,434
(3M USD LIBOR + 1.762%)
	400,000		4.269	(a)(b)	03/22/25	434,040
(5 Year CMT + 2.100%)
	500,000		3.754	(a)(b)	11/01/29	531,250
Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
	3,008,000		4.247		01/20/23	3,068,371
State Street Corp.(a)(b) (SOFR + 2.650%)
	100,000		3.152		03/30/31	109,588
Truist Bank(a)
	1,250,000		2.250		03/11/30	1,267,788
UBS Group AG(c)
	2,550,000		4.125		09/24/25	2,843,122
Wells Fargo & Co.
	1,135,000		3.750	(a)	01/24/24	1,220,693
	2,700,000		3.000		10/23/26	2,911,221
	4,150,000		4.300		07/22/27	4,729,008
Westpac Banking Corp.(a)(b) (5 Year CMT + 2.000%)
	700,000		4.110		07/24/34	768,320
						196,854,080
Beverages – 1.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	850,000		4.700		02/01/36	1,042,500
	6,675,000		4.900		02/01/46	8,443,274

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Beverages – (continued)
Anheuser-Busch InBev Worldwide, Inc.
$	1,200,000		4.750	%(a)	01/23/29	$     1,429,344
	400,000		4.950		01/15/42	504,516
	3,275,000		4.600	(a)	04/15/48	4,003,949
	350,000		5.550	(a)	01/23/49	481,236
	925,000		4.500	(a)	06/01/50	1,127,936
Bacardi Ltd.(a)(c)
	1,500,000		5.300		05/15/48	1,949,565
Constellation Brands, Inc.(a)
	1,375,000		4.400		11/15/25	1,552,856
	625,000		3.700		12/06/26	695,225
	1,075,000		3.600		02/15/28	1,192,057
	1,425,000		3.150		08/01/29	1,531,718
Keurig Dr Pepper, Inc.(a)
	704,000		4.057		05/25/23	750,380
	225,000		5.085		05/25/48	297,709
						25,002,265
Biotechnology(a)(c) – 0.1%
Royalty Pharma PLC
	1,475,000		1.200		09/02/25	1,462,492
Building Materials(a) – 0.5%
Carrier Global Corp.
	3,375,000		2.493		02/15/27	3,531,836
	1,750,000		2.722		02/15/30	1,814,313
Martin Marietta Materials, Inc.
	4,475,000		3.200		07/15/51	4,469,227
Masco Corp.
	1,300,000		1.500		02/15/28	1,267,799
						11,083,175
Chemicals – 0.7%
DuPont de Nemours, Inc.(a)
	925,000		4.205		11/15/23	1,001,424
	975,000		4.493		11/15/25	1,108,439
	75,000		5.419		11/15/48	104,155
Ecolab, Inc.
	133,000		5.500		12/08/41	185,394
	231,000		3.950	(a)	12/01/47	278,842

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals – (continued)
Huntsman International LLC(a)
$	850,000		4.500	%	05/01/29	$          966,686
	950,000		2.950		06/15/31	961,535
International Flavors & Fragrances, Inc.(a)(c)
	2,300,000		1.832		10/15/27	2,295,607
	4,025,000		2.300		11/01/30	4,003,144
	950,000		3.268		11/15/40	975,175
The Sherwin-Williams Co.(a)
	325,000		3.125		06/01/24	347,038
	1,900,000		3.450		06/01/27	2,093,724
						14,321,163
Commercial Services – 1.0%
CoStar Group, Inc.(a)(c)
	2,225,000		2.800		07/15/30	2,259,109
DP World PLC
	100,000		6.850	(c)	07/02/37	134,956
	200,000		5.625		09/25/48	249,663
Emory University(a)
	4,015,000		2.143		09/01/30	4,100,781
Global Payments, Inc.(a)
	875,000		2.650		02/15/25	921,725
	550,000		3.200		08/15/29	587,494
IHS Markit Ltd.(a)
	2,800,000		4.000	(c)	03/01/26	3,105,788
	1,775,000		4.250		05/01/29	2,045,687
PayPal Holdings, Inc.(a)
	3,825,000		1.650		06/01/25	3,927,701
	3,000,000		2.650		10/01/26	3,217,590
The University of Chicago
	320,000		5.420		10/01/30	396,541
						20,947,035
Computers(a) – 1.2%
Amdocs Ltd.
	1,225,000		2.538		06/15/30	1,227,879
Apple, Inc.
	4,050,000		2.450		08/04/26	4,307,985

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers(a) – (continued)
Dell International LLC/EMC Corp.
$	1,625,000		5.450	%	06/15/23	$       1,762,719
	875,000		5.850		07/15/25	1,026,935
	2,351,000		6.020		06/15/26	2,819,672
	176,000		5.300		10/01/29	212,270
	200,000		6.200		07/15/30	257,144
	1,000,000		8.100		07/15/36	1,529,480
Hewlett Packard Enterprise Co.
	2,400,000		2.250		04/01/23	2,469,312
	4,325,000		4.450		10/02/23	4,679,823
	1,775,000		4.650		10/01/24	1,972,984
	1,782,000		4.900		10/15/25	2,029,181
	410,000		6.350		10/15/45	553,639
						24,849,023
Diversified Financial Services – 1.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	2,075,000		4.625		07/01/22	2,158,228
	1,450,000		3.300	(a)	01/23/23	1,502,664
	900,000		4.875	(a)	01/16/24	980,145
	965,000		6.500	(a)	07/15/25	1,131,491
Air Lease Corp.(a)
	2,250,000		2.300		02/01/25	2,324,160
	1,625,000		3.375		07/01/25	1,744,470
	1,700,000		2.875		01/15/26	1,787,975
	2,200,000		3.750		06/01/26	2,406,382
Ally Financial, Inc.(a)
	975,000		1.450		10/02/23	990,356
American Express Co.(a)
	555,000		2.500		07/30/24	584,920
	700,000		3.625		12/05/24	766,087
(3M USD LIBOR + 3.285%)
	1,010,000		3.404	(b)	12/29/49	1,016,313
Aviation Capital Group LLC(a)(c)
	1,600,000		1.950		01/30/26	1,599,968

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Avolon Holdings Funding Ltd.(a)(c)
$	975,000		3.950	%	07/01/24	$       1,039,526
	2,125,000		2.875		02/15/25	2,189,196
	1,050,000		4.250		04/15/26	1,138,525
Capital One Financial Corp.
	1,050,000		3.500		06/15/23	1,110,270
	1,110,000		3.300	(a)	10/30/24	1,195,914
GE Capital International Funding Co.
	3,500,000		3.373		11/15/25	3,818,465
	800,000		4.418		11/15/35	960,856
Huarong Finance 2017 Co. Ltd.
	200,000		4.750		04/27/27	139,000
Huarong Finance 2019 Co. Ltd.(a)
	390,000		3.875		11/13/29	265,200
	240,000		3.375		02/24/30	164,400
JAB Holdings B.V.(a)(c)
	500,000		2.200		11/23/30	487,110
Mastercard, Inc.(a)
	850,000		3.300		03/26/27	939,862
Raymond James Financial, Inc.(a)
	275,000		4.650		04/01/30	329,038
Visa, Inc.(a)
	325,000		2.050		04/15/30	334,315
						33,104,836
Electrical – 1.6%
Alliant Energy Finance LLC(a)(c)
	825,000		3.750		06/15/23	871,984
	225,000		4.250		06/15/28	256,185
Ameren Corp.(a)
	400,000		3.500		01/15/31	438,144
American Electric Power Co., Inc.(a)
	850,000		2.300		03/01/30	854,998
Arizona Public Service Co.(a)
	1,175,000		2.950		09/15/27	1,271,385
Avangrid, Inc.(a)
	925,000		3.200		04/15/25	994,468
Berkshire Hathaway Energy Co.(a)
	1,275,000		3.700		07/15/30	1,445,008
Dominion Energy, Inc.
	1,650,000		3.071	(d)	08/15/24	1,750,402
	725,000		3.375	(a)	04/01/30	790,439

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
Duke Energy Corp.(a)
$	2,100,000		3.150	%	08/15/27	$       2,271,822
Enel Finance International NV(c)
	1,375,000		2.875		05/25/22	1,405,429
Entergy Corp.(a)
	1,025,000		2.950		09/01/26	1,095,038
Exelon Corp.(a)
	1,125,000		3.497		06/01/22	1,153,676
	1,000,000		4.050		04/15/30	1,138,530
FirstEnergy Corp.(a)
	2,175,000		2.650		03/01/30	2,165,582
	1,125,000		2.250		09/01/30	1,077,378
Florida Power & Light Co.(a)
	832,000		4.125		02/01/42	1,013,917
NextEra Energy Capital Holdings, Inc.(a)
	2,155,000		1.900		06/15/28	2,179,373
NRG Energy, Inc.(a)(c)
	1,625,000		3.750		06/15/24	1,730,479
Ohio Power Co.(a)
	675,000		2.600		04/01/30	706,550
Pacific Gas & Electric Co.(a)
	850,000		2.100		08/01/27	825,716
	1,475,000		2.500		02/01/31	1,383,933
	500,000		3.300		08/01/40	454,715
	1,025,000		3.500		08/01/50	912,281
Southern California Edison Co.(a)
	1,075,000		4.200		03/01/29	1,214,341
The Southern Co.(a)
	1,730,000		3.250		07/01/26	1,876,790
Vistra Operations Co. LLC(a)(c)
	3,350,000		3.550		07/15/24	3,534,250
						34,812,813
Engineering & Construction(a) – 0.1%
Mexico City Airport Trust
	400,000		4.250		10/31/26	432,450
	440,000		3.875	(c)	04/30/28	462,220
	200,000		5.500	(c)	10/31/46	201,537

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Engineering & Construction(a) – (continued)
Mexico City Airport Trust – (continued)
$	420,000		5.500	%	07/31/47	$          423,675
	340,000		5.500	(c)	07/31/47	342,975
						1,862,857
Environmental – 0.2%
Republic Services, Inc.(a)
	1,650,000		2.500		08/15/24	1,733,177
	2,525,000		1.750		02/15/32	2,405,845
The Nature Conservancy
	60,000		0.944		07/01/26	58,955
	75,000		1.304		07/01/28	73,259
Waste Management, Inc.(a)
	925,000		1.150		03/15/28	895,779
						5,167,015
Food & Drug Retailing(a) – 0.3%
Mars, Inc.(c)
	525,000		2.700		04/01/25	557,697
	925,000		3.200		04/01/30	1,013,957
Smithfield Foods, Inc.(c)
	2,350,000		2.650		10/03/21	2,358,131
Sysco Corp.
	225,000		6.600		04/01/40	331,814
	875,000		6.600		04/01/50	1,359,777
The JM Smucker Co.
	700,000		2.375		03/15/30	713,664
Tyson Foods, Inc.
	1,250,000		3.900		09/28/23	1,339,300
						7,674,340
Gas(a) – 0.2%
NiSource, Inc.
	2,500,000		3.490		05/15/27	2,750,350
	325,000		3.600		05/01/30	359,811
The East Ohio Gas Co.(c)
	525,000		1.300		06/15/25	528,097
	525,000		2.000		06/15/30	519,829
						4,158,087

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Hand/Machine Tools(a) – 0.1%
Stanley Black & Decker, Inc.
$	1,400,000		4.250	%	11/15/28	$       1,632,694
Healthcare Providers & Services(a) – 1.3%
Adventist Health System/West
	540,000		2.952		03/01/29	569,236
Banner Health
	3,235,000		2.338		01/01/30	3,287,915
Baylor Scott & White Holdings
	1,140,000		1.777		11/15/30	1,115,157
Centene Corp.
	2,850,000		4.250		12/15/27	3,006,550
CommonSpirit Health
	2,385,000		3.910		10/01/50	2,621,419
DENTSPLY SIRONA, Inc.
	1,125,000		3.250		06/01/30	1,203,997
DH Europe Finance II S.a.r.l.
	1,725,000		2.200		11/15/24	1,801,228
	1,225,000		3.250		11/15/39	1,313,972
Rush Obligated Group
	1,320,000		3.922		11/15/29	1,507,585
Stanford Health Care
	975,000		3.310		08/15/30	1,075,555
STERIS Irish FinCo UnLtd Co.
	2,175,000		2.700		03/15/31	2,217,260
Stryker Corp.
	475,000		3.375		11/01/25	518,838
	2,825,000		1.950		06/15/30	2,794,264
Sutter Health
	605,000		2.294		08/15/30	610,675
Thermo Fisher Scientific, Inc.
	775,000		4.497		03/25/30	922,847
	300,000		4.100		08/15/47	365,193
Zimmer Biomet Holdings, Inc.
	2,475,000		3.550		03/20/30	2,710,174
						27,641,865
Household Products(a) – 0.0%
Kimberly-Clark Corp.
	350,000		3.100		03/26/30	386,232

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – 0.7%
AIA Group Ltd.(a)(c)
$	875,000		3.900	%	04/06/28	$          982,695
American International Group, Inc.
	474,000		4.875		06/01/22	493,491
	300,000		4.125		02/15/24	326,646
	3,875,000		3.900	(a)	04/01/26	4,325,701
	775,000		3.400	(a)	06/30/30	850,082
Arch Capital Finance LLC(a)
	1,200,000		4.011		12/15/26	1,357,296
Arch Capital Group Ltd.
	1,125,000		7.350		05/01/34	1,664,336
Great-West Lifeco Finance 2018 LP(a)(c)
	825,000		4.047		05/17/28	942,538
Marsh & McLennan Cos., Inc.(a)
	1,325,000		4.375		03/15/29	1,554,185
Principal Financial Group, Inc.(a)
	2,250,000		2.125		06/15/30	2,247,143
Willis North America, Inc.(a)
	700,000		2.950		09/15/29	736,239
						15,480,352
Internet(a) – 0.8%
Amazon.com, Inc.
	2,300,000		5.200		12/03/25	2,698,636
	1,300,000		4.800		12/05/34	1,674,556
	525,000		3.875		08/22/37	624,965
Baidu, Inc.
	450,000		3.425		04/07/30	486,864
Expedia Group, Inc.
	1,025,000		3.600		12/15/23	1,089,042
	2,850,000		4.500		08/15/24	3,121,605
	475,000		4.625		08/01/27	536,703
	825,000		3.800		02/15/28	898,738
	1,225,000		2.950		03/15/31	1,246,315
Prosus NV
	420,000		3.680	(c)	01/21/30	448,875
	690,000		3.680		01/21/30	737,438

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet(a) – (continued)
Prosus NV – (continued)
EUR	100,000		2.031	%(c)	08/03/32	$          121,354
$	230,000		4.027	(c)	08/03/50	219,650
	210,000		3.832	(c)	02/08/51	194,250
Tencent Holdings Ltd.
	830,000		3.595		01/19/28	904,775
	1,140,000		2.880		04/22/31	1,177,768
						16,181,534
Investment Companies(a)(b)(g) – 0.0%
Huarong Finance 2017 Co. Ltd. (-1X 5 year CMT + 7.773%)
	400,000		4.500		12/31/99	268,000
Iron/Steel(a) – 0.1%
Steel Dynamics, Inc.
	490,000		2.400		06/15/25	513,211
	1,075,000		1.650		10/15/27	1,071,571
						1,584,782
Machinery – Construction & Mining(a)(c) – 0.1%
The Weir Group PLC
	2,375,000		2.200		05/13/26	2,384,279
Machinery-Diversified(a) – 0.2%
Otis Worldwide Corp.
	625,000		2.293		04/05/27	649,431
	4,000,000		2.565		02/15/30	4,145,080
						4,794,511
Media – 1.6%
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	8,750,000		4.908		07/23/25	9,921,450
	6,675,000		3.750		02/15/28	7,367,665
Comcast Corp.(a)
	1,275,000		3.700		04/15/24	1,381,934
	725,000		3.100		04/01/25	782,101
	1,300,000		3.950		10/15/25	1,454,960
	1,173,000		3.300		02/01/27	1,287,860
	1,775,000		3.300		04/01/27	1,956,973

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
Comcast Corp.(a) – (continued)
$	1,550,000		3.150	%	02/15/28	$       1,699,684
	1,775,000		4.150		10/15/28	2,055,308
	1,325,000		4.250		10/15/30	1,558,160
	325,000		3.750		04/01/40	367,445
	275,000		4.700		10/15/48	356,529
Fox Corp.(a)
	700,000		4.030		01/25/24	758,345
	600,000		5.476		01/25/39	775,770
The Walt Disney Co.
	1,800,000		2.200		01/13/28	1,865,196
Time Warner Cable LLC(a)
	275,000		5.875		11/15/40	354,896
						33,944,276
Mining – 0.4%
Glencore Funding LLC(c)
	1,300,000		4.125	(a)	03/12/24	1,401,816
	1,181,000		4.625		04/29/24	1,296,655
	1,850,000		1.625	(a)	04/27/26	1,855,587
Newcrest Finance Pty Ltd.(a)(c)
	525,000		3.250		05/13/30	563,304
Newmont Corp.(a)
	2,050,000		2.250		10/01/30	2,048,647
Teck Resources Ltd.(a)
	900,000		3.900		07/15/30	972,045
						8,138,054
Miscellaneous Manufacturing – 0.1%
General Electric Co.
	225,000		2.700		10/09/22	231,246
	450,000		3.450	(a)	05/01/27	495,032
	625,000		3.625	(a)	05/01/30	697,681
	700,000		5.875		01/14/38	953,337
	550,000		4.250	(a)	05/01/40	643,489
						3,020,785

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Multi-National(a)(c) – 0.1%
The African Export-Import Bank
$	940,000		2.634	%	05/17/26	$          951,637
	830,000		3.798		05/17/31	855,232
						1,806,869
Oil Field Services – 1.6%
BP Capital Markets America, Inc.(a)
	1,125,000		3.224		04/14/24	1,198,845
Devon Energy Corp.(a)
	514,000		5.850		12/15/25	603,487
	180,000		5.600		07/15/41	223,281
Gazprom PJSC Via Gaz Capital SA(c)
	990,000		5.150		02/11/26	1,111,473
Gazprom PJSC Via Gaz Finance PLC(c)
	1,210,000		3.250		02/25/30	1,204,555
Lukoil Securities B.V.
	790,000		3.875	(c)	05/06/30	837,605
	3,150,000		3.875		05/06/30	3,327,187
Lundin Energy Finance B.V.(a)(c)
	2,425,000		2.000		07/15/26	2,430,480
Marathon Petroleum Corp.(a)
	2,050,000		4.500		05/01/23	2,187,002
	600,000		3.625		09/15/24	645,576
	375,000		3.800		04/01/28	417,709
Occidental Petroleum Corp.(a)
	3,175,000		2.900		08/15/24	3,246,437
Ovintiv Exploration, Inc.
	1,649,000		5.625		07/01/24	1,834,513
Phillips 66
	1,325,000		3.700		04/06/23	1,398,816
	375,000		3.850	(a)	04/09/25	412,736
	725,000		1.300	(a)	02/15/26	725,167
SA Global Sukuk Ltd.(a)(c)
	5,360,000		2.694		06/17/31	5,409,580
Suncor Energy, Inc.
	775,000		2.800		05/15/23	805,512
	1,550,000		3.100	(a)	05/15/25	1,659,492

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Valero Energy Corp.
$	2,175,000		2.700	%	04/15/23	$       2,255,323
	1,150,000		2.850	(a)	04/15/25	1,219,357
						33,154,133
Packaging(a)(c) – 0.1%
Berry Global, Inc.
	1,475,000		1.570		01/15/26	1,476,903
Pharmaceuticals – 2.2%
AbbVie, Inc.(a)
	3,250,000		4.050		11/21/39	3,772,762
	125,000		4.875		11/14/48	162,084
	4,900,000		4.250		11/21/49	5,875,051
Bayer US Finance II LLC(a)(c)
	850,000		3.875		12/15/23	910,444
Becton Dickinson & Co.(a)
	1,364,000		2.894		06/06/22	1,393,762
	2,200,000		3.363		06/06/24	2,356,926
	1,225,000		2.823		05/20/30	1,282,930
	1,250,000		4.669		06/06/47	1,557,713
Bristol-Myers Squibb Co.(a)
	1,527,000		3.875		08/15/25	1,699,215
	700,000		3.900		02/20/28	800,891
	1,200,000		4.125		06/15/39	1,450,812
	350,000		4.250		10/26/49	442,064
Cigna Corp.(a)
	5,100,000		4.125		11/15/25	5,716,539
	3,475,000		3.400		03/15/50	3,614,730
CVS Health Corp.(a)
	650,000		2.625		08/15/24	686,322
	4,050,000		3.875		07/20/25	4,471,767
	675,000		4.780		03/25/38	830,277
	550,000		5.125		07/20/45	713,867
	250,000		4.250		04/01/50	297,155
Elanco Animal Health, Inc.
	1,675,000		4.912		08/27/21	1,686,522
	650,000		5.272	(a)	08/28/23	701,305

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
Pfizer, Inc.(a)
$	675,000		2.625	%	04/01/30	$          719,813
Takeda Pharmaceutical Co. Ltd.(a)
	2,400,000		2.050		03/31/30	2,379,264
Zoetis, Inc.(a)
	3,850,000		2.000		05/15/30	3,824,667
	100,000		4.450		08/20/48	127,407
						47,474,289
Pipelines – 1.8%
Abu Dhabi Crude Oil Pipeline LLC(c)
	1,190,000		4.600		11/02/47	1,396,242
Enbridge, Inc.(a)
	3,175,000		2.500		08/01/33	3,176,429
Energy Transfer LP(a)
	775,000		5.200		02/01/22	786,927
	1,950,000		4.200		09/15/23	2,085,037
	1,700,000		2.900		05/15/25	1,789,675
	50,000		4.950		06/15/28	57,982
	1,225,000		5.250		04/15/29	1,447,007
	375,000		5.300		04/15/47	437,640
Enterprise Products Operating LLC(a)
	85,000		3.750		02/15/25	92,666
Galaxy Pipeline Assets Bidco Ltd.
	200,000		2.625	(c)	03/31/36	196,000
	3,040,000		2.940		09/30/40	3,002,000
	320,000		3.250	(c)	09/30/40	317,500
Kinder Morgan Energy Partners LP(a)
	4,500,000		3.450		02/15/23	4,681,530
MPLX LP(a)
	2,151,000		3.375		03/15/23	2,248,397
	2,225,000		2.650		08/15/30	2,248,963
	275,000		4.500		04/15/38	314,383
	645,000		5.500		02/15/49	834,565
Plains All American Pipeline LP/PAA Finance Corp.(a)
	525,000		3.650		06/01/22	535,742
	1,100,000		3.850		10/15/23	1,166,132
	875,000		3.800		09/15/30	937,064

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Sabine Pass Liquefaction LLC(a)
$	1,475,000		6.250	%	03/15/22	$        1,513,232
	1,650,000		5.625		03/01/25	1,886,181
	1,025,000		5.000		03/15/27	1,183,598
The Williams Cos., Inc.(a)
	785,000		3.600		03/15/22	798,392
	850,000		3.900		01/15/25	929,322
	800,000		4.000		09/15/25	886,224
Western Midstream Operating LP(a)
	1,125,000		4.350		02/01/25	1,188,281
	475,000		3.950		06/01/25	492,813
	225,000		5.450		04/01/44	241,875
	165,000		5.300		03/01/48	174,900
						37,046,699
Real Estate(a) – 0.0%
Country Garden Holdings Co. Ltd.
	210,000		3.300		01/12/31	197,636
Real Estate Investment Trust(a) – 1.8%
Alexandria Real Estate Equities, Inc.
	750,000		3.800		04/15/26	835,853
	800,000		3.375		08/15/31	877,952
American Campus Communities Operating Partnership LP
	2,575,000		3.750		04/15/23	2,700,737
American Homes 4 Rent LP
	740,000		2.375		07/15/31	728,996
	723,000		4.900		02/15/29	842,599
American Tower Corp.
	2,100,000		3.375		05/15/24	2,246,853
	1,750,000		2.400		03/15/25	1,829,135
Crown Castle International Corp.
	2,150,000		3.150		07/15/23	2,258,854
CubeSmart LP
	1,500,000		4.000		11/15/25	1,656,705
Duke Realty LP
	1,075,000		1.750		07/01/30	1,034,763

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust(a) – (continued)
Essex Portfolio LP
$	875,000		3.000	%	01/15/30	$         920,640
Healthcare Realty Trust, Inc.
	625,000		2.050		03/15/31	606,125
Kilroy Realty LP
	1,500,000		3.800		01/15/23	1,560,465
	1,025,000		4.750		12/15/28	1,190,312
Mid-America Apartments LP
	1,125,000		1.700		02/15/31	1,067,783
National Retail Properties, Inc.
	790,000		3.900		06/15/24	853,571
	1,150,000		4.000		11/15/25	1,274,648
Regency Centers LP
	1,950,000		2.950		09/15/29	2,054,188
Spirit Realty LP
	1,900,000		4.000		07/15/29	2,111,698
	1,200,000		3.400		01/15/30	1,278,852
UDR, Inc.
	475,000		2.100		08/01/32	456,423
Ventas Realty LP
	975,000		3.500		02/01/25	1,053,351
VEREIT Operating Partnership LP
	1,675,000		4.625		11/01/25	1,898,529
	400,000		3.950		08/15/27	450,692
	875,000		3.400		01/15/28	953,951
	1,550,000		2.850		12/15/32	1,621,021
WP Carey, Inc.
	505,000		4.600		04/01/24	552,329
	445,000		4.000		02/01/25	485,264
	1,000,000		3.850		07/15/29	1,109,580
	725,000		2.400		02/01/31	722,390
						37,234,259
Retailing(a) – 0.8%
7-Eleven, Inc.(c)
	2,800,000		1.300		02/10/28	2,702,112
AutoNation, Inc.
	825,000		4.750		06/01/30	976,701

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing(a) – (continued)
CK Hutchison International 20 Ltd.(c)
$	200,000		2.500	%	05/08/30	$         204,618
CK Hutchison International 21 Ltd.(c)
	200,000		2.500		04/15/31	203,966
Dollar Tree, Inc.
	975,000		4.000		05/15/25	1,076,040
	1,999,000		4.200		05/15/28	2,280,519
Lowe’s Cos., Inc.
	2,500,000		1.700		10/15/30	2,398,175
McDonald’s Corp.
	200,000		4.450		09/01/48	249,166
	650,000		4.200		04/01/50	784,654
Starbucks Corp.
	1,850,000		3.800		08/15/25	2,048,098
The Home Depot, Inc.
	625,000		3.900		12/06/28	726,431
Tractor Supply Co.
	1,500,000		1.750		11/01/30	1,431,330
Walmart, Inc.
	800,000		4.050		06/29/48	1,006,576
						16,088,386
Savings & Loans(a)(b)(c) – 0.1%
Nationwide Building Society(3M USD LIBOR + 1.855%)
	975,000		3.960		07/18/30	1,093,599
Semiconductors – 0.9%
Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	2,400,000		3.875		01/15/27	2,652,528
	161,000		3.500		01/15/28	176,627
Broadcom, Inc.(a)
	4,565,000		3.459		09/15/26	4,968,409
	325,000		3.419	(c)	04/15/33	342,674
	3,700,000		3.500	(c)	02/15/41	3,797,014
Lam Research Corp.(a)
	1,175,000		1.900		06/15/30	1,179,477
NXP B.V./NXP Funding LLC(c)
	225,000		4.625		06/01/23	241,787
NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(c)
	3,125,000		2.500		05/11/31	3,168,562

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Semiconductors – (continued)
NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(c)
$	825,000		3.400	%	05/01/30	$         899,365
Skyworks Solutions, Inc.(a)
	625,000		3.000		06/01/31	640,344
TSMC Global Ltd.(a)(c)
	290,000		2.250		04/23/31	291,671
						18,358,458
Software(a) – 0.8%
Adobe, Inc.
	1,400,000		2.150		02/01/27	1,466,486
Fiserv, Inc.
	2,775,000		2.750		07/01/24	2,926,182
	1,825,000		3.200		07/01/26	1,977,077
	1,075,000		4.200		10/01/28	1,236,562
Intuit, Inc.
	675,000		1.350		07/15/27	674,473
	450,000		1.650		07/15/30	443,147
Oracle Corp.
	3,175,000		2.875		03/25/31	3,306,064
	1,325,000		3.600		04/01/40	1,397,742
ServiceNow, Inc.
	3,400,000		1.400		09/01/30	3,190,186
						16,617,919
Telecommunication Services – 4.1%
AT&T, Inc.(a)
	6,700,000		2.300		06/01/27	6,933,696
	325,000		1.650		02/01/28	322,582
	6,300,000		4.350		03/01/29	7,292,376
	2,375,000		2.750		06/01/31	2,469,026
	6,170,000		2.550	(c)	12/01/33	6,115,210
	1,165,000		4.900		08/15/37	1,433,661
	3,105,000		4.850		03/01/39	3,774,904
	1,325,000		3.500		06/01/41	1,379,259
	450,000		5.150		11/15/46	576,423
	725,000		5.150		02/15/50	937,983
	1,250,000		3.650		06/01/51	1,306,363
	450,000		3.500	(c)	09/15/53	451,314

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
NTT Finance Corp.(a)(c)
$	2,175,000		2.065	%	04/03/31	$       2,205,189
T-Mobile USA, Inc.(a)
	2,025,000		3.500		04/15/25	2,188,288
	1,350,000		1.500		02/15/26	1,359,450
	5,025,000		3.750		04/15/27	5,553,077
	4,175,000		2.050		02/15/28	4,230,653
	3,200,000		3.875		04/15/30	3,571,808
	1,200,000		3.000		02/15/41	1,186,668
Telefonica Emisiones SA
	1,375,000		4.570		04/27/23	1,472,598
	1,200,000		4.665		03/06/38	1,411,740
Verizon Communications, Inc.
	7,580,000		2.100	(a)	03/22/28	7,740,544
	5,066,000		4.329		09/21/28	5,888,212
	625,000		3.875	(a)	02/08/29	711,100
	2,251,000		4.016	(a)	12/03/29	2,582,122
	1,750,000		3.150	(a)	03/22/30	1,887,462
	3,350,000		2.550	(a)	03/21/31	3,427,552
	500,000		5.250		03/16/37	659,535
	2,175,000		4.812		03/15/39	2,757,878
	25,000		4.125		08/15/46	29,362
	2,750,000		4.862		08/21/46	3,552,395
	131,000		5.012		04/15/49	173,337
						85,581,767
Transportation(a) – 0.1%
Burlington Northern Santa Fe LLC
	800,000		4.050		06/15/48	966,792
Canadian Pacific Railway Co.
	575,000		2.050		03/05/30	573,005
						1,539,797

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Trucking & Leasing(c) – 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.
$	1,425,000		4.250	%	01/17/23	$         1,503,033
TOTAL CORPORATE OBLIGATIONS (Cost $784,933,899)						$   827,401,420
Foreign Debt Obligations – 6.6%
Sovereign – 6.6%
Abu Dhabi Government International Bond
$	460,000		2.500	%(c)	10/11/22	$          472,161
	420,000		3.125	(c)	10/11/27	461,423
	240,000		4.125	(c)	10/11/47	286,125
	450,000		4.125		10/11/47	536,484
Japan Treasury Discount Bill(e)
JPY	11,159,100,000		0.000		08/10/21	100,460,527
Japanese Government CPI Linked Bond
	1,209,277,593		0.100		03/10/29	11,181,260
Kuwait International Government Bond
$	4,120,000		3.500		03/20/27	4,598,435
Mexico Government International Bond
	450,000		4.500		04/22/29	508,866
Mexico Government International Bond(a)
	240,000		3.250		04/16/30	247,695
	1,960,000		3.771		05/24/61	1,823,168
Perusahaan Penerbit SBSN
	2,030,000		4.550		03/29/26	2,307,602
Republic of Colombia(a)
	930,000		4.500		03/15/29	1,012,131
	220,000		4.125		05/15/51	208,423
Republic of Indonesia
	520,000		3.050		03/12/51	515,450
	450,000		3.350		03/12/71	451,350
Republic of Indonesia
	790,000		3.700	(c)	01/08/22	804,220
	200,000		5.875		01/15/24	225,663
EUR	280,000		2.150	(c)	07/18/24	350,955
$	420,000		4.125	(c)	01/15/25	463,916
	380,000		4.125		01/15/25	419,734
	1,380,000		4.350	(c)	01/08/27	1,560,953

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of Peru(a)
$	10,000		2.780	%	12/01/60	$            8,911
	100,000		3.230	(f)	07/28/21	87,706
Republic of Qatar
	210,000		3.875	(c)	04/23/23	222,915
	230,000		4.500	(c)	04/23/28	271,630
	280,000		3.750	(c)	04/16/30	317,940
	340,000		4.400	(c)	04/16/50	413,950
	1,020,000		4.400		04/16/50	1,241,850
Republic of Romania
EUR	100,000		2.000	(c)	01/28/32	119,968
$	1,270,000		5.125		06/15/48	1,555,591
EUR	360,000		3.375	(c)	01/28/50	455,550
Republic of Uruguay(a)
$	1,470,000		4.375		01/23/31	1,712,366
State of Israel
	200,000		4.500		12/31/99	252,750
United Mexican States(a)
	200,000		4.750		04/27/32	228,975
United Mexican States
	1,350,000		3.750		01/11/28	1,474,284
	1,410,000		2.659	(a)	05/24/31	1,376,777
EUR	839,000		1.450	(a)	10/25/33	947,589
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $139,924,063)						$   139,585,293
Asset-Backed Securities – 5.8%
Collateralized Loan Obligations – 4.8%
AGL CLO 3 Ltd. Series 2020-3A, Class A(b)(c) (3M USD LIBOR + 1.300%)
$	4,100,000		1.484	%	01/15/33	$      4,110,303

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations – (continued)
Apidos CLO XXIII Series 2015-23A, Class AR(b)(c) (3M USD LIBOR + 1.220%)
$	4,000,000		1.404	%	04/15/33	$       4,009,252
Atlas Senior Loan Fund XIII Series 2019-13A, Class CR(b)(c) (3M USD LIBOR + 2.650%)
	2,100,000		2.825		04/22/31	2,100,044
Catamaran CLO Ltd. Series 2013-1A, Class AR(b)(c) (3M USD LIBOR + 0.850%)
	2,326,600		1.031		01/27/28	2,326,630
Crown City CLO I Series 2020-1A, Class A2(b)(c) (3M USD LIBOR + 2.550%)
	4,600,000		2.738		07/20/30	4,601,757
Crown City CLO I Series 2020-1A, Class B(b)(c) (3M USD LIBOR + 3.030%)
	2,900,000		3.218		07/20/30	2,897,016
Cutwater Ltd. Series 2014-1A, Class A1AR(b)(c) (3M USD LIBOR + 1.250%)
	453,697		1.434		07/15/26	453,709
Diameter Capital CLO1 Ltd. Series 2021-1A, Class A1A
	5,250,000		1.350		07/15/36	5,250,000
Elmwood CLO IV Ltd. Series 2020-1A, Class A(b)(c) (3M USD LIBOR + 1.240%)
	14,600,000		1.424		04/15/33	14,654,589
Galaxy XVIII CLO Ltd. Series 2018-28A, Class A2(b)(c) (3M USD LIBOR + 1.300%)
	6,000,000		1.484		07/15/31	6,000,234
HalseyPoint CLO 2 Ltd. Series 2020-2A, Class B(b)(c) (3M USD LIBOR + 2.950%)
	3,900,000		3.138		07/20/31	3,932,507
HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A(b)(c) (3M USD LIBOR + 1.450%)
	6,250,000		1.636		11/30/32	6,273,888
KREF Ltd. Series 2018-FL1, Class A(b)(c) (1M USD LIBOR + 1.100%)
	3,867,097		1.182		06/15/36	3,868,310
Madison Park Funding XXX Ltd. Series 2018-30A, Class A(b)(c) (3M USD LIBOR + 0.750%)
	6,900,000		0.934		04/15/29	6,900,138
Mill City Mortgage Loan Trust Series 2017-2, Class A3(b)(c)
	591,455		2.966		07/25/59	612,301
Mountain View CLO LLC Series 2016-1A, Class AR(b)(c) (3M USD LIBOR + 1.360%)
	3,500,000		1.546		04/14/33	3,506,762
OHA Credit Funding 3 Ltd. Series 2019-3A, Class A1(b)(c) (3M USD LIBOR + 1.320%)
	2,150,000		1.508		07/20/32	2,150,000

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations – (continued)
OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR(b)(c) (3M USD LIBOR + 1.140%)
$	2,150,000		1.300	%	07/02/35	$       2,150,432
OHA Credit Funding 5 Ltd. Series 2020-5A, Class A2A(b)(c) (3M USD LIBOR + 1.450%)
	2,000,000		1.640		04/18/33	2,005,150
Palmer Square CLO Ltd. Series 2019-1A, Class A1(b)(c) (3M USD LIBOR + 1.340%)
	6,000,000		1.494		11/14/32	6,019,896
Recette CLO Ltd. Series 2015-1A, Class ARR(b)(c) (3M USD LIBOR + 1.080%)
	7,000,000		1.268		04/20/34	7,006,272
Venture CDO Ltd. Series 2020-39A, Class A1(b)(c) (3M USD LIBOR + 1.280%)
	6,900,000		1.464		04/15/33	6,906,610
Zais CLO Ltd. Series 2020-15A, Class A1(b)(c) (3M USD LIBOR + 2.555%)
	3,250,000		2.739		07/28/30	3,252,795
						100,988,595
Other(b)(c) – 0.7%
Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
	5,700,000		1.223		06/15/28	5,701,808
BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	1,841,733		1.123		09/15/35	1,841,737
Dryden Senior Loan Fund Series 2019-76A, Class A1 (3M USD LIBOR + 1.330%)
	6,000,000		1.518		10/20/32	6,008,736
						13,552,281
Student Loan(b) – 0.3%
AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	783,634		0.411		09/26/33	753,845
Educational Funding of the South, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.650%)
	1,220,592		0.826		04/25/35	1,223,970
Higher Education Funding I Series 2014-1, Class A(c) (3M USD LIBOR + 1.050%)
	2,545,935		1.197		05/25/34	2,557,564

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(b) – (continued)
PHEAA Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.150%)
$	2,311,590		1.242	%	09/25/65	$      2,343,277
						6,878,656
TOTAL ASSET-BACKED SECURITIES (Cost $121,076,351)						$  121,419,532
Mortgage-Backed Obligations – 24.9%
Collateralized Mortgage Obligations – 0.8%
Inverse Floaters(b)(g) – 0.0%
GNMA REMIC Series 2002-13, Class SB (-1x1M USD LIBOR + 37.567%)
$	12,651		37.218	%	02/16/32	$           16,326
Sequential Fixed Rate – 0.2%
FHLMC REMIC Series 2755, Class ZA
	300,422		5.000		02/15/34	335,389
FHLMC REMIC Series 4246, Class PT
	141,447		6.500		02/15/36	164,491
FHLMC REMIC Series 4273, Class PD
	705,944		6.500		11/15/43	834,798
FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2(b)(c) (1M USD LIBOR + 3.000%)
	1,171,013		3.092		06/25/50	1,177,909
FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2(b)(c)(SOFR30A + 2.800%)
	1,032,000		2.818		10/25/50	1,046,624
FNMA REMIC Series 2011-52, Class GB
	612,002		5.000		06/25/41	687,703
FNMA REMIC Series 2011-99, Class DB
	599,726		5.000		10/25/41	672,597
FNMA REMIC Series 2012-111, Class B
	101,517		7.000		10/25/42	121,766
FNMA REMIC Series 2012-153, Class B
	350,072		7.000		07/25/42	428,506
						5,469,783
Sequential Floating Rate(b) – 0.6%
Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	1,498,371		0.881		08/20/56	2,076,780
HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
$	105,131		0.573		01/19/36	102,062

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
$	83,763		0.812	%	10/25/34	$         81,845
JPMorgan Mortgage Trust Series 2021-6, Class A3(c)
	3,037,695		2.500		10/25/51	3,088,957
London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	1,035,011		0.936		11/15/49	1,435,220
Stratton Mortgage Funding PLC Series 2019-1, Class A (3M SONIA IR + 1.200%)
	3,419,942		1.249		05/25/51	4,754,455
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7
$	14,612		2.572		02/25/33	14,562
Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1(c)
	284,443		3.500		07/25/49	289,801
						11,843,682
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $16,758,030)						$     17,329,791
Commercial Mortgage-Backed Securities – 0.6%
Sequential Fixed Rate – 0.2%
Bank Series 2019-BN21, Class A5
$	950,000		2.851	%	10/17/52	$       1,014,899
Cantor Commercial Real Estate Lending Series 2019-CF2, Class E(c)
	2,024,000		2.500		11/15/52	1,740,568
CSAIL 2020-C19 Commercial Mortgage Trust Series 2020-C19, Class E(c)
	1,304,000		2.500		03/15/53	1,124,571
						3,880,038
Sequential Fixed Rate(c) – 0.3%
DOLP Trust Series 2021-NYC, Class A
	4,650,000		2.956		05/10/41	4,967,508
Sequential Floating Rate(b)(c) – 0.1%
DBJPM 16-C1 Mortgage Trust Series 2016-C1, Class D
	1,500,000		3.483		05/10/49	1,085,960
DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D
	1,757,000		3.360		06/10/50	1,648,744
						2,734,704
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $9,983,449)						$     11,582,250

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – 13.8%
Adjustable Rate FNMA(b) – 0.1%
(1 Year CMT + 2.234%)
$	2,409		2.344	%	06/01/33	$             2,539
(12M USD LIBOR + 1.233%)
	142,278		1.543		06/01/35	147,784
(12M USD LIBOR + 1.551%)
	656,669		1.968		09/01/34	686,886
(12M USD LIBOR + 1.668%)
	276,434		1.968		07/01/34	289,988
(12M USD LIBOR + 1.735%)
	555,905		2.082		05/01/35	585,926
						1,713,123
FHLMC – 0.1%
	10,276		5.000		05/01/23	11,214
	35,460		4.500		10/01/23	38,066
	17,983		5.500		10/01/25	20,059
	8,981		7.500		12/01/30	10,585
	4,513		7.500		01/01/31	5,314
	7,122		5.000		10/01/33	8,045
	1,525		5.000		04/01/35	1,722
	10,723		5.000		07/01/35	12,202
	62,097		5.000		12/01/35	70,777
	139,649		5.000		01/01/38	158,862
	289,677		5.000		01/01/39	329,681
	97,854		5.000		06/01/39	111,354
	10,577		4.000		06/01/40	11,574
	5,875		5.000		08/01/40	6,677
	1,955		4.500		11/01/40	2,167
	84,646		4.000		02/01/41	92,609
	2,207		5.000		04/01/41	2,508
	6,960		5.000		06/01/41	7,909
	6,915		4.000		11/01/41	7,561
	1,773,774		4.500		08/01/48	1,958,578
						2,867,464
FNMA – 0.0%
	14,510		8.000		02/01/31	16,973
	13,942		7.000		03/01/31	15,145
						32,118
GNMA – 5.6%
	5,962		6.000		11/15/38	6,999
	40,224		5.000		07/15/40	43,801
	70,812		5.000		01/15/41	79,120
	4,204		4.000		02/20/41	4,613
	6,527		4.000		11/20/41	7,126
	1,093		4.000		01/20/42	1,193
	3,494		4.000		04/20/42	3,814
	2,216		4.000		10/20/42	2,419
	34,760		4.000		08/20/43	37,935
	3,415		4.000		03/20/44	3,723
	4,120		4.000		05/20/44	4,491
	287,492		4.000		11/20/44	312,762
	18,716		4.000		05/20/45	20,361
	2,639,819		4.000		07/20/45	2,866,900
	42,624		4.000		10/20/45	46,131
	7,758,736		3.500		04/20/47	8,233,637
	8,644,141		3.500		12/20/47	9,150,536

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	269,055		4.500	%	02/20/48	$         291,497
	700,991		4.500		04/20/48	758,147
	1,900,224		4.500		05/20/48	2,053,972
	1,911,173		5.000		07/20/48	2,065,182
	3,035,786		4.500		08/20/48	3,272,162
	1,779,521		5.000		08/20/48	1,919,862
	13,057,850		4.500		09/20/48	14,052,132
	2,219,667		5.000		10/20/48	2,393,333
	7,423,979		5.000		11/20/48	7,989,169
	11,779,992		4.500		12/20/48	12,632,798
	3,970,913		5.000		12/20/48	4,271,979
	8,966,548		4.500		01/20/49	9,607,269
	6,735,152		5.000		01/20/49	7,243,692
	4,583,265		4.000		02/20/49	4,856,497
	1,511,163		4.500		02/20/49	1,618,084
	4,040,025		4.000		03/20/49	4,277,084
	1,230,413		4.500		03/20/49	1,316,700
	2,188,396		5.000		03/20/49	2,351,752
	3,276,680		4.000		05/20/49	3,466,132
	45,264		3.500		08/20/49	47,960
	5,911,684		5.000		08/20/49	6,417,507
	1,897,653		4.500		10/20/49	2,025,304
	349,187		3.500		06/20/50	367,027
	790,194		3.500		07/20/50	830,566
						116,951,368
UMBS – 4.8%
	6,999,305		4.500		10/01/50	7,526,321
	7,224		5.500		09/01/23	7,431
	2,644		5.500		10/01/23	2,726
	19,949		7.000		08/01/27	22,307
	818		6.500		09/01/27	910
	45,637		7.000		03/01/28	51,254
	1,338		6.500		05/01/28	1,512
	10,141		4.500		04/01/39	11,282
	5,664		4.500		05/01/39	6,289
	6,467		4.500		07/01/39	7,194
	24,009		4.500		08/01/39	26,691
	216,845		4.500		12/01/39	241,006
	617,430		4.500		05/01/41	684,275
	61,178		4.500		08/01/41	67,945
	20,931		3.000		11/01/42	22,497
	427,253		3.000		12/01/42	456,689
	621,488		3.000		01/01/43	667,975
	88,337		3.000		02/01/43	94,945
	652,865		3.000		03/01/43	702,515
	1,130,231		3.000		04/01/43	1,216,187
	776,697		3.000		05/01/43	835,765
	78,523		3.000		06/01/43	84,495
	655,646		3.000		07/01/43	705,507
	527,529		5.000		05/01/44	594,282
	2,204,893		4.500		04/01/45	2,466,687
	260,157		4.500		05/01/45	291,208
	732,444		4.500		06/01/45	808,406
	98,384		4.000		03/01/46	106,231
	60,326		4.000		06/01/46	65,050
	16,486		4.000		08/01/46	17,777
	125,712		4.000		10/01/46	135,556
	215,525		4.000		06/01/47	233,828
	2,792,612		4.500		07/01/47	3,058,971
	700,916		4.500		11/01/47	768,203
	331,860		4.000		12/01/47	362,634

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	1,239,167		4.000	%	01/01/48	$       1,354,078
	3,352,744		4.000		02/01/48	3,643,968
	2,440,293		4.000		03/01/48	2,648,700
	1,942,404		4.000		06/01/48	2,119,645
	2,181,684		4.000		07/01/48	2,372,639
	3,112,868		4.000		08/01/48	3,370,890
	1,387,404		4.500		08/01/48	1,489,485
	969,157		4.500		09/01/48	1,069,690
	4,343,597		4.500		10/01/48	4,667,181
	5,947,207		5.000		11/01/48	6,676,215
	12,482,910		4.500		01/01/49	13,394,536
	2,878,108		4.500		04/01/49	3,091,219
	185,780		4.500		07/01/49	200,678
	9,365,303		3.000		09/01/49	9,964,127
	1,761,141		3.000		10/01/49	1,873,749
	2,614,485		3.000		12/01/49	2,771,240
	11,843,773		3.000		12/01/50	12,564,061
	3,999,602		4.500		12/01/50	4,297,316
						99,921,968
UMBS, 30 Year, Single Family – 3.2%(h)
	10,000,000		2.000		TBA-30yr	10,104,054
	19,000,000		2.500		TBA-30yr	19,651,639
	17,000,000		3.000		TBA-30yr	17,722,503
	19,000,000		4.500		TBA-30yr	20,465,060
						67,943,256
TOTAL FEDERAL AGENCIES						$     289,429,297
GNMA2 Collateral(h) – 9.7%
GNMA
	139,000,000		2.500		TBA-30yr	143,851,670
	47,000,000		3.000		TBA-30yr	49,031,504
	10,000,000		3.500		TBA-30yr	10,503,435
						203,386,609
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $517,085,429)						$     521,727,947
Agency Debentures – 1.7%
FHLB
$	6,800,000		2.125	%	06/09/23	$         7,047,656
	3,500,000		3.375		09/08/23	3,731,175
	750,000		3.375		12/08/23	804,405
	2,400,000		5.000		09/28/29	3,061,680
FNMA
	3,700,000		1.875		09/24/26	3,880,042
	4,200,000		6.250		05/15/29	5,719,266
Israel Government AID Bond(i)
	1,200,000		5.500		12/04/23	1,344,912
	2,400,000		5.500		04/26/24	2,733,456
	4,700,000		5.500		09/18/33	6,631,277
TOTAL AGENCY DEBENTURES (Cost $31,342,642)						$       34,953,869

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – 1.3%
Arizona – 0.1%
City of Tucson AZ Taxable Series A(a)
$	100,000		1.457	%	07/01/28	$          98,423
	690,000		1.932		07/01/31	681,116
City of Yuma AZ Pledged Revenue Taxable Series 2021
	35,000		1.749		07/15/28	35,201
	65,000		2.102		07/15/30	66,089
						880,829
California – 0.5%
Bay Area Toll Authority Revenue Bonds Taxable Refunding Series F1(a)
	820,000		1.633		04/01/28	825,240
California State GO Bonds Build America Taxable Series 2009(a)
	950,000		7.500		04/01/34	1,497,022
	1,650,000		7.550		04/01/39	2,813,248
California Statewide Communities Development Authority Revenue Bonds Taxable Refunding Series 2021
	95,000		1.807		02/01/30	94,980
	525,000		1.877		02/01/31	523,410
Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series A(a)
	765,000		1.648		11/01/28	754,547
	2,295,000		2.074		11/01/30	2,286,645
Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series C(a)
	245,000		1.831		11/01/29	241,440
Port Of Oakland RB Taxable Refunding Series R(a)
	330,000		1.949		05/01/28	335,822
	55,000		2.099		05/01/30	55,903
	385,000		2.199		05/01/31	392,299
San Francisco Municipal Transportation Agency Revenue Refunding Series A
	555,000		1.302		03/01/28	545,951
San Jose Financing Authority Lease RB Taxable Refunding Series A(a)
	345,000		1.812		06/01/29	342,358
	195,000		1.862		06/01/30	192,002
						10,900,867

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Florida(a) – 0.0%
Florida State Board of Administration Finance Corp. RB Taxable Series A
$	595,000		2.154	%	07/01/30	$         606,616
Illinois – 0.2%
Illinois State GO Bonds Build America Series 2010(a)
	160,000		6.630		02/01/35	199,830
	1,595,000		7.350		07/01/35	2,060,482
Illinois State GO Bonds Taxable-Pension Series 2003
	1,170,000		5.100		06/01/33	1,375,736
						3,636,048
Louisiana(a) – 0.0%
City of New Orleans LA Sewerage Service Revenue Taxable Revenue Series 2021
	60,000		0.958		06/01/26	58,860
	110,000		1.409		06/01/28	107,665
City of New Orleans LA Water System Revenue Taxable Refunding Series 2021
	45,000		1.008		12/01/26	44,138
	105,000		1.459		12/01/28	102,402
Louisiana State Transportation Authority Revenue Taxable Refunding Series A
	50,000		1.138		02/15/26	49,413
	50,000		1.648		02/15/28	49,328
	60,000		1.997		02/15/30	59,129
State of Louisiana Unclaimed Property Revenue Taxable Refunding Series 2021
	105,000		1.059		09/01/26	103,385
	100,000		1.543		09/01/28	98,025
						672,345
Maryland – 0.0%
State of Maryland Department of Transportation Revenue Taxable Refunding Series A
	65,000		1.303		08/01/28	63,039

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
New York – 0.4%
Metropolitan Transportation Authority Revenue Series 2010(a)
$	395,000		5.989	%	11/15/30	$          505,641
New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B(a)
	2,670,000		5.175		11/15/49	3,604,409
Port Authority of New York & New Jersey Revenue Bonds Taxable Series Aaa
	3,320,000		1.086		07/01/23	3,362,251
						7,472,301
Ohio(a) – 0.1%
American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,690,000		6.270		02/15/50	2,382,268
Pennsylvania – 0.0%
Commonwealth of Pennsylvania Department of Community & Economic Development Revenue Taxable Refunding Series C
	125,000		2.758		06/01/30	132,055
Texas – 0.0%
City of Houston TX Airport System Revenue Taxable Refunding Series 2020
	355,000		2.235		07/01/29	364,213
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $23,350,439)						$     27,110,581
U.S. Treasury Obligations – 26.0%
United States Treasury Bonds
$	6,530,000		4.250	%(j)	05/15/39	$       8,926,714
	13,000,000		3.750		11/15/43	17,056,406
	210,000		3.375	(j)	05/15/44	261,713
	15,240,000		2.875		11/15/46	17,678,400
	76,830,000		2.375	(j)	11/15/49	81,787,936
	1,570,000		2.000		02/15/50	1,542,034
United States Treasury Notes
	125,350,000		0.125		08/31/22	125,359,794
	19,650,000		2.625		02/28/23	20,444,443
	2,630,000		2.000		04/30/24	2,747,117
	2,680,000		2.625		03/31/25	2,878,697
	20,000		0.500		02/28/26	19,698
	74,520,000		0.750		03/31/26	74,193,975
	1,000,000		1.625		09/30/26	1,035,938

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Notes – (continued)
$	36,550,000		0.750	%	01/31/28	$     35,584,852
	22,790,000		1.125		02/29/28	22,725,903
	23,190,000		1.250		03/31/28	23,284,209
	5,560,000		3.125		11/15/28	6,289,750
United States Treasury Strip Coupon(e)
	50,580,000		0.000		02/15/38	36,249,196
	94,430,000		0.000		08/15/38	66,728,459
TOTAL U.S. TREASURY OBLIGATIONS (Cost $562,817,278)						$   544,795,234
Shares		Dividend Rate				Value
Investment Company(j)(k) – 5.1%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	106,617,605		0.026%			$   106,617,605
(Cost $106,617,605)
TOTAL INVESTMENTS – 110.8% (Cost $2,287,147,706)						$2,323,611,481
LIABILITIES IN EXCESS OF     OTHER ASSETS – (10.8)%						(225,887,166)
NET ASSETS – 100.0%						$2,097,724,315

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2021.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2021.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	Actual maturity date is July 28, 2121.
(g)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

(h)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $271,329,865 which represents approximately 12.9% of the Fund’s net assets as of June 30, 2021.
(i)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $10,709,645, which represents approximately 0.5% of the Fund’s net assets as of June 30, 2021.
(j)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(k)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
EUR	— Euro
GBP	— British Pound
JPY	— Japanese Yen
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
SEK	— Swedish Krona
USD	— U.S. Dollar
Investment Abbreviations:
AUDOR	— Australian Dollar Offered Rate
BP	— British Pound Offered Rate
CDO	— Collateralized Debt Obligation
CDOR	— Canadian Dollar Offered Rate
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
CPI	— Consumer Price Index
EURO	— Euro Offered Rate
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
GO	— General Obligation
JYOR	— Japanese Yen Offered Rate
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
NIBOR	— Norwegian Interbank Offered Rate
NZDOR	— New Zealand Dollar Offered Rate
PLC	— Public Limited Company
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Funding Rate
STIBOR	— Stockholm 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 CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2021, 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		USD	6,402,696		NZD	8,877,788		09/15/21	$	198,587
		USD	7,555,079		SEK	62,415,682		09/15/21		256,664
BofA Securities LLC		USD	3,240,066		EUR	2,707,915		09/10/21		24,426
Citibank NA		USD	7,151,270		NOK	59,066,343		09/15/21		289,043
JPMorgan Securities, Inc.		USD	6,876,281		CAD	8,304,072		09/15/21		177,504
		USD	102,789,227		JPY	11,161,532,683		08/10/21		2,286,820
MS & Co. Int. PLC		USD	6,687,772		AUD	8,626,188		09/15/21		216,447
State Street Bank and Trust		USD	11,315,145		JPY	1,236,299,514		08/26/21		181,568
		USD	7,652,955		JPY	847,964,250		09/15/21		15,175
UBS AG (London)		USD	10,917,094		GBP	7,685,307		08/05/21		284,933
TOTAL									$	3,931,167
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Loss
Australia & New Zealand Banking Group		NZD	7,460,827		USD	5,236,232		09/15/21	$	(22,345	)
Barclays Bank PLC		EUR	11,197,004		USD	13,649,674		09/15/21		(351,776	)
BofA Securities LLC		EUR	1,628,628		USD	1,948,681		09/10/21		(14,691	)
		SEK	58,327,450		EUR	5,760,576		09/15/21		(21,065	)
Credit Suisse International (London)		NOK	51,791,247		EUR	5,085,301		09/15/21		(22,438	)
JPMorgan Securities, Inc.		JPY	803,673,306		USD	7,350,942		09/15/21		(112,099	)
MS & Co. Int. PLC		AUD	6,947,826		USD	5,235,590		09/15/21		(23,365	)
		CAD	7,927,790		USD	6,444,593		09/15/21		(49,357	)
		EUR	34,603		USD	41,275		09/10/21		(184	)
State Street Bank and Trust		GBP	1,441,933		USD	2,014,249		08/05/21		(19,421	)
UBS AG (London)		GBP	763,517		USD	1,084,588		08/05/21		(28,307	)
TOTAL									$	(665,048	)

FORWARD SALES CONTRACTS — At June 30, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate	Maturity Date(a)	Settlement Date		Principal Amount			Value
FNMA	4.500%	TBA-30yr		07/14/20	$	(15,000,000	)	$	(16,137,876	)
GNMA	4.000	TBA-30yr		07/21/20		(10,000,000	)		(10,557,601	)
UMBS, 30 Year, Single Family	4.000	TBA-30yr		07/14/21		(5,000,000	)		(5,323,827	)
UMBS, 30 Year, Single Family	4.000	TBA-30yr		08/12/21		(3,000,000	)		(3,196,875	)
TOTAL ((Proceeds Receivable: $35,282,852))								$	(35,216,179	)

(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.

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At June 30, 2021, 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		624		09/30/21	$	137,479,875		$	(229,407	)
20 Year U.S. Treasury Bonds		897		09/21/21		144,192,750			3,288,211
10 Year U.S. Treasury Notes		950		09/21/21	$	125,875,000			368,662
Total								$	3,427,466
Short position contracts:
Euro Buxl 30 Year Bonds		(1)		09/08/21		(240,992	)		22
Japan 10 Year Government Bonds		(8)		09/13/21		(10,923,264	)		(12,990	)
Ultra Long U.S. Treasury Bonds		(163)		09/21/21		(31,408,063	)		(696,242	)
Ultra 10 Year U.S. Treasury Notes		(778)		09/21/21		(114,524,031	)		(1,958,826	)
5 Year U.S. Treasury Notes		(248)		09/30/21		(30,610,563	)		25,696
5 Year German Euro-Bobl		(9)		09/08/21		(1,431,615	)		(228	)
10 Year German Euro-Bund		(4)		09/08/21		(818,689	)		942
Total								$	(2,641,626	)
TOTAL FUTURES CONTRACTS								$	785,840

SWAP CONTRACTS — At June 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M AUDOR(a)	0.190%(a)	02/22/23	AUD	122,070(b)	$	(77,100	)	$	(1,459,879	)	$	1,382,779
6M CDOR(c)	0.804(c)	02/28/23	CAD	153,730(b)		(99,932	)		20,131			(120,063	)
6M CDOR(c)	0.750(c)	03/01/23		255,070(b)		(279,824	)		(70,318	)		(209,506	)
0.275%(c)	3M LIBOR(a)	03/03/23	$	199,000(b)		100,057			42,139			57,918
(0.430)(d)	6M EURO(c)	05/17/23	EUR	5,350(b)		89			(13,199	)		13,288
6M CDOR(c)	1.100(c)	06/15/23	CAD	86,630(b)		(4,864	)		2,737			(7,601	)
0.450(c)	3M LIBOR(a)	06/15/23	$	69,300(b)		(1,656	)		(1,044	)		(612	)
6M CDOR(c)	0.700(c)	11/18/23	CAD	40,600(b)		(223,867	)		(666,846	)		442,979
3M AUDOR(a)	0.500(a)	01/25/24	AUD	55,530(b)		(93,489	)		(22,190	)		(71,299	)
3M AUDOR(a)	0.500(a)	02/24/24		33,630(b)		(11,619	)		83,263			(94,882	)
0.486(a)	3M AUDOR(a)	06/29/24		11,970(b)		(1,549	)		444			(1,993	)
1M LIBOR + 0.090%(a)	3M LIBOR(a)	07/25/24	$	38,780(b)		1,380			13,033			(11,653	)
3M LIBOR(a)	0.250(c)	09/15/24		16,630(b)		(198,040	)		(159,498	)		(38,542	)
0.400(a)	3M AUDOR(a)	09/15/24	AUD	20,800(b)		76,875			(26,176	)		103,051
1.550(c)	6M AUDOR(c)	02/23/26		5,160(b)		(10,221	)		(53,504	)		43,283
6M EURO(c)	0.000(d)	05/17/26	EUR	6,730(b)		16,833			(18,359	)		35,192
6M GBP(d)	0.000(d)	09/15/26	GBP	44,570(b)		(1,523,906	)		(1,510,316	)		(13,590	)
3M STIBOR(a)	0.500(d)	09/15/26	SEK	312,530(b)		154,905			213,224			(58,319	)
0.500(c)	3M LIBOR(a)	09/15/26	$	17,590(b)		450,601			428,489			22,112
(0.500)(0.500)(d)	6M EURO(d)	09/15/26	EUR	20,850(b)		168,746			153,841			14,905
6M EURO(c)	0.000(d)	02/16/27		8,020(b)		31,904			20,312			11,592
0.250(c)	6M JYOR(c)	03/19/30	JPY	1,380,660(b)		(88,117	)		(76,069	)		(12,048	)
6M EURO(c)	0.050(d)	05/21/30	EUR	32,040(b)		(502,498	)		(1,292,789	)		790,291
6M AUDOR(c)	1.240(c)	10/28/30	AUD	10,420(b)		(347,391	)		(647,261	)		299,870
1.240(d)	6M NIBOR(c)	10/29/30	NOK	87,620(b)		289,499			(818,508	)		1,108,007
6M AUDOR(c)	1.710(c)	01/21/31	AUD	19,780(b)		(359,586	)		(564,930	)		205,344
1.000(d)	6M GBP(d)	01/26/31	GBP	12,010(b)		(49,837	)		27,448			(77,285	)
1.000(d)	6M GBP(d)	02/10/31		11,600(b)		(46,364	)		48,726			(95,090	)
6M EURO(c)	0.500(d)	02/12/31	EUR	16,360(b)		88,149			203,412			(115,263	)
6M AUDOR(c)	2.500(c)	02/24/31	AUD	4,730(b)		40,857			(157,976	)		198,833
3M LIBOR(a)	2.209(c)	02/25/31	$	20,560(b)		283,557			(86,659	)		370,216
3M STIBOR(a)	1.272(d)	05/11/31	SEK	73,110(b)		55,638			(12,244	)		67,882
2.130(d)	6M NIBOR(c)	05/11/31	NOK	68,170(b)		(85,619	)		13,076			(98,695	)
0.250(d)	6M EURO(c)	05/17/31	EUR	3,000(b)		(31,464	)		(8,583	)		(22,881	)
1.926(d)	6M NIBOR(c)	06/29/31	NOK	19,870(b)		(3,848	)		36			(3,884	)
3M LIBOR(a)	1.000(c)	09/15/31	$	12,090(b)		(537,641	)		(555,304	)		17,663
3M STIBOR(a)	1.000(d)	09/15/31	SEK	58,450(b)		143,039			125,982			17,057
6M CDOR(c)	1.250(c)	09/15/31	CAD	15,290(b)		(725,081	)		(756,851	)		31,770
6M AUDOR(c)	2.000(c)	09/15/31	AUD	6,100(b)		159,362			188,058			(28,696	)
(0.250)(c)	6M EURO(c)	09/15/31	EUR	220(b)		10,038			10,459			(421	)

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)
Payments Made by the Fund	Payments Received by Fund	Termination Date		Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250%(d)	6M GBP(d)		09/15/31		GBP	24,980(b)	$	1,609,443		$	1,725,270		$	(115,827	)
0.000(c)	6M JYOR(c)		09/15/31		JPY	1,346,000(b)		112,826			115,217			(2,391	)
2.000(d)	6M NIBOR(c)		09/15/31		NOK	72,200(b)		(229,265	)		(167,403	)		(61,862	)
6M EURO(c)	0.500%(d)		09/16/31		EUR	17,280(b)		11,548			17,119			(5,571	)
3M NZDOR(a)	3.000(c)		09/16/31		NZD	2,530(b)		42,762			10,133			32,629
2.500(c)	3M LIBOR(a)		09/17/31		$	16,880(b)		(428,205	)		(423,413	)		(4,792	)
2.431(c)	3M LIBOR(a)		02/25/36			25,320(b)		(374,939	)		39,036			(413,975	)
0.260(d)	6M EURO(c)		05/21/40		EUR	17,260(b)		1,202,032			(339,036	)		1,541,068
2.750(c)	6M AUDOR(c)		02/24/41		AUD	1,600(b)		(24,762	)		(34,185	)		9,423
6M CDOR(c)	1.750(c)		09/15/51		CAD	8,910(b)		(806,711	)		(1,022,856	)		216,145
1.250(c)	3M LIBOR(a)		09/15/51		$	6,210(b)		791,729			1,052,981			(261,252	)
0.000(d)	6M EURO(c)		09/15/51		EUR	280(b)		46,393			47,486			(1,093	)
0.250(c)	6M JYOR(c)		09/15/51		JPY	454,080(b)		305,570			302,055			3,515
TOTAL							$	(973,563	)	$	(6,061,289	)	$	5,087,726

(a) Payments made quarterly.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2021.

(c) Payments made semi-annually.

(d) Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)	Credit Spread at June 30, 2021(b)	Counterparty	Termination Date		Notional Amount (000s)		Market Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 8	3.000%	7.915%	Citibank NA		10/17/57	$	2,600	$	(363,729	)	$	(401,099	)	$	37,370
Markit CMBX Series 11	3.000	3.624	Citibank NA		11/18/54		3,350		(112,435	)		(515,282	)		402,847
Markit CMBX Series 8	3.000	7.915	Citibank NA		10/17/57		2,450		(342,541	)		(663,763	)		321,222
Markit CMBX Series 10	3.000	4.922	Citibank NA		11/17/59		900		(78,862	)		(155,415	)		76,553
Markit CMBX Series 11	3.000	3.624	JPMorgan Securities, Inc.		11/18/54		1,100		(37,010	)		(333,744	)		296,734
Markit CMBX Series 11	3.000	3.624	MS & Co. Int. PLC		11/18/54		1,100		(36,919	)		(306,374	)		269,455
TOTAL								$	(971,496	)	$	(2,375,677	)	$	1,404,181

(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.

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at June 30, 2021(b)		Termination Date		Notional Amount (000s)	Market Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 28	1.000%		0.218%		06/20/22	$        33,100	$	264,715		$	221,903		$	42,812
CDX.NA.IG Index 34	1.000		0.245		06/20/23	25,375		387,220			213,927			173,293
CDX.NA.IG Index 34	1.000		0.480		06/20/25	130,600		2,710,017			1,373,936			1,336,081
General Electric Company, 2.700%, 10/09/22	1.000		0.715		06/20/26	3,875		54,963			52,498			2,465
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000		0.544		06/20/26	4,260		96,864			84,212			12,652
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000		0.313		12/20/24	1,080		26,221			9,940			16,281
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000		0.471		12/20/25	5,030		120,067			25,987			94,080
Prudential Financial, Inc., 3.500%, 05/15/24	1.000		0.283		06/20/24	2,950		64,161			29,578			34,583
Republic of Chile, 3.875%, 08/05/20	1.000		0.386		12/20/24	1,000		21,680			14,705			6,975
Republic of Chile, 3.875%, 08/05/20	1.000		0.520		12/20/25	5,120		110,793			95,861			14,932
Republic of Colombia, 10.375%, 01/28/33	1.000		0.875		06/20/24	210		843			(761	)		1,604
Republic of Colombia, 10.375%, 01/28/33	1.000		1.252		12/20/25	2,450		(26,292	)		13,994			(40,286	)
Republic of Indonesia, 3.700%, 01/08/22	1.000		0.749		06/20/26	4,410		55,356			52,729			2,627
Republic of Indonesia, 5.875%, 03/13/20	1.000		0.382		06/20/24	2,160		40,463			7,599			32,864
Republic of Indonesia, 5.875%, 03/13/20	1.000		0.669		12/20/25	3,850		57,334			52,264			5,070
Republic of Peru, 8.750%, 11/21/33	1.000		0.738		12/20/25	2,150		25,592			16,061			9,531
Republic of the Philippines, 10.625%, 03/16/25	1.000		0.400		12/20/25	4,530		122,287			85,791			36,496
Russian Federation, 7.500%, 03/31/30	1.000		0.832		06/20/26	2,480		21,100			7,625			13,475
Russian Federation, 7.500%, 03/31/30	1.000		0.577		12/20/24	750		11,241			2,067			9,174
Russian Federation, 7.500%, 03/31/30	1.000		0.748		12/20/25	5,070		58,101			52,948			5,153
State of Qatar, 9.750%, 06/15/30	1.000		0.253		12/20/24	170		4,485			2,495			1,990
State of Qatar, 9.750%, 06/15/30	1.000		0.352		12/20/25	4,350		127,033			87,186			39,847
The Boeing Co., 8.750%, 08/15/21	1.000		0.879		06/20/24	1,225		4,750			15,807			(11,057	)
United Mexican States, 4.150%, 03/28/27	1.000		0.929		06/20/26	3,980		14,930			16,268			(1,338	)
United Mexican States, 4.150%, 03/28/27	1.000		0.826		12/20/25	6,530		52,063			(113,878	)		165,941
TOTAL							$	4,425,987		$	2,420,742		$	2,005,245

(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 CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2021, 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	BofA Securities LLC		0.632	%		12/23/2021		22,940,000		$	22,940,000		$	55,905		$	64,131		$	(8,226	)
1Y IRS	Deutsche Bank AG (London)		0.830			04/20/2022		45,230,000			45,230,000			227,163			326,595			(99,432	)
1Y IRS	JPMorgan Securities, Inc.		1.053			06/21/2022		14,170,000			14,170,000			106,373			126,432			(20,059	)
3Y IRS	JPMorgan Securities, Inc.		0.700			11/14/2022		13,700,000			13,700,000			45,038			138,664			(93,626	)
								96,040,000		$	96,040,000		$	434,479		$	655,822		$	(221,343	)
Puts
6M IRS	JPMorgan Securities, Inc.		0.750			08/10/2021		27,050,000			27,050,000			334,189			137,955			196,234
3M IRS	JPMorgan Securities, Inc.		0.670			07/06/2021		1,370,000			1,370,000			49			18,949			(18,900	)
3M IRS	MS & Co. Int. PLC		0.650			07/07/2021		269,050,000			269,050,000			3			23,630			(23,627	)
6M IRS	Citibank NA		1.110			11/15/2021		4,650,000			4,650,000			32,549			45,012			(12,463	)
6M IRS	UBS AG (London)		1.195			11/18/2021		3,160,000			3,160,000			17,967			22,594			(4,627	)
3M IRS	UBS AG (London)		0.165			08/19/2021		7,900,000			7,900,000			9,340			37,507			(28,167	)
3M IRS	BNP Paribas SA		0.165			08/19/2021		9,920,000			9,920,000			11,729			41,783			(30,054	)
3M IRS	Citibank NA		0.165			08/20/2021		4,370,000			4,370,000			5,311			19,771			(14,460	)
1Y IRS	Barclays Bank PLC		0.427			05/26/2022		480,560,000			480,560,000			60,433			83,656			(23,223	)
								808,030,000			808,030,000			471,570			430,857			40,713
Total purchased option contracts								904,070,000		$	904,070,000		$	906,049		$	1,086,679		$	(180,630	)
Written option contracts
Calls
6M IRS	BofA Securities LLC		1.297			12/23/2021		(7,450,000	)		(7,450,000	)		(69,973	)		(64,127	)		(5,846	)
1M IRS	Citibank NA		0.080			07/14/2021		(5,140,000	)		(5,140,000	)		(9,419	)		(23,146	)		13,727
1M IRS	Citibank NA		0.134			07/07/2021		(5,140,000	)		(5,140,000	)		(23,032	)		(24,508	)		1,476
1M IRS	Citibank NA		1.583			07/01/2021		(5,070,000	)		(5,070,000	)		(73,689	)		(38,785	)		(34,904	)
1Y IRS	Citibank NA		0.105			02/14/2022		(12,480,000	)		(12,480,000	)		(108,858	)		(113,598	)		4,740
6M IRS	Citibank NA		0.856			11/22/2021		(51,890,000	)		(51,890,000	)		(157,579	)		(179,020	)		21,441
1M IRS	Deutsche Bank AG (London)		1.472			07/19/2021		(5,070,000	)		(5,070,000	)		(38,553	)		(38,532	)		(21	)
1Y IRS	Deutsche Bank AG (London)		0.630			04/20/2022		(67,850,000	)		(67,850,000	)		(171,580	)		(272,329	)		100,749

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (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 (continued)
1M IRS	JPMorgan Securities, Inc.		0.096	%		07/21/2021		(5,140,000	)	$	(5,140,000	)	$	(16,460	)	$	(27,292	)	$	10,832
1Y IRS	JPMorgan Securities, Inc.		0.105			02/14/2022		(6,880,000	)		(6,880,000	)		(60,012	)		(62,442	)		2,430
1Y IRS	JPMorgan Securities, Inc.		1.378			06/21/2022		(7,470,000	)		(7,470,000	)		(116,517	)		(126,499	)		9,982
3Y IRS	JPMorgan Securities, Inc.		1.060			11/14/2022		(2,700,000	)		(2,700,000	)		(49,489	)		(140,244	)		90,755
1M IRS	MS & Co. Int. PLC		1.478			07/26/2021		(5,070,000	)		(5,070,000	)		(44,092	)		(36,757	)		(7,335	)
1M IRS	MS & Co. Int. PLC		1.565			07/07/2021		(5,070,000	)		(5,070,000	)		(66,473	)		(33,462	)		(33,011	)
1M IRS	UBS AG (London)		0.129			07/28/2021		(5,140,000	)		(5,140,000	)		(30,710	)		(24,978	)		(5,732	)
								(197,560,000	)	$	(197,560,000	)	$	(1,036,436	)	$	(1,205,719	)	$	169,283
Puts
1Y IRS	BNP Paribas SA		0.107			05/26/2022		(8,470,000	)		(8,470,000	)		(63,360	)		(86,334	)		22,974
3M IRS	BNP Paribas SA		0.025			08/19/2021		(9,920,000	)		(9,920,000	)		(3,717	)		(15,820	)		12,103
3M IRS	BNP Paribas SA		0.095			08/19/2021		(9,920,000	)		(9,920,000	)		(6,281	)		(25,964	)		19,683
1M IRS	Citibank NA		0.080			07/14/2021		(5,140,000	)		(5,140,000	)		(26,995	)		(23,146	)		(3,849	)
1M IRS	Citibank NA		0.134			07/07/2021		(5,140,000	)		(5,140,000	)		(5,715	)		(24,508	)		18,793
1M IRS	Citibank NA		1.583			07/01/2021		(5,070,000	)		(5,070,000	)		(4	)		(38,785	)		38,781
1Y IRS	Citibank NA		0.105			02/14/2022		(12,480,000	)		(12,480,000	)		(59,710	)		(112,423	)		52,713
3M IRS	Citibank NA		0.021			08/20/2021		(4,370,000	)		(4,370,000	)		(1,658	)		(8,015	)		6,357
3M IRS	Citibank NA		0.093			08/20/2021		(4,370,000	)		(4,370,000	)		(2,818	)		(11,755	)		8,937
3M IRS	Citibank NA		2.402			07/06/2021		(1,500,000	)		(1,500,000	)		—			(19,950	)		19,950
1M IRS	Deutsche Bank AG (London)		1.472			07/19/2021		(5,070,000	)		(5,070,000	)		(21,973	)		(38,532	)		16,559
1M IRS	JPMorgan Securities, Inc.		0.096			07/21/2021		(5,140,000	)		(5,140,000	)		(25,668	)		(27,292	)		1,624
1Y IRS	JPMorgan Securities, Inc.		0.105			02/14/2022		(6,880,000	)		(6,880,000	)		(32,918	)		(62,442	)		29,524
6M IRS	JPMorgan Securities, Inc.		0.878			08/10/2021		(27,050,000	)		(27,050,000	)		(197,067	)		(83,855	)		(113,212	)
6M IRS	JPMorgan Securities, Inc.		1.006			08/10/2021		(27,050,000	)		(27,050,000	)		(99,782	)		(54,100	)		(45,682	)
1M IRS	MS & Co. Int. PLC		1.478			07/26/2021		(5,070,000	)		(5,070,000	)		(26,564	)		(36,757	)		10,193
1M IRS	MS & Co. Int. PLC		1.565			07/07/2021		(5,070,000	)		(5,070,000	)		(1,969	)		(33,462	)		31,493
3M IRS	MS & Co. Int. PLC		2.350			07/07/2021		(1,500,000	)		(1,500,000	)		—			(25,800	)		25,800
6M IRS	MS & Co. Int. PLC		0.075			11/18/2021		(4,530,000	)		(4,530,000	)		(10,429	)		(23,264	)		12,835
1M IRS	UBS AG (London)		0.129			07/28/2021		(5,140,000	)		(5,140,000	)		(20,989	)		(24,977	)		3,988
3M IRS	UBS AG (London)		0.022			08/19/2021		(7,900,000	)		(7,900,000	)		(2,901	)		(14,426	)		11,525
3M IRS	UBS AG (London)		0.094			08/19/2021		(7,900,000	)		(7,900,000	)		(4,941	)		(23,081	)		18,140
6M IRS	UBS AG (London)		0.145			11/15/2021		(6,690,000	)		(6,690,000	)		(21,573	)		(46,084	)		24,511
								(181,370,000	)	$	(181,370,000	)	$	(637,032	)	$	(860,772	)	$	223,740
Total written option contracts								(378,930,000	)	$	(378,930,000	)	$	(1,673,468	)	$	(2,066,491	)	$	393,023
TOTAL								525,140,000		$	525,140,000		$	(767,419	)	$	(979,812	)	$	212,393

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
1M IRS                       —	1 Month Interest Rate Swaptions
3M IRS                       —	3 Month Interest Rate Swaptions
1Y IRS                        —	1 Year Interest Rate Swaptions
3Y IRS                        —	3 Year Interest Rate Swaptions
6M IRS                       —	6 Month Interest Rate Swaptions
BofA Securities LLC  —	Bank of America Securities LLC
CDX.NA.IG Index 28 —	CDX North America Investment Grade Index 28
CDX.NA.IG Index 34 —	CDX North America Investment Grade Index 34
MS & Co. Int. PLC     —	Morgan Stanley & Co. International PLC

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Sovereign Debt Obligations – 39.4%
British Pound – 1.4%
United Kingdom Gilt
GBP	2,980,000		3.500	%	01/22/45	$  6,045,133
	1,020,000		1.750		07/22/57	1,642,477
	710,000		3.500		07/22/68	1,836,401
						9,524,011
Canadian Dollar – 1.2%
British Columbia Province of Canada
CAD	2,600,000		2.850		06/18/25	2,244,335
	2,000,000		4.950		06/18/40	2,238,964
Ontario Province of Canada
	1,700,000		2.600		06/02/25	1,450,376
	2,300,000		4.650		06/02/41	2,483,893
						8,417,568
Chinese Yuan – 5.6%
Agricultural Development Bank of China
CNY	12,220,000		3.740		07/12/29	1,917,804
	32,800,000		2.960		04/17/30	4,852,769
China Development Bank
	17,690,000		3.340		07/14/25	2,746,432
	26,490,000		3.500		08/13/26	4,129,528
	7,420,000		4.040		04/10/27	1,185,777
	590,000		3.650		05/21/29	92,068
	10,700,000		3.450		09/20/29	1,646,237
	27,380,000		3.090		06/18/30	4,092,674
China Government Bond
	18,480,000		3.250		06/06/26	2,899,087
	19,000,000		2.850		06/04/27	2,903,844
	12,660,000		3.280		12/03/27	1,984,488
	22,460,000		3.250		11/22/28	3,510,349
	8,400,000		3.290		05/23/29	1,316,763

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Sovereign Debt Obligations – (continued)
Chinese Yuan – (continued)
China Government Bond - (continued)
CNY	2,890,000		4.080	%	10/22/48	$      478,935
	25,690,000		3.860		07/22/49	4,080,907
	2,790,000		3.390		03/16/50	407,556
						38,245,218
Euro – 10.5%
Federal Republic of Germany
EUR	15,060,000		1.500		05/15/23	18,598,657
	650,000		2.500		08/15/46	1,206,050
French Republic Government Bond OAT
	1,700,000		4.500		04/25/41	3,496,302
	310,000		3.250		05/25/45	572,852
	800,000		1.750	(a)	05/25/66	1,194,819
Ireland Government Bond
	1,120,000		0.200		10/18/30	1,344,959
Italy Buoni Poliennali Del Tesoro
	4,710,000		0.950		03/15/23	5,711,995
	4,190,000		6.000		05/01/31	7,442,106
	1,750,000		2.950	(a)	09/01/38	2,572,248
	1,000,000		2.800	(a)	03/01/67	1,404,699
Italy Certificati di Credito del Tesoro/CCTS-eu(b) (-1x6M Euribor + 1.850%)
	4,320,000		1.323		01/15/25	5,402,792
Kingdom of Belgium(a)
	960,000		4.250		03/28/41	1,912,651
	250,000		2.150		06/22/66	415,069
Portugal Obrigacoes do Tesouro OT(a)
	1,200,000		1.950		06/15/29	1,635,097
Republic of Austria Government Bond(a)
	450,000		1.500		11/02/86	699,677
	280,000		2.100	(c)	09/20/17	549,580
	280,000		0.850	(d)	06/30/20	304,603
Republic of Indonesia(a)
	650,000		2.625		06/14/23	807,492
	240,000		2.150		07/18/24	300,819

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Sovereign Debt Obligations – (continued)
Euro – (continued)
Republic of Romania
EUR	630,000		2.124	%	07/16/31	$      769,573
	70,000		2.000	(a)	01/28/32	83,978
	400,000		3.375	(a)	01/28/50	506,167
Spain Government Bond
	2,075,000		5.900	(a)	07/30/26	3,230,448
	3,250,000		1.500	(a)	04/30/27	4,220,212
	1,730,000		1.250	(a)	10/31/30	2,222,122
	2,940,000		0.100		04/30/31	3,381,522
	1,110,000		3.450	(a)	07/30/66	2,029,764
						72,016,253
Indonesian Rupiah – 0.2%
Republic of Indonesia
IDR	12,964,000,000		8.750		05/15/31	1,023,709
Israeli Shekel – 0.1%
Israel Government Bond
ILS	2,430,000		2.000		03/31/27	803,472
Japanese Yen – 16.2%
Government of Japan
JPY	3,400,100,000		0.005		06/01/23	30,674,506
	650,450,000		0.100		09/20/24	5,898,459
	11,150,000		0.100		03/20/31	100,841
	596,200,000		2.500		09/20/34	6,983,958
	367,900,000		0.400		03/20/39	3,329,728
	1,559,600,000		0.500		03/20/41	14,192,297
	9,900,000		0.700		03/20/51	89,443
	406,700,000		0.700		03/20/61	3,588,712
Japan Treasury Discount Bill(e)
	3,775,650,000		0.000		09/06/21	33,992,235
Japanese Government CPI Linked Bond
	1,246,150,089		0.100		03/10/29	11,522,191
						110,372,370

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Sovereign Debt Obligations – (continued)
Russian Ruble – 0.1%
Russian Federation Bond
RUB	26,160,000		7.050	%	01/19/28	$    359,654
Singapore Dollar – 0.2%
Singapore Government Bond
SGD	2,150,000		2.750		07/01/23	1,670,707
South Korean Won – 0.9%
Inflation Linked Korea Treasury Bond
KRW	1,867,071,522		1.000		06/10/26	1,671,554
Korea Treasury Bond
	2,598,070,000		1.875		06/10/29	2,286,387
	2,641,660,000		1.375		12/10/29	2,224,073
						6,182,014
Thai Baht – 0.9%
Thailand Government Bond
THB	126,490,000		1.875		06/17/22	3,980,760
	76,900,000		2.400		12/17/23	2,495,321
						6,476,081
United States Dollar – 2.1%
Abu Dhabi Government International Bond
$	500,000		3.125	(a)	10/11/27	549,313
	1,370,000		4.125		10/11/47	1,633,297
	600,000		4.125	(a)	10/11/47	715,313
Republic of Indonesia
	970,000		5.875		01/15/24	1,094,463
	200,000		4.125	(a)	01/15/25	220,913
	4,340,000		4.125		01/15/25	4,793,801
	790,000		3.850	(a)	07/18/27	878,529
Republic of Peru(f)
	10,000		2.780		12/01/60	8,911
	100,000		3.230	(g)	07/28/21	87,706
Republic of Qatar(a)
	1,820,000		5.103		04/23/48	2,414,685
Republic of Uruguay(f)
	190,000		4.375		01/23/31	221,326
United Mexican States(f)
	780,000		2.659		05/24/31	761,621
	811,000		3.771		05/24/61	754,382
						14,134,260
TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS (Cost $257,463,686)						$269,225,317

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 36.9%
Aerospace & Defense(f) – 1.0%
Airbus SE
EUR	550,000		2.375	%	06/09/40	$       757,519
Northrop Grumman Corp.
$	1,700,000		2.930		01/15/25	1,812,489
	1,100,000		3.250		01/15/28	1,200,507
Raytheon Technologies Corp.
	27,000		3.650		08/16/23	28,645
Teledyne Technologies, Inc.
	1,250,000		0.950		04/01/24	1,251,637
The Boeing Co.
	1,075,000		5.150		05/01/30	1,273,929
	225,000		3.250		02/01/35	228,722
	225,000		3.375		06/15/46	216,754
	80,000		3.625		03/01/48	79,784
	80,000		3.850		11/01/48	82,547
	80,000		5.805		05/01/50	107,943
						7,040,476
Agriculture(f) – 0.3%
Altria Group, Inc.
EUR	200,000		3.125		06/15/31	273,135
BAT Capital Corp.
$	50,000		3.557		08/15/27	53,503
	1,450,000		2.259		03/25/28	1,441,822
						1,768,460
Automotive – 0.4%
General Motors Financial Co., Inc.(f)
	1,725,000		1.500		06/10/26	1,715,909
	200,000		5.650		01/17/29	243,762

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – continued
Volkswagen Leasing GmbH
EUR	600,000		1.625	%	08/15/25	$   754,678
						2,714,349
Banks – 11.8%
ABN AMRO Bank NV(b)(f)
(-1x 5 Year EUR Swap + 4.674%)
	500,000		4.375		09/22/49	641,924
(1 year CMT + 0.800%)
$	1,200,000		1.542		06/16/27	1,193,244
AIB Group PLC(b)(f)
(-1X 1 year EUR Swap + 0.750%)
EUR	925,000		0.500		11/17/27	1,099,188
(-1X 5 year EUR Swap + 3.300%)
	675,000		2.875		05/30/31	855,488
(3M USD LIBOR + 1.874%)
$	1,250,000		4.263	(a)	04/10/25	1,349,337
Australia & New Zealand Banking Group Ltd.(a)(b)(f) (5 Year CMT + 1.288%)
	750,000		2.950		07/22/30	780,000
Banco Santander SA
	800,000		2.706		06/27/24	842,104
	400,000		3.306		06/27/29	434,456
	1,600,000		3.490		05/28/30	1,727,536
EUR	500,000		1.625		10/22/30	611,153
$	800,000		2.749		12/03/30	792,872
Bank of America Corp.(b)(f)
(3M USD LIBOR + 0.810%)
	2,900,000		3.366		01/23/26	3,125,649
(SOFR + 2.150%)
	375,000		2.592		04/29/31	386,029
Bank of Ireland Group PLC(b)(f)
(-1X 1 year EUR Swap + 0.770%)
EUR	625,000		0.375		05/10/27	737,033
(-1X 1 year EUR Swap + 1.650%)
	975,000		1.375		08/11/31	1,149,748
Barclays PLC(f)
$	900,000		3.684		01/10/23	915,264
(3M USD LIBOR + 1.400%)
	800,000		4.610	(b)	02/15/23	820,280
BNP Paribas SA
	1,250,000		3.375		01/09/25	1,342,775
	1,450,000		3.375	(a)	01/09/25	1,557,619

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
BNP Paribas SA – (continued)
(-1X 3M Euribor + 0.950%)
EUR	900,000		0.500	%(b)(f)	09/01/28	$  1,064,593
(3M Euribor + 1.800%)
	1,100,000		2.125	(b)(f)	01/23/27	1,407,876
(5 Year USD Swap + 1.483%)
$	950,000		4.375	(a)(b)(f)	03/01/33	1,050,586
(SOFR + 1.004%)
	575,000		1.323	(a)(b)(f)	01/13/27	567,870
(SOFR + 2.074%)
	550,000		2.219	(a)(b)(f)	06/09/26	567,077
BPCE SA(a)
	2,350,000		4.000		09/12/23	2,520,774
(SOFR + 1.520%)
	1,000,000		1.652	(b)(f)	10/06/26	1,004,100
CaixaBank SA
EUR	400,000		1.125		05/17/24	490,407
(-1X 3M Euribor + 0.850%)
	900,000		0.375	(b)(f)	11/18/26	1,068,680
Citigroup, Inc.
$	1,210,000		3.500		05/15/23	1,275,388
GBP	600,000		2.750	(f)	01/24/24	870,881
(SOFR + 0.686%)
$	1,575,000		0.776	(b)(f)	10/30/24	1,578,717
(SOFR + 2.842%)
	1,700,000		3.106	(b)(f)	04/08/26	1,818,728
(SOFR + 3.914%)
	25,000		4.412	(b)(f)	03/31/31	29,228
Citizens Bank NA(f)
	250,000		3.250		02/14/22	253,953
Commerzbank AG
EUR	550,000		4.000		03/23/26	736,252
Commonwealth Bank of Australia(a)(b)(f) (5 Year CMT + 2.050%)
$	1,000,000		3.610		09/12/34	1,060,900
Cooperatieve Rabobank UA
EUR	550,000		3.875		07/25/23	705,594
Credit Agricole SA(a)(b)(f)
(SOFR + 0.892%)
$	1,100,000		1.247		01/26/27	1,082,499
(SOFR + 1.676%)
	300,000		1.907		06/16/26	305,757
Credit Suisse AG
	1,000,000		2.950		04/09/25	1,071,570

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Credit Suisse Group AG(a)(b)(f)
(3M USD LIBOR + 1.410%)
$	2,800,000		3.869	%	01/12/29	$  3,081,344
(SOFR + 1.560%)
	1,550,000		2.593		09/11/25	1,613,085
Deutsche Bank AG(b)(f)
(-1X 3M Euribor + 2.050%)
EUR	1,600,000		1.750		11/19/30	2,004,278
(SOFR + 1.870%)
$	275,000		2.129		11/24/26	279,241
(SOFR + 2.159%)
	600,000		2.222		09/18/24	616,104
Erste Group Bank AG(b)(f) (5 Year EUR Swap + 6.204%)
EUR	600,000		6.500		04/15/49	797,713
Fifth Third Bancorp(f)
$	575,000		2.375		01/28/25	602,577
HSBC Holdings PLC
	200,000		4.250		08/18/25	221,256
	450,000		4.950		03/31/30	543,087
(3M USD LIBOR + 1.211%)
	2,150,000		3.803	(b)(f)	03/11/25	2,311,830
Intesa Sanpaolo SpA
EUR	575,000		1.350		02/24/31	681,350
JPMorgan Chase & Co.(f)
$	3,200,000		3.625		12/01/27	3,515,456
(3M USD LIBOR + 0.730%)
	305,000		3.559	(b)	04/23/24	321,626
(3M USD LIBOR + 0.890%)
	300,000		3.797	(b)	07/23/24	319,404
(SOFR + 2.515%)
	750,000		2.956	(b)	05/13/31	788,242
Kreditanstalt fuer Wiederaufbau(h)
EUR	3,000,000		0.625		01/07/28	3,760,761
Macquarie Bank Ltd.(a)(b)(f) (5 year CMT + 1.700%)
$	800,000		3.052		03/03/36	796,496
Macquarie Group Ltd.
EUR	350,000		0.625		02/03/27	420,744
(3M USD LIBOR + 1.372%)
$	380,000		3.763	(a)(b)(f)	11/28/28	417,172
(SOFR + 1.069%)
	400,000		1.340	(a)(b)(f)	01/12/27	396,300
Natwest Group PLC
	200,000		3.875		09/12/23	213,650
(1 year CMT + 0.900%)
	700,000		1.642	(b)(f)	06/14/27	699,965
(3M USD LIBOR + 1.480%)
	1,200,000		3.498	(b)(f)	05/15/23	1,230,984

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Regions Financial Corp.(f)
$	210,000		3.800	%	08/14/23	$     223,942
Santander UK Group Holdings PLC(b)(f)
(1 year CMT + 1.250%)
	1,000,000		1.532		08/21/26	1,001,860
(SOFR + 0.787%)
	1,250,000		1.089		03/15/25	1,254,787
Societe Generale SA
EUR	1,700,000		1.750		03/22/29	2,160,407
(-1X 3M Euribor + 1.280%)
	300,000		0.875	(b)(f)	09/22/28	361,345
(1 year CMT + 1.100%)
$	1,500,000		1.488	(a)(b)(f)	12/14/26	1,487,205
Standard Chartered PLC(a)(b)(f)
(1 year CMT + 0.880%)
	325,000		1.214		03/23/25	326,606
(1 year CMT + 1.000%)
	1,550,000		1.456		01/14/27	1,535,585
The Huntington National Bank(f)
	300,000		1.800		02/03/23	306,303
The PNC Financial Services Group, Inc.(f)
	600,000		3.500		01/23/24	644,142
UniCredit SpA(b)(f)(-1X 3M Euribor + 2.550%)
EUR	350,000		2.200		07/22/27	441,615
Wells Fargo & Co.(b)(f) (SOFR + 2.000%)
$	2,450,000		2.188		04/30/26	2,543,565
Westpac Banking Corp.(b)(f)
(5 year CMT + 1.350%)
	1,200,000		2.894		02/04/30	1,244,832
(5 year CMT + 1.750%)
	475,000		2.668		11/15/35	467,676
						80,525,664
Beverages(f) – 2.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	750,000		4.900		02/01/46	948,683
Anheuser-Busch InBev Worldwide, Inc.
	1,700,000		4.750		01/23/29	2,024,904
Bacardi Ltd.(a)
	1,200,000		4.700		05/15/28	1,393,644
Constellation Brands, Inc.
	1,500,000		3.200		02/15/23	1,562,340
	1,500,000		4.400		11/15/25	1,694,025
	1,550,000		2.875		05/01/30	1,627,887

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Beverages(f) – (continued)
Diageo Capital PLC
$	1,950,000		2.000	%	04/29/30	$  1,953,490
Keurig Dr Pepper, Inc.
	3,250,000		4.417		05/25/25	3,648,840
						14,853,813
Biotechnology(f) – 0.2%
Biogen, Inc.
	1,600,000		2.250		05/01/30	1,604,256
Building Materials(f) – 0.1%
Carrier Global Corp.
	650,000		2.493		02/15/27	680,205
	225,000		2.722		02/15/30	233,269
						913,474
Capital Goods – 0.2%
European Union
EUR	1,100,000		0.000		07/06/26	1,329,655
Chemicals – 0.5%
CNAC HK Finbridge Co. Ltd.
$	200,000		3.875		06/19/29	211,475
DuPont de Nemours, Inc.(f)
	600,000		4.493		11/15/25	682,116
International Flavors & Fragrances, Inc.(f)
	450,000		1.230		10/01/25	447,593
	200,000		1.832		10/15/27	199,618
Sasol Financing International Ltd.
	560,000		4.500		11/14/22	574,000
Syngenta Finance NV(a)(f)
	550,000		4.441		04/24/23	580,448
	400,000		4.892		04/24/25	442,028
						3,137,278
Commercial Services – 0.2%
DP World Crescent Ltd.
	200,000		4.848		09/26/28	229,750
DP World PLC
	390,000		5.625		09/25/48	486,842
Global Payments, Inc.(f)
	450,000		1.200		03/01/26	446,220
						1,162,812

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers(f) – 1.2%
Dell International LLC/EMC Corp.
$	1,250,000		6.020	%	06/15/26	$1,499,188
	1,075,000		4.900		10/01/26	1,240,507
	875,000		5.300		10/01/29	1,055,320
	75,000		6.200		07/15/30	96,429
Hewlett Packard Enterprise Co.
	1,200,000		4.450		10/02/23	1,298,448
	300,000		4.650		10/01/24	333,462
	1,850,000		4.900		10/15/25	2,106,613
	250,000		6.350		10/15/45	337,585
						7,967,552
Diversified Financial Services – 1.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	282,000		3.500	(f)	05/26/22	288,590
	2,149,000		4.625		07/01/22	2,235,196
AIG Global Funding(a)
	224,000		2.300		07/01/22	228,326
Air Lease Corp.(f)
	1,150,000		3.250		03/01/25	1,225,394
	575,000		2.875		01/15/26	604,756
American Express Co.(f)
	255,000		2.500		07/30/24	268,747
Aviation Capital Group LLC(a)(f)
	400,000		1.950		01/30/26	399,992
Avolon Holdings Funding Ltd.(a)(f)
	400,000		3.950		07/01/24	426,472
Capital One Financial Corp.(f)
	505,000		3.300		10/30/24	544,087
GE Capital Funding LLC(f)
	550,000		4.400		05/15/30	641,086
Huarong Finance II Co. Ltd.
	370,000		5.000		11/19/25	266,400
						7,129,046
Electrical – 1.0%
Ameren Corp.(f)
	150,000		2.500		09/15/24	157,999

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – continued
CMS Energy Corp.(b)(f) (5 year CMT + 2.900%)
$	550,000		3.750	%	12/01/50	$   558,635
DTE Energy Co.
	498,000		2.250		11/01/22	509,788
Electricite de France SA(a)(f)
	1,450,000		4.500		09/21/28	1,690,337
Enel SpA(b)(f) (-1X 5 year EUR Swap + 1.719%)
EUR	1,275,000		1.375		06/08/49	1,493,916
NextEra Energy Capital Holdings, Inc.(f)
$	525,000		1.900		06/15/28	530,938
Pacific Gas & Electric Co.(f)
	250,000		2.500		02/01/31	234,565
	100,000		3.300		08/01/40	90,943
	200,000		3.500		08/01/50	178,006
Pacific Gas and Electric Co.(f)
	625,000		3.000		06/15/28	627,794
Sempra Energy(f)
	700,000		3.400		02/01/28	769,153
						6,842,074
Engineering & Construction(f) – 0.3%
Heathrow Funding Ltd.
EUR	575,000		1.125		10/08/32	675,145
Mexico City Airport Trust
$	540,000		3.875	(a)	04/30/28	567,270
	200,000		5.500	(a)	10/31/46	201,538
	430,000		5.500	(a)	07/31/47	433,762
	200,000		5.500		07/31/47	201,750
						2,079,465
Food & Drug Retailing – 0.0%
The JM Smucker Co.
	225,000		3.000		03/15/22	228,906
Gas(f) – 0.3%
NiSource, Inc.
	1,025,000		3.600		05/01/30	1,134,788
ONE Gas, Inc.
	1,225,000		1.100		03/11/24	1,226,519
						2,361,307

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services(f) – 0.7%
DENTSPLY SIRONA, Inc.
$	775,000		3.250	%	06/01/30	$     829,420
Medtronic Global Holdings SCA
EUR	400,000		0.250		07/02/25	480,357
Smith & Nephew PLC
$	1,825,000		2.032		10/14/30	1,788,190
Stryker Corp.
	1,700,000		1.950		06/15/30	1,681,504
						4,779,471
Insurance – 1.5%
Ageas SA(b)(f) (-1X 3M Euribor + 3.100%)
EUR	800,000		1.875		11/24/51	954,785
Allianz SE(b)(f) (-1X 5 year EUR Swap + 2.770%)
	800,000		2.625		10/30/49	957,242
American International Group, Inc.
$	200,000		4.875		06/01/22	208,224
	150,000		4.125		02/15/24	163,323
	2,150,000		3.900	(f)	04/01/26	2,400,067
Aviva PLC(b)(f) (5 Year UK Government Bond + 2.850%)
GBP	450,000		6.125		11/14/36	760,440
AXA SA(b)(f) (3M Euribor + 3.200%)
EUR	550,000		3.250		05/28/49	746,680
CNP Assurances(f)
	1,000,000		0.375		03/08/28	1,160,790
Helvetia Europe SA(b)(f) (-1X 5 year EUR Swap + 3.950%)
	550,000		2.750		09/30/41	704,896
La Mondiale SAM(f)
	600,000		0.750		04/20/26	720,500
	600,000		2.125		06/23/31	747,186
Legal & General Group PLC(b)(f) (-1X 5 year UK Government Bond + 4.050%)
GBP	500,000		3.750		11/26/49	753,394
M&G PLC(b)(f) (5 year UK Government Bond + 3.724%)
	100,000		6.340		12/19/63	181,944
						10,459,471
Internet(f) – 0.4%
Booking Holdings, Inc.
EUR	600,000		0.100		03/08/25	713,698

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet(f) – (continued)
Expedia Group, Inc.
$	1,150,000		3.250	%	02/15/30	$   1,201,416
Prosus NV(a)
	210,000		3.680		01/21/30	224,438
	200,000		4.027		08/03/50	191,000
	200,000		3.832		02/08/51	185,000
Tencent Holdings Ltd.
	200,000		3.595		01/19/28	218,018
						2,733,570
Investment Companies – 0.5%
Huarong Finance II Co. Ltd.
	200,000		4.625		06/03/26	140,000
JAB Holdings B.V.
EUR	2,700,000		1.000		12/20/27	3,278,970
						3,418,970
Iron/Steel(f) – 0.2%
Steel Dynamics, Inc.
$	1,275,000		1.650		10/15/27	1,270,933
Lodging(f) – 0.3%
Marriott International, Inc.
	1,500,000		4.650		12/01/28	1,713,975
Machinery-Diversified(f) – 0.1%
Otis Worldwide Corp.
	900,000		2.565		02/15/30	932,643
Media(f) – 1.1%
Charter Communications Operating LLC/Charter Communications Operating Capital
	900,000		4.500		02/01/24	980,298
	3,400,000		4.908		07/23/25	3,855,192
	650,000		4.800		03/01/50	748,871
Comcast Corp.
	1,000,000		3.700		04/15/24	1,083,870
	750,000		3.950		10/15/25	839,400
						7,507,631
Mining – 0.5%
Glencore Funding LLC
	1,400,000		4.125	(a)	05/30/23	1,489,040

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mining – (continued)
Glencore Funding LLC – (continued)
$	650,000		4.125	%(a)(f)	03/12/24	$       700,908
	575,000		1.625	(f)	04/27/26	576,737
	775,000		4.875	(a)(f)	03/12/29	902,875
						3,669,560
Miscellaneous Manufacturing – 0.1%
General Electric Co.
	300,000		6.750		03/15/32	416,049
Multi-National – 1.1%
European Investment Bank
EUR	3,400,000		0.875		01/14/28	4,331,296
	770,000		1.000		11/14/42	1,014,337
FMS Wertmanagement(h)
GBP	1,100,000		1.375		03/07/25	1,572,118
The African Export-Import Bank(f)
$	390,000		2.634		05/17/26	394,828
	360,000		3.798		05/17/31	370,944
						7,683,523
Oil Field Services – 1.4%
BP Capital Markets America, Inc.(f)
	700,000		3.790		02/06/24	755,027
BP Capital Markets PLC
	250,000		3.814		02/10/24	270,475
(-1X 5 year EUR Swap + 3.880%)
EUR	400,000		3.250	(b)(f)	03/22/49	506,932
(-1X 5 year EUR Swap + 4.120%)
	400,000		3.625	(b)(f)	03/22/49	516,427
Devon Energy Corp.(f)
$	100,000		5.850		12/15/25	117,410
Gazprom PJSC Via Gaz Capital SA
	310,000		5.150	(a)	02/11/26	348,037
	210,000		5.150		02/11/26	235,767
	240,000		8.625	(i)	04/28/34	356,820
	310,000		7.288		08/16/37	430,958
Gazprom PJSC Via Gaz Finance PLC(a)
	400,000		3.250		02/25/30	398,200

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Lukoil Securities B.V.
$	1,330,000		3.875	%	05/06/30	$    1,404,812
Occidental Petroleum Corp.
	300,000		5.550	(f)	03/15/26	331,875
	250,000		6.450		09/15/36	298,750
Pertamina Persero PT
	200,000		6.500		05/27/41	258,663
Phillips 66(f)
	250,000		3.850		04/09/25	275,158
	200,000		1.300		02/15/26	200,046
Pioneer Natural Resources Co.(f)
	150,000		1.125		01/15/26	148,502
Suncor Energy, Inc.(f)
	900,000		3.100		05/15/25	963,576
Wintershall Dea Finance B.V.(f)
EUR	1,300,000		1.332		09/25/28	1,581,399
						9,398,834
Pharmaceuticals – 1.6%
AbbVie, Inc.
$	620,000		2.300		11/21/22	636,405
	300,000		3.750	(f)	11/14/23	321,924
	1,350,000		2.600	(f)	11/21/24	1,424,034
	200,000		4.250	(f)	11/14/28	231,922
	750,000		3.200	(f)	11/21/29	814,012
Bayer US Finance II LLC(a)(f)
	750,000		3.875		12/15/23	803,332
	1,000,000		4.250		12/15/25	1,114,890
Becton Dickinson & Co.(f)
	3,275,000		3.363		06/06/24	3,508,606
	1,000,000		3.700		06/06/27	1,111,570
CVS Health Corp.(f)
	123,000		3.700		03/09/23	129,492
	300,000		2.625		08/15/24	316,764
Upjohn Finance B.V.(f)
EUR	500,000		1.908		06/23/32	631,276
						11,044,227

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – 1.0%
Abu Dhabi Crude Oil Pipeline LLC(a)
$	1,260,000		4.600	%	11/02/47	$    1,478,374
Energy Transfer LP(f)
	250,000		5.250		04/15/29	295,307
Energy Transfer LP(f)
	250,000		5.300		04/01/44	289,575
Enterprise Products Operating LLC(f)
	500,000		3.750		02/15/25	545,095
Galaxy Pipeline Assets Bidco Ltd.
	200,000		2.625	(a)	03/31/36	196,000
	620,000		2.940		09/30/40	612,250
MPLX LP(f)
	250,000		4.500		04/15/38	285,803
	150,000		5.500		02/15/49	194,085
Sabine Pass Liquefaction LLC(f)
	1,500,000		5.625		03/01/25	1,714,710
The Williams Cos., Inc.(f)
	550,000		3.600		03/15/22	559,383
	450,000		3.900		01/15/25	491,994
						6,662,576
Real Estate(f) – 0.4%
Country Garden Holdings Co. Ltd.
	310,000		3.300		01/12/31	291,749
Logicor Financing S.a.r.l.
EUR	600,000		2.250		05/13/25	762,568
	550,000		3.250		11/13/28	758,445
SBB Treasury Oyj
	950,000		0.750		12/14/28	1,103,990
						2,916,752
Real Estate Investment Trust – 1.1%
American Homes 4 Rent LP
$	125,000		2.375		07/15/31	123,141
National Retail Properties, Inc.(f)
	375,000		3.900		06/15/24	405,176
Prologis LP(f)
	1,000,000		2.250		04/15/30	1,020,640

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
Simon Property Group LP(f)
$	576,000		2.750	%	06/01/23	$    597,980
Spirit Realty LP(f)
	300,000		2.100		03/15/28	298,935
VEREIT Operating Partnership LP(f)
	900,000		4.625		11/01/25	1,020,105
	200,000		3.400		01/15/28	218,046
	300,000		2.850		12/15/32	313,746
WEA Finance LLC/Westfield UK & Europe Finance PLC(a)(f)
	400,000		3.750		09/17/24	428,072
WP Carey, Inc.(f)
	240,000		4.600		04/01/24	262,493
	170,000		4.000		02/01/25	185,382
WPC Eurobond B.V.(f)
EUR	1,775,000		1.350		04/15/28	2,179,066
WPC Eurobond BV(f)
	300,000		0.950		06/01/30	349,820
						7,402,602
Retailing(f) – 0.2%
CK Hutchison International 20 Ltd.
$	200,000		2.500		05/08/30	204,618
CK Hutchison International 21 Ltd.
	200,000		2.500		04/15/31	203,966
Dollar Tree, Inc.
	650,000		4.000		05/15/25	717,360
						1,125,944
Savings & Loans(a)(b)(f) – 0.1%
Nationwide Building Society
(3M USD LIBOR + 1.181%)
	200,000		3.622		04/26/23	205,074
(3M USD LIBOR + 1.855%)
	500,000		3.960		07/18/30	560,820
						765,894
Semiconductors(f) – 0.6%
Broadcom, Inc.
	3,193,000		3.459		09/15/26	3,475,165
	175,000		3.469		04/15/34	185,220
TSMC Global Ltd.
	200,000		2.250		04/23/31	201,153
						3,861,538

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software(f) – 0.3%
Fidelity National Information Services, Inc.
EUR	400,000		0.750	%	05/21/23	$       482,017
	550,000		0.625		12/03/25	666,262
Fiserv, Inc.
$	650,000		3.200		07/01/26	704,165
						1,852,444
Sovereign – 0.4%
European Financial Stability Facility(h)
EUR	1,170,000		0.875		04/10/35	1,493,583
European Union
	820,000		0.200		06/04/36	949,281
						2,442,864
Telecommunication Services – 2.3%
AT&T, Inc.(f)
$	250,000		3.000		06/30/22	255,580
	1,879,000		2.550	(a)	12/01/33	1,862,315
EUR	600,000		1.800		09/14/39	729,663
$	100,000		4.350		06/15/45	114,254
	100,000		4.850		07/15/45	121,821
	550,000		5.450		03/01/47	725,764
	600,000		3.650		06/01/51	627,054
Deutsche Telekom International Finance B.V.(a)(f)
	500,000		2.485		09/19/23	519,860
T-Mobile USA, Inc.(f)
	500,000		3.500		04/15/25	540,318
	900,000		3.750		04/15/27	994,581
	900,000		3.875		04/15/30	1,004,571
	1,675,000		2.550		02/15/31	1,694,095
Telefonica Emisiones SA(f)
EUR	500,000		1.788		03/12/29	654,777
Verizon Communications, Inc.
$	3,084,000		4.329		09/21/28	3,584,533

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
Verizon Communications, Inc. – (continued)
$	1,000,000		2.550	%(f)	03/21/31	$    1,023,150
Vodafone Group PLC
	1,000,000		4.375		05/30/28	1,163,260
						15,615,596
Trading Companies & Distributors(f) – 0.3%
Blackstone Property Partners Europe Holdings S.a.r.l.
EUR	450,000		2.200		07/24/25	570,101
	600,000		1.750		03/12/29	738,699
Blackstone Property Partners Europe Holdings Sarl
	301,000		1.250		04/26/27	364,702
	575,000		1.000		05/04/28	678,690
						2,352,192
TOTAL CORPORATE OBLIGATIONS (Cost $238,358,215)						$251,685,846
Asset-Backed Securities – 6.7%
Collateralized Loan Obligations(a)(b) – 4.7%
AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	2,100,000		1.484	%	01/15/33	$    2,105,277
Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	2,100,000		1.404		04/15/33	2,104,857
Catamaran CLO Ltd. Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
	1,768,216		1.031		01/27/28	1,768,239
Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	5,300,000		1.424		04/15/33	5,319,817
Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,300,000		0.934		04/15/29	5,300,106
Magnetite XXIV Ltd. Series 2019-24A, Class A (3M USD LIBOR + 1.330%)
	1,400,000		1.514		01/15/33	1,401,169
Mill City Mortgage Loan Trust Series 2017-2, Class A3
	361,445		2.966		07/25/59	374,184
Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	1,800,000		1.546		04/14/33	1,803,478

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(a)(b) – (continued)
Steele Creek CLO Ltd. Series 2019-1A, Class D (3M USD LIBOR + 4.100%)
$	1,400,000		4.284	%	04/15/32	$    1,399,983
Tryon Park CLO Ltd. Series 2013-1A, Class A1SR (3M USD LIBOR + 0.890%)
	3,700,000		1.074		04/15/29	3,700,799
Venture 36 CLO Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%)
	900,000		4.338		04/20/32	905,322
Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	3,475,000		1.464		04/15/33	3,478,329
Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%)
	2,100,000		1.244		04/15/31	2,100,250
						31,761,810
Home Equity(b) – 0.0%
GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	32,076		7.000		09/25/37	32,418
Other(a) – 0.2%
Ozlm Ltd.Series 2015-14A, Class CRR (3M USD LIBOR + 3.390%)
	1,700,000		3.790		07/15/34	1,666,000
Student Loans(b) – 1.8%
ECMC Group Student Loan Trust Series 2017-1A, Class A(a) (1M USD LIBOR + 1.200%)
	2,880,375		1.292		12/27/66	2,957,511
Educational Services of America, Inc. Series 2015-2, Class A(a) (1M USD LIBOR + 1.000%)
	573,334		1.092		12/25/56	578,189
Higher Education Funding I Series 2014-1, Class A(a) (3M USD LIBOR + 1.050%)
	2,093,324		1.197		05/25/34	2,102,886
Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	240,741		1.097		02/25/42	239,490
Navient Student Loan Trust Series 2017-2A, Class A(a) (1M USD LIBOR + 1.050%)
	4,524,381		1.142		12/27/66	4,596,614
Nelnet Student Loan Trust Series 2011-1A, Class A(a) (1M USD LIBOR + 0.850%)
	160,062		0.942		02/25/48	161,411

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans(b) – (continued)
PHEAA Student Loan Trust Series 2016-1A, Class A(a) (1M USD LIBOR + 1.150%)
$	1,891,301		1.242	%	09/25/65	$    1,917,226
						12,553,327
TOTAL ASSET-BACKED SECURITIES (Cost $45,705,673)						$  46,013,555
Mortgage-Backed Obligations – 13.6%
Collateralized Mortgage Obligations – 1.6%
Interest Only(j) – 0.9%
FHLMC REMIC Series 3852, Class SW(b) (-1x 1M USD LIBOR + 6.000%)
$	211,727		5.927	%	05/15/41	$         31,405
FHLMC REMIC Series 4314, Class SE(b) (-1x 1M USD LIBOR + 6.050%)
	199,213		5.977		03/15/44	32,049
FHLMC REMIC Series 4320, Class SD(b) (-1x 1M USD LIBOR + 6.100%)
	4,126		6.027		07/15/39	748
FHLMC REMIC Series 4583, Class ST(b) (-1x 1M USD LIBOR + 6.000%)
	696,300		5.927		05/15/46	121,801
FHLMC REMIC Series 4980, Class KI
	1,180,194		4.500		06/25/50	169,482
FHLMC REMIC Series 4991, Class IE
	898,758		5.000		07/25/50	121,002
FHLMC REMIC Series 4998, Class GI
	1,442,994		4.000		08/25/50	223,376
FHLMC REMIC Series 5002, Class SJ(b) (-1x 1M USD LIBOR + 6.100%)
	1,661,751		6.009		07/25/50	302,620
FHLMC REMIC Series 5009, Class DI
	1,207,035		2.000		09/25/50	121,134
FHLMC REMIC Series 5012, Class DI
	276,644		4.000		09/25/50	42,765
FHLMC REMIC Series 5020, Class IH
	1,305,208		3.000		08/25/50	159,436
FHLMC STRIPS Series 304, Class C45
	5,872		3.000		12/15/27	311
FNMA REMIC Series 2011-124, Class SC(b) (-1x 1M USD LIBOR + 6.550%)
	209,655		6.459		12/25/41	37,479

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(j) – (continued)
FNMA REMIC Series 2012-5, Class SA(b) (-1x 1M USD LIBOR + 5.950%)
$	296,059		5.859	%	02/25/42	$         47,023
FNMA REMIC Series 2014-6, Class SA(b) (-1x 1M USD LIBOR + 6.600%)
	271,455		6.509		02/25/44	48,712
FNMA REMIC Series 2017-31, Class SG(b) (-1x 1M USD LIBOR + 6.100%)
	550,310		6.009		05/25/47	103,278
FNMA REMIC Series 2017-86, Class SB(b) (-1x 1M USD LIBOR + 6.150%)
	416,664		6.059		11/25/47	76,983
FNMA REMIC Series 2018-17, Class CS(b) (-1x 1M USD LIBOR + 3.450%)
	1,505,245		2.500		03/25/48	95,572
FNMA REMIC Series 2020-60, Class KI
	1,250,238		2.000		09/25/50	125,470
FNMA REMIC Series 2020-60, Class NI
	256,920		4.000		09/25/50	39,717
GNMA REMIC Series 2020-61, Class SW(b) (-1X 1M USD LIBOR + 6.050%)
	899,687		5.957		08/20/49	130,531
GNMA REMIC Series 2010-20, Class SE(b) (-1x 1M USD LIBOR + 6.250%)
	381,834		6.157		02/20/40	68,779
GNMA REMIC Series 2013-124, Class CS(b) (-1x 1M USD LIBOR + 6.050%)
	390,280		5.957		08/20/43	78,299
GNMA REMIC Series 2013-152, Class TS(b)(-1x 1M USD LIBOR + 6.100%)
	136,164		6.007		06/20/43	25,760
GNMA REMIC Series 2014-117, Class SJ(b) (-1x 1M USD LIBOR + 5.600%)
	1,106,252		5.507		08/20/44	196,011
GNMA REMIC Series 2014-132, Class SL(b) (-1x 1M USD LIBOR + 6.100%)
	290,548		6.007		10/20/43	32,114
GNMA REMIC Series 2015-111, Class IM
	430,400		4.000		08/20/45	49,930
GNMA REMIC Series 2015-123, Class SP(b) (-1x 1M USD LIBOR + 6.250%)
	248,167		6.157		09/20/45	45,495
GNMA REMIC Series 2015-129, Class IC
	167,825		4.500		09/16/45	27,292

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(j) – (continued)
GNMA REMIC Series 2015-167, Class AS(b) (-1x 1M USD LIBOR + 6.250%)
$	154,769		6.157	%	11/20/45	$         26,843
GNMA REMIC Series 2016-1, Class ST(b) (-1x 1M USD LIBOR + 6.200%)
	193,189		6.107		01/20/46	31,240
GNMA REMIC Series 2016-138, Class GI
	454,410		4.000		10/20/46	58,990
GNMA REMIC Series 2016-27, Class IA
	231,526		4.000		06/20/45	20,605
GNMA REMIC Series 2018-105, Class SC(b) (-1x 1M USD LIBOR + 6.200%)
	256,048		6.107		08/20/48	37,253
GNMA REMIC Series 2018-122, Class SE(b) (-1x 1M USD LIBOR + 6.200%)
	566,309		6.107		09/20/48	89,138
GNMA REMIC Series 2018-137, Class SN(b) (-1x 1M USD LIBOR + 6.150%)
	636,341		6.057		10/20/48	99,228
GNMA REMIC Series 2018-139, Class SQ(b) (-1x 1M USD LIBOR + 6.150%)
	354,754		6.057		10/20/48	48,829
GNMA REMIC Series 2018-147, Class SA(b) (-1x 1M USD LIBOR + 6.200%)
	564,903		6.107		10/20/48	93,739
GNMA REMIC Series 2018-72, Class IB
	19,038		4.000		04/20/46	2,510
GNMA REMIC Series 2019-1, Class SN(b) (-1x 1M USD LIBOR + 6.050%)
	288,109		5.957		01/20/49	41,886
GNMA REMIC Series 2019-110, Class PS(b) (-1X 1M USD LIBOR + 6.050%)
	1,746,502		5.957		09/20/49	302,853
GNMA REMIC Series 2019-110, Class SD(b) (-1x 1M USD LIBOR + 6.100%)
	783,086		6.007		09/20/49	120,189
GNMA REMIC Series 2019-110, Class SE(b) (-1x 1M USD LIBOR + 6.100%)
	755,339		6.007		09/20/49	100,291
GNMA REMIC Series 2019-128, Class IO
	537,359		4.000		10/20/49	64,680
GNMA REMIC Series 2019-129, Class AI
	36,863		3.500		10/20/49	4,363
GNMA REMIC Series 2019-151, Class IA
	2,620,701		3.500		12/20/49	301,842

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(j) – (continued)
GNMA REMIC Series 2019-151, Class NI
$	1,150,445		3.500	%	10/20/49	$       102,056
GNMA REMIC Series 2019-153, Class EI
	1,359,815		4.000		12/20/49	181,954
GNMA REMIC Series 2019-153, Class SC(b) (-1X 1M USD LIBOR + 6.050%)
	290,143		5.957		12/20/49	45,577
GNMA REMIC Series 2019-20, Class SF(b) (-1x 1M USD LIBOR + 3.790%)
	789,446		3.697		02/20/49	63,047
GNMA REMIC Series 2019-4, Class SJ(b) (-1x 1M USD LIBOR + 6.050%)
	720,688		5.957		01/20/49	115,242
GNMA REMIC Series 2019-69, Class S(b) (-1x 1M USD LIBOR + 3.270%)
	915,561		3.177		06/20/49	60,971
GNMA REMIC Series 2019-78, Class SE(b) (-1x 1M USD LIBOR + 6.100%)
	206,723		6.007		06/20/49	30,017
GNMA REMIC Series 2019-97, Class SC(b) (-1x 1M USD LIBOR + 6.100%)
	576,140		6.007		08/20/49	82,791
GNMA REMIC Series 2020-11, Class SN(b) (-1x 1M USD LIBOR + 6.050%)
	1,205,910		5.957		01/20/50	189,947
GNMA REMIC Series 2020-146, Class KI
	1,824,954		2.500		10/20/50	183,819
GNMA REMIC Series 2020-173, Class AI
	569,243		2.500		11/20/50	39,125
GNMA REMIC Series 2020-55, Class AS(b) (-1x 1M USD LIBOR + 6.050%)
	744,896		5.957		04/20/50	127,448
GNMA REMIC Series 2020-55, Class IO
	1,624,582		3.500		04/20/50	201,702
GNMA REMIC Series 2020-78, Class DI
	1,852,121		4.000		06/20/50	221,550
GNMA REMIC Series 2020-78, Class SD(b) (-1x 1M USD LIBOR + 6.150%)
	320,302		6.057		06/20/50	48,146
						5,692,445

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – 0.1%
FNMA REMIC Series 2011-52, Class GB
$	264,809		5.000	%	06/25/41	$       297,564
FNMA REMIC Series 2011-99, Class DB
	246,946		5.000		10/25/41	276,951
FNMA REMIC Series 2012-111, Class B
	31,236		7.000		10/25/42	37,466
FNMA REMIC Series 2012-153, Class B
	123,555		7.000		07/25/42	151,238
						763,219
Sequential Floating Rate(b) – 0.6%
Bellemeade Re Ltd. Series 2021-2A, Class M1B(SOFR30A + 1.500%)
	365,000		1.510		06/25/31	364,343
Countrywide Alternative Loan Trust Series 2005-38, Class A1 (12M MTA + 1.500%)
	53,856		1.616		09/25/35	51,690
Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1 (1M USD LIBOR + 0.420%)
	185,253		0.513		03/20/46	156,815
Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1
	7,400		2.915		04/20/35	7,369
FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA4, Class M3 (1M USD LIBOR + 3.800%)
	660,334		3.892		03/25/29	684,075
FHLMC Structured Agency Credit Risk Debt Notes Series 2017-DNA2, Class M2 (1M USD LIBOR + 3.450%)
	668,515		3.542		10/25/29	698,336
Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	689,360		0.881		08/20/56	955,470
Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
$	240,863		3.055		08/19/36	235,832
London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	525,230		0.936		11/15/49	728,321
Residential Accredit Loans, Inc. Series 2005-QO5, Class A1 (12M MTA + 1.000%)
$	414,313		1.116		01/25/46	390,821
Sequoia Mortgage Trust Series 2004-10, Class A3A (6M USD LIBOR + 0.660%)
	46,831		0.884		11/20/34	45,603
						4,318,675
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $10,682,055)						$  10,774,339

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 1.2%
BANK Series 2017-BNK4, Class C(b)
$	900,000		4.372	%	05/15/50	$       975,752
BANK Series 2018-BK15, Class D(a)
	290,000		3.000		11/15/61	267,687
BANK Series 2018-BNK14, Class D(a)
	350,000		3.000		09/15/60	326,412
BANK Series 2019-BNK19, Class D(a)
	200,000		3.000		08/15/61	192,929
Benchmark Mortgage Trust Series 2018-B6, Class D(a)(b)
	400,000		3.272		10/10/51	397,316
Benchmark Mortgage Trust Series 2019-B13, Class D(a)
	450,000		2.500		08/15/57	415,034
Citigroup Commercial Mortgage Trust Series 2017-P7, Class D(a)
	200,000		3.250		04/14/50	169,090
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D(a)
	400,000		3.000		09/15/50	368,635
DOLP Trust Series 2021-NYC, Class A
	1,500,000		2.956		05/10/41	1,602,422
JPMBD Commercial Mortgage Series 2017-C7, Class D(a)
	250,000		3.000		10/15/50	227,503
Wells Fargo Commercial Mortgage Trust Series 2017-C38, Class D(a)
	500,000		3.000		07/15/50	473,504
Wells Fargo Commercial Mortgage Trust Series 2019-C53, Class B(b)
	1,300,000		3.514		10/15/52	1,407,994
Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5
	1,100,000		2.626		04/15/54	1,159,324
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $7,587,964)						$    7,983,602
Federal Agencies – 10.8%
FHLMC – 0.0%
	2,225		5.000		01/01/33	2,511
	198		5.000		06/01/33	224
	2,817		5.000		07/01/33	3,181
	3,552		5.000		08/01/33	4,012
	613		5.000		10/01/33	692
	2,153		5.000		11/01/33	2,431
	859		5.000		12/01/33	970
	2,629		5.000		02/01/34	2,972
	996		5.000		03/01/34	1,133
	2,135		5.000		04/01/34	2,429
	2,989		5.000		05/01/34	3,376
	46,015		5.000		06/01/34	52,008
	835		5.000		11/01/34	951
	11,556		5.000		04/01/35	13,050

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	329		5.000	%		11/01/35		$              371
	7,068		5.000			02/01/37		8,077
	11,928		5.000			01/01/40		13,602
	7,933		4.000			06/01/40		8,681
	63,484		4.000			02/01/41		69,456
	5,186		4.000			11/01/41		5,671
								195,798
GNMA – 8.2%
	287,492		4.000			11/20/44		312,762
	26,779		4.000			05/20/45		29,133
	640,682		4.000			07/20/45		695,795
	453,733		4.000			01/20/46		491,062
	201,696		4.500			02/20/48		218,520
	63,552		4.500			03/20/48		68,753
	233,664		4.500			04/20/48		252,715
	533,893		4.500			05/20/48		577,091
	737,483		4.500			08/20/48		794,905
	464,223		5.000			08/20/48		500,834
	3,481,106		4.500			09/20/48		3,746,173
	514,771		5.000			09/20/48		554,966
	536,394		5.000			10/20/48		578,362
	2,269,940		5.000			11/20/48		2,442,751
	892,561		5.000			12/20/48		960,233
	2,799,000		4.500			01/20/49		2,999,008
	1,606,318		5.000			01/20/49		1,727,603
	1,057,677		4.000			02/20/49		1,120,730
	755,582		4.500			02/20/49		809,042
	1,010,006		4.000			03/20/49		1,069,271
	547,139		4.500			03/20/49		585,509
	838,327		5.000			03/20/49		900,905
	1,310,672		4.000			05/20/49		1,386,453
	1,257,127		4.500			10/20/49		1,341,690
	475,656		4.500			12/20/49		505,260
	25,000,000		2.500			TBA-30yr	(k)	25,872,602
	5,000,000		3.000			TBA-30yr	(k)	5,216,117
								55,758,245
UMBS – 2.1%
	999,901		4.500			10/01/50		1,075,189
	225,684		4.500			07/01/36		250,118
	21,718		4.500			12/01/36		24,069
	9,691		4.500			05/01/38		10,780
	17,292		4.500			05/01/39		19,204
	10,179		4.500			06/01/39		11,313
	5,827		4.500			08/01/39		6,478
	9,922		4.500			09/01/39		10,998
	13,342		4.500			10/01/39		14,789
	5,345		4.500			03/01/40		5,925
	74,840		4.500			04/01/40		82,914
	7,107		4.500			12/01/40		7,874
	64,293		4.500			01/01/41		71,230
	20,877		4.500			04/01/41		23,137
	44,582		4.500			06/01/41		49,409
	27,694		4.500			07/01/41		30,692
	46,233		4.500			08/01/41		51,306
	144,098		4.500			09/01/41		159,698
	93,861		4.500			10/01/41		104,023

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	93,005		4.500	%		11/01/41		$       103,074
	67,615		4.500			12/01/41		74,935
	59,024		4.500			01/01/42		65,090
	6,636		4.500			03/01/42		7,382
	24,437		4.500			04/01/42		27,156
	72,202		3.000			12/01/42		77,602
	177,406		3.000			01/01/43		190,676
	233,698		3.000			04/01/43		251,470
	366,222		4.500			06/01/45		404,203
	1,700,017		4.500			11/01/47		1,864,013
	4,440,895		4.000			01/01/48		4,813,853
	484,578		4.500			09/01/48		534,845
	358,228		5.000			11/01/48		402,140
	3,644,238		3.000			12/01/50		3,865,865
								14,691,450
UMBS, 30 Year, Single Family(k) – 0.5%
	2,000,000		2.500			TBA-30	yr	2,068,594
	1,000,000		4.500			TBA-30	yr	1,077,108
								3,145,702
TOTAL FEDERAL AGENCIES								$   73,791,195
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $91,203,352)								$   92,549,136
Agency Debenture – 0.2%
FHLMC
$	1,160,000		6.750	%		03/15/31		$    1,704,829
(Cost $1,422,764)
Structured Note(a)(b) – 0.1%
Republic of Indonesia (Issuer JPMorgan Chase Bank NA)
IDR	9,474,000,000		7.500	%		06/17/35		$       673,900
(Cost $667,309)
U.S. Treasury Obligation – 2.5%
United States Treasury Notes
$	16,870,000		0.125	%		12/31/22		$  16,858,138
(Cost $16,869,860)
Shares		Dividend     Rate						Value
Investment Company(l) – 1.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
$	6,964,946		0.026	%				$    6,964,946
(Cost $6,964,946)
TOTAL INVESTMENTS – 100.4% (Cost $658,655,805)								$685,675,667
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.4)%								(2,743,678)
NET ASSETS – 100.0%								$682,931,989

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)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2021.
(c)	Actual maturity date is September 20, 2117.
(d)	Actual maturity date is June 30, 2120.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(g)	Actual maturity date is July 28, 2121.
(h)	Guaranteed by a foreign government until maturity.
(i)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on June 30, 2021.
(j)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(k)	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 $34,234,421 which represents approximately 5.0% of the Fund’s net assets as of June 30, 2021.
(l)	Represents an affiliated issuer.

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
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
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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Investment Abbreviations:
AUDOR	— Australian Dollar Offered Rate
BP	— British Pound Offered Rate
CDO	— Collateralized Debt Obligation
CDOR	— Canadian Dollar Offered Rate
CHFOR	— Swiss Franc Offered Rate
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
CPI	— Consumer Price Index
EURO	— Euro Offered Rate
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GMAC	— General Motors Acceptance Corporation
GNMA	— Government National Mortgage Association
JIBAR	— Johannesburg Interbank Agreed Rate
JYOR	— Japanese Yen Offered Rate
KLIBOR	— Kuala Lumpur Interbank Offered Rate
KWCDC	— South Korean Won Certificate of Deposit
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
MTA	— Monthly Treasury Average
NIBOR	— Norwegian Interbank Offered Rate
NZDOR	— New Zealand Dollar Offered Rate
PLC	— Public Limited Company
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Funding Rate
STIBOR	— Stockholm Interbank Offered Rate
STRIPS	— Separate Trading of Registered Interest and Principal of Securities
TIIE	— La Tasa de Interbank Equilibrium Interest Rate
WIBOR	— Warsaw Interbank Offered Rate
For information on the mutual funds, please call our toll free

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2021, 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
JPMorgan Securities, Inc.	AUD	1,553,196	USD	1,164,487	07/06/21	$	373
	BRL	10,606,170	USD	2,042,303	07/02/21		89,602
	CAD	1,123,661	USD	903,479	09/15/21		2,962
	CNH	10,978,059	USD	1,685,995	09/15/21		2,015
	EUR	395,265	CZK	10,021,945	09/15/21		3,704
	EUR	381,976	HUF	132,717,474	09/15/21		6,410
	EUR	1,509,269	SEK	15,293,448	09/15/21		4,153
	GBP	306,605	EUR	355,868	09/15/21		1,561
	HUF	136,692,365	EUR	384,497	09/15/21		3,990
	HUF	28,290,998	USD	94,892	09/15/21		444
	IDR	24,030,650,398	USD	1,650,610	07/01/21		5,642
	JPY	57,809,784	EUR	433,001	09/15/21		6,459
	KRW	14,423,412,000	USD	12,759,228	07/01/21		42,271
	KRW	2,112,647,054	USD	1,862,853	09/15/21		6,191
	MXN	7,680,146	USD	372,049	09/15/21		9,512
	NOK	4,505,415	USD	520,824	09/15/21		2,608
	NZD	622,942	JPY	48,068,226	09/15/21		2,374
	NZD	326,777	USD	227,906	09/15/21		458
	PEN	1,491,311	USD	384,813	07/09/21		2,774
	RUB	115,961,914	USD	1,555,862	08/18/21		17,732
	TRY	12,631,333	USD	1,382,410	09/15/21		13,240
	USD	1,698,243	AUD	2,202,079	07/02/21		46,775
	USD	4,353,760	AUD	5,649,339	07/06/21		116,892
	USD	1,916,245	AUD	2,486,370	08/20/21		51,161
	USD	2,809,629	AUD	3,663,999	09/15/21		60,916
	USD	1,730,096	BRL	8,563,974	07/02/21		8,684
	USD	9,942,834	CAD	12,034,329	08/20/21		234,859
	USD	5,541,879	CAD	6,742,427	09/15/21		102,862
	USD	2,509,068	CHF	2,272,079	09/15/21		48,417
	USD	1,969,093	CLP	1,411,263,342	08/12/21		49,510
	USD	40,235,285	CNH	260,583,646	08/13/21		74,275
	USD	1,385,242	CNH	8,991,197	09/15/21		2,736
	USD	462,167	COP	1,680,495,975	07/22/21		14,872
	USD	11,824,586	EUR	9,907,414	07/01/21		76,613
	USD	129,069,347	EUR	107,875,163	09/10/21		967,951
	USD	17,982,600	EUR	14,937,068	09/15/21		242,885
	USD	16,789,471	GBP	11,819,285	08/05/21		438,200
	USD	1,825,798	GBP	1,303,649	09/15/21		22,147
	USD	4,922,224	IDR	71,602,080,793	07/01/21		(12,769	)
	USD	2,233,703	IDR	32,135,465,310	09/17/21		48,172
	USD	713,464	ILS	2,315,414	08/19/21		2,899
	USD	780,186	ILS	2,529,095	09/17/21		3,715
	USD	77,275,282	JPY	8,443,144,762	08/26/21		1,239,982
	USD	34,094,058	JPY	3,776,363,597	09/07/21		82,285
	USD	9,445,722	JPY	1,040,108,501	09/15/21		77,263
	USD	2,301,460	KRW	2,565,736,489	09/15/21		31,570
	USD	3,135,755	NOK	26,111,748	09/15/21		102,137
	USD	1,539,140	NZD	2,166,635	09/15/21		25,019
	USD	6,812,858	SEK	56,418,331	09/15/21		215,727
	USD	1,764,686	SGD	2,339,444	07/02/21		24,934
	USD	1,548,662	SGD	2,062,853	08/13/21		14,605
	USD	1,979,098	SGD	2,657,755	09/15/21		2,653
	USD	7,636,223	THB	239,004,637	09/15/21		181,306
	USD	1,979,905	TRY	17,580,368	08/16/21		8,946
	USD	3,625,866	TRY	32,674,711	09/15/21		15,603
	USD	1,773,304	TWD	48,770,753	07/06/21		25,718
	USD	466,463	TWD	12,948,538	07/15/21		2,292
	USD	164,754	ZAR	2,311,503	08/31/21		4,132
	USD	1,273,844	ZAR	17,999,658	09/15/21		25,666
	ZAR	8,083,731	USD	559,087	09/15/21		1,475
TOTAL						$	4,907,560

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Loss
JPMorgan Securities, Inc.	AUD	1,863,707	EUR	1,180,519	09/15/21	$	(3,875	)
	AUD	2,202,079	USD	1,697,919	07/02/21		(46,451	)
	AUD	4,096,143	USD	3,157,822	07/06/21		(85,815	)
	AUD	1,254,080	USD	972,657	08/20/21		(31,942	)
	AUD	11,157,923	USD	8,494,343	09/15/21		(123,722	)
	BRL	2,770,700	USD	560,177	07/02/21		(3,250	)
	BRL	8,563,974	USD	1,724,591	08/03/21		(9,101	)
	CAD	500,066	JPY	45,081,452	09/15/21		(2,661	)
	CAD	1,081,000	USD	887,217	08/20/21		(15,185	)
	CAD	5,119,683	USD	4,165,682	09/15/21		(35,706	)
	CHF	236,844	USD	257,662	09/15/21		(1,161	)
	CLP	1,545,050,964	USD	2,178,785	08/12/21		(77,224	)
	CNH	2,980,519	USD	460,500	07/28/21		(650	)
	CNH	15,752,436	USD	2,449,454	09/15/21		(27,325	)
	COP	3,660,052,113	USD	994,089	07/22/21		(19,899	)
	CZK	19,901,690	EUR	781,110	09/15/21		(2,829	)
	CZK	50,162,419	USD	2,403,796	09/15/21		(72,726	)
	EUR	784,155	GBP	674,496	09/15/21		(1,906	)
	EUR	392,429	HUF	139,302,552	09/15/21		(3,366	)
	EUR	372,470	JPY	49,768,752	09/15/21		(5,919	)
	EUR	393,577	NOK	4,060,254	09/15/21		(4,290	)
	EUR	383,687	SEK	3,909,650	09/15/21		(1,487	)
	EUR	9,907,413	USD	11,818,251	07/01/21		(70,278	)
	EUR	16,147,799	USD	19,580,261	09/15/21		(402,647	)
	GBP	557,760	USD	779,139	08/05/21		(7,512	)
	GBP	1,710,686	USD	2,416,560	09/15/21		(49,758	)
	HUF	476,445,420	EUR	1,357,564	09/15/21		(6,744	)
	HUF	396,041,625	USD	1,387,001	09/15/21		(52,407	)
	IDR	61,118,903,649	USD	4,227,948	07/01/21		(15,481	)
	IDR	9,330,548,422	USD	649,294	07/19/21		(9,791	)
	IDR	9,621,629,900	USD	663,882	07/26/21		(5,137	)
	IDR	7,015,254,063	USD	481,420	09/17/21		(4,313	)
	ILS	1,588,427	USD	490,374	09/17/21		(2,702	)
	INR	69,466,276	USD	933,185	07/29/21		(2,233	)
	JPY	102,719,830	CAD	1,153,164	09/15/21		(5,023	)
	JPY	259,437,999	USD	2,356,731	09/15/21		(19,922	)
	KRW	1,579,328,107	USD	1,400,768	09/15/21		(3,546	)
	MXN	60,498,736	USD	3,043,892	09/15/21		(38,222	)
	NOK	30,022,651	EUR	2,949,073	09/15/21		(14,427	)
	NOK	17,371,581	USD	2,083,269	09/15/21		(65,070	)
	NZD	1,972,945	EUR	1,162,680	09/15/21		(2,070	)
	NZD	6,430,592	USD	4,538,761	09/15/21		(44,838	)
	PLN	3,392,179	EUR	756,974	09/15/21		(9,165	)
	PLN	1,758,946	USD	465,949	09/15/21		(4,540	)
	RUB	68,136,806	USD	933,762	08/18/21		(9,151	)
	RUB	40,784,048	USD	528,291	10/01/21		21,337
	SEK	37,667,459	EUR	3,721,851	09/15/21		(15,637	)
	SEK	15,630,318	USD	1,893,430	09/15/21		(65,739	)
	SGD	4,372,080	USD	3,276,593	07/02/21		(25,250	)
	SGD	2,535,003	USD	1,914,488	09/15/21		(29,328	)
	THB	14,446,640	USD	462,473	09/15/21		(11,860	)
	TRY	10,821,924	USD	1,212,483	09/15/21		(16,757	)
	TWD	48,770,753	USD	1,762,849	07/06/21		(15,265	)
	TWD	63,076,569	USD	2,285,674	07/15/21		(24,544	)
	TWD	25,943,674	USD	932,304	07/23/21		(1,659	)
	USD	1,626,864	AUD	2,170,235	09/15/21		(1,236	)
	USD	945,616	BRL	4,812,895	07/02/21		(21,806	)

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Loss
	USD	459,600	CNH	2,980,519	07/28/21	$	(250	)
	USD	554,207	COP	2,099,336,845	07/22/21		(4,571	)
	USD	932,435	IDR	13,547,473,254	07/01/21		(1,290	)
	USD	465,651	IDR	6,822,258,368	07/26/21		(1,434	)
	USD	12,764,929	KRW	14,423,412,000	07/01/21		(36,570	)
	USD	6,374,763	KRW	7,211,706,000	10/01/21		(5,261	)
	USD	1,850,378	MXN	38,246,956	09/15/21		(49,789	)
	USD	872,307	NZD	1,253,339	09/15/21		(3,571	)
	USD	373,238	PEN	1,487,092	07/09/21		(13,254	)
	USD	932,878	PLN	3,559,968	09/15/21		(978	)
	USD	439,010	RUB	34,023,284	10/01/21		(19,506	)
	USD	232,522	SEK	1,996,108	09/15/21		(888	)
	USD	1,510,086	SGD	2,032,637	07/02/21		(1,505	)
	USD	466,275	THB	15,038,680	09/15/21		(2,804	)
	USD	372,346	TRY	3,382,673	09/15/21		(1,409	)
	USD	1,396,777	TWD	39,067,866	07/15/21		(3,702	)
	USD	1,732,986	TWD	48,384,960	07/26/21		(3,110	)
	USD	933,494	ZAR	13,602,799	09/15/21		(9,785	)
	ZAR	51,335,067	USD	3,704,512	09/15/21		(144,699	)
TOTAL						$	(1,933,587	)

FORWARD SALES CONTRACTS — At June 30, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate	Maturity Date(a)	Settlement Date	Principal Amount			Value
GNMA	4.000%	TBA-30yr	07/21/21	$	(3,000,000	)	$	(3,167,280	)
UMBS, 30 Year, Single Family	3.000	TBA-30yr	05/06/21		(3,000,000	)		(3,127,501	)
UMBS, 30 Year, Single Family	4.500	TBA-30yr	07/30/21		(1,000,000	)		(1,075,858	)
TOTAL ((Proceeds Receivable: $7,390,762))							$	(7,370,639	)

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

FUTURES CONTRACTS — At June 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 10 Year Government Bonds	57	09/15/21	$	6,035,428		$	14,714
Canada 10 Year Government Bonds	54	09/21/21		6,339,206			26,138
French 10 Year Government Bonds	101	09/08/21		19,046,752			41,916
Italian 10 Year Government Bonds	12	09/08/21		2,154,413			9,249
Japan 10 Year Government Bonds	1	09/13/21		1,365,408			267
Ultra Long U.S. Treasury Bonds	141	09/21/21		27,168,937			629,182
5 Year German Euro-Bobl	61	09/08/21		9,703,171			(3,617	)
10 Year German Euro-Bund	78	09/08/21		15,964,442			42,884
10 Year U.K. Long Gilt	81	09/28/21		14,353,259			69,469
10 Year U.S. Treasury Notes	254	09/21/21		33,655,000			57,872
5 Year U.S. Treasury Notes	78	09/30/21		9,627,516			11,449
20 Year U.S. Treasury Bonds	107	09/21/21		17,200,250			294,250
Total						$	1,193,773
Short position contracts:
Euro Buxl 30 Year Bonds	(1)	09/08/21		(240,992	)		(120	)
Ultra 10 Year U.S. Treasury Notes	(108)	09/21/21		(15,897,937	)		(136,688	)
2 Year German Euro-Schatz	(49)	09/08/21		(6,515,531	)		1,162
2 Year U.S. Treasury Notes	(96)	09/30/21		(21,150,750	)		11,666
Total						$	(123,980	)
TOTAL FUTURES CONTRACTS						$	1,069,793

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2021, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund	Counterparty	Termination Date		Notional Amount (000s)	Value			Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M KLIBOR	3.565%	JPMorgan Securities, Inc.		03/14/24	MYR  10,040	$	81,522		$	—		$	81,522
3M KLIBOR	2.000	MS & Co. Int. PLC		06/16/26	5,630		(38,727	)		(7,673	)		(31,054	)
TOTAL						$	42,795		$	(7,673	)	$	50,468

(a) Payments made quarterly.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)(c)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250%(a)	3M WIBOR(b)	12/16/21	PLN	33,570	$	(11,489	)	$	(779	)	$	(10,710	)
1M BID Avg(d)	3.390%(d)	01/03/22	BRL	21,600		(39,096	)		—			(39,096	)
1M BID Avg(d)	4.120(d)	01/03/22		9,000		22,002			20,852			1,150
5.800(d)	1M BID Avg(d)	01/02/23		16,560		26,806			14,640			12,166
1M BID Avg(d)	4.230(d)	01/02/23		2,545		(12,504	)		(48,178	)		35,674
3M AUDOR(b)	0.190(b)	02/22/23	AUD	89,140		(56,302	)		(1,025,960	)		969,658
6M CDOR(e)	0.804(e)	02/28/23	CAD	105,370		(68,496	)		14,613			(83,109	)
6M CDOR(e)	0.750(e)	03/01/23		168,180		(184,502	)		(46,109	)		(138,393	)
0.275(e)	3M LIBOR(b)	03/03/23	$	131,210		65,972			27,840			38,132
0.000(a)	6M EURO(e)	05/17/23	EUR	2,430		41			228			(187	)
6M CDOR(e)	1.100(e)	06/15/23	CAD	58,030		(3,258	)		1,828			(5,086	)
0.450(e)	3M LIBOR(b)	06/15/23	$	46,430		(1,110	)		(694	)		(416	)
4.000(b)	3M JIBAR(b)	06/16/23	ZAR	—		1			8			(7	)
5.600(d)	Mexico IB TIIE 28D(d)	09/13/23	MXN	135,670		88,900			(1,796	)		90,696
6M EURO(f)	0.000(e)	09/15/23	EUR	5,350		(7,854	)		(6,291	)		(1,563	)
3M CNY(b)	2.500(b)	09/15/23	CNY	14,500		(4,160	)		(1,525	)		(2,635	)
1.250(b)	3M KWCDC(b)	09/15/23	KRW	18,014,257		55,908			14,821			41,087
0.843(f)	6M WIBOR(e)	09/15/23	PLN	20,600		12,159			(630	)		12,789
6M CDOR(e)	0.700(e)	11/18/23	CAD	30,420		(167,735	)		(532,492	)		364,757
1M BID Avg(d)	4.930(d)	01/02/24	BRL	7,560		(48,523	)		(958	)		(47,565	)
1M BID Avg(d)	7.370(d)	01/02/24		10,450		1,460			9,002			(7,542	)
3M AUDOR(b)	0.500(b)	01/25/24	AUD	44,600		(75,087	)		(9,598	)		(65,489	)
3M AUDOR(b)	0.500(b)	02/24/24		24,350		(8,413	)		60,288			(68,701	)
0.486(b)	6M AUDOR(b)	06/29/24		8,100		(1,048	)		300			(1,348	)
0.000(b)	3M LIBOR(b)	07/25/24	$	47,120		1,678			15,823			(14,145	)
3M LIBOR(b)	0.250(e)	09/15/24		1,970		(23,460	)		(19,161	)		(4,299	)
6M CDOR(e)	0.750(e)	09/15/24	CAD	10,310		(108,625	)		(77,720	)		(30,905	)
0.400(b)	6M AUDOR(b)	09/15/24	AUD	13,640		50,412			(17,787	)		68,199
6.320(d)	1M BID Avg(d)	01/02/25	BRL	16,870		101,175			(40,425	)		141,600
6M EURO(f)	0.080(e)	01/15/25	EUR	4,960		95,207			19,998			75,209
0.080(f)	6M EURO(e)	01/15/25		4,960		14,378			(206	)		14,584
6M THBFIX(e)	0.750(e)	12/16/25	THB	160,620		(29,682	)		(20,147	)		(9,535	)
6M WIBOR(f)	0.750(e)	12/16/25	PLN	6,750		(39,463	)		(1,274	)		(38,189	)
1.550(e)	6M AUDOR(e)	02/23/26	AUD	6,440		(12,757	)		(42,528	)		29,771
6M EURO(f)	0.000(e)	05/17/26	EUR	3,060		7,653			(1,345	)		8,998
6M GBP(f)	0.000(f)	09/15/26	GBP	27,060		(925,217	)		(960,210	)		34,993
3M LIBOR(e)	0.500(b)	09/15/26	$	350		(8,966	)		(8,878	)		(88	)
3M STIBOR(f)	0.500(b)	09/15/26	SEK	198,100		98,188			135,154			(36,966	)
6M AUDOR(e)	1.000(e)	09/15/26	AUD	19,540		2,390			65,406			(63,016	)
6M CDOR(e)	1.000(e)	09/15/26	CAD	6,420		(130,078	)		(111,004	)		(19,074	)
3M NZDOR(e)	1.250(b)	09/15/26	NZD	8,500		(50,838	)		(39,551	)		(11,287	)
3M NIBOR(f)	1.500(e)	09/15/26	NOK	66,360		(11,453	)		(54,187	)		42,734
1.500(b)	3M KWCDC(b)	09/15/26	KRW	1,397,750		11,627			6,288			5,339
3M JIBAR(b)	5.800(b)	09/15/26	ZAR	11,270		(13,373	)		9			(13,382	)
0.000(f)	6M CHFOR(e)	09/15/26	CHF	1,140		9,698			(19,127	)		28,825
(0.500)(f)	6M EURO(e)	09/15/26	EUR	11,070		180,518			183,265			(2,747	)
0.000(f)	6M EURO(f)	09/15/26		26,060		210,912			192,284			18,628
0.000(e)	6M JYOR(e)	09/15/26	JPY	3,431,730		(9,443	)		(15,555	)		6,112
1.750(f)	6M WIBOR(e)	09/15/26	PLN	6,300		(19,500	)		(4,222	)		(15,278	)
8.495(d)	1M BID Avg(d)	01/04/27	BRL	6,400		(15,690	)		(10,680	)		(5,010	)
6M EURO(f)	0.000(e)	02/16/27	EUR	3,640		14,480			12,757			1,723
1.500(f)	6M EURO(e)	06/21/28		5,050		(448,917	)		(59,157	)		(389,760	)
0.000(f)	6M EURO(e)	09/15/28		600		8,640			8,036			604
0.250(e)	6M JYOR(e)	03/19/30	JPY	912,931		(58,266	)		(50,058	)		(8,208	)
6M EURO(f)	0.050(e)	05/21/30	EUR	20,610		(323,236	)		(902,807	)		579,571
3M KWCDC(b)	1.000(b)	09/16/30	KRW	2,402,600		(142,862	)		(3,410	)		(139,452	)
6M AUDOR(e)	1.240(e)	10/28/30	AUD	7,870		(262,377	)		(471,426	)		209,049
1.240(f)	6M NIBOR(e)	10/29/30	NOK	66,160		218,594			(577,618	)		796,212
6M AUDOR(e)	1.710(e)	01/21/31	AUD	9,460		(171,976	)		(294,076	)		122,100
1.000(f)	6M GBP(f)	01/26/31	GBP	5,330		(22,117	)		24,324			(46,441	)
1.000(f)	6M GBP(f)	02/10/31		7,600		(30,376	)		31,924			(62,300	)

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund	Termination Date		Notional Amount (000s)(c)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M EURO(f)	0.500%(e)		02/12/31	EUR	10,740	$	57,868		$	134,372		$	(76,504	)
6M AUDOR(e)	2.500(e)		02/24/31	AUD	6,270		54,160			(146,132	)		200,292
3M LIBOR(e)	2.209(b)		02/25/31	$	13,450		185,499			(71,164	)		256,663
3M STIBOR(f)	1.272(b)		05/11/31	SEK	48,310		36,765			(8,121	)		44,886
2.130%(f)	3M NIBOR(e)		05/11/31	NOK	45,040		(56,569	)		8,674			(65,243	)
0.250(f)	6M EURO(e)		05/17/31	EUR	1,360		(14,264	)		1,252			(15,516	)
1.926(f)	3M NIBOR(e)		06/29/31	NOK	14,240		(2,759	)		26			(2,785	)
Mexico IB TIIE 28D(d)	6.860(d)		09/03/31	MXN	46,500		(38,881	)		(10,640	)		(28,241	)
3M LIBOR(e)	1.000(b)		09/15/31	$	10,720		(476,717	)		(517,503	)		40,786
3M STIBOR(f)	1.000(b)		09/15/31	SEK	38,460		94,120			82,896			11,224
6M CDOR(e)	1.250(e)		09/15/31	CAD	10,330		(489,869	)		(511,606	)		21,737
6M AUDOR(e)	2.000(e)		09/15/31	AUD	3,950		103,194			121,776			(18,582	)
2.000(f)	3M NIBOR(e)		09/15/31	NOK	48,970		(155,500	)		(113,542	)		(41,958	)
(0.250)(f)	6M EURO(e)		09/15/31	EUR	11,160		509,223			303,251			205,972
0.250(f)	6M GBP(f)		09/15/31	GBP	19,450		1,253,149			1,343,334			(90,185	)
0.000(e)	6M JYOR(e)		09/15/31	JPY	2,353,600		197,285			212,194			(14,909	)
6M EURO(f)	0.500(e)		09/16/31	EUR	11,560		7,726			11,849			(4,123	)
3M NZDOR(e)	3.000(e)		09/16/31	NZD	1,830		30,930			7,329			23,601
2.500(e)	3M LIBOR(b)		09/17/31	$	11,380		(288,683	)		(285,343	)		(3,340	)
2.431(e)	3M LIBOR(b)		02/25/36		16,570		(245,368	)		40,016			(285,384	)
0.000(f)	6M EURO(e)		09/15/36	EUR	740		50,423			50,448			(25	)
0.260(f)	6M EURO(e)		05/21/40		11,110		773,730			(286,174	)		1,059,904
2.750(e)	6M AUDOR(e)		02/24/41	AUD	1,990		(30,799	)		(34,169	)		3,370
6M GBP(f)	0.500(f)		09/15/41	GBP	1,030		(94,026	)		(109,431	)		15,405
0.000(f)	6M EURO(e)		09/15/41	EUR	530		60,877			61,246			(369	)
6M EURO(f)	0.000(e)		09/15/51		250		(43,438	)		(43,439	)		1
6M GBP(f)	1.000(f)		09/15/51	GBP	1,010		62,963			41,824			21,139
6M CDOR(e)	1.750(e)		09/15/51	CAD	5,900		(534,185	)		(677,324	)		143,139
1.250(e)	3M LIBOR(b)		09/15/51	$	4,110		523,994			696,862			(172,868	)
0.250(e)	6M JYOR(e)		09/15/51	JPY	297,400		200,133			197,831			2,302
TOTAL						$	(518,469	)	$	(4,117,289	)	$	3,598,820

(a) Payments made at maturity.

(b) Payments made quarterly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2021.

(d) Payments made monthly.

(e) Payments made semi-annually.

(f) Payments made annually.

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ndex	Financing Rate Paid by the Fund		Credit Spread at June 30, 2021(a)		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)%(b)		0.074%	Barclays Bank PLC		12/20/21	$	460	$	(2,187	)	$	(173	)	$	(2,014	)
Protection Sold:
		3.000(c)		7.915	MS & Co. Int. PLC		10/17/57		700		(97,927	)		(105,844	)		7,917
Markit CMBX Series 11		3.000(c)		3.624	MS & Co. Int. PLC		11/18/54		3,400		(114,262	)		(632,176	)		517,914
Markit CMBX Series 8		3.000(c)		7.915	MS & Co. Int. PLC		10/17/57		1,250		(174,920	)		(297,568	)		122,648
Markit CMBX Series 10		3.000(c)		4.922	MS & Co. Int. PLC		11/17/59		1,550		(136,056	)		(303,785	)		167,729
TOTAL										$	(525,352	)	$	(1,339,546	)	$	814,194

(a) 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.

(b) Payments made quarterly.

(c) Payments made monthly.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at June 30, 2021(b)		Termination Date	Notional Amount (000s)		Value		Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
United Mexican States, 4.150% 03/28/27		1.000%(a)		0.544%	06/20/26	$	5,230	$	61,011	$	55,562		$	5,449
Kingdom of Saudi Arabia 2.375% 10/26/21		1.000(a)		0.749	06/20/26		3,230		40,545		38,620			1,925
CDX.NA.IG Index 28		1.000(a)		0.218	06/20/22		22,525		180,160		158,283			21,877
CDX.NA.IG Index 34		1.000(a)		0.245	06/20/23		18,450		281,832		146,048			135,784
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000(a)		0.226	06/20/24		1,130		26,540		3,208			23,332
Republic of Chile, 3.875%, 08/05/20		1.000(a)		0.386	12/20/24		1,000		21,680		17,586			4,094
Republic of Colombia, 10.375%, 01/28/33		1.000(a)		0.875	06/20/24		510		2,050		(1,782	)		3,832
Republic of Indonesia, 5.875%, 03/13/20		1.000(a)		0.382	06/20/24		110		2,060		(149	)		2,209
Russian Federation, 7.500%, 03/31/30		1.000(a)		0.577	12/20/24		1,140		17,083		2,312			14,771
Russian Federation,7.500%, 03/31/30		1.000(a)		0.832	06/20/26		1,300		11,059		4,358			6,701
Unibail-Rodamco-Westfield SE, 2.375%, 02/25/21		1.000(a)		0.512	06/20/24	EUR	1,200		21,342		14,558			6,784
United Mexican States, 4.150%, 03/28/27		1.000(a)		0.484	06/20/24	$	320		5,023		(2,817	)		7,840
TOTAL								$	670,385	$	435,787		$	234,598

(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 GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2021, 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
Puts
6M IRS	JPMorgan Securities, Inc.	0.750%	08/10/2021		18,690,000	$	18,690,000	$	230,906	$	95,319	$	135,587
6M IRS	BofA Securities LLC	0.632	12/23/2021		15,490,000		15,490,000		37,749		43,304		(5,555	)
3M IRS	JPMorgan Securities, Inc.	0.670	07/06/2021		920,000		920,000		33		12,725		(12,692	)
1Y IRS	Deutsche Bank AG (London)	0.830	04/20/2022		31,250,000		31,250,000		156,950		225,649		(68,699	)
3M IRS	MS & Co. Int. PLC	0.650	07/07/2021		180,960,000		180,960,000		2		15,893		(15,891	)
1Y IRS	JPMorgan Securities, Inc.	1.053	06/21/2022		9,560,000		9,560,000		71,766		85,299		(13,533	)
6M IRS	Citibank NA	1.110	11/15/2021		3,080,000		3,080,000		21,559		29,814		(8,255	)
3Y IRS	JPMorgan Securities, Inc.	0.700	11/14/2022		10,100,000		10,100,000		33,203		102,227		(69,024	)
6M IRS	UBS AG (London)	1.195	11/18/2021		2,090,000		2,090,000		11,883		14,944		(3,061	)
3M IRS	UBS AG (London)	0.165	08/19/2021		5,260,000		5,260,000		6,219		24,973		(18,754	)
3M IRS	Citibank NA	0.165	08/20/2021		9,520,000		9,520,000		11,571		43,070		(31,499	)
Total purchased option contracts					286,920,000		$286,920,000	$	581,841	$	693,217	$	(111,376	)

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTERINTEREST 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	BofA Securities LLC	1.297%	12/23/2021		(5,030,000	)	$	(5,030,000	)	$	(47,243	)	$	(43,296	)	$	(3,947	)
1M IRS	Citibank NA	0.080	07/14/2021		(3,320,000	)		(3,320,000	)		(6,084	)		(14,950	)		8,866
1M IRS	Citibank NA	0.134	07/07/2021		(3,320,000	)		(3,320,000	)		(14,877	)		(15,830	)		953
1M IRS	Citibank NA	1.583	07/01/2021		(3,970,000	)		(3,970,000	)		(57,702	)		(30,371	)		(27,331	)
1Y IRS	Citibank NA	0.105	02/14/2022		(4,390,000	)		(4,390,000	)		(38,292	)		(38,198	)		(94	)
6M IRS	Citibank NA	0.856	11/22/2021		(38,600,000	)		(38,600,000	)		(117,221	)		(133,170	)		15,949
1M IRS	Deutsche Bank AG (London)	1.472	07/19/2021		(3,970,000	)		(3,970,000	)		(30,189	)		(30,172	)		(17	)
1Y IRS	Deutsche Bank AG (London)	0.630	04/20/2022		(46,880,000	)		(46,880,000	)		(118,550	)		(188,162	)		69,612
1M IRS	JPMorgan Securities, Inc.	0.096	07/21/2021		(3,320,000	)		(3,320,000	)		(10,632	)		(17,628	)		6,996
1Y IRS	JPMorgan Securities, Inc.	0.105	02/14/2022		(4,390,000	)		(4,390,000	)		(38,292	)		(39,843	)		1,551
1Y IRS	JPMorgan Securities, Inc.	1.378	06/21/2022		(5,040,000	)		(5,040,000	)		(78,613	)		(85,349	)		6,736
3Y IRS	JPMorgan Securities, Inc.	1.060	11/14/2022		(2,000,000	)		(2,000,000	)		(36,658	)		(103,884	)		67,226
1M IRS	MS & Co. Int. PLC	1.478	07/26/2021		(3,970,000	)		(3,970,000	)		(34,526	)		(28,783	)		(5,743	)
1M IRS	MS & Co. Int. PLC	1.565	07/07/2021		(3,970,000	)		(3,970,000	)		(52,051	)		(26,202	)		(25,849	)
1M IRS	UBS AG (London)	0.129	07/28/2021		(3,320,000	)		(3,320,000	)		(19,836	)		(16,133	)		(3,703	)
					(135,490,000	)	$	(135,490,000	)	$	(700,766	)	$	(811,971	)		$111,205
Puts
1M IRS	Citibank NA	0.080	07/14/2021		(3,320,000	)		(3,320,000	)		(17,437	)		(14,950	)		(2,487	)
1M IRS	Citibank NA	0.134	07/07/2021		(3,320,000	)		(3,320,000	)		(3,691	)		(15,830	)		12,139
1M IRS	Citibank NA	1.583	07/01/2021		(3,970,000	)		(3,970,000	)		(3	)		(30,371	)		30,368
1Y IRS	Citibank NA	0.105	02/14/2022		(4,390,000	)		(4,390,000	)		(21,004	)		(41,583	)		20,579
3M IRS	Citibank NA	0.021	08/20/2021		(9,520,000	)		(9,520,000	)		(3,611	)		(17,461	)		13,850
3M IRS	Citibank NA	0.093	08/20/2021		(9,520,000	)		(9,520,000	)		(6,141	)		(25,609	)		19,468
3M IRS	Citibank NA	2.402	07/06/2021		(1,010,000	)		(1,010,000	)		—			(13,433	)		13,433
1M IRS	Deutsche Bank AG (London)	1.472	07/19/2021		(3,970,000	)		(3,970,000	)		(17,206	)		(30,172	)		12,966
1M IRS	JPMorgan Securities, Inc.	0.096	07/21/2021		(3,320,000	)		(3,320,000	)		(16,579	)		(17,628	)		1,049
1Y IRS	JPMorgan Securities, Inc.	0.105	02/14/2022		(4,390,000	)		(4,390,000	)		(21,004	)		(39,843	)		18,839

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (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 (continued)
6M IRS	JPMorgan Securities, Inc.	0.878%	08/10/2021		(18,690,000	)	$	(18,690,000	)	$	(136,162	)	$	(57,939	)	$	(78,223	)
6M IRS	JPMorgan Securities, Inc.	1.006	08/10/2021		(18,690,000	)		(18,690,000	)		(68,944	)		(37,380	)		(31,564	)
1M IRS	MS & Co. Int. PLC	1.478	07/26/2021		(3,970,000	)		(3,970,000	)		(20,801	)		(28,782	)		7,981
1M IRS	MS & Co. Int. PLC	1.565	07/07/2021		(3,970,000	)		(3,970,000	)		(1,542	)		(26,202	)		24,660
3M IRS	MS & Co. Int. PLC	2.350	07/07/2021		(1,010,000	)		(1,010,000	)		—			(17,372	)		17,372
6M IRS	MS & Co. Int. PLC	0.075	11/18/2021		(3,000,000	)		(3,000,000	)		(6,907	)		(15,407	)		8,500
1M IRS	UBS AG (London)	0.129	07/28/2021		(3,320,000	)		(3,320,000	)		(13,558	)		(16,133	)		2,575
3M IRS	UBS AG (London)	0.022	08/19/2021		(5,260,000	)		(5,260,000	)		(1,931	)		(9,605	)		7,674
3M IRS	UBS AG (London)	0.094	08/19/2021		(5,260,000	)		(5,260,000	)		(3,289	)		(15,368	)		12,079
6M IRS	UBS AG (London)	0.145	11/15/2021		(4,430,000	)		(4,430,000	)		(14,285	)		(30,516	)		16,231
					(114,330,000	)	$	(114,330,000	)	$	(374,095	)	$	(501,584	)	$	127,489
Total written option contracts					(249,820,000	)	$	(249,820,000	)	$	(1,074,861	)	$	(1,313,555	)	$	238,694
TOTAL					37,100,000		$	37,100,000		$	(493,020	)	$	(620,338	)	$	127,318

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY — 0.0%

Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls – 0.0%
Call AUD/Put USD	BofA Securities LLC	$	0.783	07/02/2021		4,765,000	$	4,765,000	$	3	$	18,316	$	(18,313	)
Puts
Put USD/Call TWD	BNP Paribas SA		27.200	07/02/2021		3,700,000		3,700,000		5		13,357		(13,352	)
Put USD/Call TWD	UBS AG (London)		27.720	07/22/2021		3,725,000		3,725,000		6,772		9,182		(2,410	)
Put USD/Call RUB	Barclays Bank PLC		72.350	09/30/2021		1,876,000		1,876,000		19,739		20,588		(849	)
						9,301,000	$	9,301,000	$	26,516	$	43,127	$	(16,611	)
Total purchased option contracts						14,066,000	$	14,066,000	$	26,519	$	61,443	$	(34,924	)

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (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
Call EUR/Put AUD	Barclays Bank PLC	$	1.605	07/02/2021		(757,000	)	$	(757,000	)	$	(9	)	$	(2,248	)	$	2,239
Call EUR/Put NZD	Barclays Bank PLC		1.710	07/02/2021		(757,000	)		(757,000	)		(114	)		(2,534	)		2,420
Call USD/Put ZAR	Deutsche Bank AG (London)		15.500	08/27/2021		(1,850,000	)		(1,850,000	)		(9,614	)		(11,348	)		1,734
Call USD/Put TWD	UBS AG (London)		28.180	07/22/2021		(3,725,000	)		(3,725,000	)		(3,546	)		(7,584	)		4,038
						(7,089,000	)	$	(7,089,000	)	$	(13,283	)	$	(23,714	)	$	10,431
Puts
Put USD/Call RUB	JPMorgan Securities, Inc.		72.350	09/30/2021		(1,876,000	)		(1,876,000	)		(19,739	)		(25,992	)		6,253
Put EUR/Call AUD	Barclays Bank PLC		1.560	07/02/2021		(757,000	)		(757,000	)		(14	)		(2,868	)		2,854
Put EUR/Call NZD	Barclays Bank PLC		1.660	07/02/2021		(757,000	)		(757,000	)		(1	)		(2,451	)		2,450
						(3,390,000	)	$	(3,390,000	)	$	(19,754	)	$	(31,311	)	$	11,557
Total written option contracts						(10,479,000	)	$	(10,479,000	)	$	(33,037	)	$	(55,025	)	$	21,988
TOTAL						3,587,000		$	3,587,000		$	(6,518	)	$	6,418		$	(12,936	)

Abbreviations:
1M IRS	— 1 Month Interest Rate Swaptions
3M IRS	— 3 Month Interest Rate Swaptions
6M IRS	— 6 Month Interest Rate Swaptions
1Y IRS	— 1 Year Interest Rate Swaptions
1M BID Avg	— 1 Month Brazlian Interbank Deposit Average
BofA Securities LLC	— Bank of America Securities LLC
CDX.NA.IG Index 28	— CDX North America Investment Grade Index 28
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D	— Mexico Interbank TIIE 28 Days

GOLDMAN SACHS INCOME FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – 7.7%
Aerospace & Defense(b) – 0.3%
ADS Tactical, Inc. (3M LIBOR + 5.750%)
$	296,250		6.750	%	03/19/26	$       296,991
Automotive(b) – 0.9%
First Brands Group LLC(c) (3M LIBOR + 8.500%)
	250,000		9.500		03/30/28	251,875
First Brands Group, LLC (1M LIBOR + 5.000%)
	210,949		6.000		03/30/27	213,148
Garrett LX I S.a.r.l. (3M LIBOR + 3.250%)
	300,000		3.750		04/30/28	300,375
Truck Hero, Inc. (1M LIBOR + 3.750%)
	149,625		4.500		01/31/28	149,550
						914,948
Beverages(b) – 0.1%
City Brewing Co., LLC (3M LIBOR + 3.500%)
	150,000		4.250		04/05/28	150,563
Commercial Services – 0.9%
Allied Universal Holdco LLC(b) (1M LIBOR + 3.750%)
	150,000		4.250		05/12/28	150,375
Conservice Midco LLC(b) (1M LIBOR + 4.250%)
	198,500		4.354		05/13/27	198,087
The Hertz Corp.(d)
	47,573		0.000		06/14/28	47,513
	252,427		0.000		06/14/28	252,112
TruGreen LP(b) (3M LIBOR + 8.500%)
	310,000		9.500		11/02/28	316,200
						964,287
Computers(b)(d) – 0.3%
Virtusa Corp.(1M LIBOR + 4.250%)
	379,050		0.000		02/11/28	380,187
Consumer Products - Industrial(d) – 0.1%
The Hillman Group, Inc.
	83,122		0.000		02/24/28	82,876
Diversified Financial Services(b) – 0.9%
DRW Holdings LLC (1M LIBOR + 3.750%)
	375,000		3.854		03/01/28	374,062

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans (a)– (continued)
Diversified Financial Services(b) – (continued)
Edelman Financial Center LLC (1M LIBOR + 3.750%)
$	375,000		4.500	%	04/07/28	$       375,259
Syncapay, Inc. (3M LIBOR + 6.500%)
	222,188		7.500		12/10/27	223,716
						973,037
Electronic Equipment & Instruments(d) – 0.3%
Ingram Micro, Inc.
	350,000		0.000		03/31/28	350,437
Environmental(b) – 0.2%
Packers Holdings LLC (6M LIBOR + 3.250%)
	224,719		4.000		03/09/28	223,361
Healthcare Providers & Services(b) – 0.2%
Envision Healthcare Corp. (1M LIBOR + 3.750%)
	49,242		3.843		10/10/25	42,036
Insulet Corp. (1M LIBOR + 3.250%)
	150,000		3.750		05/04/28	150,094
						192,130
Home Furnishings(b) – 0.3%
Hunter Fan Co. (3M LIBOR + 5.000%)
	300,000		5.750		04/09/28	300,126
Household Products(b) – 0.1%
Kronos Acquisition Holdings, Inc. (3M LIBOR + 3.750%)
	149,250		4.250		12/22/26	148,068
Industrial Services – 0.2%
LaserShip, Inc.(b) (3M LIBOR + 4.500%)
	200,000		5.250		04/30/28	199,750
The Hillman Group, Inc.(d)
	16,878		0.000		02/24/28	16,828
						216,578
Internet(b) – 0.4%
Syndigo LLC
(3M LIBOR + 4.500%)
	224,438		5.250		12/15/27	222,754
(3M LIBOR + 8.000%)
	160,000		8.750		12/15/28	158,400
						381,154

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans (a)– (continued)
Machinery-Diversified(b) – 0.2%
Engineered Machinery Holdings, Inc.
(3M LIBOR + 3.000%)
$	149,612		4.250	%	07/19/24	$       149,388
(3M Euribor + 3.750%)
EUR	75,000		3.750		05/05/28	88,798
						238,186
Oil Field Services(b)(d) – 0.4%
Apergy Corp.
$	389,744		0.000		06/03/27	397,051
Pharmaceuticals(b) – 0.2%
Jazz Financing Lux S.a.r.l. (1M LIBOR + 3.500%)
	250,000		4.000		04/21/28	250,702
Pipeline(b) – 0.1%
Centurion Pipeline Co. LLC (1M LIBOR + 4.000%)
	89,550		4.095		09/28/25	87,983
Software(b) – 1.5%
AppLovin Corp. (1M LIBOR + 3.250%)
	124,362		3.354		08/15/25	124,137
DCert Buyer, Inc. (1M LIBOR + 7.000%)
	325,000		7.104		02/16/29	327,236
Epicor Software Corp.
(1M LIBOR + 3.250%)
	124,063		4.000		07/30/27	123,871
(1M LIBOR + 7.750%)
	50,000		8.750		07/31/28	51,594
Grab Holdings, Inc. (6M LIBOR + 4.500%)
	349,125		5.500		01/29/26	354,072
Idera, Inc.
(3M LIBOR + 3.750%)
	249,989		4.500		03/02/28	249,834
(6M LIBOR + 6.750%)
	45,000		7.500		03/02/29	44,663
MedAssets Software Intermediate Holdings, Inc. (6M LIBOR + 3.750%)
	150,000		4.500		01/28/28	149,813
Mitchell International, Inc. (1M LIBOR + 4.250%)
	148,875		4.750		11/29/24	149,353
						1,574,573

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans (a)– (continued)
Telecommunication Services(b) – 0.1%
Intelsat Jackson Holdings SA (3M LIBOR + 5.500%)
$	10,453		6.500	%	07/13/22	$         10,512
Sorenson Communications LLC (3M LIBOR + 5.500%)
	97,500		6.250		03/12/26	98,140
						108,652
TOTAL BANK LOANS (Cost $8,161,237)						$    8,231,890
Corporate Obligations – 71.2%
Advertising(e)(f) – 0.1%
Terrier Media Buyer, Inc.
$	127,000		8.875	%	12/15/27	$       137,160
Aerospace & Defense – 1.5%
Howmet Aerospace, Inc.
	11,000		6.875	(e)	05/01/25	12,746
	220,000		5.950		02/01/37	265,100
The Boeing Co.(e)
	175,000		4.875		05/01/25	196,140
	90,000		5.150		05/01/30	106,655
	25,000		3.250		02/01/35	25,414
	90,000		5.805		05/01/50	121,436
TransDigm, Inc.(e)
	13,000		6.250	(f)	03/15/26	13,715
	70,000		6.375		06/15/26	72,450
	130,000		5.500		11/15/27	135,687
	40,000		4.625	(f)	01/15/29	40,050
	270,000		4.875	(f)	05/01/29	272,700
Triumph Group, Inc.(e)
	367,000		7.750		08/15/25	377,092
						1,639,185
Agriculture – 0.2%
MHP Lux SA
	200,000		6.950		04/03/26	212,038
Airlines(f) – 0.8%
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
	55,000		5.500		04/20/26	58,300
	181,000		5.750		04/20/29	195,706

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Airlines(f) – (continued)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.(e)
$	158,000		6.500	%	06/20/27	$       173,998
United Airlines, Inc.(e)
	165,000		4.375		04/15/26	170,775
	210,000		4.625		04/15/29	217,350
						816,129
Automotive – 1.3%
Dana, Inc.(e)
	55,000		5.625		06/15/28	59,263
	205,000		4.250		09/01/30	210,894
Dealer Tire LLC/DT Issuer LLC(e)(f)
	269,000		8.000		02/01/28	289,175
Ford Motor Co.
	100,000		9.000	(e)	04/22/25	123,226
	130,000		4.750		01/15/43	138,148
General Motors Co.(e)
	175,000		6.125		10/01/25	207,163
General Motors Financial Co., Inc.(e)
	150,000		5.650		01/17/29	182,821
Real Hero Merger Sub 2, Inc.(e)(f)
	40,000		6.250		02/01/29	41,500
Wheel Pros, Inc.(e)(f)
	145,000		6.500		05/15/29	146,450
						1,398,640
Banks – 10.6%
Banco de Bogota SA
	700,000		6.250		05/12/26	768,250
Banco do Brasil SA(b)(e)(10 Year CMT + 4.398%)
	400,000		6.250		04/15/49	409,400
Banco Mercantil del Norte SA(b)
(5 Year CMT + 5.035%)
	200,000		6.875	(e)	07/06/49	206,585
(10 Year CMT + 5.353%)
	400,000		7.625		12/31/99	451,700
Banco Santander SA
	400,000		2.749		12/03/30	396,436
Bank of America Corp.(e)
	175,000		3.248		10/21/27	189,829
	275,000		4.183		11/25/27	307,912

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Bank of America Corp.(e) – (continued)
(3M USD LIBOR + 1.310%)
$	100,000		4.271	%(b)	07/23/29	$       114,924
(3M USD LIBOR + 1.190%)
	125,000		2.884	(b)	10/22/30	131,589
(3M USD LIBOR + 0.990%)
	50,000		2.496	(b)	02/13/31	51,122
(SOFR + 2.150%)
	275,000		2.592	(b)	04/29/31	283,088
(SOFR + 1.530%)
	200,000		1.898	(b)	07/23/31	194,066
Barclays PLC(b)(e) (SOFR + 2.714%)
	225,000		2.852		05/07/26	237,674
BBVA Bancomer SA(b)(e) (5 Year CMT + 2.650%)
	200,000		5.125		01/18/33	208,125
BNP Paribas SA(f)
	200,000		3.375		01/09/25	214,844
Citigroup, Inc.
	125,000		4.300		11/20/26	141,226
	275,000		4.125		07/25/28	310,112
(SOFR + 1.422%)
	100,000		2.976	(b)(e)	11/05/30	106,072
Credit Suisse Group AG
	250,000		4.550		04/17/26	282,922
(5 Year CMT + 4.889%)
	200,000		5.250	(b)(e)(f)	02/11/49	211,500
Deutsche Bank AG(b)(e) (SOFR + 2.159%)
	150,000		2.222		09/18/24	154,026
First Horizon Corp.(e)
	25,000		4.000		05/26/25	27,576
Freedom Mortgage Corp.(e)(f)
	315,000		7.625		05/01/26	327,994
	220,000		6.625		01/15/27	221,375
HSBC Holdings PLC(b)(e) (SOFR + 1.538%)
	200,000		1.645		04/18/26	202,674
ING Groep NV(b)(e)(f) (1 Year CMT + 1.100%)
	200,000		1.400		07/01/26	200,680
Itau Unibanco Holding SA(b)(e) (5 Year CMT + 3.981%)
	200,000		6.125		12/12/49	202,537
JPMorgan Chase & Co.(e)
(3M USD LIBOR + 1.245%)
	500,000		3.960	(b)	01/29/27	556,735
	500,000		3.625		12/01/27	549,290
(3M USD LIBOR + 0.945%)
	225,000		3.509	(b)	01/23/29	247,894
(SOFR + 2.515%)
	50,000		2.956	(b)	05/13/31	52,550
(SOFR + 3.125%)
	150,000		4.600	(b)	02/01/49	155,308
(3M USD LIBOR + 3.800%)
	40,000		3.976	(b)	05/01/49	40,110

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Macquarie Bank Ltd.(b)(e)(f) (5 year CMT + 1.700%)
$	200,000		3.052	%	03/03/36	$       199,124
Morgan Stanley, Inc.(b)(e)
(3M USD LIBOR + 1.628%)
	25,000		4.431		01/23/30	29,317
(SOFR + 1.143%)
	600,000		2.699		01/22/31	628,500
(SOFR + 1.034%)
	100,000		1.794		02/13/32	96,193
Natwest Group PLC(b)(e) (3M USD LIBOR + 1.762%)
	225,000		4.269		03/22/25	244,147
Truist Financial Corp.(b)(e) (10 Year CMT + 4.349%)
	316,000		5.100		03/01/49	356,407
Turkiye Vakiflar Bankasi TAO
	210,000		6.000		11/01/22	214,371
	200,000		8.125		03/28/24	216,725
	200,000		6.500	(f)	01/08/26	204,250
Wells Fargo & Co.
	300,000		4.300		07/22/27	341,856
	125,000		4.150	(e)	01/24/29	143,858
Yapi ve Kredi Bankasi A/S(b)(e)(f)
(5 year CMT + 7.415%)
	270,000		7.875		01/22/31	278,016
(5 Year USD Swap + 11.245%)
	200,000		13.875		01/15/49	228,437
						11,337,326
Beverages(e) – 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	150,000		4.700		02/01/36	183,971
Anheuser-Busch InBev Worldwide, Inc.
	175,000		4.750		01/23/29	208,446
Constellation Brands, Inc.
	100,000		3.150		08/01/29	107,489
Keurig Dr Pepper, Inc.
	176,000		3.200		05/01/30	190,701
						690,607
Biotechnology(e)(f) – 0.0%
Royalty Pharma PLC
	50,000		1.200		09/02/25	49,576

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Building Materials(e) – 0.8%
APi Group DE, Inc.(f)
$	240,000		4.125	%	07/15/29	$       238,800
Carrier Global Corp.
	150,000		2.722		02/15/30	155,513
Cornerstone Building Brands, Inc.(f)
	167,000		6.125		01/15/29	179,107
CP Atlas Buyer, Inc.(f)
	300,000		7.000		12/01/28	310,500
						883,920
Chemicals(e) – 1.2%
Axalta Coating Systems LLC(f)
	250,000		3.375		02/15/29	243,750
Ingevity Corp.(f)
	125,000		3.875		11/01/28	124,375
International Flavors & Fragrances, Inc.(f)
	275,000		2.300		11/01/30	273,507
Kraton Polymers LLC/Kraton Polymers Capital Corp.(f)
	85,000		4.250		12/15/25	86,487
Minerals Technologies, Inc.(f)
	315,000		5.000		07/01/28	327,600
Rayonier AM Products, Inc.(f)
	30,000		7.625		01/15/26	31,200
The Sherwin-Williams Co.
	175,000		2.950		08/15/29	187,976
						1,274,895
Commercial Services – 1.9%
Alarm.com Holdings, Inc.(f)(g)
	15,000		0.000		01/15/26	13,742
Allied Universal Holdco LLC/Allied Universal Finance Corp.(e)
	170,000		9.750		07/15/27	187,000
	170,000		6.000	(f)	06/01/29	171,912
CoStar Group, Inc.(e)(f)
	75,000		2.800		07/15/30	76,150
DP World Crescent Ltd.(e)
	200,000		3.750		01/30/30	215,250
Global Payments, Inc.(e)
	75,000		3.200		08/15/29	80,113

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Commercial Services – (continued)
IHS Markit Ltd.(e)
$	75,000		4.250	%	05/01/29	$         86,438
Mersin Uluslararasi Liman Isletmeciligi A/S(e)
	400,000		5.375		11/15/24	422,325
NESCO Holdings II, Inc.(e)(f)
	71,000		5.500		04/15/29	73,840
Quanta Services, Inc.(e)
	61,000		2.900		10/01/30	63,276
Rent-A-Center, Inc.(e)(f)
	95,000		6.375		02/15/29	101,769
Verisure Holding AB(e)(f)
EUR	125,000		3.250		02/15/27	148,740
Verisure Midholding AB(e)
	125,000		5.250	(f)	02/15/29	152,385
	200,000		5.250		02/15/29	243,885
						2,036,825
Computers(e) – 1.2%
Amdocs Ltd.
$	75,000		2.538		06/15/30	75,176
Austin BidCo, Inc.(f)
	62,000		7.125		12/15/28	63,317
Dell International LLC/EMC Corp.
	340,000		4.000		07/15/24	369,594
	325,000		6.020		06/15/26	389,789
Hewlett Packard Enterprise Co.
	225,000		4.900		10/15/25	256,210
KBR, Inc.(f)
	71,000		4.750		09/30/28	71,000
Unisys Corp.(f)
	80,000		6.875		11/01/27	87,400
						1,312,486
Distribution & Wholesale(e)(f) – 1.0%
American Builders & Contractors Supply Co, Inc.
	280,000		3.875		11/15/29	277,200
BCPE Empire Holdings, Inc.
	246,000		7.625		05/01/27	249,690
Core & Main Holdings LP(h)(PIK 9.375%, Cash 8.625%)
	147,000		8.625		09/15/24	150,124

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Distribution & Wholesale(e)(f) – (continued)
Wolverine Escrow LLC
$	371,000		8.500	%	11/15/24	$       359,870
						1,036,884
Diversified Financial Services(e) – 5.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	150,000		4.875		01/16/24	163,358
	175,000		6.500		07/15/25	205,193
AG Issuer LLC(f)
	228,000		6.250		03/01/28	240,255
Air Lease Corp.
	75,000		2.875		01/15/26	78,881
	320,000		3.750		06/01/26	350,019
Ally Financial, Inc.(b)(7 year CMT + 3.481%)
	295,000		4.700		05/15/49	299,425
American Express Co.(b) (3M USD LIBOR + 3.285%)
	25,000		3.404		09/15/49	25,156
Aviation Capital Group LLC(f)
	75,000		1.950		01/30/26	74,999
Avolon Holdings Funding Ltd.(f)
	60,000		3.950		07/01/24	63,971
	100,000		2.875		02/15/25	103,021
	50,000		4.250		04/15/26	54,216
Global Aircraft Leasing Co. Ltd.(f)(h) (PIK 7.250%, Cash 6.500%)
	91,273		6.500		09/15/24	91,729
Huarong Finance 2019 Co. Ltd.
	310,000		2.500		02/24/23	235,600
	360,000		2.125		09/30/23	271,800
Icahn Enterprises LP/Icahn Enterprises Finance Corp.(f)
	215,000		4.375		02/01/29	213,387
JAB Holdings B.V.(f)
	250,000		2.200		11/23/30	243,555
LD Holdings Group LLC(f)
	215,000		6.500		11/01/25	219,300
	185,000		6.125		04/01/28	183,844
Midcap Financial Issuer Trust(f)
	200,000		6.500		05/01/28	208,750
Nationstar Mortgage Holdings, Inc.(f)
	295,000		5.500		08/15/28	296,303

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services(e) – (continued)
Navient Corp.
$	455,000		5.000	%	03/15/27	$       471,494
NFP Corp.(f)
	662,000		6.875		08/15/28	697,582
OneMain Finance Corp.
	164,000		4.000		09/15/30	162,565
United Wholesale Mortgage LLC(f)
	340,000		5.500		04/15/29	339,150
United Wholesale Mortgage LLC(f)
	175,000		5.500		11/15/25	180,687
						5,474,240
Electrical(e) – 1.4%
AES Panama Generation Holdings SRL
	400,000		4.375		05/31/30	416,080
American Electric Power Co., Inc.
	25,000		2.300		03/01/30	25,147
Calpine Corp.(f)
	415,000		3.750		03/01/31	394,250
NRG Energy, Inc.(f)
	66,000		3.375		02/15/29	64,597
Pacific Gas & Electric Co.
	25,000		2.100		08/01/27	24,286
	50,000		2.500		02/01/31	46,913
Pike Corp.(f)
	220,000		5.500		09/01/28	228,800
Sempra Energy
	50,000		3.400		02/01/28	54,940
The Southern Co.
	120,000		3.250		07/01/26	130,182
Vistra Operations Co. LLC(f)
	50,000		3.550		07/15/24	52,750
	60,000		4.300		07/15/29	65,243
						1,503,188
Electronics(e)(f) – 0.3%
Atkore, Inc.
	89,000		4.250		06/01/31	89,890
Imola Merger Corp.
	184,000		4.750		05/15/29	189,290
						279,180

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Engineering & Construction(e) – 1.6%
Aeropuerto Internacional de Tocumen SA
$	400,000		5.625	%	05/18/36	$       429,125
Arcosa, Inc.(f)
	125,000		4.375		04/15/29	126,563
Global Infrastructure Solutions, Inc.(f)
	265,000		5.625		06/01/29	274,937
IHS Netherlands Holdco B.V.
	200,000		7.125		03/18/25	207,725
	200,000		8.000		09/18/27	217,187
Mexico City Airport Trust
	400,000		5.500		10/31/46	403,075
						1,658,612
Entertainment – 1.1%
Boyne USA, Inc.(e)(f)
	125,000		4.750		05/15/29	129,219
Everi Holdings, Inc.(f)
	50,000		5.000		07/15/29	50,000
Live Nation Entertainment, Inc.
	150,000		2.000		02/15/25	167,297
	50,000		6.500	(e)(f)	05/15/27	55,500
Motion Bondco DAC(e)(f)
	400,000		6.625		11/15/27	407,000
SeaWorld Parks & Entertainment, Inc.(e)(f)
	366,000		9.500		08/01/25	393,907
						1,202,923
Environmental(e)(f) – 0.6%
GFL Environmental, Inc.
	242,000		4.000		08/01/28	239,277
Waste Pro USA, Inc.
	349,000		5.500		02/15/26	359,470
						598,747
Food & Drug Retailing – 2.2%
BRF SA(e)
	400,000		4.875		01/24/30	418,700
H-Food Holdings LLC/Hearthside Finance Co, Inc.(e)(f)
	280,000		8.500		06/01/26	292,950
Indofood CBP Sukses Makmur Tbk PT(e)
	250,000		3.398		06/09/31	253,075

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
Kraft Heinz Foods Co.
$	115,000		5.000	%(e)	07/15/35	$       139,842
	330,000		6.875		01/26/39	472,033
	101,000		5.500	(e)	06/01/50	131,742
Post Holdings, Inc.(e)(f)
	22,000		4.625		04/15/30	22,330
United Natural Foods, Inc.(e)(f)
	265,000		6.750		10/15/28	284,875
US Foods, Inc.(e)(f)
	301,000		4.750		02/15/29	305,891
						2,321,438
Healthcare Providers & Services(e) – 1.8%
CAB SELAS(f)
EUR	150,000		3.375		02/01/28	176,995
Chrome Holdco SASU(f)
	200,000		5.000		05/31/29	240,539
CHS/Community Health Systems, Inc.(f)
$	40,000		8.000		03/15/26	43,050
	240,000		4.750		02/15/31	240,000
DaVita, Inc.(f)
	387,000		3.750		02/15/31	371,036
DENTSPLY SIRONA, Inc.
	50,000		3.250		06/01/30	53,511
DH Europe Finance II S.a.r.l.
	50,000		2.600		11/15/29	52,354
Laboratoire Eimer Selas(f)
EUR	100,000		5.000		02/01/29	120,712
Lifepoint Health, Inc.(f)
$	260,000		5.375		01/15/29	252,850
ModivCare, Inc.(f)
	57,000		5.875		11/15/25	60,847
Stryker Corp.
	50,000		1.950		06/15/30	49,456
Tenet Healthcare Corp.(f)
	96,000		6.125		10/01/28	102,000
Thermo Fisher Scientific, Inc.
	50,000		4.497		03/25/30	59,538

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services(e) – (continued)
Zimmer Biomet Holdings, Inc.
$	50,000		3.550	%	03/20/30	$         54,751
						1,877,639
Home Builders(e)(f) – 0.4%
LGI Homes, Inc.
	315,000		4.000		07/15/29	316,575
Taylor Morrison Communities, Inc.
	63,000		5.125		08/01/30	68,119
						384,694
Housewares(e) – 0.3%
CD&R Smokey Buyer, Inc.(f)
	110,000		6.750		07/15/25	117,975
Newell Brands, Inc.
	38,000		4.700		04/01/26	42,322
	120,000		6.000		04/01/46	151,350
						311,647
Insurance(e) – 1.3%
Acrisure LLC/Acrisure Finance, Inc.(f)
	250,000		4.250		02/15/29	246,875
Acrisure LLC/Acrisure Finance, Inc.(f)
	60,000		10.125		08/01/26	67,650
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(f)
	119,000		6.750		10/15/27	124,950
American International Group, Inc.
	50,000		3.900		04/01/26	55,816
	175,000		4.200		04/01/28	201,070
	25,000		3.400		06/30/30	27,422
AssuredPartners, Inc.(f)
	70,000		5.625		01/15/29	70,087
BroadStreet Partners, Inc.(f)
	300,000		5.875		04/15/29	304,819
Equitable Holdings, Inc.
	60,000		4.350		04/20/28	68,788
HUB International Ltd.(f)
	212,000		7.000		05/01/26	219,420
						1,386,897

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet(e) – 2.5%
Adevinta ASA
EUR	100,000		3.000	%	11/15/27	$       122,682
Arches Buyer, Inc.(f)
$	77,000		6.125		12/01/28	79,599
Booking Holdings, Inc.
	72,000		4.625		04/13/30	86,131
Endure Digital, Inc.(f)
	574,000		6.000		02/15/29	568,260
Expedia Group, Inc.
	100,000		4.500		08/15/24	109,530
	180,000		6.250	(f)	05/01/25	209,392
	167,000		4.625		08/01/27	188,693
	75,000		2.950		03/15/31	76,305
Getty Images, Inc.(f)
	358,000		9.750		03/01/27	383,955
Match Group Holdings II LLC(f)
	3,000		4.125		08/01/30	3,045
Prosus NV
	400,000		3.680		01/21/30	427,500
EUR	120,000		2.031	(f)	08/03/32	145,625
Uber Technologies, Inc.(f)
$	155,000		7.500		05/15/25	167,206
	110,000		6.250		01/15/28	118,113
						2,686,036
Iron/Steel(e) – 0.5%
Cleveland-Cliffs, Inc.(f)
	185,000		4.875		03/01/31	194,250
Metinvest B.V.
	200,000		8.500		04/23/26	227,350
Vale Overseas Ltd.
	60,000		3.750		07/08/30	63,810
						485,410
Leisure Time – 0.6%
NCL Corp Ltd.(e)(f)
	275,000		3.625		12/15/24	265,375

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Leisure Time – (continued)
Royal Caribbean Cruises Ltd.
$	105,000		5.250	%	11/15/22	$    108,412
	140,000		5.500	(e)(f)	04/01/28	145,950
TUI Cruises GmbH(e)(f)
EUR	125,000		6.500		05/15/26	154,155
						673,892
Lodging(e) – 0.8%
Fortune Star BVI Ltd.
$	400,000		6.750		07/02/23	419,700
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc(f)
	230,000		5.000		06/01/29	234,312
Marriott Ownership Resorts, Inc.(f)
	60,000		4.500		06/15/29	60,750
Travel + Leisure Co.(f)
	28,000		6.625		07/31/26	31,710
	90,000		4.625		03/01/30	92,925
						839,397
Machinery-Diversified(e) – 0.7%
Husky III Holding Ltd.(f)(h) (PIK 13.750%, Cash 13.000%)
	30,000		13.000		02/15/25	32,475
Otis Worldwide Corp.
	325,000		2.565		02/15/30	336,788
Titan Acquisition Ltd./Titan Co-Borrower LLC(f)
	401,000		7.750		04/15/26	415,536
						784,799
Media – 3.5%
Charter Communications Operating LLC/Charter Communications Operating Capital(e)
	975,000		4.908		07/23/25	1,105,533
	225,000		3.750		02/15/28	248,348
Comcast Corp.(e)
	100,000		4.150		10/15/28	115,792
	200,000		4.250		10/15/30	235,194
CSC Holdings LLC(e)(f)
	200,000		5.000		11/15/31	200,750
DISH DBS Corp.
	133,000		7.750		07/01/26	150,290
	180,000		7.375	(e)	07/01/28	193,050
	200,000		5.125	(f)	06/01/29	197,250

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
Gray Television, Inc.(e)(f)
$	180,000		7.000	%	05/15/27	$       194,850
Scripps Escrow II, Inc.(e)(f)
	130,000		5.375		01/15/31	129,513
Scripps Escrow, Inc.(e)(f)
	115,000		5.875		07/15/27	119,025
TEGNA, Inc.(e)
	50,000		4.625		03/15/28	51,875
Townsquare Media, Inc.(e)(f)
	210,000		6.875		02/01/26	224,175
Urban One, Inc.(e)(f)
	185,000		7.375		02/01/28	199,337
Ziggo B.V.(e)(f)
	215,000		4.875		01/15/30	220,106
Ziggo Bond Co. B.V.(e)(f)
EUR	100,000		3.375		02/28/30	116,798
						3,701,886
Mining(e) – 0.3%
Freeport-McMoRan, Inc.
$	200,000		5.400		11/14/34	241,500
Glencore Funding LLC(f)
	100,000		1.625		04/27/26	100,302
Teck Resources Ltd.
	25,000		3.900		07/15/30	27,001
						368,803
Miscellaneous Manufacturing – 1.2%
General Electric Co.
	250,000		3.625	(e)	05/01/30	279,072
	125,000		5.875		01/14/38	170,239
(3M USD LIBOR + 3.330%)
	742,000		3.449	(b)(e)	09/15/49	726,589
Hillenbrand, Inc.(e)
	154,000		3.750		03/01/31	152,460
						1,328,360
Multi-National(e)(f) – 0.6%
Banque Ouest Africaine de Developpement
EUR	480,000		2.750		01/22/33	595,461

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – 3.3%
Cenovus Energy, Inc.
$	80,000		5.375	%(e)	07/15/25	$         91,524
	85,000		6.750		11/15/39	115,269
Continental Resources, Inc.(e)(f)
	215,000		5.750		01/15/31	256,925
Devon Energy Corp.(e)
	55,000		5.850		12/15/25	64,576
DNO ASA(e)(f)
	100,000		8.750		05/31/23	103,250
EQT Corp.(e)(f)
	225,000		3.625		05/15/31	235,125
Marathon Petroleum Corp.(e)
	50,000		3.800		04/01/28	55,695
MEG Energy Corp.(e)(f)
	140,000		5.875		02/01/29	146,650
Nabors Industries, Inc.(e)(f)
	322,000		9.000		02/01/25	337,295
Noble Finance Co.(e)(h)(PIK 15.000%, Cash 11.000%)
	36,761		11.000		02/15/28	40,437
Occidental Petroleum Corp.(e)
	95,000		8.000		07/15/25	113,406
	200,000		5.550		03/15/26	221,250
Sunoco LP/Sunoco Finance Corp.(e)(f)
	135,000		4.500		05/15/29	137,363
TechnipFMC PLC(e)(f)
	315,000		6.500		02/01/26	340,200
Transocean Poseidon Ltd.(e)(f)
	80,000		6.875		02/01/27	80,400
Transocean, Inc.(e)(f)
	915,000		11.500		01/30/27	974,475
USA Compression Partners LP/USA Compression Finance Corp.(e)
	223,000		6.875		04/01/26	233,592
						3,547,432
Packaging – 1.0%
Berry Global, Inc.(e)(f)
	75,000		1.570		01/15/26	75,097
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC(e)(f)
	228,000		6.000		09/15/28	237,120

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Packaging – (continued)
Kleopatra Finco S.a.r.l.(e)(f)
EUR	100,000		4.250	%	03/01/26	$       119,003
Kleopatra Holdings 2 SCA(e)(f)
	100,000		6.500		09/01/26	115,340
Pactiv LLC
$	285,000		8.375		04/15/27	327,750
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(e)(f)
	88,000		4.000		10/15/27	87,340
Sealed Air Corp.(f)
	113,000		6.875		07/15/33	144,075
						1,105,725
Pharmaceuticals(e) – 2.2%
AbbVie, Inc.
	225,000		3.200		11/21/29	244,204
AdaptHealth LLC(f)
	65,000		6.125		08/01/28	69,063
	120,000		4.625		08/01/29	121,200
Becton Dickinson & Co.
	175,000		3.700		06/06/27	194,525
	25,000		2.823		05/20/30	26,182
Cigna Corp.
	400,000		2.400		03/15/30	408,416
CVS Health Corp.
	100,000		3.250		08/15/29	108,746
	100,000		3.750		04/01/30	112,106
HLF Financing Sarl LLC/Herbalife International, Inc.(f)
	398,000		4.875		06/01/29	400,985
Jazz Securities DAC(f)
	200,000		4.375		01/15/29	207,709
Organon Finance 1 LLC(f)
	210,000		5.125		04/30/31	216,300
Prestige Brands, Inc.(f)
	210,000		3.750		04/01/31	202,387
Zoetis, Inc.
	50,000		2.000		05/15/30	49,671
						2,361,494

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines(e) – 4.0%
CQP Holdco LP/BIP-V Chinook Holdco LLC(f)
$	360,000		5.500	%	06/15/31	$       373,500
DCP Midstream Operating LP
	115,000		5.625		07/15/27	130,525
DT Midstream, Inc.(f)
	390,000		4.375		06/15/31	396,825
Energy Transfer LP
	175,000		5.250		04/15/29	206,715
Energy Transfer LP
	60,000		4.050		03/15/25	65,126
Global Partners LP/GLP Finance Corp.
	345,000		6.875		01/15/29	370,012
ITT Holdings LLC(f)
	105,000		6.500		08/01/29	106,969
MPLX LP
	135,000		4.000		03/15/28	150,961
	75,000		2.650		08/15/30	75,808
NGL Energy Operating LLC/NGL Energy Finance Corp.(f)
	260,000		7.500		02/01/26	272,350
NuStar Logistics LP
	145,000		6.000		06/01/26	157,325
	185,000		6.375		10/01/30	203,500
ONEOK, Inc.
	50,000		6.350		01/15/31	64,668
Plains All American Pipeline LP/PAA Finance Corp.
	150,000		3.800		09/15/30	160,639
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
	225,000		5.500		08/15/22	221,625
	265,000		5.750		04/15/25	241,150
Summit Midstream Partners LP(i)(3M USD LIBOR + 7.430%)
	312,000		9.500		12/15/49	247,260
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(f)
	99,000		5.500		09/15/24	100,609
	50,000		6.000		12/31/30	52,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	95,000		5.375		02/01/27	98,800
	160,000		4.875	(f)	02/01/31	173,200
	415,000		4.000	(f)	01/15/32	425,894
						4,295,461

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate(e) – 0.5%
NE Property B.V.
EUR	200,000		3.375	%	07/14/27	$       261,680
Realogy Group LLC/Realogy Co-Issuer Corp.(f)
$	225,000		5.750		01/15/29	235,125
						496,805
Real Estate Investment Trust(e) – 1.0%
Agree LP
	25,000		2.900		10/01/30	26,089
Crown Castle International Corp.
	175,000		4.450		02/15/26	197,563
	150,000		3.300		07/01/30	161,112
Duke Realty LP
	25,000		1.750		07/01/30	24,064
Regency Centers LP
	60,000		2.950		09/15/29	63,206
Spirit Realty LP
	60,000		4.000		07/15/29	66,685
Trust Fibra Uno
	200,000		4.869		01/15/30	220,160
VEREIT Operating Partnership LP
	55,000		4.875		06/01/26	63,483
	25,000		3.400		01/15/28	27,256
	50,000		2.850		12/15/32	52,291
WP Carey, Inc.
	75,000		4.250		10/01/26	84,310
	60,000		3.850		07/15/29	66,575
	25,000		2.400		02/01/31	24,910
						1,077,704
Retailing – 4.0%
1011778 BC ULC/New Red Finance, Inc.(e)(f)
	237,000		4.000		10/15/30	228,705
Ambience Merger Sub, Inc.(e)(f)
	210,000		4.875		07/15/28	210,525
	205,000		7.125		07/15/29	207,050

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing – (continued)
Beacon Roofing Supply, Inc.(e)(f)
$	255,000		4.125	%	05/15/29	$       253,406
Burlington Stores, Inc.
	79,000		2.250		04/15/25	125,511
Carvana Co.(e)(f)
	90,000		5.500		04/15/27	92,925
Dollar Tree, Inc.(e)
	75,000		4.000		05/15/25	82,772
eG Global Finance PLC(e)
EUR	250,000		4.375		02/07/25	292,204
Foundation Building Materials, Inc.(e)(f)
$	95,000		6.000		03/01/29	93,813
Group 1 Automotive, Inc.(e)(f)
	70,000		4.000		08/15/28	71,050
GYP Holdings III Corp.(e)(f)
	115,000		4.625		05/01/29	115,429
IRB Holding Corp.(e)(f)
	343,000		6.750		02/15/26	355,005
Ken Garff Automotive LLC(e)(f)
	190,000		4.875		09/15/28	193,800
LCM Investments Holdings II LLC(e)(f)
	235,000		4.875		05/01/29	240,875
Lowe’s Cos., Inc.(e)
	300,000		1.300		04/15/28	292,626
	225,000		1.700		10/15/30	215,836
Park River Holdings, Inc.(e)(f)
	80,000		5.625		02/01/29	77,600
Penske Automotive Group, Inc.(e)
	189,000		3.750		06/15/29	189,473
Punch Finance PLC(e)(f)
GBP	175,000		6.125		06/30/26	245,329
Specialty Building Products Holdings LLC/SBP Finance Corp.(e)(f)
$	215,000		6.375		09/30/26	224,675
SRS Distribution, Inc.(e)(f)
	100,000		6.125		07/01/29	103,000
Suburban Propane Partners LP/Suburban Energy Finance Corp.(e)(f)
	210,000		5.000		06/01/31	214,987
Tractor Supply Co.(e)
	75,000		1.750		11/01/30	71,567
Yum! Brands, Inc.(e)(f)
	2,000		7.750		04/01/25	2,175
	88,000		4.750		01/15/30	94,930
						4,295,268

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Semiconductors(e) – 1.2%
Broadcom Corp./Broadcom Cayman Finance Ltd.
$	48,000		3.875	%	01/15/27	$     53,050
	400,000		3.500		01/15/28	438,824
Broadcom, Inc.
	375,000		3.459		09/15/26	408,139
	87,000		3.469	(f)	04/15/34	92,081
NXP B.V./NXP Funding LLC/NXP USA, Inc.(f)
	165,000		3.875		06/18/26	182,695
	100,000		3.400		05/01/30	109,014
						1,283,803
Software – 1.5%
Brunello Bidco SpA(e)(f)
EUR	350,000		3.500		02/15/28	414,544
Castle US Holding Corp.(e)(f)
$	277,000		9.500		02/15/28	289,465
Clarivate Science Holdings Corp.(e)(f)
	226,000		3.875		06/30/28	227,412
	204,000		4.875		06/30/29	209,355
Elastic NV(f)
	160,000		4.125		07/15/29	160,000
Playtika Holding Corp.(e)(f)
	213,000		4.250		03/15/29	212,468
ServiceNow, Inc.(e)
	125,000		1.400		09/01/30	117,286
						1,630,530
Telecommunication Services – 3.6%
Altice France SA(e)(f)
EUR	100,000		2.125		02/15/25	115,759
AT&T, Inc.(e)
$	300,000		2.300		06/01/27	310,464
	75,000		1.650		02/01/28	74,442
	75,000		2.750		06/01/31	77,969
	202,000		2.550	(f)	12/01/33	200,206

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
AT&T, Inc.(e) – (continued)
$	175,000		4.900	%	08/15/37	$         215,357
	25,000		5.150		11/15/46	32,024
	25,000		3.650		06/01/51	26,127
	25,000		3.500	(f)	09/15/53	25,073
Bharti Airtel Ltd.(e)(f)
	360,000		3.250		06/03/31	356,292
Frontier Communications Corp.(e)(f)
	83,000		5.000		05/01/28	85,490
Intelsat Jackson Holdings SA(e)(i)
	450,000		5.500		08/01/23	257,625
Sprint Capital Corp.
	125,000		8.750		03/15/32	190,000
T-Mobile USA, Inc.(e)
	25,000		1.500		02/15/26	25,175
	150,000		3.750		04/15/27	165,764
	250,000		2.050		02/15/28	253,333
	200,000		3.875		04/15/30	223,238
Telecom Italia SpA(e)
EUR	175,000		2.875		01/28/26	220,268
VEON Holdings B.V.(e)(f)
$	410,000		3.375		11/25/27	412,460
Verizon Communications, Inc.
	275,000		4.329		09/21/28	319,632
	275,000		3.150	(e)	03/22/30	296,601
						3,883,299
Transportation – 0.9%
Cargo Aircraft Management, Inc.(e)(f)
	80,000		4.750		02/01/28	81,700
MV24 Capital B.V.
	747,016		6.748		06/01/34	827,320
XPO Logistics, Inc.(e)(f)
	3,000		6.250		05/01/25	3,184
						912,204
TOTAL CORPORATE OBLIGATIONS (Cost $74,073,962)						$    76,178,645

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 3.3%
Collateralized Mortgage Obligations(j) – 1.3%
Interest Only – 1.3%
FHLMC REMIC Series 4991, Class IE
$	685,260		5.000	%	07/25/50	$           92,258
FHLMC REMIC Series 5002, Class SJ(b) (-1x 1M USD LIBOR + 6.100%)
	484,201		6.009		07/25/50	88,178
FNMA REMIC Series 2017-86, Class SB(b) (-1x 1M USD LIBOR + 6.150%)
	238,212		6.059		11/25/47	44,012
FNMA REMIC Series 2020-60, Class KI
	447,714		2.000		09/25/50	44,931
GNMA REMIC Series 2014-117, Class SJ(b) (-1x 1M USD LIBOR + 5.600%)
	947,728		5.507		08/20/44	167,923
GNMA REMIC Series 2018-124, Class SN(b) (-1x 1M USD LIBOR + 6.200%)
	241,455		6.107		09/20/48	43,068
GNMA REMIC Series 2019-110, Class PS(b) (-1X 1M USD LIBOR + 6.050%)
	616,850		5.957		09/20/49	106,965
GNMA REMIC Series 2019-153, Class EI
	793,225		4.000		12/20/49	106,140
GNMA REMIC Series 2019-52, Class SK(b) (-1x 1M USD LIBOR + 6.050%)
	223,905		5.957		04/20/49	29,524
GNMA REMIC Series 2020-146, Class KI
	912,477		2.500		10/20/50	91,910
GNMA REMIC Series 2020-173, Class AI
	853,864		2.500		11/20/50	58,687
GNMA REMIC Series 2020-21, Class SA(b) (-1x 1M USD LIBOR + 6.050%)
	306,161		5.957		02/20/50	50,737
GNMA REMIC Series 2020-55, Class AS(b) (-1x 1M USD LIBOR + 6.050%)
	475,315		5.957		04/20/50	81,324
GNMA REMIC Series 2020-55, Class IO
	1,177,645		3.500		04/20/50	146,212
GNMA REMIC Series 2020-61, Class GI
	355,515		5.000		05/20/50	38,123
GNMA REMIC Series 2020-7, Class GI
	150,025		4.000		01/20/50	15,041
GNMA REMIC Series 2020-78, Class DI
	447,552		4.000		06/20/50	53,536

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
GNMA REMIC Series 2020-78, Class SD(b) (-1x 1M USD LIBOR + 6.150%)
$	438,813		6.057	%		06/20/50		$           65,960
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,317,640)								$     1,324,529
Federal Agencies(k) – 2.0%
GNMA – 1.0%
	1,000,000		4.500			TBA-30	yr	1,065,967
UMBS, 30 Year, Single Family – 1.0%
$	1,000,000		5.000	%		TBA-30	yr	$      1,095,492
TOTAL FEDERAL AGENCIES								$      2,161,459
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $3,492,425)								$      3,485,988
Agency Debenture – 0.2%
Pakistan Water & Power Development Authority
$	200,000		7.500	%		06/04/31		$         199,250
(Cost $200,000)
Asset-Backed Securities(b)(f) – 1.5%
Collateralized Loan Obligations – 1.5%
Bain Capital Credit CLO Series 2019-1A, Class DR(-1x 3M USD LIBOR + 3.450%)
$	175,000		2.184	%		04/19/34		$        175,924
Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
	200,000		4.472			01/15/32		196,145
Neuberger Berman Loan Advisers CLO 31, Ltd. Series 2019-31A, Class DR (-1x 3M USD LIBOR + 3.250%)
	600,000		3.440			04/20/31		600,233
THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%)
	600,000		3.910			04/18/36		598,569
TOTAL ASSET-BACKED SECURITIES (Cost $1,566,000)								$       1,570,871
Foreign Debt Obligations – 11.5%
Sovereign – 11.5%
Benin Government International Bond(f)
EUR	260,000		4.875	%		01/19/32		$         307,813
Dominican Republic
$	640,000		5.500			01/27/25		703,920
	200,000		5.950			01/25/27		225,000
	240,000		4.875	(f)		09/23/32		247,200

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Finance Department Government of Sharjah(f)
$	200,000		4.000	%	07/28/50	$         183,750
Jamaica Government International Bond
	400,000		7.875		07/28/45	558,875
Kingdom of Bahrain(f)
	200,000		7.375		05/14/30	225,475
Kingdom of Morocco(f)
	310,000		3.000		12/15/32	299,150
Perusahaan Penerbit SBSN Indonesia III
	550,000		4.150		03/29/27	615,931
Republic of Abu Dhabi(f)
	200,000		3.875		04/16/50	230,850
Republic of Angola(f)
	200,000		8.250		05/09/28	208,475
Republic of Argentina(e)
	13,920		1.000		07/09/29	5,269
	455,900		0.125	(l)	07/09/30	163,440
Republic of Armenia International Bond(f)
	330,000		3.600		02/02/31	310,881
Republic of Belarus Ministry of Finance(f)
	200,000		5.875		02/24/26	184,500
Republic Of Cameroon(f)
EUR	220,000		5.950		07/07/32	260,865
Republic of Colombia(e)
$	200,000		4.500		03/15/29	217,662
	200,000		4.125		05/15/51	189,475
Republic of Ecuador(f)
	34,036		0.000	(g)	07/31/30	18,794
	40,000		0.500	(l)	07/31/30	34,300
	46,400		0.500	(l)	07/31/40	28,710
Republic of Egypt
EUR	180,000		4.750		04/11/25	222,346
	200,000		4.750		04/16/26	246,829
	200,000		5.625		04/16/30	237,936
$	200,000		8.875	(f)	05/29/50	215,475
Republic of Indonesia
EUR	100,000		1.100		03/12/33	116,085

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of Ivory Coast(f)
EUR	500,000		4.875	%	01/30/32	$         591,319
Republic of Lebanon(i)
$	10,000		6.200		02/26/25	1,218
	10,000		6.750		11/29/27	1,233
	20,000		6.850		05/25/29	2,473
	110,000		6.650		02/26/30	13,702
	10,000		8.250		05/17/34	1,224
Republic of Nigeria
	400,000		7.625		11/21/25	450,825
Republic of Oman(f)
	320,000		6.250		01/25/31	342,300
Republic of Paraguay
	200,000		4.700		03/27/27	226,162
	200,000		4.950	(e)	04/28/31	229,725
Republic of Peru(e)
	400,000		2.783		01/23/31	406,950
Republic of Romania
EUR	290,000		2.875		03/11/29	381,113
	30,000		2.625	(f)	12/02/40	35,217
Republic of Turkey
$	200,000		7.250		12/23/23	215,787
	200,000		6.125		10/24/28	203,475
	200,000		7.625		04/26/29	218,600
	200,000		4.875		04/16/43	159,163
Republic of Uzbekistan(f)
	200,000		3.700		11/25/30	199,237
Russian Federation Bond
	200,000		4.750		05/27/26	227,475

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Senegal Government International Bond(f)
EUR	200,000		5.375	%	06/08/37	$        233,222
Trinidad & Tobago Government International Bond(e)
$	400,000		4.500		06/26/30	417,325
Ukraine Government Bond
	190,000		7.750		09/01/23	204,725
	200,000		7.750		09/01/24	218,162
	200,000		7.750		09/01/26	220,725
United Mexican States
	540,000		4.500		04/22/29	610,639
	200,000		2.659	(e)	05/24/31	195,287
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $12,130,399)						$    12,266,289
Common Stocks(i) – 0.1%
Energy Equipment & Services – 0.1%
Nabors Industries Ltd.
$	811					$         92,649
Oil, Gas & Consumable Fuels – 0.0%
Summit Midstream Partners LP
	1,890					57,418
TOTAL COMMON STOCKS (Cost $144,272)						$         150,067
Shares		Dividend Rate				Value
Investment Company(m) – 4.3%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	4,567,927		0.026%			$      4,567,927
(Cost $4,567,927)
TOTAL INVESTMENTS – 99.8% (Cost $104,336,222)						$  106,650,927
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.2%						251,242
NET ASSETS – 100.0%						$  106,902,169

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

(a)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2021.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(d)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	Pay-in-kind securities.
(i)	Security is currently in default and/or non-income producing.
(j)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(k)	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 $2,161,459 which represents approximately 2.0% of the Fund’s net assets as of June 30, 2021.
(l)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2021.
(m)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
EUR	— Euro
GBP	— British Pound
JPY	— Japanese Yen
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
SEK	— Swedish Krona
USD	— U.S. Dollar
Investment Abbreviations:
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
CP	— Commercial Paper
EURO	— Euro Offered Rate
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Funding Rate
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2021, 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
JPMorgan Securities, Inc.	USD	660,237		AUD	851,603		09/15/21	$	21,368
	USD	854,150		CAD	1,031,505		09/15/21		22,049
	USD	6,489,487		EUR	5,423,649		09/10/21		48,923
	USD	375,153		GBP	268,126		08/05/21		4,217
	USD	832,142		JPY	92,203,164		09/15/21		1,650
	USD	781,504		NOK	6,454,881		09/15/21		31,587
	USD	660,697		NZD	916,103		09/15/21		20,492
	USD	867,398		SEK	7,165,936		09/15/21		29,468
TOTAL								$	179,754

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	755,369		USD	569,214		09/15/21	$	(2,540	)
	CAD	862,026		USD	700,751		09/15/21		(5,367	)
	EUR	104,992		USD	125,069		09/10/21		(392	)
	EUR	1,342,203		USD	1,636,209		09/15/21		(42,168	)
	GBP	100,785		USD	142,785		08/05/21		(3,354	)
	JPY	100,904,466		USD	922,941		09/15/21		(14,075	)
	NOK	5,629,222		EUR	552,949		09/15/21		(2,705	)
	NZD	810,584		USD	569,360		09/15/21		(2,895	)
	SEK	6,342,218		EUR	626,375		09/15/21		(2,291	)
TOTAL								$	(75,787	)

FUTURES CONTRACTS — At June 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
20 Year U.S. Treasury Bonds	7	09/21/21	$	1,125,250		$	24,976
10 Year U.S. Treasury Notes	50	09/21/21		6,625,000			26,723
2 Year U.S. Treasury Notes	31	09/30/21		6,829,929			(10,771	)
5 Year U.S. Treasury Notes	52	09/30/21	$	6,418,344		$	(143	)
Total						$	40,785
Short position contracts:
Ultra Long U.S. Treasury Bonds	(6)	09/21/21		(1,156,125	)		(27,726	)
Ultra 10 Year U.S. Treasury Notes	(9)	09/21/21		(1,324,828	)		(21,673	)
10 Year German Euro-Bund	(1)	09/08/21		(204,672	)		(1,069	)
Total						$	(50,468	)
TOTAL FUTURES CONTRACTS						$	(9,683	)

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund(b)	Termination Date		Notional Amount (000s)(c)		Market Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
(0.500)%	6M EURO		09/15/24	EUR	830	$	3,786	$	3,282	$	504
(0.500)	6M EURO		09/15/25		210		2,007		1,815		192
(0.500)	6M EURO		09/15/26		710		11,578		10,922		656
(0.250)	6M EURO		09/15/28		490		7,056		6,561		495
(0.250)	6M EURO		09/15/31		1,230		56,124		57,751		(1,627	)
0.000	6M EURO		09/15/41		190		21,823		21,952		(129	)
0.000	6M EURO		09/15/51		20		3,313		3,391		(78	)
TOTAL						$	105,687	$	105,674	$	13

(a) Payments made annually.

(b) Payments made semi-annually.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2021.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at June 30, 2021(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
Transocean, Inc., 8.000%, 02/01/2027	(1.000)%		7.302%		12/20/22	$	60	$	5,325	$	8,703		$	(3,378	)
Protection Sold:
CDX.NA.HY Index 34	5.000		2.362		06/20/25		46		4,597		(1,450	)		6,047
CDX.NA.IG Index 28	1.000		0.218		06/20/22		625		4,999		4,193			806
CDX.NA.IG Index 33	1.000		0.423		12/20/24		1,950		39,575		30,894			8,681
CDX.NA.IG Index 34	1.000		0.48		06/20/25		15,350		318,579		151,174			167,405
CDX.NA.IG Index 34	1.000		0.245		06/20/23		425		6,486		3,584			2,902
TOTAL								$	379,561	$	197,098		$	182,463

(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.HY Index 34 — CDX North America High Yield Index 34

CDX.NA.IG Index 28 — CDX North America Investment Grade Index 28

CDX.NA.IG Index 33 — CDX North America Investment Grade Index 33

CDX.NA.IG Index 34 — CDX North America Investment Grade Index 34

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – 39.0%
Bank Loans(a) – 26.9%
Advertising(b) – 0.4%
Terrier Media Buyer, Inc. (B+/B1) (1M LIBOR + 3.500%)
$	467,899		3.604	%	12/17/26	$       465,297
Aerospace & Defense – 1.3%
ADS Tactical, Inc. (B+/B3)(b) (3M LIBOR + 5.750%)
	444,375		6.750		03/19/26	445,486
Brown Group Holding LLC (B+/B1)
	700,000		3.250		06/07/28	696,150
TransDigm, Inc. (B+/Ba3)(b) (1M LIBOR + 2.250%)
	588,498		2.354		12/09/25	579,353
						1,720,989
Airlines(b) – 0.3%
United Airlines, Inc. (BB-/Ba1) (3M LIBOR + 3.750%)
	399,000		4.500		04/21/28	403,876
Auto Components – 1.5%
First Brands Group LLC (B/B1)
	443,576		6.000		03/30/27	448,198
Garrett LX I S.a.r.l. (B+/Ba2)(b)(c) (3M LIBOR + 3.250%)
	400,000		3.750		04/30/28	400,500
Mavis Tire Express Services Corp. (B-/B2)(b) (3M LIBOR + 4.000%)
	200,000		4.750		05/04/28	200,500
SRAM, LLC (BB-/B1)
	445,909		3.250		05/12/28	443,680
Wheel Pros, LLC (B-/B2)(b) (1M LIBOR + 4.500%)
	450,000		5.250		05/11/28	451,125
						1,944,003
Automotive(b) – 1.2%
Navistar International Corp. (BB-/Ba2) (1M LIBOR + 3.500%)
	1,215,132		3.600		11/06/24	1,215,132
Truck Hero, Inc. (B-/B2) (1M LIBOR + 3.750%)
	299,250		4.500		01/31/28	299,100
						1,514,232
Building & Construction(b) – 0.2%
DG Investment Intermediate Holdings 2, Inc. (B/B2)
(1M LIBOR + 3.750%)
	29,610		4.500		03/31/28	29,697
(1M LIBOR + 3.750%)
	186,039		4.500		03/31/28	186,582
						216,279

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Building Materials(b) – 0.2%
CP Atlas Buyer, Inc. (B-/B2) (3M LIBOR + 3.750%)
$	99,750		4.250	%	11/23/27	$         99,428
Potters Industries LLC (B/B2) (3M LIBOR + 4.000%)
	189,525		4.750		12/14/27	189,644
						289,072
Capital Goods-Others(b) – 0.3%
Engineered Machinery Holdings, Inc. (B-/B2)(3M EURIBOR + 3.750%)
EUR	125,000		3.750		05/21/28	147,996
Engineered Machinery Holdings, Inc. (B-/B2) (3M LIBOR + 3.000%)
	199,483		0.000		07/19/24	199,184
						347,180
Chemicals(b) – 0.6%
Consolidated Energy Finance SA (B+/B1) (1M LIBOR + 2.500%)
	295,671		2.595		05/07/25	286,677
Illuminate Buyer LLC (B+/B1) (1M LIBOR + 3.500%)
	522,378		3.604		06/30/27	518,925
						805,602
Coal(b) – 0.3%
Oxbow Carbon LLC (BB-/B1) (1M LIBOR + 4.250%)
	412,147		5.000		10/17/25	410,602
Commercial Services – 1.8%
Allied Universal Holdco LLC (B/B2)(b) (3M LIBOR + 3.750%)
	672,075		4.250		05/12/28	673,755
Amentum Government Services Holdings LLC (B/B1)(b) (3M LIBOR + 4.750%)
	349,125		5.500		01/29/27	351,635
APX Group, Inc. (B-/B2)(b)(d) (1M LIBOR + 5.000)
	124,684		7.250		12/31/25	124,860
CoreLogic, Inc. (B/B1)
	375,000		4.000		06/02/28	373,688
Garda World Security Corp. (B/B1)
	382,008		4.350		10/30/26	383,510
Holding Socotec (B/B2)(d)
	100,000		0.000		06/02/28	118,430
Holding Socotec (B/B2)(c)(d)
	275,000		0.000		06/30/28	275,000
						2,300,878

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Consumer Cyclical Services – 0.9%
AI Aqua Merger Sub, Inc. (B/B2)(b)
(1M LIBOR + 3.250%)
$	132,503		4.250	%	12/13/23	$       132,586
(1M LIBOR + 4.250%)
	414,685		5.250		12/13/23	414,685
Rent-A-Center, Inc. (BB-/Ba3)(b) (3M LIBOR + 4.000%)
	224,438		4.750		02/17/28	224,438
The Hertz Corp. (B+/B2)(d)
	378,641		0.000		06/30/28	378,167
The Hertz Corp. (BB-/B2)(d)
	71,359		0.000		06/30/28	71,270
						1,221,146
Consumer Products – 0.5%
Energizer Holdings, Inc. (BB+/Ba1)(b) (1M LIBOR + 2.250%)
	174,563		2.750		12/22/27	173,995
Hunter Fan Co. (B/B2)
	500,000		5.750		05/08/28	500,210
						674,205
Distribution/Wholesale(b) – 0.1%
Resideo Funding, Inc. (BBB-/Ba2) (3M LIBOR + 2.250%)
	149,625		2.750		02/08/28	149,251
Diversified Financial services – 0.8%
Blackstone CQP Holdco LP (B/B2)
	400,000		4.250		06/05/28	398,200
DRW Holdings LLC (BB-/B1)(b) (1M LIBOR + 3.750%)
	325,000		3.854		03/01/28	324,188
Edelman Financial Center LLC (B/B2)(b) (1M LIBOR + 3.500%)
	300,000		4.500		04/07/28	300,207
						1,022,595
Diversified Manufacturing – 0.8%
Apex Tool Group LLC (CCC+/B3)(b) (1M LIBOR + 5.500%)
	665,551		6.500		08/01/24	667,674
Klockner-Pentaplast of America, Inc. (B/B2)
	349,125		5.250		02/12/26	350,871
						1,018,545
Energy - Services(b) – 0.1%
WIN Waste Innovations Holdings, Inc. (B+/B1) (1M LIBOR + 2.750%)
	150,000		3.250		03/24/28	149,625

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Food & Beverage(b) – 0.3%
Chobani LLC (B-/B1) (1M LIBOR + 3.500%)
$	248,125		4.500	%	10/20/27	$       248,540
City Brewing Co. LLC (B+/B1) (3M LIBOR + 3.500%)
	175,000		4.250		04/05/28	175,656
						424,196
Health Care - Services – 1.9%
Athenahealth, Inc. (B/B2)(b) (3M LIBOR + 4.250%)
	328,551		4.410		02/11/26	329,271
Jazz Financing Lux S.a.r.l. (BB-/Ba2)(b) (1M LIBOR + 3.500%)
	600,000		4.000		05/05/28	601,686
Kindred Healthcare LLC (B+/B3)(b) (1M LIBOR + 4.500%)
	755,669		4.625		07/02/25	753,779
Lonza Group AG (NR/B2)(d)
	400,000		0.000		06/29/28	400,216
Onex TSG Intermediate Corp. (B/B2)(b) (3M LIBOR + 4.750%)
	300,000		5.500		02/28/28	301,689
						2,386,641
Healthcare-Services(b) – 0.1%
Insulet Corp. (B+/Ba3) (1M LIBOR + 3.250%)
	150,000		3.750		05/04/28	150,095
Home Construction(b) – 0.2%
Packers Holdings LLC (B-/B2) (3M LIBOR + 3.250%)
	124,844		4.000		03/09/28	124,090
Park River Holdings, Inc. (B-/B1) (3M LIBOR + 3.250%)
	150,000		4.000		12/28/27	149,086
						273,176
Insurance – 0.5%
Baldwin Risk Partners LLC (B/B2)
	100,000		4.000		10/14/27	99,688
HUB International Ltd. (B/B2)(b) (2M LIBOR + 3.000%)
	549,646		2.926		04/25/25	543,264
						642,952
Machinery(b) – 0.8%
Vertical Midco GmbH (B+/B1)(6M LIBOR + 4.250%)
	994,760		4.478		07/30/27	995,178

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Media - Non Cable(b) – 1.0%
Allen Media LLC (BB-/Ba3)(3M LIBOR + 5.500%)
$	385,064		5.647	%	02/10/27	$       385,183
Cambium Learning Group, Inc. (B-/B3)(3M LIBOR + 4.500%)
	378,345		5.250		12/18/25	380,168
iHeartCommunications, Inc. (B+/B1)
(1M LIBOR + 3.000%)
	158,739		3.104		05/01/26	157,252
(1M LIBOR + 4.000%)
	321,750		4.750		05/01/26	321,750
						1,244,353
Oil Field Service – 0.5%
Apergy Corp. (BBB-/Ba2)
	600,449		6.000		06/03/27	611,707
Packaging(b) – 1.7%
Charter NEX US, Inc. (NR/B2)(d)(1M LIBOR + 4.250%)
	325,000		4.500		12/01/27	325,406
Flex Acquisition Co., Inc. (B/B2)(3M LIBOR + 3.500%)
	537,742		4.000		03/02/28	535,166
LABL, Inc. (B/B2)(1M LIBOR + 4.000%)
	506,403		4.104		07/01/26	505,350
Reynolds Group Holdings, Inc. (B+/B1)(1M LIBOR + 3.250%)
	41		3.354		02/05/26	41
TricorBraun Holdings, Inc. (B-/B2)
(3M LIBOR + 1.625%)
	2,142		3.267		03/03/28	2,094
(3M LIBOR + 3.250%)
	285,731		3.750		03/03/28	283,482
Trident TPI Holdings, Inc. (B-/B2)(3M LIBOR + 3.000%)
	508,747		4.000		10/17/24	506,203
						2,157,742
Pharmaceuticals(b) – 0.5%
Bausch Health Cos., Inc. (BB/Ba2)(1M LIBOR + 3.000%)
	295,421		3.104		06/02/25	294,056
Gainwell Acquisition Corp. (B+/B2)(3M LIBOR + 4.000%)
	298,500		4.750		10/01/27	299,171
						593,227
Pipelines – 0.5%
AL NGPL Holdings LLC (B+/Ba3)(b)(3M LIBOR + 3.750%)
	375,000		4.750		04/14/28	377,344
Centurion Pipeline Co. LLC (BB/B1)(b)(1M LIBOR + 4.000%)
	169,150		0.000		09/29/25	166,190

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Pipelines – (continued)
ITT Holdings LLC (BB/Ba2)(d)
$	150,000		0.000	%	07/10/28	$       149,625
						693,159
Restaurant(b) – 0.2%
IRB Holding Corp. (B/B2)(6M LIBOR + 2.750%)
	299,227		0.000		02/05/25	298,509
Retailing(b) – 0.1%
Harbor Freight Tools USA, Inc. (BB-/Ba3)(1M LIBOR + 3.000%)
	149,250		3.750		10/19/27	149,150
Technology – 0.8%
ICON Luxembourg S.a.r.l. (BB+/Ba1)(d)
	79,782		0.000		07/03/28	79,895
	320,218		0.000		07/03/28	320,669
Ingram Micro, Inc. (BB-/B1)(d)
	375,000		0.000		06/30/28	375,469
Syndigo LLC (B-/B2)(b)(3M LIBOR + 4.500%)
	224,438		5.250		12/15/27	222,754
						998,787
Technology - Hardware(b) – 0.3%
CommScope, Inc. (B/Ba3)(1M LIBOR + 3.250%)
	339,637		3.354		04/06/26	337,698
Technology - Software(b) – 4.6%
Ahead Data Blue LLC (NR/B1)(2M LIBOR + 3.750%)
	272,791		4.500		10/18/27	273,088
AppLovin Corp. (B+/B1)(1M LIBOR + 3.250%)
	248,724		3.354		08/15/25	248,274
Camelot U.S. Acquisition 1 Co. (B/B1)
(1M LIBOR + 3.000%)
	573,544		3.104		10/30/26	570,677
(1M LIBOR + 3.000%)
	99,500		4.000		10/30/26	99,500
Castle US Holding Corp. (B-/B3)(3M LIBOR + 3.750%)
	296,875		3.897		01/29/27	292,932
DCert Buyer, Inc. (CCC/Caa2)(1M LIBOR + 7.000%)
	125,000		7.104		02/16/29	125,860
DCert Buyer, Inc. (B-/B2)(1M LIBOR + 4.000%)
	690,021		4.104		10/16/26	690,311
Epicor Software Corp. (B-/B2)(1M LIBOR + 3.250%)
	545,875		4.000		07/30/27	545,034
GlobalLogic Holdings, Inc. (B/B2)(1M LIBOR + 3.750%)
	173,688		4.500		09/14/27	173,741

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Technology - Software(b) – (continued)
Grab Holdings, Inc. (B-/B3)(6M LIBOR + 4.500%)
$	199,500		5.500	%	01/29/26	$       202,327
Idera, Inc. (B-/B2)(3M LIBOR + 3.750%)
	399,982		4.500		03/02/28	399,734
Idera, Inc. (CCC/Caa2)(6M LIBOR + 6.750%)
	30,000		7.500		03/02/29	29,775
Mitchell International, Inc. (B-/B2)(1M LIBOR + 4.250%)
	446,625		4.750		11/29/24	448,059
Panther Commercial Holdings LP (B-/B3)(3M LIBOR + 4.500%)
	275,000		5.000		01/07/28	275,058
Perforce Software, Inc. (B-/B2)(1M LIBOR + 3.750%)
	732,268		3.854		07/01/26	725,942
Virtusa Corp. (B+/B2)(1M LIBOR + 4.250%)
	299,250		5.000		02/11/28	300,148
VS Buyer LLC (B/B1)(1M LIBOR + 3.000%)
	543,125		3.104		02/28/27	540,752
						5,941,212
Telecommunications(b) – 1.2%
Endure Digital, Inc. (B/B2)(3M LIBOR + 3.500%)
	275,000		4.250		02/10/28	273,510
LogMeIn, Inc. (B-/B2)(d)(1M LIBOR + 4.750%)
	398,997		4.827		08/31/27	398,251
MH Sub I LLC (B/B2)(1M LIBOR + 3.750%)
	213,285		4.750		09/13/24	213,596
PUG LLC (B-/B3)(1M LIBOR + 3.000%)
	673,740		3.604		02/12/27	657,321
						1,542,678
Telecommunications-Wirelines(b) – 0.2%
Zayo Group Holdings, Inc. (B/B1)(1M LIBOR + 3.000%)
	247,697		3.104		03/09/27	244,931
Transportation(b) – 0.2%
LaserShip, Inc. (B-/B2)(3M LIBOR + 4.500%)
	275,000		5.250		05/07/28	274,656
TOTAL BANK LOANS						$  34,613,424
Other Secured Debt Obligations – 12.1%
Airlines(e) – 0.8%
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2)
$	23,000		5.500	%	04/20/26	$         24,380
	77,000		5.750		04/20/29	83,256

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Airlines(e) – (continued)
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/Ba3)(f)
$	295,000		5.750	%	01/20/26	$       316,019
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (NR/Baa3)(f)
	206,000		6.500		06/20/27	226,857
United Airlines, Inc. (BB-/Ba1)(f)
	410,000		4.375		04/15/26	424,350
						1,074,862
Chemicals(e)(f) – 0.4%
Herens Holdco S.a.r.l. (B/B2)
	200,000		4.750		05/15/28	198,500
INEOS Quattro Finance 2 PLC (BB/Ba3)
	300,000		3.375		01/15/26	302,250
						500,750
Commercial Services(e)(f) – 0.9%
Allied Universal Holdco LLC/Allied Universal Finance Corp. (B/B2)
	297,000		6.625		07/15/26	314,820
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l. (B/B2)
	390,000		4.625		06/01/28	390,000
	250,000		4.625		06/01/28	249,687
APX Group, Inc. (B-/B1)
	108,000		6.750		02/15/27	114,885
NESCO Holdings II, Inc. (B/B3)
	110,000		5.500		04/15/29	114,400
						1,183,792
Distribution/Wholesale(e)(f) – 0.2%
Wolverine Escrow LLC (CCC+/Caa3)
	275,000		8.500		11/15/24	266,750
Diversified Financial services(e)(f) – 0.2%
NFP Corp. (B/B1)
	180,000		4.875		08/15/28	182,250
Electric(e)(f) – 0.4%
Calpine Corp. (BB+/Ba2)
	580,000		3.750		03/01/31	551,000
Energy-Alternate Sources(e)(f) – 0.1%
Renewable Energy Group, Inc. (BB/B2)
	130,000		5.875		06/01/28	136,175

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Entertainment(e)(f) – 0.2%
WMG Acquisition Corp. (BB/Ba3)
$	197,000		3.000	%	02/15/31	$       186,658
Environmental(e)(f) – 0.4%
GFL Environmental, Inc. (BB-/Ba3)
	393,000		3.500		09/01/28	390,053
Madison IAQ LLC (B/B1)
	50,000		4.125		06/30/28	50,500
						440,553
Food(e)(f) – 0.2%
US Foods, Inc. (BB-/B3)
	281,000		6.250		04/15/25	298,211
Health Care - Services(f) – 1.6%
Indigo Merger Sub, Inc. (BB+/Ba1)(e)
	200,000		2.875		07/15/26	202,500
Legacy LifePoint Health LLC (B/B1)(e)
	300,000		6.750		04/15/25	318,750
Tenet Healthcare Corp. (NR/B1)(e)
	156,000		4.625		09/01/24	160,095
Tenet Healthcare Corp. (B+/B1)
	557,000		4.625		07/15/24	564,659
	350,000		7.500	(e)	04/01/25	376,687
	454,000		4.875	(e)	01/01/26	469,890
						2,092,581
Insurance(e)(f) – 0.3%
Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	365,000		4.250		02/15/29	360,438
Internet(e)(f) – 0.5%
Arches Buyer, Inc. (B/B1)
	370,000		4.250		06/01/28	365,838
Cablevision Lightpath LLC (B+/B1)
	272,000		3.875		09/15/27	269,960
						635,798
Iron/Steel(e)(f) – 0.2%
Cleveland-Cliffs, Inc. (BB-/Ba2)
	250,000		6.750		03/15/26	269,063

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Leisure Time(e)(f) – 0.2%
Carnival Corp. (BB-/B1)
$	180,000		9.875	%	08/01/27	$       210,375
Media(e)(f) – 1.4%
Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC+/Caa1)
	525,000		5.375		08/15/26	339,937
Scripps Escrow II, Inc. (BB-/Ba3)
	410,000		3.875		01/15/29	404,875
Sinclair Television Group, Inc. (BB-/Ba2)
	470,000		4.125		12/01/30	461,775
UPC Holding B.V. (B/B3)
	200,000		5.500		01/15/28	209,250
Urban One, Inc. (B-/B3)
	125,000		7.375		02/01/28	134,688
Ziggo B.V. (B+/B1)
	200,000		4.875		01/15/30	204,750
						1,755,275
Oil Field Services(e)(f) – 0.0%
Transocean Phoenix 2 Ltd. (CCC+/NR)
	11,000		7.750		10/15/24	11,330
Transocean Proteus Ltd. (CCC+/NR)
	35,750		6.250		12/01/24	36,018
						47,348
Oil, Gas & Consumable Fuels(f) – 0.5%
Noble Finance Co. (NR/NR)(g)(PIK 15.000%, Cash 11.000%)
	52,296		11.000		02/15/28	57,526
Transocean Poseidon Ltd. (CCC+/Caa1)(e)
	120,000		6.875		02/01/27	120,600
Transocean Sentry Ltd. (CCC+/Caa1)(e)
	518,300		5.375		05/15/23	506,820
						684,946
Packaging(e)(f) – 0.2%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B+/B1)
	186,000		4.000		10/15/27	184,605
Pharmaceuticals(e)(f) – 0.4%
Bausch Health Cos., Inc. (BB/Ba2)
	125,000		5.500		11/01/25	128,125
	200,000		4.875		06/01/28	203,750

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Pharmaceuticals(e)(f) – (continued)
Jazz Securities DAC (BB-/Ba2)
$	200,000		4.375	%	01/15/29	$       207,709
						539,584
Pipelines(e)(f) – 0.9%
Cheniere Energy, Inc. (BB/Ba3)
	385,000		4.625		10/15/28	405,212
CQP Holdco LP/BIP-V Chinook Holdco LLC (NR/NR)
	315,000		5.500		06/15/31	326,813
NGL Energy Operating LLC/NGL Energy Finance Corp. (BB-/B1)
	450,000		7.500		02/01/26	471,375
						1,203,400
Retailing(e)(f) – 1.3%
1011778 BC ULC/New Red Finance, Inc. (B+/B2)
	383,000		4.375		01/15/28	387,787
1011778 BC ULC/New Red Finance, Inc. (B+/B2)
	621,000		4.000		10/15/30	599,265
1011778 BC ULC/New Red Finance, Inc. (BB+/Ba2)
	50,000		5.750		04/15/25	52,875
PetSmart, Inc./PetSmart Finance Corp. (BB-/B1)
	250,000		4.750		02/15/28	260,000
Specialty Building Products Holdings LLC/SBP Finance Corp. (B-/B3)
	336,000		6.375		09/30/26	351,120
						1,651,047
Technolgy- Software(e)(f) – 0.2%
Clarivate Science Holdings Corp. (B/B1)
	285,000		3.875		06/30/28	286,781
Telecommunications(e)(f) – 0.6%
Altice France SA (B/B2)
	348,000		7.375		05/01/26	361,920
	425,000		5.125		01/15/29	427,125
						789,045
TOTAL OTHER SECURED DEBT OBLIGATIONS						$  15,531,287
TOTAL SECURED DEBT OBLIGATIONS (Cost $49,662,510)						$  50,144,711

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – 51.7%
Advertising(e)(f) – 0.8%
Outfront Media Capital LLC/Outfront Media Capital Corp. (B+/B2)
$	100,000		6.250	%	06/15/25	$       106,000
	100,000		4.250		01/15/29	100,500
	574,000		4.625		03/15/30	582,610
Terrier Media Buyer, Inc. (CCC+/Caa1)
	201,000		8.875		12/15/27	217,080
						1,006,190
Aerospace & Defense(f) – 1.1%
TransDigm UK Holdings PLC (B-/B3)
	425,000		6.875		05/15/26	448,375
TransDigm, Inc. (B-/B3)(e)
	330,000		4.625		01/15/29	330,412
	198,000		4.875		05/01/29	199,980
Triumph Group, Inc. (CCC-/Ca)
	428,000		7.750		08/15/25	439,770
						1,418,537
Auto Components(f) – 0.2%
Penske Automotive Group, Inc. (BB-/Ba3)
	234,000		3.750		06/15/29	234,585
Automotive(f) – 2.2%
Allison Transmission, Inc. (NR/Ba3)(e)
	224,000		3.750		01/30/31	220,080
Dana, Inc. (BB/B2)
	325,000		5.625		06/15/28	350,187
	165,000		4.250		09/01/30	169,744
Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)(e)
	230,000		8.000		02/01/28	247,250
Ford Motor Co. (BB+/Ba2)
	89,000		9.000		04/22/25	109,671
Ford Motor Credit Co. LLC (BB+/Ba2)
	284,000		4.063		11/01/24	302,071
	470,000		3.375		11/13/25	485,047
Meritor, Inc. (BB-/B1)(e)
	196,000		6.250		06/01/25	207,760
Navistar International Corp. (CCC+/B3)(e)
	262,000		6.625		11/01/25	270,680

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Automotive(f) – (continued)
Real Hero Merger Sub 2, Inc. (CCC/Caa2)(e)
$	55,000		6.250	%	02/01/29	$         57,063
Tesla, Inc. (BB/B1)(e)
	258,000		5.300		08/15/25	266,062
Wheel Pros, Inc. (CCC/Caa2)(e)
	160,000		6.500		05/15/29	161,600
						2,847,215
Banks(e)(f) – 0.4%
Freedom Mortgage Corp. (B/B2)
	250,000		7.625		05/01/26	260,312
	275,000		6.625		01/15/27	276,719
						537,031
Building Materials(e)(f) – 1.8%
APi Group DE, Inc. (B/B1)
	295,000		4.125		07/15/29	293,525
Beacon Roofing Supply, Inc. (B-/B2)
	290,000		4.125		05/15/29	288,187
Builders FirstSource, Inc. (B+/B1)
	203,000		5.000		03/01/30	212,135
Cornerstone Building Brands, Inc. (B-/B3)
	223,000		6.125		01/15/29	239,168
CP Atlas Buyer, Inc. (CCC/Caa2)
	265,000		7.000		12/01/28	274,275
GYP Holdings III Corp. (B/B2)
	130,000		4.625		05/01/29	130,485
SRS Distribution, Inc. (CCC/Caa2)
	115,000		6.125		07/01/29	118,450
Standard Industries, Inc. (BBB-/Ba2)
	191,000		5.000		02/15/27	198,050
Summit Materials LLC/Summit Materials Finance Corp. (BB/B1)
	546,000		5.250		01/15/29	577,395
						2,331,670
Chemicals(e)(f) – 2.1%
Axalta Coating Systems LLC (BB-/B1)
	310,000		3.375		02/15/29	302,250
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. (BB-/B1)
	183,000		4.750		06/15/27	191,235
Element Solutions, Inc. (BB/B1)
	294,000		3.875		09/01/28	299,880

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Chemicals(e)(f) – (continued)
Ingevity Corp. (NR/Ba3)
$	505,000		3.875	%	11/01/28	$       502,475
Kraton Polymers LLC/Kraton Polymers Capital Corp. (BB-/B2)
	110,000		4.250		12/15/25	111,925
The Chemours Co. (B/B1)
	315,000		5.750		11/15/28	336,262
WR Grace & Co-Conn (BB-/B1)
	939,000		4.875		06/15/27	995,340
						2,739,367
Commercial Services(e)(f) – 1.1%
Allied Universal Holdco LLC/Allied Universal Finance Corp. (CCC+/Caa1)
	95,000		6.000		06/01/29	96,069
Metis Merger Sub LLC (CCC/Caa2)
	79,000		6.500		05/15/29	77,914
MPH Acquisition Holdings LLC (B-/B3)
	260,000		5.750		11/01/28	260,325
Nielsen Finance LLC/Nielsen Finance Co. (BB/B2)
	260,000		5.625		10/01/28	274,950
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. (B/Ba3)
	360,000		4.625		11/01/26	375,750
Square, Inc. (BB/Ba2)
	39,000		3.500		06/01/31	39,195
The Nielsen Co. Luxembourg S.a.r.l. (BB/B2)
	297,000		5.000		02/01/25	305,167
						1,429,370
Computers(e)(f) – 0.7%
Austin BidCo, Inc. (CCC+/NR)
	79,000		7.125		12/15/28	80,679
Booz Allen Hamilton, Inc. (BB-/Ba2)
	453,000		3.875		09/01/28	462,060
	87,000		4.000		07/01/29	88,740
Science Applications International Corp. (BB-/B1)
	275,000		4.875		04/01/28	288,062
						919,541
Distribution & Wholesale(e)(f) – 0.7%
American Builders & Contractors Supply Co., Inc. (B+/B1)
	310,000		3.875		11/15/29	306,900

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Distribution & Wholesale(e)(f) – (continued)
BCPE Empire Holdings, Inc. (CCC/Caa2)
$	396,000		7.625	%	05/01/27	$       401,940
Core & Main LP (CCC+/Caa1)
	179,000		6.125		08/15/25	182,356
						891,196
Diversified Financial Services(f) – 2.7%
Compass Group Diversified Holdings LLC (B+/B)(e)
	283,000		5.250		04/15/29	293,966
Global Aircraft Leasing Co. Ltd. (NR/B1)(e)(g)(PIK 7.250%, Cash 6.500%)
	201,877		6.500		09/15/24	202,886
Global Infrastructure Solutions, Inc. (BB-/B1)(e)
	305,000		5.625		06/01/29	316,437
LD Holdings Group LLC (B+/B2)(e)
	205,000		6.500		11/01/25	209,100
	210,000		6.125		04/01/28	208,688
LGI Homes, Inc. (BB-/Ba2)(e)
	220,000		4.000		07/15/29	221,100
Nationstar Mortgage Holdings, Inc. (B/B2)(e)
	240,000		5.500		08/15/28	241,060
	87,000		5.125		12/15/30	86,674
Navient Corp. (B+/Ba3)
	444,000		4.875		03/15/28	446,220
NFP Corp. (CCC+/Caa2)(e)
	453,000		6.875		08/15/28	477,349
OneMain Finance Corp. (BB-/Ba3)
	264,000		8.875		06/01/25	291,720
United Wholesale Mortgage LLC (NR/Ba3)(e)
	265,000		5.500		04/15/29	264,338
United Wholesale Mortgage LLC (NR/Ba3)(e)
	250,000		5.500		11/15/25	258,125
						3,517,663
Diversified Manufacturing(e)(f) – 0.2%
BWX Technologies, Inc. (BB/Ba3)
	324,000		4.125		04/15/29	329,670
Electrical(e)(f) – 0.9%
Clearway Energy Operating LLC (BB/Ba2)
	246,000		4.750		03/15/28	257,685

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Electrical(e)(f) – (continued)
NRG Energy, Inc. (BB+/Ba2)
$	102,000		3.375	%	02/15/29	$         99,833
	271,000		3.625		02/15/31	266,257
Pike Corp. (CCC+/B3)
	510,000		5.500		09/01/28	530,400
						1,154,175
Electrical Components & Equipment(e)(f) – 0.4%
Energizer Holdings, Inc. (B+/B2)
	310,000		4.375		03/31/29	308,450
Wesco Distribution, Inc. (BB-/B1)
	204,000		7.125		06/15/25	220,065
						528,515
Electronics(e)(f) – 0.2%
Atkore, Inc. (BB-/Ba3)
	110,000		4.250		06/01/31	111,100
TTM Technologies, Inc. (BB-/Ba3)
	99,000		4.000		03/01/29	99,000
						210,100
Engineering & Construction(f) – 0.4%
AECOM (BB-/Ba3)
	446,000		5.125		03/15/27	495,618
Entertainment(e)(f) – 0.2%
Boyne USA, Inc. (B/B1)
	140,000		4.750		05/15/29	144,725
Caesars Resort Collection LLC/CRC Finco, Inc. (CCC+/Caa1)
	82,000		5.250		10/15/25	82,820
						227,545
Environmental(e)(f) – 0.3%
Madison IAQ LLC (CCC+/Caa1)
	53,000		5.875		06/30/29	53,928
Stericycle, Inc. (BB-/NR)
	284,000		3.875		01/15/29	283,645
						337,573
Food & Drug Retailing(e)(f) – 1.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC (BB/Ba3)
	401,000		4.625		01/15/27	419,045
	403,000		3.500		03/15/29	397,459

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Food & Drug Retailing(e)(f) – (continued)
United Natural Foods, Inc. (CCC+/B3)
$	284,000		6.750	%	10/15/28	$       305,300
US Foods, Inc. (B+/Caa1)
	365,000		4.750		02/15/29	370,931
						1,492,735
Forest Products&Paper(e)(f) – 0.2%
Clearwater Paper Corp. (BB-/Ba3)
	285,000		4.750		08/15/28	284,644
Gaming(e) – 0.5%
Boyd Gaming Corp. (B/Caa1)(f)
	250,000		8.625		06/01/25	275,000
	275,000		4.750		06/15/31	284,969
Everi Holdings, Inc. (B/B3)
	60,000		5.000		07/15/29	60,000
						619,969
Healthcare Providers & Services(f) – 1.4%
Catalent Pharma Solutions, Inc. (BB-/B1)(e)
	85,000		3.125		02/15/29	82,237
Centene Corp. (BBB-/Ba1)
	424,000		4.250		12/15/27	447,290
DaVita, Inc. (B+/Ba3)(e)
	405,000		3.750		02/15/31	388,294
Encompass Health Corp. (B+/B1)
	360,000		4.500		02/01/28	372,600
HCA, Inc. (BB-/Baa3)
	399,000		3.500		09/01/30	423,439
Surgery Center Holdings, Inc. (CCC/Caa2)(e)
	86,000		6.750		07/01/25	87,505
						1,801,365
Home Builders(f) – 0.8%
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (B+/B2)(e)
	372,000		4.875		02/15/30	367,350
Mattamy Group Corp. (BB/B1)(e)
	298,000		4.625		03/01/30	303,587
Tri Pointe Homes, Inc. (BB-/Ba2)
	308,000		5.250		06/01/27	334,565

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Home Builders(f) – (continued)
Tri Pointe Homes, Inc. (BB-/Ba2)
$	68,000		5.700	%	06/15/28	$         75,055
						1,080,557
Household Products(e)(f) – 0.5%
Spectrum Brands, Inc. (B/B2)
	637,000		3.875		03/15/31	619,482
Insurance(e)(f) – 0.0%
AssuredPartners, Inc. (CCC+/Caa2)
	55,000		5.625		01/15/29	55,069
Internet(e)(f) – 4.1%
Arches Buyer, Inc. (CCC+/Caa1)
	45,000		6.125		12/01/28	46,519
Endure Digital, Inc. (CCC+/Caa2)
	201,000		6.000		02/15/29	198,990
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3)
	499,000		3.500		03/01/29	495,257
GrubHub Holdings, Inc. (BB-/B1)
	1,265,000		5.500		07/01/27	1,331,412
Match Group Holdings II LLC (BB/Ba3)
	241,000		5.000		12/15/27	252,749
	492,000		4.625		06/01/28	509,220
	248,000		5.625		02/15/29	268,150
	653,000		4.125		08/01/30	662,795
Netflix, Inc. (BB+/Ba1)
	204,000		3.625		06/15/25	219,300
Twitter, Inc. (BB+/Ba2)
	277,000		3.875		12/15/27	294,312
Uber Technologies, Inc. (B-/B3)
	625,000		7.500		05/15/25	674,219
	270,000		6.250		01/15/28	289,913
						5,242,836
Iron/Steel(e)(f) – 0.2%
Cleveland-Cliffs, Inc. (NR/Ba3)
	295,000		4.625		03/01/29	309,750
Leisure Time – 1.4%
Carnival Corp. (B+/B2)(e)(f)
	245,000		7.625		03/01/26	266,131
	180,000		5.750		03/01/27	189,900

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date	Value
Unsecured Debt Obligations – (continued)
Leisure Time – (continued)
MajorDrive Holdings IV LLC (CCC+/Caa2)(e)(f)
$	183,000	6.375%	06/01/29	$   181,628
NCL Corp Ltd. (B-/Caa1)(e)(f)
	135,000	3.625	12/15/24	130,275
NCL Corp., Ltd. (B-/Caa1)(e)(f)
	33,000	5.875	03/15/26	34,568
NCL Finance Ltd. (B-/Caa1)(e)(f)
	217,000	6.125	03/15/28	227,307
Royal Caribbean Cruises Ltd. (NR/NR)(e)(f)
	300,000	4.250	07/01/26	299,625
Royal Caribbean Cruises Ltd. (B/B2)
	100,000	5.250	11/15/22	103,250
	305,000	5.500(e)(f)	04/01/28	317,962
				1,750,646
Lodging(e)(f) – 0.6%
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc (B-/B2)
	285,000	5.000	06/01/29	290,344
	403,000	4.875	07/01/31	399,977
Marriott Ownership Resorts, Inc. (B-/B1)
	55,000	4.500	06/15/29	55,688
				746,009
Machinery-Diversified(e)(f) – 0.5%
Mueller Water Products, Inc. (BB/Ba1)
	134,000	4.000	06/15/29	137,350
Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC/Caa2)
	450,000	7.750	04/15/26	466,313
				603,663
Media – 7.3%
Cable One, Inc. (BB-/B2)(e)(f)
	533,000	4.000	11/15/30	534,332
CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)(e)(f)
	1,330,000	4.750	03/01/30	1,403,150
	700,000	4.500	08/15/30	729,750
	425,000	4.250	02/01/31	432,969

Principal Amount		Interest Rate	Maturity Date	Value
Unsecured Debt Obligations – (continued)
Media – (continued)
CSC Holdings LLC (B+/B3)(e)(f)
$	1,141,000	5.750%	01/15/30	$1,189,492
	682,000	4.625	12/01/30	668,360
DISH DBS Corp. (B-/B2)
	450,000	7.375(f)	07/01/28	482,625
	315,000	5.125(e)	06/01/29	310,669
GCI LLC (B-/B3)(e)(f)
	387,000	4.750	10/15/28	395,708
Gray Television, Inc. (B+/B3)(e)(f)
	312,000	4.750	10/15/30	310,050
Nexstar Broadcasting, Inc. (B+/B2)(e)(f)
	404,000	4.750	11/01/28	415,110
Sinclair Television Group, Inc. (B-/B2)(e)(f)
	300,000	5.875	03/15/26	308,625
Sirius XM Radio, Inc. (BB/Ba3)(e)(f)
	180,000	4.000	07/15/28	185,400
	238,000	5.500	07/01/29	258,825
	416,000	4.125	07/01/30	421,200
TEGNA, Inc. (BB/Ba3)(f)
	79,000	4.750(e)	03/15/26	84,135
	1,030,000	5.000	09/15/29	1,075,062
Ziggo Bond Co. B.V. (B-/B3)(e)(f)
	200,000	5.125	02/28/30	205,500
				9,410,962
Mining(e)(f) – 0.3%
Alcoa Nederland Holding B.V. (BB+/Ba1)
	350,000	5.500	12/15/27	378,875
Miscellaneous Manufacturing(f) – 0.2%
Hillenbrand, Inc. (BB+/Ba1)
	236,000	3.750	03/01/31	233,640
Oil Field Services(f) – 5.3%
Archrock Partners LP/Archrock Partners Finance Corp. (B+/B2)(e)
	502,000	6.250	04/01/28	523,335
California Resources Corp. (B+/B2)(e)
	325,000	7.125	02/01/26	341,250
CNX Resources Corp. (BB-/B1)(e)
	417,000	7.250	03/14/27	447,232
	170,000	6.000	01/15/29	183,600

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Oil Field Services(f) – (continued)
CrownRock LP/CrownRock Finance, Inc. (BB-/B2)(e)
$	821,000		5.625	%	10/15/25	$     849,735
CrownRock LP/CrownRock Finance, Inc. (BB-/B2)(e)
	180,000		5.000		05/01/29	188,100
Devon Energy Corp. (BBB-/Ba1)(e)
	99,000		5.250		10/15/27	106,425
	257,000		5.875		06/15/28	285,617
	212,000		4.500		01/15/30	233,264
EQT Corp. (BB/Ba2)(e)
	250,000		3.625		05/15/31	261,250
Indigo Natural Resources LLC (BB-/B2)(e)
	290,000		5.375		02/01/29	303,050
MEG Energy Corp. (BB-/B3)(e)
	155,000		5.875		02/01/29	162,363
Nabors Industries, Ltd. (CCC-/Caa1)(e)
	895,000		7.500		01/15/28	856,962
Occidental Petroleum Corp. (BB-/Ba2)
	290,000		8.000		07/15/25	346,188
	215,000		5.500		12/01/25	236,769
	375,000		6.625		09/01/30	449,062
TechnipFMC PLC (BB+/Ba1)(e)
	445,000		6.500		02/01/26	480,600
Transocean, Inc. (CCC/Caa3)(e)
	575,000		11.500		01/30/27	612,375
						6,867,177
Packaging(e)(f) – 1.0%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B-/Caa1)
	702,000		5.250		08/15/27	716,040
Trident TPI Holdings, Inc. (CCC+/Caa2)
	526,000		9.250		08/01/24	553,615
						1,269,655
Pharmaceuticals – 1.2%
AdaptHealth LLC (B+/B1)(e)(f)
	165,000		6.125		08/01/28	175,313
	75,000		4.625		08/01/29	75,750
HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)(e)(f)
	316,000		4.875		06/01/29	318,370

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Pharmaceuticals – (continued)
Organon & Co./Organon Foreign Debt Co.-Issuer BV (BB-/B1)(e)(f)
$	200,000		5.125	%	04/30/31	$     206,000
Prestige Brands, Inc. (B+/B2)(e)(f)
	191,000		5.125		01/15/28	201,505
	215,000		3.750		04/01/31	207,206
Teva Pharmaceutical Finance Netherlands III B.V. (BB-/Ba2)
	312,000		2.800		07/21/23	310,050
						1,494,194
Pipelines(f) – 2.4%
Cheniere Energy Partners LP (BB/Ba2)
	669,000		4.500		10/01/29	717,502
DT Midstream, Inc. (BB+/Ba2)(e)
	445,000		4.375		06/15/31	452,787
Global Partners LP/GLP Finance Corp. (B+/B2)
	245,000		6.875		01/15/29	262,763
ITT Holdings LLC (B/B2)(e)
	95,000		6.500		08/01/29	96,781
NuStar Logistics LP (BB-/Ba3)
	240,000		5.750		10/01/25	260,400
	375,000		6.000		06/01/26	406,875
Rattler Midstream LP (BBB-/Ba3)(e)
	330,000		5.625		07/15/25	346,754
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1)(e)
	220,000		6.000		12/31/30	228,800
Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB/Ba2)(e)
	295,000		4.875		02/01/31	319,338
						3,092,000
Real Estate(e)(f) – 0.3%
The Howard Hughes Corp. (BB-/Ba3)
	229,000		4.125		02/01/29	229,000
	229,000		4.375		02/01/31	227,855
						456,855
Real Estate Investment Trust(f) – 0.5%
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. (BB-/B1)(e)
	189,000		4.625		06/15/25	202,466
SBA Communications Corp. (BB-/B1)(e)
	174,000		3.125		02/01/29	167,693

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Real Estate Investment Trust(f) – (continued)
Service Properties Trust (BB/Ba1)
$	73,000		7.500	%	09/15/25	$         82,462
VICI Properties LP/VICI Note Co., Inc. (BB/Ba3)(e)
	94,000		3.500		02/15/25	95,998
	80,000		3.750		02/15/27	81,700
						630,319
Retailing(f) – 2.3%
Asbury Automotive Group, Inc. (BB/B1)
	185,000		4.500		03/01/28	190,319
	230,000		4.750		03/01/30	239,775
Carvana Co. (CCC+/Caa2)(e)
	100,000		5.500		04/15/27	103,250
	290,000		5.875		10/01/28	303,412
Foundation Building Materials, Inc. (CCC+/Caa1)(e)
	65,000		6.000		03/01/29	64,188
Group 1 Automotive, Inc. (BB+/Ba2)(e)
	225,000		4.000		08/15/28	228,375
Ken Garff Automotive LLC (B/B1)(e)
	305,000		4.875		09/15/28	311,100
LCM Investments Holdings II LLC (BB-/B2)(e)
	435,000		4.875		05/01/29	445,875
Lithia Motors, Inc. (BB+/Ba2)(e)
	175,000		3.875		06/01/29	181,125
	345,000		4.375		01/15/31	368,719
Murphy Oil USA, Inc. (BB+/Ba2)(e)
	60,000		3.750		02/15/31	59,325
Park River Holdings, Inc. (CCC/Caa1)(e)
	115,000		5.625		02/01/29	111,550
Yum! Brands, Inc. (BB-/Ba3)
	349,000		3.625		03/15/31	347,691
						2,954,704
Semiconductors(e)(f) – 0.2%
Qorvo, Inc. (BBB-/Ba1)
	210,000		3.375		04/01/31	218,138
Software(e)(f) – 1.2%
Castle US Holding Corp. (CCC/Caa2)
	64,000		9.500		02/15/28	66,880

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Software(e)(f) – (continued)
Clarivate Science Holdings Corp. (CCC+/Caa1)
$	256,000		4.875	%	06/30/29	$       262,720
Fair Isaac Corp. (BB+/Ba2)
	343,000		4.000		06/15/28	353,290
Open Text Corp. (BB/Ba2)
	255,000		3.875		02/15/28	257,869
Playtika Holding Corp. (B/B2)
	243,000		4.250		03/15/29	242,392
ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B-/B3)
	430,000		3.875		02/01/29	426,775
						1,609,926
Technology(e) – 0.1%
Elastic NV (B+/B1)
	135,000		4.125		07/15/29	135,000
Telecommunication Services(e)(f) – 1.3%
Level 3 Financing, Inc. (BB/Ba3)
	375,000		4.250		07/01/28	379,219
	246,000		3.750		07/15/29	238,620
QualityTech LP/QTS Finance Corp. (BB+/Ba3)
	230,000		3.875		10/01/28	246,100
ViaSat, Inc. (B/Caa1)
	824,000		5.625		09/15/25	839,450
						1,703,389
Transportation(e)(f) – 0.3%
Cargo Aircraft Management, Inc. (BB/Ba3)
	342,000		4.750		02/01/28	349,268
TOTAL UNSECURED DEBT OBLIGATIONS (Cost $64,148,778)						$  66,566,388
Shares		Description				Value
Common Stocks* – 0.6%
Oil, Gas & Consumable Fuels – 0.6%
	1,141,924		Prairie Provident Resources, Inc.			$         69,090
	26,824		Noble Corp.			663,357
TOTAL COMMON STOCKS (Cost $3,269,329)						$       732,447

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

	Shares		Dividend Rate			Value
Investment Company(h) – 5.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
$		6,506,608		0.026	%	$    6,506,608
(Cost $6,506,608)
TOTAL INVESTMENTS — 96.3% (Cost $123,587,225)						$123,950,154
OTHER ASSETS IN EXCESS OF     LIABILITIES — 3.7%						4,706,916
NET ASSETS — 100.0%						$128,657,070

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2021.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(d)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(g)	Pay-in-kind securities.
(h)	Represents an affiliated issuer.
Security ratings disclosed, if any, are obtained from Standard & Poor’s/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
CP	— Commercial Paper
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
WR	— Withdrawn Rating

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At June 30, 2021, 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)
DG Investment Intermediate Holdings 2, Inc. (NR/NR), due 03/31/28	$	9,351	$	9,378	$	27
TricorBraun Holdings, Inc. (NR/NR), due 03/03/28		62,127		61,670		(489	)
TOTAL	$	71,478	$	71,048	$	(462	)

SWAP CONTRACTS — At June 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

Payments Made by the Fund(a)	Payments Received by Fund(b)	Termination Date	Notional Amount (000s)(c)	Market Value		Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
0.750%	3M LIBOR	09/15/28	$3,510	$	121,105	$	123,384	$	(2,279	)

(a) Payments made quarterly.

(b) Payments made semi-annually.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2021.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at June 30, 2021(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX.NA.HY Index 36	(5.000)%		2.745%		06/20/26	$	25,000	$	(2,584,722	)	$	(2,107,914	)	$	(476,808	)

(a) Payments made quarterly.

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

Abbreviation:

CDX.NA.HY Index 36 — CDX North America High Yield Index 36

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – 3.2%
Advertising(b) – 0.1%
Terrier Media Buyer, Inc. (1M LIBOR + 3.500%)
$	492,525		3.604	%	12/17/26	$       489,787
Aerospace & Defense(b) – 0.3%
ADS Tactical, Inc. (3M LIBOR + 5.750%)
	2,370,000		6.750		03/19/26	2,375,925
Building Materials(b) – 0.2%
CPG International, Inc. (3M LIBOR + 2.500%)
	1,580,669		3.250		05/05/24	1,578,409
Chemicals(b) – 0.4%
Momentive Performance Materials, Inc. (1M LIBOR + 3.250%)
	2,293,200		3.360		05/15/24	2,276,964
Starfruit Finco B.V. (1M LIBOR + 2.750%)
	1,613,851		2.843		10/01/25	1,600,746
						3,877,710
Consumer Cyclical Services(c) – 0.1%
The Hertz Corp.
	1,051,780		0.000		06/14/28	1,050,465
	198,220		0.000		06/14/28	197,973
						1,248,438
Food & Drug Retailing(b) – 0.1%
B&G Foods, Inc. (1M LIBOR + 2.500%)
	454,208		2.604		10/10/26	453,886
Health Care - Services(b) – 0.2%
MPH Acquisition Holdings LLC (3M LIBOR + 2.750%)
	1,707,847		3.750		06/07/23	1,702,809
Healthcare Providers & Services(b) – 0.1%
Sotera Health Holdings LLC (3M LIBOR + 2.750%)
	850,000		3.250		12/11/26	846,107
Insurance(b) – 0.3%
Asurion LLC (1M LIBOR + 3.250%)
	2,667,821		3.354		12/23/26	2,636,154
Media - Cable(b) – 0.2%
CSC Holdings LLC (1M LIBOR + 2.250%)
	1,954,198		2.323		07/17/25	1,924,885

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans (a) – (continued)
Media - Non Cable(b) – 0.1%
Getty Images, Inc. (1M LIBOR + 4.500%)
$	916,202		4.625	%	02/19/26	$       914,296
Real Estate Investment Trust(b) – 0.2%
Brookfield Property REIT, Inc. (1M LIBOR + 3.000%)
	1,971,547		3.104		08/28/23	1,949,860
Restaurants(b) – 0.1%
IRB Holding Corp. (3M LIBOR + 2.750%)
	1,346,521		3.750		02/05/25	1,343,289
Services Cyclical - Business Services(b) – 0.2%
Travelport Finance (Luxembourg) S.a.r.l. (3M LIBOR + 1.500%)
	1,858,277		3.500		02/28/25	1,946,879
Technology - Software/Services(b) – 0.5%
Camelot U.S. Acquisition 1 Co. (1M LIBOR + 3.000%)
	2,867,722		3.104		10/30/26	2,853,383
Grab Holdings, Inc. (6M LIBOR + 4.500%)
	798,000		5.500		01/29/26	809,308
The Ultimate Software Group, Inc. (1M LIBOR + 3.750%)
	908,813		3.854		05/04/26	908,903
						4,571,594
Telecommunication Services(b) – 0.1%
Intelsat Jackson Holdings SA (3M LIBOR + 5.500%)
	551,166		5.618		07/13/22	554,269
TOTAL BANK LOANS (Cost $28,196,670)						$     28,414,297
Corporate Obligations – 28.0%
Advertising(d)(e) – 0.2%
Outfront Media Capital LLC/Outfront Media Capital Corp.
$	665,000		5.000	%	08/15/27	$          689,937
Terrier Media Buyer, Inc.
	800,000		8.875		12/15/27	864,000
						1,553,937
Aerospace & Defense(e) – 0.5%
The Boeing Co.
	2,200,000		5.150		05/01/30	2,607,110
TransDigm, Inc.
	1,250,000		5.500		11/15/27	1,304,687

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Aerospace & Defense(e) – (continued)
Triumph Group, Inc.
$	450,000		7.750	%	08/15/25	$       462,375
						4,374,172
Automotive – 0.6%
Clarios Global LP/Clarios US Finance Co.(d)(e)
	1,570,000		8.500		05/15/27	1,711,300
Dana, Inc.(e)
	515,000		5.375		11/15/27	547,188
Ford Motor Co.(e)
	1,666,000		9.000		04/22/25	2,052,938
Ford Motor Credit Co. LLC
	542,000		3.813		10/12/21	546,063
Navistar International Corp.(d)(e)
	460,000		6.625		11/01/25	475,240
						5,332,729
Banks – 1.6%
ABN AMRO Bank NV(b)(e)(-1x 5 Year EUR Swap + 4.674%)
EUR	800,000		4.375		12/31/99	1,027,078
AIB Group PLC(b)(e)(-1x 5 Year EUR Swap + 6.629%)
	725,000		6.250		12/31/99	976,799
Banco do Brasil SA(b)(e)(10 Year CMT + 4.398%)
$	1,550,000		6.250		10/29/49	1,586,425
Banco Santander SA(b)(e)(-1x 5 Year EUR Swap + 4.534%)
EUR	800,000		4.375		12/31/99	979,430
CaixaBank SA(b)(e)(-1X 5 year EUR Swap + 6.346%)
	600,000		5.875		12/31/99	814,610
CIT Bank NA(b)(e)(SOFR + 1.715%)
$	1,850,000		2.969		09/27/25	1,942,167
Commerzbank AG(b)(e)(-1x 5 Year EUR Swap + 6.363%)
EUR	600,000		6.125		03/31/99	784,374
Credit Suisse Group AG(b)(d)(e)(5 Year CMT + 4.889%)
$	1,625,000		5.250		12/31/99	1,718,437
Erste Group Bank AG(b)(e)(5 Year EUR Swap + 6.204%)
EUR	800,000		6.500		12/31/99	1,063,618
Intesa Sanpaolo SpA(b)(e)(5 Year EUR Swap + 7.192%)
	650,000		7.750		12/29/49	942,227
Itau Unibanco Holding SA/Cayman Island(b)(e)(5 year CMT + 3.446%)
$	330,000		3.875		04/15/31	327,009
QNB Finance Ltd.
	230,000		3.500		03/28/24	245,281

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Societe Generale SA(b)(e)(5 Year USD Swap + 3.929%)
$	450,000		6.750	%	12/31/99	$       509,062
Turkiye Vakiflar Bankasi TAO
200,000			8.125		03/28/24	216,725
270,000			5.250	(d)	02/05/25	267,773
530,000			6.500	(d)	01/08/26	541,262
						13,942,277
Building Materials(e) – 0.3%
Cemex SAB de CV(d)
200,000			7.375		06/05/27	225,010
350,000			5.200		09/17/30	383,547
Griffon Corp.
	527,000		5.750		03/01/28	559,279
Summit Materials LLC/Summit Materials Finance Corp.(d)
520,000			6.500		03/15/27	548,600
738,000			5.250		01/15/29	780,435
						2,496,871
Chemicals – 1.0%
Ingevity Corp.(d)(e)
	1,025,000		3.875		11/01/28	1,019,875
Nouryon Holding B.V.(d)(e)
	1,330,000		8.000		10/01/26	1,404,812
OCI NV(d)(e)
	877,000		5.250		11/01/24	903,310
OCP SA(d)(e)
400,000			3.750		06/23/31	404,500
430,000			5.125		06/23/51	436,450
Sasol Financing International Ltd.
	4,008,000		4.500		11/14/22	4,108,200
The Chemours Co.(e)
490,000			7.000		05/15/25	505,925
550,000			5.375		05/15/27	596,063
						9,379,135
Commercial Services – 1.4%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(d)(e)
1,500,000			6.625		07/15/26	1,590,000
1,345,000			9.750		07/15/27	1,479,500

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Commercial Services – (continued)
DP World Crescent Ltd.
$	200,000		4.848	%	09/26/28	$       229,750
200,000			3.875		07/18/29	216,750
DP World PLC
	200,000		5.625		09/25/48	249,663
Herc Holdings, Inc.(d)(e)
	2,330,000		5.500		07/15/27	2,452,325
Prime Security Services Borrower LLC/Prime Finance, Inc.(d)(e)
	1,210,000		6.250		01/15/28	1,285,625
Sabre GLBL, Inc.(d)(e)
	1,062,000		9.250		04/15/25	1,258,470
The Nielsen Co. Luxembourg S.a.r.l.(d)(e)
	1,485,000		5.000		02/01/25	1,525,837
United Rentals North America, Inc.(e)
	1,070,000		3.875		02/15/31	1,088,725
Verscend Escrow Corp.(d)(e)
	970,000		9.750		08/15/26	1,022,137
						12,398,782
Computers(e) – 0.9%
Booz Allen Hamilton, Inc.(d)
	1,355,000		3.875		09/01/28	1,382,100
Dell International LLC/EMC Corp.
	5,625,000		6.020		06/15/26	6,746,344
						8,128,444
Distribution & Wholesale(d)(e) – 0.7%
Core & Main Holdings LP(f)(PIK 9.375%, Cash 8.625%)
	1,900,000		8.625		09/15/24	1,940,375
Core & Main LP
	912,000		6.125		08/15/25	929,100
Performance Food Group, Inc.
358,000			6.875		05/01/25	381,718
1,900,000			5.500		10/15/27	1,999,750
Univar Solutions USA, Inc.
	550,000		5.125		12/01/27	578,187
Wolverine Escrow LLC
455,000			8.500		11/15/24	441,350
455,000			9.000		11/15/26	442,487
						6,712,967

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – 1.8%
AerCap Holdings NV(b)(e) (5 Year CMT + 4.535%)
$	985,000		5.875	%	10/10/79	$       1,025,631
Air Lease Corp.(e)
	1,625,000		2.875		01/15/26	1,709,094
Aviation Capital Group LLC(d)(e)
	700,000		1.950		01/30/26	699,986
Avolon Holdings Funding Ltd.(d)(e)
725,000			4.250		04/15/26	786,125
1,500,000			3.250		02/15/27	1,547,820
Global Aircraft Leasing Co. Ltd.(d)(e)(f) (PIK 7.250%, Cash 6.500%)
	3,409,358		6.500		09/15/24	3,426,405
Huarong Finance 2017 Co. Ltd.
	250,000		4.250		11/07/27	173,750
Huarong Finance 2019 Co. Ltd.(e)
220,000			3.875		11/13/29	149,600
250,000			3.375		02/24/30	171,250
Huarong Finance II Co. Ltd.
	200,000		4.625		06/03/26	140,000
Icahn Enterprises LP/Icahn Enterprises Finance Corp.(e)
	1,475,000		4.750		09/15/24	1,539,531
Navient Corp.
400,000			6.750		06/25/25	442,500
2,680,000			5.625		08/01/33	2,579,500
OneMain Finance Corp.(e)
	228,000		5.375		11/15/29	247,380
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.(d)(e)
	1,324,000		3.875		03/01/31	1,325,536
						15,964,108
Electrical(d)(e) – 0.4%
Calpine Corp.
235,000			4.500		02/15/28	239,700
1,915,000			4.625		02/01/29	1,876,700
Talen Energy Supply LLC
	1,125,000		6.625		01/15/28	1,029,375
						3,145,775

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date	Value
Corporate Obligations – (continued)
Energy-Alternate Sources(d)(e) – 0.0%
Greenko Dutch B.V.
$	200,000	3.850%	03/29/26	$       205,000
Engineering & Construction(e) – 0.5%
KBR, Inc.(d)
	1,257,000	4.750	09/30/28	1,257,000
Mexico City Airport Trust
200,000		4.250	10/31/26	216,225
320,000		4.250(d)	10/31/26	345,960
310,000		3.875(d)	04/30/28	325,655
200,000		5.500(d)	10/31/46	201,538
1,675,000		5.500	07/31/47	1,689,656
270,000		5.500(d)	07/31/47	272,362
				4,308,396
Entertainment(d)(e) – 0.4%
Cedar Fair LP/Canada’s Wonderland Co/Magnum Management Corp./Millennium Op
	703,000	5.500	05/01/25	734,635
Live Nation Entertainment, Inc.
	1,400,000	6.500	05/15/27	1,554,000
Motion Bondco DAC
	1,010,000	6.625	11/15/27	1,027,675
				3,316,310
Environmental(d)(e) – 0.3%
Waste Pro USA, Inc.
	2,825,000	5.500	02/15/26	2,909,750
Food & Drug Retailing(e) – 1.0%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC(d)
	500,000	7.500	03/15/26	547,500
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(d)
875,000		4.625	01/15/27	914,375
577,000		4.875	02/15/30	610,177
B&G Foods, Inc.
2,005,000		5.250	04/01/25	2,060,137
475,000		5.250	09/15/27	498,750

Principal Amount		Interest Rate	Maturity Date	Value
Corporate Obligations – (continued)
Food & Drug Retailing(e) – (continued)
BRF SA
$	800,000	4.875%	01/24/30	$       837,400
Kraft Heinz Foods Co.
734,000		4.375	06/01/46	827,434
1,300,000		4.875	10/01/49	1,569,064
Lamb Weston Holdings, Inc.(d)
	1,195,000	4.875	05/15/28	1,321,969
				9,186,806
Forest Products&Paper(e) – 0.1%
Mercer International, Inc.
	1,040,000	5.500	01/15/26	1,068,600
Gaming(d)(e) – 0.2%
Station Casinos LLC
	2,153,000	4.500	02/15/28	2,185,295
Healthcare Providers & Services(e) – 0.9%
Centene Corp.
	850,000	3.375	02/15/30	888,360
DaVita, Inc.(d)
	2,425,000	3.750	02/15/31	2,324,969
Encompass Health Corp.
	1,100,000	4.500	02/01/28	1,138,500
Envision Healthcare Corp.(d)
	1,175,000	8.750	10/15/26	822,500
Select Medical Corp.(d)
	1,200,000	6.250	08/15/26	1,272,000
Tenet Healthcare Corp.(d)
	1,568,000	6.125	10/01/28	1,666,000
				8,112,329
Insurance(d)(e) – 0.7%
Acrisure LLC/Acrisure Finance, Inc.
	2,555,000	7.000	11/15/25	2,606,100
GTCR AP Finance, Inc.
	1,375,000	8.000	05/15/27	1,471,250
HUB International Ltd.
	208,000	7.000	05/01/26	215,280
USI, Inc.
	2,250,000	6.875	05/01/25	2,289,375
				6,582,005

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet – 1.3%
GrubHub Holdings, Inc.(d)(e)
$	2,530,000		5.500	%	07/01/27	$    2,662,825
iQIYI, Inc.
	390,000		3.750		12/01/23	389,610
Match Group Holdings II LLC(d)(e)
	2,597,000		4.625		06/01/28	2,687,895
Netflix, Inc.
	2,820,000		5.500		02/15/22	2,897,550
Prosus NV(d)(e)
	850,000		3.680		01/21/30	908,437
	600,000		4.027		08/03/50	573,000
Tencent Holdings Ltd.(e)
	200,000		3.595		01/19/28	218,018
Twitter, Inc.(d)(e)
	920,000		3.875		12/15/27	977,500
Uber Technologies, Inc.(d)(e)
	430,000		8.000		11/01/26	463,325
						11,778,160
Iron/Steel(e) – 0.1%
Cleveland-Cliffs, Inc.
	585,000		5.875		06/01/27	620,100
Lodging(e) – 0.4%
Fortune Star BVI Ltd.
	200,000		5.950		10/19/25	210,225
Hilton Domestic Operating Co., Inc.
	110,000		5.375	(d)	05/01/25	115,775
	2,897,000		4.875		01/15/30	3,096,169
						3,422,169
Machinery - Construction & Mining(d)(e) – 0.1%
The Manitowoc Co., Inc.
	565,000		9.000		04/01/26	611,613
Machinery-Diversified(d)(e) – 0.1%
Titan Acquisition Ltd./Titan Co-Borrower LLC
	1,120,000		7.750		04/15/26	1,160,600
Media – 2.6%
Altice Financing SA(d)(e)
	1,535,000		7.500		05/15/26	1,598,319

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
CCO Holdings LLC/CCO Holdings Capital Corp.(d)(e)
$	2,395,000		4.250	%	02/01/31	$    2,439,906
CSC Holdings LLC(d)(e)
	1,000,000		5.750		01/15/30	1,042,500
	1,320,000		3.375		02/15/31	1,244,100
Cumulus Media New Holdings, Inc.(d)(e)
	1,278,000		6.750		07/01/26	1,335,510
Diamond Sports Group LLC/Diamond Sports Finance Co.(d)(e)
	875,000		5.375		08/15/26	566,562
	2,340,000		6.625		08/15/27	1,146,600
DISH DBS Corp.
	1,540,000		5.875		07/15/22	1,605,450
	470,000		5.875		11/15/24	503,488
	450,000		7.750		07/01/26	508,500
	1,140,000		7.375	(e)	07/01/28	1,222,650
iHeartCommunications, Inc.(e)
	430,000		8.375		05/01/27	460,638
	1,300,000		5.250	(d)	08/15/27	1,360,125
Nexstar Broadcasting, Inc.(d)(e)
	1,350,000		5.625		07/15/27	1,434,375
Scripps Escrow II, Inc.(d)(e)
	600,000		5.375		01/15/31	597,750
Scripps Escrow, Inc.(d)(e)
	1,555,000		5.875		07/15/27	1,609,425
Sirius XM Radio, Inc.(d)(e)
	1,310,000		4.625		07/15/24	1,339,475
UPC Holding B.V.(d)(e)
	465,000		5.500		01/15/28	486,506
Virgin Media Secured Finance PLC(d)(e)
	2,575,000		5.500		05/15/29	2,768,125
						23,270,004
Mining – 0.6%
Alcoa Nederland Holding B.V.(d)(e)
	1,120,000		5.500		12/15/27	1,212,400
Constellium SE(d)(e)
	485,000		5.625		06/15/28	520,163
First Quantum Minerals Ltd.(d)(e)
	2,121,000		7.250		04/01/23	2,158,117

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mining – (continued)
Novelis Corp.(d)(e)
$	950,000		4.750	%	01/30/30	$       996,312
Vedanta Resources Ltd.
	310,000		7.125		05/31/23	286,905
						5,173,897
Multi-National(d)(e) – 0.2%
The African Export-Import Bank
	950,000		2.634		05/17/26	961,761
	850,000		3.798		05/17/31	875,840
						1,837,601
Oil Field Services – 1.9%
Apache Corp.(e)
	555,000		4.625		11/15/25	597,319
Gazprom PJSC Via Gaz Capital SA(d)
	4,280,000		5.150		02/11/26	4,805,156
Gazprom PJSC Via Gaz Finance PLC(d)
	240,000		3.250		02/25/30	238,920
Lukoil Securities B.V.
	1,290,000		3.875	(d)	05/06/30	1,367,735
	480,000		3.875		05/06/30	507,000
MEG Energy Corp.(d)(e)
	490,000		7.125		02/01/27	521,850
Nabors Industries Ltd.(d)(e)
	520,000		7.250		01/15/26	509,600
Nabors Industries, Inc.
	62,000		4.625		09/15/21	62,000
Occidental Petroleum Corp.(e)
	1,410,000		8.000		07/15/25	1,683,187
	1,100,000		6.625		09/01/30	1,317,250
Petroleos de Venezuela SA(g)
	137,050,000		6.000		10/28/22	4,385,600
USA Compression Partners LP/USA Compression Finance Corp.(e)
	545,000		6.875		04/01/26	570,888
						16,566,505
Packaging(e) – 1.0%
ARD Finance SA(f)
(PIK 5.750%, Cash 5.000%)
EUR	575,000		5.000		06/30/27	699,070

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Packaging(e) – (continued)
(PIK 7.250%, Cash 6.500%)
$	2,400,000		6.500	%(d)	06/30/27	$    2,517,000
Berry Global, Inc.(d)
	889,000		4.500		02/15/26	909,002
Flex Acquisition Co., Inc.(d)
	1,095,000		6.875		01/15/25	1,110,056
	480,000		7.875		07/15/26	499,800
LABL Escrow Issuer LLC(d)
	450,000		6.750		07/15/26	479,813
	465,000		10.500		07/15/27	512,081
Sealed Air Corp.(d)
	500,000		4.000		12/01/27	531,875
Trivium Packaging Finance B.V.(d)
	875,000		5.500		08/15/26	918,750
	645,000		8.500		08/15/27	701,438
						8,878,885
Pharmaceuticals(d)(e) – 0.2%
Bausch Health Cos., Inc.
	1,050,000		5.250		01/30/30	975,188
Par Pharmaceutical, Inc.
	480,000		7.500		04/01/27	490,200
						1,465,388
Pipelines – 1.3%
Buckeye Partners LP(e)
	1,145,000		4.350		10/15/24	1,202,250
	1,962,000		3.950		12/01/26	1,996,335
Cheniere Energy Partners LP(e)
	2,000,000		4.500		10/01/29	2,145,000
Galaxy Pipeline Assets Bidco Ltd.
	240,000		2.625	(d)	03/31/36	235,200
	2,890,000		2.940		09/30/40	2,853,875
	430,000		3.250	(d)	09/30/40	426,641
Genesis Energy LP/Genesis Energy Finance Corp.(e)
	2,620,000		7.750		02/01/28	2,705,150
Global Partners LP/GLP Finance Corp.(e)
	445,000		7.000		08/01/27	469,475
						12,033,926

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate(e) – 0.1%
Country Garden Holdings Co. Ltd.
$	230,000		3.300	%	01/12/31	$       216,459
Sunac China Holdings Ltd.
	240,000		8.350		04/19/23	248,070
Yuzhou Group Holdings Co. Ltd.
	200,000		6.000		10/25/23	175,225
	200,000		7.700		02/20/25	170,600
						810,354
Real Estate Investment Trust(e) – 0.8%
Iron Mountain, Inc.(d)
	2,085,000		5.250		07/15/30	2,204,887
MPT Operating Partnership LP/MPT Finance Corp.
	2,270,000		4.625		08/01/29	2,433,917
Starwood Property Trust, Inc.
	1,550,000		5.000		12/15/21	1,557,750
VICI Properties LP/VICI Note Co., Inc.(d)
	718,000		3.500		02/15/25	733,258
						6,929,812
Retailing(e) – 0.7%
Asbury Automotive Group, Inc.
	123,000		4.500		03/01/28	126,536
CK Hutchison International 20 Ltd.(d)
	200,000		2.500		05/08/30	204,618
CK Hutchison International 21 Ltd.(d)
	230,000		2.500		04/15/31	234,561
eG Global Finance PLC(d)
	1,413,000		6.750		02/07/25	1,446,559
	1,000,000		8.500		10/30/25	1,057,500
Group 1 Automotive, Inc.(d)
	631,000		4.000		08/15/28	640,465
LCM Investments Holdings II LLC(d)
	810,000		4.875		05/01/29	830,250
Penske Automotive Group, Inc.
	1,750,000		3.500		09/01/25	1,809,062
Yum! Brands, Inc.(d)
	72,000		7.750		04/01/25	78,300
						6,427,851

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Semiconductors(d)(e) – 0.0%
TSMC Global Ltd.
$	310,000		2.250	%	04/23/31	$       311,787
Software(d)(e) – 0.4%
Castle US Holding Corp.
	1,085,000		9.500		02/15/28	1,133,825
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
	1,932,000		5.750		03/01/25	1,960,980
The Dun & Bradstreet Corp.
	249,000		10.250		02/15/27	273,277
						3,368,082
Telecommunication Services – 2.5%
Altice France Holding SA(d)(e)
	1,865,000		10.500		05/15/27	2,072,481
Altice France SA(d)(e)
	460,000		5.500		01/15/28	477,250
Digicel International Finance Ltd/Digicel international Holdings Ltd(d)(e)
	1,089,262		8.750		05/25/24	1,135,556
	434,839		8.000		12/31/26	425,599
(PIK 7.000%, Cash 6.000%)
	597,673		13.000	(f)	12/31/25	601,520
Intelsat Jackson Holdings SA(d)(e)
	2,900,000		8.000		02/15/24	2,994,250
Lumen Technologies, Inc.
	1,680,000		5.800		03/15/22	1,724,100
	465,000		5.125	(d)(e)	12/15/26	483,019
SoftBank Group Corp.(e)
	300,000		5.125		09/19/27	316,125
Sprint Capital Corp.
	1,610,000		8.750		03/15/32	2,447,200
T-Mobile USA, Inc.(e)
	7,575,000		3.750		04/15/27	8,371,057
Telecom Italia Capital SA
	950,000		7.200		07/18/36	1,225,500
	315,000		7.721		06/04/38	427,612
						22,701,269
Toys/Games/Hobbies(d)(e) – 0.2%
Mattel, Inc.
	1,310,000		5.875		12/15/27	1,426,263
TOTAL CORPORATE OBLIGATIONS (Cost $282,847,299)						$250,097,954

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 25.3%
Collateralized Mortgage Obligations – 11.3%
Interest Only(h) – 4.0%
FHLMC REMIC Series 3852, Class SW(b) (-1x 1M USD LIBOR + 6.000%)
$	1,677,937		5.927	%	05/15/41	$       248,882
FHLMC REMIC Series 4468, Class SY(b) (-1x 1M USD LIBOR + 6.100%)
	6,475,066		6.027		05/15/45	1,159,160
FHLMC REMIC Series 4989, Class EI
	1,480,673		4.000		07/25/50	226,673
FHLMC REMIC Series 4991, Class IE
	12,130,935		5.000		07/25/50	1,633,214
FHLMC REMIC Series 5002, Class SJ(b) (-1x 1M USD LIBOR + 6.100%)
	10,087,519		6.009		07/25/50	1,837,031
FHLMC REMIC Series 5009, Class DI
	5,892,118		2.000		09/25/50	591,314
FHLMC REMIC Series 5012, Class DI
	2,997,696		4.000		09/25/50	463,404
FHLMC REMIC Series 5020, Class IH
	894,478		3.000		08/25/50	109,264
FHLMC STRIPS Series 304, Class C45
	386,886		3.000		12/15/27	20,484
FNMA REMIC Series 2011-100, Class S(b) (-1x1M USD LIBOR + 6.450%)
	4,287,810		6.359		10/25/41	666,674
FNMA REMIC Series 2012-88, Class SB(b) (-1x 1M USD LIBOR + 6.670%)
	4,220,090		6.579		07/25/42	683,298
FNMA REMIC Series 2017-104, Class SB(b) (-1x1M USD LIBOR + 6.150%)
	1,581,481		6.059		01/25/48	286,757
FNMA REMIC Series 2017-69, Class SG(b) (-1x1M USD LIBOR + 6.150%)
	2,285,208		6.059		09/25/47	435,278
FNMA REMIC Series 2017-86, Class SB(b) (-1x 1M USD LIBOR + 6.150%)
	1,960,772		6.059		11/25/47	362,271
FNMA REMIC Series 2020-60, Class KI
	7,527,129		2.000		09/25/50	755,398

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(h) – (continued)
FNMA REMIC Series 2020-60, Class NI
$	2,783,973		4.000	%	09/25/50	$       430,365
GNMA REMIC Series 2010-35, Class DS(b) (-1x 1M USD LIBOR + 5.680%)
	4,551,344		5.587		03/20/40	760,696
GNMA REMIC Series 2013-103, Class DS(b) (-1x 1M USD LIBOR + 6.150%)
	5,644,810		6.057		07/20/43	1,051,176
GNMA REMIC Series 2013-117, Class PS(b) (-1x1M USD LIBOR + 6.150%)
	7,476,256		6.057		04/20/43	1,079,758
GNMA REMIC Series 2013-152, Class TS(b) (-1x 1M USD LIBOR + 6.100%)
	136,164		6.007		06/20/43	25,760
GNMA REMIC Series 2014-11, Class NI
	3,147,967		4.500		12/16/42	171,956
GNMA REMIC Series 2014-132, Class SL(b) (-1x 1M USD LIBOR + 6.100%)
	8,299,595		6.007		10/20/43	917,340
GNMA REMIC Series 2014-180, Class PI
	4,796,124		4.000		08/20/44	595,771
GNMA REMIC Series 2015-111, Class SM(b) (-1x1M USD LIBOR + 6.200%)
	5,900,208		6.107		08/20/45	1,004,994
GNMA REMIC Series 2015-126, Class LS(b) (-1x1M USD LIBOR + 6.200%)
	3,804,026		6.107		09/20/45	647,947
GNMA REMIC Series 2015-129, Class IC
	1,678,253		4.500		09/16/45	272,922
GNMA REMIC Series 2015-133, Class SA(b)(-1x1M USD LIBOR + 5.700%)
	2,097,710		5.607		09/20/45	340,287
GNMA REMIC Series 2015-133, Class SB(b) (-1x1M USD LIBOR + 5.700%)
	2,843,267		5.607		09/20/45	419,876
GNMA REMIC Series 2015-144, Class QS(b) (-1x 1M USD LIBOR + 5.700%)
	6,824,087		5.607		10/20/45	1,176,677
GNMA REMIC Series 2015-168, Class SD(b) (-1x 1M USD LIBOR + 6.200%)
	11,535,452		6.107		11/20/45	2,213,268
GNMA REMIC Series 2015-95, Class GI
	527,594		4.500		07/16/45	95,797
GNMA REMIC Series 2016-6, Class S(b) (-1x1M USD LIBOR + 5.650%)
	8,412,009		5.557		01/20/46	1,411,385

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(h) – (continued)
GNMA REMIC Series 2017-112, Class SJ(b) (-1x 1M USD LIBOR + 5.660%)
$	1,835,604		5.567	%	07/20/47	$       264,001
GNMA REMIC Series 2018-105, Class SC(b) (-1x 1M USD LIBOR + 6.200%)
	1,493,612		6.107		08/20/48	217,310
GNMA REMIC Series 2018-122, Class HS(b) (-1x 1M USD LIBOR + 6.200%)
	1,311,091		6.107		09/20/48	238,884
GNMA REMIC Series 2018-124, Class SN(b) (-1x 1M USD LIBOR + 6.200%)
	2,520,238		6.107		09/20/48	449,535
GNMA REMIC Series 2018-139, Class SQ(b) (-1x 1M USD LIBOR + 6.150%)
	1,969,472		6.057		10/20/48	271,079
GNMA REMIC Series 2018-147, Class SA(b) (-1x 1M USD LIBOR + 6.200%)
	1,757,677		6.107		10/20/48	291,667
GNMA REMIC Series 2018-67, Class PS(b) (-1x 1M USD LIBOR + 6.200%)
	3,361,965		6.107		05/20/48	514,028
GNMA REMIC Series 2018-7, Class DS(b) (-1x1M USD LIBOR + 5.700%)
	2,031,700		5.607		01/20/48	315,128
GNMA REMIC Series 2018-79, Class SD(b) (-1x 1M USD LIBOR + 6.200%)
	848,797		6.107		06/20/48	133,633
GNMA REMIC Series 2019-1, Class SN(b) (-1x 1M USD LIBOR + 6.050%)
	2,187,103		5.957		01/20/49	317,967
GNMA REMIC Series 2019-151, Class NI
	5,398,313		3.500		10/20/49	478,887
GNMA REMIC Series 2019-4, Class SJ(b) (-1x 1M USD LIBOR + 6.050%)
	3,707,345		5.957		01/20/49	592,826
GNMA REMIC Series 2019-6, Class SA(b) (-1x 1M USD LIBOR + 6.050%)
	736,417		5.957		01/20/49	114,627
GNMA REMIC Series 2019-69, Class S(b) (-1x 1M USD LIBOR + 3.270%)
	1,925,645		3.177		06/20/49	128,236
GNMA REMIC Series 2019-78, Class SE(b) (-1x 1M USD LIBOR + 6.100%)
	1,395,722		6.007		06/20/49	202,665

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(h) – (continued)
GNMA REMIC Series 2019-97, Class SC(b) (-1x 1M USD LIBOR + 6.100%)
$	1,730,634		6.007	%	08/20/49	$       248,690
GNMA REMIC Series 2020-11, Class SN(b) (-1x 1M USD LIBOR + 6.050%)
	1,869,160		5.957		01/20/50	294,418
GNMA REMIC Series 2020-146, Class IM
	1,738,894		2.500		10/20/50	214,629
GNMA REMIC Series 2020-146, Class KI
	13,382,997		2.500		10/20/50	1,348,006
GNMA REMIC Series 2020-151, Class MI
	5,583,069		2.500		10/20/50	676,626
GNMA REMIC Series 2020-173, Class AI
	3,225,709		2.500		11/20/50	221,706
GNMA REMIC Series 2020-21, Class SA(b) (-1x 1M USD LIBOR + 6.050%)
	5,182,867		5.957		02/20/50	858,906
GNMA REMIC Series 2020-51, Class ID
	2,441,097		3.500		04/20/50	251,505
GNMA REMIC Series 2020-55, Class IO
	496,597		3.500		04/20/50	61,656
GNMA REMIC Series 2020-61, Class SF(b) (-1x 1M USD LIBOR + 6.440%)
	7,652,129		6.347		07/20/43	1,468,607
GNMA REMIC Series 2020-7, Class GI
	294,861		4.000		01/20/50	29,563
GNMA REMIC Series 2020-78, Class DI
	10,871,144		4.000		06/20/50	1,300,400
GNMA REMIC Series 2020-78, Class SD(b) (-1x 1M USD LIBOR + 6.150%)
	10,120,254		6.057		06/20/50	1,521,215
GNMA REMIC Series 2020-79, Class AI
	1,002,589		4.000		06/20/50	110,614
						35,232,091
Regular Floater(b) – 0.4%
FHLMC REMIC Series 3231, Class FB(1M USD LIBOR + 0.350%)
	242,094		0.423		10/15/36	243,807
FHLMC REMIC Series 3314, Class FC(1M USD LIBOR + 0.400%)
	138,621		0.473		12/15/36	139,607
FHLMC REMIC Series 3371, Class FA(1M USD LIBOR + 0.600%)
	222,229		0.673		09/15/37	225,552

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater(b) – (continued)
FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
$	111,282		0.923	%	06/15/39	$       113,378
FHLMC REMIC Series 3827, Class KF (1M USD LIBOR + 0.370%)
	349,078		0.443		03/15/41	351,385
FNMA REMIC Series 2006-45, Class TF (1M USD LIBOR + 0.400%)
	447,583		0.492		06/25/36	451,004
FNMA REMIC Series 2006-76, Class QF (1M USD LIBOR + 0.400%)
	515,958		0.492		08/25/36	519,592
FNMA REMIC Series 2006-79, Class PF (1M USD LIBOR + 0.400%)
	504,775		0.492		08/25/36	508,431
FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	626,799		0.442		04/25/37	629,256
FNMA REMIC Series 2007-75, Class VF (1M USD LIBOR + 0.450%)
	181,073		0.542		08/25/37	182,950
FNMA REMIC Series 2009-84, Class WF (1M USD LIBOR + 1.100%)
	64,625		1.192		10/25/39	66,056
						3,431,018
Sequential Fixed Rate – 0.4%
Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	299,535		5.500		02/25/36	287,027
Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	462,188		6.000		06/25/36	442,148
Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	887,895		6.500		07/25/36	847,337
Residential Asset Securitization Trust Series 2006-A8, Class 1A1
	727,463		6.000		08/25/36	681,336
Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	2,203,672		6.000		10/25/37	1,658,485
						3,916,333
Sequential Floating Rate(b) – 6.5%
Alternative Loan Trust 2007-16CB Series 07-16CB, Class 1A2 (1M USD LIBOR + 0.400%)
	361,711		0.492		08/25/37	277,333
Banc of America Funding Trust Series 2006-H, Class 6A1 (1M USD LIBOR + 0.380%)
	6,753,185		0.473		10/20/36	5,899,881
Banc of America Funding Trust Series 2007-2, Class 2A1
	26,441		3.949		03/25/37	27,153
Bellemeade Re Ltd. Series 2021-2A, Class M1B(d) (SOFR30A + 1.500%)
	475,000		1.510		06/25/31	474,145

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2(d) (1M USD LIBOR + 2.300%)
$	1,492,059		2.392	%	08/25/31	$    1,502,144
Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2(d) (1M USD LIBOR + 2.150%)
	127,872		2.242		09/25/31	128,688
Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%)
	355,876		0.592		07/25/35	252,947
Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%)
	439,340		0.892		12/25/35	361,446
Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1M USD LIBOR + 0.500%)
	2,404,808		0.592		08/25/37	1,808,214
FHLMC STACR REMIC Trust 2020-HQA1 Series 20-HQA1, Class B2(d) (1M USD LIBOR + 5.100%)
	610,000		5.192		01/25/50	606,024
FHLMC STACR REMIC Trust Series 2019-DNA3, Class B1(d) (1M USD LIBOR + 3.250%)
	1,335,000		3.342		07/25/49	1,354,322
FHLMC STACR Remic Trust Series 2020-DNA1, Class M2(d) (1M USD LIBOR + 1.700%)
	2,381,807		1.792		01/25/50	2,390,819
FHLMC STACR REMIC Trust Series 2020-DNA2, Class B1(d) (1M USD LIBOR + 2.500%)
	495,000		2.592		02/25/50	495,273
FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2(d) (1M USD LIBOR + 3.000%)
	215,446		3.092		06/25/50	216,715
FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1(d) (1M USD LIBOR + 5.100%)
	1,570,000		5.192		06/25/50	1,643,410
FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1(d) (1M USD LIBOR + 6.000%)
	1,516,000		6.092		08/25/50	1,620,964
FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2(d) (1M USD LIBOR + 3.750%)
	476,178		3.842		08/25/50	481,296
FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1(d) (SOFR30A + 4.800%)
	1,521,000		4.818		10/25/50	1,602,780
FHLMC STACR REMIC Trust Series 2020-DNA6, Class B1(d) (SOFR30A + 3.000%)
	460,000		3.018		12/25/50	462,479

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
FHLMC STACR REMIC Trust Series 2020-DNA6, Class B2(d) (SOFR30A + 5.650%)
$	600,000		5.668	%	12/25/50	$       625,328
FHLMC STACR REMIC Trust Series 2020-HQA2, Class B1(d) (1M USD LIBOR + 4.100%)
	3,826,645		4.192		03/25/50	3,921,127
FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2(d) (1M USD LIBOR + 3.150%)
	277,349		3.242		09/25/50	280,401
FHLMC STACR REMIC Trust Series 2021-DNA1, Class B2(d) (SOFR30A + 4.750%)
	1,022,000		4.768		01/25/51	1,046,030
FHLMC STACR REMIC Trust Series 2021-HQA1, Class B2(d) (SOFR30A + 5.000%)
	950,000		5.018		08/25/33	959,406
FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2(d) (SOFR30A + 2.050%)
	890,000		2.067		12/25/33	892,615
FHLMC STACR Series 2019-HQA3, Class B1(d) (1M USD LIBOR + 3.000%)
	1,350,000		3.092		09/25/49	1,362,317
FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA2, Class M3 (1M USD LIBOR + 3.900%)
	389,603		3.992		12/25/27	395,822
FHLMC Structured Agency Credit Risk Debt Notes Series 2020-HQA5, Class B1(d) (SOFR30A + 4.000%)
	341,000		4.018		11/25/50	354,876
FHLMC Structured Agency Credit Risk Debt Notes Series 21-DNA2, Class B2(d) (SOFR30A + 6.000%)
	410,000		6.018		08/25/33	459,548
FHLMC Structured Agency Credit Risk Debt Notes Trust Series 2016-DNA3, Class M3 (1M USD LIBOR + 5.000%)
	273,876		5.092		12/25/28	288,224
FNMA Connecticut Avenue Securities Series 2013-C01, Class M2 (1M USD LIBOR + 5.250%)
	155,009		5.342		10/25/23	161,990
FNMA Connecticut Avenue Securities Series 2014-C01, Class M2 (1M USD LIBOR + 4.400%)
	827,833		4.492		01/25/24	856,082
FNMA Connecticut Avenue Securities Series 2014-C02, Class 1M2 (1M USD LIBOR + 2.600%)
	586,614		2.692		05/25/24	589,893
FNMA Connecticut Avenue Securities Series 2018-C01, Class 1B1 (1M USD LIBOR + 3.550%)
	2,335,000		3.642		07/25/30	2,396,455

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
FNMA Connecticut Avenue Securities Series 2018-C01, Class 1M2 (1M USD LIBOR + 2.250%)
$	2,032,309		2.342	%	07/25/30	$    2,059,162
FNMA Connecticut Avenue Securities Series 2016-C01, Class 1M2 (1M USD LIBOR + 6.750%)
	1,433,710		6.842		08/25/28	1,533,928
FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%)
	2,090,774		5.392		10/25/28	2,199,009
Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1 (1M USD LIBOR + 0.520%)
	2,223,938		0.612		06/25/35	2,005,632
London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	3,738,399		0.936		11/15/49	5,183,929
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1 (12M MTA + 0.800%)
$	1,193,877		0.916		12/25/46	1,047,043
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A (12M MTA + 0.850%)
	210,915		0.966		12/25/46	196,396
Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1 (1M USD LIBOR + 0.200%)
	874,236		0.292		05/25/47	980,238
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR4, Class A4A (1M USD LIBOR + 0.480%)
	931,018		0.572		12/25/36	880,241
Residential Accredit Loans, Inc. Series 2005-QO5, Class A1 (12M MTA + 1.000%)
	2,314,973		1.116		01/25/46	2,183,711
Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1 (1M USD LIBOR + 0.540%)
	1,472,807		0.632		02/25/46	978,675
Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1 (12M MTA + 0.800%)
	2,730,667		0.916		09/25/46	2,631,114
Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2 (1M USD LIBOR + 0.410%)
	108,095		0.502		09/25/46	109,836
						58,185,061
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $93,297,127)						$100,764,503

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 2.4%
Sequential Fixed Rate – 1.9%
Banc of America Commercial Mortgage Trust Series 2016-UBS10, Class D(d)
$	1,100,000		3.000	%	07/15/49	$    1,032,101
BANK 2018-BNK10 Series 2018-BN10, Class D(d)
	500,000		2.600		02/15/61	451,430
BANK Series 2018-BK15, Class D(d)
	780,000		3.000		11/15/61	719,985
BANK Series 2018-BN13, Class D(d)
	750,000		3.000		08/15/61	652,599
BANK Series 2018-BNK14, Class D(d)
	500,000		3.000		09/15/60	466,303
Benchmark Mortgage Trust Series 2019-B13, Class D(d)
	750,000		2.500		08/15/57	691,724
Cantor Commercial Real Estate Lending Series 2019-CF2, Class E(d)
	1,200,000		2.500		11/15/52	1,031,957
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D(d)
	1,000,000		3.000		09/15/50	921,586
COMM 2017-COR2 Mortgage Trust Series 2017-COR2, Class D(d)
	800,000		3.000		09/10/50	776,793
COMM 2017-COR2 Mortgage Trust Series 2019-GC44, Class D(d)
	300,000		2.500		08/15/57	282,642
CSAIL 2020-C19 Commercial Mortgage Trust Series 2020-C19, Class E(d)
	878,000		2.500		03/15/53	757,188
CSMC Trust Series 2014-USA, Class E(d)
	3,550,000		4.373		09/15/37	3,163,997
JPMBD Commercial Mortgage Series 2017-C7, Class D(d)
	660,000		3.000		10/15/50	600,608
Morgan Stanley Capital I Trust Series 2018-L1, Class D(d)
	900,000		3.000		10/15/51	846,606
Wells Fargo Commercial Mortgage Trust Series 2017-RB1, Class D(d)
	500,000		3.401		03/15/50	487,472
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D(d)
	756,000		3.250		01/15/60	711,878
Wells Fargo Commercial Mortgage Trust Series 2020-C55, Class D(d)
	800,000		2.500		02/15/53	717,079

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
WF-RBS Commercial Mortgage Trust Series 2012-C6, Class B
$	2,500,000		4.697	%	04/15/45	$    2,552,805
						16,864,753
Sequential Floating Rate(b) – 0.5%
Barclays Commercial Mortgage Trust Series 2017-C1 Class D(d)
	550,000		3.660		02/15/50	516,913
Citigroup Commercial Mortgage Trust Series 2016-GC36, Class C
	400,000		4.909		02/10/49	412,065
CSAIL 2018-C14 Commercial Mortgage Trust Series 2018-C14, Class D(d)
	650,000		5.053		11/15/51	687,480
DBJPM 16-C1 Mortgage Trust Series 2016-C1, Class D(d)
	1,000,000		3.483		05/10/49	723,974
DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D(d)
	1,100,000		3.360		06/10/50	1,032,224
Octagon Finance NO 1 DAC(-1X 3M Euribor + 2.370%)(i)
EUR	843,681		1.829		01/17/23	950,375
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class D(d)
$	817,000		3.263		12/15/59	753,848
						5,076,879
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $18,511,536)						$  21,941,632
Federal Agencies – 11.6%
FHLMC – 0.1%
$	13,523		5.000	%	01/01/33	$         15,264
	340		5.000		03/01/33	384
	6,146		5.000		04/01/33	6,940
	618		5.000		05/01/33	697
	2,341		5.000		06/01/33	2,644
	17,122		5.000		07/01/33	19,336
	24,784		5.000		08/01/33	27,989
	3,026		5.000		09/01/33	3,415
	5,610		5.000		10/01/33	6,336
	13,084		5.000		11/01/33	14,774
	6,035		5.000		12/01/33	6,815
	5,364		5.000		01/01/34	6,057
	17,328		5.000		02/01/34	19,595
	7,410		5.000		03/01/34	8,420
	15,070		5.000		04/01/34	17,148
	19,760		5.000		05/01/34	22,328
	279,708		5.000		06/01/34	316,133
	6,022		5.000		11/01/34	6,853
	70,246		5.000		04/01/35	79,329
	1,999		5.000		11/01/35	2,257
						582,714

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – 6.5%
$	18,740,897		4.500	%	12/20/48	$  20,097,633
	7,593,939		5.000		12/20/48	8,169,696
	15,085,130		4.500		01/20/49	16,163,067
	13,000,000		4.500		TBA-30yr(j)	13,857,568
						58,287,964
UMBS – 2.0%
	1,519		5.000		09/01/22	1,521
	602		5.000		04/01/23	657
	1,864		5.500		05/01/25	1,879
	25,149		4.500		08/01/37	28,108
	5,313		4.500		04/01/39	5,905
	8,718		4.000		08/01/39	9,534
	3,772		4.000		09/01/39	4,125
	29,019		4.500		10/01/39	32,235
	3,818		4.500		05/01/41	4,240
	14,458		4.500		06/01/41	16,057
	11,693		4.500		08/01/41	13,041
	4,722		4.500		10/01/41	5,244
	1,481		4.500		11/01/42	1,647
	20,415		4.500		12/01/43	22,628
	39,919		5.000		07/01/48	43,771
	345,023		5.000		08/01/48	378,313
	1,250,835		5.000		10/01/48	1,367,442
	3,883,526		5.000		04/01/49	4,247,917
	8,584,544		5.000		05/01/49	9,384,224
	1,258,724		5.000		06/01/49	1,376,830
	596,333		5.000		04/01/50	651,914
						17,597,232
UMBS, 30 Year, Single Family(j) – 3.0%
	9,000,000		4.500		TBA-30yr	9,693,976
	8,000,000		5.000		TBA-30yr	8,763,937
	8,000,000		4.500		TBA-30yr	8,606,867
						27,064,780
TOTAL FEDERAL AGENCIES						$103,532,690
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $215,785,329)						$226,238,825
Asset-Backed Securities – 11.6%
Collateralized Loan Obligations(b)(d) – 8.8%
Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
$	4,800,000		1.404	%	04/15/33	$    4,811,102
Barings CLO Ltd. IV Series 2020-4A, Class D1 (3M USD LIBOR + 3.700%)
	1,000,000		3.924		01/20/32	1,004,335
Cathedral Lake VII Ltd. Series 2021-7RA, Class C (3M USD LIBOR + 2.570%)
	750,000		2.762		01/15/32	734,662

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(d) – (continued)
Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
$	1,625,000		4.472	%	01/15/32	$    1,593,678
Crown City CLO I Series 2020-1A, Class B (3M USD LIBOR + 3.030%)
	1,800,000		3.218		07/20/30	1,798,148
Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	9,000,000		1.424		04/15/33	9,033,651
HalseyPoint CLO 2 Ltd. Series 2020-2A, Class A1(3M USD LIBOR + 1.860%)
	5,800,000		2.048		07/20/31	5,820,573
HalseyPoint CLO 2 Ltd. Series 2020-2A, Class B (3M USD LIBOR + 2.950%)
	2,400,000		3.138		07/20/31	2,420,004
HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%)
	25,900,000		1.538		01/20/33	25,921,834
Marble Point CLO XIX Ltd. Series 2020-3A, Class D (3M USD LIBOR + 3.900%)
	1,000,000		3.921		01/19/34	1,009,293
MF1 Multifamily Housing Mortgage Loan Trust Series 2021-FL6, Class A (1M USD LIBOR + 1.100%)
	1,400,000		1.200		07/16/36	1,400,877
MidOcean Credit CLO VI Series 2016-6A, Class D1R (3M USD LIBOR + 3.520%)
	1,400,000		3.712		04/20/33	1,382,948
Mill City Mortgage Loan Trust Series 2017-2, Class A3
	872,578		2.966		07/25/59	903,333
Ocean Trails CLO XI Series 21-11A, Class D (3M USD LIBOR + 3.700%)
	3,000,000		3.852		07/20/34	3,003,120
Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (3M USD LIBOR + 3.900%)
	1,600,000		4.084		07/15/29	1,600,150
THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%)
	1,400,000		3.910		04/18/36	1,396,661
Tralee CLO VII Ltd. Series 2021-7A, Class D (3M USD LIBOR + 3.180%)
	2,150,000		3.418		04/25/34	2,120,672
Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	6,200,000		1.464		04/15/33	6,205,940
Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%)
	3,900,000		1.244		04/15/31	3,900,464

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(d) – (continued)
Zais CLO Ltd. Series 2020-15A, Class A1 (3M USD LIBOR + 2.555%)
$	2,225,000		2.739	%	07/28/30	$    2,226,913
						78,288,358
Home Equity(b) – 0.3%
Lehman XS Trust Series 2007-3, Class 1BA2 (6M USD LIBOR + 0.500%)
	125,700		0.671		03/25/37	124,004
Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1M USD LIBOR + 0.170%)
	739,566		0.262		11/25/36	202,644
Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-BC3, Class 2A4 (1M USD LIBOR + 0.260%)
	247,000		0.352		05/25/47	224,743
Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-EQ1, Class A1 (1M USD LIBOR + 0.215%)
	2,905,506		0.307		03/25/37	2,337,358
						2,888,749
Other – 0.3%
Ozlm XIV Ltd.Series 2015-14A, Class CRR (3M USD LIBOR + 3.390%)
	2,200,000		3.790		07/15/34	2,156,000
Student Loan(b) – 2.2%
SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	9,643,321		0.926		04/25/23	9,528,043
SLM Student Loan Trust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%)
	10,369,319		1.176		10/25/21	10,334,544
						19,862,587
TOTAL ASSET-BACKED SECURITIES (Cost $102,435,773)						$103,195,694
Foreign Debt Obligations – 21.2%
Sovereign – 21.2%
Dominican Republic
DOP	30,000,000		18.500	%	02/04/28	$       798,667
$	700,000		4.500	(d)	01/30/30	714,350
	2,110,000		5.875	(d)	01/30/60	2,102,483

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Japan Treasury Discount Bill(k)
JPY	7,057,250,000		0.000	%	07/19/21	$  63,530,813
	9,988,000,000		0.000		08/10/21	89,917,623
Perusahaan Penerbit SBSN(d)
$	1,020,000		2.550		06/09/31	1,021,530
Republic of Colombia(e)
	630,000		3.125		04/15/31	615,353
	250,000		3.875		02/15/61	223,250
Republic of Egypt(d)
	2,790,000		4.550		11/20/23	2,894,276
Republic of Indonesia
	5,310,000		4.450		02/11/24	5,810,720
	560,000		3.050		03/12/51	555,100
	200,000		3.350		03/12/71	200,600
Republic of Ivory Coast
	1,990,000		6.125		06/15/33	2,100,445
Republic of Nigeria
	1,960,000		7.875		02/16/32	2,103,692
Republic of Qatar
	470,000		3.750	(d)	04/16/30	533,685
	440,000		4.625		06/02/46	547,195
	480,000		4.400	(d)	04/16/50	584,400
Republic of Romania
EUR	1,620,000		3.624	(d)	05/26/30	2,218,657
$	480,000		3.000	(d)	02/14/31	497,790
EUR	230,000		2.000	(d)	01/28/32	275,927
	200,000		3.375	(d)	01/28/50	253,084
	120,000		3.375		01/28/50	151,850
$	1,660,000		4.000	(d)	02/14/51	1,746,424
Republic of South Africa
	1,020,000		4.300		10/12/28	1,053,660
	1,000,000		4.850		09/30/29	1,060,813
Republic of Turkey
	940,000		4.250		04/14/26	901,695

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of Turkey – (continued)
$	700,000		5.250	%	03/13/30	$       663,600
	300,000		5.950		01/15/31	293,531
	300,000		5.875		06/26/31	291,656
	230,000		5.750		05/11/47	196,621
Ukraine Government Bond
	560,000		7.750		09/01/24	610,855
EUR	1,550,000		4.375	(d)	01/27/30	1,713,854
$	380,000		7.253	(d)	03/15/33	395,153
United Mexican States(e)
	1,520,000		2.659		05/24/31	1,484,185
	1,640,000		3.771		05/24/61	1,525,507
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $191,683,781)						$189,589,044
Municipal Debt Obligations – 1.2%
Illinois – 1.2%
Illinois State GO Bonds Build America Series 2010(e)
$	4,470,000		7.350	%	07/01/35	$    5,774,518
Illinois State GO Bonds Taxable-Pension Series 2003
	4,280,000		5.100		06/01/33	5,032,606
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $9,146,454)						$10,807,124
U.S. Treasury Obligations – 0.2%
United States Treasury Bond
$	10,000		2.750	%	11/15/47	$         11,378
United States Treasury Note(l)
	1,270,000		2.750		02/28/25	1,368,524
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,275,876)						$    1,379,902
Shares		Description				Value
Exchange Traded Fund(l) – 2.5%
	439,970		Goldman Sachs Access High Yield Corporate Bond ETF			$  22,122,176
(Cost $21,288,603)

Shares		Dividend Rate		Value
Investment Company(m) – 5.3%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	47,407,454		0.026%	$  47,407,454
(Cost $47,407,454)
TOTAL INVESTMENTS – 98.5% (Cost $900,067,239)				$879,252,470
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%				13,063,247
NET ASSETS – 100.0%				$892,315,717

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2021.
(c)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Pay-in-kind securities.
(g)	Security is currently in default and/or non-income producing.
(h)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(i)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(j)	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 $40,922,348 which represents approximately 4.6% of the Fund’s net assets as of June 30, 2021.
(k)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(l)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(m)	Represents an affiliated issuer.

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

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
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
PEN	— Peruvian Nuevo Sol
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:
AUDOR	— Australian Dollar Offered Rate
CDO	— Collateralized Debt Obligation
CDOR	— Canadian Dollar Offered Rate
CHFOR	— Swiss Franc Offered Rate
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
ETF	— Exchange Traded Fund
EURO	— Euro Offered Rate
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
GO	— General Obligation
JIBAR	— Johannesburg Interbank Agreed Rate
JYOR	— Japanese Yen Offered Rate
KWCDC	— South Korean Won Certificate of Deposit
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
MTA	— Monthly Treasury Average
NIBOR	— Norwegian Interbank Offered Rate
NZDOR	— New Zealand Dollar Offered Rate
PI	— Private Investment
PLC	— Public Limited Company
REIT	— Real Estate Investment Trust
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Funding Rate
STIBOR	— Stockholm Interbank Offered Rate
STRIPS	— Separate Trading of Registered Interest and Principal of Securities
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 STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2021, 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
JPMorgan Securities, Inc.	AUD	3,233,291	USD	2,424,114		07/06/21	$	775
	BRL	20,775,827	USD	3,999,238		07/02/21		176,831
	CAD	3,736,658	USD	3,006,849		09/15/21		7,460
	CNH	21,875,659	USD	3,359,632		09/15/21		4,016
	EUR	762,738	CZK	19,339,223		09/15/21		7,148
	EUR	737,953	HUF	256,401,822		09/15/21		12,384
	EUR	2,952,371	SEK	29,916,920		09/15/21		8,068
	GBP	587,399	EUR	681,777		09/15/21		2,991
	HUF	263,417,573	EUR	740,957		09/15/21		7,690
	HUF	54,452,564	USD	182,641		09/15/21		855
	IDR	44,809,050,842	USD	3,077,342		07/01/21		11,008
	JPY	111,565,376	EUR	835,636		09/15/21		12,464
	KRW	4,062,085,333	USD	3,581,795		09/15/21		11,905
	MXN	58,873,000	USD	2,930,740		08/04/21		9,978
	MXN	14,802,964	USD	717,096		09/15/21		18,338
	NOK	16,496,338	USD	1,906,072		09/15/21		10,444
	NZD	1,196,010	JPY	92,288,090		09/15/21		4,557
	NZD	1,509,170	USD	1,052,548		09/15/21		2,113
	PEN	2,882,530	USD	743,804		07/09/21		5,358
	RUB	250,520,592	USD	3,359,748		08/18/21		39,795
	TRY	24,358,993	USD	2,665,914		09/15/21		25,536
	USD	3,275,333	AUD	4,247,060		07/02/21		90,213
	USD	8,686,620	AUD	11,271,702		07/06/21		233,114
	USD	961,084	AUD	1,239,102		08/20/21		31,604
	USD	13,436,617	AUD	17,408,179		09/15/21		377,085
	USD	3,390,432	BRL	16,782,636		07/02/21		17,018
	USD	7,516,812	CAD	9,097,988		08/20/21		177,554
	USD	21,792,488	CAD	26,429,762		09/15/21		471,972
	USD	9,404,176	CHF	8,489,141		09/15/21		210,476
	USD	3,858,609	CLP	2,765,041,766		08/12/21		97,630
	USD	2,663,576	CNH	17,288,432		09/15/21		5,268
	USD	921,333	COP	3,350,079,615		07/22/21		29,647
	USD	22,933,104	EUR	19,214,865		07/01/21		148,581
	USD	7,924,728	EUR	6,616,661		09/10/21		67,466
	USD	40,139,780	EUR	33,383,611		09/15/21		492,401
	USD	5,572,584	GBP	3,922,932		08/05/21		145,443
	USD	8,502,645	GBP	6,059,625		09/15/21		118,914
	USD	9,441,700	IDR	137,403,578,069		07/01/21		(28,493	)
	USD	1,527,507	ILS	4,951,624		09/17/21		7,282
	USD	65,010,004	JPY	7,059,007,255		07/19/21		1,459,692
	USD	91,890,221	JPY	9,990,506,988		08/10/21		1,932,145
	USD	39,987,133	JPY	4,418,492,738		09/15/21		188,906
	USD	4,398,070	KRW	4,903,100,817		09/15/21		60,329
	USD	1,150,195	NOK	9,526,985		08/09/21		43,490
	USD	16,460,218	NOK	136,789,293		09/15/21		568,272
	USD	12,540,500	NZD	17,496,250		09/15/21		313,508
	USD	5,907,582	PLN	21,738,000		08/23/21		205,471
	USD	600,766	SEK	5,010,717		08/04/21		15,083
	USD	35,023,640	SEK	289,680,033		09/15/21		1,150,660
	USD	3,403,908	SGD	4,512,561		07/02/21		48,096
	USD	3,902,385	SGD	5,240,717		09/15/21		5,115
	USD	1,790,953	THB	56,913,724		09/15/21		15,727
	USD	3,880,622	TRY	34,457,593		08/16/21		17,534
	USD	6,291,587	TRY	56,698,058		09/15/21		26,959

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)	USD	3,474,240		TWD	95,551,131		07/06/21	$	50,388
	USD	895,889		TWD	24,868,975		07/15/21		4,401
	USD	327,371		ZAR	4,593,018		08/31/21		8,210
	USD	2,454,066		ZAR	34,674,299		09/15/21		49,593
	ZAR	15,531,131		USD	1,074,164		09/15/21		2,836
TOTAL								$	9,239,304
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	3,590,036		EUR	2,274,016		09/15/21	$	(7,460	)
	AUD	4,247,060		USD	3,274,708		07/02/21		(89,589	)
	AUD	8,038,412		USD	6,197,020		07/06/21		(168,404	)
	AUD	46,559,711		USD	35,235,871		09/15/21		(307,003	)
	BRL	5,313,839		USD	1,074,345		07/02/21		(6,230	)
	BRL	16,782,636		USD	3,379,644		08/03/21		(17,835	)
	CAD	964,916		JPY	86,988,154		09/15/21		(5,135	)
	CAD	9,131,872		USD	7,546,377		08/20/21		(179,785	)
	CAD	30,768,375		USD	25,019,364		09/15/21		(198,952	)
	CHF	1,094,959		USD	1,191,204		09/15/21		(5,368	)
	CLP	3,051,892,018		USD	4,304,314		08/12/21		(153,163	)
	CNH	5,939,194		USD	917,625		07/28/21		(1,295	)
	CNH	31,591,205		USD	4,912,332		09/15/21		(54,799	)
	COP	6,821,625,058		USD	1,851,951		07/22/21		(36,249	)
	CZK	38,299,894		EUR	1,503,210		09/15/21		(5,444	)
	CZK	98,588,290		USD	4,724,377		09/15/21		(142,934	)
	EUR	1,514,095		GBP	1,302,359		09/15/21		(3,682	)
	EUR	752,905		HUF	267,262,406		09/15/21		(6,457	)
	EUR	721,478		JPY	96,402,467		09/15/21		(11,467	)
	EUR	755,106		NOK	7,789,902		09/15/21		(8,230	)
	EUR	739,396		SEK	7,534,221		09/15/21		(2,866	)
	EUR	19,214,867		USD	22,920,921		07/01/21		(136,399	)
	EUR	53,211,134		USD	64,658,317		09/15/21		(1,463,175	)
	GBP	1,913,030		USD	2,717,487		08/05/21		(70,926	)
	GBP	3,564,498		USD	5,036,753		09/15/21		(105,127	)
	HUF	917,591,014		EUR	2,614,547		09/15/21		(12,988	)
	HUF	781,211,859		USD	2,735,986		09/15/21		(103,434	)
	IDR	118,556,887,516		USD	8,201,753		07/01/21		(30,519	)
	IDR	18,342,627,282		USD	1,276,539		07/19/21		(19,361	)
	IDR	18,505,666,968		USD	1,276,870		07/26/21		(9,881	)
	IDR	10,291,174,420		USD	706,229		09/17/21		(6,327	)
	ILS	4,886,953		USD	1,508,683		09/17/21		(8,313	)
	INR	133,422,900		USD	1,792,355		07/29/21		(4,289	)
	JPY	197,332,544		CAD	2,215,315		09/15/21		(9,651	)
	JPY	938,451,992		USD	8,549,346		09/15/21		(96,525	)
	KRW	3,032,309,286		USD	2,689,473		09/15/21		(6,809	)
	MXN	142,721,418		USD	7,181,987		09/15/21		(91,367	)
	NOK	194,345,279		EUR	19,090,198		09/15/21		(93,389	)
	NOK	45,760,718		USD	5,498,289		09/15/21		(181,886	)
	NZD	3,804,984		EUR	2,242,314		09/15/21		(3,982	)
	NZD	35,444,866		USD	24,991,159		09/15/21		(221,043	)
	PLN	6,549,698		EUR	1,461,584		09/15/21		(17,693	)
	PLN	22,656,999		USD	6,157,332		08/23/21		(214,157	)
	PLN	3,382,007		USD	895,902		09/15/21		(8,728	)
	RUB	131,378,966		USD	1,800,470		08/18/21		(17,668	)
	RUB	80,046,305		USD	1,036,869		10/01/21		41,878
	SEK	226,403,256		EUR	22,361,791		09/15/21		(83,658	)
	SEK	27,744,620		USD	3,360,935		09/15/21		(116,690	)
	SGD	8,548,551		USD	6,405,943		07/02/21		(48,725	)
	SGD	5,412,193		USD	4,087,404		09/15/21		(62,616	)
	THB	28,270,580		USD	905,012		09/15/21		(23,210	)
	TRY	20,884,122		USD	2,339,860		09/15/21		(32,349	)
	TWD	95,551,131		USD	3,453,975		07/06/21		(30,124	)
	TWD	147,569,136		USD	5,347,573		07/15/21		(57,606	)
	TWD	49,771,768		USD	1,788,582		07/23/21		(3,181	)
	USD	3,311,073		AUD	4,416,858		09/15/21		(2,432	)
	USD	1,828,484		BRL	9,307,029		07/02/21		(42,287	)

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
JPMorgan Securities, Inc. (continued)	USD	915,831		CNH	5,939,194		07/28/21	$	(498	)
	USD	1,102,421		COP	4,175,978,084		07/22/21		(9,093	)
	USD	1,786,918		IDR	25,962,360,289		07/01/21		(2,472	)
	USD	894,330		IDR	13,102,835,423		07/26/21		(2,754	)
	USD	2,887,883		MXN	58,012,083		08/04/21		(9,832	)
	USD	3,554,960		MXN	73,478,068		09/15/21		(95,543	)
	USD	1,673,666		NZD	2,404,736		09/15/21		(6,848	)
	USD	717,457		PEN	2,858,566		07/09/21		(25,477	)
	USD	1,791,688		PLN	6,837,276		09/15/21		(1,878	)
	USD	861,639		RUB	66,777,043		10/01/21		(38,284	)
	USD	1,073,864		SEK	9,218,693		09/15/21		(4,100	)
	USD	2,998,418		SGD	4,035,991		07/02/21		(2,988	)
	USD	895,529		THB	28,883,302		09/15/21		(5,385	)
	USD	716,666		TRY	6,510,737		09/15/21		(2,712	)
	USD	2,687,572		TWD	75,171,383		07/15/21		(7,125	)
	USD	3,334,311		TWD	93,093,963		07/26/21		(5,985	)
	USD	1,788,947		ZAR	26,068,386		09/15/21		(18,753	)
	ZAR	15,009,438		USD	1,063,868		08/13/21		(18,578	)
	ZAR	100,540,085		USD	7,256,438		09/15/21		(284,539	)
TOTAL								$	(5,349,828	)

FUTURES CONTRACTS — At June 30, 2021, 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		24		09/21/21	$	4,624,500		$	48,591
5 Year U.S. Treasury Notes		44		09/30/21		5,430,906			(558	)
10 Year U.S. Treasury Notes		1,258		09/21/21		166,685,000			654,391
20 Year U.S. Treasury Bonds		29		09/21/21		4,661,750			111,007
Total								$	813,431
Short position contracts:
Australian 10 Year Government Bonds		(41)		09/15/21		(4,341,273	)		(2,828	)
Euro Buxl 30 Year Bonds		(3)		09/08/21		(722,975	)		(5	)
Ultra 10 Year U.S. Treasury Notes		(149)		09/21/21		(21,933,266	)		(365,791	)
2 Year U.S. Treasury Notes		(1,010)		09/30/21		(222,523,515	)		223,171
5 Year German Euro-Bobl		(21)		09/08/21		(3,340,436	)		(283	)
10 Year German Euro-Bund		(10)		09/08/21		(2,046,723	)		(4,759	)
Total								$	(150,495	)
TOTAL FUTURES CONTRACTS								$	662,936

SWAP CONTRACTS — At June 30, 2021, 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)
0.250%(a)	3M WIBOR(b)	12/16/21	PLN	161,390	(c)	$	(55,237	)	$	(3,747	)	$	(51,490	)
1M BID Avg(d)	3.390%(d)	01/03/22	BRL	91,130	(c)		(164,944	)		—			(164,944	)
1M BID Avg(d)	4.120(d)	01/03/22		37,900	(c)		92,652			87,809			4,843
5.800(d)	1M BID Avg(d)	01/02/23		67,660	(c)		109,523			59,813			49,710
1M BID Avg(d)	4.230(d)	01/02/23		29,505	(c)		(144,955	)		(273,349	)		128,394
3M AUDOR(b)	0.190(b)	02/22/23	AUD	331,080	(c)		(209,113	)		(3,901,550	)		3,692,437
6M CDOR(e)	0.804(e)	02/28/23	CAD	405,390	(c)		(263,523	)		(137,716	)		(125,807	)
6M CDOR(e)	0.750%(e)	03/01/23		795,070	(c)		(872,229	)		(548,909	)		(323,320	)
0.275%(e)	3M LIBOR(b)	03/03/23	$	656,160	(c)		329,917			139,454			190,463
(0.430)(a)	6M EURO(e)	05/17/23	EUR	23,290	(c)		387			(57,327	)		57,714
6M CDOR(e)	1.100(e)	06/15/23	CAD	268,910	(c)		(15,099	)		8,284			(23,383	)

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.450%(e)	3M LIBOR(b)	06/15/23	$	215,210	(c)	$	(5,144	)	$	(3,343	)	$	(1,801	)
5.600(d)	Mexico IB TIIE 28D(d)	09/13/23	MXN	404,270	(c)		264,907			(5,366	)		270,273
6M EURO(e)	(0.500)%(f)	09/15/23	EUR	25,750	(c)		(37,800	)		(31,090	)		(6,710	)
3M CNY(b)	2.500(b)	09/15/23	CNY	60,620	(c)		(17,392	)		(6,512	)		(10,880	)
1.250(b)	3M KWCDC(b)	09/15/23	KRW	73,043,620	(c)		226,690			52,219			174,471
0.843(f)	6M WIBOR(e)	09/15/23	PLN	143,680	(c)		84,806			(4,150	)		88,956
6M CDOR(e)	0.700(e)	11/18/23	CAD	101,710	(c)		(560,824	)		(1,764,976	)		1,204,152
1M BID Avg(d)	4.930(d)	01/02/24	BRL	20,510	(c)		(131,643	)		(5,451	)		(126,192	)
1M BID Avg(d)	7.370(d)	01/02/24		76,850	(c)		10,735			66,106			(55,371	)
3M AUDOR(b)	0.500(b)	01/25/24	AUD	157,700	(c)		(265,498	)		(43,511	)		(221,987	)
3M AUDOR(b)	0.500(b)	02/24/24		89,140	(c)		(30,798	)		220,700			(251,498	)
0.486(b)	6M AUDOR(b)	06/29/24		29,560	(c)		(3,825	)		1,072			(4,897	)
1M LIBOR+0.090(a)	3M LIBOR(a)	07/25/24	$	522,840	(c)		18,613			175,496			(156,883	)
3M LIBOR(a)	0.250(e)	09/15/24		10,580	(c)		(125,993	)		(102,907	)		(23,086	)
6M CDOR(e)	0.750(e)	09/15/24	CAD	49,230	(c)		(518,682	)		(371,152	)		(147,530	)
0.400(a)	6M AUDOR(a)	09/15/24	AUD	66,750	(c)		246,702			(79,078	)		325,780
(0.500)(f)	6M EURO(e)	09/15/24	EUR	6,680	(c)		30,465			27,013			3,452
6.320(d)	1M BID Avg(d)	01/02/25	BRL	62,420	(c)		374,359			(138,101	)		512,460
6M WIBOR(e)	0.750(f)	12/16/25	PLN	32,430	(c)		(189,601	)		(6,124	)		(183,477	)
1.550(e)	6M AUDOR(e)	02/23/26	AUD	20,040	(c)		(39,696	)		(191,788	)		152,092
6M EURO(e)	(0.160)(f)	05/17/26	EUR	29,260	(c)		73,186			(80,019	)		153,205
Mexico IB TIIE 28D(d)	6.300(d)	09/09/26	MXN	33,850	(c)		(30,704	)		591			(31,295	)
6M GBP(f)	0.000(f)	09/15/26	GBP	96,090	(c)		(3,285,442	)		(3,490,828	)		205,386
3M LIBOR(a)	0.500(e)	09/15/26	$	1,500	(c)		(38,425	)		(34,322	)		(4,103	)
3M STIBOR(a)	0.500(f)	09/15/26	SEK	919,340	(c)		455,668			620,890			(165,222	)
6M AUDOR(e)	1.000(e)	09/15/26	AUD	94,780	(c)		11,593			329,611			(318,018	)
6M CDOR(e)	1.000(e)	09/15/26	CAD	30,830	(c)		(624,658	)		(532,284	)		(92,374	)
3M NZDOR(a)	1.250(e)	09/15/26	NZD	41,740	(c)		(249,644	)		(186,775	)		(62,869	)
3M NIBOR(e)	1.500(f)	09/15/26	NOK	378,310	(c)		(65,291	)		(259,060	)		193,769
1.500(a)	3M KWCDC(a)	09/15/26	KRW	5,989,870	(c)		49,826			26,944			22,882
3M JIBAR(a)	5.800(a)	09/15/26	ZAR	64,080	(c)		(76,041	)		47			(76,088	)
(0.500)(f)	6M CHFOR(e)	09/15/26	CHF	21,430	(c)		182,305			57,891			124,414
(0.500)(e)	6M EURO(e)	09/15/26	EUR	177,790	(c)		1,876,041			1,793,079			82,962
0.000(e)	6M JYOR(e)	09/15/26	JPY	16,577,010	(c)		(45,615	)		(73,275	)		27,660
1.750(f)	6M WIBOR(e)	09/15/26	PLN	25,075	(c)		(77,611	)		(16,803	)		(60,808	)
8.495(d)	1M BID Avg(d)	01/04/27	BRL	47,125	(c)		(115,533	)		(78,639	)		(36,894	)
6M EURO(e)	(0.105)(f)	02/16/27	EUR	34,890	(c)		138,795			88,265			50,530
(0.250)(f)	6M EURO(e)	09/15/28		1,040	(c)		14,975			14,313			662
6M EURO(e)	1.250(f)	12/19/28		2,630	(c)		(8,611	)		—			(8,611	)
1.250(f)	6M EURO(e)	12/19/28		2,630	(c)		(333,835	)		(58,733	)		(275,102	)
0.250(e)	6M JYOR(e)	03/19/30	JPY	3,396,382	(c)		(216,767	)		(203,813	)		(12,954	)
6M EURO(e)	0.050(f)	05/21/30	EUR	147,990	(c)		(2,320,993	)		(5,475,626	)		3,154,633
6M AUDOR(e)	1.240(e)	10/28/30	AUD	39,540	(c)		(1,318,219	)		(2,499,661	)		1,181,442
1.240(f)	3M NIBOR(e)	10/29/30	NOK	339,820	(c)		1,122,776			(3,089,354	)		4,212,130
6M AUDOR(e)	1.710(e)	01/21/31	AUD	49,960	(c)		(908,235	)		(1,573,683	)		665,448
1.000(f)	6M GBP(f)	01/26/31	GBP	30,250	(c)		(125,526	)		126,080			(251,606	)
1.000(f)	6M GBP(f)	02/10/31		38,750	(c)		(154,880	)		142,979			(297,859	)
6M EURO(e)	0.500(f)	02/12/31	EUR	52,840	(c)		284,704			627,015			(342,311	)
6M AUDOR(e)	2.500(e)	02/24/31	AUD	19,640	(c)		169,649			(678,422	)		848,071
3M LIBOR(a)	2.209(e)	02/25/31	$	88,070	(c)		1,214,635			(374,371	)		1,589,006
3M STIBOR(a)	1.272(f)	05/11/31	SEK	164,810	(c)		125,422			(28,385	)		153,807
2.130(f)	3M NIBOR(e)	05/11/31	NOK	153,040	(c)		(192,212	)		29,015			(221,227	)
0.250(f)	6M EURO(e)	05/17/31	EUR	13,020	(c)		(136,555	)		(37,240	)		(99,315	)
1.926(f)	3M NIBOR(e)	06/29/31	NOK	67,940	(c)		(13,160	)		98			(13,258	)
Mexico IB TIIE 28D(d)	6.860(d)	09/03/31	MXN	40,990	(c)		(34,274	)		(7,860	)		(26,414	)

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund	Termination Date		Notional Amount (000s)				Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M EURO(e)	(0.250)%(f)		09/15/31		EUR	1,180	(c)	$	(54,832	)	$	(54,466	)	$	(366	)
3M LIBOR(a)	1.000(e)		09/15/31		$	71,140	(c)		(3,163,589	)		(3,253,456	)		89,867
3M STIBOR(a)	1.000(f)		09/15/31		SEK	184,520	(c)		451,560			397,701			53,859
6M CDOR(e)	1.250(e)		09/15/31		CAD	44,020	(c)		(2,087,512	)		(2,172,070	)		84,558
6M AUDOR(e)	2.000(e)		09/15/31		AUD	20,910	(c)		546,275			644,631			(98,356	)
2.000%(f)	3M NIBOR(e)		09/15/31		NOK	199,910	(c)		(634,800	)		(463,525	)		(171,275	)
0.250(f)	6M GBP(f)		09/15/31		GBP	64,060	(c)		4,127,339			4,424,244			(296,905	)
0.000(e)	6M JYOR(e)		09/15/31		JPY	11,228,850	(c)		941,234			1,013,091			(71,857	)
6M EURO(e)	0.500(f)		09/16/31		EUR	55,700	(c)		37,224			55,127			(17,903	)
3M NZDOR(d)	3.000(e)		09/16/31		NZD	9,410	(c)		159,046			37,687			121,359
2.500(e)	3M LIBOR(a)		09/17/31		$	54,280	(c)		(1,376,953	)		(1,362,085	)		(14,868	)
2.431(e)	3M LIBOR(a)		02/25/36			108,540	(c)		(1,607,260	)		160,106			(1,767,366	)
0.260(f)	6M EURO(e)		05/21/40		EUR	79,750	(c)		5,554,002			(1,855,293	)		7,409,295
2.750(e)	6M AUDOR(e)		02/24/41		AUD	6,650	(c)		(102,919	)		(144,690	)		41,771
0.000(f)	6M EURO(e)		09/15/41		EUR	800	(c)		91,889			94,724			(2,835	)
6M CDOR(e)	1.750(e)		09/15/51		CAD	25,480	(c)		(2,306,957	)		(2,925,934	)		618,977
1.250(e)	3M LIBOR(a)		09/15/51		$	22,190	(c)		2,829,059			3,707,212			(878,153	)
0.000(e)	6M EURO(e)		09/15/51		EUR	820	(c)		135,866			139,069			(3,203	)
0.250(e)	6M JYOR(e)		09/15/51		JPY	1,448,220	(c)		974,569			963,385			11,184
TOTAL								$	(2,001,655	)	$	(22,355,058	)	$	20,353,403

(a) Payments made at termination date.

(b) Payments made quarterly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2021.

(d) Payments made monthly.

(e) Payments made semi-annually.

(f) Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)	Credit Spread at June 30, 2021(b)		Counterparty	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 8	3.000%		7.915%	MS & Co. Int. PLC	10/17/57	$	600	$	(84,038	)	$	(94,594	)	$	10,556
Markit CMBX Series 10	3.000		4.922	MS & Co. Int. PLC	11/17/59		5,900		(517,975	)		(955,081	)		437,106
Markit CMBX Series 11	3.000		3.624	MS & Co. Int. PLC	11/18/54		4,100		(137,881	)		(930,989	)		793,108
Markit CMBX Series 8	3.000		7.915	Signature Bank/New York NY	10/17/57		5,500		(769,439	)		(1,145,959	)		376,520
Markit CMBX Series 11	3.000		3.624	Signature Bank/New York NY	11/18/54		5,000		(168,412	)		(676,949	)		508,537
TOTAL								$	(1,677,745	)	$	(3,803,572	)	$	2,125,827

(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.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at June 30, 2021(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
ICE CD ITXEB 35	(1.000)%	0.468%		06/20/26	EUR	14,325	$	(500,592	)	$	(382,753	)	$	(117,839	)
Protection Sold:
CDX.NA.HY Index 34	1.000	2.362		06/20/25	$	21,482		2,414,734			46,105			2,368,629
CDX.NA.IG Index 34	1.000	0.480		06/20/25		54,150		1,259,359			706,243			553,116

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (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 June 30, 2021(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
CDX.NA.IG Index 35		1.000%		1.549%		06/20/26	$	63,910	$	(1,482,098	)	$	(2,210,901	)	$	728,803
ICE CD ITXEB 35		5.000		2.320		06/20/26	EUR	4,350		713,648			530,448			183,200
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		0.313		12/20/24	$	3,250		87,211			30,176			57,035
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		0.471		12/20/25		2,880		76,111			43,216			32,895
Republic of Chile, 3.875%, 08/05/20		1.000		0.520		12/20/25		2,380		57,592			57,588			4
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.382		06/20/24		8,760		186,486			33,982			152,504
Republic of the Philippines, 10.625%, 03/16/25		1.000		0.400		12/20/25		2,370		70,034			68,419			1,615
Russian Federation, 7.500%, 03/31/30		1.000		0.577		12/20/24		1,010		17,719			2,517			15,202
Russian Federation,7.500%, 03/31/30		1.000		0.832		06/20/26		330		3,643			1,439			2,204
State of Qatar, 9.750%, 06/15/30		1.000		0.204		06/20/24		1,330		35,548			17,193			18,355
State of Qatar, 9.750%, 06/15/30		1.000		0.253		12/20/24		520		15,048			7,634			7,414
TOTAL									$	2,954,443		$	(1,048,694	)	$	4,003,137

(a) Payments made quarterly.

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2021, 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
1Y IRS	Deutsche Bank AG (London)		0.830%		04/20/2022		121,710,000	$	121,710,000	$	611,276	$	878,840	$	(267,564	)
1Y IRS	JPMorgan Securities, Inc.		1.053		06/21/2022		34,800,000		34,800,000		261,240		310,504		(49,264	)
2Y IRS	JPMorgan Securities, Inc.		0.700		11/14/2022		45,500,000		45,500,000		149,579		460,526		(310,947	)
6M IRS	BofA Securities LLC		0.632		12/23/2021		56,470,000		56,470,000		137,618		157,868		(20,250	)
							258,480,000	$	258,480,000	$	1,159,713	$	1,807,738	$	(648,025	)

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (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)
Puts
1Y IRS	Barclays Bank PLC		0.427%		05/26/2022		1,518,600,000	$	1,518,600,000		$	190,972		$	264,358		$	(73,386	)
3M IRS	BNP Paribas SA		0.165		08/19/2021		24,970,000		24,970,000			29,523			105,175			(75,652	)
3M IRS	BNP Paribas SA		0.670		07/06/2021		4,360,000		4,360,000			157			67,814			(67,657	)
3M IRS	Citibank NA		0.165		08/20/2021		10,980,000		10,980,000			13,345			49,675			(36,330	)
3M IRS	UBS AG (London)		1.392		07/01/2021		3,580,000		3,580,000			1			85,676			(85,675	)
3M IRS	UBS AG (London)		0.650		07/07/2021		855,980,000		855,980,000			9			67,046			(67,037	)
3M IRS	UBS AG (London)		0.165		08/19/2021		19,890,000		19,890,000			23,516			94,431			(70,915	)
6M IRS	Citibank NA		1.110		11/15/2021		14,810,000		14,810,000			103,667			143,361			(39,694	)
6M IRS	JPMorgan Securities, Inc.		0.750		08/10/2021		72,790,000		72,790,000			899,284			371,229			528,055
6M IRS	UBS AG (London)		1.195		11/18/2021		10,050,000		10,050,000			57,140			71,858			(14,718	)
							2,536,010,000	$	2,536,010,000		$	1,317,614		$	1,320,623		$	(3,009	)
Total purchased option contracts							2,794,490,000	$	2,794,490,000		$	2,477,327		$	3,128,361		$	(651,034	)
Written option contracts
Calls
1M IRS	Citibank NA		0.080		07/14/2021		(20,980,000)		(20,980,000	)		(38,447	)		(94,476	)		56,029
1M IRS	Citibank NA		0.134		07/07/2021		(20,980,000)		(20,980,000	)		(94,010	)		(100,034	)		6,024
1M IRS	Citibank NA		1.583		07/01/2021		(30,590,000)		(30,590,000	)		(444,610	)		(234,014	)		(210,596	)
1M IRS	Deutsche Bank AG (London)		1.472		07/19/2021		(30,590,000)		(30,590,000	)		(232,612	)		(232,484	)		(128	)
1M IRS	JPMorgan Securities, Inc.		0.096		07/21/2021		(20,980,000)		(20,980,000	)		(67,183	)		(111,397	)		44,214
1M IRS	MS & Co. Int. PLC		1.478		07/26/2021		(30,590,000)		(30,590,000	)		(266,035	)		(221,777	)		(44,258	)
1M IRS	MS & Co. Int. PLC		1.565		07/07/2021		(30,590,000)		(30,590,000	)		(401,066	)		(201,894	)		(199,172	)
1M IRS	UBS AG (London)		0.129		07/28/2021		(20,980,000)		(20,980,000	)		(125,348	)		(101,951	)		(23,397	)
9M IRS	Citibank NA		0.105		02/14/2022		(84,190,000)		(84,190,000	)		(734,357	)		(765,525	)		31,168
1Y IRS	Deutsche Bank AG (London)		0.630		04/20/2022		(182,570,000)		(182,570,000	)		(461,683	)		(732,779	)		271,096
1Y IRS	JPMorgan Securities, Inc.		1.378		06/21/2022		(18,330,000)		(18,330,000	)		(285,910	)		(310,404	)		24,494
2Y IRS	JPMorgan Securities, Inc.		1.060		11/14/2022		(8,800,000)		(8,800,000	)		(161,297	)		(457,091	)		295,794
6M IRS	BofA Securities LLC		1.297		12/23/2021		(18,340,000)		(18,340,000	)		(172,255	)		(157,864	)		(14,391	)
6M IRS	Citibank NA		0.856		11/22/2021		(149,760,000)		(149,760,000	)		(454,791	)		(516,672	)		61,881
							(668,270,000)	$	(668,270,000	)	$	(3,939,604	)	$	(4,238,362	)	$	298,758
Puts
1M IRS	Citibank NA		0.080		07/14/2021		(20,980,000)		(20,980,000	)		(110,188	)		(94,476	)		(15,712	)
1M IRS	Citibank NA		0.134		07/07/2021		(20,980,000)		(20,980,000	)		(23,325	)		(100,034	)		76,709
1M IRS	Citibank NA		1.583		07/01/2021		(30,590,000)		(30,590,000	)		(28	)		(234,014	)		233,986
1M IRS	Deutsche Bank AG (London)		1.472		07/19/2021		(30,590,000)		(30,590,000	)		(132,574	)		(232,484	)		99,910
1M IRS	JPMorgan Securities, Inc.		0.096		07/21/2021		(20,980,000)		(20,980,000	)		(104,770	)		(111,397	)		6,627

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (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 (continued)
1M IRS	MS & Co. Int. PLC		1.478	%	07/26/2021		(30,590,000	)	$	(30,590,000	)	$	(160,279	)	$	(221,778	)	$	61,499
1M IRS	MS & Co. Int. PLC		1.565		07/07/2021		(30,590,000	)		(30,590,000	)		(11,881	)		(201,894	)		190,013
1M IRS	UBS AG (London)		0.129		07/28/2021		(20,980,000	)		(20,980,000	)		(85,674	)		(101,951	)		16,277
1Y IRS	BNP Paribas SA		0.107		05/26/2022		(26,750,000	)		(26,750,000	)		(200,104	)		(272,661	)		72,557
9M IRS	Citibank NA.		0.105		02/14/2022		(84,190,000	)		(84,190,000	)		(402,808	)		(760,440	)		357,632
3M IRS	BNP Paribas SA		0.025		08/19/2021		(24,970,000	)		(24,970,000	)		(9,356	)		(39,820	)		30,464
3M IRS	BNP Paribas SA		0.095		08/19/2021		(24,970,000	)		(24,970,000	)		(15,808	)		(65,354	)		49,546
3M IRS	Citibank NA		0.021		08/20/2021		(10,980,000	)		(10,980,000	)		(4,165	)		(20,139	)		15,974
3M IRS	Citibank NA		0.093		08/20/2021		(10,980,000	)		(10,980,000	)		(7,083	)		(29,537	)		22,454
3M IRS	Citibank NA		2.443		07/01/2021		(4,770,000	)		(4,770,000	)		—			(78,705	)		78,705
3M IRS	MS & Co. Int. PLC		2.402		07/06/2021		(4,770,000	)		(4,770,000	)		—			(70,119	)		70,119
3M IRS	UBS AG (London)		0.022		08/19/2021		(19,890,000	)		(19,890,000	)		(7,302	)		(36,320	)		29,018
3M IRS	UBS AG (London)		0.094		08/19/2021		(19,890,000	)		(19,890,000	)		(12,438	)		(58,111	)		45,673
3M IRS	UBS AG (London)		2.350		07/07/2021		(4,760,000	)		(4,760,000	)		—			(69,734	)		69,734
6M IRS	JPMorgan Securities, Inc.		0.878		08/10/2021		(72,790,000	)		(72,790,000	)		(530,297	)		(225,649	)		(304,648	)
6M IRS	JPMorgan Securities, Inc.		1.006		08/10/2021		(72,790,000	)		(72,790,000	)		(268,508	)		(145,580	)		(122,928	)
6M IRS	MS & Co. Int. PLC		0.075		11/18/2021		(14,440,000	)		(14,440,000	)		(33,245	)		(74,157	)		40,912
6M IRS	UBS AG (London)		0.145		11/15/2021		(21,280,000	)		(21,280,000	)		(68,618	)		(146,586	)		77,968
							(624,500,000	)	$	(624,500,000	)	$	(2,188,451	)	$	(3,390,940	)	$	1,202,489
Total written option contracts							(1,292,770,000	)	$	(1,292,770,000	)	$	(6,128,055	)	$	(7,629,302	)	$	1,501,247
TOTAL							1,501,720,000		$	1,501,720,000		$	(3,650,728	)	$	(4,500,941	)	$	850,213

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Portfolio		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call AUD/Put USD	BofA Securities LLC	$	0.783		07/02/2021		9,351,000	$	9,351,000	$	7	$	35,944	$	(35,937	)
Puts
Put USD/Call TWD	BNP Paribas SA		27.200		07/02/2021		7,249,000		7,249,000		7		26,169		(26,162	)
Put USD/Call TWD	UBS AG (London)		27.720		07/22/2021		7,167,000		7,167,000		13,030		17,667		(4,637	)
Put USD/Call RUB	Barclays Bank PLC		72.350		09/30/2021		3,682,000		3,682,000		38,742		40,406		(1,664	)
							18,098,000	$	18,098,000	$	51,779	$	84,242	$	(32,463	)
Total purchased option contracts							27,449,000	$	27,449,000	$	51,786	$	120,186	$	(68,400	)

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

Description	Counterparty	Exercise Price			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
Call EUR/Put AUD	Barclays Bank PLC		1.605	%		07/02/2021		(1,482,000	)	$	(1,482,000	)	$	(18	)	$	(4,400	)	$	4,382
Call EUR/Put NZD	Barclays Bank PLC		1.710			07/02/2021		(1,482,000	)		(1,482,000	)		(223	)		(4,962	)		4,739
Call USD/Put ZAR	Deutsche Bank AG (London)		15.500			08/27/2021		(3,676,000	)		(3,676,000	)		(19,104	)		(22,549	)		3,445
Call USD/Put TWD	UBS AG (London)		28.180			07/22/2021		(7,167,000	)		(7,167,000	)		(6,823	)		(14,592	)		7,769
								(13,807,000	)	$	(13,807,000	)	$	(26,168	)	$	(46,503	)	$	20,335
Puts
Put USD/Call RUB	JPMorgan Securities, Inc.		72.350			09/30/2021		(3,682,000	)		(3,682,000	)		(38,742	)		(51,014	)		12,272
Put EUR/Call AUD	Barclays Bank PLC		1.560			07/02/2021		(1,482,000	)		(1,482,000	)		(26	)		(5,614	)		5,588
Put EUR/Call NZD	Barclays Bank PLC		1.660			07/02/2021		(1,482,000	)		(1,482,000	)		(2	)		(4,799	)		4,797
								(6,646,000	)	$	(6,646,000	)	$	(38,770	)	$	(61,427	)	$	22,657
Total written option contracts								(20,453,000	)	$	(20,453,000	)	$	(64,938	)	$	(107,930	)	$	42,992
TOTAL								6,996,000		$	6,996,000		$	(13,152	)	$	12,256		$	(25,408	)

Abbreviations:
1M IRS	— 1 Month Interest Rate Swaptions
3M IRS	— 3 Months Interest Rate Swaptions
6M IRS	— 6 Months Interest Rate Swaptions
9M IRS	— 9 Months Interest Rate Swaptions
1Y IRS	— 1 Year Interest Rate Swaptions
2Y IRS	— 2 Years Interest Rate Swaptions
1M BID Avg	— 1 Month Brazilian Interbank Deposit Average
BofA Securities LLC	— Bank of America Securities LLC
CDX.NA.HY Index 34	— CDX North America High Yield Index 34
CDX.NA.IG Index 34	— CDX North America Investment Grade Index 34
ICE CD ITXEB 35	— iTraxx Europe Index 35
Mexico IB TIIE 28D	— Mexico Interbank TIIE 28 Days
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

Investments and Fair Value Measurements — U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety 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 and GSAMI day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM and GSAMI regularly perform 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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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

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.

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

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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.

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.

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.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

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

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

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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.

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.

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 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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, 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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM or GSAMI believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM and GSAMI, 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 they believe to be the fair value of the securities at the time of determining the 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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2021:

BOND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	245,375,317		$	—
Mortgage-Backed Obligations		—			159,902,532			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		36,229,812			3,058,781			—
Asset-Backed Securities		—			50,326,534			—
Foreign Debt Obligations		—			7,316,325			—
Municipal Debt Obligations		—			5,319,171			—
Investment Company		61,840,573			—			—
Total	$	98,070,385		$	471,298,660		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(10,654,408	)	$	—
Total	$	—		$	(10,654,408	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	2,036,188		$	—
Futures Contracts(a)		2,369,788			—			—
Interest Rate Swap Contracts(a)		—			5,251,478			—
Credit Default Swap Contracts(a)		—			901,662			—
Options Purchased		—			614,927			—
Total	$	2,369,788		$	8,804,255		$	—
Liabilities
Forward Foreign Currency Exchange Contracts	$	—		$	(2,186,080	)	$	—
Futures Contracts		(351,237	)		—			—
Interest Rate Swap Contracts		—			(1,520,112	)		—
Credit Default Swap Contracts		—			(50,230	)		—
Written option contracts		—			(1,102,871	)		—
Total	$	(351,237	)	$	(4,859,293	)	$	—

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	827,401,420		$	—
Foreign Debt Obligations		111,641,787			27,943,506			—
Asset-Backed Securities		—			121,419,532			—
Mortgage-Backed Obligations		—			521,727,947			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		544,795,234			34,953,869			—
Municipal Debt Obligations		—			27,110,581			—
Investment Company		106,617,605			—			—
Total	$	763,054,626		$	1,560,556,855		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(35,216,179	)	$	—
Total	$	—		$	(35,216,179	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	3,931,167		$	—
Futures Contracts(a)		3,683,533			—			—
Interest Rate Swap Contracts(a)		—			7,036,812			—
Credit Default Swap Contracts(a)		—			3,462,107			—
Options Purchased		—			906,049			—
Total	$	3,683,533		$	15,336,135		$	—
Liabilities
Forward Foreign Currency Exchange Contracts	$	—		$	(665,048	)	$	—
Futures Contracts		(2,897,693	)		—			—
Interest Rate Swap Contracts		—			(1,949,086	)		—
Credit Default Swap Contracts		—			(52,681	)		—
Written option contracts		—			(1,673,468	)		—
Total	$	(2,897,693	)	$	(4,340,283	)	$	—

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

GLOBAL CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	175,916,469		$	93,308,848		$	—
Corporate Obligations		—			251,685,846			—
Asset-Backed Securities		—			46,013,555			—
Mortgage-Backed Obligations		—			92,549,136			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		16,858,138			1,704,829			—
Structured Note		—			673,900			—
Investment Company		6,964,946			—			—
Total	$	199,739,553		$	485,936,114		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(7,370,639	)	$	—
Total	$	—		$	(7,370,639	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	4,948,926		$	—
Futures Contracts(a)		1,210,218			—			—
Interest Rate Swap Contracts(a)		—			5,882,303			—
Credit Default Swap Contracts(a)		—			1,050,806			—
Options Purchased		—			608,360			—
Total	$	1,210,218		$	12,490,395		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,974,953	)	$	—
Futures Contracts(a)		(140,425	)		—			—
Interest Rate Swap Contracts(a)		—			(2,233,015	)		—
Credit Default Swap Contracts(a)		—			(2,014	)		—
Written option contracts		—			(1,107,898	)		—
Total	$	(140,425	)	$	(5,317,880	)	$	—

INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	7,931,515		$	300,375
Corporate Obligations		—			76,178,645			—
Mortgage-Backed Obligations		—			3,485,988			—
U.S. Government Agencies		—			199,250			—
Asset-Backed Securities		—			1,570,871			—
Foreign Debt Obligations		—			12,266,289			—
Common Stock and/or Other Equity Investments
North America		150,067			—			—
Investment Company		4,567,927			—			—
Total	$	4,717,994		$	101,632,558		$	300,375
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	179,754		$	—
Futures Contracts(a)		51,699			—			—
Interest Rate Swap Contracts(a)		—			1,847			—
Credit Default Swap Contracts(a)		—			185,841			—
Total	$	51,699		$	367,442		$	—
Liabilities
Forward Foreign Currency Exchange Contracts	$	—		$	(75,787	)	$	—
Futures Contracts		(61,382	)		—			—
Interest Rate Swap Contracts		—			(1,834	)		—
Credit Default Swap Contracts		—			(3,378	)		—
Total	$	(61,382	)	$	(80,999	)	$	—

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

LONG SHORT CREDIT STRATEGIES
Investment Type	Level 1		Level 2			Level 3
Assets
Bank Loans	$	—	$	33,937,924		$	675,500
Other Secured Debt Obligations		—		15,531,287			—
Unsecured Debt Obligations		—		66,566,388			—
Common Stock and/or Other Equity Investments North America		69,090		663,357			—
Investment Company		6,506,608		—			—
Fixed Income
Unfunded Loan Commitment		—		27			—
Total	$	6,575,698	$	116,698,983		$	675,500
Liabilities
Fixed Income
Unfunded Loan Commitment	$	—	$	(489	)	$	—
Derivative Type
Liabilities(a)
Interest Rate Swap Contracts	$	—	$	(2,279	)	$	—
Credit Default Swap Contracts		—		(476,808	)		—
Total	$	—	$	(479,087	)	$	—

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

STRATEGIC INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	28,414,297		$	—
Corporate Obligations		—			250,097,954			—
Mortgage-Backed Obligations		—			225,288,450			950,375
Asset-Backed Securities		—			103,195,694			—
Foreign Debt Obligations		153,448,436			36,140,608			—
Municipal Debt Obligations		—			10,807,124			—
U.S. Treasury Obligations		1,379,902			—			—
Exchange Traded Fund		22,122,176			—			—
Investment Company		47,407,454			—			—
Total	$	224,357,968		$	653,944,127		$	950,375
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	9,239,304		$	—
Futures Contracts(a)		1,037,160			—			—
Interest Rate Swap Contracts(a)		—			27,952,074			—
Credit Default Swap Contracts(a)		—			6,246,803			—
Options Purchased		—			2,529,113			—
Total	$	1,037,160		$	45,967,294		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(5,349,828	)	$	—
Futures Contracts(a)		(374,224	)		—			—
Interest Rate Swap Contracts(a)		—			(7,598,671	)		—
Credit Default Swap Contracts(a)		—			(117,839	)		—
Written option contracts		—			(6,192,993	)		—
Total	$	(374,224	)	$	(19,259,331	)	$	—

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

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

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

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 a Fund’s performance and/or NAV.

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 Funds 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 with registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

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

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a 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 — The Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s 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 (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, 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, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a 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 a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund’s redemption obligations for a period after the sale of the loans, and, as a result, a 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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Non-Diversification Risk — The Global Core Fixed Income Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

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.

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