GOLDMAN SACHS BOND FUND

Schedule of Investments

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 44.7%
Aerospace & Defense(a) – 0.8%
General Dynamics Corp.
$	65,000		3.250	%	04/01/25	$         68,851
Howmet Aerospace, Inc.
	1,160,000		3.000		01/15/29	1,157,100
Northrop Grumman Corp.
	750,000		2.930		01/15/25	782,775
	25,000		4.030		10/15/47	29,517
Raytheon Technologies Corp.
	475,000		3.950		08/16/25	514,962
	100,000		4.050		05/04/47	116,358
Spirit AeroSystems, Inc.(b)
	495,000		7.500		04/15/25	520,369
The Boeing Co.
	30,000		5.040		05/01/27	33,879
	50,000		3.250		02/01/35	50,391
	25,000		3.375		06/15/46	24,094
	25,000		3.850		11/01/48	25,755
TransDigm, Inc.
	166,000		6.250	(b)	03/15/26	172,225
	575,000		6.375		06/15/26	590,094
						4,086,370
Agriculture – 0.3%
BAT Capital Corp.(a)
	840,000		3.222		08/15/24	873,718
	25,000		4.758		09/06/49	26,773
Cargill, Inc.(a)(b)
	70,000		2.125		04/23/30	69,362
Reynolds American, Inc.
	700,000		4.850		09/15/23	743,414
						1,713,267
Airlines(b) – 0.0%
Delta Air Lines, Inc.
	30,000		7.000		05/01/25	34,350
Apparel(a) – 0.0%
NIKE, Inc.
	10,000		2.400		03/27/25	10,357
	65,000		3.250		03/27/40	70,763
						81,120

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – 1.0%
BMW US Capital LLC(a)(b)
$	30,000		3.900	%	04/09/25	$         32,270
	30,000		3.625		04/18/29	33,155
Ford Motor Credit Co. LLC(a)
	476,000		2.700		08/10/26	480,000
	330,000		2.979		08/03/22	331,969
	650,000		4.140		02/15/23	666,167
	839,000		3.625		06/17/31	873,415
General Motors Co.
	425,000		5.400		10/02/23	455,162
	225,000		4.000		04/01/25	240,867
	35,000		6.600	(a)	04/01/36	47,261
	50,000		5.950	(a)	04/01/49	68,379
General Motors Financial Co., Inc.(a)
	300,000		4.300		07/13/25	323,406
	125,000		5.650		01/17/29	148,390
	500,000		2.350		01/08/31	485,555
Hyundai Capital America
	70,000		2.750		09/27/26	71,740
IHO Verwaltungs GmbH(a)(b)(c) (PIK 7.125%, Cash 6.375%)
	823,000		6.375		05/15/29	885,754
Lear Corp.(a)
	30,000		5.250		05/15/49	37,931
Toyota Motor Credit Corp.
	35,000		3.000		04/01/25	36,775
						5,218,196
Banks – 11.3%
ABN AMRO Bank NV(a)(d) (-1x 5 Year EUR Swap + 4.674%)
EUR	400,000		4.375		12/31/99	487,943
AIB Group PLC(b)
$	1,300,000		4.750		10/12/23	1,375,257
Banco do Brasil SA(a)(d) (10 Year CMT + 4.398%)
	200,000		6.250		12/31/99	198,538

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Banco Mercantil del Norte SA/Grand Cayman(a)(b)(d) (5 year CMT + 4.643%)
$	260,000		5.875	%	12/31/99	$       258,213
Banco Santander SA
	800,000		2.746		05/28/25	827,528
	600,000		4.250		04/11/27	659,592
	200,000		2.749		12/03/30	195,590
Bank of America Corp.
	425,000		4.200		08/26/24	455,413
	1,300,000		3.248	(a)	10/21/27	1,385,930
	925,000		4.183	(a)	11/25/27	1,012,579
	100,000		6.110		01/29/37	134,600
(3M USD LIBOR + 0.640%)
	40,000		2.015	(a)(d)	02/13/26	40,530
(3M USD LIBOR + 0.810%)
	30,000		3.366	(a)(d)	01/23/26	31,581
(3M USD LIBOR + 0.970%)
	65,000		3.458	(a)(d)	03/15/25	67,990
(3M USD LIBOR + 0.990%)
	75,000		2.496	(a)(d)	02/13/31	75,272
(3M USD LIBOR + 1.190%)
	525,000		2.884	(a)(d)	10/22/30	541,847
(3M USD LIBOR + 1.310%)
	750,000		4.271	(a)(d)	07/23/29	836,085
(3M USD LIBOR + 1.512%)
	35,000		3.705	(a)(d)	04/24/28	38,006
(3M USD LIBOR + 1.575%)
	525,000		3.824	(a)(d)	01/20/28	568,916
(3M USD LIBOR + 1.814%)
	30,000		4.244	(a)(d)	04/24/38	35,150
(5 year CMT + 1.200%)
	475,000		2.482	(a)(d)	09/21/36	459,734
(SOFR + 1.530%)
	600,000		1.898	(a)(d)	07/23/31	575,322
Bank of Montreal(a)(d) (SOFR + 0.603%)
	70,000		0.949		01/22/27	67,936
Barclays PLC(a)(d)
(3M USD LIBOR + 1.400%)
	1,275,000		4.610		02/15/23	1,280,406
(SOFR + 2.714%)
	825,000		2.852		05/07/26	850,426
BNP Paribas SA(b)
	1,750,000		3.500		03/01/23	1,801,607
	550,000		3.375		01/09/25	578,281
(5 Year USD Swap + 4.149%)
	200,000		6.625	(a)(d)	12/31/99	215,260
(SOFR + 1.004%)
	725,000		1.323	(a)(d)	01/13/27	705,403
(SOFR + 2.074%)
	350,000		2.219	(a)(d)	06/09/26	353,588

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
BPCE SA(b)
$	1,025,000		4.000	%	09/12/23	$    1,072,560
	525,000		4.625		09/12/28	597,403
(SOFR + 1.730%)
	750,000		3.116	(a)(d)	10/19/32	750,195
CaixaBank SA(a)(d) (-1X 5 Year EUR Swap + 6.346%)
EUR	400,000		5.875		12/31/99	518,773
CIT Bank NA(a)(d) (SOFR + 1.715%)
$	600,000		2.969		09/27/25	617,682
Citigroup, Inc.
	780,000		3.500		05/15/23	806,614
	1,050,000		3.400		05/01/26	1,126,177
	125,000		4.300		11/20/26	138,323
	1,125,000		4.450		09/29/27	1,254,386
	475,000		4.125		07/25/28	522,091
(3M USD LIBOR + 0.897%)
	35,000		3.352	(a)(d)	04/24/25	36,561
(3M USD LIBOR + 1.023%)
	510,000		4.044	(a)(d)	06/01/24	531,930
(3M USD LIBOR + 1.563%)
	30,000		3.887	(a)(d)	01/10/28	32,529
(SOFR + 1.422%)
	550,000		2.976	(a)(d)	11/05/30	571,488
Citizens Financial Group, Inc.(a)
	65,000		2.850		07/27/26	67,768
Commerzbank AG(a)(d) (-1x 5 Year EUR Swap + 6.363%)
EUR	400,000		6.125		12/31/99	495,252
Credit Agricole SA(a)(b)(d)
(5 Year USD Swap + 4.319%)
	250,000		6.875		12/31/99	272,353
(SOFR + 1.676%)
$	375,000		1.907		06/16/26	375,851
Credit Suisse AG
	300,000		2.950		04/09/25	314,169
Credit Suisse Group AG
	307,000		4.550		04/17/26	338,084
	875,000		4.282	(a)(b)	01/09/28	951,729
Deutsche Bank AG
	65,000		4.100		01/13/26	69,897
(SOFR + 1.718%)
	525,000		3.035	(a)(d)	05/28/32	528,748
(SOFR + 1.870%)
	450,000		2.129	(a)(d)	11/24/26	449,433
(SOFR + 2.159%)
	300,000		2.222	(a)(d)	09/18/24	303,954
Fifth Third Bancorp(a)
	375,000		2.375		01/28/25	384,874

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 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	$       721,511
	700,000		4.000		05/26/25	748,972
Freedom Mortgage Corp.(a)(b)
	508,000		7.625		05/01/26	513,080
HSBC Holdings PLC
	200,000		4.950		03/31/30	234,520
(3M USD LIBOR + 1.000%)
	450,000		1.160	(a)(d)	05/18/24	454,032
(3M USD LIBOR + 1.211%)
	600,000		3.803	(a)(d)	03/11/25	630,030
(SOFR + 1.538%)
	1,050,000		1.645	(a)(d)	04/18/26	1,042,702
Huntington Bancshares, Inc.(a)
	825,000		4.000		05/15/25	887,848
ING Groep NV(a)(b)(d) (1 Year CMT + 1.100%)
	950,000		1.400		07/01/26	939,350
JPMorgan Chase & Co.(a)
	425,000		3.625		12/01/27	458,180
(3M USD LIBOR + 0.730%)
	195,000		3.559	(d)	04/23/24	201,412
(3M USD LIBOR + 0.890%)
	175,000		3.797	(d)	07/23/24	182,387
(3M USD LIBOR + 1.155%)
	35,000		3.220	(d)	03/01/25	36,410
(3M USD LIBOR + 1.245%)
	475,000		3.960	(d)	01/29/27	514,225
(3M USD LIBOR + 1.380%)
	45,000		3.540	(d)	05/01/28	48,429
(3M USD LIBOR + 3.800%)
	1,710,000		3.932	(d)	12/31/99	1,712,343
(SOFR + 1.160%)
	570,000		2.301	(d)	10/15/25	582,665
(SOFR + 2.040%)
	25,000		2.522	(d)	04/22/31	25,290
(SOFR + 2.515%)
	275,000		2.956	(d)	05/13/31	284,595
(SOFR + 3.125%)
	800,000		4.600	(d)	12/31/99	817,744
Macquarie Group Ltd.(a)(b)(d) (SOFR + 1.069%)
	450,000		1.340		01/12/27	438,030
Mitsubishi UFJ Financial Group, Inc.
	60,000		3.741		03/07/29	65,711
	30,000		4.286		07/26/38	36,163
Morgan Stanley, Inc.
(SOFR + 1.360%)
	750,000		2.484	(a)(d)	09/16/36	721,927
	1,050,000		3.700		10/23/24	1,118,502
	50,000		4.000		07/23/25	54,231
	425,000		3.950		04/23/27	467,364

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley, Inc. – (continued)
(3M USD LIBOR + 0.847%)
$	350,000		3.737	%(a)(d)	04/24/24	$       362,243
(3M USD LIBOR + 1.400%)
	1,550,000		1.524	(a)(d)	10/24/23	1,563,438
(3M USD LIBOR + 1.628%)
	200,000		4.431	(a)(d)	01/23/30	227,746
(SOFR + 0.525%)
	70,000		0.790	(a)(d)	05/30/25	69,076
(SOFR + 1.034%)
	750,000		1.794	(a)(d)	02/13/32	710,707
(SOFR + 1.143%)
	725,000		2.699	(a)(d)	01/22/31	742,654
(SOFR + 1.152%)
	855,000		2.720	(a)(d)	07/22/25	881,334
Natwest Group PLC
	826,000		3.875		09/12/23	861,295
(3M USD LIBOR + 1.550%)
	850,000		4.519	(a)(d)	06/25/24	889,474
(3M USD LIBOR + 1.762%)
	225,000		4.269	(a)(d)	03/22/25	238,291
(5 Year CMT + 2.100%)
	200,000		3.754	(a)(d)	11/01/29	208,750
Standard Chartered PLC(a)(b)(d) (3M USD LIBOR + 1.150%)
	1,325,000		4.247		01/20/23	1,326,921
State Street Corp.(a)(d)
(3M USD LIBOR + 1.030%)
	60,000		4.141		12/03/29	68,137
(SOFR + 2.650%)
	25,000		3.152		03/30/31	27,039
The Bank of New York Mellon Corp.(a)(d) (3M USD LIBOR + 1.069%)
	60,000		3.442		02/07/28	64,770
The Bank of Nova Scotia
	70,000		2.200		02/03/25	71,698
The Toronto-Dominion Bank
	70,000		1.250		09/10/26	68,793
Truist Financial Corp.(a)(d) (SOFR + 0.609%)
	40,000		1.267		03/02/27	39,204
Turkiye Vakiflar Bankasi TAO
	200,000		8.125		03/28/24	199,913
	200,000		6.500	(b)	01/08/26	187,000
US Bancorp(a)
	60,000		3.150		04/27/27	64,350
(5 year CMT + 2.541%)
	650,000		3.700	(d)	12/31/99	652,106
Virgin Money UK PLC(a)(d) (5 year UK Government Bond + 8.307%)
GBP	325,000		9.250		12/31/99	489,301
Wells Fargo & Co.
$	1,975,000		3.000		10/23/26	2,077,246

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Wells Fargo & Co. – (continued)
$	600,000		4.300	%	07/22/27	$       670,674
	75,000		4.150	(a)	01/24/29	83,858
(SOFR + 2.530%)
	35,000		3.068	(a)(d)	04/30/41	35,808
Westpac Banking Corp.
	65,000		2.350		02/19/25	67,106
(5 Year CMT + 2.000%)
	300,000		4.110	(a)(d)	07/24/34	323,604
						56,453,536
Beverages – 1.0%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	325,000		4.700		02/01/36	392,581
	575,000		4.900		02/01/46	728,335
Anheuser-Busch InBev Worldwide, Inc.
	20,000		8.200		01/15/39	32,533
	650,000		4.600	(a)	04/15/48	795,515
Constellation Brands, Inc.(a)
	625,000		4.400		11/15/25	688,031
	225,000		3.700		12/06/26	243,943
	500,000		3.600		02/15/28	539,805
	625,000		3.150		08/01/29	658,425
JDE Peet’s NV(a)(b)
	375,000		1.375		01/15/27	361,913
Keurig Dr Pepper, Inc.(a)
	377,000		4.057		05/25/23	392,898
PepsiCo., Inc.(a)
	60,000		2.625		07/29/29	63,101
	30,000		2.750		03/19/30	31,718
The Coca-Cola Co.
	65,000		3.375		03/25/27	70,700
						4,999,498
Biotechnology(a) – 0.1%
Royalty Pharma PLC
	425,000		1.200		09/02/25	417,452
Building Materials(a) – 0.5%
Carrier Global Corp.
	1,125,000		2.493		02/15/27	1,154,947

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Building Materials(a) – (continued)
Cemex SAB de CV(b)
$	200,000		5.200	%	09/17/30	$       214,413
Martin Marietta Materials, Inc.
	750,000		3.200		07/15/51	759,637
Masco Corp.
	325,000		1.500		02/15/28	314,763
						2,443,760
Chemicals – 1.3%
Ashland LLC(a)(b)
	345,000		3.375		09/01/31	342,413
Ashland Services B.V.(a)
EUR	650,000		2.000		01/30/28	752,918
DuPont de Nemours, Inc.(a)
$	425,000		4.205		11/15/23	449,420
Ecolab, Inc.(a)
	30,000		4.800		03/24/30	35,996
Huntsman International LLC(a)
	350,000		4.500		05/01/29	387,853
	250,000		2.950		06/15/31	252,813
International Flavors & Fragrances, Inc.(a)
	650,000		1.832	(b)	10/15/27	639,821
	25,000		5.000		09/26/48	32,139
LYB International Finance B.V.
	25,000		5.250		07/15/43	32,100
OCP SA(a)(b)
	200,000		5.125		06/23/51	189,100
Sasol Financing USA LLC(a)
	310,000		5.875		03/27/24	322,803
SPCM SA(a)(b)
	590,000		3.375		03/15/30	584,100
The Dow Chemical Co.(a)
	30,000		3.600		11/15/50	32,529
The Sherwin-Williams Co.(a)
	500,000		3.450		06/01/27	541,830
	475,000		2.950		08/15/29	500,379
Tronox, Inc.(a)(b)
	990,000		4.625		03/15/29	982,575

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals – (continued)
Valvoline, Inc.(a)(b)
$	315,000		3.625	%	06/15/31	$       307,125
						6,385,914
Commercial Services(a) – 0.8%
CoStar Group, Inc.(b)
	625,000		2.800		07/15/30	626,296
Global Payments, Inc.
	375,000		2.650		02/15/25	385,673
MPH Acquisition Holdings LLC(b)
	542,000		5.750		11/01/28	509,480
PayPal Holdings, Inc.
	1,150,000		1.650		06/01/25	1,164,202
	1,175,000		2.650		10/01/26	1,235,888
Quanta Services, Inc.
	55,000		2.900		10/01/30	56,197
						3,977,736
Computers – 1.3%
Amdocs Ltd.(a)
	350,000		2.538		06/15/30	348,117
Apple, Inc.
	1,875,000		2.450	(a)	08/04/26	1,958,569
	30,000		3.200	(a)	05/11/27	32,366
	40,000		4.500	(a)	02/23/36	50,200
	30,000		3.850		05/04/43	35,440
	35,000		3.750	(a)	11/13/47	41,137
Dell International LLC/EMC Corp.(a)
	160,000		5.450		06/15/23	168,974
	275,000		5.850		07/15/25	311,930
	325,000		6.020		06/15/26	376,594
	50,000		5.300		10/01/29	58,734
	50,000		6.200		07/15/30	63,203
	25,000		8.350		07/15/46	41,869
Hewlett Packard Enterprise Co.(a)
	1,300,000		4.450		10/02/23	1,372,280
	969,000		4.900		10/15/25	1,075,348
HP, Inc.
	30,000		3.400	(a)	06/17/30	31,689
	35,000		6.000		09/15/41	46,623

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers – (continued)
Kyndryl Holdings, Inc.(a)(b)
$	475,000		2.050	%	10/15/26	$       463,201
NetApp, Inc.(a)
	35,000		2.375		06/22/27	35,912
						6,512,186
Cosmetics/Personal Care – 0.0%
The Procter & Gamble Co.
	45,000		2.800		03/25/27	47,730
Diversified Financial Services – 2.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,150,000		4.625		07/01/22	1,171,908
	450,000		3.300	(a)	01/23/23	459,585
	400,000		4.875	(a)	01/16/24	425,500
	295,000		6.500	(a)	07/15/25	337,347
	1,200,000		2.450	(a)	10/29/26	1,209,012
	675,000		3.000	(a)	10/29/28	685,118
	275,000		3.400	(a)	10/29/33	279,879
Air Lease Corp.
	550,000		2.250		01/15/23	556,991
	425,000		3.375	(a)	07/01/25	444,231
	1,325,000		2.875	(a)	01/15/26	1,366,539
	875,000		3.750	(a)	06/01/26	932,566
	50,000		3.250	(a)	10/01/29	51,302
(5 year CMT + 3.149%)
	750,000		4.125	(a)(d)	12/31/99	746,250
Aircastle Ltd.(a)
	65,000		4.250		06/15/26	69,692
Ally Financial, Inc.(a)
	275,000		1.450		10/02/23	275,954
American Express Co.(a)
	165,000		2.500		07/30/24	170,433
Aviation Capital Group LLC(a)(b)
	375,000		1.950		01/30/26	366,596
Avolon Holdings Funding Ltd.(a)(b)
	425,000		3.950		07/01/24	445,166
	725,000		2.875		02/15/25	740,116
	175,000		4.250		04/15/26	186,398

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Blackstone Holdings Finance Co. LLC(a)(b)
$	20,000		1.625	%	08/05/28	$       19,464
Capital One Financial Corp.(a)
	320,000		3.300		10/30/24	337,322
Huarong Finance 2019 Co. Ltd.
	280,000		3.750		05/29/24	282,800
Mastercard, Inc.(a)
	250,000		3.300		03/26/27	270,360
Navient Corp.(a)
	508,000		5.000		03/15/27	518,160
	15,000		4.875		03/15/28	14,963
Raymond James Financial, Inc.(a)
	75,000		4.650		04/01/30	86,907
The Charles Schwab Corp.(a)
	60,000		4.200		03/24/25	65,262
	55,000		3.300		04/01/27	59,030
Visa, Inc.(a)
	60,000		4.150		12/14/35	71,837
						12,646,688
Electrical – 1.6%
Alliant Energy Finance LLC(a)(b)
	375,000		3.750		06/15/23	388,200
Ameren Corp.(a)
	125,000		3.500		01/15/31	135,319
Appalachian Power Co.(a)
	30,000		3.700		05/01/50	32,573
Berkshire Hathaway Energy Co.(a)
	225,000		3.250		04/15/28	241,369
	400,000		3.700		07/15/30	444,120
Dominion Energy, Inc.(e)
	675,000		3.071		08/15/24	699,442
Enel Finance International NV(a)(b)
	975,000		1.875		07/12/28	950,986
Exelon Corp.(a)
	325,000		4.050		04/15/30	362,164
	50,000		4.700		04/15/50	63,041
Exelon Generation Co. LLC(a)
	35,000		3.250		06/01/25	36,756

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
Florida Power & Light Co.(a)
$	35,000		2.850	%	04/01/25	$         36,626
Greenko Power II Ltd.(a)(b)
	200,000		4.300		12/13/28	203,500
NextEra Energy Capital Holdings, Inc.(a)
	525,000		1.900		06/15/28	521,047
NRG Energy, Inc.(a)(b)
	675,000		3.750		06/15/24	705,328
Ohio Edison Co.
	25,000		6.875		07/15/36	35,755
Pacific Gas & Electric Co.(a)
	250,000		2.100		08/01/27	241,762
	125,000		3.300		08/01/40	116,310
PacifiCorp(a)
	30,000		4.150		02/15/50	35,575
Southern California Edison Co.(a)
	725,000		3.700		08/01/25	774,300
	450,000		4.200		03/01/29	502,555
	25,000		4.875		03/01/49	30,668
	50,000		3.650		02/01/50	53,435
Southern Power Co.(a)
	60,000		4.950		12/15/46	73,488
Southwestern Electric Power Co.(a)
	35,000		2.750		10/01/26	36,238
Vistra Operations Co. LLC(a)(b)
	1,175,000		3.550		07/15/24	1,211,601
						7,932,158
Electronics(a)(b) – 0.1%
Sensata Technologies, Inc.
	276,000		3.750		02/15/31	274,275
Engineering & Construction(a) – 0.4%
Cellnex Finance Co. SA
EUR	500,000		1.250		01/15/29	542,182
MasTec, Inc.(b)
$	610,000		4.500		08/15/28	632,875
Mexico City Airport Trust
	400,000		4.250		10/31/26	424,075
	250,000		3.875	(b)	04/30/28	258,719
	310,000		5.500	(b)	07/31/47	309,477
						2,167,328

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Entertainment(a)(b) – 0.1%
Caesars Entertainment, Inc.
$	498,000		6.250	%	07/01/25	$       521,032
Environmental(a) – 0.1%
GFL Environmental, Inc.(b)
	150,000		3.750		08/01/25	152,250
Waste Management, Inc.
	250,000		1.150		03/15/28	238,378
						390,628
Food & Drug Retailing(a) – 0.2%
Kraft Heinz Foods Co.
	150,000		3.750		04/01/30	161,383
Mondelez International, Inc.
	20,000		2.750		04/13/30	20,723
Post Holdings, Inc.(b)
	498,000		5.625		01/15/28	527,257
Sysco Corp.
	75,000		6.600		04/01/40	109,274
	30,000		4.500		04/01/46	35,041
						853,678
Gaming(a) – 0.2%
MGM Resorts International
	310,000		6.750		05/01/25	325,112
	438,000		4.750		10/15/28	453,330
						778,442
Gas(a) – 0.1%
NiSource, Inc.
	100,000		3.600		05/01/30	108,029
The East Ohio Gas Co.(b)
	150,000		1.300		06/15/25	148,038
						256,067
Healthcare Providers & Services – 1.0%
Abbott Laboratories(a)
	25,000		4.750		11/30/36	31,917

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
Baxter International, Inc.(a)(b)
$	525,000		1.915	%	02/01/27	$       527,063
	525,000		2.539		02/01/32	530,397
Centene Corp.(a)
	1,270,000		3.000		10/15/30	1,290,637
CommonSpirit Health(a)
	635,000		3.910		10/01/50	706,460
DENTSPLY SIRONA, Inc.(a)
	350,000		3.250		06/01/30	369,555
DH Europe Finance II S.a.r.l.(a)
	700,000		2.200		11/15/24	715,813
	275,000		2.600		11/15/29	283,896
PerkinElmer, Inc.(a)
	45,000		3.300		09/15/29	47,901
STERIS Irish FinCo UnLtd Co.(a)
	525,000		2.700		03/15/31	531,153
Thermo Fisher Scientific, Inc.(a)
	100,000		1.750		10/15/28	99,367
UnitedHealth Group, Inc.
	35,000		3.450		01/15/27	38,140
	25,000		4.250	(a)	06/15/48	30,957
						5,203,256
Household Products(a) – 0.0%
Kimberly-Clark Corp.
	10,000		2.875		02/07/50	10,306
Housewares(a)(b) – 0.1%
The Scotts Miracle-Gro Co.
	524,000		4.000		04/01/31	518,760
Insurance – 1.2%
Acrisure LLC/Acrisure Finance, Inc.(a)(b)
	536,000		4.250		02/15/29	519,920
American International Group, Inc.
	100,000		4.125		02/15/24	106,192
	1,075,000		3.900	(a)	04/01/26	1,167,020
	375,000		4.200	(a)	04/01/28	419,497
	250,000		3.400	(a)	06/30/30	271,055
Aon Corp./Aon Global Holdings PLC(a)
	35,000		2.900		08/23/51	33,753

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 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	$    1,098,450
Arch Capital Group US, Inc.
	250,000		5.144		11/01/43	325,628
Great-West Lifeco Finance 2018 LP(a)(b)
	225,000		4.047		05/17/28	254,446
Marsh & McLennan Cos., Inc.(a)
	575,000		4.375		03/15/29	656,696
Reinsurance Group of America, Inc.(a)
	65,000		3.900		05/15/29	71,326
XLIT Ltd.
	775,000		4.450		03/31/25	841,185
						5,765,168
Internet(a) – 0.6%
Amazon.com, Inc.
	400,000		3.875		08/22/37	469,880
Booking Holdings, Inc.
	40,000		4.625		04/13/30	46,631
eBay, Inc.
	30,000		4.000		07/15/42	33,753
Expedia Group, Inc.
	300,000		3.600		12/15/23	311,880
	125,000		4.625		08/01/27	139,691
	45,000		3.800		02/15/28	48,046
	300,000		2.950		03/15/31	300,087
Match Group Holdings II LLC(b)
	290,000		3.625		10/01/31	281,300
Netflix, Inc.(b)
	425,000		4.875		06/15/30	495,809
Prosus NV(b)
	200,000		4.027		08/03/50	190,438
	200,000		3.832		02/08/51	186,000
Uber Technologies, Inc.(b)
	650,000		7.500		05/15/25	684,937
						3,188,452
Iron/Steel – 0.2%
ArcelorMittal SA
	440,000		4.250		07/16/29	482,275

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Iron/Steel – (continued)
Steel Dynamics, Inc.(a)
$	150,000		2.400	%	06/15/25	$       153,884
	275,000		1.650		10/15/27	269,618
Vale Overseas Ltd.
	134,000		6.250		08/10/26	154,795
						1,060,572
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	3,053
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc(b)
	522,000		5.000		06/01/29	535,050
Hyatt Hotels Corp.
	475,000		1.800		10/01/24	475,673
Marriott Ownership Resorts, Inc.(b)
	630,000		4.500		06/15/29	632,362
						2,681,757
Machinery-Diversified(a) – 0.0%
Otis Worldwide Corp.
	175,000		2.293		04/05/27	178,437
	25,000		2.565		02/15/30	25,353
Westinghouse Air Brake Technologies Corp.
	15,000		4.950		09/15/28	17,050
						220,840
Media – 1.1%
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	1,012,000		4.500		02/01/24	1,075,817
	425,000		4.908		07/23/25	468,112
	40,000		6.384		10/23/35	51,814
	50,000		5.375		04/01/38	59,589
Comcast Corp.
	256,000		3.300	(a)	02/01/27	275,226
	6,000		6.500		11/15/35	8,598
	75,000		3.750	(a)	04/01/40	83,899
Cox Communications, Inc.(a)(b)
	50,000		3.350		09/15/26	53,168

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
CSC Holdings LLC(a)(b)
$	243,000		3.375	%	02/15/31	$       227,509
DISH DBS Corp.
	465,000		7.750		07/01/26	490,575
Fox Corp.(a)
	300,000		4.030		01/25/24	316,878
NBCUniversal Media LLC
	458,000		4.450		01/15/43	551,890
Sirius XM Radio, Inc.(a)(b)
	230,000		3.125		09/01/26	229,425
	201,000		3.875		09/01/31	196,729
The Walt Disney Co.
	1,125,000		4.000		10/01/23	1,185,109
	25,000		6.650		11/15/37	37,058
ViacomCBS, Inc.
	60,000		4.375		03/15/43	68,243
						5,379,639
Mining – 1.1%
Freeport-McMoRan, Inc.(a)
	1,415,000		4.625		08/01/30	1,514,050
Glencore Finance Canada Ltd.(b)
	650,000		4.250		10/25/22	667,862
Glencore Funding LLC(a)(b)
	1,800,000		4.125		03/12/24	1,893,240
	450,000		1.625		04/27/26	441,913
	65,000		4.000		03/27/27	70,181
	250,000		2.625		09/23/31	242,658
Newcrest Finance Pty Ltd.(a)(b)
	150,000		3.250		05/13/30	157,484
Teck Resources Ltd.(a)
	250,000		3.900		07/15/30	268,987
Vedanta Resources Ltd.(a)
	200,000		6.125		08/09/24	174,350
						5,430,725
Miscellaneous Manufacturing – 0.2%
GE Capital International Funding Co.
	250,000		4.418		11/15/35	299,837
General Electric Co.
	25,000		6.750		03/15/32	34,080
	30,000		5.875		01/14/38	40,786

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing – (continued)
Hillenbrand, Inc.(a)
$	780,000		3.750	%	03/01/31	$       780,000
						1,154,703
Multi-National(a)(b) – 0.1%
The African Export-Import Bank
	270,000		2.634		05/17/26	270,804
	240,000		3.798		05/17/31	244,954
						515,758
Office(a)(b) – 0.2%
Xerox Holdings Corp.
	970,000		5.000		08/15/25	1,020,925
Oil Field Services – 1.2%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.(a)
	60,000		4.486		05/01/30	69,094
BP Capital Markets America, Inc.(a)
	35,000		3.194		04/06/25	36,894
	60,000		3.543		04/06/27	64,939
	225,000		4.234		11/06/28	254,981
Canadian Natural Resources Ltd.(a)
	65,000		3.850		06/01/27	69,885
Chevron Corp.(a)
	60,000		1.995		05/11/27	61,031
ConocoPhillips(a)(b)
	15,000		3.750		10/01/27	16,416
Devon Energy Corp.(a)
	227,000		5.850		12/15/25	259,711
	221,000		5.875		06/15/28	239,361
	165,000		5.600		07/15/41	207,717
EQT Corp.(a)(b)
	755,000		3.625		05/15/31	784,256
Exxon Mobil Corp.(a)
	15,000		4.227		03/19/40	17,718
	45,000		4.114		03/01/46	52,628
	25,000		4.327		03/19/50	30,768
Gazprom PJSC Via Gaz Capital SA
	230,000		5.150	(b)	02/11/26	246,307
	240,000		7.288		08/16/37	319,125

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Gazprom PJSC Via Gaz Finance PLC(b)
$	280,000		3.250	%	02/25/30	$       269,903
Halliburton Co.
	2,000		3.800	(a)	11/15/25	2,159
	50,000		6.700		09/15/38	68,788
KazMunayGas National Co. JSC
	200,000		5.375		04/24/30	233,163
Lukoil Securities B.V.(b)
	210,000		3.875		05/06/30	214,523
Lundin Energy Finance B.V.(a)(b)
	600,000		2.000		07/15/26	597,186
Marathon Petroleum Corp.(a)
	20,000		6.500		03/01/41	27,585
Petroleos de Venezuela SA(f)
	4,280,000		6.000		10/28/22	139,100
	1,110,000		5.375		04/12/27	41,625
Phillips 66(a)
	100,000		3.850		04/09/25	106,706
	200,000		1.300		02/15/26	196,346
Qatar Energy(a)(b)
	410,000		3.300		07/12/51	421,275
Schlumberger Holdings Corp.(a)(b)
	35,000		4.300		05/01/29	38,853
Schlumberger Investment SA(a)
	40,000		2.650		06/26/30	40,977
Shell International Finance B.V.
	20,000		6.375		12/15/38	29,253
Suncor Energy, Inc.
	225,000		2.800		05/15/23	230,294
	450,000		3.100	(a)	05/15/25	470,920
TotalEnergies Capital International SA(a)
	10,000		3.127		05/29/50	10,275
Valero Energy Corp.(a)
	350,000		2.850		04/15/25	363,608
						6,233,370
Packaging(a) – 0.3%
Ball Corp.
	1,044,000		3.125		09/15/31	1,032,255

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Packaging(a) – (continued)
Berry Global, Inc.
$	375,000		1.570	%	01/15/26	$       367,031
						1,399,286
Pharmaceuticals – 1.8%
AbbVie, Inc.(a)
	225,000		4.450		05/14/46	271,870
	25,000		4.875		11/14/48	32,362
AstraZeneca PLC
	45,000		6.450		09/15/37	66,348
Bausch Health Americas, Inc.(a)(b)
	708,000		9.250		04/01/26	746,940
Bayer US Finance II LLC(a)(b)
	950,000		3.875		12/15/23	993,339
Becton Dickinson & Co.(a)
	580,000		3.700		06/06/27	632,449
Bristol-Myers Squibb Co.(a)
	634,000		3.875		08/15/25	686,381
	40,000		3.450		11/15/27	43,741
	35,000		3.900		02/20/28	39,027
Cigna Corp.(a)
	525,000		2.400		03/15/30	528,623
CVS Health Corp.(a)
	950,000		3.375		08/12/24	998,469
	450,000		3.875		07/20/25	484,025
	150,000		5.125		07/20/45	195,038
Perrigo Finance Unlimited Co.(a)
	750,000		4.375		03/15/26	799,687
Pfizer, Inc.(a)
	750,000		3.450		03/15/29	827,100
PRA Health Sciences, Inc.(a)(b)
	200,000		2.875		07/15/26	200,250
Prestige Brands, Inc.(a)(b)
	635,000		3.750		04/01/31	614,363
Takeda Pharmaceutical Co. Ltd.(a)
	680,000		2.050		03/31/30	662,932
Wyeth LLC
	45,000		5.950		04/01/37	63,324
						8,886,268

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – 2.2%
Cheniere Energy Partners LP(a)
$	1,220,000		4.500	%	10/01/29	$    1,302,350
Enbridge, Inc.(a)
	775,000		2.500		08/01/33	762,429
Energy Transfer LP(a)
	875,000		4.200		09/15/23	913,701
	200,000		4.250		04/01/24	210,312
	550,000		5.250		04/15/29	631,900
Energy Transfer LP(a)
	725,000		5.500		06/01/27	828,646
	75,000		5.400		10/01/47	88,457
Galaxy Pipeline Assets Bidco Ltd.(b)
	200,000		2.625		03/31/36	195,188
Kinder Morgan Energy Partners LP(a)
	1,025,000		3.500		09/01/23	1,060,147
Kinder Morgan, Inc.
	500		7.750		01/15/32	703
	40,000		3.250	(a)	08/01/50	38,078
MPLX LP(a)
	225,000		4.800		02/15/29	257,231
	260,000		4.500		04/15/38	292,549
Plains All American Pipeline LP/PAA Finance Corp.(a)
	600,000		3.650		06/01/22	602,808
	425,000		3.850		10/15/23	441,299
Sabine Pass Liquefaction LLC(a)
	300,000		5.625		04/15/23	314,013
Spectra Energy Partners LP(a)
	65,000		3.500		03/15/25	68,529
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(a)(b)
	502,000		6.000		12/31/30	502,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(a)
	1,220,000		5.000		01/15/28	1,281,000
The Williams Cos., Inc.(a)
	915,000		3.600		03/15/22	915,888
	450,000		3.900		01/15/25	479,453

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
TransCanada PipeLines Ltd.
$	20,000		7.625	%	01/15/39	$         31,139
						11,217,820
Real Estate Investment Trust(a) – 2.8%
Alexandria Real Estate Equities, Inc.
	325,000		3.800		04/15/26	352,537
	350,000		3.375		08/15/31	378,567
American Campus Communities Operating Partnership LP
	800,000		3.750		04/15/23	822,096
American Homes 4 Rent LP
	180,000		2.375		07/15/31	176,942
American Tower Corp.
	925,000		3.375		05/15/24	966,773
Camden Property Trust
	65,000		3.150		07/01/29	69,178
Crown Castle International Corp.
	1,275,000		3.150		07/15/23	1,313,722
	65,000		3.100		11/15/29	67,800
	75,000		3.300		07/01/30	79,253
CubeSmart LP
	575,000		2.500		02/15/32	573,844
Duke Realty LP
	300,000		1.750		07/01/30	285,975
EPR Properties
	30,000		4.500		06/01/27	31,685
Healthpeak Properties, Inc.
	65,000		3.500		07/15/29	70,524
Host Hotels & Resorts LP
	400,000		2.900		12/15/31	386,868
Invitation Homes Operating Partnership LP
	300,000		2.300		11/15/28	296,979
Kilroy Realty LP
	500,000		4.750		12/15/28	573,945
Kimco Realty Corp.
	70,000		2.250		12/01/31	68,222
MGM Growth Properties Operating Partnership LP/MGP Finance Co- Issuer, Inc.(b)
	813,000		3.875		02/15/29	855,682
MPT Operating Partnership LP/MPT Finance Corp.
	782,000		3.500		03/15/31	790,798

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust(a) – (continued)
National Retail Properties, Inc.
$	235,000		3.900	%	06/15/24	$       248,369
	400,000		4.000		11/15/25	433,988
Realty Income Corp.
	800,000		4.625		11/01/25	887,376
	200,000		3.400		01/15/28	215,866
	400,000		2.850		12/15/32	416,044
Regency Centers LP
	700,000		2.950		09/15/29	726,089
Simon Property Group LP
	35,000		2.450		09/13/29	35,500
Spirit Realty LP
	725,000		4.000		07/15/29	796,398
Trust Fibra Uno(b)
	300,000		5.250		12/15/24	324,056
UDR, Inc.
	150,000		2.100		08/01/32	143,444
VICI Properties LP/VICI Note Co., Inc.(b)
	765,000		3.750		02/15/27	787,950
WP Carey, Inc.
	155,000		4.600		04/01/24	164,771
	105,000		4.000		02/01/25	111,936
	425,000		3.850		07/15/29	469,838
						13,923,015
Retailing – 1.2%
7-Eleven, Inc.(a)(b)
	700,000		1.300		02/10/28	665,924
Asbury Automotive Group, Inc.(a)
	501,000		4.750		03/01/30	511,020
AutoNation, Inc.(a)
	225,000		4.750		06/01/30	257,310
CK Hutchison International 20 Ltd.(a)(b)
	200,000		2.500		05/08/30	202,320
Dollar Tree, Inc.(a)
	525,000		4.000		05/15/25	564,244
IRB Holding Corp.(a)(b)
	731,000		7.000		06/15/25	772,119
Lowe’s Cos, Inc.(a)
	60,000		4.000		04/15/25	65,028
	425,000		1.700		09/15/28	416,360

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing – (continued)
Lowe’s Cos., Inc.(a)
$	650,000		1.700	%	10/15/30	$       617,506
McDonald’s Corp.
	45,000		3.500	(a)	07/01/27	48,888
	30,000		6.300		03/01/38	42,750
	75,000		4.450	(a)	09/01/48	92,465
Starbucks Corp.(a)
	850,000		3.800		08/15/25	918,263
The Home Depot, Inc.
	275,000		3.900	(a)	12/06/28	310,447
	25,000		5.875		12/16/36	35,396
	60,000		3.500	(a)	09/15/56	67,728
Tractor Supply Co.(a)
	400,000		1.750		11/01/30	375,836
Walgreens Boots Alliance, Inc.(a)
	60,000		4.100		04/15/50	67,326
						6,030,930
Semiconductors – 1.5%
Applied Materials, Inc.(a)
	275,000		1.750		06/01/30	269,789
Broadcom, Inc.(a)(b)
	225,000		3.419		04/15/33	234,893
	2,331,000		3.137		11/15/35	2,343,145
	650,000		3.500		02/15/41	661,875
Intel Corp.(a)
	35,000		3.400		03/25/25	37,260
Lam Research Corp.(a)
	375,000		1.900		06/15/30	368,644
Microchip Technology, Inc.
	625,000		2.670		09/01/23	638,769
Micron Technology, Inc.(a)
	350,000		2.703		04/15/32	351,421
	70,000		3.477		11/01/51	71,394
NVIDIA Corp.(a)
	35,000		1.550		06/15/28	34,551
	40,000		3.500		04/01/40	44,898

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Semiconductors – (continued)
NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(b)
$	800,000		2.500	%	05/11/31	$       802,152
NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(b)
	275,000		3.400		05/01/30	293,238
ON Semiconductor Corp.(a)(b)
	860,000		3.875		09/01/28	881,500
QUALCOMM, Inc.(a)
	35,000		4.650		05/20/35	43,524
TSMC Global Ltd.(a)(b)
	200,000		2.250		04/23/31	198,160
Xilinx, Inc.(a)
	70,000		2.375		06/01/30	70,916
						7,346,129
Software – 0.8%
Adobe, Inc.(a)
	450,000		2.150		02/01/27	462,573
Citrix Systems, Inc.(a)
	20,000		4.500		12/01/27	21,704
Clarivate Science Holdings Corp.(a)(b)
	575,000		3.875		07/01/28	577,875
Fiserv, Inc.(a)
	750,000		3.200		07/01/26	793,867
Intuit, Inc.(a)
	175,000		1.350		07/15/27	171,481
Microsoft Corp.(a)
	60,000		3.450		08/08/36	68,817
MSCI, Inc.(a)(b)
	506,000		3.625		11/01/31	524,975
Oracle Corp.
	65,000		3.800	(a)	11/15/37	67,727
	50,000		5.375		07/15/40	60,798
ServiceNow, Inc.(a)
	550,000		1.400		09/01/30	512,837
VMware, Inc.(a)
	175,000		1.800		08/15/28	170,434
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.(a)(b)
	525,000		3.875		02/01/29	517,781
						3,950,869

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – 2.8%
AT&T, Inc.(a)
$	400,000		4.450	%	04/01/24	$       427,152
	1,375,000		2.300		06/01/27	1,401,345
	100,000		1.650		02/01/28	97,932
	500,000		2.750		06/01/31	509,875
	694,000		2.550		12/01/33	679,648
	175,000		4.900		08/15/37	210,590
	450,000		3.500		06/01/41	463,055
	100,000		5.150		11/15/46	127,299
	225,000		5.450		03/01/47	294,984
	25,000		4.500		03/09/48	29,178
	175,000		5.150		02/15/50	224,476
	300,000		3.650		06/01/51	311,337
	100,000		3.500		09/15/53	101,075
British Telecommunications PLC
	25,000		9.625		12/15/30	36,762
Cisco Systems, Inc.
	30,000		5.900		02/15/39	43,169
Level 3 Financing, Inc.(a)(b)
	645,000		4.250		07/01/28	640,162
Motorola Solutions, Inc.(a)
	35,000		2.750		05/24/31	35,087
Rogers Communications, Inc.(a)
	65,000		3.700		11/15/49	68,412
T-Mobile USA, Inc.(a)
	625,000		3.500		04/15/25	662,331
	375,000		1.500		02/15/26	371,070
	1,050,000		3.750		04/15/27	1,136,929
	275,000		2.050		02/15/28	273,518
	520,000		2.875		02/15/31	511,550
	500,000		3.500		04/15/31	518,347
	250,000		3.000		02/15/41	243,603
Verizon Communications, Inc.
	1,265,000		2.100	(a)	03/22/28	1,268,858
	630,000		4.329		09/21/28	716,512

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
Verizon Communications, Inc. – (continued)
$	575,000		3.150	%(a)	03/22/30	$       607,786
	800,000		2.550	(a)	03/21/31	808,136
	1,004,000		2.355	(a)(b)	03/15/32	990,235
	50,000		4.125		08/15/46	58,022
Vodafone Group PLC
	25,000		6.150		02/27/37	33,969
						13,902,404
Transportation – 0.1%
Canadian National Railway Co.(a)
	40,000		2.450		05/01/50	37,270
Canadian Pacific Railway Co.
	200,000		2.050	(a)	03/05/30	197,656
	325,000		2.450	(a)	12/02/31	330,775
	40,000		5.950		05/15/37	54,840
United Parcel Service, Inc.(a)
	35,000		3.900		04/01/25	37,810
	25,000		5.300		04/01/50	36,982
						695,333
TOTAL CORPORATE OBLIGATIONS (Cost $218,598,836)						$223,927,696
Mortgage-Backed Obligations – 29.3%
Collateralized Mortgage Obligations – 4.3%
Interest Only(g) – 0.7%
FHLMC REMIC Series 4314, Class SE(d) (-1x 1M USD LIBOR + 6.050%)
$	358,803		5.940	%	03/15/44	$         51,882
FHLMC REMIC Series 4583, Class ST(d) (-1x 1M USD LIBOR + 6.000%)
	707,164		5.890		05/15/46	117,227
FHLMC REMIC Series 4905, Class SA(d) (-1x 1M USD LIBOR + 6.100%)
	452,794		5.998		08/25/49	77,329
FHLMC REMIC Series 4980, Class KI
	2,069,412		4.500		06/25/50	307,277
FHLMC REMIC Series 4989, Class EI
	338,111		4.000		07/25/50	52,355
FHLMC REMIC Series 4998, Class GI
	1,266,931		4.000		08/25/50	197,229

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
FHLMC REMIC Series 5009, Class DI
$	1,140,256		2.000	%	09/25/50	$       112,878
FHLMC REMIC Series 5020, Class IH
	1,060,399		3.000		08/25/50	128,738
FNMA REMIC Series 2011-124, Class SC(d) (-1x 1M USD LIBOR + 6.550%)
	159,380		6.448		12/25/41	26,633
FNMA REMIC Series 2012-5, Class SA(d) (-1x 1M USD LIBOR + 5.950%)
	230,073		5.848		02/25/42	35,193
FNMA REMIC Series 2012-88, Class SB(d) (-1x 1M USD LIBOR + 6.670%)
	162,158		6.568		07/25/42	24,022
FNMA REMIC Series 2014-6, Class SA(d) (-1x 1M USD LIBOR + 6.600%)
	208,505		6.498		02/25/44	35,864
FNMA REMIC Series 2017-31, Class SG(d) (-1x 1M USD LIBOR + 6.100%)
	545,132		5.998		05/25/47	97,978
FNMA REMIC Series 2017-86, Class SB(d) (-1x 1M USD LIBOR + 6.150%)
	379,866		6.048		11/25/47	64,192
FNMA REMIC Series 2018-17, Class CS(d) (-1x 1M USD LIBOR + 3.450%)
	715,882		2.500		03/25/48	40,848
FNMA REMIC Series 2020-49, Class KS(d) (-1x 1M USD LIBOR + 6.100%)
	465,767		5.998		07/25/50	84,467
FNMA REMIC Series 2020-60, Class KI
	1,069,151		2.000		09/25/50	109,721
FNMA REMIC Series 2020-62, Class GI
	697,140		4.000		06/25/48	114,817
GNMA REMIC Series 2020-61, Class SW(d) (-1X 1M USD LIBOR + 6.050%)
	542,351		5.946		08/20/49	70,824
GNMA REMIC Series 2010-20, Class SE(d) (-1x 1M USD LIBOR + 6.250%)
	432,127		6.146		02/20/40	73,014
GNMA REMIC Series 2013-181, Class SA(d) (-1x 1M USD LIBOR + 6.100%)
	260,656		5.996		11/20/43	45,273
GNMA REMIC Series 2014-132, Class SL(d) (-1x 1M USD LIBOR + 6.100%)
	223,124		5.996		10/20/43	22,075

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
GNMA REMIC Series 2014-133, Class BS(d) (-1x 1M USD LIBOR + 5.600%)
$	148,069		5.496	%	09/20/44	$         22,112
GNMA REMIC Series 2014-162, Class SA(d) (-1x 1M USD LIBOR + 5.600%)
	123,849		5.496		11/20/44	18,089
GNMA REMIC Series 2015-111, Class IM
	348,553		4.000		08/20/45	41,249
GNMA REMIC Series 2015-119, Class SN(d) (-1x 1M USD LIBOR + 6.250%)
	164,179		6.146		08/20/45	27,048
GNMA REMIC Series 2015-123, Class SP(d) (-1x 1M USD LIBOR + 6.250%)
	204,142		6.146		09/20/45	35,890
GNMA REMIC Series 2015-167, Class AS(d) (-1x 1M USD LIBOR + 6.250%)
	124,454		6.146		11/20/45	19,883
GNMA REMIC Series 2015-168, Class SD(d) (-1x 1M USD LIBOR + 6.200%)
	97,368		6.096		11/20/45	16,772
GNMA REMIC Series 2016-109, Class IH
	491,265		4.000		10/20/45	55,234
GNMA REMIC Series 2016-27, Class IA
	205,030		4.000		06/20/45	18,987
GNMA REMIC Series 2018-122, Class HS(d) (-1x 1M USD LIBOR + 6.200%)
	519,215		6.096		09/20/48	83,058
GNMA REMIC Series 2018-122, Class SE(d) (-1x 1M USD LIBOR + 6.200%)
	340,803		6.096		09/20/48	48,023
GNMA REMIC Series 2018-124, Class SN(d) (-1x 1M USD LIBOR + 6.200%)
	473,941		6.096		09/20/48	74,993
GNMA REMIC Series 2018-137, Class SN(d ) (-1x 1M USD LIBOR + 6.150%)
	383,640		6.046		10/20/48	53,734
GNMA REMIC Series 2018-139, Class SQ(d) (-1x 1M USD LIBOR + 6.150%)
	269,673		6.046		10/20/48	34,467
GNMA REMIC Series 2019-1, Class SN(d) (-1x 1M USD LIBOR + 6.050%)
	106,479		5.946		01/20/49	13,696
GNMA REMIC Series 2019-110, Class PS(d) (-1X 1M USD LIBOR + 6.050%)
	236,043		5.946		09/20/49	38,863

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
GNMA REMIC Series 2019-151, Class IA
$	1,189,833		3.500	%	12/20/49	$       142,981
GNMA REMIC Series 2019-151, Class NI
	745,532		3.500		10/20/49	70,493
GNMA REMIC Series 2019-153, Class EI
	1,491,048		4.000		12/20/49	203,792
GNMA REMIC Series 2019-20, Class SF(d) (-1x 1M USD LIBOR + 3.790%)
	206,606		3.686		02/20/49	14,334
GNMA REMIC Series 2019-6, Class SA(d) (-1x 1M USD LIBOR + 6.050%)
	116,424		5.946		01/20/49	16,427
GNMA REMIC Series 2019-69, Class S(d) (-1x 1M USD LIBOR + 3.270%)
	774,851		3.166		06/20/49	43,912
GNMA REMIC Series 2019-97, Class SC(d) (-1x 1M USD LIBOR + 6.100%)
	324,022		5.996		08/20/49	44,336
GNMA REMIC Series 2020-146, Class KI
	1,674,986		2.500		10/20/50	151,943
GNMA REMIC Series 2020-151, Class MI
	881,563		2.500		10/20/50	99,106
GNMA REMIC Series 2020-173, Class AI
	449,529		2.500		11/20/50	23,163
GNMA REMIC Series 2020-21, Class SA(d) (-1x 1M USD LIBOR + 6.050%)
	771,028		5.946		02/20/50	119,987
GNMA REMIC Series 2020-55, Class AS(d) (-1x 1M USD LIBOR + 6.050%)
	705,014		5.946		04/20/50	111,696
GNMA REMIC Series 2020-61, Class GI
	719,540		5.000		05/20/50	79,695
GNMA REMIC Series 2020-61, Class SF(d) (-1x 1M USD LIBOR + 6.440%)
	279,247		6.336		07/20/43	48,440
GNMA REMIC Series 2020-78, Class DI
	939,070		4.000		06/20/50	110,280
						3,772,519
Regular Floater(d) – 0.0%
FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	60,271		0.552		07/25/41	61,046

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – 0.1%
FNMA REMIC Series 2005-70, Class PA
$	29,783		5.500	%	08/25/35	$         33,374
FNMA REMIC Series 2011-52, Class GB
	228,701		5.000		06/25/41	252,368
FNMA REMIC Series 2012-111, Class B
	20,528		7.000		10/25/42	23,434
FNMA REMIC Series 2012-153, Class B
	55,491		7.000		07/25/42	65,657
						374,833
Sequential Floating Rate(d) – 3.5%
Alternative Loan Trust Series 2006-OC8, Class 2A3 (1M USD LIBOR + 0.500%)
	1,530,807		0.602		11/25/36	1,371,094
Bellemeade Re Ltd. Series 2021-2A, Class M1B(b) (SOFR30A + 1.500%)
	275,000		1.550		06/25/31	275,003
CIM Trust Series 2019-INV3, Class A15(b)
	89,752		3.500		08/25/49	91,098
Connecticut Avenue Securities Trust Series 2021-R03, Class 1B1(b) (SOFR30A + 2.750%)
	277,000		2.800		12/25/41	277,261
Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2(b) (1M USD LIBOR + 2.400%)
	117,163		2.502		04/25/31	117,733
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2(b) (1M USD LIBOR + 2.300%)
	181,167		2.403		08/25/31	181,935
Connecticut Avenue Securities Trust Series 2020-R01, Class 1M2(b) (1M USD LIBOR + 2.050%)
	24,543		2.153		01/25/40	24,642
Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2(b) (SOFR30A + 6.000%)
	389,000		6.050		10/25/41	397,675
Countrywide Alternative Loan Trust Series 2007-OA6, Class A1A (1M USD LIBOR + 0.140%)
	282,670		0.242		06/25/37	270,815
CSMC Series 2021-NQM8, Class A1(b)
	170,000		1.841		10/25/66	169,860
Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1A (1M USD LIBOR + 0.200%)
	576,410		0.303		08/25/47	543,827

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(d) – (continued)
Fannie Mae Connecticut Avenue Securities Series 2021-R02, Class 2B1(b) (SOFR30A + 3.300%)
$	760,000		3.350	%	11/25/41	$       764,015
FHLMC STACR Debt Notes Series 2020-HQA5, Class B1(b) (SOFR30A + 4.000%)
	451,000		4.050		11/25/50	470,967
FHLMC STACR Debt Notes Series 2020-HQA5, Class M2(b) (SOFR30A + 2.600%)
	199,662		2.650		11/25/50	201,593
FHLMC STACR REMIC Trust Series 2019-HQA4, Class B1(b) (1M USD LIBOR + 2.950%)
	344,000		3.053		11/25/49	345,829
FHLMC STACR REMIC Trust Series 2020-DNA1, Class M2(b) (1M USD LIBOR + 1.700%)
	347,672		1.803		01/25/50	348,574
FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2(b) (1M USD LIBOR + 1.850%)
	87,330		1.953		02/25/50	87,620
FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2(b) (1M USD LIBOR + 3.000%)
	17,004		3.103		06/25/50	17,028
FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1(b) (1M USD LIBOR + 6.000%)
	740,000		6.103		08/25/50	778,513
FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2(b) (1M USD LIBOR + 3.750%)
	79,600		3.853		08/25/50	80,063
FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1(b) (SOFR30A + 4.800%)
	1,006,000		4.850		10/25/50	1,064,413
FHLMC STACR REMIC Trust Series 2020-HQA4, Class B1(b) (1M USD LIBOR + 5.250%)
	407,000		5.353		09/25/50	423,788
FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2(b) (1M USD LIBOR + 3.150%)
	210,964		3.253		09/25/50	211,719
FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1(b) (SOFR30A + 3.400%)
	286,000		3.450		10/25/41	287,746
FHLMC STACR REMIC Trust Series 2021-DNA6, Class B2(b) (SOFR30A + 7.500%)
	150,000		7.550		10/25/41	155,905
FHLMC STACR REMIC Trust Series 2021-HQA1, Class B1(b) (SOFR30A + 3.000%)
	800,000		3.050		08/25/33	801,732

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(d)– (continued)
FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2(b) (SOFR30A + 2.050%)
$	520,000		2.100	%	12/25/33	$       521,328
FHLMC STACR Debt Notes Series 2021-DNA7, Class B1(b) (SOFR30A + 3.650%)
	350,000		3.700		11/25/41	355,520
FNMA Connecticut Avenue Securities Series 2013-C01, Class M2 (1M USD LIBOR + 5.250%)
	53,112		5.353		10/25/23	55,205
FNMA Connecticut Avenue Securities Series 2014-C01, Class M2 (1M USD LIBOR + 4.400%)
	297,682		4.503		01/25/24	308,322
FNMA Connecticut Avenue Securities Series 2014-C02, Class 1M2 (1M USD LIBOR + 2.600%)
	275,799		2.703		05/25/24	281,399
Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	604,830		0.914		08/20/56	818,995
JPMorgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1M USD LIBOR + 0.320%)
$	153,033		0.422		12/25/36	146,761
JPMorgan Mortgage Trust Series 2021-6, Class A3(b)
	707,551		2.500		10/25/51	707,054
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1(b)
	987,000		2.520		05/25/52	987,577
London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	284,716		0.952		11/15/49	385,774
Mill City Mortgage Loan Trust Series 2019-GS2, Class M1(b)
$	720,000		3.000		08/25/59	746,088
Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2(b)
	760,000		2.500		11/25/60	763,092
Stratton Mortgage Funding PLC Series 2019-1, Class A (3M SONIA IR + 1.200%)
GBP	1,124,481		1.250		05/25/51	1,526,536
Verus Securitization Trust Series 2021-8, Class A1(b)
$	128,000		1.824		11/25/66	127,923
Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1(b)
	51,753		3.500		07/25/49	52,132
						17,544,154
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  21,752,552

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 1.1%
Sequential Fixed Rate – 0.7%
Banc of America Commercial Mortgage Trust Series 2016-UBS10, Class D(b)
$	500,000		3.000	%	07/15/49	$       459,358
BANK Series 2021-BN32, Class A5
	1,000,000		2.643		04/15/54	1,036,841
Cantor Commercial Real Estate Lending Series 2019-CF2, Class E(b)
	500,000		2.500		11/15/52	386,679
COMM 2017-COR2 Mortgage Trust Series 2017-COR2, Class D(b)
	350,000		3.000		09/10/50	327,945
DOLP Trust Series 2021-NYC, Class A(b)
	1,100,000		2.956		05/10/41	1,144,296
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D(b)
	150,000		3.250		01/15/60	131,715
						3,486,834
Sequential Floating Rate(b) – 0.4%
BANK Series 2018-BN10, Class D
	200,000		2.600		02/15/61	166,663
Barclays Commercial Mortgage Trust Series 2017-C1 Class D(d)
	150,000		3.492		02/15/50	136,965
BX Trust Series 2021-ARIA, Class F(d)(1M USD LIBOR + 2.594%)
	1,450,000		2.704		10/15/36	1,448,499
CSAIL 2018-C14 Commercial Mortgage Trust Series 2018-C14, Class D(d)
	250,000		4.924		11/15/51	250,197
						2,002,324
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$    5,489,158
Federal Agencies – 23.9%
Adjustable Rate FHLMC(d) – 0.0%
$	22,042		2.005	%	09/01/35	$         23,198
FHLMC – 0.6%
	68,712		6.000		08/01/27	74,987
	8,175		5.000		08/01/33	9,102
	1,286		5.000		09/01/33	1,431
	1,776		5.000		10/01/33	1,977
	1,957		5.000		11/01/34	2,200
	81,441		5.000		12/01/34	91,528
	2,741		5.000		07/01/35	3,080
	273		5.000		11/01/35	303
	27,239		5.000		03/01/39	30,606
	3,287		5.000		05/01/39	3,694

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC– (continued)
$	7,989		5.000	%	04/01/40	$           8,957
	1,595		5.000		08/01/40	1,788
	21,083		4.000		02/01/41	22,982
	732		5.000		04/01/41	822
	1,414		5.000		06/01/41	1,587
	526,145		4.000		03/01/48	563,459
	516,195		4.000		04/01/48	549,628
	1,432,540		4.500		08/01/48	1,570,845
						2,938,976
GNMA – 12.8%
	22,446		5.500		11/15/32	24,978
	10,908		5.500		01/15/33	12,065
	24,897		5.500		02/15/33	28,020
	26,957		5.500		03/15/33	30,285
	27,803		5.500		07/15/33	31,079
	9,095		5.500		08/15/33	10,036
	7,260		5.500		09/15/33	8,047
	10,506		5.500		04/15/34	11,515
	7,337		5.500		05/15/34	7,968
	113,653		5.500		09/15/34	128,913
	121,270		5.500		12/15/34	137,612
	76,971		5.500		01/15/35	87,655
	189		5.500		05/15/36	205
	3,538		4.000		02/20/41	3,813
	5,496		4.000		11/20/41	5,925
	920		4.000		01/20/42	992
	2,949		4.000		04/20/42	3,186
	1,861		4.000		10/20/42	2,011
	484,638		4.000		08/20/43	523,623
	2,760		4.000		03/20/44	2,982
	3,353		4.000		05/20/44	3,622
	233,677		4.000		11/20/44	252,328
	55,563		4.000		12/20/44	59,997
	15,379		4.000		05/20/45	16,592
	56,543		4.000		07/20/45	60,950
	308,436		4.000		01/20/46	332,090
	1,720,852		3.500		04/20/47	1,806,151
	1,640,872		3.500		12/20/47	1,722,206
	1,121,145		4.500		05/20/48	1,193,411
	1,673,462		4.500		08/20/48	1,778,975
	211,453		5.000		08/20/48	226,187
	1,179,354		4.500		09/20/48	1,253,345
	1,475,978		5.000		10/20/48	1,578,367
	859,947		5.000		11/20/48	919,534
	852,710		5.000		12/20/48	911,662
	1,849,044		4.500		01/20/49	1,962,738
	1,585,171		5.000		01/20/49	1,694,763
	718,903		4.000		02/20/49	758,647
	1,529,578		4.500		02/20/49	1,623,389
	912,946		4.000		03/20/49	962,775
	40,071		4.500		03/20/49	42,513
	132,667		5.000		03/20/49	141,787
	651,777		4.000		05/20/49	687,148
	947,998		3.000		08/20/49	984,419
	484,126		4.500		10/20/49	513,288
	492,135		4.500		12/20/49	521,934
	2,703,158		3.500		03/20/50	2,816,963
	1,875,087		3.500		02/20/51	1,952,397
	103,544		3.500		03/20/51	107,859
	1,990,778		3.000		11/20/51	2,067,241

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA– (continued)
$	2,000,000		3.000	%		12/20/51		$    2,077,779
	7,000,000		2.500			TBA-30yr	(h)	7,175,242
	20,000,000		3.000			TBA-30yr	(h)	20,691,150
	4,000,000		3.500			TBA-30yr	(h)	4,165,728
								64,124,087
UMBS – 5.3%
	660		5.500			09/01/23		673
	497		5.500			10/01/23		507
	83		5.500			05/01/25		83
	5,966		4.500			02/01/39		6,567
	3,582		4.500			04/01/39		3,943
	5,089		4.500			08/01/39		5,588
	73,856		4.500			12/01/39		81,097
	66,667		4.500			06/01/40		73,433
	23,460		4.500			08/01/41		25,723
	48,023		3.000			12/01/42		51,098
	107,680		3.000			01/01/43		114,576
	27,833		3.000			02/01/43		29,616
	10,289		3.000			03/01/43		10,948
	166,563		3.000			04/01/43		177,540
	26,565		3.000			05/01/43		28,316
	35,538		3.000			06/01/43		37,881
	13,001		3.000			07/01/43		13,858
	21,400		5.000			06/01/44		23,627
	14,998		3.500			03/01/45		16,015
	338,229		3.000			04/01/45		358,092
	1,263,835		4.500			04/01/45		1,399,566
	155,316		4.500			05/01/45		172,191
	580,644		4.500			06/01/45		639,326
	255,518		4.000			11/01/45		276,139
	76,429		4.000			03/01/46		82,533
	48,420		4.000			06/01/46		52,246
	12,067		4.000			08/01/46		13,021
	106,734		4.000			10/01/46		115,168
	81,735		4.000			06/01/47		88,629
	440,878		4.500			07/01/47		481,200
	212,589		4.500			11/01/47		231,800
	268,417		4.000			12/01/47		292,734
	755,453		4.000			01/01/48		823,243
	1,546,807		4.000			02/01/48		1,680,334
	1,155,259		4.000			03/01/48		1,254,156
	816,537		4.500			05/01/48		878,394
	768,450		4.000			06/01/48		836,086
	469,921		4.000			08/01/48		508,491
	389,952		4.500			09/01/48		427,171
	1,802,531		5.000			11/01/48		1,999,436
	449,324		4.500			06/01/49		480,957
	2,183,344		3.000			09/01/49		2,302,865
	56,687		4.500			10/01/49		60,609
	11,952		4.500			01/01/50		12,792
	3,179,072		3.000			12/01/50		3,348,382
	6,869,337		2.500			09/01/51		7,061,270
								26,577,920
UMBS, 30 Year, Single Family(h) – 5.2%
	1,000,000		3.500			TBA-30yr		1,053,125

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family(h) – (continued)
$	5,000,000		2.000	%	TBA-30yr	$    4,987,969
	9,000,000		2.500		TBA-30yr	9,189,848
	7,000,000		3.000		TBA-30yr	7,254,570
	3,000,000		4.500		TBA-30yr	3,215,625
						25,701,137
TOTAL FEDERAL AGENCIES						$119,365,318
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $144,256,362)						$146,607,028
Agency Debenture – 0.6%
Federal Farm Credit Banks Funding Corp.
$	3,120,000		1.700	%	04/23/35	$    2,996,854
(Cost $2,985,583)
Asset-Backed Securities – 10.3%
Collateralized Loan Obligations – 8.5%
AGL CLO 3 Ltd. Series 2020-3A, Class A(b)(d) (3M USD LIBOR + 1.300%)
$	1,300,000		1.424	%	01/15/33	$    1,300,277
Bain Capital Credit CLO Ltd. Series 2017-2A, Class AR2(b)(d) (3M USD LIBOR + 1.180%)
	3,900,000		1.304		07/25/34	3,902,426
Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1A(b)(d) (3M USD LIBOR + 1.090%)
	2,009,000		1.222		04/20/31	2,004,632
Cathedral Lake VII Ltd. Series 2021-7RA, Class C(b)(d) (3M USD LIBOR + 2.570%)
	1,000,000		2.694		01/15/32	986,394
Cathedral Lake VII Ltd. Series 2021-7RA, Class D(b)(d) (3M USD LIBOR + 4.280%)
	1,000,000		4.404		01/15/32	1,000,008
CBAM Ltd. Series 2017-2A, Class AR(b)(d) (3M USD LIBOR + 1.190%)
	2,000,000		1.312		07/17/34	2,001,536
CFIP CLO, Ltd. Series 2017-1A, Class DR(b)(d) (3M USD LIBOR + 3.820%)
	2,500,000		3.905		10/18/34	2,439,592
Dryden 68 CLO, Ltd. Series 19-68A, Class AR(b)(d) (3M USD LIBOR + 1.170%)
	2,200,000		1.294		07/15/35	2,201,012
HalseyPoint CLO 2 Ltd. Series 2020-2A, Class A1(b)(d) (3M USD LIBOR + 1.860%)
	2,350,000		1.992		07/20/31	2,350,761
HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A(b)(d) (3M USD LIBOR + 1.450%)
	1,675,000		1.579		11/30/32	1,678,444
ICG US CLO Ltd. Series 2017-1A, Class ARR(b)(d) (3M USD LIBOR + 1.170%)
	1,300,000		1.306		07/28/34	1,299,996

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations – (continued)
Magnetite XXIV Ltd. Series 2019-24A, Class A(b)(d) (3M USD LIBOR + 1.330%)
$	2,000,000		1.454	%	01/15/33	$    2,000,144
Marble Point CLO XIV Ltd. Series 2018-2A, Class A1R(b)(d) (3M USD LIBOR + 1.280%)
	2,900,000		1.412		01/20/32	2,901,285
MidOcean Credit CLO Series 2018-8X, Class A2(d) (3M USD LIBOR + 1.300%)
	500,000		1.460		02/20/31	499,803
MidOcean Credit CLO VI Series 2016-6A, Class D1R(b)(d) (3M USD LIBOR + 3.520%)
	800,000		3.652		04/20/33	785,694
Mill City Mortgage Loan Trust Series 2017-2, Class A3(b)(d)
	199,017		3.015		07/25/59	203,635
Mountain View CLO LLC Series 2016-1A, Class AR(b)(d) (3M USD LIBOR + 1.360%)
	1,200,000		1.487		04/14/33	1,200,133
OZLM Ltd.Series 2015-14A, Class CRR(b)(d) (3M USD LIBOR + 3.390%)
	1,300,000		3.514		07/15/34	1,267,009
Steele Creek CLO Ltd. Series 2019-1A, Class D(b)(d) (3M USD LIBOR + 4.100%)
	1,350,000		4.224		04/15/32	1,329,529
TCW CLO AMR Ltd. Series 2019-1A, Class DR(b)(d) (3M USD LIBOR + 3.670%)
	1,200,000		3.825		08/16/34	1,191,906
Towd Point Mortgage Trust Series 2017-3, Class B2(b)(d)
	100,000		3.844		07/25/57	105,422
Tralee CLO V Ltd. Series 2018-5A, Class DR(b)(d) (3M USD LIBOR + 3.810%)
	2,600,000		4.120		10/20/34	2,467,475
Trysail CLO Ltd. Series 2021-1A, Class A1(b)(d) (3M USD LIBOR + 1.320%)
	3,900,000		1.452		07/20/32	3,900,000
Wellfleet CLO X Ltd. Series 2019-XA, Class A1R(b)(d) (3M USD LIBOR + 1.170%)
	2,375,000		1.302		07/20/32	2,374,995
Zais CLO 15 Ltd. Series 2020-15A, Class A1R(b)(d) (3M USD LIBOR + 1.350%)
	1,275,000		1.486		07/28/32	1,273,540
						42,665,648
Home Equity(d) – 0.5%
Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2 (1M USD LIBOR + 0.675%)
	420,357		0.777		10/25/35	416,363

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Home Equity(d) – (continued)
Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1M USD LIBOR + 0.620%)
$	609		0.722	%	01/25/32	$              589
GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	12,061		7.000		09/25/37	12,126
Home Equity Asset Trust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%)
	257		0.702		11/25/32	226
Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%)
	767,071		0.332		04/25/37	751,997
Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.440%)
	2,600,882		0.542		04/25/37	891,924
Soundview Home Loan Trust Series 2007-NS1, Class A3 (1M USD LIBOR + 0.200%)
	285,005		0.302		01/25/37	284,466
						2,357,691
Student Loan(d) – 1.3%
AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	423,789		0.342		09/26/33	409,190
Navient Student Loan Trust Series 2017-2A, Class A(b) (1M USD LIBOR + 1.050%)
	3,078,478		1.153		12/27/66	3,102,368
PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	1,078,697		1.253		09/25/65	1,097,071
SLM Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%)
	98,607		0.244		01/25/27	98,360
SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	618,320		0.264		10/25/28	615,923
SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	380,050		1.774		07/25/22	384,211
SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	628,645		1.824		07/25/23	631,505
						6,338,628
TOTAL ASSET-BACKED SECURITIES (Cost $51,350,743)						$  51,361,967

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – 1.4%
Sovereign – 1.4%
Dominican Republic(b)
$	150,000		4.500	%	01/30/30	$       152,700
	200,000		5.875		01/30/60	192,100
Israel Government AID Bond(i)
	40,000		5.500		09/18/33	54,987
Republic of Brazil
	200,000		3.875		06/12/30	194,100
Republic of Colombia(a)
	230,000		3.000		01/30/30	209,990
	330,000		3.125		04/15/31	297,268
	470,000		4.125		05/15/51	382,404
Republic of Ecuador(b)(j)
	41,572		0.000		07/31/30	23,163
Republic of Egypt(b)
	620,000		8.875		05/29/50	560,914
Republic of Indonesia
	200,000		3.850		10/15/30	224,350
Republic of Ivory Coast
	120,000		4.875		01/30/32	131,480
	200,000		6.125		06/15/33	210,600
	130,000		6.625		03/22/48	147,015
Republic of Nigeria
	290,000		7.143		02/23/30	284,577
	680,000		7.875		02/16/32	668,134
	200,000		7.696		02/23/38	184,260
Republic of Peru(a)
	20,000		2.780		12/01/60	17,566
	100,000		3.230	(k)	07/28/21	86,019
Republic of Romania
EUR	20,000		2.875		03/11/29	24,222
	500,000		3.624	(b)	05/26/30	616,213
$	130,000		3.000	(b)	02/14/31	131,729
EUR	70,000		2.000	(b)	01/28/32	73,893
	80,000		3.375	(b)	01/28/50	86,025
	70,000		3.375		01/28/50	75,272
$	230,000		4.000	(b)	02/14/51	229,402

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of Turkey
$	200,000		5.950	%	01/15/31	$       177,500
	200,000		5.875		06/26/31	176,000
Ukraine Government Bond
EUR	100,000		4.375		01/27/30	91,421
$	430,000		7.253	(b)	03/15/33	377,325
United Mexican States
	200,000		4.500		04/22/29	223,162
	624,000		3.771	(a)	05/24/61	575,172
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $7,277,238)						$    6,878,963
Municipal Debt Obligations – 1.0%
California(a) – 0.3%
California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%	04/01/39	$       350,459
East Bay Municipal Utility Disrtict Water System RB Build America SubSeries 2010
	900,000		5.874		06/01/40	1,287,989
						1,638,448
Illinois – 0.3%
Illinois State GO Bonds Build America Series 2010(a)
	115,000		6.630		02/01/35	140,502
	730,000		7.350		07/01/35	918,923
Illinois State GO Bonds Taxable-Pension Series 2003
	530,000		5.100		06/01/33	612,619
						1,672,044
New York(a) – 0.3%
New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B
	800,000		5.175		11/15/49	1,095,139
Port Authority of New York & New Jersey Consolidated Bonds - 192 Series 2015
	375,000		4.810		10/15/65	514,508
						1,609,647

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Ohio(a) – 0.1%
American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
$	250,000		6.270	%	02/15/50	$       357,273
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $4,168,945)						$    5,277,412
U.S. Treasury Obligations – 19.7%
United States Treasury Bonds(l)
$	1,100,000		3.625	%	02/15/44	$    1,432,062
	54,780,000		1.250		05/15/50	46,571,559
United States Treasury Notes
	12,390,000		1.375		12/31/28	12,337,730
	4,490,000		1.250	(l)	08/15/31	4,391,080
United States Treasury Notes
	290,000		0.875		06/30/26	285,469
	12,720,000		1.250		12/31/26	12,711,056
	21,040,000		1.250		06/30/28	20,831,244
TOTAL U.S. TREASURY OBLIGATIONS (Cost $96,467,452)						$  98,560,200

Shares	Dividend Rate			Value
Investment Company(m) – 1.5%
Goldman Sachs Financial Square Government Fund - Institutional Shares
7,425,342		0.026	%	$    7,425,342
(Cost $7,425,342)
TOTAL INVESTMENTS – 108.5% (Cost $532,530,501)				$543,035,462
LIABILITIES IN EXCESS OF     OTHER ASSETS – (8.5)%				(42,661,380)
NET ASSETS – 100.0%				$500,374,082

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 December 31, 2021.
(e)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2021.

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

(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 $57,733,257 which represents approximately 11.5% of the Fund’s net assets as of December 31, 2021.
(i)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $54,987, which represents approximately 0.0% of the Fund’s net assets as of December 31, 2021.
(j)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(k)	Actual maturity date is July 28, 2121.
(l)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(m)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
CNH	— Chinese Yuan Renminbi Offshore
CNY	— Chinese Yuan Renminbi
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
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona
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
TIIE	— La Tasa de Interbank Equilibrium Interest Rate
WIBOR	— Warsaw Interbank Offered Rate

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 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	12,281,608		USD	8,702,761		03/16/22	$	234,501
	CAD	1,296,371		USD	1,004,758		03/16/22		19,910
	CHF	413,383		EUR	398,000		03/16/22		736
	CHF	4,221,261		USD	4,592,582		03/16/22		49,292
	CNH	18,748,076		USD	2,918,958		03/16/22		15,543
	CZK	39,123,745		USD	1,727,455		03/16/22		50,129
	EUR	10,279,041		USD	11,620,456		02/10/22		91,688
	EUR	2,206,282		USD	2,498,805		03/16/22		17,009
	GBP	663,261		EUR	780,959		03/16/22		6,931
	GBP	314,377		USD	424,795		01/21/22		709
	HUF	143,685,600		USD	437,000		03/16/22		2,405
	IDR	10,920,811,705		USD	758,548		02/10/22		7,449
	ILS	2,826,084		USD	898,507		03/16/22		11,128
	MXN	18,656,157		USD	880,302		03/16/22		18,650
	NOK	12,538,403		USD	1,386,885		03/16/22		34,858
	NZD	640,622		EUR	383,009		03/16/22		1,475
	NZD	3,834,924		USD	2,614,931		03/16/22		8,356
	PLN	7,145,873		USD	1,742,705		03/16/22		20,674
	SEK	15,339,491		USD	1,688,433		03/16/22		10,209
	THB	5,781,602		USD	172,900		03/16/22		127
	TRY	14,253,886		USD	960,921		03/16/22		48,128
	TRY	7,801,327		USD	499,589		06/14/22		15,944
	TWD	22,314,833		USD	803,443		01/19/22		2,576
	USD	1,043,079		AUD	1,408,477		01/31/22		18,241
	USD	1,673,877		CAD	2,082,981		01/31/22		27,239
	USD	629,958		CLP	518,487,331		02/07/22		24,660
	USD	5,319,614		GBP	3,862,922		01/21/22		91,220
	USD	474,221		HUF	154,193,921		03/16/22		2,680
	USD	1,554,834		JPY	176,967,271		02/16/22		15,844
	USD	2,867,186		JPY	324,680,970		03/16/22		42,758
	USD	2,579,990		KRW	3,052,992,709		02/10/22		15,419
	USD	1,968,072		NOK	16,414,244		01/25/22		105,058
	USD	775,961		NZD	1,114,217		02/16/22		13,339
	USD	1,797,217		RUB	133,827,397		02/10/22		23,227
	USD	5,020,051		SEK	43,030,812		01/20/22		257,235
	USD	1,334,566		SEK	12,011,619		03/16/22		4,440
	USD	1,771,000		TRY	17,089,265		06/14/22		641,694
	USD	4,415,884		TWD	122,110,981		01/19/22		5,195
	USD	88,657		ZAR	1,424,245		03/16/22		240
	ZAR	12,410,907		USD	769,282		03/16/22		1,186
TOTAL								$	1,958,102

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 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	605,486		GBP	327,014		03/16/22	$	(1,871	)
	AUD	798,256		USD	591,166		01/31/22		(10,338	)
	CAD	1,011,000		USD	812,436		01/31/22		(13,221	)
	CLP	705,922,318		USD	874,648		02/07/22		(50,531	)
	EUR	1,535,559		CHF	1,605,342		03/16/22		(14,311	)
	EUR	794,479		CNH	5,793,740		03/16/22		(911	)
	EUR	396,535		CZK	10,094,398		03/16/22		(6,471	)
	EUR	380,861		GBP	327,146		03/16/22		(8,364	)
	EUR	568,442		PLN	2,640,748		03/16/22		(3,463	)
	GBP	1,581,744		USD	2,178,214		01/21/22		(37,352	)
	JPY	164,632,535		USD	1,446,461		02/16/22		(14,739	)
	JPY	147,813,008		USD	1,303,937		03/16/22		(18,099	)
	KRW	1,597,799,372		USD	1,345,447		02/10/22		(3,266	)
	NOK	2,474,350		USD	288,083		01/25/22		(7,244	)
	RUB	131,292,431		USD	1,820,800		02/10/22		(80,413	)
	SEK	3,488,922		EUR	340,229		03/16/22		(1,610	)
	SEK	39,781,000		USD	4,640,500		01/20/22		(237,387	)
	TRY	10,826,909		USD	827,755		03/16/22		(61,305	)
	TRY	9,287,938		USD	886,000		06/14/22		(272,228	)
	TWD	49,183,088		USD	1,778,961		01/19/22		(2,452	)
	USD	1,089,766		AUD	1,530,035		03/16/22		(23,633	)
	USD	2,774,113		CAD	3,548,316		03/16/22		(30,522	)
	USD	618,807		CHF	564,524		01/25/22		(1,139	)
	USD	91,684		CHF	84,031		03/16/22		(720	)
	USD	1,759,776		CNH	11,289,919		03/16/22		(7,354	)
	USD	15,316,476		EUR	13,549,179		02/10/22		(121,729	)
	USD	8,019,669		EUR	7,050,875		03/16/22		(20,408	)
	USD	5,745,249		GBP	4,310,750		03/16/22		(87,595	)
	USD	1,553,209		ILS	4,910,936		03/16/22		(27,480	)
	USD	1,313,789		INR	100,214,625		01/18/22		(28,743	)
	USD	813,972		MXN	17,562,523		03/16/22		(32,283	)
	USD	1,143,490		NOK	10,362,743		03/16/22		(31,552	)
	USD	1,680,579		NZD	2,489,843		03/16/22		(22,602	)
	USD	433,383		PLN	1,777,606		03/16/22		(5,275	)
	USD	870,278		RUB	65,980,536		02/10/22		(4,347	)
	USD	1,500,457		SEK	13,618,081		03/16/22		(7,564	)
	USD	2,204,221		TRY	33,288,231		03/16/22		(152,293	)
	USD	879,714		TWD	24,511,472		01/19/22		(5,648	)
	USD	871,232		ZAR	14,240,609		02/03/22		(18,146	)
	ZAR	15,514,709		USD	978,412		01/24/22		(8,207	)
TOTAL								$	(1,482,816	)

FORWARD SALES CONTRACTS — At December 31, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate		Maturity Date(a)		Settlement Date		Principal Amount			Value
GNMA		2.000%		TBA-30yr		01/20/22	$	(3,000,000	)	$	(3,028,906	)
UMBS, 30 Year, Single Family		3.500		TBA-30yr		12/07/21		(4,000,000	)		(4,207,188	)
TOTAL (Proceeds Receivable: $7,234,766)										$	(7,236,094	)

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

FUTURES CONTRACTS — At December 31, 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		261		03/31/22	$	56,942,860		$	(49,815	)
10 Year U.S. Treasury Notes		420		03/22/22		54,796,875			396,252
20 Year U.S. Treasury Bonds		246		03/22/22		39,467,625			35,100
Total								$	381,537
Short position contracts:
Ultra Long U.S. Treasury Bonds		(56)		03/22/22		(11,039,000	)		(51,153	)
Ultra 10 Year U.S. Treasury Notes		(133)		03/22/22		(19,476,187	)		(280,764	)
5 Year U.S. Treasury Notes		(24)		03/31/22		(2,903,438	)		23
Total								$	(331,894	)
TOTAL FUTURES CONTRACTS								$	49,643

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At December 31, 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 NZDOR(a)	0.500%(b)	09/15/22	NZD	153,950		$	(589,617	)	$	(608,461	)	$	18,844
3M NZDOR(a)	1.250(b)	12/15/22		7,470			(19,158	)		(7,878	)		(11,280	)
1M BID Avg(c)	10.565(c)	01/02/23	BRL	4,010			(4,174	)		—			(4,174	)
1M BID Avg(c)	12.400(c)	01/02/23		3,560			6,705			(190	)		6,895
5.800%(c)	1M BID Avg(c)	01/02/23		9,300			73,817			5,401			68,416
1M BID Avg(c)	7.200(c)	01/02/23		10,250			(64,902	)		654			(65,556	)
3M AUDOR(a)	0.190(a)	02/22/23	AUD	72,920	(d)		(177,064	)		(1,120,978	)		943,914
3M CNY(a)	2.500(a)	09/15/23	CNY	35,120			27,643			19,451			8,192
6M EURO(e)	(0.250)(e)	11/03/23	EUR	27,870	(d)		28,595			37,391			(8,796	)
0.500(e)	3M SOFR(e)	12/15/23	$	11,040	(d)		45,821			30,555			15,266
1.000(b)	6M CDOR(b)	12/15/23	CAD	7,530			56,753			(7,602	)		64,355
11.814(f)	1M BID Avg(f)	01/02/24	BRL	700			(2,006	)		—			(2,006	)
11.905(f)	1M BID Avg(f)	01/02/24		725			(2,145	)		—			(2,145	)
7.200(f)	Mexico IB TIIE 28D(f)	03/13/24	MXN	80,520	(d)		24,817			1,160			23,657
3M STIBOR(a)	0.500(e)	03/16/24	SEK	117,200	(d)		29,711			24,248			5,463
1.500(a)	3M KWCDC(a)	03/16/24	KRW	2,168,550	(d)		12,067			5,909			6,158
0.250(e)	3M SOFR(e)	03/16/24	$	8,070	(d)		100,616			78,732			21,884
3M JIBAR(a)	5.650(a)	03/16/24	ZAR	1,270	(d)		(23	)		191			(214	)
3.150(e)	6M WIBOR(b)	03/16/24	PLN	3,984	(d)		18,580			737			17,843
1M LIBOR + 0.090%(a)	3M LIBOR(a)	07/25/24	$	41,260			9,473			13,848			(4,375	)
6M EURO(e)	(0.295)(e)	12/09/24	EUR	9,280	(d)		(22,393	)		4,147			(26,540	)
6M CDOR(b)	1.560(b)	08/22/25	CAD	12,250	(d)		(104,488	)		5,675			(110,163	)
3M CNY(a)	2.750(a)	09/15/26	CNY	9,760			26,363			9,405			16,958
(0.175)(e)	6M EURO(e)	12/09/26	EUR	20,400	(d)		100,914			3,733			97,181
3M CNY(a)	2.500(a)	12/15/26	CNY	3,420			3,288			(3,417	)		6,705
1M BID Avg(f)	11.230(f)	01/04/27	BRL	4,350			18,726			(9,932	)		28,658
8.495(c)	1M BID Avg(c)	01/04/27		2,790			22,894			(16,506	)		39,400
7.400(f)	Mexico IB TIIE 28D(f)	03/10/27	MXN	34,020	(d)		6,746			(9,341	)		16,087
6M CHFOR(e)	(0.250)(e)	03/16/27	CHF	1,580	(d)		(5,442	)		(3,115	)		(2,327	)
3M STIBOR(a)	0.750(e)	03/16/27	SEK	95,020	(d)		(7,143	)		63,568			(70,711	)
6M AUDOR(b)	1.250(b)	03/16/27	AUD	57,670	(d)		(1,008,750	)		(989,212	)		(19,538	)
3M NZDOR(a)	2.750(b)	03/16/27	NZD	13,550	(d)		54,456			59,861			(5,405	)
2.000(e)	3M NIBOR(b)	03/16/27	NOK	46,870	(d)		(22,460	)		(44,072	)		21,612
1.000(e)	3M SOFR(e)	03/16/27	$	19,210	(d)		160,357			131,719			28,638
1.750(b)	6M CDOR(b)	03/16/27	CAD	13,910	(d)		63,136			89,049			(25,913	)
(0.250)(e)	6M EURO(b)	03/16/27	EUR	9,110	(d)		91,455			19,546			71,909
0.500(e)	6M GBP(e)	03/16/27	GBP	15,970	(d)		599,594			409,932			189,662
0.000(e)	6M JYOR(e)	03/16/27	JPY	2,781,490	(d)		(11,902	)		(39,408	)		27,506
3.250(e)	6M WIBOR(b)	03/16/27	PLN	4,475	(d)		27,747			14,787			12,960
6M EURO(b)	0.200(e)	11/03/27	EUR	2,010	(d)		3,600			(35,348	)		38,948
0.000(e)	6M EURO(e)	11/03/27		6,490	(d)		(20,824	)		(58,689	)		37,865
0.015(e)	6M EURO(b)	12/13/27		890	(d)		8,751			5,255			3,496
1.680(b)	6M CDOR(b)	08/22/28	CAD	9,790	(d)		114,058			(9,945	)		124,003
2.130(e)	3M NIBOR(b)	05/11/31	NOK	56,630	(d)		(50,265	)		(205,149	)		154,884
1.750(a)	3M KWCDC(a)	09/15/31	KRW	622,730			4,831			17,051			(12,220	)
3M NZDOR(a)	3.000(b)	09/16/31	NZD	2,340	(d)		17,791			18,779			(988	)
3M SOFR(e)	1.530(e)	09/22/31	$	7,560	(d)		4,938			955			3,983
6M CDOR(b)	2.500(b)	10/14/31	CAD	6,500	(d)		88,254			30,210			58,044
6M EURO(b)	0.500(e)	11/26/31	EUR	13,040	(d)		(57,533	)		114,656			(172,189	)
6M EURO(e)	0.140(e)	12/09/31		3,650	(d)		(44,523	)		(90	)		(44,433	)
7.400(f)	Mexico IB TIIE 28D(f)	03/03/32	MXN	6,620	(d)		4,177			(903	)		5,080
6M CHFOR(e)	0.250(e)	03/16/32	CHF	4,250	(d)		65,251			61,713			3,538
6M EURO(b)	0.250(e)	03/16/32	EUR	3,140	(d)		(29,657	)		6,520			(36,177	)
3M STIBOR(a)	1.000(e)	03/16/32	SEK	65,120	(d)		(407	)		114,803			(115,210	)
3M SOFR(e)	1.500(e)	03/16/32	$	5,910	(d)		85,820			115,460			(29,640	)
3M NIBOR(b)	2.000(e)	03/16/32	NOK	13,790	(d)		11,019			41,173			(30,154	)

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 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 AUDOR(b)	2.000%(b)		03/16/32	AUD	7,960	(d)	$	(18,295	)	$	5,879		$	(24,174	)
2.750%(b)	3M NZDOR(a)		03/16/32	NZD	4,750	(d)		(19,770	)		(36,863	)		17,093
1.500(e)	3M SOFR(e)		03/16/32	$	1,360	(d)		(19,749	)		(14,133	)		(5,616	)
2.000(b)	6M CDOR(b)		03/16/32	CAD	8,120	(d)		4,009			12,142			(8,133	)
0.250(e)	6M EURO(b)		03/16/32	EUR	8,480	(d)		80,093			27,520			52,573
0.750(e)	6M GBP(e)		03/16/32	GBP	10,410	(d)		283,389			(4,244	)		287,633
0.000(e)	6M JYOR(e)		03/16/32	JPY	374,520	(d)		27,405			14,699			12,706
3.100(e)	6M WIBOR(b)		03/16/32	PLN	2,725	(d)		26,716			(1,309	)		28,025
3M JIBAR(a)	7.600(a)		03/16/32	ZAR	7,375	(d)		1,822			347			1,475
6M EURO(b)	0.500(e)		03/17/32	EUR	13,570	(d)		(84,002	)		20,342			(104,344	)
3M STIBOR(a)	1.000(e)		03/17/32	SEK	18,230	(d)		(23,573	)		(14,484	)		(9,089	)
6M AUDOR(b)	2.000(b)		03/17/32	AUD	1,890	(d)		(21,158	)		(54,574	)		33,416
1.500(e)	3M SOFR(e)		03/17/32	$	8,340	(d)		14,202			5,962			8,240
2.000(b)	6M CDOR(b)		03/17/32	CAD	3,390	(d)		18,477			14,315			4,162
1.000(e)	6M GBP(e)		03/17/32	GBP	4,980	(d)		(47,766	)		(190,601	)		142,835
6M CDOR(b)	2.100(b)		12/18/33	CAD	2,730	(d)		(8,549	)		13,687			(22,236	)
1.630(e)	3M SOFR(e)		09/22/36	$	9,070	(d)		19,076			2,999			16,077
0.750(e)	6M EURO(b)		11/26/41	EUR	6,660	(d)		40,488			(151,886	)		192,374
6M CDOR(b)	2.250(b)		12/15/51	CAD	3,160			93,185			(3,310	)		96,495
1.750(e)	3M SOFR(e)		03/16/52	$	1,960	(d)		(137,756	)		(167,986	)		30,230
TOTAL							$	2,132		$	(2,135,460	)	$	2,137,592

(a) Payments made quarterly.

(b) Payments made semi-annually.

(c) Payments made at maturity.

(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2021.

(e) Payments made annually.

(f) Payments made monthly.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund			Credit Spread at December 31, 2021(c)			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	)%(a)		0.087	%	Citibank NA		06/20/22	$	80	$	(373	)	$	(112	)	$	(261	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)(a)		0.087		JPMorgan Securities, Inc.		06/20/22		140		(653	)		(143	)		(510	)
Protection Sold:
Markit CMBX Series 8		3.000	(b)		8.605		Citibank NA		10/17/57		1,250		(168,802	)		(190,474	)		21,672
Markit CMBX Series 8		3.000	(b)		8.605		Citibank NA		10/17/57		700		(94,529	)		(187,015	)		92,486
Markit CMBX Series 11		3.000	(b)		3.952		JPMorgan Securities, Inc.		11/18/54		350		(16,366	)		(104,589	)		88,223
Markit CMBX Series 10		3.000	(b)		5.156		MS & Co. Int. PLC		11/17/59		600		(53,182	)		(110,569	)		57,387
Markit CMBX Series 11		3.000	(b)		3.952		MS & Co. Int. PLC		11/18/54		1,000		(46,761	)		(274,319	)		227,558
TOTAL												$	(380,666	)	$	(867,221	)	$	486,555

(a) Payments made quarterly.

(b) Payments made monthly.

(c) 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)

December 31, 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 December 31, 2021(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.EM Index 36		1.000%		1.867%		12/20/26	$	6,290	$	(250,171	)	$	(208,347	)	$	(41,824	)
CDX.NA.IG Index 28		1.000		0.211		06/20/22		11,100		45,227			35,746			9,481
General Electric Co. 2.700%, 10/09/22		1.000		0.633		06/20/26		1,525		24,981			18,566			6,415
Prudential Financial, Inc., 3.500%, 05/15/24		1.000		0.273		06/20/24		825		15,120			6,871			8,249
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.367		06/20/24		2,430		38,818			3,699			35,119
State of Qatar, 9.750%, 06/15/30		1.000		0.217		06/20/24		210		4,146			2,266			1,880
State of Qatar, 9.750%, 06/15/30		1.000		0.243		12/20/24		100		2,281			1,253			1,028
The Boeing Co., 8.750%, 08/15/21		1.000		0.731		06/20/24		500		3,470			5,354			(1,884	)
TOTAL									$	(116,128	)	$	(134,592	)	$	18,464

(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)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 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
1Y IRS	Citibank NA		0.420	%		10/10/2022	16,880,000	$	16,880,000		$	6,774		$	36,542		$	(29,768	)
1Y IRS	Citibank NA		0.459			10/10/2022	15,430,000		15,430,000			6,948			33,730			(26,782	)
1Y IRS	Citibank NA		0.516			11/15/2022	16,920,000		16,920,000			10,290			39,732			(29,442	)
6M IRS	Citibank NA		0.465			02/22/2022	15,260,000		15,260,000			443			19,430			(18,987	)
6M IRS	Citibank NA		0.605			01/07/2022	14,860,000		14,860,000			1			43,058			(43,057	)
6M IRS	Citibank NA		0.855			03/23/2022	15,520,000		15,520,000			8,479			70,685			(62,206	)
1Y IRS	JPMorgan Securities, Inc.		0.281			09/08/2022	13,890,000		13,890,000			3,232			26,535			(23,303	)
1Y IRS	JPMorgan Securities, Inc.		0.300			09/08/2022	18,160,000		18,160,000			4,471			35,345			(30,874	)
1Y IRS	JPMorgan Securities, Inc.		1.053			06/21/2022	9,580,000		9,580,000			23,188			85,478			(62,290	)
2Y IRS	JPMorgan Securities, Inc.		0.700			11/14/2022	10,200,000		10,200,000			16,508			103,239			(86,731	)
1Y IRS	MS & Co. Int. PLC		0.544			11/16/2022	15,410,000		15,410,000			10,198			36,290			(26,092	)
9M IRS	UBS AG (London)		1.160			10/11/2022	18,170,000		18,170,000			58,207			71,196			(12,989	)
Total purchased option contracts							180,280,000	$	180,280,000		$	148,739		$	601,260		$	(452,521	)
Written option contracts
Calls
1M IRS	Citibank NA		0.115			01/13/2022	(3,350,000)		(3,350,000	)		(532	)		(22,871	)		22,339
1M IRS	Citibank NA		0.137			01/20/2022	(3,440,000)		(3,440,000	)		(1,780	)		(21,745	)		19,965
1Y IRS	Citibank N		0.015			12/09/2022	(3,990,000)		(3,990,000	)		(31,928	)		(55,431	)		23,503
1Y IRS	Citibank NA		0.379			10/10/2022	(1,740,000)		(1,740,000	)		(17,200	)		(36,543	)		19,343
1Y IRS	Citibank NA		0.425			10/10/2022	(1,580,000)		(1,580,000	)		(17,533	)		(33,762	)		16,229
1Y IRS	Citibank NA		0.553			11/15/2022	(1,750,000)		(1,750,000	)		(29,750	)		(39,777	)		10,027
1Y IRS	Citibank NA		1.252			12/13/2022	(11,300,000)		(11,300,000	)		(28,813	)		(35,426	)		6,613
1Y IRS	Citibank NA		1.290			12/12/2022	(22,800,000)		(22,800,000	)		(62,918	)		(72,960	)		10,042
1Y IRS	Citibank NA		1.296			12/15/2022	(11,900,000)		(11,900,000	)		(32,950	)		(37,307	)		4,357
6M IRS	Citibank NA		0.849			02/22/2022	(4,820,000)		(4,820,000	)		(518	)		(19,435	)		18,917
6M IRS	Citibank NA		1.124			01/07/2022	(4,820,000)		(4,820,000	)		(2	)		(42,999	)		42,997
6M IRS	Citibank NA		1.406			03/23/2022	(5,040,000)		(5,040,000	)		(31,770	)		(70,677	)		38,907
1M IRS	Deutsche Bank AG (London)		1.265			01/13/2022	(3,700,000)		(3,700,000	)		(12,630	)		(31,912	)		19,282
1Y IRS	Deutsche Bank AG (London)		0.223			11/01/2022	(1,930,000)		(1,930,000	)		(27,985	)		(32,363	)		4,378
1M IRS	JPMorgan Securities, Inc.		0.178			01/06/2022	(3,350,000)		(3,350,000	)		(248	)		(28,578	)		28,330
1M IRS	JPMorgan Securities, Inc.		0.308			01/31/2022	(3,390,000)		(3,390,000	)		(23,671	)		(26,261	)		2,590
1Y IRS	JPMorgan Securities, Inc.		0.130			11/01/2022	(2,170,000)		(2,170,000	)		(24,305	)		(40,413	)		16,108
1Y IRS	JPMorgan Securities, Inc.		0.363			09/08/2022	(1,440,000)		(1,440,000	)		(11,833	)		(26,658	)		14,825
1Y IRS	JPMorgan Securities, Inc.		0.401			09/08/2022	(1,870,000)		(1,870,000	)		(17,051	)		(35,269	)		18,218
1Y IRS	JPMorgan Securities, Inc.		1.378			06/21/2022	(5,050,000)		(5,050,000	)		(47,187	)		(85,518	)		38,331
2Y IRS	JPMorgan Securities, Inc.		1.060			11/14/2022	(2,000,000)		(2,000,000	)		(31,463	)		(103,884	)		72,421
1M IRS	Morgan Stanley & Co.		1.283			01/06/2022	(3,700,000)		(3,700,000	)		(8,685	)		(36,075	)		27,390
1M IRS	MS & Co. Int. PLC		1.300			01/24/2022	(3,700,000)		(3,700,000	)		(20,806	)		(32,791	)		11,985
1M IRS	MS & Co. Int. PLC		1.370			01/31/2022	(3,700,000)		(3,700,000	)		(37,147	)		(32,976	)		(4,171	)
1Y IRS	MS & Co. Int. PLC		0.599			11/16/2022	(1,590,000)		(1,590,000	)		(30,048	)		(36,243	)		6,195
1Y IRS	UBS AG (London)		0.130			11/01/2022	(6,510,000)		(6,510,000	)		(72,913	)		(110,448	)		37,535
9M IRS	UBS AG (London)		0.850			10/11/2022	(1,910,000)		(1,910,000	)		(55,813	)		(77,629	)		21,816
							(122,540,000)	$	(122,540,000	)	$	(677,479	)	$	(1,225,951	)	$	548,472

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 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 Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts (continued)
Puts
1M IRS	Citibank NA		0.115	%	01/13/2022	(3,350,000)	$	(3,350,000	)	$	(75,528	)	$	(22,871	)	$	(52,657	)
1M IRS	Citibank NA		0.137		01/20/2022	(3,440,000)		(3,440,000	)		(71,212	)		(21,745	)		(49,467	)
1Y IRS	Citibank NA		0.015		12/09/2022	(3,990,000)		(3,990,000	)		(71,455	)		(54,728	)		(16,727	)
1Y IRS	Citibank NA		1.252		12/13/2022	(11,300,000)		(11,300,000	)		(35,954	)		(35,426	)		(528	)
1Y IRS	Citibank NA		1.290		12/12/2022	(22,800,000)		(22,800,000	)		(68,362	)		(72,960	)		4,598
1Y IRS	Citibank NA		1.296		12/15/2022	(11,900,000)		(11,900,000	)		(36,141	)		(37,307	)		1,166
1M IRS	Deutsche Bank AG (London)		1.265		01/13/2022	(3,700,000)		(3,700,000	)		(32,405	)		(31,913	)		(492	)
1Y IRS	Deutsche Bank AG (London)		0.223		11/01/2022	(1,930,000)		(1,930,000	)		(22,038	)		(32,363	)		10,325
1M IRS	JPMorgan Securities, Inc.		0.178		01/06/2022	(3,350,000)		(3,350,000	)		(50,054	)		(28,578	)		(21,476	)
1M IRS	JPMorgan Securities, Inc.		0.308		01/31/2022	(3,390,000)		(3,390,000	)		(27,037	)		(26,261	)		(776	)
1Y IRS	JPMorgan Securities, Inc.		0.130		11/01/2022	(2,170,000)		(2,170,000	)		(29,204	)		(20,332	)		(8,872	)
1M IRS	Morgan Stanley & Co.		1.283		01/06/2022	(3,700,000)		(3,700,000	)		(21,032	)		(36,075	)		15,043
1M IRS	MS & Co. Int. PLC		1.300		01/24/2022	(3,700,000)		(3,700,000	)		(34,050	)		(32,791	)		(1,259	)
1M IRS	MS & Co. Int. PLC		1.370		01/31/2022	(3,700,000)		(3,700,000	)		(26,914	)		(32,976	)		6,062
1Y IRS	UBS AG (London)		0.130		11/01/2022	(6,510,000)		(6,510,000	)		(87,612	)		(60,411	)		(27,201	)
						(88,930,000)	$	(88,930,000	)	$	(688,998	)	$	(546,737	)	$	(142,261	)
Total written option contracts						(211,470,000)	$	(211,470,000	)	$	(1,366,477	)	$	(1,772,688	)	$	406,211
TOTAL						(31,190,000)	$	(31,190,000	)	$	(1,217,738	)	$	(1,171,428	)	$	(46,310	)

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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 USD/Put ZAR	JPMorgan Securities, Inc.	$	16.450		01/20/2022	1,796,000	$	1,796,000		$	9,375		$	10,902		$	(1,527	)
Written option contracts
Puts
Put USD/Call ZAR	JPMorgan Securities, Inc.		15.450		01/20/2022	(1,796,000)		(1,796,000	)		(4,896	)		(11,782	)		6,886
TOTAL						—	$	—		$	4,479		$	(880	)	$	5,359

Abbreviations:
1M IRS	— 1 Month 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
CDX.NA.IG Index 28	— CDX North America Investment Grade Index 28
CDX.NA.EM Index 36	— CDX North America Emerging Markets Index 36
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

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 37.7%
Aerospace & Defense(a) – 0.7%
Northrop Grumman Corp.
$	1,925,000		2.930	%	01/15/25	$       2,009,123
	2,750,000		3.250		01/15/28	2,940,492
Raytheon Technologies Corp.
	1,775,000		3.950		08/16/25	1,924,331
	775,000		4.125		11/16/28	867,279
	550,000		4.050		05/04/47	639,969
The Boeing Co.
	1,575,000		3.450		11/01/28	1,653,120
	300,000		3.250		02/01/35	302,349
	275,000		3.375		06/15/46	265,037
	100,000		3.625		03/01/48	99,348
	100,000		3.850		11/01/48	103,018
	2,725,000		5.805		05/01/50	3,688,887
						14,492,953
Agriculture(a) – 0.2%
BAT Capital Corp.
	1,685,000		3.222		08/15/24	1,752,636
	2,550,000		2.259		03/25/28	2,487,627
	425,000		4.758		09/06/49	455,149
						4,695,412
Automotive – 0.4%
General Motors Co.
	1,425,000		5.400		10/02/23	1,526,132
	550,000		4.000		04/01/25	588,786
	200,000		5.950	(a)	04/01/49	273,516
General Motors Financial Co., Inc.(a)
	3,200,000		1.500		06/10/26	3,150,464
General Motors Financial Co., Inc.(a)
	675,000		4.300		07/13/25	727,664
	300,000		5.650		01/17/29	356,136
	2,825,000		2.350		01/08/31	2,743,386
						9,366,084

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – 9.9%
ABN AMRO Bank NV(a)(b) (-1x 5 Year EUR Swap + 4.674%)
EUR	1,600,000		4.375	%	12/31/99	$       1,951,771
Banco Santander SA
$	2,400,000		2.746		05/28/25	2,482,584
	400,000		4.250		04/11/27	439,728
	800,000		3.306		06/27/29	850,216
	800,000		2.749		12/03/30	782,360
Bank of America Corp.
	4,810,000		4.200		08/26/24	5,154,204
	5,000,000		4.183	(a)	11/25/27	5,473,400
	350,000		6.110		01/29/37	471,100
(3M USD LIBOR + 0.990%)
	225,000		2.496	(a)(b)	02/13/31	225,815
(3M USD LIBOR + 1.190%)
	1,325,000		2.884	(a)(b)	10/22/30	1,367,519
(3M USD LIBOR + 1.370%)
	1,550,000		3.593	(a)(b)	07/21/28	1,668,312
(SOFR + 1.220%)
	2,695,000		2.299	(a)(b)	07/21/32	2,646,571
(SOFR + 1.370%)
	5,725,000		1.922	(a)(b)	10/24/31	5,486,725
(SOFR + 1.530%)
	3,725,000		1.898	(a)(b)	07/23/31	3,571,791
(SOFR + 2.150%)
	5,225,000		2.592	(a)(b)	04/29/31	5,275,682
Barclays PLC(a)(b)
(3M USD LIBOR + 1.400%)
	2,725,000		4.610		02/15/23	2,736,554
(SOFR + 2.714%)
	2,600,000		2.852		05/07/26	2,680,132
BNP Paribas SA(c)
	3,825,000		3.500		03/01/23	3,937,799
	900,000		3.375		01/09/25	946,278
(5 Year USD Swap + 4.149%)
	650,000		6.625	(a)(b)	12/31/99	699,595
(SOFR + 1.004%)
	3,025,000		1.323	(a)(b)	01/13/27	2,943,234
(SOFR + 2.074%)
	1,325,000		2.219	(a)(b)	06/09/26	1,338,581
BPCE SA(c)
	2,250,000		4.000		09/12/23	2,354,400
	1,150,000		4.625		09/12/28	1,308,597
(SOFR + 1.312%)
	1,650,000		2.277	(a)(b)	01/20/32	1,589,841
(SOFR + 1.520%)
	1,675,000		1.652	(a)(b)	10/06/26	1,651,483
(SOFR + 1.730%)
	3,100,000		3.116	(a)(b)	10/19/32	3,100,806

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 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	$       1,718,547
CIT Bank NA(a)(b) (SOFR + 1.715%)
	1,500,000		2.969		09/27/25	1,544,205
CIT Group, Inc.(a)
	224,000		4.750		02/16/24	236,880
Citigroup, Inc.
	2,595,000		3.500		05/15/23	2,683,541
	2,500,000		4.600		03/09/26	2,760,475
	3,175,000		3.400		05/01/26	3,405,346
	2,450,000		4.450		09/29/27	2,731,774
	4,925,000		4.125		07/25/28	5,413,264
(3M USD LIBOR + 1.023%)
	1,795,000		4.044	(a)(b)	06/01/24	1,872,185
(SOFR + 1.422%)
	1,375,000		2.976	(a)(b)	11/05/30	1,428,721
Credit Agricole SA(c)
	1,050,000		3.250		10/04/24	1,102,658
(5 Year USD Swap + 4.319%)
	600,000		6.875	(a)(b)	12/31/99	653,646
(SOFR + 1.676%)
	1,275,000		1.907	(a)(b)	06/16/26	1,277,894
Credit Suisse AG
	1,175,000		2.950		04/09/25	1,230,495
	4,135,000		1.250		08/07/26	4,032,204
Credit Suisse Group AG
	683,000		4.550		04/17/26	752,154
	1,400,000		4.282	(a)(c)	01/09/28	1,522,766
(3M USD LIBOR + 1.410%)
	1,675,000		3.869	(a)(b)(c)	01/12/29	1,792,686
(SOFR + 1.730%)
	1,545,000		3.091	(a)(b)(c)	05/14/32	1,570,632
(SOFR + 3.730%)
	1,925,000		4.194	(a)(b)(c)	04/01/31	2,123,872
Deutsche Bank AG(a)(b)
(SOFR + 1.718%)
	2,095,000		3.035		05/28/32	2,109,958
(SOFR + 1.870%)
	1,725,000		2.129		11/24/26	1,722,827
(SOFR + 2.159%)
	1,075,000		2.222		09/18/24	1,089,169
Fifth Third Bancorp(a)
	1,235,000		2.375		01/28/25	1,267,518

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
HSBC Holdings PLC
$	600,000		4.950	%	03/31/30	$          703,560
(3M USD LIBOR + 1.000%)
	850,000		1.160	(a)(b)	05/18/24	857,616
(3M USD LIBOR + 1.055%)
	1,200,000		3.262	(a)(b)	03/13/23	1,205,532
(3M USD LIBOR + 1.211%)
	1,625,000		3.803	(a)(b)	03/11/25	1,706,331
(SOFR + 1.538%)
	3,625,000		1.645	(a)(b)	04/18/26	3,599,806
Huntington Bancshares, Inc.(a)
	1,625,000		4.000		05/15/25	1,748,793
ING Groep NV(a)(b)(c) (1 Year CMT + 1.100%)
	3,400,000		1.400		07/01/26	3,361,886
JPMorgan Chase & Co.(a)(b)
(3M USD LIBOR + 0.730%)
	640,000		3.559		04/23/24	661,043
(3M USD LIBOR + 0.890%)
	650,000		3.797		07/23/24	677,437
(3M USD LIBOR + 1.000%)
	3,025,000		4.023		12/05/24	3,186,323
(3M USD LIBOR + 1.245%)
	2,275,000		3.960		01/29/27	2,462,869
(3M USD LIBOR + 1.337%)
	2,150,000		3.782		02/01/28	2,329,203
(3M USD LIBOR + 1.360%)
	800,000		3.882		07/24/38	906,288
(3M USD LIBOR + 3.800%)
	2,250,000		3.932		12/29/49	2,253,083
(SOFR + 2.040%)
	100,000		2.522		04/22/31	101,159
(SOFR + 2.515%)
	925,000		2.956		05/13/31	957,273
(SOFR + 3.125%)
	2,350,000		4.600		12/31/99	2,402,123
(SOFR + 3.790%)
	275,000		4.493		03/24/31	318,359
Macquarie Bank Ltd.(a)(b)(c) (5 year CMT + 1.700%)
	2,550,000		3.052		03/03/36	2,504,151
Macquarie Group Ltd.(a)(b)(c) (SOFR + 1.069%)
	1,900,000		1.340		01/12/27	1,849,460
Mitsubishi UFJ Financial Group, Inc.
	1,700,000		3.751		07/18/39	1,924,077
Morgan Stanley, Inc.(a)(b) (SOFR + 1.360%)
	3,175,000		2.484		09/16/36	3,056,160
Morgan Stanley, Inc.
	2,200,000		4.875		11/01/22	2,274,844
	525,000		3.875		04/29/24	557,020
	3,300,000		3.700		10/23/24	3,515,292
	700,000		4.000		07/23/25	759,234
	4,000,000		3.950		04/23/27	4,398,720

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley, Inc. – (continued)
(3M USD LIBOR + 0.847%)
$	550,000		3.737	%(a)(b)	04/24/24	$          569,239
(3M USD LIBOR + 1.628%)
	325,000		4.431	(a)(b)	01/23/30	370,087
(SOFR + 0.720%)
	5,100,000		0.985	(a)(b)	12/10/26	4,947,357
(SOFR + 1.034%)
	2,625,000		1.794	(a)(b)	02/13/32	2,487,476
(SOFR + 1.143%)
	8,575,000		2.699	(a)(b)	01/22/31	8,783,801
(SOFR + 1.152%)
	1,050,000		2.720	(a)(b)	07/22/25	1,082,340
(SOFR + 3.120%)
	1,325,000		3.622	(a)(b)	04/01/31	1,445,376
Natwest Group PLC
	1,336,000		3.875		09/12/23	1,393,087
(3M USD LIBOR + 1.480%)
	1,883,000		3.498	(a)(b)	05/15/23	1,900,003
(3M USD LIBOR + 1.550%)
	2,100,000		4.519	(a)(b)	06/25/24	2,197,524
(3M USD LIBOR + 1.762%)
	400,000		4.269	(a)(b)	03/22/25	423,628
(5 Year CMT + 2.100%)
	500,000		3.754	(a)(b)	11/01/29	521,875
Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
	3,008,000		4.247		01/20/23	3,012,362
State Street Corp.(a)(b) (SOFR + 2.650%)
	100,000		3.152		03/30/31	108,157
Truist Bank(a)
	1,250,000		2.250		03/11/30	1,247,788
UBS Group AG(c)
	2,550,000		4.125		09/24/25	2,760,604
US Bancorp(a)(b) (5 year CMT + 2.541%)
	2,750,000		3.700		12/31/99	2,758,910
Wells Fargo & Co.
	1,135,000		3.750	(a)	01/24/24	1,192,499
	2,700,000		3.000		10/23/26	2,839,779
	4,150,000		4.300		07/22/27	4,638,828
Westpac Banking Corp.(a)(b) (5 Year CMT + 2.000%)
	700,000		4.110		07/24/34	755,076
						204,891,933
Beverages – 1.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	850,000		4.700		02/01/36	1,026,749
	6,675,000		4.900		02/01/46	8,455,022

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	$       1,397,220
	400,000		4.950		01/15/42	502,004
	1,700,000		4.600	(a)	04/15/48	2,080,579
Bacardi Ltd.(a)(c)
	1,500,000		5.300		05/15/48	1,972,575
Constellation Brands, Inc.(a)
	1,375,000		4.400		11/15/25	1,513,669
	625,000		3.700		12/06/26	677,619
	1,075,000		3.600		02/15/28	1,160,581
	1,425,000		3.150		08/01/29	1,501,209
JDE Peet’s NV(a)(c)
	1,650,000		1.375		01/15/27	1,592,415
Keurig Dr Pepper, Inc.(a)
	704,000		4.057		05/25/23	733,687
	225,000		5.085		05/25/48	294,064
						22,907,393
Biotechnology(a) – 0.1%
Royalty Pharma PLC
	1,475,000		1.200		09/02/25	1,448,804
Building Materials(a) – 0.4%
Carrier Global Corp.
	3,375,000		2.493		02/15/27	3,464,843
Martin Marietta Materials, Inc.
	3,125,000		3.200		07/15/51	3,165,156
Masco Corp.
	1,300,000		1.500		02/15/28	1,259,050
						7,889,049
Chemicals(a) – 0.7%
DuPont de Nemours, Inc.
	925,000		4.205		11/15/23	978,150
	975,000		4.493		11/15/25	1,077,336
	75,000		5.419		11/15/48	104,858
Ecolab, Inc.
	364,000		2.750		08/18/55	357,663
Huntsman International LLC
	850,000		4.500		05/01/29	941,929
	950,000		2.950		06/15/31	960,687

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals – (continued)
International Flavors & Fragrances, Inc.(c)
$	2,300,000		1.832	%	10/15/27	$       2,263,982
	4,025,000		2.300		11/01/30	3,951,624
	950,000		3.268		11/15/40	970,862
The Sherwin-Williams Co.
	325,000		3.125		06/01/24	339,609
	1,900,000		3.450		06/01/27	2,058,954
						14,005,654
Commercial Services – 1.0%
Ashtead Capital, Inc.(a)(c)
	650,000		1.500		08/12/26	637,364
	1,000,000		2.450		08/12/31	974,560
CoStar Group, Inc.(a)(c)
	2,225,000		2.800		07/15/30	2,229,612
DP World Ltd.(c)
	100,000		6.850		07/02/37	131,519
DP World Ltd.
	200,000		5.625		09/25/48	245,250
Emory University(a)
	4,015,000		2.143		09/01/30	4,070,563
Global Payments, Inc.(a)
	875,000		2.650		02/15/25	899,902
IHS Markit Ltd.(a)
	2,800,000		4.000	(c)	03/01/26	3,029,572
	1,775,000		4.250		05/01/29	2,016,844
PayPal Holdings, Inc.(a)
	3,825,000		1.650		06/01/25	3,872,239
	3,000,000		2.650		10/01/26	3,155,460
The University of Chicago
	320,000		5.420		10/01/30	381,744
						21,644,629
Computers(a) – 1.0%
Amdocs Ltd.
	1,225,000		2.538		06/15/30	1,218,410
Apple, Inc.
	4,050,000		2.450		08/04/26	4,230,508

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers(a) – (continued)
Dell International LLC/EMC Corp.
$	433,000		5.450	%	06/15/23	$          457,287
	875,000		5.850		07/15/25	992,504
	2,351,000		6.020		06/15/26	2,724,221
	176,000		5.300		10/01/29	206,745
	200,000		6.200		07/15/30	252,814
	540,000		8.100		07/15/36	824,218
Hewlett Packard Enterprise Co.
	2,400,000		2.250		04/01/23	2,437,560
	4,325,000		4.450		10/02/23	4,565,470
	1,782,000		4.900		10/15/25	1,977,575
	410,000		6.350		10/15/45	549,043
						20,436,355
Diversified Financial Services – 1.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	2,075,000		4.625		07/01/22	2,114,529
	1,450,000		3.300	(a)	01/23/23	1,480,885
	900,000		4.875	(a)	01/16/24	957,375
	965,000		6.500	(a)	07/15/25	1,103,526
	5,125,000		2.450	(a)	10/29/26	5,163,489
	2,925,000		3.000	(a)	10/29/28	2,968,846
	700,000		3.300	(a)	01/30/32	713,860
	375,000		3.400	(a)	10/29/33	381,653
Air Lease Corp.(a)
	2,250,000		2.300		02/01/25	2,283,660
	1,625,000		3.375		07/01/25	1,698,531
	1,700,000		2.875		01/15/26	1,753,295
	2,200,000		3.750		06/01/26	2,344,738
Ally Financial, Inc.(a)
	975,000		1.450		10/02/23	978,383
American Express Co.(a)
	555,000		2.500		07/30/24	573,276
	700,000		3.625		12/05/24	748,083
Aviation Capital Group LLC(a)(c)
	1,600,000		1.950		01/30/26	1,564,144

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 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	$       1,021,264
	2,125,000		2.875		02/15/25	2,169,306
	1,050,000		4.250		04/15/26	1,118,386
Capital One Financial Corp.
	1,050,000		3.500		06/15/23	1,088,157
	1,110,000		3.300	(a)	10/30/24	1,170,084
Mastercard, Inc.(a)
	850,000		3.300		03/26/27	919,224
Nomura Holdings, Inc.
	950,000		2.608		07/14/31	936,538
						35,251,232
Electrical – 1.7%
Alliant Energy Finance LLC(a)(c)
	825,000		3.750		06/15/23	854,040
	225,000		4.250		06/15/28	249,129
Ameren Corp.(a)
	400,000		3.500		01/15/31	433,020
American Electric Power Co., Inc.(a)
	850,000		2.300		03/01/30	836,043
Arizona Public Service Co.(a)
	1,175,000		2.950		09/15/27	1,234,490
Avangrid, Inc.(a)
	925,000		3.200		04/15/25	973,211
Berkshire Hathaway Energy Co.(a)
	1,275,000		3.700		07/15/30	1,415,633
Dominion Energy, Inc.(d)
	1,650,000		3.071		08/15/24	1,709,746
Duke Energy Corp.(a)
	2,100,000		3.150		08/15/27	2,219,679
Enel Finance International NV(a)(c)
	4,125,000		1.875		07/12/28	4,023,401
Entergy Corp.(a)
	1,025,000		2.950		09/01/26	1,072,201
Exelon Corp.(a)
	1,125,000		3.497		06/01/22	1,135,148
	1,000,000		4.050		04/15/30	1,114,350

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
FirstEnergy Corp.(a)
$	2,175,000		2.650	%	03/01/30	$       2,148,378
	1,125,000		2.250		09/01/30	1,083,700
NextEra Energy Capital Holdings, Inc.(a)
	2,155,000		1.900		06/15/28	2,138,773
NRG Energy, Inc.(a)(c)
	1,625,000		3.750		06/15/24	1,698,011
Ohio Power Co.(a)
	675,000		2.600		04/01/30	694,211
Pacific Gas & Electric Co.(a)
	850,000		2.100		08/01/27	821,993
	1,475,000		2.500		02/01/31	1,405,174
	500,000		3.300		08/01/40	465,240
	1,025,000		3.500		08/01/50	958,221
Southern California Edison Co.(a)
	1,075,000		4.200		03/01/29	1,200,549
The Southern Co.(a)
	1,730,000		3.250		07/01/26	1,833,246
Vistra Operations Co. LLC(a)(c)
	3,350,000		3.550		07/15/24	3,454,352
						35,171,939
Engineering & Construction(a) – 0.2%
Cellnex Finance Co. SA
EUR	1,900,000		1.250		01/15/29	2,060,292
Mexico City Airport Trust
$	400,000		4.250		10/31/26	424,075
	440,000		3.875	(c)	04/30/28	455,345
	200,000		5.500	(c)	10/31/46	199,663
	420,000		5.500		07/31/47	419,291
	340,000		5.500	(c)	07/31/47	339,426
						3,898,092
Environmental – 0.1%
Republic Services, Inc.(a)
	1,650,000		2.500		08/15/24	1,698,147
The Nature Conservancy
	60,000		0.944		07/01/26	58,453
	75,000		1.304		07/01/28	73,135

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Environmental – (continued)
Waste Management, Inc.(a)
$	925,000		1.150	%	03/15/28	$          881,997
						2,711,732
Food & Drug Retailing(a) – 0.2%
Kraft Heinz Foods Co.
	665,000		3.750		04/01/30	715,467
Mars, Inc.(c)
	525,000		2.700		04/01/25	546,074
	925,000		3.200		04/01/30	998,907
Sysco Corp.
	225,000		6.600		04/01/40	327,821
	125,000		4.450		03/15/48	147,059
	775,000		6.600		04/01/50	1,210,178
Tyson Foods, Inc.
	1,250,000		3.900		09/28/23	1,306,862
						5,252,368
Gas(a) – 0.2%
NiSource, Inc.
	2,500,000		3.490		05/15/27	2,688,575
	325,000		3.600		05/01/30	351,094
The East Ohio Gas Co.(c)
	525,000		1.300		06/15/25	518,133
						3,557,802
Hand/Machine Tools(a) – 0.1%
Stanley Black & Decker, Inc.
	1,400,000		4.250		11/15/28	1,591,534
Healthcare Providers & Services(a) – 1.4%
Adventist Health System/West
	540,000		2.952		03/01/29	564,429
Banner Health
	3,235,000		2.338		01/01/30	3,274,618
Baxter International, Inc.(c)
	2,050,000		2.272		12/01/28	2,066,379
	2,275,000		2.539		02/01/32	2,298,387
Baylor Scott & White Holdings
	1,140,000		1.777		11/15/30	1,100,196

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services(a) – (continued)
Centene Corp.
$	2,850,000		4.250	%	12/15/27	$        2,981,356
CommonSpirit Health
	2,385,000		3.910		10/01/50	2,653,397
DENTSPLY SIRONA, Inc.
	1,125,000		3.250		06/01/30	1,187,854
DH Europe Finance II S.a.r.l.
	1,725,000		2.200		11/15/24	1,763,968
	1,225,000		3.250		11/15/39	1,304,613
Rush Obligated Group
	1,320,000		3.922		11/15/29	1,474,174
Stanford Health Care
	975,000		3.310		08/15/30	1,047,617
STERIS Irish FinCo UnLtd Co.
	2,175,000		2.700		03/15/31	2,200,491
Stryker Corp.
	475,000		3.375		11/01/25	506,079
	2,825,000		1.950		06/15/30	2,761,494
Sutter Health
	605,000		2.294		08/15/30	604,891
Thermo Fisher Scientific, Inc.
	450,000		1.750		10/15/28	447,151
	300,000		4.100		08/15/47	373,563
						28,610,657
Insurance – 0.5%
AIA Group Ltd.(a)(c)
	875,000		3.900		04/06/28	968,432
American International Group, Inc.
	300,000		4.125		02/15/24	318,576
	3,875,000		3.900	(a)	04/01/26	4,206,700
Arch Capital Finance LLC(a)
	1,200,000		4.011		12/15/26	1,318,140
Arch Capital Group Ltd.
	1,125,000		7.350		05/01/34	1,622,610
Great-West Lifeco Finance 2018 LP(a)(c)
	825,000		4.047		05/17/28	932,968
Marsh & McLennan Cos., Inc.(a)
	1,325,000		4.375		03/15/29	1,513,256

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – (continued)
Willis North America, Inc.(a)
$	700,000		2.950	%	09/15/29	$          718,564
						11,599,246
Internet(a) – 0.8%
Amazon.com, Inc.
	2,300,000		5.200		12/03/25	2,620,022
	1,300,000		4.800		12/05/34	1,661,101
Baidu, Inc.
	450,000		3.425		04/07/30	472,599
Expedia Group, Inc.
	1,025,000		3.600		12/15/23	1,065,590
	2,850,000		4.500		08/15/24	3,043,258
	475,000		4.625		08/01/27	530,827
	825,000		3.800		02/15/28	880,844
	1,225,000		2.950		03/15/31	1,225,355
Netflix, Inc.(c)
	1,800,000		4.875		06/15/30	2,099,898
Prosus NV
	420,000		3.680	(c)	01/21/30	432,154
	690,000		3.680		01/21/30	709,967
EUR	100,000		2.031		08/03/32	112,427
$	230,000		4.027	(c)	08/03/50	219,003
	210,000		3.832	(c)	02/08/51	195,300
Tencent Holdings Ltd.
	830,000		3.595		01/19/28	883,427
	1,140,000		2.880		04/22/31	1,160,064
						17,311,836
Investment Companies – 0.1%
Huarong Finance 2017 Co. Ltd.
	200,000		4.750		04/27/27	205,938
Huarong Finance 2019 Co. Ltd.(a)
	390,000		3.875		11/13/29	382,200
JAB Holdings B.V.(a)(c)
	500,000		2.200		11/23/30	489,585
						1,077,723

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Iron/Steel(a) – 0.1%
Steel Dynamics, Inc.
$	490,000		2.400	%	06/15/25	$          502,686
	1,075,000		1.650		10/15/27	1,053,962
						1,556,648
Lodging(a) – 0.1%
Hyatt Hotels Corp.
	2,000,000		1.800		10/01/24	2,002,834
Machinery - Construction & Mining(a)(c) – 0.1%
The Weir Group PLC
	2,375,000		2.200		05/13/26	2,330,469
Machinery-Diversified(a) – 0.0%
Otis Worldwide Corp.
	625,000		2.293		04/05/27	637,275
Media – 1.5%
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	8,750,000		4.908		07/23/25	9,637,600
	6,675,000		3.750		02/15/28	7,155,867
Comcast Corp.(a)
	1,275,000		3.700		04/15/24	1,354,968
	1,300,000		3.950		10/15/25	1,421,264
	1,173,000		3.300		02/01/27	1,261,092
	1,775,000		3.300		04/01/27	1,911,870
	1,550,000		3.150		02/15/28	1,664,204
	1,775,000		4.150		10/15/28	2,014,270
	325,000		3.750		04/01/40	363,561
	275,000		4.700		10/15/48	351,940
Fox Corp.(a)
	700,000		4.030		01/25/24	739,382
	600,000		5.476		01/25/39	771,948
The Walt Disney Co.
	1,800,000		2.200		01/13/28	1,833,984
Time Warner Cable LLC(a)
	275,000		5.875		11/15/40	340,926
						30,822,876

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mining – 0.4%
Glencore Funding LLC(c)
$	1,300,000		4.125	%(a)	03/12/24	$       1,367,340
	1,181,000		4.625		04/29/24	1,260,836
	1,850,000		1.625	(a)	04/27/26	1,816,756
	3,175,000		2.625	(a)	09/23/31	3,081,750
Newcrest Finance Pty Ltd.(a)(c)
	525,000		3.250		05/13/30	551,192
Teck Resources Ltd.(a)
	900,000		3.900		07/15/30	968,355
						9,046,229
Miscellaneous Manufacturing – 0.1%
GE Capital International Funding Co.
	800,000		4.418		11/15/35	959,480
General Electric Co.
	700,000		5.875		01/14/38	951,664
						1,911,144
Multi-National(a)(c) – 0.1%
The African Export-Import Bank
	740,000		2.634		05/17/26	742,205
	830,000		3.798		05/17/31	847,131
						1,589,336
Oil Field Services – 1.3%
Devon Energy Corp.(a)
	514,000		5.850		12/15/25	588,067
	180,000		5.600		07/15/41	226,600
Gazprom PJSC Via Gaz Capital SA
	990,000		5.150		02/11/26	1,060,191
Gazprom PJSC Via Gaz Finance PLC
	1,210,000		3.250		02/25/30	1,166,364
Lukoil Securities B.V.
	790,000		3.875	(c)	05/06/30	807,017
	3,150,000		3.875		05/06/30	3,229,380
Lundin Energy Finance B.V.(a)(c)
	2,425,000		2.000		07/15/26	2,413,627
Marathon Petroleum Corp.(a)
	600,000		3.625		09/15/24	631,770
	375,000		3.800		04/01/28	403,703

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Occidental Petroleum Corp.(a)
$	3,175,000		2.900	%	08/15/24	$        3,242,469
Ovintiv Exploration, Inc.
	1,649,000		5.625		07/01/24	1,805,655
Phillips 66
	1,325,000		3.700		04/06/23	1,370,421
	375,000		3.850	(a)	04/09/25	400,148
	725,000		1.300	(a)	02/15/26	711,754
Qatar Energy(a)(c)
	650,000		3.300		07/12/51	667,875
SA Global Sukuk Ltd.(a)(c)
	5,360,000		2.694		06/17/31	5,385,125
Suncor Energy, Inc.
	775,000		2.800		05/15/23	793,236
	1,550,000		3.100	(a)	05/15/25	1,622,059
Valero Energy Corp.(a)
	1,150,000		2.850		04/15/25	1,194,712
						27,720,173
Packaging(a) – 0.1%
Berry Global, Inc.
	1,475,000		1.570		01/15/26	1,443,656
Pharmaceuticals(a) – 1.8%
AbbVie, Inc.
	3,250,000		4.050		11/21/39	3,725,507
	125,000		4.875		11/14/48	161,809
	2,625,000		4.250		11/21/49	3,151,549
Bayer US Finance II LLC(c)
	850,000		3.875		12/15/23	888,777
Becton Dickinson & Co.
	997,000		3.363		06/06/24	1,043,889
	1,225,000		2.823		05/20/30	1,268,463
	1,250,000		4.669		06/06/47	1,575,287
Bristol-Myers Squibb Co.
	1,527,000		3.875		08/15/25	1,653,161
	1,200,000		4.125		06/15/39	1,419,372
Cigna Corp.
	5,100,000		4.125		11/15/25	5,583,684
	3,475,000		3.400		03/15/50	3,624,564

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals(a) – (continued)
CVS Health Corp.
$	650,000		2.625	%	08/15/24	$       673,290
	4,050,000		3.875		07/20/25	4,356,220
	675,000		4.780		03/25/38	822,467
	75,000		5.050		03/25/48	98,134
	200,000		4.250		04/01/50	241,512
Elanco Animal Health, Inc.
	650,000		5.272		08/28/23	688,514
Perrigo Finance Unlimited Co.
	2,975,000		4.375		03/15/26	3,172,094
Takeda Pharmaceutical Co. Ltd.
	2,400,000		2.050		03/31/30	2,339,760
Zoetis, Inc.
	100,000		4.450		08/20/48	127,897
						36,615,950
Pipelines – 1.6%
Abu Dhabi Crude Oil Pipeline LLC(c)
	1,190,000		4.600		11/02/47	1,403,828
Enbridge, Inc.(a)
	3,175,000		2.500		08/01/33	3,123,501
Energy Transfer LP(a)
	1,950,000		4.200		09/15/23	2,036,249
	1,700,000		2.900		05/15/25	1,756,576
	50,000		4.950		06/15/28	56,382
	1,225,000		5.250		04/15/29	1,407,415
	375,000		5.300		04/15/47	432,135
Enterprise Products Operating LLC(a)
	85,000		3.750		02/15/25	90,507
Galaxy Pipeline Assets Bidco Ltd.
	200,000		2.625	(c)	03/31/36	195,188
	3,040,000		2.940		09/30/40	3,024,800
	320,000		3.250	(c)	09/30/40	323,200
Kinder Morgan Energy Partners LP(a)
	4,500,000		3.450		02/15/23	4,598,145

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
MPLX LP(a)
$	2,151,000		3.375	%	03/15/23	$       2,206,130
	2,225,000		2.650		08/15/30	2,221,128
	275,000		4.500		04/15/38	309,427
	645,000		5.500		02/15/49	824,858
Plains All American Pipeline LP/PAA Finance Corp.(a)
	525,000		3.650		06/01/22	527,457
	1,100,000		3.850		10/15/23	1,142,185
	875,000		3.800		09/15/30	921,086
Sabine Pass Liquefaction LLC(a)
	1,650,000		5.625		03/01/25	1,832,540
	1,025,000		5.000		03/15/27	1,153,627
The Williams Cos., Inc.(a)
	785,000		3.600		03/15/22	785,761
	850,000		3.900		01/15/25	905,633
	800,000		4.000		09/15/25	864,392
Western Midstream Operating LP(a)
	1,125,000		4.350		02/01/25	1,172,813
	475,000		3.950		06/01/25	496,375
	225,000		5.450		04/01/44	267,750
	165,000		5.300		03/01/48	198,825
						34,277,913
Real Estate Investment Trust(a) – 1.9%
Alexandria Real Estate Equities, Inc.
	750,000		3.800		04/15/26	813,548
American Campus Communities Operating Partnership LP
	2,575,000		3.750		04/15/23	2,646,121
American Homes 4 Rent LP
	740,000		2.375		07/15/31	727,427
American Homes 4 Rent LP
	723,000		4.900		02/15/29	837,415
American Tower Corp.
	2,100,000		3.375		05/15/24	2,194,836
	1,750,000		2.400		03/15/25	1,797,635
Crown Castle International Corp.
	2,150,000		3.150		07/15/23	2,215,295

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust(a) – (continued)
CubeSmart LP
$	1,500,000		4.000	%	11/15/25	$       1,613,790
	2,350,000		2.500		02/15/32	2,345,276
Duke Realty LP
	1,075,000		1.750		07/01/30	1,024,744
Host Hotels & Resorts LP
	1,700,000		2.900		12/15/31	1,644,189
Invitation Homes Operating Partnership LP
	1,300,000		2.300		11/15/28	1,286,909
	4,520,000		2.000		08/15/31	4,251,196
Kilroy Realty LP
	1,025,000		4.750		12/15/28	1,176,587
National Retail Properties, Inc.
	790,000		3.900		06/15/24	834,943
	1,150,000		4.000		11/15/25	1,247,716
Realty Income Corp.
	1,675,000		4.625		11/01/25	1,857,943
	400,000		3.950		08/15/27	443,952
	875,000		3.400		01/15/28	944,414
	1,550,000		2.850		12/15/32	1,612,171
Spirit Realty LP
	1,900,000		4.000		07/15/29	2,087,112
	1,200,000		3.400		01/15/30	1,260,372
UDR, Inc.
	475,000		2.100		08/01/32	454,238
Ventas Realty LP
	975,000		3.500		02/01/25	1,028,586
WP Carey, Inc.
	505,000		4.600		04/01/24	536,835
	445,000		4.000		02/01/25	474,397
	1,000,000		3.850		07/15/29	1,105,500
	725,000		2.400		02/01/31	718,888
						39,182,035
Retailing(a) – 0.7%
7-Eleven, Inc.(c)
	2,800,000		1.300		02/10/28	2,663,696
AutoNation, Inc.
	500,000		1.950		08/01/28	488,595
	825,000		4.750		06/01/30	943,470

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	$          202,320
CK Hutchison International 21 Ltd.(c)
	200,000		2.500		04/15/31	201,900
Dollar Tree, Inc.
	975,000		4.000		05/15/25	1,047,881
	1,999,000		4.200		05/15/28	2,231,764
Lowe’s Cos, Inc.
	1,900,000		1.700		09/15/28	1,861,373
Lowe’s Cos., Inc.
	2,500,000		1.700		10/15/30	2,375,025
McDonald’s Corp.
	650,000		4.200		04/01/50	789,139
Starbucks Corp.
	1,850,000		3.800		08/15/25	1,998,573
The Home Depot, Inc.
	625,000		3.900		12/06/28	705,563
						15,509,299
Savings & Loans(a)(b)(c) – 0.1%
Nationwide Building Society (3M USD LIBOR + 1.855%)
	975,000		3.960		07/18/30	1,073,709
Semiconductors – 0.8%
Broadcom, Inc.(a)(c)
	325,000		3.419		04/15/33	339,290
	6,965,000		3.137		11/15/35	7,001,288
	161,000		3.187		11/15/36	161,522
	3,700,000		3.500		02/15/41	3,767,599
NXP B.V./NXP Funding LLC(c)
	225,000		4.625		06/01/23	235,602
NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(c)
	3,125,000		2.500		05/11/31	3,133,406
NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(c)
	825,000		3.400		05/01/30	879,714
Skyworks Solutions, Inc.(a)
	625,000		3.000		06/01/31	628,862
TSMC Global Ltd.(a)(c)
	290,000		2.250		04/23/31	287,332
						16,434,615

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software(a) – 0.9%
Adobe, Inc.
$	1,400,000		2.150	%	02/01/27	$       1,439,116
Fiserv, Inc.
	2,775,000		2.750		07/01/24	2,870,071
	1,825,000		3.200		07/01/26	1,931,744
	1,075,000		4.200		10/01/28	1,204,914
Intuit, Inc.
	675,000		1.350		07/15/27	661,426
Oracle Corp.
	3,175,000		2.875		03/25/31	3,190,907
	1,325,000		3.600		04/01/40	1,331,943
ServiceNow, Inc.
	3,400,000		1.400		09/01/30	3,170,262
VMware, Inc.
	700,000		1.800		08/15/28	681,737
	2,075,000		2.200		08/15/31	2,039,538
						18,521,658
Telecommunication Services – 3.4%
AT&T, Inc.(a)
	6,700,000		2.300		06/01/27	6,828,372
	325,000		1.650		02/01/28	318,279
	2,375,000		2.750		06/01/31	2,421,906
	6,170,000		2.550		12/01/33	6,042,404
	1,165,000		4.900		08/15/37	1,401,926
	3,105,000		4.850		03/01/39	3,709,575
	1,325,000		3.500		06/01/41	1,363,438
	450,000		5.150		11/15/46	572,846
	725,000		5.150		02/15/50	929,972
	1,250,000		3.650		06/01/51	1,297,237
	450,000		3.500		09/15/53	454,838
T-Mobile USA, Inc.(a)
	2,025,000		3.500		04/15/25	2,145,953
	1,350,000		1.500		02/15/26	1,335,852
	5,025,000		3.750		04/15/27	5,441,020

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
T-Mobile USA, Inc.(a) – (continued)
$	3,600,000		2.050	%	02/15/28	$       3,580,596
	2,800,000		3.875		04/15/30	3,063,956
	2,205,000		2.875		02/15/31	2,169,169
	2,150,000		3.500		04/15/31	2,228,894
	925,000		3.000		02/15/41	901,329
Telefonica Emisiones SA
	1,200,000		4.665		03/06/38	1,385,064
Verizon Communications, Inc.
	7,580,000		2.100	(a)	03/22/28	7,603,119
	5,066,000		4.329		09/21/28	5,761,663
	625,000		3.875	(a)	02/08/29	693,288
	2,251,000		4.016	(a)	12/03/29	2,523,123
	3,350,000		2.550	(a)	03/21/31	3,384,069
	500,000		5.250		03/16/37	651,355
	2,175,000		4.812		03/15/39	2,730,169
	25,000		4.125		08/15/46	29,011
						70,968,423
Transportation(a) – 0.1%
Burlington Northern Santa Fe LLC
	800,000		4.050		06/15/48	962,256
Canadian Pacific Railway Co.
	1,475,000		2.450		12/02/31	1,501,211
						2,463,467
Trucking & Leasing(c) – 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,425,000		4.250		01/17/23	1,472,282
TOTAL CORPORATE OBLIGATIONS (Cost $758,878,060)						$   783,392,418
Foreign Debt Obligations – 0.9%
Sovereign – 0.9%
Abu Dhabi Government International Bond(c)
$	460,000		2.500	%	10/11/22	$          467,417
	420,000		3.125		10/11/27	450,450
Kuwait International Government Bond
	4,120,000		3.500		03/20/27	4,482,560

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Perusahaan Penerbit SBSN Indonesia III
$	2,030,000		4.550	%	03/29/26	$       2,276,518
Republic of Indonesia
	790,000		3.700	(c)	01/08/22	791,264
	420,000		4.125	(c)	01/15/25	450,922
	380,000		4.125		01/15/25	407,977
	450,000		3.350		03/12/71	435,375
Republic of Peru(a)
	10,000		2.780		12/01/60	8,783
	100,000		3.230	(e)	07/28/21	86,019
Republic of Romania
EUR	100,000		2.000		01/28/32	105,562
$	690,000		5.125		06/15/48	813,165
EUR	360,000		3.375		01/28/50	387,113
	580,000		4.000		02/14/51	578,492
Republic of Uruguay(a)
$	280,000		4.375		01/23/31	322,315
State of Israel(f)
	200,000		4.500		04/03/20	254,500
United Mexican States
	1,350,000		3.750		01/11/28	1,451,925
	450,000		4.500		04/22/29	502,116
	240,000		3.250	(a)	04/16/30	246,495
	200,000		4.750	(a)	04/27/32	226,038
EUR	839,000		1.450	(a)	10/25/33	888,337
$	1,960,000		3.771	(a)	05/24/61	1,806,630
	600,000		3.750	(a)	04/19/71	537,300
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $17,365,513)						$     17,977,273
Asset-Backed Securities(b) – 5.7%
Collateralized Loan Obligations(c) – 5.1%
AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	4,100,000		1.424	%	01/15/33	$       4,100,873
Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	4,000,000		1.344		04/15/33	4,003,364

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – (continued)
Collateralized Loan Obligations(c) – (continued)
Atlas Senior Loan Fund XIII Series 2019-13A, Class CR (3M USD LIBOR + 2.650%)
$	2,100,000		2.778	%	04/22/31	$       2,093,202
CFIP CLO Ltd. Series 2021-1A, Class A (3M USD LIBOR + 1.220%)
	12,050,000		1.334		01/20/35	12,054,880
CFIP CLO Ltd. Series 2021-1A, Class C1 (3M USD LIBOR + 2.400%)
	1,700,000		2.514		01/20/35	1,698,642
Crown City CLO I Series 2020-1A, Class A2R (3M USD LIBOR + 1.750%)
	4,600,000		1.882		07/20/34	4,586,849
Crown City CLO I Series 2020-1A, Class BR (3M USD LIBOR + 2.100%)
	2,900,000		2.232		07/20/34	2,888,919
Diameter Capital CLO1 Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.240%)
	5,250,000		1.363		07/15/36	5,253,733
Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	14,600,000		1.364		04/15/33	14,608,030
Galaxy XVIII CLO Ltd. Series 2018-28A, Class A2 (3M USD LIBOR + 1.300%)
	6,000,000		1.424		07/15/31	6,000,102
HalseyPoint CLO 2 Ltd. Series 2020-2A, Class B (3M USD LIBOR + 2.950%)
	3,900,000		3.082		07/20/31	3,902,352
HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%)
	6,250,000		1.579		11/30/32	6,262,850
Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	6,863,326		0.874		04/15/29	6,863,490
Mill City Mortgage Loan Trust Series 2017-2, Class A3
	481,205		3.015		07/25/59	492,370
Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	3,500,000		1.487		04/14/33	3,500,388
OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3M USD LIBOR + 1.140%)
	2,150,000		1.272		07/02/35	2,149,996
OHA Credit Funding 5 Ltd. Series 2020-5A, Class A2A (3M USD LIBOR + 1.450%)
	2,000,000		1.572		04/18/33	2,001,908
Palmer Square CLO Ltd. Series 2019-1A, Class A1R (3M USD LIBOR + 1.150%)
	6,000,000		1.270		11/14/34	6,000,762

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – (continued)
Collateralized Loan Obligations(c) – (continued)
Recette CLO Ltd. Series 2015-1A, Class ARR (3M USD LIBOR + 1.080%)
$	7,000,000		1.212	%	04/20/34	$       6,965,210
Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	6,900,000		1.404		04/15/33	6,901,987
Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)
	3,250,000		1.486		07/28/32	3,246,279
						105,576,186
Other(c) – 0.3%
Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
	5,700,000		1.260		06/15/28	5,698,217
BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	559,740		1.160		09/15/35	559,743
						6,257,960
Student Loan – 0.3%
AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	713,523		0.342		09/26/33	688,942
Educational Funding of the South, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.650%)
	1,053,691		0.774		04/25/35	1,054,172
Higher Education Funding I Series 2014-1, Class A(c) (3M USD LIBOR + 1.050%)
	2,034,229		1.230		05/25/34	2,036,911
PHEAA Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.150%)
	2,118,870		1.253		09/25/65	2,154,961
						5,934,986
TOTAL ASSET-BACKED SECURITIES (Cost $117,687,319)						$   117,769,132
Mortgage-Backed Obligations – 23.6%
Collateralized Mortgage Obligations – 1.1%
Inverse Floaters(b) – 0.0%
GNMA REMIC Series 2002-13, Class SB (-1x1M USD LIBOR + 37.567%)
$	8,587		37.065	%	02/16/32	$            10,439

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – 0.1%
FHLMC REMIC Series 2755, Class ZA
$	266,045		5.000	%	02/15/34	$          292,902
FHLMC REMIC Series 4246, Class PT
	122,163		6.500		02/15/36	139,028
FHLMC REMIC Series 4273, Class PD
	612,094		6.500		11/15/43	709,170
FNMA REMIC Series 2011-52, Class GB
	528,553		5.000		06/25/41	583,250
FNMA REMIC Series 2011-99, Class DB
	517,795		5.000		10/25/41	570,292
FNMA REMIC Series 2012-111, Class B
	88,956		7.000		10/25/42	101,550
FNMA REMIC Series 2012-153, Class B
	314,447		7.000		07/25/42	372,055
						2,768,247
Sequential Floating Rate(b) – 0.9%
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2(c) (SOFR30A + 1.650%)
	884,000		1.700		12/25/41	884,707
Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2(c) (SOFR30A + 1.550%)
	978,000		1.600		10/25/41	979,645
CSMC Series 2021-NQM8, Class A1(c)
	730,000		1.841		10/25/66	729,397
FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2(b)(c) (1M USD LIBOR + 3.000%)
	201,431		3.103		06/25/50	201,713
FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2(b)(c) (SOFR30A + 2.800%)
	731,136		2.850		10/25/50	736,845
FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2(c) (SOFR30A + 1.650%)
	710,000		1.700		01/25/34	712,852
Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	1,373,954		0.914		08/20/56	1,860,462
HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
	91,755		0.584		01/19/36	88,057
Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	76,792		0.822		10/25/34	75,114

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
JPMorgan Mortgage Trust Series 2021-6, Class A3(c)
$	2,826,553		2.500	%	10/25/51	$       2,824,566
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1(c)
	4,050,000		2.520		05/25/52	4,052,368
London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	615,354		0.952		11/15/49	833,768
Stratton Mortgage Funding PLC Series 2019-1, Class A (3M SONIA IR + 1.200%)
	3,148,548		1.250		05/25/51	4,274,301
Verus Securitization Trust Series 2021-8, Class A1(c)
	525,000		1.824		11/25/66	524,686
Washington Mutual Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7
	12,764		2.610		02/25/33	12,645
Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1(c)
	169,058		3.500		07/25/49	170,299
						18,961,425
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$     21,740,111
Commercial Mortgage-Backed Securities – 0.8%
3650R Commercial Mortgage Trust Series 2021-PF1, Class AS
$	2,526,000		2.778	%	11/15/54	$       2,567,171
Bank Series 2019-BN21, Class A5
	950,000		2.851		10/17/52	997,899
BX Trust Series 2021-ARIA, Class C(b)(c) (1M USD LIBOR + 1.646%)
	2,750,000		1.756		10/15/36	2,744,159
Cantor Commercial Real Estate Lending Series 2019-CF2, Class E(c)
	2,024,000		2.500		11/15/52	1,565,277
DBJPM 16-C1 Mortgage Trust Series 2016-C1, Class D(b)(c)
	1,500,000		3.327		05/10/49	1,184,247
DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D(b)(c)
	1,757,000		3.218		06/10/50	1,619,551
DOLP Trust Series 2021-NYC, Class A(c)
	4,650,000		2.956		05/10/41	4,837,250
Morgan Stanley Bank of America Merrill Lynch Trust Series 2017-C34, Class D(c)
	1,400,000		2.700		11/15/52	1,224,489
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$     16,740,043

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – 21.7%
Adjustable Rate FNMA(b) – 0.1%
(1 Year CMT + 2.234%)
$	2,315		2.344	%		06/01/33		$              2,435
(12M USD LIBOR + 1.233%)
	136,710		1.543			06/01/35		141,688
(12M USD LIBOR + 1.553%)
	630,173		1.803			09/01/34		657,474
(12M USD LIBOR + 1.668%)
	263,004		1.918			07/01/34		275,373
(12M USD LIBOR + 1.744%)
	374,739		2.082			05/01/35		394,417
								1,471,387
FHLMC – 0.1%
	6,311		5.000			05/01/23		6,843
	16,103		5.500			10/01/25		17,489
	8,650		7.500			12/01/30		10,117
	4,344		7.500			01/01/31		5,076
	5,831		5.000			10/01/33		6,490
	1,353		5.000			04/01/35		1,506
	9,368		5.000			07/01/35		10,528
	56,078		5.000			12/01/35		62,636
	128,399		5.000			01/01/38		144,426
	251,426		5.000			01/01/39		282,736
	90,710		5.000			06/01/39		101,922
	9,048		4.000			06/01/40		9,862
	4,739		5.000			08/01/40		5,311
	1,690		4.500			11/01/40		1,862
	73,127		4.000			02/01/41		79,714
	2,175		5.000			04/01/41		2,442
	4,201		5.000			06/01/41		4,716
	5,975		4.000			11/01/41		6,476
	1,432,540		4.500			08/01/48		1,570,845
								2,330,997
FNMA – 0.0%
	13,991		8.000			02/01/31		16,109
	13,418		7.000			03/01/31		14,419
								30,528
GNMA – 12.3%
	20,000,000		3.000			TBA-30yr	(g)	20,667,282
	5,862		6.000			11/15/38		6,752
	39,617		5.000			07/15/40		42,611
	38,578		5.000			01/15/41		41,559
	3,538		4.000			02/20/41		3,813
	5,496		4.000			11/20/41		5,925
	920		4.000			01/20/42		992
	2,949		4.000			04/20/42		3,186
	1,861		4.000			10/20/42		2,011
	28,885		4.000			08/20/43		31,208
	2,760		4.000			03/20/44		2,982
	3,353		4.000			05/20/44		3,623
	233,677		4.000			11/20/44		252,328
	15,379		4.000			05/20/45		16,592
	2,108,918		4.000			07/20/45		2,273,288

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	33,297		4.000	%		10/20/45		$            35,892
	5,773,457		3.500			04/20/47		6,059,634
	6,235,503		3.500			12/20/47		6,544,582
	188,594		4.500			02/20/48		201,472
	491,062		4.500			04/20/48		523,328
	1,307,004		4.500			05/20/48		1,391,249
	1,296,952		5.000			07/20/48		1,387,935
	2,087,476		4.500			08/20/48		2,219,092
	1,215,854		5.000			08/20/48		1,300,578
	8,476		3.500			09/20/48		8,896
	8,972,322		4.500			09/20/48		9,535,227
	1,475,978		5.000			10/20/48		1,578,367
	4,857,251		5.000			11/20/48		5,193,820
	8,095,710		4.500			12/20/48		8,594,764
	2,685,491		5.000			12/20/48		2,871,154
	6,007,652		4.500			01/20/49		6,377,049
	4,329,481		5.000			01/20/49		4,628,802
	3,115,247		4.000			02/20/49		3,287,471
	1,019,718		4.500			02/20/49		1,082,259
	2,738,838		4.000			03/20/49		2,888,326
	834,564		4.500			03/20/49		885,423
	1,452,536		5.000			03/20/49		1,552,391
	12,627		3.500			04/20/49		13,247
	2,172,590		4.000			05/20/49		2,290,493
	4,740,467		3.000			08/20/49		4,922,589
	30,203		3.500			08/20/49		31,540
	3,786,334		5.000			08/20/49		4,041,300
	1,882,187		3.500			09/20/49		1,963,886
	22,752,455		3.000			10/20/49		23,608,816
	1,256,662		4.500			10/20/49		1,332,361
	934,106		3.500			12/20/49		973,839
	2,795,561		3.500			02/20/50		2,914,473
	5,614,231		3.500			03/20/50		5,850,594
	250,355		3.500			06/20/50		260,731
	574,311		3.500			07/20/50		598,115
	3,731,152		3.500			03/20/51		3,886,611
	980,316		3.500			05/20/51		1,021,789
	977,514		3.000			07/20/51		1,013,179
	4,976,944		3.000			11/20/51		5,168,103
	8,000,000		3.000			12/20/51		8,311,118
	29,000,000		2.500			TBA-30yr	(g)	29,726,003
	21,000,000		3.500			TBA-30yr	(g)	21,870,074
	43,000,000		3.000			TBA-30yr	(g)	44,513,604
								255,814,328
UMBS – 4.7%
	3,755		5.500			09/01/23		3,832
	1,490		5.500			10/01/23		1,521
	16,106		7.000			08/01/27		17,725
	750		6.500			09/01/27		819
	41,610		7.000			03/01/28		45,981
	1,255		6.500			05/01/28		1,393
	9,499		4.500			04/01/39		10,456
	5,162		4.500			05/01/39		5,662
	6,328		4.500			07/01/39		6,958
	20,968		4.500			08/01/39		23,026

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	195,866		4.500	%	12/01/39	$          215,067
	552,804		4.500		05/01/41	608,986
	49,528		4.500		08/01/41	54,305
	14,543		3.000		11/01/42	15,474
	386,255		3.000		12/01/42	409,702
	556,695		3.000		01/01/43	592,344
	77,491		3.000		02/01/43	82,453
	593,522		3.000		03/01/43	631,807
	1,040,832		3.000		04/01/43	1,109,437
	698,531		3.000		05/01/43	744,577
	69,363		3.000		06/01/43	73,934
	599,074		3.000		07/01/43	638,560
	458,169		5.000		05/01/44	513,659
	1,895,753		4.500		04/01/45	2,099,350
	232,975		4.500		05/01/45	258,286
	580,644		4.500		06/01/45	639,326
	76,429		4.000		03/01/46	82,533
	48,420		4.000		06/01/46	52,246
	12,067		4.000		08/01/46	13,021
	106,734		4.000		10/01/46	115,168
	163,471		4.000		06/01/47	177,258
	2,159,928		4.500		07/01/47	2,354,397
	566,905		4.500		11/01/47	618,133
	268,417		4.000		12/01/47	292,734
	1,007,271		4.000		01/01/48	1,097,657
	2,717,632		4.000		02/01/48	2,949,646
	2,018,915		4.000		03/01/48	2,189,374
	1,536,901		4.000		06/01/48	1,672,172
	1,738,424		4.000		07/01/48	1,887,028
	2,349,605		4.000		08/01/48	2,542,456
	779,905		4.500		09/01/48	854,341
	1,034,919		4.500		11/01/48	1,108,469
	1,787,551		4.500		TBA-30yr	1,914,962
	4,755,359		5.000		11/01/48	5,274,824
	2,139,719		4.500		12/01/48	2,288,193
	2,392,624		4.500		01/01/49	2,560,859
	1,838,037		4.500		02/01/49	1,967,063
	779,830		4.500		06/01/49	834,638
	129,309		4.500		07/01/49	139,174
	253,145		4.500		08/01/49	270,967
	1,596,154		4.500		08/01/49	1,708,592
	8,005,594		3.000		09/01/49	8,443,837
	1,544,109		3.000		10/01/49	1,628,637
	2,204,434		3.000		12/01/49	2,309,092
	867,824		4.500		05/01/50	931,449
	10,331,983		3.000		12/01/50	10,882,241
	28,457,984		2.500		09/01/51	29,255,479
						97,221,280
UMBS, 30 Year, Single Family(g) – 4.5%
	5,000,000		2.000		TBA-30yr	4,987,969
	35,000,000		2.500		TBA-30yr	35,738,297
	30,000,000		3.000		TBA-30yr	31,091,016

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family(g) – (continued)
$	21,000,000		4.500	%	TBA-30yr	$     22,509,375
						94,326,657
TOTAL FEDERAL AGENCIES						$   451,195,177
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $488,357,508)						$   489,675,331
Agency Debentures – 1.6%
FHLB
$	6,800,000		2.125	%	06/09/23	$       6,948,444
	3,500,000		3.375		09/08/23	3,654,455
	750,000		3.375		12/08/23	786,780
	2,400,000		5.000		09/28/29	2,973,072
FNMA
	3,700,000		1.875		09/24/26	3,801,528
	4,200,000		6.250		05/15/29	5,579,448
Israel Government AID Bond(h)
	1,200,000		5.500		12/04/23	1,306,656
	2,400,000		5.500		04/26/24	2,648,616
	4,700,000		5.500		09/18/33	6,460,949
TOTAL AGENCY DEBENTURES (Cost $31,219,030)						$     34,159,948
Municipal Debt Obligations – 1.3%
Arizona – 0.1%
City of Tucson AZ Taxable Series A(a)
$	100,000		1.457	%	07/01/28	$            97,110
	690,000		1.932		07/01/31	677,774
City of Yuma AZ Pledged Revenue Taxable Series 2021
	35,000		1.749		07/15/28	34,750
	65,000		2.102		07/15/30	65,185
						874,819
California – 0.5%
Bay Area Toll Authority Revenue Bonds Taxable Refunding Series F1(a)
	820,000		1.633		04/01/28	808,909
California State GO Bonds Build America Taxable Series 2009(a)
	950,000		7.500		04/01/34	1,453,796
	1,650,000		7.550		04/01/39	2,753,611

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
California – (continued)
California Statewide Communities Development Authority Revenue Bonds Taxable Refunding Series 2021
$	95,000		1.807	%	02/01/30	$            93,526
	525,000		1.877		02/01/31	514,790
Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series A(a)
	765,000		1.648		11/01/28	750,509
	2,295,000		2.074		11/01/30	2,275,538
Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series C(a)
	245,000		1.831		11/01/29	240,448
Port Of Oakland RB Taxable Refunding Series R(a)
	330,000		1.949		05/01/28	330,759
	55,000		2.099		05/01/30	54,739
	385,000		2.199		05/01/31	382,488
San Francisco Municipal Transportation Agency Revenue Refunding Series A
	555,000		1.302		03/01/28	540,977
San Jose Financing Authority Lease RB Taxable Refunding Series A(a)
	345,000		1.812		06/01/29	341,378
	195,000		1.862		06/01/30	191,097
						10,732,565
Florida(a) – 0.0%
Florida State Board of Administration Finance Corp. RB Taxable Series A
	595,000		2.154		07/01/30	593,595
Illinois – 0.2%
Illinois State GO Bonds Build America Series 2010(a)
	160,000		6.630		02/01/35	195,481
	1,595,000		7.350		07/01/35	2,007,785
Illinois State GO Bonds Taxable-Pension Series 2003
	1,170,000		5.100		06/01/33	1,352,384
						3,555,650
Louisiana(a) – 0.0%
City of New Orleans LA Sewerage Service Revenue Taxable Revenue Series 2021
	60,000		0.958		06/01/26	58,375
	110,000		1.409		06/01/28	106,712

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Louisiana(a) – (continued)
City of New Orleans LA Water System Revenue Taxable Refunding Series 2021
$	45,000		1.008	%	12/01/26	$            43,336
	105,000		1.459		12/01/28	101,084
Louisiana State Transportation Authority Revenue Taxable Refunding Series A
	50,000		1.138		02/15/26	48,814
	50,000		1.648		02/15/28	49,011
	60,000		1.997		02/15/30	58,717
State of Louisiana Unclaimed Property Revenue Taxable Refunding Series 2021
	105,000		1.059		09/01/26	102,837
	100,000		1.543		09/01/28	97,808
						666,694
Maryland – 0.0%
State of Maryland Department of Transportation Revenue Taxable Refunding Series A
	65,000		1.303		08/01/28	62,970
New York – 0.4%
Metropolitan Transportation Authority Revenue Series 2010(a)
	395,000		5.989		11/15/30	491,050
New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B(a)
	2,670,000		5.175		11/15/49	3,655,024
Port Authority of New York & New Jersey Revenue Bonds Taxable Series AAA
	3,320,000		1.086		07/01/23	3,337,693
						7,483,767
Ohio(a) – 0.1%
American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,690,000		6.270		02/15/50	2,415,167
Pennsylvania – 0.0%
Commonwealth of Pennsylvania Department of Community & Economic Development Revenue Taxable Refunding Series C
	125,000		2.758		06/01/30	130,492
Texas – 0.0%
City of Houston TX Airport System Revenue Taxable Refunding Series 2020
	355,000		2.235		07/01/29	356,388
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $23,337,471)						$     26,872,107

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 32.6%
United States Treasury Bonds
$	6,530,000		4.250	%(i)	05/15/39	$       8,950,181
	13,000,000		3.750		11/15/43	17,200,625
	210,000		3.375		05/15/44	264,534
	15,240,000		2.875		11/15/46	18,047,494
	104,460,000		3.000		02/15/47	126,576,141
	38,410,000		2.375		11/15/49	42,238,997
	41,410,000		2.000		02/15/50	42,108,794
United States Treasury Notes
	18,770,000		1.375		12/31/28	18,690,814
	94,060,000		0.125		08/31/22	93,979,168
	19,650,000		2.625		02/28/23	20,134,342
	2,630,000		2.000		04/30/24	2,701,298
	2,680,000		2.625		03/31/25	2,816,722
	20,000		0.500	(i)	02/28/26	19,437
	960,000		2.500		02/28/26	1,010,850
	74,520,000		0.750	(i)	03/31/26	73,122,750
	19,080,000		1.250		12/31/26	19,066,584
	22,790,000		1.125		02/29/28	22,467,735
	23,190,000		1.250	(i)	03/31/28	22,992,523
	34,040,000		1.250		06/30/28	33,702,259
	5,560,000		3.125		11/15/28	6,182,025
United States Treasury Strip Coupon(j)
	50,580,000		0.000		02/15/38	36,966,122
	94,430,000		0.000		08/15/38	68,177,092
TOTAL U.S. TREASURY OBLIGATIONS (Cost $688,007,779)						$   677,416,487
Shares		Dividend Rate				Value
Investment Company(k) – 2.2%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	46,618,209		0.026%			$     46,618,209
(Cost $46,618,209)

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(j) – 1.7%
Commercial Paper – 1.7%
AT&T, Inc.
$	6,400,000		0.000	%	02/14/22	$       6,397,640
Entergy Corp.
	8,000,000		0.000		01/12/22	7,999,606
Fidelity National Information Services, Inc.
	7,200,000		0.000		01/05/22	7,199,843
Macquarie Bank Ltd.
	3,600,000		0.000		01/10/22	3,599,919
VW Credit, Inc.
	10,600,000		0.000		01/06/22	10,599,719
TOTAL SHORT-TERM INVESTMENTS (Cost $35,797,624)						$     35,796,727
TOTAL INVESTMENTS – 107.3% (Cost $2,207,268,513)						$2,229,677,632
LIABILITIES IN EXCESS OF     OTHER ASSETS – (7.3)%						(152,121,377)
NET ASSETS – 100.0%						$2,077,556,255

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 December 31, 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 December 31, 2021.
(e)	Actual maturity date is July 28, 2121.
(f)	Actual maturity date is April 03, 2120.
(g)	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 $211,103,620 which represents approximately 10.2% of the Fund’s net assets as of December 31, 2021.
(h)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $10,416,221, which represents approximately 0.5% of the Fund’s net assets as of December 31, 2021.
(i)	All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(j)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(k)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
EUR	— Euro
GBP	— British Pound
JPY	— Japanese Yen
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
SEK	— Swedish Krona
USD	— U.S. Dollar
Investment Abbreviations:
AUDOR	— Australian Dollar Offered Rate
CDO	— Collateralized Debt Obligation
CDOR	— Canadian Dollar Offered Rate
CHFOR	— Swiss Franc Offered Rate
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
EURO	— Euro Offered Rate
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
GO	— General Obligation
JYOR	— Japanese Yen Offered Rate
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
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
SONIA	— Sterling Overnight Interbank Average Rate
STIBOR	— Stockholm Interbank Offered Rate

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 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	8,597,581	GBP	6,243,374	01/21/22	$	147,289
Morgan Stanley & Co.	USD	527,291	AUD	712,005	01/31/22		9,221
TOTAL						$	156,510
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Loss
Deutsche Bank AG	USD	1,044,847	EUR	924,468	02/10/22	$	(8,510	)
JPMorgan Securities, Inc.	USD	2,086,157	EUR	1,848,512	02/10/22		(20,075	)
Morgan Stanley & Co.	NOK	5,754,010	USD	669,926	01/25/22		(16,847	)
State Street Bank and Trust	GBP	763,484	USD	1,050,500	01/21/22		(17,139	)
UBS AG (London)	USD	9,679	EUR	8,568	02/10/22		(84	)
TOTAL						$	(62,655	)

FORWARD SALES CONTRACTS — At December 31, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
GNMA		2.000	%	TBA-30yr		01/21/21	$	(12,000,000	)	$	(12,115,624	)
GNMA		4.000		TBA-30yr		01/20/21		(6,000,000	)		(6,313,865	)
UMBS, 30 Year, Single Family		3.500		TBA-30yr		02/14/21		(15,000,000	)		(15,776,956	)
UMBS, 30 Year, Single Family		3.500		TBA-30yr		02/25/21		(13,000,000	)		(13,690,628	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		01/14/21		(8,000,000	)		(8,509,688	)
TOTAL (Proceeds Receivable: $56,421,563)										$	(56,406,761	)

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

FUTURES CONTRACTS — At December 31, 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		1,248		03/31/22	$	272,278,501		$	(243,089	)
10 Year German Euro-Bund		3		03/08/22		585,314			(10,604	)
10 Year U.S. Treasury Notes		1,315		03/22/22		171,566,406			1,176,502
20 Year U.S. Treasury Bonds		860		03/22/22		137,976,250			1,485,454
Total								$	2,408,263
Short position contracts:
Ultra Long U.S. Treasury Bonds		(598)		03/22/22		(117,880,750	)		(2,217,436	)
Ultra 10 Year U.S. Treasury Notes		(974)		03/22/22		(142,630,125	)		(2,297,567	)
5 Year U.S. Treasury Notes		(604)		03/31/22		(73,069,844	)		(94,138	)
Total								$	(4,609,141	)
TOTAL FUTURES CONTRACTS								$	(2,200,878	)

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At December 31, 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 NZDOR(a)		1.250%(b)		12/15/22	NZD	11,620		$	(29,591	)	$	(12,255	)	$	(17,336	)
6M AUDOR(a)		0.190(a)		02/22/23	AUD	121,270	(c)		(285,154	)		(1,463,162	)		1,178,008
6M EURO(d)		(0.250)(d)		11/03/23	EUR	86,790	(c)		89,048			92,967			(3,919	)
3M STIBOR(a)		0.500(d)		03/16/24	SEK	187,410	(c)		51,357			38,773			12,584
0.250%(d)		3M SOFR(d)		03/16/24	$	13,290	(c)		160,878			130,558			30,320
1M LIBOR + 0.090%(a)		3M LIBOR(a)		07/25/24		38,780			8,904			13,033			(4,129	)
6M EURO(d)		(0.295)(d)		12/09/24	EUR	17,200	(c)		(50,378	)		6,352			(56,730	)
6M CDOR(b)		1.560(b)		08/22/25	CAD	19,210	(c)		(160,054	)		8,918			(168,972	)
(0.175)(d)		6M EURO(d)		12/09/26		37,780	(c)		148,621			2,953			145,668
3M STIBOR(b)		0.750(d)		03/16/27	SEK	49,870	(c)		1,247			34,446			(33,199	)
3M SOFR(d)		1.000(d)		03/16/27	$	40	(c)		(335	)		(108	)		(227	)
6M AUDOR(b)		1.250(b)		03/16/27	AUD	64,610	(c)		(1,124,337	)		(1,108,251	)		(16,086	)
2.000(d)		3M NIBOR(b)		03/16/27	NOK	78,110	(c)		(39,837	)		(29,739	)		(10,098	)
1.000(d)		3M SOFR(d)		03/16/27	$	28,330	(c)		237,024			193,179			43,845
1.750(b)		6M CDOR(b)		03/16/27	CAD	18,510	(c)		82,772			130,017			(47,245	)
(0.250)(d)		6M EURO(b)		03/16/27	EUR	4,300	(c)		75,219			66,858			8,361
0.500(d)		6M GBP(d)		03/16/27	GBP	12,100	(c)		453,442			311,079			142,363
6M EURO(b)		0.200(d)		11/03/27	EUR	6,420	(c)		11,497			(111,364	)		122,861
0.000(d)		6M EURO(d)		11/03/27		20,210	(c)		(64,846	)		(145,300	)		80,454
0.015(d)		6M EURO(b)		12/13/27		1,430	(c)		13,311			8,446			4,865
1.680(b)		6M CDOR(b)		08/22/28	CAD	15,270	(c)		176,183			(15,510	)		191,693
2.130(d)		3M NIBOR(b)		05/11/31	NOK	79,630	(c)		(72,499	)		(265,781	)		193,282
3M NZDOR(a)		3.000(b)		09/16/31	NZD	3,900	(c)		28,835			31,299			(2,464	)
3M SOFR(d)		1.530(d)		09/22/31	$	12,050	(c)		6,647			1,511			5,136
6M CDOR(b)		2.500(b)		10/14/31	CAD	10,210	(c)		139,422			47,460			91,962
6M EURO(b)		0.500(d)		11/26/31	EUR	20,070	(c)		(85,609	)		147,200			(232,809	)
6M EURO(d)		0.140(d)		12/09/31		6,770	(c)		(81,741	)		276			(82,017	)
6M CHFOR(d)		0.250(d)		03/16/32	CHF	7,580	(c)		116,376			110,067			6,309
6M EURO(b)		0.250(d)		03/16/32	EUR	4,500	(c)		(41,388	)		17,508			(58,896	)
3M STIBOR(a)		1.000(d)		03/16/32	SEK	104,360	(c)		9,938			183,981			(174,043	)
3M SOFR(d)		1.500(d)		03/16/32	$	9,480	(c)		137,479			182,380			(44,901	)
3M NIBOR(b)		2.000(d)		03/16/32	NOK	15,740	(c)		14,134			46,743			(32,609	)
6M AUDOR(b)		2.000(b)		03/16/32	AUD	11,400	(c)		(25,606	)		8,420			(34,026	)
2.750(b)		3M NZDOR(a)		03/16/32	NZD	6,130	(c)		(25,660	)		(48,032	)		22,372
1.500(d)		3M SOFR(d)		03/16/32	$	1,240	(c)		(17,983	)		(12,798	)		(5,185	)
2.000(b)		6M CDOR(b)		03/16/32	CAD	12,900	(c)		5,167			19,290			(14,123	)
0.250(d)		6M EURO(b)		03/16/32	EUR	14,100	(c)		129,683			39,246			90,437
0.750(d)		6M GBP(d)		03/16/32	GBP	16,790	(c)		457,654			(6,845	)		464,499
0.000(d)		6M JYOR(d)		03/16/32	JPY	603,080	(c)		44,130			23,670			20,460
6M EURO(b)		0.500(d)		03/17/32	EUR	21,020	(c)		(127,720	)		19,579			(147,299	)
3M STIBOR(a)		1.000(d)		03/17/32	SEK	27,180	(c)		(35,356	)		(21,595	)		(13,761	)
6M AUDOR(b)		2.000(b)		03/17/32	AUD	2,840	(c)		(31,500	)		(96,064	)		64,564
1.500(d)		3M SOFR(d)		03/17/32	$	12,730	(c)		21,777			9,457			12,320
2.000(b)		6M CDOR(b)		03/17/32	CAD	5,490	(c)		29,901			23,564			6,337
1.000(d)		6M GBP(d)		03/17/32	GBP	7,610	(c)		(72,227	)		(285,115	)		212,888
6M CDOR(b)		2.100(b)		12/18/33	CAD	4,240	(c)		(13,818	)		21,242			(35,060	)
1.630(d)		3M SOFR(d)		09/22/36	$	14,490	(c)		30,953			4,769			26,184
0.750(d)		6M EURO(b)		11/26/41	EUR	10,260	(c)		63,043			(203,536	)		266,579
6M CDOR(b)		2.250(b)		12/15/51	CAD	5,080			151,221			23,476			127,745
1.750(d)		3M SOFR(d)		03/16/52	$	3,250	(c)		(225,901	)		(275,107	)		49,206
TOTAL								$	284,323		$	(2,101,845	)	$	2,386,168

(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 December 31, 2021.

(d) Payments made annually.

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(b)			Credit Spread at December 31, 2021(a)			Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 8		3.000	%		8.605	%	Citibank NA		10/17/57	$	2,600	$	(351,108	)	$	(395,532	)	$	44,424
Markit CMBX Series 11		3.000			3.952		Citibank NA		11/18/54		3,350		(156,648	)		(507,505	)		350,857
Markit CMBX Series 8		3.000			8.605		Citibank NA		10/17/57		2,450		(330,852	)		(654,550	)		323,698
Markit CMBX Series 10		3.000			5.156		Citibank NA		11/17/59		900		(79,772	)		(153,375	)		73,603
Markit CMBX Series 11		3.000			3.952		JPMorgan Securities, Inc.		11/18/54		1,100		(51,436	)		(328,708	)		277,272
Markit CMBX Series 11		3.000			3.952		MS & Co. Int. PLC		11/18/54		1,100		(51,437	)		(301,751	)		250,314
TOTAL												$	(1,021,253	)	$	(2,341,421	)	$	1,320,168

(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 monthly.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(%)(a)		Credit Spread at December 31, 2021(b)			Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 28		1.000		0.211	%		06/20/22	$	33,100	$	134,727		$	106,564		$	28,163
CDX.NA.IG Index 34		1.000		0.445			06/20/25		130,600		2,522,974			1,199,588			1,323,386
General Electric Co. 2.700%, 10/09/22		1.000		0.633			06/20/26		3,875		67,074			47,176			19,898
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		0.302			12/20/24		1,080		22,312			8,498			13,814
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		0.396			12/20/25		5,030		119,064			23,059			96,005
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		0.514			12/20/26		4,260		102,535			92,993			9,542
Nordstrom, Inc., 6.950%, 03/15/22		1.000		1.696			06/20/24		5,525		(91,851	)		(13,223	)		(78,628	)
Prudential Financial, Inc., 3.500%, 05/15/24		1.000		0.273			06/20/24		2,950		54,186			24,562			29,624
Republic of Chile, 3.875%, 08/05/20		1.000		0.400			12/20/24		1,000		18,193			12,571			5,622
Republic of Chile, 3.875%, 08/05/20		1.000		0.543			12/20/25		5,120		92,498			85,060			7,438
Republic of Colombia, 10.375%, 01/28/33		1.000		1.724			12/20/25		2,450		(67,047	)		12,418			(79,465	)
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.367			06/20/24		2,160		35,333			6,310			29,023
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.580			12/20/25		3,850		107,596			46,375			61,221
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.756			12/20/26		4,410		54,269			53,862			407
Republic of Peru, 8.750%, 11/21/33		1.000		0.563			12/20/25		2,150		37,476			14,251			23,225
Republic of the Philippines, 10.625%, 03/16/25		1.000		0.439			12/20/25		4,530		100,075			76,124			23,951
Russian Federation, 7.500%, 03/31/30		1.000		1.073			12/20/25		5,070		(12,936	)		46,982			(59,918	)
Russian Federation, 7.500%, 03/31/30		1.000		1.243			12/20/26		1,750		(18,870	)		11,436			(30,306	)
State of Qatar, 9.750%, 06/15/30		1.000		0.243			12/20/24		170		3,847			2,133			1,714
State of Qatar, 9.750%, 06/15/30		1.000		0.340			12/20/25		4,350		113,600			77,362			36,238
The Boeing Co., 8.750%, 08/15/21		1.000		0.731			06/20/24		1,225		8,484			13,126			(4,642	)
United Mexican States, 4.150%, 03/28/27		1.000		0.677			12/20/25		6,530		80,978			(101,047	)		182,025
United Mexican States, 4.150%, 03/28/27		1.000		0.896			12/20/26		3,980		18,328			9,207			9,121
TOTAL										$	3,502,845		$	1,855,387		$	1,647,458

(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.

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 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	Citibank NA		0.420	%		10/10/2022	25,900,000	$	25,900,000		$	10,395		$	56,068		$	(45,673	)
1Y IRS	Citibank NA		0.459			10/10/2022	23,650,000		23,650,000			10,650			51,699			(41,049	)
1Y IRS	Citibank NA		0.516			11/15/2022	26,330,000		26,330,000			16,013			61,829			(45,816	)
6M IRS	Citibank NA		0.465			02/22/2022	23,560,000		23,560,000			684			29,999			(29,315	)
6M IRS	Citibank NA		0.605			01/07/2022	22,940,000		22,940,000			2			66,470			(66,468	)
6M IRS	Citibank NA		0.855			03/23/2022	22,940,000		22,940,000			12,532			104,479			(91,947	)
1Y IRS	JPMorgan Securities, Inc.		0.281			09/08/2022	21,480,000		21,480,000			4,998			41,037			(36,039	)
1Y IRS	JPMorgan Securities, Inc.		0.300			09/08/2022	28,060,000		28,060,000			6,909			54,613			(47,704	)
1Y IRS	JPMorgan Securities, Inc.		1.053			06/21/2022	14,170,000		14,170,000			34,298			126,432			(92,134	)
2Y IRS	JPMorgan Securities, Inc.		0.700			11/14/2022	13,700,000		13,700,000			22,172			138,664			(116,492	)
1Y IRS	MS & Co. Int. PLC		0.544			11/16/2022	23,970,000		23,970,000			15,862			56,449			(40,587	)
9M IRS	UBS AG (London)		1.160			10/11/2022	28,150,000		28,150,000			90,176			110,300			(20,124	)
							274,850,000	$	274,850,000		$	224,691		$	898,039		$	(673,348	)
Puts
6M IRS	Barclays Bank PLC		0.368			05/26/2022	480,560,000		480,560,000			37,394			26,934			10,459
Total purchased option contracts							755,410,000	$	755,410,000		$	262,085		$	924,973		$	(662,889	)
Written option contracts
Calls
1Y IRS	BNP Paribas SA		0.130			11/01/2022	(12,190,000)		(12,190,000	)		(136,531	)		(184,764	)		48,233
1Y IRS	BNP Paribas SA		0.223			11/01/2022	(3,770,000)		(3,770,000	)		(54,665	)		(62,545	)		7,880
3M IRS	BNP Paribas SA		0.082			03/16/2022	(13,620,000)		(13,620,000	)		(29,074	)		(82,343	)		53,269
1M IRS	Citibank NA		0.115			01/13/2022	(5,140,000)		(5,140,000	)		(815	)		(35,091	)		34,276
1M IRS	Citibank NA		0.137			01/20/2022	(5,310,000)		(5,310,000	)		(2,747	)		(33,566	)		30,819
1Y IRS	Citibank NA		0.015			12/09/2022	(6,440,000)		(6,440,000	)		(51,534	)		(89,470	)		37,936
1Y IRS	Citibank NA		0.379			10/10/2022	(2,670,000)		(2,670,000	)		(26,393	)		(56,074	)		29,681
1Y IRS	Citibank NA		0.425			10/10/2022	(2,420,000)		(2,420,000	)		(26,854	)		(51,712	)		24,858
1Y IRS	Citibank NA		0.553			11/15/2022	(2,720,000)		(2,720,000	)		(46,240	)		(61,825	)		15,585
1Y IRS	Citibank NA		1.252			12/13/2022	(11,000,000)		(11,000,000	)		(28,048	)		(34,485	)		6,437
1Y IRS	Citibank NA		1.255			12/13/2022	(15,800,000)		(15,800,000	)		(40,543	)		(49,849	)		9,306
1Y IRS	Citibank NA		1.290			12/12/2022	(37,800,000)		(37,800,000	)		(104,312	)		(120,960	)		16,648
1Y IRS	Citibank NA		1.296			12/15/2022	(11,600,000)		(11,600,000	)		(32,119	)		(36,366	)		4,247
6M IRS	Citibank NA		0.849			02/22/2022	(7,440,000)		(7,440,000	)		(800	)		(30,000	)		29,200
6M IRS	Citibank NA		1.124			01/07/2022	(7,440,000)		(7,440,000	)		(2	)		(66,371	)		66,369
6M IRS	Citibank NA		1.406			03/23/2022	(7,450,000)		(7,450,000	)		(46,962	)		(104,472	)		57,510

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 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)
Calls (continued)
6M IRS	JPMorgan Securities, Inc.		0.178	%		01/06/2022	(5,140,000)	$	(5,140,000	)	$	(381	)	$	(43,849	)	$	43,468
1M IRS	Deutsche Bank AG (London)		1.265			01/13/2022	(5,830,000)		(5,830,000	)		(19,902	)		(50,284	)		30,382
1Y IRS	Deutsche Bank AG (London)		0.223			11/01/2022	(3,110,000)		(3,110,000	)		(45,095	)		(52,149	)		7,054
1M IRS	JPMorgan Securities, Inc.		0.308			01/31/2022	(5,270,000)		(5,270,000	)		(36,798	)		(40,825	)		4,027
1Y IRS	JPMorgan Securities, Inc.		0.130			11/01/2022	(3,500,000)		(3,500,000	)		(39,201	)		(65,183	)		25,982
1Y IRS	JPMorgan Securities, Inc.		0.363			09/08/2022	(2,210,000)		(2,210,000	)		(18,160	)		(40,912	)		22,752
1Y IRS	JPMorgan Securities, Inc.		0.401			09/08/2022	(2,900,000)		(2,900,000	)		(26,442	)		(54,696	)		28,254
1Y IRS	JPMorgan Securities, Inc.		1.378			06/21/2022	(7,470,000)		(7,470,000	)		(69,800	)		(126,499	)		56,699
2Y IRS	JPMorgan Securities, Inc.		1.060			11/14/2022	(2,700,000)		(2,700,000	)		(42,475	)		(140,244	)		97,769
1M IRS	MS & Co. Int. PLC		1.283			01/06/2022	(5,830,000)		(5,830,000	)		(13,684	)		(56,842	)		43,158
1M IRS	MS & Co. Int. PLC		1.300			01/24/2022	(5,830,000)		(5,830,000	)		(32,783	)		(51,668	)		18,885
1M IRS	MS & Co. Int. PLC		1.370			01/31/2022	(5,830,000)		(5,830,000	)		(58,531	)		(51,960	)		(6,571	)
1Y IRS	MS & Co. Int. PLC		0.599			11/16/2022	(2,480,000)		(2,480,000	)		(46,868	)		(56,530	)		9,662
1Y IRS	UBS AG (London)		0.130			11/01/2022	(10,500,000)		(10,500,000	)		(117,603	)		(178,140	)		60,537
9M IRS	UBS AG (London)		0.850			10/11/2022	(2,960,000)		(2,960,000	)		(86,496	)		(120,305	)		33,809
							(224,370,000)	$	(224,370,000	)	$	(1,281,858	)	$	(2,229,979	)	$	948,121
Puts
1Y IRS	BNP Paribas SA		0.107			05/26/2022	(8,470,000)		(8,470,000	)		(125,102	)		(86,334	)		(38,768	)
1Y IRS	BNP Paribas SA		0.130			11/01/2022	(12,190,000)		(12,190,000	)		(164,054	)		(158,037	)		(6,017	)
1Y IRS	BNP Paribas SA		0.223			11/01/2022	(3,770,000)		(3,770,000	)		(43,048	)		(59,628	)		16,580
3M IRS	BNP Paribas SA		0.082			03/16/2022	(13,620,000)		(13,620,000	)		(141,263	)		(81,130	)		(60,133	)
1M IRS	Citibank NA		0.115			01/13/2022	(5,140,000)		(5,140,000	)		(115,885	)		(35,091	)		(80,794	)
1M IRS	Citibank NA		0.137			01/20/2022	(5,310,000)		(5,310,000	)		(109,923	)		(33,566	)		(76,357	)
6M IRS	JPMorgan Securities, Inc.		0.178			01/06/2022	(5,140,000)		(5,140,000	)		(76,799	)		(43,849	)		(32,950	)
1Y IRS	Citibank NA		0.015			12/09/2022	(6,440,000)		(6,440,000	)		(115,331	)		(88,329	)		(27,002	)
1Y IRS	Citibank NA		1.252			12/13/2022	(11,000,000)		(11,000,000	)		(35,000	)		(34,485	)		(515	)
1Y IRS	Citibank NA		1.255			12/13/2022	(15,800,000)		(15,800,000	)		(50,058	)		(49,849	)		(209	)
1Y IRS	Citibank NA		1.290			12/12/2022	(37,800,000)		(37,800,000	)		(113,336	)		(120,960	)		7,624
1Y IRS	Citibank NA		1.296			12/15/2022	(11,600,000)		(11,600,000	)		(35,230	)		(36,366	)		1,136
1M IRS	Deutsche Bank AG (London)		1.265			01/13/2022	(5,830,000)		(5,830,000	)		(51,061	)		(50,284	)		(777	)
1Y IRS	Deutsche Bank AG (London)		0.223			11/01/2022	(3,110,000)		(3,110,000	)		(35,512	)		(52,149	)		16,637
1M IRS	JPMorgan Securities, Inc.		0.308			01/31/2022	(5,270,000)		(5,270,000	)		(42,031	)		(40,825	)		(1,206	)
1Y IRS	JPMorgan Securities, Inc.		0.130			11/01/2022	(3,500,000)		(3,500,000	)		(47,103	)		(32,794	)		(14,309	)
1M IRS	MS & Co. Int. PLC		1.283			01/06/2022	(5,830,000)		(5,830,000	)		(33,139	)		(56,843	)		23,704
1M IRS	MS & Co. Int. PLC		1.300			01/24/2022	(5,830,000)		(5,830,000	)		(53,651	)		(51,668	)		(1,983	)
1M IRS	MS & Co. Int. PLC		1.370			01/31/2022	(5,830,000)		(5,830,000	)		(42,408	)		(51,960	)		9,552
1Y IRS	UBS AG (London)		0.130			11/01/2022	(10,500,000)		(10,500,000	)		(141,309	)		(97,437	)		(43,872	)
							(181,980,000)	$	(181,980,000	)	$	(1,571,243	)	$	(1,261,584	)	$	(309,659	)
Total written option contracts							(406,350,000)	$	(406,350,000	)	$	(2,853,101	)	$	(3,491,563	)	$	638,462
TOTAL							349,060,000	$	349,060,000		$	(2,591,016	)	$	(2,566,590	)	$	(24,427	)

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Sovereign Debt Obligations – 34.1%
British Pound – 1.4%
United Kingdom Gilt
GBP	2,980,000		3.500	%	01/22/45	$    5,906,934
	840,000		1.500		07/31/53	1,256,172
	220,000		1.750		07/22/57	358,746
	710,000		3.500		07/22/68	1,882,235
						9,404,087
Canadian Dollar – 1.2%
British Columbia Province of Canada
CAD	2,600,000		2.850		06/18/25	2,154,859
	2,000,000		4.950		06/18/40	2,179,928
Ontario Province of Canada
	1,700,000		2.600		06/02/25	1,394,821
	2,300,000		4.650		06/02/41	2,433,696
						8,163,304
Chinese Yuan – 7.5%
Agricultural Development Bank of China
CNY	12,220,000		3.740		07/12/29	2,002,296
	32,800,000		2.960		04/17/30	5,088,842
	20,890,000		3.520		05/24/31	3,379,144
China Development Bank
	17,690,000		3.340		07/14/25	2,837,270
	33,180,000		3.300		03/03/26	5,321,748
	26,490,000		3.500		08/13/26	4,279,207
	7,420,000		4.040		04/10/27	1,229,843
	590,000		3.650		05/21/29	96,228
	10,700,000		3.450		09/20/29	1,722,342
	27,380,000		3.090		06/18/30	4,288,046
China Government Bond
	18,480,000		3.250		06/06/26	2,979,682
	19,000,000		2.850		06/04/27	3,011,389
	12,660,000		3.280		12/03/27	2,058,818
	12,180,000		2.910		10/14/28	1,929,816
	22,460,000		3.250		11/22/28	3,629,222

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Sovereign Debt Obligations – (continued)
Chinese Yuan – (continued)
China Government Bond – (continued)
CNY	8,400,000		3.290	%	05/23/29	$    1,361,300
	2,890,000		4.080		10/22/48	507,208
	25,690,000		3.860		07/22/49	4,358,467
	5,390,000		3.390		03/16/50	842,644
United Mexican States(a)
$	360,000		3.750		04/19/71	322,380
						51,245,892
Euro – 6.7%
French Republic Government Bond OAT
EUR	4,910,000		0.010		02/25/26	5,677,294
	1,700,000		4.500		04/25/41	3,309,425
	310,000		3.250		05/25/45	544,575
	210,000		2.000	(b)	05/25/48	307,372
	800,000		1.750	(b)	05/25/66	1,141,833
Ireland Government Bond
	1,120,000		0.200		10/18/30	1,284,594
Italy Buoni Poliennali Del Tesoro
	3,290,000		0.010		04/01/26	3,689,891
	4,190,000		6.000		05/01/31	6,892,196
	1,200,000		0.950	(b)	12/01/31	1,338,356
	1,750,000		2.950	(b)	09/01/38	2,390,152
	1,000,000		2.800	(b)	03/01/67	1,285,207
Kingdom of Belgium(b)
	960,000		4.250		03/28/41	1,800,312
	250,000		2.150		06/22/66	395,176
Portugal Obrigacoes do Tesouro OT(b)
	1,200,000		1.950		06/15/29	1,548,519
Republic of Austria Government Bond(b)
	450,000		1.500		11/02/86	647,825
	280,000		2.100	(c)	09/20/17	487,567
	280,000		0.850	(d)	06/30/20	277,147
Republic of Indonesia(b)
	650,000		2.625		06/14/23	764,908
	240,000		2.150		07/18/24	285,587

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 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	$       684,907
	70,000		2.000	(b)	01/28/32	73,893
	400,000		3.375	(b)	01/28/50	430,125
Spain Government Bond(b)
	2,075,000		5.900		07/30/26	3,018,374
	3,250,000		1.500		04/30/27	4,008,640
	1,730,000		1.250		10/31/30	2,110,411
	1,110,000		3.450		07/30/66	1,899,052
						46,293,338
Indonesian Rupiah – 0.2%
Republic of Indonesia
IDR	12,964,000,000		8.750		05/15/31	1,050,582
Israeli Shekel – 0.1%
Israel Government Bond
ILS	2,430,000		2.000		03/31/27	839,830
Japanese Yen – 13.2%
Government of Japan
JPY	1,979,750,000		0.005		12/01/23	17,243,600
	1,549,000,000		0.100		09/20/31	13,505,373
	816,000,000		0.500		09/20/41	7,125,724
	561,000,000		0.700		09/20/51	4,890,498
	650,450,000		0.100		09/20/24	5,684,525
	1,277,100,000		0.100		03/20/29	11,228,888
	596,200,000		2.500		09/20/34	6,669,116
	367,900,000		0.400		03/20/39	3,203,445
	3,600,000		0.500		03/20/41	31,495
	438,750,000		0.700		03/20/61	3,765,095
Japan Treasury Discount Bill(e)
	1,163,000,000		0.000		02/21/22	10,111,923
	852,450,000		0.000		02/25/22	7,411,935
						90,871,617
Russian Ruble – 0.0%
Russian Federation Bond
RUB	26,160,000		7.050		01/19/28	326,732

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Sovereign Debt Obligations – (continued)
Singapore Dollar – 0.2%
Singapore Government Bond
SGD	2,150,000		2.750	%	07/01/23	$    1,643,659
South Korean Won – 0.9%
Inflation Linked Korea Treasury Bond
KRW	1,894,602,325		1.000		06/10/26	1,647,086
Korea Treasury Bond
	2,598,070,000		1.875		06/10/29	2,129,715
	2,641,660,000		1.375		12/10/29	2,079,158
						5,855,959
Thai Baht – 0.9%
Thailand Government Bond
THB	126,490,000		1.875		06/17/22	3,809,848
	76,900,000		2.400		12/17/23	2,379,907
	9,080,000		1.585		12/17/35	247,386
						6,437,141
United States Dollar – 1.8%
Abu Dhabi Government International Bond
$	500,000		3.125	(b)	10/11/27	536,250
	600,000		4.125	(b)	10/11/47	720,000
	1,370,000		4.125		10/11/47	1,644,000
Republic of Indonesia
	970,000		5.875		01/15/24	1,061,119
	4,340,000		4.125		01/15/25	4,659,532
	200,000		4.125	(b)	01/15/25	214,725
	790,000		3.850	(b)	07/18/27	864,458
Republic of Peru(a)
	10,000		2.780		12/01/60	8,783
	100,000		3.230	(f)	07/28/21	86,019
Republic of Qatar(b)
	950,000		5.103		04/23/48	1,283,688
Republic of Uruguay(a)
	190,000		4.375		01/23/31	218,714

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Sovereign Debt Obligations – (continued)
United States Dollar – (continued)
United Mexican States(a)
$	811,000		3.771	%	05/24/61	$       747,539
						12,044,827
TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS (Cost $225,480,852)						$234,176,968
Corporate Obligations – 36.8%
Aerospace & Defense(a) – 1.0%
Airbus Finance BV
EUR	115,000		0.875	%	05/13/26	$       133,898
Airbus SE
	550,000		2.375		06/09/40	700,420
Northrop Grumman Corp.
$	1,700,000		2.930		01/15/25	1,774,290
	1,100,000		3.250		01/15/28	1,176,197
Raytheon Technologies Corp.
	27,000		3.650		08/16/23	28,070
Teledyne Technologies, Inc.
	1,250,000		0.950		04/01/24	1,237,638
The Boeing Co.
	1,075,000		5.150		05/01/30	1,254,267
	225,000		3.250		02/01/35	226,762
	225,000		3.375		06/15/46	216,848
	80,000		3.625		03/01/48	79,478
	80,000		3.850		11/01/48	82,414
	80,000		5.805		05/01/50	108,298
						7,018,580
Agriculture(a) – 0.3%
Altria Group, Inc.
EUR	200,000		3.125		06/15/31	252,952
BAT Capital Corp.
$	50,000		3.557		08/15/27	52,485
	1,450,000		2.259		03/25/28	1,414,533
Imperial Brands Finance PLC
EUR	355,000		3.375		02/26/26	445,817
						2,165,787

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – 1.0%
General Motors Financial Co., Inc.(a)
$	1,725,000		1.500	%	06/10/26	$    1,698,297
EUR	100,000		1.694		03/26/25	118,495
	195,000		0.850		02/26/26	224,416
$	200,000		5.650		01/17/29	237,424
Hyundai Capital America(a)(b)
	2,425,000		1.650		09/17/26	2,378,319
PACCAR Financial Corp.
	725,000		0.900		11/08/24	720,055
Volkswagen International Finance NV(a)(g) (10 year EUR Swap + 3.982%)
EUR	500,000		4.625		12/31/99	645,985
Volkswagen Leasing GmbH
	600,000		1.625		08/15/25	714,447
						6,737,438
Banks – 12.5%
ABN AMRO Bank NV(a)(g) (-1x 5 Year EUR Swap + 4.674%)
	500,000		4.375		12/31/99	609,928
(1 year CMT + 0.800%)
$	1,200,000		1.542	(b)	06/16/27	1,175,616
AIB Group PLC(a)(g) (-1X 1 year EUR Swap + 0.750%)
EUR	500,000		0.500		11/17/27	564,554
(-1X 5 year EUR Swap + 3.300%)
	675,000		2.875		05/30/31	810,293
(3M USD LIBOR + 1.874%)
$	1,250,000		4.263	(b)	04/10/25	1,316,850
Australia & New Zealand Banking Group Ltd.(a)(b)(g) (5 Year CMT + 1.288%)
	750,000		2.950		07/22/30	768,593
Banco Santander SA
	800,000		2.706		06/27/24	827,640
	1,400,000		3.490		05/28/30	1,482,194
EUR	500,000		1.625		10/22/30	574,783
$	800,000		2.749		12/03/30	782,360
Bank of America Corp.(a)(g) (3M USD LIBOR + 0.810%)
	2,900,000		3.366		01/23/26	3,052,801
(SOFR + 2.150%)
	375,000		2.592		04/29/31	378,638
Bank of Ireland Group PLC(a)(g) (-1X 1 year EUR Swap + 0.770%)
EUR	625,000		0.375		05/10/27	702,219
(-1X 1 year EUR Swap + 1.650%)
	975,000		1.375		08/11/31	1,096,595

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Barclays PLC(a)
$	900,000		3.684	%	01/10/23	$       900,432
(1 year CMT + 1.050%)
	1,025,000		2.279	(g)	11/24/27	1,027,583
(3M USD LIBOR + 1.400%)
	800,000		4.610	(g)	02/15/23	803,392
BNP Paribas SA
	1,450,000		3.375	(b)	01/09/25	1,524,559
	1,250,000		3.375		01/09/25	1,314,275
(5 Year USD Swap + 1.483%)
	950,000		4.375	(a)(b)(g)	03/01/33	1,031,833
(SOFR + 1.004%)
	575,000		1.323	(a)(b)(g)	01/13/27	559,458
(SOFR + 2.074%)
	550,000		2.219	(a)(b)(g)	06/09/26	555,638
BPCE SA(b)
	2,350,000		4.000		09/12/23	2,459,040
(SOFR + 1.520%)
	1,000,000		1.652	(a)(g)	10/06/26	985,960
CaixaBank SA
EUR	400,000		1.125		05/17/24	466,243
(-1X 3M Euribor + 0.850%)
	900,000		0.375	(a)(g)	11/18/26	1,019,270
(-1X 3M Euribor + 1.000%)
	900,000		0.750	(a)(g)	05/26/28	1,022,201
Citigroup, Inc.
$	1,210,000		3.500		05/15/23	1,251,285
GBP	600,000		2.750	(a)	01/24/24	835,259
(SOFR + 0.686%)
$	1,575,000		0.776	(a)(g)	10/30/24	1,564,936
(SOFR + 2.842%)
	1,700,000		3.106	(a)(g)	04/08/26	1,782,331
(SOFR + 3.914%)
	25,000		4.412	(a)(g)	03/31/31	28,565
Citizens Bank NA(a)
	250,000		3.250		02/14/22	250,203
Commerzbank AG
EUR	550,000		4.000		03/23/26	691,491
Commonwealth Bank of Australia(a)(b)(g) (5 Year CMT + 2.050%)
$	1,000,000		3.610		09/12/34	1,045,360
Credit Agricole SA(a)(b)(g) (SOFR + 0.892%)
	1,100,000		1.247		01/26/27	1,068,859
(SOFR + 1.676%)
	300,000		1.907		06/16/26	300,681
Credit Suisse AG
	1,000,000		2.950		04/09/25	1,047,230

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Credit Suisse Group AG(a)(b)(g)
(3M USD LIBOR + 1.410%)
$	2,800,000		3.869	%	01/12/29	$    2,996,728
(SOFR + 1.560%)
	1,550,000		2.593		09/11/25	1,582,147
Deutsche Bank AG
	1,000,000		0.962		11/08/23	997,510
Deutsche Bank AG(a)(g)
(-1X 3M Euribor + 2.050%)
EUR	1,600,000		1.750		11/19/30	1,892,769
(SOFR + 1.870%)
$	275,000		2.129		11/24/26	274,654
(SOFR + 2.159%)
	600,000		2.222		09/18/24	607,908
Erste Group Bank AG(a)(g) (-1X EUAMDB05 + 2.100%)
EUR	600,000		1.625		09/08/31	702,049
Fifth Third Bancorp(a)
$	575,000		2.375		01/28/25	590,140
HSBC Holdings PLC
	200,000		4.250		08/18/25	214,842
	450,000		4.950		03/31/30	527,670
(3M USD LIBOR + 1.211%)
	2,150,000		3.803	(a)(g)	03/11/25	2,257,607
Intesa Sanpaolo SpA
EUR	575,000		1.350		02/24/31	642,585
JPMorgan Chase & Co.(a)
$	3,200,000		3.625		12/01/27	3,449,824
(3M USD LIBOR + 0.730%)
	305,000		3.559	(g)	04/23/24	315,028
(3M USD LIBOR + 0.890%)
	300,000		3.797	(g)	07/23/24	312,663
(SOFR + 2.515%)
	750,000		2.956	(g)	05/13/31	776,167
Kreditanstalt fuer Wiederaufbau(h)
GBP	7,000,000		1.250		12/29/23	9,543,827
EUR	3,000,000		0.625		01/07/28	3,573,876
Macquarie Bank Ltd.(a)(b)(g) (5 year CMT + 1.700%)
$	800,000		3.052		03/03/36	785,616
Macquarie Group Ltd.(a)(b)(g)
(3M USD LIBOR + 1.372%)
	380,000		3.763		11/28/28	408,682
(SOFR + 1.069%)
	400,000		1.340		01/12/27	389,360
Morgan Stanley, Inc.(a)(g) (SOFR + 1.360%)
	775,000		2.484		09/16/36	745,992
Natwest Group PLC
	200,000		3.875		09/12/23	208,546
(1 year CMT + 0.900%)
	700,000		1.642	(a)(g)	06/14/27	689,395
(3M USD LIBOR + 1.480%)
	1,200,000		3.498	(a)(g)	05/15/23	1,210,836

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Santander UK Group Holdings PLC(a)(g)
(1 year CMT + 1.250%)
$	1,000,000		1.532	%	08/21/26	$       984,360
(SOFR + 0.787%)
	1,250,000		1.089		03/15/25	1,238,837
Societe Generale SA(a)(b)(g) (1 year CMT + 1.100%)
	1,500,000		1.488		12/14/26	1,462,305
Standard Chartered PLC(a)(b)(g)
(1 year CMT + 0.880%)
	325,000		1.214		03/23/25	322,283
(1 year CMT + 1.000%)
	1,550,000		1.456		01/14/27	1,502,833
The Huntington National Bank(a)
	300,000		1.800		02/03/23	302,697
The Norinchukin Bank(b)
	1,375,000		1.284		09/22/26	1,353,674
The PNC Financial Services Group, Inc.(a)
	600,000		3.500		01/23/24	628,314
UniCredit SpA(a)(g) (-1X 3M Euribor + 2.550%)
EUR	350,000		2.200		07/22/27	420,626
Wells Fargo & Co.(a)(g) (SOFR + 2.000%)
$	2,450,000		2.188		04/30/26	2,496,280
Westpac Banking Corp.(a)(g)
(5 year CMT + 1.350%)
	1,200,000		2.894		02/04/30	1,225,248
(5 year CMT + 1.750%)
	475,000		2.668		11/15/35	463,082
						85,776,108
Beverages – 1.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	750,000		4.900		02/01/46	950,002
Anheuser-Busch InBev SA
EUR	415,000		2.700		03/31/26	524,044
Bacardi Ltd.(a)(b)
$	1,200,000		4.700		05/15/28	1,357,116
Constellation Brands, Inc.(a)
	1,500,000		3.200		02/15/23	1,534,410
	1,500,000		4.400		11/15/25	1,651,275
Diageo Finance PLC(a)
EUR	180,000		2.375		05/20/26	224,294
Keurig Dr Pepper, Inc.(a)
$	3,250,000		4.417		05/25/25	3,542,077
						9,783,218

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Building Materials(a) – 0.1%
Carrier Global Corp.
$	650,000		2.493	%	02/15/27	$       667,303
Holcim Finance Luxembourg SA
EUR	205,000		0.500		11/29/26	235,393
						902,696
Capital Goods – 0.2%
European Union
	1,100,000		0.010		07/06/26	1,270,747
Chemicals – 0.5%
CNAC HK Finbridge Co. Ltd.
$	200,000		3.875		06/19/29	214,920
DuPont de Nemours, Inc.(a)
	600,000		4.493		11/15/25	662,976
International Flavors & Fragrances, Inc.(a)
	450,000		1.230	(b)	10/01/25	440,762
EUR	565,000		1.800		09/25/26	681,455
$	200,000		1.832	(b)	10/15/27	196,868
Sasol Financing International Ltd.
	560,000		4.500		11/14/22	566,328
Syngenta Finance NV(a)(b)
	550,000		4.441		04/24/23	567,847
	400,000		4.892		04/24/25	429,952
						3,761,108
Commercial Services – 0.2%
DP World Crescent Ltd.
	200,000		4.848		09/26/28	223,938
DP World Ltd.
	390,000		5.625		09/25/48	478,237
Moody’s Corp.(a)
	710,000		3.100		11/29/61	705,733
						1,407,908
Computers(a) – 1.1%
Dell International LLC/EMC Corp.
	1,250,000		6.020		06/15/26	1,448,437
	1,075,000		4.900		10/01/26	1,211,837
	875,000		5.300		10/01/29	1,027,854
	75,000		6.200		07/15/30	94,805

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers(a) – (continued)
Hewlett Packard Enterprise Co.
$	1,200,000		4.450	%	10/02/23	$      1,266,720
	1,850,000		4.900		10/15/25	2,053,037
	250,000		6.350		10/15/45	334,783
Western Digital Corp.
	200,000		2.850		02/01/29	201,892
						7,639,365
Diversified Financial Services – 1.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	282,000		3.500	(a)	05/26/22	284,521
	2,149,000		4.625		07/01/22	2,189,938
	525,000		3.000	(a)	10/29/28	532,870
	325,000		3.300	(a)	01/30/32	331,435
AIG Global Funding(b)
	224,000		2.300		07/01/22	225,810
Air Lease Corp.(a)
	1,150,000		3.250		03/01/25	1,195,368
	575,000		2.875		01/15/26	593,026
American Express Co.(a)
	255,000		2.500		07/30/24	263,397
Aviation Capital Group LLC(a)(b)
	400,000		1.950		01/30/26	391,036
Avolon Holdings Funding Ltd.(a)(b)
	400,000		3.950		07/01/24	418,980
Capital One Financial Corp.(a)
	505,000		3.300		10/30/24	532,336
Nomura Holdings, Inc.
	400,000		2.608		07/14/31	394,332
						7,353,049
Electrical – 1.1%
Ameren Corp.(a)
	150,000		2.500		09/15/24	154,133
CMS Energy Corp.(a)(g) (5 year CMT + 2.900%)
	550,000		3.750		12/01/50	$540,656
DTE Energy Co.
	498,000		2.250		11/01/22	504,245

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
Electricite de France SA(a)(b)
$	1,450,000		4.500	%	09/21/28	$    1,640,022
Electricite de France SA(a)(g) (12 year EUR Swap + 3.794%)
EUR	100,000		5.375		01/29/49	124,808
Enel Finance International NV(a)
EUR	160,000		0.010		05/28/26	179,697
$	675,000		2.875	(b)	07/12/41	648,108
Enel SpA(a)(g)
(-1X 5 year EUR Swap + 1.719%)
EUR	1,275,000		1.375		12/31/99	1,417,228
(5 year EUR Swap + 2.580%)
	235,000		3.375		11/24/81	291,407
Engie SA(a)
	200,000		1.000		03/13/26	235,342
Pacific Gas & Electric Co.(a)
$	625,000		3.000		06/15/28	626,231
	250,000		2.500		02/01/31	238,165
	100,000		3.300		08/01/40	93,048
	200,000		3.500		08/01/50	186,970
Sempra Energy(a)
	700,000		3.400		02/01/28	745,815
						7,501,067
Engineering & Construction(a) – 0.5%
Heathrow Funding Ltd.
EUR	575,000		1.125		10/08/30	647,921
Mexico City Airport Trust
$	540,000		3.875	(b)	04/30/28	558,832
	200,000		5.500	(b)	10/31/46	199,663
	430,000		5.500	(b)	07/31/47	429,274
	200,000		5.500		07/31/47	199,663
Technip Energies NV
EUR	1,025,000		1.125		05/28/28	1,170,066
						3,205,419
Forest Products & Paper(a) – 0.0%
Smurfit Kappa Acquisitions ULC
	185,000		2.875		01/15/26	230,151

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Gas(a) – 0.3%
NiSource, Inc.
$	1,025,000		3.600	%	05/01/30	$    1,107,297
ONE Gas, Inc.
	1,225,000		1.100		03/11/24	1,215,249
						2,322,546
Healthcare Providers & Services(a) – 0.3%
DENTSPLY SIRONA, Inc.
	775,000		3.250		06/01/30	818,299
Medtronic Global Holdings SCA
EUR	400,000		0.250		07/02/25	458,451
Thermo Fisher Scientific Finance I BV
	675,000		0.010		11/18/25	765,606
						2,042,356
Insurance – 1.4%
Ageas SA(a)(g) (-1X 3M Euribor + 3.100%)
	600,000		1.875		11/24/51	680,709
Allianz SE(a)(g)
(-1X 5 year EUR Swap + 2.770%)
	800,000		2.625		12/31/99	903,969
(5 year CMT + 2.165%)
$	800,000		3.200	(b)	12/31/99	764,992
American International Group, Inc.
	150,000		4.125		02/15/24	159,288
	2,150,000		3.900	(a)	04/01/26	2,334,040
Aviva PLC(a)(g) (5 Year UK Government Bond + 2.850%)
GBP	450,000		6.125		11/14/36	711,395
CNP Assurances(a)
EUR	1,000,000		0.375		03/08/28	1,098,709
Helvetia Europe SA(a)(g) (-1X 5 year EUR Swap + 3.950%)
	550,000		2.750		09/30/41	669,944
La Mondiale SAM(a)
	600,000		0.750		04/20/26	682,348
	600,000		2.125		06/23/31	708,272
Legal & General Group PLC(a)(g) (-1X 5 year UK Government Bond + 4.050%)
GBP	500,000		3.750		11/26/49	707,156
M&G PLC(a)(g) (5 year UK Government Bond + 3.724%)
	100,000		6.340		12/19/63	170,568
						9,591,390

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet(a) – 0.3%
Expedia Group, Inc.
$	1,150,000		3.250	%	02/15/30	$    1,175,518
Prosus NV(b)
	210,000		3.680		01/21/30	216,077
	200,000		4.027		08/03/50	190,438
	200,000		3.832		02/08/51	186,000
Tencent Holdings Ltd.
	200,000		3.595		01/19/28	212,874
						1,980,907
Investment Companies – 0.5%
Huarong Finance II Co. Ltd.
	370,000		5.000		11/19/25	384,684
	200,000		4.625		06/03/26	206,000
JAB Holdings B.V.
EUR	2,700,000		1.000		12/20/27	3,121,288
						3,711,972
Iron/Steel(a) – 0.2%
Steel Dynamics, Inc.
$	1,275,000		1.650		10/15/27	1,250,048
Lodging(a) – 0.2%
Marriott International, Inc.
	1,500,000		4.650		12/01/28	1,683,090
Media(a) – 1.1%
Charter Communications Operating LLC/Charter Communications Operating Capital
	900,000		4.500		02/01/24	956,754
	3,400,000		4.908		07/23/25	3,744,896
	650,000		4.800		03/01/50	728,637
Comcast Corp.
	1,000,000		3.700		04/15/24	1,062,720
	750,000		3.950		10/15/25	819,960
						7,312,967
Mining – 0.6%
Glencore Funding LLC(b)
	1,400,000		4.125		05/30/23	1,457,162
	650,000		4.125	(a)	03/12/24	683,670

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mining – (continued)
Glencore Funding LLC(b) – (continued)
$	575,000		1.625	%(a)	04/27/26	$       564,667
	775,000		4.875	(a)	03/12/29	875,650
Newmont Corp.(a)
	400,000		2.600		07/15/32	401,060
						3,982,209
Miscellaneous Manufacturing – 0.1%
General Electric Co.
	300,000		6.750		03/15/32	408,957
Multi-National – 1.1%
European Investment Bank
EUR	3,400,000		0.875		01/14/28	4,112,211
	770,000		1.000		11/14/42	966,834
FMS Wertmanagement(h)
GBP	1,100,000		1.375		03/07/25	1,502,543
The African Export-Import Bank(a)(b)
$	390,000		2.634		05/17/26	391,162
	360,000		3.798		05/17/31	367,430
						7,340,180
Oil Field Services – 1.7%
BP Capital Markets America, Inc.(a)
	700,000		3.790		02/06/24	738,836
BP Capital Markets PLC
	250,000		3.814		02/10/24	263,825
(-1X 5 year EUR Swap + 3.880%)
EUR	950,000		3.250	(a)(g)	12/31/99	1,145,323
(-1X 5 year EUR Swap + 4.120%)
	400,000		3.625	(a)(g)	12/31/99	489,623
Devon Energy Corp.(a)
$	100,000		5.850		12/15/25	114,410
Gazprom PJSC Via Gaz Capital SA
	310,000		5.150	(b)	02/11/26	331,979
	210,000		5.150		02/11/26	224,889
	240,000		8.625	(i)	04/28/34	340,488
	310,000		7.288		08/16/37	412,203
Gazprom PJSC Via Gaz Finance PLC(b)
	400,000		3.250		02/25/30	385,575
Lukoil Securities B.V.
	1,330,000		3.875		05/06/30	1,363,516

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Occidental Petroleum Corp.
$	300,000		5.550	%(a)	03/15/26	$       333,750
	250,000		6.450		09/15/36	318,750
Pertamina Persero PT
	200,000		6.500		05/27/41	259,412
Pioneer Natural Resources Co.(a)
	150,000		1.125		01/15/26	145,901
Qatar Energy(a)(b)
	820,000		3.300		07/12/51	842,550
Suncor Energy, Inc.(a)
	900,000		3.100		05/15/25	941,841
TotalEnergies SE(a)(g) (5 year EUR Swap + 3.350%)
EUR	1,105,000		3.369		12/29/49	1,368,448
Wintershall Dea Finance B.V.(a)
	1,300,000		1.332		09/25/28	1,509,650
						11,530,969
Packaging(a) – 0.0%
Berry Global, Inc.
	270,000		1.500		01/15/27	313,318
Pharmaceuticals – 1.2%
AbbVie, Inc.
$	620,000		2.300		11/21/22	628,792
	300,000		3.750	(a)	11/14/23	314,439
	1,350,000		2.600	(a)	11/21/24	1,400,179
Bayer US Finance II LLC(a)(b)
	750,000		3.875		12/15/23	784,215
	1,000,000		4.250		12/15/25	1,085,000
Becton Dickinson & Co.(a)
EUR	185,000		0.034		08/13/25	209,300
$	1,484,000		3.363		06/06/24	1,553,792
	1,000,000		3.700		06/06/27	1,090,430
CVS Health Corp.(a)
	300,000		2.625		08/15/24	310,749
McKesson Corp.(a)
EUR	125,000		1.500		11/17/25	149,182
Upjohn Finance B.V.(a)
	500,000		1.908		06/23/32	595,629
						8,121,707

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – 1.0%
Abu Dhabi Crude Oil Pipeline LLC(b)
$	1,260,000		4.600	%	11/02/47	$    1,486,406
Energy Transfer LP(a)
	250,000		5.250		04/15/29	287,227
	250,000		5.300		04/01/44	286,298
Enterprise Products Operating LLC(a)
	500,000		3.750		02/15/25	532,395
Galaxy Pipeline Assets Bidco Ltd.
	200,000		2.625	(b)	03/31/36	195,188
	620,000		2.940		09/30/40	616,900
MPLX LP(a)
	250,000		4.500		04/15/38	281,298
	150,000		5.500		02/15/49	191,828
Sabine Pass Liquefaction LLC(a)
	1,500,000		5.625		03/01/25	1,665,945
The Williams Cos., Inc.(a)
	550,000		3.600		03/15/22	550,533
	450,000		3.900		01/15/25	479,452
						6,573,470
Real Estate(a) – 0.4%
Logicor Financing S.a.r.l.
EUR	600,000		2.250		05/13/25	721,203
	550,000		3.250		11/13/28	710,590
SBB Treasury Oyj
	950,000		0.750		12/14/28	1,032,936
						2,464,729
Real Estate Investment Trust(a) – 0.8%
American Homes 4 Rent LP
$	125,000		2.375		07/15/31	122,876
National Retail Properties, Inc.
	375,000		3.900		06/15/24	396,334
Realty Income Corp.
	900,000		4.625		11/01/25	998,298
	200,000		3.400		01/15/28	215,866
Simon Property Group LP
	576,000		2.750		06/01/23	588,453

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust(a) – (continued)
Spirit Realty LP
$	300,000		2.100	%	03/15/28	$       293,412
WEA Finance LLC/Westfield UK & Europe Finance PLC(b)
	400,000		3.750		09/17/24	419,428
WP Carey, Inc.
	240,000		4.600		04/01/24	255,130
	170,000		4.000		02/01/25	181,230
WPC Eurobond B.V.
EUR	1,775,000		1.350		04/15/28	2,049,391
	300,000		0.950		06/01/30	330,743
						5,851,161
Retailing(a) – 0.4%
AutoNation, Inc.
$	200,000		1.950		08/01/28	195,438
CK Hutchison International 20 Ltd.(b)
	200,000		2.500		05/08/30	202,320
CK Hutchison International 21 Ltd.(b)
	200,000		2.500		04/15/31	201,900
Dollar Tree, Inc.
	650,000		4.000		05/15/25	698,588
Walgreens Boots Alliance, Inc.
	1,375,000		0.950		11/17/23	1,373,831
						2,672,077
Savings & Loans(a)(b)(g) – 0.1%
Nationwide Building Society
(3M USD LIBOR + 1.181%)
	200,000		3.622		04/26/23	201,652
(3M USD LIBOR + 1.855%)
	500,000		3.960		07/18/30	550,620
						752,272
Semiconductors(a)(b) – 0.6%
Broadcom, Inc.
	175,000		3.469		04/15/34	182,583
	3,193,000		3.137		11/15/35	3,209,635
NXP BV/NXP Funding LLC/NXP USA, Inc.
	695,000		3.250		11/30/51	695,278
TSMC Global Ltd.
	200,000		2.250		04/23/31	198,160
						4,285,656

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software(a) – 0.2%
Fidelity National Information Services, Inc.
EUR	400,000		0.750	%	05/21/23	$       460,400
	550,000		0.625		12/03/25	633,802
VMware, Inc.
$	250,000		1.800		08/15/28	243,477
						1,337,679
Sovereign – 0.7%
European Financial Stability Facility(h)
EUR	1,170,000		0.875		04/10/35	1,419,626
European Union
	1,540,000		0.010		04/22/31	1,742,226
	820,000		0.200		06/04/36	913,834
	380,000		0.400		02/04/37	437,705
						4,513,391
Telecommunication Services – 2.3%
AT&T, Inc.(a)
$	250,000		3.000		06/30/22	252,023
	1,879,000		2.550		12/01/33	1,840,142
EUR	600,000		1.800		09/14/39	685,429
$	100,000		4.350		06/15/45	113,163
	100,000		4.850		07/15/45	119,692
	550,000		5.450		03/01/47	721,072
	600,000		3.650		06/01/51	622,674
Deutsche Telekom International Finance B.V.(a)(b)
	500,000		2.485		09/19/23	510,280
Orange SA(a)
EUR	100,000		0.010		06/29/26	112,971
T-Mobile USA, Inc.(a)
$	500,000		3.500		04/15/25	529,865
	900,000		3.750		04/15/27	974,511
	900,000		3.875		04/15/30	984,843
	1,675,000		2.550		02/15/31	1,667,194
Telefonica Emisiones SA(a)
EUR	500,000		1.788		03/12/29	619,515

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
Verizon Communications, Inc.
$	3,084,000		4.329	%	09/21/28	$    3,507,495
	1,000,000		2.550	(a)	03/21/31	1,010,170
Vodafone Group PLC
EUR	165,000		1.875	(a)	09/11/25	199,610
$	1,000,000		4.375		05/30/28	1,126,680
						15,597,329
Trading Companies & Distributors(a) – 0.3%
Blackstone Property Partners Europe Holdings S.a.r.l.
EUR	450,000		2.200		07/24/25	540,759
	301,000		1.250		04/26/27	345,523
	575,000		1.000		05/04/28	638,972
	600,000		1.750		03/12/29	694,432
						2,219,686
TOTAL CORPORATE OBLIGATIONS (Cost $246,980,137)						$252,737,515
Asset-Backed Securities(g) – 6.2%
Collateralized Loan Obligations(b) – 4.3%
AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	2,100,000		1.424	%	01/15/33	$    2,100,447
Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	2,100,000		1.344		04/15/33	2,101,766
Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	5,300,000		1.364		04/15/33	5,302,915
Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,271,830		0.874		04/15/29	5,271,956
Magnetite XXIV Ltd. Series 2019-24A, Class A (3M USD LIBOR + 1.330%)
	1,400,000		1.454		01/15/33	1,400,101
Mill City Mortgage Loan Trust Series 2017-2, Class A3
	294,070		3.015		07/25/59	300,893
Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	1,800,000		1.487		04/14/33	1,800,200
Steele Creek CLO Ltd. Series 2019-1A, Class D (3M USD LIBOR + 4.100%)
	1,400,000		4.224		04/15/32	1,378,770

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(g) – (continued)
Collateralized Loan Obligations(b) – (continued)
Tryon Park CLO Ltd. Series 2013-1A, Class A1SR (3M USD LIBOR + 0.890%)
$	3,052,223		1.014	%	04/15/29	$    3,052,556
Venture 36 CLO Ltd. Series 2019-36A, Class D(3M USD LIBOR + 4.150%)
	900,000		4.282		04/20/32	901,536
Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	3,475,000		1.404		04/15/33	3,476,001
Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%)
	2,100,000		1.184		04/15/31	2,100,395
						29,187,536
Home Equity – 0.0%
GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	26,131		7.000		09/25/37	26,273
Other(b) – 0.2%
OZLM Ltd.Series 2015-14A, Class CRR (3M USD LIBOR + 3.390%)
	1,700,000		3.514		07/15/34	1,656,858
Student Loans – 1.7%
ECMC Group Student Loan Trust Series 2017-1A, Class A(b) (1M USD LIBOR + 1.200%)
	2,822,158		1.303		12/27/66	2,869,563
Educational Services of America, Inc. Series 2015-2, Class A(b) (1M USD LIBOR + 1.000%)
	454,838		1.103		12/25/56	457,599
Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)
	1,672,588		1.230		05/25/34	1,674,794
Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	216,433		1.130		02/25/42	215,451
Navient Student Loan Trust Series 2017-2A, Class A(b) (1M USD LIBOR + 1.050%)
	4,421,814		1.153		12/27/66	4,456,129
Nelnet Student Loan Trust Series 2011-1A, Class A(b) (1M USD LIBOR + 0.850%)
	145,894		0.953		02/25/48	146,820
PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	1,733,621		1.253		09/25/65	1,763,150
						11,583,506
TOTAL ASSET-BACKED SECURITIES (Cost $42,294,150)						$  42,454,173

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 11.0%
Collateralized Mortgage Obligations – 1.5%
Interest Only(j) – 0.5%
FHLMC REMIC Series 3852, Class SW(g) (-1x 1M USD LIBOR + 6.000%)
$	158,754		5.890	%	05/15/41	$           23,645
FHLMC REMIC Series 4314, Class SE(g) (-1x 1M USD LIBOR + 6.050%)
	164,756		5.940		03/15/44	23,823
FHLMC REMIC Series 4583, Class ST(g) (-1x 1M USD LIBOR + 6.000%)
	576,716		5.890		05/15/46	95,602
FHLMC REMIC Series 4980, Class KI
	901,586		4.500		06/25/50	133,872
FHLMC REMIC Series 4991, Class IE
	664,703		5.000		07/25/50	92,974
FHLMC REMIC Series 4998, Class GI
	1,206,601		4.000		08/25/50	187,838
FHLMC REMIC Series 5002, Class SJ(g) (-1x 1M USD LIBOR + 6.100%)
	1,338,162		5.998		07/25/50	234,730
FHLMC REMIC Series 5009, Class DI
	1,076,466		2.000		09/25/50	106,563
FHLMC REMIC Series 5012, Class DI
	227,815		4.000		09/25/50	35,041
FHLMC REMIC Series 5020, Class IH
	1,131,620		3.000		08/25/50	137,385
FNMA REMIC Series 2011-124, Class SC(g) (-1x 1M USD LIBOR + 6.550%)
	164,067		6.448		12/25/41	27,416
FNMA REMIC Series 2012-5, Class SA(g) (-1x 1M USD LIBOR + 5.950%)
	230,073		5.848		02/25/42	35,193
FNMA REMIC Series 2014-6, Class SA(g) (-1x 1M USD LIBOR + 6.600%)
	216,087		6.498		02/25/44	37,168
FNMA REMIC Series 2017-31, Class SG(g) (-1x 1M USD LIBOR + 6.100%)
	457,823		5.998		05/25/47	82,286
FNMA REMIC Series 2017-86, Class SB(g) (-1x 1M USD LIBOR + 6.150%)
	322,886		6.048		11/25/47	54,563
FNMA REMIC Series 2018-17, Class CS(g) (-1x 1M USD LIBOR + 3.450%)
	1,183,308		2.500		03/25/48	67,519

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(j) – (continued)
FNMA REMIC Series 2020-60, Class KI
$	1,114,995		2.000	%	09/25/50	$       114,426
FNMA REMIC Series 2020-60, Class NI
	211,573		4.000		09/25/50	32,472
GNMA REMIC Series 2020-61, Class SW(g) (-1X 1M USD LIBOR + 6.050%)
	688,498		5.946		08/20/49	89,908
GNMA REMIC Series 2010-20, Class SE(g) (-1x 1M USD LIBOR + 6.250%)
	325,890		6.146		02/20/40	55,064
GNMA REMIC Series 2013-124, Class CS(g) (-1x 1M USD LIBOR + 6.050%)
	324,927		5.946		08/20/43	61,656
GNMA REMIC Series 2013-152, Class TS(g) (-1x 1M USD LIBOR + 6.100%)
	116,433		5.996		06/20/43	20,207
GNMA REMIC Series 2014-117, Class SJ(g) (-1x 1M USD LIBOR + 5.600%)
	914,437		5.496		08/20/44	146,709
GNMA REMIC Series 2014-132, Class SL(g) (-1x 1M USD LIBOR + 6.100%)
	223,124		5.996		10/20/43	22,075
GNMA REMIC Series 2015-111, Class IM
	343,712		4.000		08/20/45	40,676
GNMA REMIC Series 2015-123, Class SP(g) (-1x 1M USD LIBOR + 6.250%)
	204,142		6.146		09/20/45	35,890
GNMA REMIC Series 2015-129, Class IC
	135,810		4.500		09/16/45	21,594
GNMA REMIC Series 2015-167, Class AS(g) (-1x 1M USD LIBOR + 6.250%)
	124,454		6.146		11/20/45	19,883
GNMA REMIC Series 2016-1, Class ST(g) (-1x 1M USD LIBOR + 6.200%)
	154,336		6.096		01/20/46	24,374
GNMA REMIC Series 2016-138, Class GI
	363,022		4.000		10/20/46	48,389
GNMA REMIC Series 2016-27, Class IA
	174,780		4.000		06/20/45	16,186
GNMA REMIC Series 2018-122, Class SE(g) (-1x 1M USD LIBOR + 6.200%)
	430,849		6.096		09/20/48	60,711
GNMA REMIC Series 2018-137, Class SN(g) (-1x 1M USD LIBOR + 6.150%)
	485,003		6.046		10/20/48	67,931

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(j) – (continued)
GNMA REMIC Series 2018-139, Class SQ(g) (-1x 1M USD LIBOR + 6.150%)
$	268,012		6.046	%	10/20/48	$           34,254
GNMA REMIC Series 2018-147, Class SA(g) (-1x 1M USD LIBOR + 6.200%)
	423,024		6.096		10/20/48	62,570
GNMA REMIC Series 2019-1, Class SN(g) (-1x 1M USD LIBOR + 6.050%)
	215,794		5.946		01/20/49	27,757
GNMA REMIC Series 2019-110, Class PS(g) (-1X 1M USD LIBOR + 6.050%)
	1,386,753		5.946		09/20/49	228,319
GNMA REMIC Series 2019-110, Class SD(g) (-1x 1M USD LIBOR + 6.100%)
	579,312		5.996		09/20/49	77,356
GNMA REMIC Series 2019-110, Class SE(g) (-1x 1M USD LIBOR + 6.100%)
	557,560		5.996		09/20/49	71,250
GNMA REMIC Series 2019-151, Class IA
	2,018,631		3.500		12/20/49	242,577
GNMA REMIC Series 2019-151, Class NI
	791,999		3.500		10/20/49	74,887
GNMA REMIC Series 2019-153, Class EI
	1,077,866		4.000		12/20/49	147,320
GNMA REMIC Series 2019-20, Class SF(g) (-1x 1M USD LIBOR + 3.790%)
	557,460		3.686		02/20/49	38,677
GNMA REMIC Series 2019-69, Class S(g) (-1x 1M USD LIBOR + 3.270%)
	675,511		3.166		06/20/49	38,282
GNMA REMIC Series 2019-78, Class SE(g) (-1x 1M USD LIBOR + 6.100%)
	153,916		5.996		06/20/49	19,413
GNMA REMIC Series 2019-97, Class SC(g) (-1x 1M USD LIBOR + 6.100%)
	415,125		5.996		08/20/49	56,802
GNMA REMIC Series 2020-146, Class KI
	1,507,487		2.500		10/20/50	136,749
GNMA REMIC Series 2020-173, Class AI
	385,311		2.500		11/20/50	19,854
GNMA REMIC Series 2020-55, Class AS(g) (-1x 1M USD LIBOR + 6.050%)
	578,332		5.946		04/20/50	91,626
GNMA REMIC Series 2020-78, Class DI
	854,975		4.000		06/20/50	100,404

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(j) – (continued)
GNMA REMIC Series 2020-78, Class SD(g) (-1x 1M USD LIBOR + 6.150%)
$	222,998		6.046	%	06/20/50	$           32,723
						3,754,589
Sequential Fixed Rate – 0.1%
FNMA REMIC Series 2011-52, Class GB
	228,701		5.000		06/25/41	252,368
FNMA REMIC Series 2011-99, Class DB
	213,210		5.000		10/25/41	234,826
FNMA REMIC Series 2012-111, Class B
	27,371		7.000		10/25/42	31,246
FNMA REMIC Series 2012-153, Class B
	110,981		7.000		07/25/42	131,314
						649,754
Sequential Floating Rate(g) – 0.9%
Bellemeade Re Ltd. Series 2021-2A, Class M1B(b) (SOFR30A + 1.500%)
	365,000		1.550		06/25/31	365,004
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2(b) (SOFR30A + 1.650%)
	285,000		1.700		12/25/41	285,228
Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2(b) (SOFR30A + 1.550%)
	318,000		1.600		10/25/41	318,535
Countrywide Alternative Loan Trust Series 2005-38, Class A1 (12M MTA + 1.500%)
	49,850		1.582		09/25/35	48,071
Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1 (1M USD LIBOR + 0.420%)
	170,204		0.524		03/20/46	144,630
Countrywide Home Loan Mortgage Pass-Through Trust Series 2004- HYB5, Class 2A1
	317		2.566		04/20/35	315
FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2(b) (SOFR30A + 1.650%)
	230,000		1.700		01/25/34	230,924
FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA4, Class M3 (1M USD LIBOR + 3.800%)
	525,907		3.903		03/25/29	542,155
FHLMC Structured Agency Credit Risk Debt Notes Series 2017-DNA2, Class M2 (1M USD LIBOR + 3.450%)
	675,000		3.553		10/25/29	694,280
Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	632,119		0.914		08/20/56	855,948

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(g) – (continued)
Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
$	218,757		3.004	%	08/19/36	$       207,211
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1(b)
	1,318,000		2.520		05/25/52	1,318,771
London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	312,269		0.952		11/15/49	423,106
Residential Accredit Loans, Inc. Series 2005-QO5, Class A1 (12M MTA + 1.000%)
$	377,536		1.082		01/25/46	347,124
Sequoia Mortgage Trust Series 2004-10, Class A3A (6M USD LIBOR + 0.660%)
	43,663		0.826		11/20/34	42,532
Verus Securitization Trust Series 2021-8, Class A1(b)
	171,000		1.824		11/25/66	170,898
						5,994,732
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  10,399,075
Commercial Mortgage-Backed Securities – 1.4%
3650R Commercial Mortgage Trust Series 2021-PF1 , Class AS
$	850,000		2.778	%	11/15/54	$       863,854
BANK Series 2017-BNK4, Class C(g)
	900,000		4.372		05/15/50	940,610
BANK Series 2018-BN14, Class D(b)
	350,000		3.000		09/15/60	294,041
BANK Series 2018-BN15, Class D(b)
	290,000		3.000		11/15/61	238,850
BANK Series 2019-BNK19, Class D(b)
	200,000		3.000		08/15/61	179,081
Benchmark Mortgage Trust Series 2018-B6, Class D(b)(g)
	400,000		3.107		10/10/51	363,527
Benchmark Mortgage Trust Series 2019-B13, Class D(b)
	450,000		2.500		08/15/57	392,407
BX Trust Series 2021-ARIA, Class C(b)(g) (1M USD LIBOR + 1.646%)
	950,000		1.756		10/15/36	947,982
Citigroup Commercial Mortgage Trust Series 2017-P7, Class D(b)
	200,000		3.250		04/14/50	163,346
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D(b)
	400,000		3.000		09/15/50	344,955
DOLP Trust Series 2021-NYC, Class A(b)
	1,500,000		2.956		05/10/41	1,560,403

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – (continued)
JPMBD Commercial Mortgage Trust Series 2017-C7, Class D(b)
$	250,000		3.000	%	10/15/50	$       232,606
Wells Fargo Commercial Mortgage Trust Series 2016-C37, Class D(b)(g)
	250,000		3.193		12/15/49	234,294
Wells Fargo Commercial Mortgage Trust Series 2017-C38, Class D(b)
	500,000		3.000		07/15/50	440,350
Wells Fargo Commercial Mortgage Trust Series 2019-C53, Class B(g)
	1,300,000		3.514		10/15/52	1,384,681
Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5
	1,100,000		2.626		04/15/54	1,135,345
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$    9,716,332
Federal Agencies – 8.1%
FHLMC – 0.0%
$	1,927		5.000	%	01/01/33	$           2,147
	188		5.000		06/01/33	209
	2,430		5.000		07/01/33	2,705
	3,168		5.000		08/01/33	3,527
	515		5.000		10/01/33	573
	2,076		5.000		11/01/33	2,310
	737		5.000		12/01/33	821
	2,329		5.000		02/01/34	2,598
	914		5.000		03/01/34	1,027
	2,064		5.000		04/01/34	2,319
	2,651		5.000		05/01/34	2,951
	40,549		5.000		06/01/34	45,193
	801		5.000		11/01/34	900
	10,076		5.000		04/01/35	11,217
	219		5.000		11/01/35	244
	6,034		5.000		02/01/37	6,720
	11,655		5.000		01/01/40	13,029
	6,786		4.000		06/01/40	7,396
	54,845		4.000		02/01/41	59,786
	4,481		4.000		11/01/41	4,857
						170,529
GNMA – 4.5%
	2,000,000		3.000	(k)	TBA-30yr	2,066,728
	233,677		4.000		11/20/44	252,328
	22,004		4.000		05/20/45	23,739
	511,833		4.000		07/20/45	551,726
	356,146		4.000		01/20/46	383,459
	141,379		4.500		02/20/48	151,033
	45,064		4.500		03/20/48	48,099
	163,687		4.500		04/20/48	174,443
	367,220		4.500		05/20/48	390,890
	507,110		4.500		08/20/48	539,083
	317,179		5.000		08/20/48	339,281
	2,391,941		4.500		09/20/48	2,542,006
	359,161		5.000		09/20/48	384,188
	356,678		5.000		10/20/48	381,421
	1,485,143		5.000		11/20/48	1,588,051
	603,631		5.000		12/20/48	645,363

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	1,875,350		4.500	%	01/20/49	$    1,990,662
	1,032,571		5.000		01/20/49	1,103,958
	718,903		4.000		02/20/49	758,647
	509,859		4.500		02/20/49	541,130
	684,709		4.000		03/20/49	722,082
	371,113		4.500		03/20/49	393,729
	556,435		5.000		03/20/49	594,687
	869,036		4.000		05/20/49	916,197
	948,093		3.000		08/20/49	984,518
	832,493		4.500		10/20/49	882,641
	316,077		4.500		12/20/49	335,216
	1,904,438		3.000		01/20/50	1,975,127
	1,017,379		3.000		07/20/51	1,054,498
	1,000,000		3.000		12/20/51	1,038,890
	4,000,000		2.500	(k)	TBA-30yr	4,100,138
	3,000,000		3.000	(k)	TBA-30yr	3,105,600
						30,959,558
UMBS – 2.5%
	676,059		4.500		10/01/50	724,105
	196,511		4.500		07/01/36	216,483
	17,335		4.500		12/01/36	19,097
	8,196		4.500		05/01/38	9,022
	14,445		4.500		05/01/39	15,852
	9,746		4.500		06/01/39	10,702
	5,089		4.500		08/01/39	5,588
	6,998		4.500		09/01/39	7,706
	11,162		4.500		10/01/39	12,291
	4,673		4.500		03/01/40	5,146
	64,818		4.500		04/01/40	71,396
	6,082		4.500		12/01/40	6,699
	54,318		4.500		01/01/41	59,831
	17,577		4.500		04/01/41	19,363
	35,696		4.500		06/01/41	39,324
	25,504		4.500		07/01/41	28,096
	40,429		4.500		08/01/41	44,417
	122,817		4.500		09/01/41	135,299
	63,240		4.500		10/01/41	69,667
	80,141		4.500		11/01/41	88,286
	53,707		4.500		12/01/41	59,166
	52,310		4.500		01/01/42	57,337
	6,545		4.500		03/01/42	7,240
	20,011		4.500		04/01/42	22,069
	65,608		3.000		12/01/42	69,808
	160,052		3.000		01/01/43	170,301
	213,873		3.000		04/01/43	227,970
	290,322		4.500		06/01/45	319,663
	1,297,261		4.500		11/01/47	1,415,502
	3,492,482		4.000		01/01/48	3,784,049
	389,952		4.500		09/01/48	427,171
	286,438		5.000		11/01/48	317,727
	3,179,072		3.000		12/01/50	3,348,382
	4,906,437		2.500		09/01/51	5,044,313
						16,859,068

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family(k) – 1.1%
$	4,000,000		2.500	%	TBA-30yr	$    4,084,377
	3,000,000		3.000		TBA-30yr	3,109,101
						7,193,478
TOTAL FEDERAL AGENCIES						$  55,182,633
TOTAL MORTGAGE–BACKED OBLIGATIONS (Cost $74,926,746)						$  75,298,040
Agency Debenture – 0.2%
FHLMC
$	1,160,000		6.750	%	03/15/31	$    1,662,929
(Cost $1,411,399)
Structured Note(b)(g) – 0.2%
Republic of Indonesia (Issuer JPMorgan Chase Bank NA)
IDR	15,414,000,000		7.500	%	06/17/35	$    1,133,203
(Cost $1,114,629)
U.S. Treasury Obligations – 4.4%
United States Treasury Bonds
$	24,540,000		2.375	%	11/15/49	$  26,986,331
United States Treasury Notes
	3,470,000		0.750		04/30/26	3,402,227
TOTAL U.S. TREASURY OBLIGATIONS (Cost $29,344,058)						$  30,388,558
Shares		Dividend Rate				Value
Investment Company(l) – 4.7%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	32,077,614		0.026%			$  32,077,614
(Cost $32,077,614)
TOTAL INVESTMENTS – 97.6% (Cost $653,629,585)						$669,929,000
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.4%						16,203,323
NET ASSETS – 100.0%						$686,132,323

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)	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)	Actual maturity date is July 28, 2121.
(g)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2021.
(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 December 31, 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 $16,465,944 which represents approximately 2.4% of the Fund’s net assets as of December 31, 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
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
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
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
TIIE	— La Tasa de Interbank Equilibrium Interest Rate
WIBOR	— Warsaw Interbank Offered Rate

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 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	12,512,919	USD	8,866,525		03/16/22	$	239,062
	CAD	1,342,262	USD	1,040,341		03/16/22		20,599
	CHF	427,924	EUR	412,000		03/16/22		762
	CHF	4,624,288	USD	5,031,064		03/16/22		53,996
	CNH	19,541,147	USD	3,042,435		03/16/22		16,200
	CZK	39,100,290	USD	1,726,420		03/16/22		50,099
	EUR	14,846,870	USD	16,795,712		02/10/22		121,107
	EUR	2,326,057	USD	2,634,441		03/16/22		17,949
	GBP	698,162	EUR	822,012		03/16/22		7,342
	HUF	153,549,600	USD	467,000		03/16/22		2,570
	IDR	11,532,284,477	USD	801,020		02/10/22		7,866
	ILS	2,914,202	USD	926,523		03/16/22		11,475
	MXN	19,651,730	USD	927,275		03/16/22		19,649
	NOK	12,037,861	USD	1,331,665		03/16/22		33,321
	NZD	686,594	EUR	410,495		03/16/22		1,581
	NZD	3,792,569	USD	2,585,997		03/16/22		8,317
	PLN	7,545,250	USD	1,840,103		03/16/22		21,829
	SEK	15,881,553	USD	1,748,077		03/16/22		10,592
	THB	6,249,478	USD	186,892		03/16/22		138
	TRY	15,139,646	USD	1,020,017		03/16/22		51,737
	TRY	8,366,384	USD	535,774		06/14/22		17,099
	TWD	22,895,015	USD	824,333		01/19/22		2,643
	USD	8,224,689	CAD	10,234,844		01/31/22		133,839
	USD	648,462	CLP	533,716,913		02/07/22		25,384
	USD	24,468,684	GBP	17,768,901		01/21/22		418,799
	USD	668,293	HUF	217,297,141		03/16/22		3,777
	USD	746,394	ILS	2,315,414		01/26/22		1,561
	USD	73,956,685	JPY	8,417,564,945		02/16/22		753,610
	USD	14,206,142	JPY	1,626,093,307		02/22/22		64,287
	USD	2,378,615	JPY	269,355,103		03/16/22		35,472
	USD	2,719,247	KRW	3,217,687,693		02/10/22		16,330
	USD	6,101,790	KRW	7,211,706,000		02/14/22		44,333
	USD	482,311	NOK	4,022,605		01/25/22		25,746
	USD	799,486	NZD	1,147,998		02/16/22		13,744
	USD	1,401,517	RUB	103,967,034		02/10/22		23,350
	USD	1,855,805	SEK	16,702,971		03/16/22		6,174
	USD	1,898,000	TRY	18,314,751		06/14/22		687,711
	USD	4,708,954	TWD	130,214,934		01/19/22		5,547
	USD	91,645	ZAR	1,472,253		03/16/22		248
	ZAR	13,286,835	USD	823,576		03/16/22		1,270
TOTAL							$	2,977,115

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	649,925	GBP	351,015		03/16/22	$	(2,008	)
	AUD	434,583	USD	321,788		01/31/22		(5,576	)
	CLP	763,208,432	USD	945,619		02/07/22		(54,624	)
	EUR	1,648,526	CHF	1,723,443		03/16/22		(15,364	)
	EUR	821,496	CNH	5,990,757		03/16/22		(943	)
	EUR	410,519	CZK	10,450,372		03/16/22		(6,699	)
	EUR	410,850	GBP	352,905		03/16/22		(9,023	)
	EUR	611,849	PLN	2,842,399		03/16/22		(3,727	)

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 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)	JPY	462,623,487	USD	4,087,228		02/22/22	$	(63,870	)
	JPY	153,995,000	USD	1,358,493		03/16/22		(18,878	)
	JPY	1,520,407,784	USD	13,424,570		04/11/22		(193,641	)
	KRW	1,648,843,480	USD	1,388,430		02/10/22		(3,371	)
	RUB	129,149,891	USD	1,791,087		02/10/22		(79,101	)
	SEK	3,722,038	EUR	362,962		03/16/22		(1,717	)
	TRY	11,186,419	USD	855,248		03/16/22		(63,347	)
	TRY	9,948,367	USD	949,000		06/14/22		(291,585	)
	TWD	51,284,389	USD	1,854,983		01/19/22		(2,574	)
	USD	1,130,482	AUD	1,587,405		03/16/22		(24,664	)
	USD	3,483,407	CAD	4,455,643		03/16/22		(38,390	)
	USD	97,232	CHF	89,116		03/16/22		(764	)
	USD	52,207,167	CNH	335,981,508		01/28/22		(537,218	)
	USD	1,852,759	CNH	11,886,409		03/16/22		(7,735	)
	USD	121,930,003	EUR	107,844,537		02/10/22		(950,206	)
	USD	7,876,654	EUR	6,920,645		03/16/22		(14,923	)
	USD	5,994,823	GBP	4,498,175		03/16/22		(91,626	)
	USD	2,678,989	IDR	38,708,710,890		02/18/22		(31,743	)
	USD	1,683,793	ILS	5,323,818		03/16/22		(29,790	)
	USD	1,392,778	INR	106,239,744		01/18/22		(30,471	)
	USD	7,403,679	JPY	852,714,260		02/25/22		(12,386	)
	USD	13,217,283	JPY	1,521,307,999		04/11/22		(21,480	)
	USD	887,218	MXN	19,142,908		03/16/22		(35,188	)
	USD	1,530,129	NOK	13,865,996		03/16/22		(42,151	)
	USD	1,759,135	NZD	2,606,227		03/16/22		(23,659	)
	USD	466,412	PLN	1,913,082		03/16/22		(5,677	)
	USD	932,298	RUB	70,682,636		02/10/22		(4,658	)
	USD	1,589,033	SEK	14,421,998		03/16/22		(8,011	)
	USD	1,506,699	SGD	2,033,290		02/07/22		(1,770	)
	USD	6,242,010	THB	209,339,553		03/16/22		(22,946	)
	USD	2,304,522	TRY	34,652,522		03/16/22		(148,573	)
	USD	938,695	TWD	26,154,855		01/19/22		(6,027	)
	USD	937,332	ZAR	15,321,036		02/03/22		(19,523	)
	ZAR	16,041,657	USD	1,011,643		01/24/22		(8,485	)
TOTAL							$	(2,934,112	)

FORWARD SALES CONTRACTS — At December 31, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate	Maturity Date(a)	Settlement Date	Principal Amount		Value
GNMA(Proceeds Receivable: $(2,111,406))	4.000%	TBA-30yr	01/21/21	$	(2,000,000)	$	(2,104,622)

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

FUTURES CONTRACTS — At December 31, 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	68	03/15/22	$	6,885,081	$	(15,564	)
Canada 10 Year Government Bonds	91	03/22/22		10,260,026		261,967
Euro Buxl 30 Year Bonds	13	03/08/22		3,059,854		(160,754	)
French 10 Year Government Bonds	58	03/08/22		10,773,280		(203,587	)
Jpn 10y Bond(Ose) Mar22 Xose 20220314	1	03/14/22		1,317,830		(3,437	)
2 Year German Euro-Schatz	67	03/08/22		8,545,590		(14,980	)
2 Year U.S. Treasury Notes	45	03/31/22		9,817,735		(8,532	)
10 Year German Euro-Bund	46	03/08/22		8,974,815		(146,051	)
10 Year U.K. Long Gilt	81	03/29/22		13,693,730		(16,611	)
10 Year U.S. Treasury Notes	407	03/22/22		53,100,781		211,736
20 Year U.S. Treasury Bonds	116	03/22/22		18,610,750		234,981
Total					$	139,168

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Italian 10 Year Government Bonds	(2)	03/08/22	$	(334,742	)	$	5,075
Ultra Long U.S. Treasury Bonds	(10)	03/22/22		(1,971,250	)		(9,014	)
Ultra 10 Year U.S. Treasury Notes	(139)	03/22/22		(20,354,812	)		(262,909	)
5 Year German Euro-Bobl	(7)	03/08/22		(1,061,856	)		7,582
5 Year U.S. Treasury Notes	(204)	03/31/22		(24,679,219	)		32,098
Total						$	(227,168	)
TOTAL FUTURES CONTRACTS						$	(88,000	)

SWAP CONTRACTS — At December 31, 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(a)	Counterparty	Termination Date		Notional Amount (000s)	Value			Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M KLIBOR	3.271%	BofA Securities LLC		12/21/31	MYR  1,540	$	(1,898	)	$	—		$	(1,898	)
3M KLIBOR	3.565	JPMorgan Securities, Inc.		03/14/24	10,040		53,092			—			53,092
3M KLIBOR	2.000	MS & Co. Int. PLC		06/16/26	5,630		(51,012	)		(6,919	)		(44,093	)
TOTAL						$	182		$	(6,919	)	$	7,101

(a) Payments made quarterly.

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)
3M NZDOR(b)	0.500%(c)	09/15/22	NZD	162,110	$	(616,854	)	$	(642,371	)	$	25,517
3M NZDOR(b)	1.250(c)	12/15/22		7,850		(19,990	)		(8,279	)		(11,711	)
1M BID Average(d)	10.565(d)	01/02/23	BRL	7,140		(7,265	)		—			(7,265	)
1M BID Average(d)	12.400(d)	01/02/23		6,350		12,143			(339	)		12,482
5.800%(d)	1M BID Average(d)	01/02/23		16,56		131,275			9,617			121,658
1M BID Average(d)	7.200(d)	01/02/23		18,590		(117,463	)		1,154			(118,617	)
3M AUDOR(b)	0.190(b)	02/22/23	AUD	74,580		(175,367	)		(1,053,850	)		878,483
3M LIBOR (b)	2.500(b)	09/15/23	CNY	23,940		18,843			15,030			3,813
6M EURO(e)	0.000(e)	11/03/23	EUR	29,100		29,857			39,049			(9,192	)
0.500(e)	3M LIBOR(e)	12/15/23	$	11,930		47,706			33,018			14,688
1.000(c)	6M CDOR(c)	12/15/23	CAD	8,040		62,113			(8,117	)		70,230
11.814(f)	1M BID Average(f)	01/02/24	BRL	1,300		(3,801	)		—			(3,801	)
11.905(f)	1M BID Average(f)	01/02/24		1,325		(3,998	)		—			(3,998	)
7.200(f)	Mexico Interbank TIIE 28 Days(f)	03/13/24	MXN	140,660		43,341			2,027			41,314
3M STIBOR(b)	0.500(e)	03/16/24	SEK	124,510		34,120			25,760			8,360
1.500(b)	3M KWCDC(b)	03/16/24	KRW	4,069,620		22,724			7,752			14,972
0.250(e)	3M LIBOR(e)	03/16/24	$	8,750		105,921			85,820			20,101
3M JIBAR(b)	5.650(b)	03/16/24	ZAR	2,875		(25	)		433			(458	)
3.150(e)	6M WIBOR(c)	03/16/24	PLN	7,268		33,898			1,354			32,544
1M LIBOR + 0.090%(b)	3M LIBOR(b)	07/25/24	$	47,120		10,819			15,823			(5,004	)
6M EURO(e)	0.000(e)	12/09/24	EUR	9,58		(28,059)			5,282			(33,341	)
6.320(d)	1M BID Avg(d)	01/02/25	BRL	16,870		238,302			(46,489	)		284,791
6M CDOR(c)	1.560(c)	08/22/25	CAD	12,660		(105,481)			5,873			(111,354	)
0.175(e)	6M EURO(e)	12/09/26	EUR	21,050		82,808			(1,648	)		84,456
3M LIBOR(b)	2.500(b)	12/15/26	CNY	6,210		5,971			(6,204	)		12,175

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 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)
1M BID Average(f)	11.230%(f)		01/04/27	BRL	10,380		$	47,144		$	(17,775	)	$	64,919
7.400%(f)	Mexico Interbank TIIE 28 Days(f)		03/10/27	MXN	24,040			4,998			(5,810	)		10,808
6M CHFOR(e)	0.000(e)		03/16/27	CHF	1,500			(4,987)			(2,958	)		(2,029	)
6M EURO(c)	0.000(e)		03/16/27	EUR	2,750			(48,105)			(29,734	)		(18,371	)
3M STIBOR(b)	0.750(e)		03/16/27	SEK	91,810			2,296			61,302			(59,006	)
6M LIBOR (c)	1.000(c)		03/16/27	THB	14,160			(5,203)			(2,326	)		(2,877	)
6M AUDOR(c)	1.250(c)		03/16/27	AUD	61,890			(1,077,003)			(1,061,595	)		(15,408	)
3M NZDOR(b)	2.750(c)		03/16/27	NZD	13,870			58,254			61,275			(3,021	)
1.000(e)	3M LIBOR(e)		03/16/27	$	20,730			173,438			142,049			31,389
2.000(e)	3M NIBOR(c)		03/16/27	NOK	67,390			(34,369)			(53,159	)		18,790
1.750(c)	6M CDOR(c)		03/16/27	CAD	14,900			66,628			95,797			(29,169	)
0.000(e)	6M EURO(e)		03/16/27	EUR	4,960			30,264			(5,164	)		35,428
0.500(e)	6M GBP(e)		03/16/27	GBP	17,230			645,685			442,311			203,374
0.000(e)	6M JYOR(e)		03/16/27	JPY	2,880,430			(11,557)			(40,810	)		29,253
3.250(e)	6M WIBOR(c)		03/16/27	PLN	7,925			49,137			26,149			22,988
6M EURO(c)	0.200(e)		11/03/27	EUR	2,100			3,760			(36,701	)		40,461
0.000(e)	6M EURO(e)		11/03/27		6,780			(21,754)			(61,333	)		39,579
0.015(e)	6M EURO(c)		12/13/27		930			8,657			5,481			3,176
1.500(e)	6M EURO(c)		06/21/28		5,050			(360,916)			(59,157	)		(301,759	)
1.680(c)	6M CDOR(c)		08/22/28	CAD	10,080			116,302			(10,237	)		126,539
0.000(e)	6M EURO(c)		03/16/29	EUR	1,920			24,543			(919	)		25,462
3M KWCDC(b)	1.000(b)		09/16/30	KRW	2,402,600			(142,590)			(3,217	)		(139,373	)
2.130(e)	6M NIBOR(c)		05/11/31	NOK	60,120			(54,736)			(193,341	)		138,605
1.750(b)	3M KWCDC(b)		09/15/31	KRW	275,030			2,117			7,527			(5,410	)
3M NZDOR(b)	3.000(c)		09/16/31	NZD	2,600			19,223			20,866			(1,643	)
3M LIBOR(e)	1.530(e)		09/22/31	$	7,840			4,324			1,013			3,311
6M CDOR(c)	2.500(c)		10/14/31	CAD	6,840			93,403			31,796			61,607
6M EURO(c)	0.500(e)		11/26/31	EUR	13,070			(55,750)			117,764			(173,514	)
6M EURO(e)	0.140(e)		12/09/31		3,760			(45,398)			2,793			(48,191	)
7.400(f)	Mexico Interbank TIIE 28 Days(f)		03/03/32	MXN	11,940			7,945			(1,629	)		9,574
6M CHFOR(e)	0.000(e)		03/16/32	CHF	4,560			70,010			66,215			3,795
3M STIBOR(b)	1.000(e)		03/16/32	SEK	61,250			5,832			107,980			(102,148	)
3M LIBOR(e)	1.500(e)		03/16/32	$	5,460			79,181			85,093			(5,912	)
3M NIBOR(c)	2.000(e)		03/16/32	NOK	8,040			7,219			24,518			(17,299	)
6M AUDOR(c)	2.000(c)		03/16/32	AUD	7,660			(17,206)			5,657			(22,863	)
2.750(c)	3M NZDOR(b)		03/16/32	NZD	4,120			(17,246)			(32,270	)		15,024
2.000(c)	6M CDOR(c)		03/16/32	CAD	8,630			3,457			12,905			(9,448	)
0.250(e)	6M EURO(c)		03/16/32	EUR	2,920			26,856			18,508			8,348
0.750(e)	6M GBP(e)		03/16/32	GBP	11,880			323,819			(4,843	)		328,662
0.000(e)	6M JYOR(e)		03/16/32	JPY	376,370			27,541			14,772			12,769
3.100(e)	6M WIBOR(c)		03/16/32	PLN	4,950			48,529			(2,383	)		50,912
3M JIBAR(b)	7.600(b)		03/16/32	ZAR	13,400			2,486			630			1,856
6M EURO(c)	0.500(e)		03/17/32	EUR	14,090			(85,613)			20,012			(105,625	)
3M STIBOR(b)	1.000(e)		03/17/32	SEK	17,670			(22,985)			(14,039	)		(8,946	)
6M AUDOR(c)	2.000(c)		03/17/32	AUD	1,920			(21,296)			(60,161	)		38,865
1.500(e)	3M LIBOR(e)		03/17/32	$	8,590			14,694			6,351			8,343
2.000(c)	6M CDOR(c)		03/17/32	CAD	3,570			19,444			15,340			4,104
1.000(e)	6M GBP(e)		03/17/32	GBP	5,110			(48,499)			(181,604	)		133,105
6M CDOR(c)	2.100(c)		12/18/33	CAD	2,800			(9,125)			14,028			(23,153	)
1.630(e)	3M LIBOR(e)		09/22/36	$	9,450			20,187			3,095			17,092
0.500(e)	6M EURO(c)		03/16/37	EUR	700			799			(22,927	)		23,726
0.750(e)	6M EURO(c)		11/26/41		6,660			40,923			(155,628	)		196,551
6M GBP(e)	1.000(e)		03/16/42	GBP	960			26,311			83,860			(57,549	)
0.500(e)	6M EURO(c)		03/16/42	EUR	490			6,107			(18,147	)		24,254
6M CDOR(c)	2.250(c)		12/15/51	CAD	3,420			101,805			15,942			85,863
6M EURO(c)	0.500(e)		03/16/52	EUR	620	)		3,765			51,435			(47,670	)
6M GBP(e)	1.000(e)		03/16/52	GBP	990			57,931			156,605			(98,674	)
1.750(e)	3M LIBOR(e)		03/16/52	$	2,180			(151,528)			(184,599	)		33,071
TOTAL							$	(189,314	)	$	(2,062,702	)	$	1,873,388

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2021.

(b) Payments made quarterly.

(c) Payments made semi-annually.

(d) Payments made at maturity.

(e) Payments made annually.

(f) Payments made monthly.

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)		Credit Spread at December 31, 2021(b)		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 11		3.000%		3.952%	MS & Co. Int. PLC		11/18/54	$	2,350	$	(109,887	)	$	(465,147	)	$	355,260
Markit CMBX Series 8		3.000		8.605	MS & Co. Int. PLC		10/17/57		1,950		(263,331	)		(397,814	)		134,483
Markit CMBX Series 10		3.000		5.156	MS & Co. Int. PLC		11/17/59		1,550		(137,520	)		(299,797	)		162,277
TOTAL										$	(510,738	)	$	(1,162,758	)	$	652,020

(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 December 31, 2021(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Russian Federation,		1.000%		0.124%		12/20/26	$	920	$	(10,502	)	$	6,012		$	(16,514	)
CDX.NA.IG Index 37		1.000		0.049		12/20/26	EUR	24,200		672,681			602,073			70,608
CDX.NA.IG Index 28		1.000		0.211		06/20/22	$	22,525		91,683			76,011			15,672
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		0.279		06/20/24		1,130		20,310			2,664			17,646
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		0.514		12/20/26		2,180		52,198			47,588			4,610
Republic of Chile, 3.875%, 08/05/20		1.000		0.400		12/20/24		1,000		18,193			15,034			3,159
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.367		06/20/24		110		1,799			(123	)		1,922
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.076		12/20/26		3,230		39,230			39,450			(220	)
Unibail-Rodamco-Westfield SE, 2.375%, 02/25/21		1.000		0.657		06/20/24	EUR	1,200		12,126			11,886			240
United Mexican States, 4.150%, 03/28/27		1.000		0.896		12/20/26	$	3,370		15,223			7,796			7,427
TOTAL									$	912,941		$	808,391		$	104,550

(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)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 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
Puts
1Y IRS	Citibank NA		0.420	%	10/10/2022	$	17,600,000	$	17,600,000	$	7,063	$	38,100	$	(31,037	)
1Y IRS	Citibank NA		0.459		10/10/2022		16,090,000		16,090,000		7,246		35,173		(27,927	)
1Y IRS	Citibank NA		0.516		11/15/2022		17,810,000		17,810,000		10,831		41,822		(30,991	)
6M IRS	Citibank NA		0.605		01/07/2022		15,540,000		15,540,000		2		45,028		(45,026	)
6M IRS	Citibank NA		0.855		03/23/2022		15,490,000		15,490,000		8,462		70,548		(62,086	)
1Y IRS	JPMorgan Securities, Inc.		0.281		09/08/2022		14,550,000		14,550,000		3,385		27,797		(24,412	)
1Y IRS	JPMorgan Securities, Inc.		0.300		09/08/2022		19,020,000		19,020,000		4,683		37,019		(32,336	)
1Y IRS	JPMorgan Securities, Inc.		1.053		06/21/2022		9,560,000		9,560,000		23,140		85,299		(62,159	)
2Y IRS	JPMorgan Securities, Inc.		0.700		11/14/2022		10,100,000		10,100,000		16,346		102,227		(85,881	)
1Y IRS	MS & Co. Int. PLC		0.544		11/16/2022		16,210,000		16,210,000		10,727		38,174		(27,447	)
9M IRS	UBS AG (London)		1.160		10/11/2022		19,090,000		19,090,000		61,154		74,801		(13,647	)
Total purchased option contracts						$	171,060,000	$	171,060,000	$	153,039	$	595,988	$	(442,949	)

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 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 Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
1M IRS	Citibank NA		0.115	%	01/13/2022	$	(3,320,000	)	$	(3,320,000	)	$	(527	)	$	(22,666	)	$	22,139
1M IRS	Citibank NA		0.137		01/20/2022		(3,450,000	)		(3,450,000	)		(1,785	)		(21,809	)		20,024
1Y IRS	Citibank NA		0.015		12/09/2022		(4,170,000	)		(4,170,000	)		(33,368	)		(57,933	)		24,565
1Y IRS	Citibank NA		0.379		10/10/2022		(1,810,000	)		(1,810,000	)		(17,892	)		(38,013	)		20,121
1Y IRS	Citibank NA		0.425		10/10/2022		(1,650,000	)		(1,650,000	)		(18,309	)		(35,258	)		16,949
1Y IRS	Citibank NA		0.553		11/15/2022		(1,840,000	)		(1,840,000	)		(31,280	)		(41,823	)		10,543
1Y IRS	Citibank NA		1.252		12/13/2022		(13,700,000	)		(13,700,000	)		(34,932	)		(42,950	)		8,018
1Y IRS	Citibank NA		1.255		12/13/2022		(19,700,000	)		(19,700,000	)		(50,550	)		(62,154	)		11,604
1Y IRS	Citibank NA		1.296		12/15/2022		(14,500,000	)		(14,500,000	)		(40,149	)		(45,458	)		5,309
6M IRS	Citibank NA		1.124		01/07/2022		(5,040,000	)		(5,040,000	)		(2	)		(44,961	)		44,959
6M IRS	Citibank NA		1.406		03/23/2022		(5,030,000	)		(5,030,000	)		(31,707	)		(70,536	)		38,829
1M IRS	Deutsche Bank AG (London)		1.265		01/13/2022		(3,800,000	)		(3,800,000	)		(12,972	)		(32,775	)		19,803
1Y IRS	Deutsche Bank AG (London)		0.223		11/01/2022		(2,010,000	)		(2,010,000	)		(29,145	)		(33,704	)		4,559
	JPMorgan Securities, Inc.		0.178		01/06/2022		(3,320,000	)		(3,320,000	)		(246	)		(28,322	)		28,076
1M IRS	JPMorgan Securities, Inc.		0.308		01/31/2022		(3,430,000	)		(3,430,000	)		(23,950	)		(26,571	)		2,621
1Y IRS	JPMorgan Securities, Inc.		0.130		11/01/2022		(2,270,000	)		(2,270,000	)		(25,425	)		(42,276	)		16,851
1Y IRS	JPMorgan Securities, Inc.		0.363		09/08/2022		(1,500,000	)		(1,500,000	)		(12,326	)		(27,768	)		15,442
1Y IRS	JPMorgan Securities, Inc.		0.401		09/08/2022		(1,960,000	)		(1,960,000	)		(17,871	)		(36,967	)		19,096
1Y IRS	JPMorgan Securities, Inc.		1.378		06/21/2022		(5,040,000	)		(5,040,000	)		(47,094	)		(85,349	)		38,255
2Y IRS	JPMorgan Securities, Inc.		1.060		11/14/2022		(2,000,000	)		(2,000,000	)		(31,463	)		(103,884	)		72,421
	Morgan Stanley & Co.		1.283		01/06/2022		(3,800,000	)		(3,800,000	)		(8,920	)		(37,050	)		28,130
1M IRS	MS & Co. Int. PLC		1.300		01/24/2022		(3,800,000	)		(3,800,000	)		(21,368	)		(33,677	)		12,309
1M IRS	MS & Co. Int. PLC		1.370		01/31/2022		(3,800,000	)		(3,800,000	)		(38,150	)		(33,868	)		(4,282	)

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 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 Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts (continued)
Calls (continued)
1Y IRS	MS & Co. Int. PLC		0.599	%		11/16/2022	$	(1,670,000	)	$	(1,670,000	)	$	(31,560	)	$	(38,066	)	$	6,506
1Y IRS	UBS AG (London)		0.130			11/01/2022		(6,800,000	)		(6,800,000	)		(76,162	)		(115,366	)		39,204
9M IRS	UBS AG (London)		0.850			10/11/2022		(2,010,000	)		(2,010,000	)		(58,736	)		(81,693	)		22,957
								(121,420,000	)	$	(121,420,000	)	$	(695,889	)	$	(1,240,897	)	$	545,008
Puts
1M IRS	Citibank NA		0.115			01/13/2022		(3,320,000	)		(3,320,000	)		(74,852	)		(22,666	)		(52,186	)
1M IRS	Citibank NA		0.137			01/20/2022		(3,450,000	)		(3,450,000	)		(71,419	)		(21,809	)		(49,610	)
1Y IRS	Citibank NA		0.015			12/09/2022		(4,170,000	)		(4,170,000	)		(74,679	)		(57,194	)		(17,485	)
1Y IRS	Citibank NA		1.252			12/13/2022		(13,700,000	)		(13,700,000	)		(43,591	)		(42,949	)		(642	)
1Y IRS	Citibank NA		1.255			12/13/2022		(19,700,000	)		(19,700,000	)		(62,414	)		(62,154	)		(260	)
1Y IRS	Citibank NA		1.296			12/15/2022		(14,500,000	)		(14,500,000	)		(44,038	)		(45,458	)		1,420
1M IRS	Deutsche Bank AG (London)		1.265			01/13/2022		(3,800,000	)		(3,800,000	)		(33,281	)		(32,775	)		(506	)
1Y IRS	Deutsche Bank AG (London)		0.223			11/01/2022		(2,010,000	)		(2,010,000	)		(22,951	)		(33,704	)		10,753
	JPMorgan Securities, Inc.		0.178			01/06/2022		(3,320,000	)		(3,320,000	)		(49,605	)		(28,323	)		(21,282	)
1M IRS	JPMorgan Securities, Inc.		0.308			01/31/2022		(3,430,000	)		(3,430,000	)		(27,356	)		(26,571	)		(785	)
1Y IRS	JPMorgan Securities, Inc.		0.130			11/01/2022		(2,270,000	)		(2,270,000	)		(30,550	)		(21,269	)		(9,281	)
	Morgan Stanley & Co.		1.283			01/06/2022		(3,800,000	)		(3,800,000	)		(21,600	)		(37,050	)		15,450
1M IRS	MS & Co. Int. PLC		1.300			01/24/2022		(3,800,000	)		(3,800,000	)		(34,970	)		(33,677	)		(1,293	)
1M IRS	MS & Co. Int. PLC		1.370			01/31/2022		(3,800,000	)		(3,800,000	)		(27,641	)		(33,867	)		6,226
1Y IRS	UBS AG (London)		0.130			11/01/2022		(6,800,000	)		(6,800,000	)		(91,515	)		(63,103	)		(28,412	)
							$	(91,870,000	)	$	(91,870,000	)	$	(710,462	)	$	(562,569	)	$	(147,893	)
Total written option contracts							$	(213,290,000	)	$	(213,290,000	)	$	(1,406,351	)	$	(1,803,466	)	$	397,115
TOTAL							$	(42,230,000	)	$	(42,230,000	)	$	(1,253,312	)	$	(1,207,478	)	$	(45,834	)

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts – 0.0%
Calls – 0.0%
Call USD/Put ZAR	JPMorgan Securities, Inc.		16.450	%		01/20/2022	$	1,857,000		$	1,857,000		$	9,693		$	11,272		$	(1,579	)
Written option contracts – 0.0%
Puts – 0.0%
Put USD/Call ZAR	JPMorgan Securities, Inc.		15.450			01/20/2022		(1,857,000	)		(1,857,000	)		(5,062	)		(12,182	)		7,120
TOTAL							$	—		$	—		$	4,631		$	(910	)	$	5,541

Abbreviations:
1M BID Avg	— 1 month Brazilian Interbank Deposit Average
CDX.NA.IG Index 28	— CDX North America Investment Grade Index 28
CDX.NA.IG Index 27	— CDX North America Investment Grade Index 37
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC

GOLDMAN SACHS INCOME FUND

Schedule of Investments

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – 11.4%
Aerospace & Defense(b) – 0.3%
ADS Tactical, Inc. (3M LIBOR + 5.750%)
$	381,267		6.750	%	03/19/26	$       377,218
						377,218
Automotive - Distributors – 0.4%
Truck Hero, Inc.(b) (1M LIBOR + 3.250%)
	148,875		4.000		01/31/28	147,910
Holley Purchaser, Inc.(c)
	35,688		0.000		11/17/28	35,546
	213,750		0.000		11/17/28	212,904
						396,360
Automotive - Parts(b) – 0.8%
Garrett LX I S.a.r.l.(d) (3M LIBOR + 3.250%)
	299,250		3.750		04/30/28	297,942
First Brands Group LLC
(3M LIBOR + 8.500%)
	250,000		9.500		03/30/28	250,782
(3M LIBOR + 5.000%)
	259,766		6.000		03/30/27	260,546
						809,270
Building & Construction Materials – 0.4%
KKR Apple Bidco, LLC
(1M LIBOR + 3.000%)
	400,000		3.500	(b)	09/23/28	398,332
	25,000		0.000	(c)	09/21/29	25,273
						423,605
Building Materials(b) – 0.3%
Chamberlain Group Inc (1M LIBOR + 3.500%)
	350,000		4.000		11/03/28	349,562
Capital Goods(b) – 0.2%
Rough Country LLC
(3M LIBOR + 6.500%)
	50,000		7.250		07/26/29	49,875
(1M LIBOR + 3.500%)
	149,625		4.250		07/28/28	149,158
						199,033
Chemicals(b) – 0.2%
Trident TPI Holdings, Inc.
(3M LIBOR + 4.000%)
	8,739		4.500		09/15/28	8,724
(3M LIBOR + 4.000%)
	152,878		4.500		09/15/28	152,615

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Chemicals(b) – (continued)
W.R. Grace & Co.-Conn. (3M LIBOR + 3.750%)
$	50,000		4.250	%	09/22/28	$          50,037
						211,376
Commercial Services – 1.3%
Allied Universal Holdco LLC(b) (3M LIBOR + 3.750%)
	149,625		4.250		05/12/28	148,971
Conservice Midco LLC(b) (3M LIBOR + 4.250%)
	197,500		4.474		05/13/27	196,965
DiversiTech Holdings, Inc.(c)
	30,000		0.000		12/16/28	29,944
The Hertz Corp.(b) (1M LIBOR + 3.250%)
	251,165		3.750		06/30/28	251,165
Arcis Golf LLC(c)
	175,000		4.750		11/24/28	175,437
The Hertz Corp.(b) (1M LIBOR + 3.250%)
	47,573		3.750		06/30/28	47,573
DiversiTech Holdings, Inc.(c)
	145,000		0.000		12/16/28	144,729
	50,000		0.000		12/16/29	49,969
TruGreen LP(b) (3M LIBOR + 8.500%)
	310,000		9.250		11/02/28	313,100
						1,357,853
Diversified Financial Services(b) – 0.9%
DRW Holdings LLC (1M LIBOR + 3.750%)
	375,000		3.854		03/01/28	373,594
Edelman Financial Center LLC (1M LIBOR + 3.500%)
	373,125		4.250		04/07/28	372,565
Syncapay, Inc. (3M LIBOR + 6.500%)
	219,375		7.500		12/10/27	219,283
						965,442
Engineering & Construction(b) – 0.2%
TRC Companies, Inc.
(3M LIBOR + 3.750%)
	175,000		4.250		11/17/28	173,961
(3M LIBOR + 6.750%)
	75,000		6.964	(d)	11/19/29	74,250
						248,211
Food(b) – 0.1%
Ola Singapore PTE Ltd. (3M SOFR + 6.250%)
	75,000		6.299		12/03/26	75,375

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Healthcare Providers & Services(b) – 0.2%
Envision Healthcare Corp. (1M LIBOR + 3.750%)
$	48,990		3.854	%	10/10/25	$         39,276
Insulet Corp. (1M LIBOR + 3.250%)
	149,250		3.750		05/04/28	149,158
						188,434
Home Construction(b) – 0.2%
Packers Holdings LLC (6M LIBOR + 3.250%)
	248,207		4.000		03/09/28	246,408
Household Products(b) – 0.4%
Hunter Fan Co. (3M LIBOR + 5.000%)
	299,250		5.750		05/08/28	299,250
Kronos Acquisition Holdings, Inc. (3M LIBOR + 3.750%)
	148,500		4.250		12/22/26	143,813
						443,063
(b) – 0.1%
Freeport LNG Investments, LLLP (3M LIBOR + 3.500%)
	125,000		4.000		12/21/28	123,711
Machinery-Diversified(b) – 0.3%
Engineered Machinery Holdings, Inc.
(3M LIBOR + 3.750%)
	189,612		4.500		05/19/28	188,871
(3M EURIBOR + 3.750%)
EUR	74,813		3.750		05/21/28	84,881
						273,752
Media(b) – 0.2%
DirecTV Financing, LLC (3M LIBOR + 5.000%)
$	219,938		5.750		08/02/27	220,001
Media(b) – 0.5%
Taboola.com Ltd (3M LIBOR + 4.000%)
	324,188		4.500		08/17/28	320,946
Loyalty Ventures, Inc. (1M LIBOR + 4.500%)
	225,000		5.000		11/03/27	223,499
						544,445

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Metal Fabricate/Hardware(b) – 0.2%
Grinding Media, Inc. (3M LIBOR + 4.000%)
$	199,500		4.750	%	10/12/28	$       199,001
Oil Field Services(b) – 0.4%
Apergy Corp. (1M LIBOR + 5.000%)
	379,487		6.000		06/03/27	384,083
Packaging – 0.2%
LABL, Inc.(c)
	150,000		0.000		10/29/28	149,625
Pretium PKG Holdings, Inc.(b) (6M LIBOR + 4.000%)
	100,000		4.500		10/02/28	99,713
						249,338
Pharmaceuticals(b) – 0.2%
Jazz Financing Lux S.a.r.l. (1M LIBOR + 3.500%)
	223,252		4.000		05/05/28	223,964
Pipeline(b) – 0.1%
Centurion Pipeline Co. LLC (1M LIBOR + 4.000%)
	89,100		4.104		09/28/25	88,432
Specialty Retail(c) – 0.2%
New Era Cap Co., Inc.
	175,000		0.000		06/08/27	172,375
Technology(b) – 0.5%
Ingram Micro Inc. (3M LIBOR + 3.500%)
	522,811		4.000		06/30/28	522,550
Technology – Software(b) – 0.3%
Virtusa Corp. (1M LIBOR + 3.750%)
	377,150		4.500		02/11/28	378,093
Technology – Software/Services(b) – 2.0%
AppLovin Corp. (1M LIBOR + 3.250%)
	123,724		3.354		08/15/25	123,357
Cloudera, Inc. (1M LIBOR + 3.750%)
	275,000		4.250		10/08/28	273,969

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Technology – Software/Services(b) – (continued)
ConnectWise, LLC (3M LIBOR + 3.500%)
$	150,000		4.000	%	09/29/28	$       149,492
DCert Buyer, Inc. (1M LIBOR + 7.000%)
	325,000		7.104		02/19/29	325,000
Epicor Software Corp.
(1M LIBOR + 3.250%)
	123,438		4.000		07/30/27	123,267
(1M LIBOR + 7.750%)
	50,000		8.750		07/31/28	51,084
Grab Holdings, Inc. (1M LIBOR + 4.500%)
	347,375		5.500		01/29/26	347,809
Idera, Inc.
(3M LIBOR + 3.500%)
	297,999		4.500		03/02/28	297,534
(1M LIBOR + 6.750%)
	45,000		7.500		03/02/29	45,000
Syndigo LLC
(6M LIBOR + 4.500%)
	223,313		5.250		12/15/27	222,754
(6M LIBOR + 8.000%)
	160,000		8.750		12/15/28	159,600
						2,118,866
Telecommunication Services(b) – 0.1%
Sorenson Communications LLC (3M LIBOR + 5.500%)
	92,096		6.250		03/17/26	92,154
Transportation(b) – 0.2%
LaserShip, Inc. (3M LIBOR + 4.500%)
	199,500		5.250		05/07/28	199,500
TOTAL BANK LOANS (Cost $12,053,229 )						$  12,081,475
Corporate Obligations – 68.7%
Advertising(e)(f) – 0.1%
Terrier Media Buyer, Inc.
$	127,000		8.875	%	12/15/27	$       137,160
Aerospace & Defense – 1.4%
Howmet Aerospace, Inc.
	220,000		5.950		02/01/37	259,875
The Boeing Co.(e)
	175,000		4.875		05/01/25	191,637
	90,000		5.150		05/01/30	105,008
	25,000		3.250		02/01/35	25,196
	90,000		5.805		05/01/50	121,835

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Aerospace & Defense – (continued)
TransDigm, Inc.(e)
$	130,000		5.500	%	11/15/27	$       133,575
	40,000		4.625		01/15/29	39,600
	270,000		4.875		05/01/29	270,000
Triumph Group, Inc.(e)
	367,000		7.750		08/15/25	363,789
						1,510,515
Agriculture – 0.2%
MHP Lux SA
	200,000		6.950		04/03/26	199,163
Airlines(f) – 0.7%
Air Canada(e)
	130,000		3.875		08/15/26	133,087
American Airlines, Inc./AAdvantage Loyalty IP Ltd.
	55,000		5.500		04/20/26	57,200
	181,000		5.750		04/20/29	193,670
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.(e)
	158,000		6.500		06/20/27	168,665
United Airlines, Inc.(e)
	165,000		4.375		04/15/26	171,600
						724,222
Automotive – 1.3%
Dealer Tire LLC/DT Issuer LLC(e)(f)
	374,000		8.000		02/01/28	388,025
Ford Motor Co.
	130,000		4.750		01/15/43	143,674
General Motors Co.(e)
	175,000		6.125		10/01/25	201,208
General Motors Financial Co., Inc.(e)
	150,000		5.650		01/17/29	178,068
NIO, Inc.(f)(g)
	300,000		0.500		02/01/27	255,523
Real Hero Merger Sub 2, Inc.(e)(f)
	40,000		6.250		02/01/29	39,950
Wheel Pros, Inc.(e)(f)
	145,000		6.500		05/15/29	139,200
						1,345,648

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – 9.9%
Banco de Bogota SA
$	700,000		6.250	%	05/12/26	$       756,910
Banco do Brasil SA(b)(e) (10 Year CMT + 4.398%)
	400,000		6.250		12/31/99	397,075
Banco Mercantil del Norte SA(b)
(5 Year CMT + 5.035%)
	200,000		6.875	(e)	12/31/99	202,100
(10 Year CMT + 5.353%)
	400,000		7.625		12/31/99	427,075
Banco Santander SA
	400,000		2.749		12/03/30	391,180
Bank of America Corp.(e)
	275,000		4.183		11/25/27	301,037
(3M USD LIBOR + 1.310%)
	100,000		4.271	(b)	07/23/29	111,478
(3M USD LIBOR + 1.190%)
	125,000		2.884	(b)	10/22/30	129,011
(3M USD LIBOR + 0.990%)
	50,000		2.496	(b)	02/13/31	50,181
(SOFR + 2.150%)
	275,000		2.592	(b)	04/29/31	277,667
(SOFR + 1.530%)
	200,000		1.898	(b)	07/23/31	191,774
Barclays PLC(b)(e) (SOFR + 2.714%)
	225,000		2.852		05/07/26	231,934
BBVA Bancomer SA(b)(e) (5 Year CMT + 2.650%)
	200,000		5.125		01/18/33	205,350
BNP Paribas SA(f)
	200,000		3.375		01/09/25	210,284
Citigroup, Inc.
	125,000		4.300		11/20/26	138,323
	275,000		4.125		07/25/28	302,263
(SOFR + 1.422%)
	100,000		2.976	(b)(e)	11/05/30	103,907
Credit Suisse Group AG
	250,000		4.550		04/17/26	275,312
(5 Year CMT + 4.889%)
	200,000		5.250	(b)(e)(f)	12/31/99	204,600
Deutsche Bank AG(b)(e) (SOFR + 2.159%)
	150,000		2.222		09/18/24	151,977
First Horizon Corp.(e)
	25,000		4.000		05/26/25	26,749
Freedom Mortgage Corp.(e)(f)
	315,000		7.625		05/01/26	318,150

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
HSBC Holdings PLC(b)(e) (SOFR + 1.538%)
$	200,000		1.645	%	04/18/26	$       198,610
Itau Unibanco Holding SA(b)(e) (5 Year CMT + 3.981%)
	200,000		6.125		12/31/99	201,037
JPMorgan Chase & Co.(e)
(3M USD LIBOR + 1.245%)
	500,000		3.960	(b)	01/29/27	541,290
	500,000		3.625		12/01/27	539,035
(3M USD LIBOR + 0.945%)
	225,000		3.509	(b)	01/23/29	241,297
(SOFR + 2.515%)
	50,000		2.956	(b)	05/13/31	51,745
(3M USD LIBOR + 3.800%)
	40,000		3.932	(b)	12/31/99	40,055
(SOFR + 3.125%)
	150,000		4.600	(b)	12/31/99	153,327
Macquarie Bank Ltd.(b)(e)(f) (5 year CMT + 1.700%)
	200,000		3.052		03/03/36	196,404
Morgan Stanley, Inc.(b)(e)
(3M USD LIBOR + 1.628%)
	25,000		4.431		01/23/30	28,468
(SOFR + 1.143%)
	600,000		2.699		01/22/31	614,610
(SOFR + 1.034%)
	100,000		1.794		02/13/32	94,761
National Bank of Uzbekistan
	260,000		4.850		10/21/25	259,038
Natwest Group PLC(b)(e) (3M USD LIBOR + 1.762%)
	225,000		4.269		03/22/25	238,291
Truist Financial Corp.(b)(e) (10 Year CMT + 4.349%)
	316,000		5.100		12/31/99	353,598
Turkiye Vakiflar Bankasi TAO
	200,000		8.125		03/28/24	199,913
	200,000		6.500	(f)	01/08/26	187,000
Wells Fargo & Co.
	300,000		4.300		07/22/27	335,337
	125,000		4.150	(e)	01/24/29	139,764
Yapi ve Kredi Bankasi A/S(b)(e)(f)
(5 year CMT + 7.415%)
	270,000		7.875		01/22/31	260,550
(5 Year USD Swap + 11.245%)
	200,000		13.875		12/31/99	215,225
						10,493,692
Beverages(e) – 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	150,000		4.700		02/01/36	181,191

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Beverages(e) – (continued)
Anheuser-Busch InBev Worldwide, Inc.
$	175,000		4.750	%	01/23/29	$       203,761
Constellation Brands, Inc.
	100,000		3.150		08/01/29	105,348
Keurig Dr Pepper, Inc.
	176,000		3.200		05/01/30	186,252
						676,552
Biotechnology(e) – 0.1%
Royalty Pharma PLC
	50,000		1.200		09/02/25	49,112
Building Materials(e) – 1.0%
Carrier Global Corp.
	150,000		2.722		02/15/30	153,248
Cornerstone Building Brands, Inc.(f)
	167,000		6.125		01/15/29	179,107
APi Group DE, Inc.(f)
	325,000		4.125		07/15/29	323,375
CP Atlas Buyer, Inc.(f)
	300,000		7.000		12/01/28	297,750
Standard Industries, Inc.(f)
	150,000		4.375		07/15/30	153,198
						1,106,678
Chemicals(e) – 1.4%
Axalta Coating Systems LLC(f)
	250,000		3.375		02/15/29	241,562
Ingevity Corp.(f)
	125,000		3.875		11/01/28	122,188
International Flavors & Fragrances, Inc.(f)
	275,000		2.300		11/01/30	269,987
Minerals Technologies, Inc.(f)
	210,000		5.000		07/01/28	218,400
Rayonier AM Products, Inc.(f)
	29,000		7.625		01/15/26	30,378
The Chemours Co.(f)
	205,000		4.625		11/15/29	203,462
The Sherwin-Williams Co.
	175,000		2.950		08/15/29	184,350
Unifrax Escrow Issuer Corp.(f)
	80,000		5.250		09/30/28	80,600

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals(e) – (continued)
WR Grace Holdings LLC(f)
$	150,000		5.625	%	08/15/29	$       153,000
						1,503,927
Commercial Services – 1.7%
Alarm.com Holdings, Inc.(f)(h)
	15,000		0.000		01/15/26	13,533
Allied Universal Holdco LLC/Allied Universal Finance Corp.(e)
	170,000		9.750		07/15/27	181,475
	170,000		6.000	(f)	06/01/29	164,900
APi Escrow Corp.(e)(f)
	32,000		4.750		10/15/29	32,480
APX Group, Inc.(e)(f)
	374,000		5.750		07/15/29	370,260
CoStar Group, Inc.(e)(f)
	75,000		2.800		07/15/30	75,155
DP World Crescent Ltd.(e)
	200,000		3.750		01/30/30	210,938
HealthEquity, Inc.(e)(f)
	84,000		4.500		10/01/29	83,160
IHS Markit Ltd.(e)
	75,000		4.250		05/01/29	85,219
Quanta Services, Inc.(e)
	61,000		2.900		10/01/30	62,328
Verisure Holding AB(e)(f)
EUR	125,000		3.250		02/15/27	142,106
Verisure Midholding AB(e)
	125,000		5.250	(f)	02/15/29	144,406
	200,000		5.250		02/15/29	230,970
						1,796,930
Computers(e) – 0.8%
Amdocs Ltd.
$	75,000		2.538		06/15/30	74,596
Austin BidCo, Inc.(f)
	62,000		7.125		12/15/28	64,015
Dell International LLC/EMC Corp.
	325,000		6.020		06/15/26	376,594
Hewlett Packard Enterprise Co.
	175,000		4.900		10/15/25	194,206
KBR, Inc.(f)
	71,000		4.750		09/30/28	72,420

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers(e) – (continued)
Unisys Corp.(f)
$	80,000		6.875	%	11/01/27	$         86,700
						868,531
Distribution & Wholesale(e)(f) – 0.6%
BCPE Empire Holdings, Inc.
	246,000		7.625		05/01/27	250,612
Wolverine Escrow LLC
	371,000		8.500		11/15/24	348,740
						599,352
Diversified Financial Services(e) – 6.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	150,000		4.875		01/16/24	159,563
	175,000		6.500		07/15/25	200,121
Mozart Debt Merger Sub, Inc.(f)
	260,000		3.875		04/01/29	259,025
AG Issuer LLC(f)
	228,000		6.250		03/01/28	236,835
Air Lease Corp.
	75,000		2.875		01/15/26	77,351
	320,000		3.750		06/01/26	341,053
Ally Financial, Inc.(b) (7 year CMT + 3.481%)
	295,000		4.700		12/31/99	304,219
Aviation Capital Group LLC(f)
	75,000		1.950		01/30/26	73,319
Avolon Holdings Funding Ltd.(f)
	60,000		3.950		07/01/24	62,847
	100,000		2.875		02/15/25	102,085
	50,000		4.250		04/15/26	53,257
Coinbase Global, Inc.(f)
	165,000		3.375		10/01/28	154,275
Global Aircraft Leasing Co. Ltd.(f)(i) (PIK 7.250%, Cash 6.500%)
	91,273		6.500		09/15/24	87,964
Huarong Finance 2019 Co. Ltd.
	310,000		2.500		02/24/23	308,450
	360,000		2.125		09/30/23	354,600
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
	215,000		4.375		02/01/29	210,700

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services(e) – (continued)
JAB Holdings B.V.(f)
$	250,000		2.200	%	11/23/30	$       244,792
LD Holdings Group LLC(f)
	215,000		6.500		11/01/25	210,700
	185,000		6.125		04/01/28	173,438
Midcap Financial Issuer Trust(f)
	200,000		6.500		05/01/28	209,000
Nationstar Mortgage Holdings, Inc.(f)
	295,000		5.500		08/15/28	301,564
Navient Corp.
	455,000		5.000		03/15/27	464,100
	351,000		5.500		03/15/29	351,439
NFP Corp.(f)
	662,000		6.875		08/15/28	662,000
OneMain Finance Corp.
	164,000		4.000		09/15/30	160,925
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(f)
	190,000		4.000		10/15/33	189,832
United Wholesale Mortgage LLC(f)
	340,000		5.500		04/15/29	332,350
United Wholesale Mortgage LLC(f)
	175,000		5.500		11/15/25	179,156
						6,464,960
Electrical(e) – 1.5%
AES Panama Generation Holdings SRL
	400,000		4.375		05/31/30	416,075
American Electric Power Co., Inc.
	25,000		2.300		03/01/30	24,590
Calpine Corp.(f)
	415,000		3.750		03/01/31	399,437
Pacific Gas & Electric Co.
	25,000		2.100		08/01/27	24,176
	50,000		2.500		02/01/31	47,633
Pike Corp.(f)
	220,000		5.500		09/01/28	220,550
Sempra Energy
	50,000		3.400		02/01/28	53,272
Talen Energy Supply LLC(f)
	120,000		7.250		05/15/27	106,200

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical(e) – (continued)
The Southern Co.
$	120,000		3.250	%	07/01/26	$       127,162
Vistra Operations Co. LLC(f)
	50,000		3.550		07/15/24	51,558
	60,000		4.300		07/15/29	64,295
						1,534,948
Electronics(e)(f) – 0.1%
II-VI, Inc.
	100,000		5.000		12/15/29	102,500
Engineering & Construction – 1.2%
Aeropuerto Internacional de Tocumen SA(e)(f)
	210,000		4.000		08/11/41	214,371
	200,000		5.125		08/11/61	209,475
Arcosa, Inc.(e)(f)
	125,000		4.375		04/15/29	126,250
Cellnex Finance Co. SA(e)
EUR	100,000		1.250		01/15/29	108,436
IHS Netherlands Holdco B.V.(e)
$	200,000		8.000		09/18/27	211,225
Mexico City Airport Trust
	400,000		5.500		10/31/46	399,325
						1,269,082
Entertainment(e)(f) – 1.3%
Allen Media LLC/Allen Media Co-Issuer, Inc.
	115,000		10.500		02/15/28	120,606
Boyne USA, Inc.
	125,000		4.750		05/15/29	128,750
Motion Bondco DAC
	400,000		6.625		11/15/27	405,000
Penn National Gaming, Inc.
	281,000		4.125		07/01/29	272,570
SeaWorld Parks & Entertainment, Inc.
	390,000		5.250		08/15/29	397,313
						1,324,239
Environmental(e)(f) – 0.6%
GFL Environmental, Inc.
	242,000		4.000		08/01/28	238,673

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Environmental(e)(f) – (continued)
Waste Pro USA, Inc.
$	349,000		5.500	%	02/15/26	$     349,000
						587,673
Food & Drug Retailing – 1.7%
BRF SA(e)
	400,000		4.875		01/24/30	404,075
H-Food Holdings LLC/Hearthside Finance Co., Inc.(e)(f)
	230,000		8.500		06/01/26	230,575
Kraft Heinz Foods Co.
	205,000		6.875		01/26/39	300,322
	101,000		5.500	(e)	06/01/50	136,353
United Natural Foods, Inc.(e)(f)
	265,000		6.750		10/15/28	283,550
US Foods, Inc.(e)(f)
	301,000		4.750		02/15/29	305,891
	135,000		4.625		06/01/30	136,350
						1,797,116
Healthcare Providers & Services(e) – 1.6%
CAB SELAS(f)
EUR	150,000		3.375		02/01/28	170,382
Chrome Holdco SASU(f)
	200,000		5.000		05/31/29	229,820
CHS/Community Health Systems, Inc.(f)
$	149,000		4.750		02/15/31	150,117
DaVita, Inc.(f)
	387,000		3.750		02/15/31	374,906
DENTSPLY SIRONA, Inc.
	50,000		3.250		06/01/30	52,794
DH Europe Finance II S.a.r.l.
	50,000		2.600		11/15/29	51,618
Laboratoire Eimer Selas(f)
EUR	100,000		5.000		02/01/29	115,108
Lifepoint Health, Inc.(f)
$	260,000		5.375		01/15/29	258,700
Mozart Debt Merger Sub, Inc.(f)
	180,000		5.250		10/01/29	182,250
Stryker Corp.
	50,000		1.950		06/15/30	48,876

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services(e) – (continued)
Tenet Healthcare Corp.(f)
$	96,000		6.125	%	10/01/28	$       101,040
						1,735,611
Home Builders(e)(f) – 0.3%
LGI Homes, Inc.
	315,000		4.000		07/15/29	313,819
Housewares(e) – 0.5%
CD&R Smokey Buyer, Inc.(f)
	110,000		6.750		07/15/25	115,363
Newell Brands, Inc.
	120,000		6.000		04/01/46	152,400
SWF Escrow Issuer Corp.(f)
	260,000		6.500		10/01/29	248,950
						516,713
Insurance(e) – 1.4%
Acrisure LLC/Acrisure Finance, Inc.(f)
	60,000		10.125		08/01/26	66,000
	250,000		4.250		02/15/29	242,500
	210,000		6.000		08/01/29	205,800
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(f)
	119,000		6.750		10/15/27	122,868
American International Group, Inc.
	175,000		4.200		04/01/28	195,765
	25,000		3.400		06/30/30	27,106
AssuredPartners, Inc.(f)
	70,000		5.625		01/15/29	68,075
BroadStreet Partners, Inc.(f)
	300,000		5.875		04/15/29	293,146
Equitable Holdings, Inc.
	60,000		4.350		04/20/28	67,219
HUB International Ltd.(f)
	212,000		7.000		05/01/26	217,565
						1,506,044
Internet(e) – 2.8%
Adevinta ASA
EUR	100,000		3.000		11/15/27	116,660
Arches Buyer, Inc.(f)
$	77,000		6.125		12/01/28	77,192

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet(e) – (continued)
Booking Holdings, Inc.
$	72,000		4.625	%	04/13/30	$         83,935
Endure Digital, Inc.(f)
	574,000		6.000		02/15/29	533,820
Expedia Group, Inc.
	100,000		4.500		08/15/24	106,781
	180,000		6.250	(f)	05/01/25	203,164
	167,000		4.625		08/01/27	186,628
	75,000		2.950		03/15/31	75,022
Getty Images, Inc.(f)
	358,000		9.750		03/01/27	379,480
Match Group Holdings II LLC(f)
	167,000		3.625		10/01/31	161,990
Prosus NV
	400,000		3.680		01/21/30	411,575
EUR	120,000		2.031	(f)	08/03/32	134,912
Uber Technologies, Inc.(f)
$	330,000		4.500		08/15/29	336,600
United Group BV(f)
EUR	175,000		4.625		08/15/28	198,827
						3,006,586
Iron/Steel(e) – 0.3%
Metinvest B.V.
$	200,000		8.500		04/23/26	208,225
Vale Overseas Ltd.
	60,000		3.750		07/08/30	61,999
						270,224
Leisure Time(e)(f) – 0.4%
NCL Corp. Ltd.
	275,000		3.625		12/15/24	261,250
TUI Cruises GmbH
EUR	125,000		6.500		05/15/26	141,010
						402,260
Lodging(e) – 0.7%
Fortune Star BVI Ltd.
$	400,000		6.750		07/02/23	407,040

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Lodging(e) – (continued)
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations
Borrower Esc(f)
$	230,000		5.000	%	06/01/29	$       235,750
Marriott Ownership Resorts, Inc.(f)
	60,000		4.500		06/15/29	60,225
						703,015
Machinery-Construction & Mining(e)(f) – 0.2%
Vertiv Group Corp.
	244,000		4.125		11/15/28	244,915
Machinery-Diversified(e) – 1.0%
Husky III Holding Ltd.(f)(i)(PIK 13.750%, Cash 13.000%)
	30,000		13.000		02/15/25	31,725
Otis Worldwide Corp.
	325,000		2.565		02/15/30	329,582
Titan Acquisition Ltd./Titan Co-Borrower LLC(f)
	401,000		7.750		04/15/26	407,015
TK Elevator Holdco GmbH(f)
	256,000		7.625		07/15/28	273,280
						1,041,602
Media – 3.9%
Altice Financing SA(e)(f)
	200,000		5.000		01/15/28	194,000
Charter Communications Operating LLC/Charter Communications Operating Capital(e)
	975,000		4.908		07/23/25	1,073,904
	225,000		3.750		02/15/28	241,209
Comcast Corp.(e)
	100,000		4.150		10/15/28	113,480
	200,000		4.250		10/15/30	230,834
CSC Holdings LLC(e)(f)
	200,000		5.000		11/15/31	192,750
DIRECTV Holdings LLC/DIRECTV Financing Co, Inc.(e)(f)
	485,000		5.875		08/15/27	495,912
DISH DBS Corp.
	133,000		7.750		07/01/26	140,315
	135,000		5.250	(e)(f)	12/01/26	137,025
	180,000		7.375	(e)	07/01/28	182,700
	200,000		5.125		06/01/29	182,000

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
Gray Television, Inc.(e)(f)
$	180,000		7.000	%	05/15/27	$       191,925
Scripps Escrow II, Inc.(e)(f)
	130,000		5.375		01/15/31	132,600
Scripps Escrow, Inc.(e)(f)
	115,000		5.875		07/15/27	120,319
Townsquare Media, Inc.(e)(f)
	210,000		6.875		02/01/26	223,125
Urban One, Inc.(e)(f)
	185,000		7.375		02/01/28	190,550
Ziggo Bond Co. B.V.(e)(f)
EUR	100,000		3.375		02/28/30	110,930
						4,153,578
Mining(e) – 0.1%
Glencore Funding LLC(f)
$	100,000		1.625		04/27/26	98,203
Teck Resources Ltd.
	25,000		3.900		07/15/30	26,899
						125,102
Miscellaneous Manufacturing – 1.0%
General Electric Co.
	125,000		5.875		01/14/38	169,940
(3M USD LIBOR + 3.330%)
	742,000		3.533	(b)(e)	12/31/99	733,252
Hillenbrand, Inc.(e)
	154,000		3.750		03/01/31	154,000
						1,057,192
Multi-National(e)(f) – 0.5%
Banque Ouest Africaine de Developpement
EUR	480,000		2.750		01/22/33	574,219
Oil Field Services – 2.7%
Cenovus Energy, Inc.
$	45,000		5.375	(e)	07/15/25	49,768
	85,000		6.750		11/15/39	115,524
Civitas Resources, Inc(e)(f)
	105,000		5.000		10/15/26	106,050
Devon Energy Corp.(e)
	55,000		5.850		12/15/25	62,926

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Marathon Petroleum Corp.(e)
$	50,000		3.800	%	04/01/28	$         53,827
MEG Energy Corp.(e)(f)
	140,000		5.875		02/01/29	145,250
Nabors Industries, Inc.(e)(f)
	322,000		9.000		02/01/25	334,075
	85,000		7.375		05/15/27	87,550
Noble Finance Co.(e)(i)(PIK 15.000%, Cash 11.000%)
	36,761		11.000		02/15/28	40,437
Occidental Petroleum Corp.(e)
	200,000		5.550		03/15/26	222,500
Southwestern Energy Co.(e)
	115,000		4.750		02/01/32	121,038
TechnipFMC PLC(e)(f)
	210,000		6.500		02/01/26	223,912
Transocean Poseidon Ltd.(e)(f)
	80,000		6.875		02/01/27	77,200
Transocean, Inc.(e)(f)
	798,000		11.500		01/30/27	782,040
USA Compression Partners LP/USA Compression Finance Corp.(e)
	473,000		6.875		04/01/26	491,920
						2,914,017
Packaging – 1.3%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(e)
EUR	239,000		3.000		09/01/29	266,344
Berry Global, Inc.(e)
$	75,000		1.570		01/15/26	73,406
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co- Issuer LLC(e)(f)
	228,000		6.000		09/15/28	234,555
Kleopatra Finco S.a.r.l.(e)(f)
EUR	100,000		4.250		03/01/26	109,763
Kleopatra Holdings 2 SCA(e)(f)
	100,000		6.500		09/01/26	103,827
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro(e)(f)
$	88,000		4.000		10/15/27	85,360
Pactiv LLC
	285,000		8.375		04/15/27	316,350

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Packaging – (continued)
Sealed Air Corp.(f)
$	113,000		6.875	%	07/15/33	$       143,227
						1,332,832
Pharmaceuticals(e) – 1.7%
AbbVie, Inc.
	225,000		3.200		11/21/29	240,871
AdaptHealth LLC(f)
	65,000		6.125		08/01/28	68,738
	120,000		4.625		08/01/29	119,700
	80,000		5.125		03/01/30	80,500
Becton Dickinson & Co.
	175,000		3.700		06/06/27	190,825
	25,000		2.823		05/20/30	25,887
Cigna Corp.
	400,000		2.400		03/15/30	402,760
CVS Health Corp.
	100,000		3.250		08/15/29	106,611
	100,000		3.750		04/01/30	109,815
HLF Financing S.a.r.l. LLC/Herbalife International, Inc.(f)
	398,000		4.875		06/01/29	387,055
Zoetis, Inc.
	50,000		2.000		05/15/30	49,274
						1,782,036
Pipelines(e) – 3.4%
CNX Midstream Partners LP(f)
	95,000		4.750		04/15/30	94,763
CQP Holdco LP/BIP-V Chinook Holdco LLC(f)
	360,000		5.500		06/15/31	375,300
Energy Transfer LP
	60,000		4.050		03/15/25	63,565
	175,000		5.250		04/15/29	201,059
Global Partners LP/GLP Finance Corp.
	345,000		6.875		01/15/29	358,800
Howard Midstream Energy Partners LLC(f)
	125,000		6.750		01/15/27	127,187
ITT Holdings LLC(f)
	105,000		6.500		08/01/29	103,688

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines(e) – (continued)
MPLX LP
$	135,000		4.000	%	03/15/28	$       146,753
	75,000		2.650		08/15/30	74,870
NGL Energy Operating LLC/NGL Energy Finance Corp.(f)
	260,000		7.500		02/01/26	267,800
NuStar Logistics LP
	145,000		6.000		06/01/26	157,687
	185,000		6.375		10/01/30	205,812
ONEOK, Inc.
	50,000		6.350		01/15/31	63,031
Plains All American Pipeline LP/PAA Finance Corp.
	150,000		3.800		09/15/30	157,900
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
	265,000		5.750		04/15/25	239,825
	269,000		8.500	(f)	10/15/26	276,397
Summit Midstream Partners LP(b)(j)(3M USD LIBOR + 7.430%)
	312,000		9.500		12/31/99	229,320
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(f)
	50,000		6.000		12/31/30	50,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	160,000		4.875		02/01/31	173,400
	262,000		4.000	(f)	01/15/32	273,790
						3,640,947
Real Estate(e) – 0.5%
ADLER Real Estate AG
EUR	200,000		3.000		04/27/26	208,612
NE Property B.V.
	200,000		3.375		07/14/27	251,107
Realogy Group LLC/Realogy Co-Issuer Corp.(f)
$	96,000		5.750		01/15/29	98,400
						558,119
Real Estate Investment Trust(e) – 1.2%
Agree LP
	25,000		2.900		10/01/30	25,395
Crown Castle International Corp.
	175,000		4.450		02/15/26	191,632
	150,000		3.300		07/01/30	158,506
Duke Realty LP
	25,000		1.750		07/01/30	23,831

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust(e) – (continued)
Iron Mountain Information Management Services, Inc.(f)
$	245,000		5.000	%	07/15/32	$       250,819
Realty Income Corp.
	55,000		4.875		06/01/26	62,006
	25,000		3.400		01/15/28	26,983
	50,000		2.850		12/15/32	52,006
Regency Centers LP
	60,000		2.950		09/15/29	62,236
Spirit Realty LP
	60,000		4.000		07/15/29	65,909
Trust Fibra Uno
	200,000		4.869		01/15/30	212,412
WP Carey, Inc.
	75,000		4.250		10/01/26	82,186
	60,000		3.850		07/15/29	66,330
	25,000		2.400		02/01/31	24,789
						1,305,040
Retailing(e) – 3.9%
1011778 BC ULC/New Red Finance, Inc.(f)
	237,000		4.000		10/15/30	233,445
Asbury Automotive Group, Inc.(f)
	117,000		4.625		11/15/29	119,048
	65,000		5.000		02/15/32	66,950
Carvana Co.(f)
	90,000		5.500		04/15/27	88,875
	345,000		4.875		09/01/29	328,612
Dollar Tree, Inc.
	75,000		4.000		05/15/25	80,606
eG Global Finance PLC
EUR	250,000		4.375		02/07/25	285,624
Foundation Building Materials, Inc.(f)
$	95,000		6.000		03/01/29	93,338
Group 1 Automotive, Inc.(f)
	70,000		4.000		08/15/28	69,825
GYP Holdings III Corp.(f)
	115,000		4.625		05/01/29	115,021
IRB Holding Corp.(f)
	343,000		6.750		02/15/26	349,860

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing(e) – (continued)
Ken Garff Automotive LLC(f)
$	190,000		4.875	%	09/15/28	$   190,238
LCM Investments Holdings II LLC(f)
	535,000		4.875		05/01/29	547,037
Lowe’s Cos., Inc.
	225,000		1.700		10/15/30	213,752
Penske Automotive Group, Inc.
	189,000		3.750		06/15/29	187,583
Sonic Automotive, Inc.(f)
	82,000		4.625		11/15/29	82,410
	95,000		4.875		11/15/31	95,475
Specialty Building Products Holdings LLC/SBP Finance Corp.(f)
	215,000		6.375		09/30/26	224,944
SRS Distribution, Inc.(f)
	100,000		6.125		07/01/29	100,875
	270,000		6.000		12/01/29	271,350
Suburban Propane Partners LP/Suburban Energy Finance Corp.(f)
	210,000		5.000		06/01/31	212,625
Tractor Supply Co.
	75,000		1.750		11/01/30	70,469
Yum! Brands, Inc.(f)
	2,000		7.750		04/01/25	2,105
	88,000		4.750		01/15/30	94,930
						4,124,997
Semiconductors(e)(f) – 1.1%
Broadcom, Inc.
	87,000		3.469		04/15/34	90,770
	423,000		3.137		11/15/35	425,204
	400,000		3.187		11/15/36	401,296
NXP B.V./NXP Funding LLC/NXP USA, Inc.
	165,000		3.875		06/18/26	177,970
	100,000		3.400		05/01/30	106,632
						1,201,872
Software(e) – 1.5%
Brunello Bidco SpA(f)
EUR	350,000		3.500		02/15/28	394,115
Castle US Holding Corp.(f)
$	277,000		9.500		02/15/28	289,465

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software(e) – (continued)
Clarivate Science Holdings Corp.(f)
$	226,000		3.875	%	07/01/28	$   227,130
	204,000		4.875		07/01/29	206,040
Elastic NV(f)
	160,000		4.125		07/15/29	157,400
Playtika Holding Corp.(f)
	213,000		4.250		03/15/29	208,474
ServiceNow, Inc.
	125,000		1.400		09/01/30	116,554
						1,599,178
Telecommunication Services – 3.3%
Altice France SA(e)(f)
EUR	100,000		2.125		02/15/25	110,890
$	374,000		5.500		10/15/29	366,987
AT&T, Inc.(e)
	300,000		2.300		06/01/27	305,748
	75,000		1.650		02/01/28	73,449
	75,000		2.750		06/01/31	76,481
	202,000		2.550		12/01/33	197,823
	175,000		4.900		08/15/37	210,590
	25,000		5.150		11/15/46	31,825
	25,000		3.650		06/01/51	25,945
	25,000		3.500		09/15/53	25,269
Bharti Airtel Ltd.(e)(f)
	360,000		3.250		06/03/31	365,029
Frontier Communications Holdings LLC(e)(f)
	83,000		5.000		05/01/28	85,179
Intelsat Jackson Holdings SA(e)(j)
	450,000		5.500		08/01/23	202,500
Sprint Capital Corp.
	125,000		8.750		03/15/32	188,125
T-Mobile USA, Inc.(e)
	150,000		3.750		04/15/27	162,419
	250,000		2.050		02/15/28	248,652
	200,000		3.875		04/15/30	218,854
Verizon Communications, Inc.
	275,000		4.329		09/21/28	312,763

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
Verizon Communications, Inc. – (continued)
$	275,000		3.150	%(e)	03/22/30	$       290,680
						3,499,208
Transportation – 0.8%
Cargo Aircraft Management, Inc.(e)(f)
	80,000		4.750		02/01/28	81,500
MV24 Capital B.V.
	722,456		6.748		06/01/34	745,620
XPO Logistics, Inc.(e)(f)
	3,000		6.250		05/01/25	3,127
						830,247
Trucking & Leasing(e)(f) – 0.3%
Fortress Transportation & Infrastructure Investors LLC
	350,000		5.500		05/01/28	355,250
TOTAL CORPORATE OBLIGATIONS (Cost $72,446,957)						$  72,886,623
Mortgage-Backed Obligations – 2.7%
Collateralized Mortgage Obligations(k) – 0.7%
Interest Only – 0.7%
FHLMC REMIC Series 4991, Class IE
$	506,804		5.000	%	07/25/50	$         70,888
FNMA REMIC Series 2017-86, Class SB(b) (-1x 1M USD LIBOR + 6.150%)
	184,598		6.048		11/25/47	31,194
FNMA REMIC Series 2020-60, Class KI
	399,284		2.000		09/25/50	40,976
GNMA REMIC Series 2014-117, Class SJ(b) (-1x 1M USD LIBOR + 5.600%)
	783,399		5.496		08/20/44	125,686
GNMA REMIC Series 2018-124, Class SN(b) (-1x 1M USD LIBOR + 6.200%)
	195,475		6.096		09/20/48	30,931
GNMA REMIC Series 2019-110, Class PS(b) (-1X 1M USD LIBOR + 6.050%)
	489,789		5.946		09/20/49	80,640
GNMA REMIC Series 2019-153, Class EI
	628,755		4.000		12/20/49	85,937
GNMA REMIC Series 2020-146, Class KI
	753,743		2.500		10/20/50	68,374
GNMA REMIC Series 2020-173, Class AI
	577,966		2.500		11/20/50	29,781

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
GNMA REMIC Series 2020-21, Class SA(b) (-1x 1M USD LIBOR + 6.050%)
$	243,482		5.946	%	02/20/50	$         37,891
GNMA REMIC Series 2020-55, Class AS(b) (-1x 1M USD LIBOR + 6.050%)
	369,031		5.946		04/20/50	58,466
GNMA REMIC Series 2020-61, Class GI
	244,634		5.000		05/20/50	27,095
GNMA REMIC Series 2020-7, Class GI
	98,738		4.000		01/20/50	10,912
GNMA REMIC Series 2020-78, Class SD(b) (-1x 1M USD LIBOR + 6.150%)
	305,507		6.046		06/20/50	44,831
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$       743,602
Federal Agencies(l) – 2.0%
GNMA – 1.0%
$	1,000,000		4.500	%	TBA-30yr	$    1,057,024
UMBS, 30 Year, Single Family – 1.0%
	1,000,000		5.000		TBA-30yr	1,088,751
TOTAL FEDERAL AGENCIES						$    2,145,775
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $2,891,327)						$    2,889,377
Asset-Backed Securities(b)(f) – 2.9%
Collateralized Loan Obligations – 2.9%
Bain Capital Credit CLO Series 2019-1A, Class DR (3M USD LIBOR + 3.450%)
$	175,000		3.574	%	04/19/34	$       175,288
Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
	200,000		4.404		01/15/32	200,002
Cedar Funding XII CLO Ltd. Series 2020-12A, Class DR (3M USD LIBOR + 3.150%)
	600,000		3.283		10/25/34	597,157
Madison Park Funding XXI Ltd. Series 2016-21A, Class C1RR (3M USD LIBOR + 3.250%)
	600,000		3.368		10/15/32	599,992
Neuberger Berman Loan Advisers CLO 31, Ltd. Series 2019-31A, Class DR (3M USD LIBOR + 3.250%)
	600,000		3.382		04/20/31	600,010
THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%)
	600,000		3.842		04/18/36	600,004

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b)(f)– (continued)
Collateralized Loan Obligations – (continued)
Tikehau US CLO I Ltd. Series 2021-1A, Class E(3M USD LIBOR + 6.910%)
$	300,000		7.126	%	01/18/35	$       286,612
TOTAL ASSET–BACKED SECURITIES (Cost $3,054,000)						$    3,059,065
Foreign Debt Obligations – 11.0%
Sovereign – 11.0%
Benin Government International Bond(f)
EUR	260,000		4.875	%	01/19/32	$       288,943
Dominican Republic
$	640,000		5.500		01/27/25	691,200
	200,000		5.950		01/25/27	222,500
	240,000		4.875	(f)	09/23/32	243,870
Finance Department Government of Sharjah(f)
	200,000		4.000		07/28/50	180,725
Jamaica Government International Bond
	400,000		7.875		07/28/45	554,700
Kingdom of Bahrain(f)
	200,000		7.375		05/14/30	221,912
Kingdom of Morocco(f)
	310,000		3.000		12/15/32	295,333
Pakistan Water & Power Development Authority
	200,000		7.500		06/04/31	193,438
Perusahaan Penerbit SBSN Indonesia III
	550,000		4.150		03/29/27	608,541
Republic of Abu Dhabi(f)
	200,000		3.875		04/16/50	233,250
Republic of Angola(f)
	200,000		8.250		05/09/28	200,350
Republic of Argentina(e)
	13,920		1.000		07/09/29	5,046
	455,900		0.500	(m)	07/09/30	160,705
Republic of Armenia(f)
	330,000		3.600		02/02/31	307,065
Republic of Belarus Ministry of Finance(f)
	200,000		5.875		02/24/26	176,750
Republic Of Cameroon(f)
EUR	220,000		5.950		07/07/32	234,189

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of Colombia(e)
$	200,000		4.125	%	05/15/51	$       162,725
Republic of Ecuador(f)
	34,036		0.000	(h)	07/31/30	18,964
	40,000		5.000	(m)	07/31/30	32,945
	46,400		0.500	(m)	07/31/40	26,819
Republic of Egypt
EUR	180,000		4.750		04/11/25	202,737
	200,000		4.750		04/16/26	219,594
	200,000		5.625		04/16/30	205,545
$	200,000		8.875	(f)	05/29/50	180,940
Republic of Gabon(e)(f)
	200,000		7.000		11/24/31	195,500
Republic of Indonesia
EUR	100,000		1.100		03/12/33	109,740
Republic of Ivory Coast(f)
	500,000		4.875		01/30/32	547,832
Republic of Lebanon
$	10,000		6.200	(j)	02/26/25	1,000
	10,000		6.750	(j)	11/29/27	1,000
	20,000		6.850	(j)	05/25/29	2,000
	110,000		6.650	(j)	02/26/30	11,000
	10,000		8.250		05/17/34	1,000
Republic of Nigeria
	400,000		7.625		11/21/25	425,520
Oman Government International Bond(f)
	320,000		6.250		01/25/31	348,960
Pakistan Government International Bond(f)
	250,000		6.000		04/08/26	249,687
Republic of Paraguay
	200,000		4.700		03/27/27	221,975
	200,000		4.950	(e)	04/28/31	224,725
Republic of Peru(e)
	400,000		2.783		01/23/31	397,200
Republic of Romania
EUR	290,000		2.875		03/11/29	351,213
	30,000		2.625	(f)	12/02/40	30,278

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount			Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of Senegal(f)
		200,000		5.375	%	06/08/37	$       215,746
Republic of Turkey
$		200,000		6.125		10/24/28	185,000
		200,000		7.625		04/26/29	199,162
		200,000		6.500		09/20/33	181,438
		200,000		4.875		04/16/43	153,250
Republic of Uzbekistan(f)
		200,000		3.700		11/25/30	191,938
Russian Federation Bond
		200,000		4.750		05/27/26	218,500
Ukraine Government Bond
		190,000		7.750		09/01/23	185,250
		200,000		7.750		09/01/24	193,662
		200,000		7.750		09/01/26	189,500
United Mexican States
		540,000		4.500		04/22/29	602,539
		200,000		2.659	(e)	05/24/31	194,912
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $12,105,581)							$  11,698,313
U.S. Treasury Obligations – 2.0%
United States Treasury Notes
$		1,100,000		1.375	%	12/31/28	$    1,095,359
United States Treasury Notes
		1,080,000		1.250		12/31/26	1,079,241
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,171,672)							$    2,174,600
Shares	Description						Value
Common Stock(j) – 0.1%
Energy Equipment & Services – 0.1%
811		Nabors Industries Ltd.					$         65,764
(Cost $105,055)
Shares			Dividend Rate				Value
Investment Company(n) – 0.9%
Goldman Sachs Financial Square Government Fund - Institutional Shares
		976,019		0.026%			$       976,019
(Cost $976,019)
TOTAL INVESTMENTS – 99.7% (Cost $105,803,840)							$105,831,236
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%							283,045
NET ASSETS – 100.0%							$106,114,281

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on December 31, 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 December 31, 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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on December 31, 2021.
(h)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(i)	Pay-in-kind securities.
(j)	Security is currently in default and/or non-income producing.
(k)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(l)	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 $2,145,775 which represents approximately 2.0% of the Fund’s net assets as of December 31, 2021.
(m)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2021.
(n)	Represents an affiliated issuer.

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Currency Abbreviations:
EUR	— Euro
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
WR	— Withdrawn Rating

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At December 31, 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)
Trident TPI Holdings, Inc. 09/15/2028, due 09/15/28	$ 12,978	$12,956	$	(22	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	USD	6,629,155		EUR	5,865,322		02/10/22	$	(53,910	)

FUTURES CONTRACTS — At December 31, 2021, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
5 Year U.S. Treasury Notes	39	03/31/22	$	4,718,086		$	7,793
2 Year U.S. Treasury Notes	47	03/31/22		10,254,078			(8,231	)
10 Year U.S. Treasury Notes	40	03/22/22		5,218,750			25,973
20 Year U.S. Treasury Bonds	3	03/22/22		481,312			7,231
10 Year U.S. Treasury Notes	1	03/22/22		146,438			420
Total						$	33,186
Short position contracts:
Ultra Long U.S. Treasury Bonds	(7)	03/22/22		(1,379,875	)		(8,389	)
TOTAL FUTURES CONTRACTS						$	24,797

SWAP CONTRACTS –At December 31, 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)
(0.250)%	6M EURO		03/16/25		EUR     710	$	3,822		$	1,383		$	2,439
(0.250)	6M EURO		03/16/26		190		2,162			1,055			1,107
(0.250)	6M EURO		03/16/27		640		11,358			5,737			5,621
0.000	6M EURO		03/16/29		460		6,113			(222	)		6,335
0.250	6M EURO		03/16/32		1,900		17,945			(23,882	)		41,827
0.500	6M EURO		03/16/42		180		2,362			(6,670	)		9,032
0.500	6M EURO		03/16/52		20		(110	)		(1,734	)		1,624
TOTAL						$	43,652		$	(24,333	)	$	67,985

(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 December 31, 2021.

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

December 31, 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 December 31, 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)%		16.238%		12/20/22	$	60	$	8,184	$	4,770		$	3,414
Protection Sold:
CDX.NA.HY Index 34	5.000		2.506		06/20/25		46		3,817		(1,266	)		5,083
CDX.NA.IG Index 28	1.000		0.211		06/20/22		625		2,545		2,013			532
CDX.NA.IG Index 33	1.000		0.392		12/20/24		1,950		35,640		26,411			9,229
CDX.NA.IG Index 34	1.000		0.445		06/20/25		15,350		296,540		131,991			164,549
TOTAL								$	346,726	$	163,919		$	182,807

(a) Payments made quarterly.

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

Abbreviations:

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

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

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – 42.8%
Bank Loans(a) – 28.5%
Advertising(b) – 0.3%
Terrier Media Buyer, Inc. (B+/B1) (1M LIBOR + 3.500%)
$	465,547		3.604	%	12/17/26	$       463,103
Aerospace & Defense(b) – 1.5%
ADS Tactical, Inc. (B+/B3) (3M LIBOR + 5.750%)
	620,010		6.750		03/19/26	613,425
Brown Group Holding LLC (B+/B1) (3M LIBOR + 2.500%)
	801,916		3.000		06/07/28	799,911
TransDigm, Inc. (B+/Ba3) (1M LIBOR + 2.250%)
	585,511		2.354		12/09/25	576,951
						1,990,287
Airlines(b) – 0.4%
Air Canada (BB-/Ba2) (3M LIBOR + 3.500%)
	200,000		4.250		08/11/28	199,178
United Airlines, Inc. (BB-/Ba1) (3M LIBOR + 3.750%)
	397,000		4.500		04/21/28	397,540
						596,718
Auto Components(b) – 1.2%
First Brands Group LLC (B/B1) (3M LIBOR + 5.000%)
	567,465		6.000		03/30/27	569,167
Garrett LX I S.a.r.l. (B+/Ba2) (3M LIBOR + 3.250%)
	399,000		3.750		04/30/28	397,256
Mavis Tire Express Services Corp. (B-/B2) (1M LIBOR + 4.000%)
	199,000		4.750		05/04/28	199,000
Wheel Pros, LLC (B-/B2) (1M LIBOR + 4.500%)
	448,875		5.250		05/11/28	447,699
						1,613,122
Automotive – 0.8%
Holley Purchaser, Inc. (NR/NR)(c)
	49,963		0.000		11/17/28	49,765
	299,250		0.000		11/17/28	298,065
SRAM, LLC (BB-/B1)(b) (6M LIBOR + 2.750%)
	417,273		3.250		05/18/28	416,751
Truck Hero, Inc. (B-/B2)(b) (1M LIBOR + 3.250%)
	297,750		4.000		01/31/28	295,820
						1,060,401

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Building & Construction – 0.6%
DG Investment Intermediate Holdings 2, Inc. (B/B2)(b)
(1M LIBOR + 3.500%)
$	185,109		4.250	%	03/31/28	$       184,877
(1M LIBOR + 3.750%)
	38,961		4.500		03/31/28	38,912
Energize HoldCo LLC (CCC+/Caa2)(b) (3M LIBOR + 6.750%)
	100,000		6.964		11/19/29	99,000
KKR Apple Bidco LLC (NR/NR)(c)
	25,000		0.000		09/21/29	25,274
KKR Apple Bidco, LLC (B+/B1)(b) (1M LIBOR + 3.000%)
	450,000		3.500		09/23/28	448,124
						796,187
Building Materials(b) – 0.4%
CP Atlas Buyer, Inc. (B-/B2) (3M LIBOR + 3.750%)
	298,767		4.250		11/23/27	297,124
LBM Acquisition LLC (B-/B3) (1M LIBOR + 3.750%)
	685		4.500		12/17/27	682
Potters Industries LLC (B/B2) (3M LIBOR + 4.000%)
	188,575		4.750		12/14/27	188,694
						486,500
Capital Goods-Others(b) – 0.5%
Engineered Machinery Holdings, Inc. (NR/B2) (3M EURIBOR + 3.750%)
EUR	124,688		3.750		05/21/28	141,468
Engineered Machinery Holdings, Inc. (B-/B2) (3M LIBOR + 3.750%)
$	249,483		4.500		05/19/28	248,508
Rough Country LLC (NR/NR)
(1M LIBOR + 3.500%)
	249,375		4.250		07/28/28	248,597
(3M LIBOR + 6.500%)
	100,000		7.250		07/26/29	99,750
						738,323
Chemicals(b) – 1.0%
Consolidated Energy Finance SA (B+/B1) (6M LIBOR + 2.500%)
	294,147		2.657		05/07/25	289,367
Illuminate Buyer LLC (B+/B1) (1M LIBOR + 3.500%)
	802,577		3.604		06/30/27	797,007
WR Grace & Co-Conn (B/B1) (3M LIBOR + 3.750%)
	200,000		4.250		09/22/28	200,150
						1,286,524
Coal(b) – 0.3%
Oxbow Carbon LLC (BB-/B1) (1M LIBOR + 4.250%)
	401,442		5.000		10/17/25	401,242

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Commercial Services – 2.0%
Allied Universal Holdco LLC (B/B2)(b) (3M LIBOR + 3.750%)
$	670,395		4.250	%	05/12/28	$       667,465
Amentum Government Services Holdings LLC (B/B1)(b) (3M LIBOR + 4.750%)
	347,375		5.500		01/29/27	346,580
Anticimex International AB (NR/NR)(c)
	50,000		0.000	(d)	11/16/28	50,063
	250,000		0.000		11/16/28	249,140
CoreLogic, Inc. (B/B1)(b) (1M LIBOR + 3.500%)
	374,063		4.000		06/02/28	373,314
DiversiTech Holdings, Inc. (NR/NR)(c)
	38,571		0.000		12/16/28	38,499
	186,429		0.000		12/16/28	186,080
	50,000		0.000		12/16/29	49,969
Garda World Security Corp. (NR/B1)(b) (1M LIBOR + 4.250%)
	382,008		4.360		10/30/26	380,736
Holding Socotec (NR/NR)
EUR	100,000		0.000	(c)	06/02/28	113,868
(3M LIBOR + 4.250%)
$	275,000		5.000	(b)	06/30/28	273,969
						2,729,683
Consumer Cyclical Services(b) – 0.4%
The Hertz Corp. (BB+/Ba3)
(1M LIBOR + 3.250%)
	502,330		3.750		06/30/28	502,330
(1M LIBOR + 3.250%)
	95,146		3.750		06/30/28	95,146
						597,476
Consumer Products(b) – 0.6%
Hunter Fan Co. (B/B2) (3M LIBOR + 5.000%)
	498,750		5.750		05/08/28	498,750
Springs Windows Fashions LLC (B-/B2) (3M LIBOR + 4.000%)
	300,000		4.750		10/06/28	297,000
						795,750
Diversified Financial services(b) – 0.8%
CQP Holdco LP (NR/NR) (3M LIBOR + 3.750%)
	398,000		4.250		06/05/28	396,838
DRW Holdings LLC (BB-/Ba3) (1M LIBOR + 3.750%)
	325,000		3.854		03/01/28	323,781

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Diversified Financial services(b) – (continued)
Edelman Financial Center LLC (NR/B2) (1M LIBOR + 3.500%)
$	298,500		4.250	%	04/07/28	$       298,052
						1,018,671
Diversified Manufacturing(b) – 0.5%
Apex Tool Group LLC (CCC/Caa1) (1M LIBOR + 5.500%)
	656,794		6.750		08/01/24	643,349
Energy - Services(b) – 0.1%
Freeport LNG Investments, LLLP (B+/B1) (3M LIBOR + 3.500%)
	125,000		4.000		12/21/28	123,711
Engineering & Construction(b) – 0.2%
TRC Companies, Inc. (NR/NR) (3M LIBOR + 3.750%)
	300,000		4.250		11/17/28	298,218
Entertainment(c) – 0.1%
Arcis Golf LLC (NR/NR)
	150,000		0.000		11/24/28	150,375
Food & Beverage(b) – 0.2%
Chobani LLC (B-/B1) (1M LIBOR + 3.500%)
	246,875		4.500		10/25/27	247,245
Health Care – 2.2%
Athenahealth, Inc. (B/B2)(b) (3M LIBOR + 4.250%)
	326,904		4.400		02/11/26	326,577
Bausch Health Cos., Inc. (BB/Ba2)(b) (1M LIBOR + 3.000%)
	252,770		3.104		06/02/25	251,443
Insulet Corp. (B+/Ba3)(b) (1M LIBOR + 3.250%)
	149,250		3.750		05/04/28	149,157
Jazz Financing Lux S.a.r.l. (BB-/Ba2)(b) (1M LIBOR + 3.500%)
	796,499		4.000		05/05/28	799,040
Lonza Group AG (NR/NR)(b) (6M LIBOR + 4.000%)
	398,000		4.750		07/03/28	397,459
Medline Borrower, LP (B+/B1)(c)
	350,000		3.750		10/23/28	349,846
Onex TSG Intermediate Corp. (B/B2)(b) (3M LIBOR + 4.750%)
	298,500		5.500		02/28/28	297,816
Option Care Health, Inc. (BB-/Ba3)(b) (1M LIBOR + 2.750%)
	175,000		3.250		10/27/28	174,617
RegionalCare Hospital Partners Holdings, Inc. (B/B1)(b) (1M LIBOR + 3.750%)
	300,000		3.852		11/16/25	299,439
						3,045,394

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Home Construction(b) – 0.1%
Packers Holdings LLC (B-/B2) (6M LIBOR + 3.250%)
$	124,073		4.000	%	03/09/28	$       123,173
Insurance(b) – 0.7%
Acrisure LLC (B/B2) (3M LIBOR + 3.500%)
	349,112		3.724		02/15/27	344,748
HUB International Ltd. (B/B2) (3M LIBOR + 2.750%)
	546,812		2.875		04/25/25	540,103
						884,851
Machinery-Diversified(b) – 0.8%
Vertical US Newco, Inc. (B+/B1) (6M LIBOR + 3.500%)
	989,793		4.000		07/30/27	989,654
Victory Buyer LLC (B-/B2) (3M LIBOR + 3.750%)
	100,000		4.250		11/19/28	99,875
						1,089,529
Media - Cable(b) – 0.4%
DirecTV Financing, LLC (BB/Ba3) (3M LIBOR + 5.000%)
	581,613		5.750		08/02/27	581,781
Media - Non Cable(b) – 1.1%
Allen Media LLC (NR/NR) (3M LIBOR + 5.500%)
	123,187		5.724		02/10/27	122,940
Allen Media LLC (NR/Ba3)
(3M LIBOR + 5.500%)
	383,114		5.724		02/10/27	382,347
(3M LIBOR + 5.500%)
	135,501		5.724		02/10/27	135,230
iHeartCommunications, Inc. (B+/B1)
(1M LIBOR + 3.000%)
	142,962		3.104		05/01/26	141,915
(1M LIBOR + 3.250%)
	289,770		3.750		05/01/26	289,498
Taboola.com Ltd (NR/NR) (3M LIBOR + 4.000%)
	399,000		4.500		08/17/28	395,010
						1,466,940
Metals & Mining(b) – 0.2%
Grinding Media, Inc. (B/B2) (3M LIBOR + 4.000%)
	274,313		4.750		10/12/28	273,627
Oil Field Service(b) – 0.4%
Apergy Corp. (BBB-/Ba2) (1M LIBOR + 5.000%)
	584,647		6.000		06/03/27	591,728

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Packaging – 2.1%
Charter NEX US, Inc. (B/B2)(b) (1M LIBOR + 3.750%)
$	322,556		4.500	%	12/01/27	$       322,960
Flex Acquisition Co., Inc. (B/B2)(b) (3M LIBOR + 3.500%)
	534,380		4.000		03/02/28	532,931
Klockner-Pentaplast of America, Inc. (NR/B2)(b) (6M LIBOR + 4.750%)
	347,375		5.250		02/12/26	337,280
LABL, Inc. (B-/B2)(c)
	400,000		0.000		10/29/28	399,000
Pro Mach Group, Inc. (B-/B2)(b)
(3M LIBOR + 4.000%)
	6,285		4.000		08/31/28	6,301
(3M LIBOR + 4.000%)
	193,575		5.000		08/31/28	194,060
Reynolds Group Holdings, Inc. (B+/B1)(b) (1M LIBOR + 3.500%)
	224,438		4.000		09/20/28	223,912
TricorBraun Holdings, Inc. (B-/B2)(b) (1M LIBOR + 3.250%)
	373,293		3.750		03/03/28	370,284
Trident TPI Holdings, Inc. (B-/B2)(b) (3M LIBOR + 3.250%)
	506,111		4.250		10/17/24	505,716
						2,892,444
Pharmaceuticals(b) – 0.2%
Gainwell Acquisition Corp. (B+/B2) (3M LIBOR + 4.000%)
	297,000		4.750		10/01/27	297,446
Pipelines(b) – 0.7%
AL NGPL Holdings LLC (B+/Ba3) (3M LIBOR + 3.750%)
	374,063		4.750		04/14/28	375,933
Centurion Pipeline Co. LLC (BB/B1)(d) (1M LIBOR + 4.000%)
	168,300		4.104		09/28/25	167,038
ITT Holdings LLC (BB/Ba2) (1M LIBOR + 2.750%)
	448,875		3.250		07/10/28	446,181
						989,152
Restaurant(b) – 0.2%
IRB Holding Corp. (B+/B2) (6M LIBOR + 2.750%)
	297,680		3.750		02/05/25	296,969
Retailers – 0.7%
BCPE Empire Holdings, Inc. (NR/B2)(b)
	423,353		4.500		06/11/26	421,958
AppLovin Corp. (B+/B1)(b) (1M LIBOR + 3.250%)
	247,449		3.354		08/15/25	246,714
New Era Cap Co., Inc. (BB-/B2)(c)(d)
	275,000		0.000		07/13/27	270,875
						939,547

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Technology(b) – 0.4%
Ingram Micro, Inc. (BB-/B1) (3M LIBOR + 3.500%)
$	373,125		4.000	%	06/30/28	$       372,939
Syndigo LLC (B-/B2) (6M LIBOR + 4.500%)
	223,313		5.250		12/15/27	222,754
						595,693
Technology – Hardware(b) – 0.3%
CommScope, Inc. (B/Ba3) (1M LIBOR + 3.250%)
	337,909		3.354		04/06/26	333,192
Technology – Software(b) – 4.5%
Ahead Data Blue LLC (NR/B1) (3M LIBOR + 3.750%)
	271,421		4.500		10/18/27	271,489
Ola Singapore PTE Ltd. (NR/NR)(d) (3M SOFR + 6.250%)
	75,000		6.299		12/03/26	75,375
Camelot U.S. Acquisition 1 Co. (B/B1)
(1M LIBOR + 3.000%)
	570,633		3.104		10/30/26	566,233
(1M LIBOR + 3.000%)
	99,000		4.000		10/30/26	98,846
Castle US Holding Corp. (B-/B3) (3M LIBOR + 3.750%)
	295,625		3.974		01/29/27	292,586
Cloudera, Inc. (B-/B2) (1M LIBOR + 3.750%)
	450,000		4.250		10/08/28	448,313
ConnectWise, LLC (NR/B2) (3M LIBOR + 3.500%)
	200,000		4.000		09/29/28	199,322
DCert Buyer, Inc. (NR/NR) (1M LIBOR + 7.000%)
	125,000		7.104		02/19/29	125,000
DCert Buyer, Inc. (B-/B2) (1M LIBOR + 4.000%)
	686,527		4.104		10/16/26	684,736
Epicor Software Corp. (B-/B2) (1M LIBOR + 3.250%)
	543,125		4.000		07/30/27	542,375
Grab Holdings, Inc. (B-/B2) (1M LIBOR + 4.500%)
	198,500		5.500		01/29/26	198,748
Idera, Inc. (NR/B2) (3M LIBOR + 3.500%)
	471,812		4.500		03/02/28	471,076
Idera, Inc. (CCC/Caa2) (1M LIBOR + 6.750%)
	30,000		7.500		03/02/29	30,000

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Technology – Software(b) – (continued)
Loyalty Ventures, Inc. (BB-/B1) (1M LIBOR + 4.500%)
$	275,000		5.000	%	11/03/27	$       273,166
Panther Commercial Holdings LP (B-/B3) (3M LIBOR + 4.500%)
	273,625		5.000		01/07/28	273,693
Perforce Software, Inc. (B-/B2) (1M LIBOR + 3.750%)
	728,551		3.854		07/01/26	722,439
Virtusa Corp. (B+/B2) (1M LIBOR + 3.750%)
	297,750		4.500		02/11/28	298,494
VS Buyer LLC (B/B1) (1M LIBOR + 3.000%)
	540,375		3.104		02/28/27	537,446
						6,109,337
Telecommunications(b) – 1.1%
Endure Digital, Inc. (B/B2) (3M LIBOR + 3.500%)
	273,625		4.250		02/10/28	271,061
LogMeIn, Inc. (B/B2) (3M LIBOR + 4.750%)
	396,992		4.839		08/31/27	394,400
PUG LLC (B-/B3)
(1M LIBOR + 3.500%)
	670,320		3.604		02/12/27	654,259
(1M LIBOR + 4.250%)
	124,688		4.750		02/12/27	123,909
						1,443,629
Transportation(b) – 0.5%
LaserShip, Inc. (B-/B2) (3M LIBOR + 4.500%)
	274,313		5.250		05/07/28	274,313
MH Sub I LLC (B/B2) (1M LIBOR + 3.750%)
	361,828		4.750		09/13/24	362,204
						636,517
TOTAL BANK LOANS						$  38,627,834
Other Secured Debt Obligations – 14.3%
Airlines(e) – 0.9%
Air Canada (BB-/Ba2)(f)
$	155,000		3.875	%	08/15/26	$       158,681
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2)
	23,000		5.500		04/20/26	23,920
	77,000		5.750		04/20/29	82,390
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/Ba3)(f)
	295,000		5.750		01/20/26	309,381

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Airlines(e) – (continued)
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (NR/Baa3)(f)
$	206,000		6.500	%	06/20/27	$       219,905
United Airlines, Inc. (BB-/Ba1)(f)
	410,000		4.375		04/15/26	426,400
						1,220,677
Chemicals(e)(f) – 1.4%
Herens Holdco S.a.r.l. (B/B2)
	200,000		4.750		05/15/28	195,750
INEOS Quattro Finance 2 PLC (BB/Ba3)
	300,000		3.375		01/15/26	301,500
Unifrax Escrow Issuer Corp. (B-/B2)
	475,000		5.250		09/30/28	478,563
WR Grace Holdings LLC (B/B3)
	939,000		4.875		06/15/27	960,127
						1,935,940
Commercial Services(e)(f) – 1.2%
Allied Universal Holdco LLC/Allied Universal Finance Corp. (B/B2)
	297,000		6.625		07/15/26	311,479
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l. (B/B2)
	640,000		4.625		06/01/28	626,400
APX Group, Inc. (B-/B1)
	108,000		6.750		02/15/27	114,075
The ADT Security Corp. (BB-/Ba3)
	634,000		4.125		08/01/29	626,075
						1,678,029
Distribution/Wholesale(e)(f) – 0.2%
Wolverine Escrow LLC (CCC+/Caa3)
	275,000		8.500		11/15/24	258,500
Diversified Financial services(e)(f) – 0.1%
NFP Corp. (B/B1)
	180,000		4.875		08/15/28	182,025
Electric(e)(f) – 0.5%
Calpine Corp. (BB+/Ba2)
	580,000		3.750		03/01/31	558,250
Talen Energy Supply LLC (B+/B1)
	150,000		7.250		05/15/27	132,750
						691,000

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Energy-Alternate Sources(e)(f) – 0.1%
Renewable Energy Group, Inc. (BB/B2)
$	130,000		5.875	%	06/01/28	$       133,088
Entertainment(e)(f) – 0.1%
WMG Acquisition Corp. (BB+/Ba3)
	197,000		3.000		02/15/31	188,874
Environmental(e)(f) – 0.3%
GFL Environmental, Inc. (BB-/Ba3)
	393,000		3.500		09/01/28	389,070
(e)(f) – 0.2%
US Foods, Inc. (BB/B1)
	281,000		6.250		04/15/25	292,591
Health Care - Services(f) – 1.3%
Mozart Debt Merger Sub, Inc. (B+/B1)(e)
	475,000		3.875		04/01/29	473,219
Tenet Healthcare Corp. (NR/B1)(e)
	156,000		4.625		09/01/24	159,705
Tenet Healthcare Corp. (B+/B1)
	229,000		4.625		07/15/24	231,576
	350,000		7.500	(e)	04/01/25	367,500
	454,000		4.875	(e)	01/01/26	465,350
						1,697,350
Insurance(e)(f) – 0.3%
Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	365,000		4.250		02/15/29	354,050
Internet(e)(f) – 0.5%
Arches Buyer, Inc. (B/B1)
	370,000		4.250		06/01/28	369,075
Cablevision Lightpath LLC (B+/B1)
	272,000		3.875		09/15/27	263,840
						632,915
Iron/Steel(e)(f) – 0.2%
Cleveland-Cliffs, Inc. (BB/Ba2)
	250,000		6.750		03/15/26	264,062
Leisure Time(e)(f) – 0.2%
Carnival Corp. (BB-/B1)
	180,000		9.875		08/01/27	203,850

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Lodging(e)(f) – 0.3%
Travel + Leisure Co. (BB-/Ba3)
$	400,000		4.500	%	12/01/29	$       400,000
Machinery-Constr&Mining(e)(f) – 0.2%
Vertiv Group Corp. (BB-/B1)
	305,000		4.125		11/15/28	306,144
Media(e)(f) – 2.2%
Audacy Capital Corp. (B-/B3)
	115,000		6.500		05/01/27	112,125
Altice Financing SA (B/B2)
	568,000		5.000		01/15/28	550,960
DIRECTV Financing LLC/Directv Financing Co, Inc. (BB/Ba3)
	325,000		5.875		08/15/27	332,313
DISH DBS Corp. (B+/Ba3)
	385,000		5.250		12/01/26	390,775
Scripps Escrow II, Inc. (BB/Ba3)
	625,000		3.875		01/15/29	623,437
Sinclair Television Group, Inc. (B+/Ba2)
	470,000		4.125		12/01/30	444,150
UPC Holding B.V. (B/B3)
	200,000		5.500		01/15/28	207,500
Urban One, Inc. (B-/B3)
	125,000		7.375		02/01/28	128,750
Ziggo B.V. (B+/B1)
	200,000		4.875		01/15/30	204,750
						2,994,760
Oil Field Service(e)(f) – 0.0%
Transocean Proteus Ltd. (B-/NR)
	32,500		6.250		12/01/24	32,013
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. (B-/Caa1)(e)
	120,000		6.875		02/01/27	115,800
Transocean Sentry Ltd. (B-/Caa1)(e)
	469,902		5.375		05/15/23	452,280
						625,606
Packaging & Containers(e)(f) – 0.3%
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. (B+/B1)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Packaging & Containers(e)(f) – (continued)
$	186,000		4.000	%	10/15/27	$       180,420
	185,000		4.375		10/15/28	183,150
						363,570
Pharmaceuticals(e)(f) – 0.2%
Bausch Health Cos., Inc. (BB/Ba2)
	125,000		5.500		11/01/25	126,562
	200,000		4.875		06/01/28	204,000
						330,562
Pipelines(f) – 1.1%
Cheniere Energy, Inc. (BB/Ba3)
	385,000		4.625		10/15/28	406,175
CQP Holdco LP/BIP-V Chinook Holdco LLC (B/B2)(e)
	315,000		5.500		06/15/31	328,387
NGL Energy Operating LLC/NGL Energy Finance Corp. (BB-/B1)(e)
	450,000		7.500		02/01/26	463,500
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (BB-/B3)(e)
	245,000		8.500		10/15/26	251,738
						1,449,800
Retailing(e)(f) – 1.2%
PetSmart, Inc./PetSmart Finance Corp. (BB-/B1)
	250,000		4.750		02/15/28	256,563
1011778 BC ULC/New Red Finance, Inc. (B+/B2)
	383,000		4.375		01/15/28	390,181
1011778 BC ULC/New Red Finance, Inc. (B+/B2)
	621,000		4.000		10/15/30	611,685
1011778 BC ULC/New Red Finance, Inc. (BB+/Ba2)
	50,000		5.750		04/15/25	51,875
Specialty Building Products Holdings LLC/SBP Finance Corp. (B-/B2)
	336,000		6.375		09/30/26	351,540
						1,661,844
Software(e)(f) – 0.2%
Clarivate Science Holdings Corp. (B/B1)
	285,000		3.875		07/01/28	286,425
Telecommunications(e)(f) – 0.6%
Altice France SA (B/B2)
	425,000		5.125		01/15/29	411,719

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Secured Debt Obligations – (continued)
Telecommunications(e)(f) – (continued)
Altice France SA (B/B2) – (continued)
$	475,000		5.500	%	10/15/29	$       466,093
						877,812
TOTAL OTHER SECURED DEBT OBLIGATIONS						$  19,450,557
TOTAL SECURED DEBT OBLIGATIONS (Cost $57,893,337)						$  58,078,391
Unsecured Debt Obligations – 51.3%
Advertising(e)(f) – 0.7%
Outfront Media Capital LLC/Outfront Media Capital Corp. (B+/B2)
$	100,000		6.250	%	06/15/25	$       104,625
	100,000		4.250		01/15/29	99,500
	574,000		4.625		03/15/30	573,282
Terrier Media Buyer, Inc. (CCC+/Caa1)
	201,000		8.875		12/15/27	217,080
						994,487
Aerospace & Defense(f) – 1.8%
BWX Technologies, Inc. (BB/Ba3)(e)
	324,000		4.125		04/15/29	328,860
Spirit AeroSystems, Inc. (CCC+/Caa1)
	690,000		4.600		06/15/28	691,725
TransDigm UK Holdings PLC (B-/B3)
	425,000		6.875		05/15/26	443,594
TransDigm, Inc. (B-/B3)
	330,000		4.625		01/15/29	326,700
	198,000		4.875		05/01/29	198,000
Triumph Group, Inc. (CCC-/Caa3)
	428,000		7.750		08/15/25	424,255
						2,413,134
Automotive(f) – 1.0%
Allison Transmission, Inc. (NR/Ba2)(e)
	224,000		3.750		01/30/31	217,280
Dana, Inc. (BB/B1)
	325,000		5.625		06/15/28	345,313
	165,000		4.250		09/01/30	167,475
Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)(e)
	230,000		8.000		02/01/28	238,625

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Automotive(f) – (continued)
Meritor, Inc. (BB-/B1)(e)
$	196,000		6.250	%	06/01/25	$       204,330
Real Hero Merger Sub 2, Inc. (CCC/Caa2)(e)
	55,000		6.250		02/01/29	54,931
Wheel Pros, Inc. (CCC/Caa2)(e)
	160,000		6.500		05/15/29	153,600
						1,381,554
Banks(e)(f) – 0.4%
Freedom Mortgage Corp. (B/B2)
	250,000		7.625		05/01/26	252,500
	275,000		6.625		01/15/27	268,469
						520,969
Building Materials(e)(f) – 0.5%
CP Atlas Buyer, Inc. (CCC/Caa2)
	265,000		7.000		12/01/28	263,012
Standard Industries, Inc. (BB/B1)
	190,000		4.375		07/15/30	194,051
Standard Industries, Inc. (BB/B1)
	191,000		5.000		02/15/27	196,600
						653,663
Chemicals(e)(f) – 1.9%
Ashland LLC (BB+/Ba1)
	315,000		3.375		09/01/31	312,637
Axalta Coating Systems LLC (BB-/B1)
	310,000		3.375		02/15/29	299,538
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. (BB-/B1)
	183,000		4.750		06/15/27	191,006
Diamond BC BV (B/Caa1)
	70,000		4.625		10/01/29	69,388
Element Solutions, Inc. (BB/B1)
	294,000		3.875		09/01/28	296,205
Ingevity Corp. (NR/Ba3)
	505,000		3.875		11/01/28	493,637
The Chemours Co. (BB-/B1)
	315,000		5.750		11/15/28	327,994
	450,000		4.625		11/15/29	446,625

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Chemicals(e)(f) – (continued)
WR Grace Holdings LLC (CCC+/B3)
$	130,000		5.625	%	08/15/29	$      132,600
						2,569,630
Commercial Services(e)(f) – 1.6%
Allied Universal Holdco LLC/Allied Universal Finance Corp. (CCC+/Caa1)
	95,000		6.000		06/01/29	92,150
APi Escrow Corp. (B/B1)
	58,000		4.750		10/15/29	58,870
APi Group DE, Inc. (B/B1)
	445,000		4.125		07/15/29	442,775
APX Group, Inc. (CCC/Caa1)
	310,000		5.750		07/15/29	306,900
Metis Merger Sub LLC (CCC/Caa2)
	79,000		6.500		05/15/29	76,630
MPH Acquisition Holdings LLC (B-/B3)
	260,000		5.750		11/01/28	244,400
Nielsen Finance LLC/Nielsen Finance Co. (BB/B2)
	260,000		5.625		10/01/28	268,125
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. (B/Ba3)
	360,000		4.625		11/01/26	372,150
The Nielsen Co. Luxembourg S.a.r.l. (BB/B2)
	297,000		5.000		02/01/25	301,084
						2,163,084
Computers(e)(f) – 0.7%
Austin BidCo, Inc. (CCC+/NR)
	79,000		7.125		12/15/28	81,568
Booz Allen Hamilton, Inc. (BB-/Baa3)
	453,000		3.875		09/01/28	460,927
	87,000		4.000		07/01/29	90,045
Science Applications International Corp. (BB-/B1)
	275,000		4.875		04/01/28	281,875
						914,415
Distribution & Wholesale(e)(f) – 0.7%
American Builders & Contractors Supply Co, Inc. (B+/B1)
	310,000		3.875		11/15/29	308,450

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Distribution & Wholesale(e)(f) – (continued)
BCPE Empire Holdings, Inc. (CCC/Caa2)
$	601,000		7.625	%	05/01/27	$      612,269
Diversified Financial Services(f) – 3.1%
Castlelake Aviation Finance DAC (B+/B2)(e)
	245,000		5.000		04/15/27	241,019
Coinbase Global, Inc. (BB+/Ba1)(e)
	582,000		3.375		10/01/28	544,170
Global Aircraft Leasing Co. Ltd. (NR/B1)(e)(g)(PIK 7.250%, Cash 6.500%)
	201,877		6.500		09/15/24	194,559
Jefferies Finance LLC/JFIN Co-Issuer Corp. (BB-/B1)(e)
	200,000		5.000		08/15/28	204,909
LD Holdings Group LLC (B+/B2)(e)
	205,000		6.500		11/01/25	200,900
	210,000		6.125		04/01/28	196,875
Nationstar Mortgage Holdings, Inc. (B+/B2)(e)
	240,000		5.500		08/15/28	245,340
	87,000		5.125		12/15/30	85,913
Navient Corp. (B+/Ba3)
	444,000		4.875		03/15/28	442,890
	440,000		5.500		03/15/29	440,550
NFP Corp. (CCC+/Caa2)(e)
	453,000		6.875		08/15/28	453,000
PennyMac Financial Services, Inc. (BB-/B1)(e)
	388,000		5.750		09/15/31	390,910
United Wholesale Mortgage LLC (NR/Ba3)(e)
	265,000		5.500		04/15/29	259,037
United Wholesale Mortgage LLC (NR/Ba3)(e)
	250,000		5.500		11/15/25	255,938
						4,156,010
Electrical(e)(f) – 0.8%
Clearway Energy Operating LLC (BB/Ba2)
	246,000		4.750		03/15/28	259,530
NRG Energy, Inc. (BB+/Ba2)
	102,000		3.375		02/15/29	99,832
	271,000		3.625		02/15/31	264,225

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Electrical(e)(f) – (continued)
Pike Corp. (CCC+/B3)
$	510,000		5.500	%	09/01/28	$       511,275
						1,134,862
Electrical Components & Equipment(e)(f) – 0.5%
Energizer Holdings, Inc. (B/B2)
	485,000		4.375		03/31/29	474,087
Wesco Distribution, Inc. (BB-/B1)
	204,000		7.125		06/15/25	215,730
						689,817
Electronics(e)(f) – 0.1%
II-VI, Inc. (B+/B2)
	175,000		5.000		12/15/29	179,375
Engineering & Construction(f) – 0.6%
AECOM (BB-/Ba3)
	446,000		5.125		03/15/27	483,910
Global Infrastructure Solutions, Inc. (BB-/B1)(e)
	335,000		5.625		06/01/29	343,375
						827,285
Entertainment(e)(f) – 0.4%
Boyne USA, Inc. (B/B1)
	140,000		4.750		05/15/29	144,200
Caesars Entertainment, Inc. (CCC+/Caa1)
	180,000		4.625		10/15/29	180,675
SeaWorld Parks & Entertainment, Inc. (B-/Caa1)
	245,000		5.250		08/15/29	249,594
						574,469
Environmental(e)(f) – 0.4%
GFL Environmental, Inc. (B-/B3)
	255,000		4.375		08/15/29	251,813
Stericycle, Inc. (BB-/NR)
	284,000		3.875		01/15/29	279,740
						531,553
Food & Drug Retailing(e)(f) – 1.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC (BB/Ba3)
	403,000		3.500		03/15/29	403,504
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (BB/Ba3)
	401,000		4.625		01/15/27	422,052

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Food & Drug Retailing(e)(f) – (continued)
Performance Food Group, Inc. (B+/B2)
$	195,000		4.250	%	08/01/29	$       192,563
Post Holdings, Inc. (B+/B2)
	113,000		5.500		12/15/29	118,650
United Natural Foods, Inc. (B-/B2)
	284,000		6.750		10/15/28	303,880
US Foods, Inc. (B+/B3)
	365,000		4.750		02/15/29	370,931
	170,000		4.625		06/01/30	171,700
						1,983,280
Forest Products & Paper(e)(f) – 0.5%
Clearwater Paper Corp. (BB-/Ba3)
	285,000		4.750		08/15/28	290,700
Glatfelter Corp. (BB/Ba2)
	310,000		4.750		11/15/29	319,687
						610,387
Gaming(e)(f) – 0.3%
Boyd Gaming Corp. (B/Caa1)
	125,000		8.625		06/01/25	133,594
	275,000		4.750		06/15/31	281,187
						414,781
Healthcare Providers & Services(f) – 1.3%
Centene Corp. (BBB-/Ba1)
	424,000		4.250		12/15/27	443,542
DaVita, Inc. (B+/Ba3)(e)
	405,000		3.750		02/15/31	392,344
Encompass Health Corp. (B+/B1)
	360,000		4.500		02/01/28	370,350
HCA, Inc. (BB-/Baa3)
	399,000		3.500		09/01/30	419,947
Mozart Debt Merger Sub, Inc. (B-/Caa1)(e)
	65,000		5.250		10/01/29	65,813
Surgery Center Holdings, Inc. (CCC/Caa2)(e)
	86,000		6.750		07/01/25	86,860
						1,778,856
Home Builders(f) – 1.2%
Ashton Woods USA LLC/Ashton Woods Finance Co. (B+/B1)(e)
	175,000		4.625		04/01/30	173,687

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Home Builders(f) – (continued)
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (B+/B2)(e)
$	372,000		4.875	%	02/15/30	$       382,230
Century Communities, Inc. (BB-/Ba3)(e)
	450,000		3.875		08/15/29	454,500
LGI Homes, Inc. (BB-/Ba2)(e)
	220,000		4.000		07/15/29	219,175
Tri Pointe Homes, Inc. (BB-/Ba2)
	308,000		5.250		06/01/27	330,715
	68,000		5.700		06/15/28	74,970
						1,635,277
Household Products(e)(f) – 0.5%
Spectrum Brands, Inc. (B/B2)
	637,000		3.875		03/15/31	629,037
Housewares(e)(f) – 0.2%
The Scotts Miracle-Gro Co. (B+/Ba3)
	295,000		4.375		02/01/32	294,263
Insurance(e)(f) – 0.2%
Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	175,000		6.000		08/01/29	171,500
AssuredPartners, Inc. (CCC+/Caa2)
	55,000		5.625		01/15/29	53,488
TOTAL INSURANCE						$       224,988
Internet(e)(f) – 3.6%
Arches Buyer, Inc. (CCC+/Caa1)
$	45,000		6.125	%	12/01/28	$         45,113
Endure Digital, Inc. (CCC+/Caa2)
	201,000		6.000		02/15/29	186,930
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3)
	499,000		3.500		03/01/29	494,010
GrubHub Holdings, Inc. (BB-/B3)
	1,265,000		5.500		07/01/27	1,249,187
Match Group Holdings II LLC (BB/Ba3)
	241,000		5.000		12/15/27	251,243
	492,000		4.625		06/01/28	509,220
	653,000		4.125		08/01/30	660,346
Netflix, Inc. (BBB/Ba1)
	204,000		3.625		06/15/25	215,495

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Internet(e)(f) – (continued)
Uber Technologies, Inc. (B-/B3)
$	625,000		7.500	%	05/15/25	$       658,594
	270,000		6.250		01/15/28	288,900
	290,000		4.500		08/15/29	295,800
						4,854,838
Iron/Steel(e)(f) – 0.2%
Cleveland-Cliffs, Inc. (NR/Ba3)
	295,000		4.625		03/01/29	303,113
Leisure Time – 1.5%
Carnival Corp. (B/B2)(e)(f)
	245,000		7.625		03/01/26	255,413
	180,000		5.750		03/01/27	180,000
	385,000		6.000		05/01/29	382,112
MajorDrive Holdings IV LLC (CCC+/Caa2)(e)(f)
	183,000		6.375		06/01/29	176,366
NCL Corp. Ltd. (B-/Caa1)(e)(f)
	135,000		3.625		12/15/24	128,250
NCL Corp., Ltd. (B-/Caa1)(e)(f)
	33,000		5.875		03/15/26	32,835
NCL Finance Ltd. (B-/Caa1)(e)(f)
	217,000		6.125		03/15/28	214,830
Royal Caribbean Cruises Ltd. (B/B2)
	100,000		5.250		11/15/22	101,000
Royal Caribbean Cruises Ltd. (B/B2)(e)(f)
	300,000		4.250		07/01/26	290,625
Royal Caribbean Cruises Ltd. (B/B2)(e)(f)
	305,000		5.500		04/01/28	309,575
						2,071,006
Lodging(e)(f) – 0.5%
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc (B-/B2)
	285,000		5.000		06/01/29	292,125
	403,000		4.875		07/01/31	404,511
						696,636
Machinery-Diversified(e)(f) – 0.6%
Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC/Caa2)
	450,000		7.750		04/15/26	456,750

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Machinery-Diversified(e)(f) – (continued)
TK Elevator Holdco GmbH (CCC+/Caa1)
$	317,000		7.625	%	07/15/28	$       338,397
TOTAL MACHINERY-DIVERSIFIED						$       795,147
Media – 6.3%
Cable One, Inc. (BB-/B2)(e)(f)
$	533,000		4.000	%	11/15/30	$       524,339
CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)(e)(f)
	1,330,000		4.750		03/01/30	1,386,525
	425,000		4.250		02/01/31	429,250
	655,000		4.250		01/15/34	643,537
CSC Holdings LLC (B+/B3)(e)(f)
	544,000		5.750		01/15/30	541,960
	682,000		4.625		12/01/30	645,342
DISH DBS Corp. (B-/B3)
	260,000		7.375	(f)	07/01/28	263,900
	315,000		5.125		06/01/29	286,650
GCI LLC (B/B3)(e)(f)
	387,000		4.750		10/15/28	396,675
Gray Television, Inc. (B/B3)(e)(f)
	312,000		4.750		10/15/30	310,440
Nexstar Media, Inc. (B+/B2)(e)(f)
	189,000		4.750		11/01/28	192,544
Sinclair Television Group, Inc. (CCC+/B2)(e)(f)
	300,000		5.875		03/15/26	304,500
Sirius XM Radio, Inc. (BB/Ba3)(e)(f)
	115,000		3.125		09/01/26	114,713
	180,000		4.000		07/15/28	180,900
	238,000		5.500		07/01/29	256,445
	416,000		4.125		07/01/30	417,040
	315,000		3.875		09/01/31	308,306
TEGNA, Inc. (BB/Ba3)(f)
	79,000		4.750	(e)	03/15/26	82,358
	1,030,000		5.000		09/15/29	1,055,750
Ziggo Bond Co. B.V. (B-/B3)(e)(f)
	200,000		5.125		02/28/30	201,500
						8,542,674

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Mining(e)(f) – 0.3%
Alcoa Nederland Holding B.V. (BB+/Ba1)
$	350,000		5.500	%	12/15/27	$       374,063
Miscellaneous Manufacturing(f) – 0.2%
Hillenbrand, Inc. (BB+/Ba1)
	331,000		3.750		03/01/31	331,000
Oil Field Services(f) – 4.7%
Archrock Partners LP/Archrock Partners Finance Corp. (B+/B2)(e)
	502,000		6.250		04/01/28	523,335
California Resources Corp. (BB-/B2)(e)
	325,000		7.125		02/01/26	338,000
CNX Resources Corp. (BB-/B1)(e)
	417,000		7.250		03/14/27	440,977
	170,000		6.000		01/15/29	176,800
CrownRock LP/CrownRock Finance, Inc. (BB-/B2)(e)
	821,000		5.625		10/15/25	841,525
	180,000		5.000		05/01/29	186,750
EQT Corp. (BB+/Ba1)(e)
	250,000		3.625		05/15/31	259,688
MEG Energy Corp. (BB-/B3)(e)
	155,000		5.875		02/01/29	160,813
Nabors Industries, Inc. (B-/B3)(e)
	295,000		7.375		05/15/27	303,850
Nabors Industries, Ltd. (CCC-/Caa1)(e)
	687,000		7.500		01/15/28	625,170
Occidental Petroleum Corp. (BB/Ba2)
	375,000		6.625		09/01/30	464,062
Southwestern Energy Co. (BB+/NR)
	290,000		5.375		02/01/29	307,400
Southwestern Energy Co. (BB+/Ba3)
	290,000		5.375		03/15/30	310,300
	145,000		4.750		02/01/32	152,613
Sunoco LP/Sunoco Finance Corp. (BB-/B1)(e)
	390,000		4.500		04/30/30	397,800
TechnipFMC PLC (BB+/Ba1)(e)
	297,000		6.500		02/01/26	316,676
Transocean, Inc. (CCC+/Caa3)(e)
	575,000		11.500		01/30/27	563,500
						6,369,259

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Packaging – 1.5%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B-/Caa1)(e)(f)
$	1,329,000		5.250	%	08/15/27	$    1,342,290
Pactiv LLC (B-/Caa1)
	167,000		8.375		04/15/27	185,370
Trident TPI Holdings, Inc. (CCC+/Caa2)(e)(f)
	526,000		9.250		08/01/24	549,670
						2,077,330
Pharmaceuticals(e)(f) – 0.9%
AdaptHealth LLC (B/B1)
	165,000		6.125		08/01/28	174,487
	75,000		4.625		08/01/29	74,813
	100,000		5.125		03/01/30	100,625
HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)
	316,000		4.875		06/01/29	307,310
Organon & Co./Organon Foreign Debt Co.-Issuer BV (BB-/B1)
	200,000		5.125		04/30/31	208,500
Prestige Brands, Inc. (BB-/B2)
	191,000		5.125		01/15/28	198,879
	215,000		3.750		04/01/31	208,012
						1,272,626
Pipelines(f) – 2.5%
Cheniere Energy Partners LP (BB/Ba2)
	669,000		4.500		10/01/29	714,157
DT Midstream, Inc. (BB+/Ba2)(e)
	445,000		4.375		06/15/31	463,912
Global Partners LP/GLP Finance Corp. (B+/B2)
	245,000		6.875		01/15/29	254,800
Hess Midstream Operations LP (BB+/Ba3)(e)
	155,000		4.250		02/15/30	154,613
Howard Midstream Energy Partners LLC (B/B3)(e)
	155,000		6.750		01/15/27	157,713
NuStar Logistics LP (BB-/Ba3)
	240,000		5.750		10/01/25	256,800
	375,000		6.000		06/01/26	407,812
Rattler Midstream LP (BBB-/Ba3)(e)
	57,000		5.625		07/15/25	59,309

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Pipelines(f) – (continued)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1)(e)
$	220,000		6.000	%	12/31/30	$     220,000
	445,000		6.000		09/01/31	440,550
Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB+/Ba1)
	295,000		4.875		02/01/31	319,706
						3,449,372
Real Estate(e)(f) – 0.3%
The Howard Hughes Corp. (BB-/Ba3)
	229,000		4.125		02/01/29	231,863
	229,000		4.375		02/01/31	231,576
						463,439
Real Estate Investment Trust(f) – 0.5%
Iron Mountain Information Management Services, Inc. (BB-/Ba3)(e)
	240,000		5.000		07/15/32	245,700
MGM Growth Properties Operating Partnership LP/MGP Finance Co- Issuer, Inc. (BB-/B1)(e)
	189,000		4.625		06/15/25	201,285
SBA Communications Corp. (BB-/B1)(e)
	174,000		3.125		02/01/29	167,040
Service Properties Trust (BB/Ba1)
	73,000		7.500		09/15/25	78,809
						692,834
Retailing(f) – 3.8%
Arko Corp. (B-/B3)(e)
	425,000		5.125		11/15/29	408,531
Asbury Automotive Group, Inc. (BB/B1)
	185,000		4.500		03/01/28	188,238
	79,000		4.625	(e)	11/15/29	80,383
	230,000		4.750		03/01/30	234,600
	43,000		5.000	(e)	02/15/32	44,290
Beacon Roofing Supply, Inc. (B-/B2)(e)
	290,000		4.125		05/15/29	289,275
Carvana Co. (CCC+/Caa2)(e)
	100,000		5.500		04/15/27	98,750
	290,000		5.875		10/01/28	290,000
	480,000		4.875		09/01/29	457,200

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Retailing(f) – (continued)
Group 1 Automotive, Inc. (BB+/Ba2)(e)
$	294,000		4.000	%	08/15/28	$       293,265
Ken Garff Automotive LLC (BB-/B1)(e)
	305,000		4.875		09/15/28	305,381
LCM Investments Holdings II LLC (BB-/B2)(e)
	455,000		4.875		05/01/29	465,237
Lithia Motors, Inc. (BB+/Ba2)(e)
	175,000		3.875		06/01/29	179,375
	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
Penske Automotive Group, Inc. (BB-/Ba3)
	234,000		3.750		06/15/29	232,245
Sonic Automotive, Inc. (BB-/B1)(e)
	353,000		4.625		11/15/29	354,765
	118,000		4.875		11/15/31	118,590
SRS Distribution, Inc. (CCC/Caa2)(e)
	115,000		6.125		07/01/29	116,006
The Gap, Inc. (BB/Ba3)(e)
	115,000		3.625		10/01/29	113,850
	115,000		3.875		10/01/31	113,419
Yum! Brands, Inc. (BB-/Ba3)
	349,000		3.625		03/15/31	347,255
						5,158,699
Semiconductors(e)(f) – 0.2%
Qorvo, Inc. (BBB-/Ba1)
	210,000		3.375		04/01/31	213,675
Software(e)(f) – 1.4%
Castle US Holding Corp. (CCC/Caa2)
	64,000		9.500		02/15/28	66,880
Clarivate Science Holdings Corp. (CCC+/Caa1)
	256,000		4.875		07/01/29	258,560
Fair Isaac Corp. (BB+/Ba2)
	343,000		4.000		06/15/28	351,575
Open Text Corp. (BB/Ba2)
	255,000		3.875		02/15/28	259,781
	325,000		3.875		12/01/29	329,063
Playtika Holding Corp. (B/B2)
	243,000		4.250		03/15/29	237,836

Principal Amount			Interest Rate			Maturity Date	Value
Unsecured Debt Obligations – (continued)
Software(e)(f) – (continued)
ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B/B3)
$		383,000		3.875	%	02/01/29	$       377,734
							1,881,429
Telecommunication Services(e)(f) – 1.1%
Level 3 Financing, Inc. (BB/Ba3)
		375,000		4.250		07/01/28	372,187
		246,000		3.750		07/15/29	235,545
ViaSat, Inc. (B/Caa1)
		824,000		5.625		09/15/25	828,120
							1,435,852
Transportation(e)(f) – 0.3%
Cargo Aircraft Management, Inc. (BB/Ba3)
		342,000		4.750		02/01/28	348,413
TOTAL UNSECURED DEBT OBLIGATIONS (Cost $68,364,818 )							$   69,527,300
	Shares		Description				Value
Common Stocks(h) – 0.5%
Energy Equipment & Services – 0.4%
		23,758		Noble Corp.			$       589,436
TOTAL ENERGY EQUIPMENT & SERVICES							$       589,436
Oil, Gas & Consumable Fuels – 0.1%
		1,141,924		Prairie Provident Resources, Inc.			$       108,328
TOTAL COMMON STOCKS (Cost $3,229,471 )							$       697,764
	Shares		Dividend Rate				Value
Investment Company(i) – 3.2%
Goldman Sachs Financial Square Government Fund - Institutional Shares
		4,323,380		0.026%			$    4,323,380
(Cost $4,323,380)
TOTAL INVESTMENTS – 97.8% (Cost $133,811,006)							$132,626,835
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.2%							3,020,610
NET ASSETS – 100.0%							$135,647,445

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on December 31, 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 December 31, 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)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(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)	Security is currently in default and/or non-income producing.
(i)	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
SOFR	— Secured Overnight Funding Rate
WR	— Withdrawn Rating

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At December 31, 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)
Pro Mach Group, Inc. (NR/NR)08/31/2028, due 08/31/28	$	25,140	$  25,203	$	63

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS    

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Gain
Morgan Stanley & Co.	USD	138,955	EUR	123,199	02/10/22	$	(1,420	)

SWAP CONTRACTS — At December 31, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

Payments Made by the Fund	Payments Received by Fund)(a)	Termination Date	Notional Amount (000s)(b)	Market Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1.250%	3M SOFR	03/16/29	$3,190	$	969	$	(23,829	)	$	24,798

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2021.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/ Index	Financing Rate Received/ (Paid) by the Fund(a)	Credit Spread at December 31, 2021(b)			Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX.NA.HY Index 37	(5.000)%		2.944%	Credit Suisse International (London)	12/20/26	$	27,000	$	(2,508,750	)	$	(2,472,219	)	$	(36,531	)

(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	— CDXNorth America High Yield Index 36

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a)(b) – 3.1%
Aerospace & Defense – 0.3%
ADS Tactical, Inc. (3M LIBOR + 5.750%)
$	2,280,385		6.750	%	03/19/26	$   2,256,167
Building & Construction Material – 0.2%
KKR Apple Bidco, LLC (1M LIBOR + 3.000%)
	1,500,000		3.500		09/23/28	1,493,745
Building Materials – 0.2%
CPG International, Inc. (3M LIBOR + 2.500%)
	1,580,669		3.250		05/05/24	1,579,294
Chemicals – 0.4%
Momentive Performance Materials, Inc. (1M LIBOR + 3.250%)
	2,281,500		3.360		05/15/24	2,277,690
Starfruit Finco B.V. (1M LIBOR + 3.000%)
	1,307,705		3.102		10/01/25	1,301,990
						3,579,680
Consumer Cyclical Services – 0.4%
Asurion LLC (1M LIBOR + 3.250%)
	2,654,415		3.354		12/23/26	2,634,507
The Hertz Corp. (1M LIBOR + 3.250%)
	1,047,783		3.750		06/30/28	1,047,783
(1M LIBOR + 3.250%)
	198,220		3.750		06/30/28	198,220
						3,880,510
Food & Drug Retailing – 0.1%
B&G Foods, Inc. (1M LIBOR + 2.500%)
	454,208		2.604		10/10/26	453,186
Healthcare Providers & Services – 0.1%
Sotera Health Holdings, LLC (3M LIBOR + 2.750%)
	850,000		3.250		12/11/26	846,014
Media - Cable – 0.2%
CSC Holdings LLC (3M LIBOR + 2.250%)
	1,944,020		2.360		07/17/25	1,912,430
Media - Non Cable – 0.3%
Getty Images, Inc. (1M LIBOR + 4.500%)
	911,452		4.625		02/19/26	911,644

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a)(b) – (continued)
Media - Non Cable – (continued)
iHeartCommunications, Inc. (1M LIBOR + 3.000%)
$	1,300,000		3.104	%	05/01/26	$   1,290,484
Terrier Media Buyer, Inc. (1M LIBOR + 3.500%)
	490,050		3.604		12/17/26	487,477
						2,689,605
Restaurants – 0.1%
IRB Holding Corp. (6M LIBOR + 2.750%)
	1,339,562		3.750		02/05/25	1,336,360
Technology - Software/Services – 0.8%
Camelot U.S. Acquisition 1 Co. (1M LIBOR + 3.000%)
	2,853,165		3.104		10/30/26	2,831,167
Grab Holdings, Inc. (1M LIBOR + 4.500%)
	794,000		5.500		01/29/26	794,992
The Ultimate Software Group, Inc. (1M LIBOR + 3.750%)
	904,188		3.854		05/04/26	900,797
Travelport Finance (Luxembourg) S.a.r.l. (PIK 7.250%)
	1,965,612		7.250		02/28/25	2,017,661
						6,544,617
TOTAL BANK LOANS (Cost $26,485,056)						$26,571,608
Corporate Obligations – 22.8%
Advertising(c)(d) – 0.2%
Outfront Media Capital LLC/Outfront Media Capital Corp.
$	665,000		5.000	%	08/15/27	$     678,300
Terrier Media Buyer, Inc.
	800,000		8.875		12/15/27	864,000
						1,542,300
Aerospace & Defense(c) – 0.2%
TransDigm, Inc.
	1,250,000		5.500		11/15/27	1,284,375
Triumph Group, Inc.
	450,000		7.750		08/15/25	446,063
						1,730,438
Automotive(c) – 0.1%
Dana, Inc.
	515,000		5.375		11/15/27	538,819

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – 1.3%
ABN AMRO Bank NV(b)(c) (-1x 5 Year EUR Swap + 4.674%)
EUR	800,000		4.375	%	12/31/99	$     975,885
AIB Group PLC(b)(c)(-1x 5 Year EUR Swap + 6.629%)
	725,000		6.250		12/31/99	913,492
Banco do Brasil SA(b)(c) (10 Year CMT + 4.398%)
$	1,550,000		6.250		10/29/49	1,538,666
Banco Mercantil del Norte SA/Grand Cayman (b)(c)(d) (5 year CMT + 4.643%)
	640,000		5.875		12/31/99	635,600
Banco Santander SA(b)(c) (-1x 5 Year EUR Swap + 4.534%)
EUR	800,000		4.375		12/31/99	937,222
CaixaBank SA(b)(c) (-1X 5 Year EUR Swap + 6.346%)
	600,000		5.875		12/31/99	778,160
Commerzbank AG(b)(c) (-1x 5 Year EUR Swap + 6.363%)
	600,000		6.125		03/31/99	742,878
Credit Suisse Group AG(b)(c)(d) (5 Year CMT + 4.889%)
$	1,625,000		5.250		12/31/99	1,662,375
QNB Finance Ltd.
	230,000		3.500		03/28/24	240,609
Societe Generale SA(b)(c) (5 Year USD Swap + 3.929%)
	450,000		6.750		12/31/99	493,875
Turkiye Vakiflar Bankasi TAO
	200,000		8.125		03/28/24	199,912
	270,000		5.250	(d)	02/05/25	248,282
	530,000		6.500	(d)	01/08/26	495,550
Virgin Money UK PLC(b)(c) 5 year UK Government Bond + 8.307%)
GBP	575,000		9.250		12/31/99	865,685
						10,728,191
Building Materials(c) – 0.3%
Cemex SAB de CV(d)
$	200,000		7.375		06/05/27	220,225
	350,000		5.200		09/17/30	375,222
Griffon Corp.
	527,000		5.750		03/01/28	546,762
Summit Materials LLC/Summit Materials Finance Corp.(d)
	520,000		6.500		03/15/27	539,500
	738,000		5.250		01/15/29	769,365
						2,451,074

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals – 0.7%
Ingevity Corp.(c)(d)
$	1,025,000		3.875	%	11/01/28	$   1,001,937
OCP SA(c)(d)
	200,000		3.750		06/23/31	194,438
	430,000		5.125		06/23/51	406,565
Sasol Financing International Ltd.
	4,008,000		4.500		11/14/22	4,053,290
						5,656,230
Commercial Services – 1.2%
Allied Universal Holdco LLC/Allied Universal Finance Corp.(c)(d)
	1,500,000		6.625		07/15/26	1,573,125
	1,345,000		9.750		07/15/27	1,435,787
DP World Crescent Ltd.
	200,000		4.848		09/26/28	223,938
	200,000		3.875		07/18/29	212,938
DP World Ltd.
	200,000		5.625		09/25/48	245,250
Herc Holdings, Inc.(c)(d)
	2,330,000		5.500		07/15/27	2,423,200
The Nielsen Co. Luxembourg S.a.r.l.(c)(d)
	1,485,000		5.000		02/01/25	1,505,419
United Rentals North America, Inc.(c)
	1,070,000		3.875		02/15/31	1,086,050
Verscend Escrow Corp.(c)(d)
	970,000		9.750		08/15/26	1,024,562
						9,730,269
Computers(c) – 1.1%
Booz Allen Hamilton, Inc.(d)
	1,355,000		3.875		09/01/28	1,378,712
Dell International LLC/EMC Corp.
	5,625,000		6.020		06/15/26	6,517,969
KBR, Inc.(d)
	1,257,000		4.750		09/30/28	1,282,140
						9,178,821
Distribution & Wholesale(c)(d) – 0.2%
Univar Solutions USA, Inc.
	550,000		5.125		12/01/27	573,375

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Distribution & Wholesale(c)(d) – (continued)
Wolverine Escrow LLC
$	455,000		8.500	%	11/15/24	$     427,700
	455,000		9.000		11/15/26	429,975
						1,431,050
Diversified Financial Services – 1.0%
AerCap Holdings NV(b)(c) (5 Year CMT + 4.535%)
	985,000		5.875		10/10/79	1,017,732
Global Aircraft Leasing Co. Ltd.(c)(d)(e) (PIK 7.250%, Cash 6.500%)
	3,409,358		6.500		09/15/24	3,285,769
Navient Corp.
	400,000		6.750		06/25/25	438,000
	2,680,000		5.625		08/01/33	2,549,350
OneMain Finance Corp.(c)
	228,000		5.375		11/15/29	245,670
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(c)(d)
	1,324,000		3.875		03/01/31	1,348,031
						8,884,552
Electrical(c)(d) – 0.3%
Calpine Corp.
	235,000		4.500		02/15/28	243,812
	1,915,000		4.625		02/01/29	1,888,669
Greenko Power II Ltd.
	200,000		4.300		12/13/28	203,500
						2,335,981
Energy-Alternate Sources(c)(d) – 0.0%
Greenko Dutch B.V.
	197,000		3.850		03/29/26	198,970
Engineering & Construction(c) – 0.3%
Mexico City Airport Trust
	200,000		4.250		10/31/26	212,037
	320,000		4.250	(d)	10/31/26	339,260
	310,000		3.875	(d)	04/30/28	320,811
	200,000		5.500	(d)	10/31/46	199,663
	1,215,000		5.500		07/31/47	1,212,950
	270,000		5.500	(d)	07/31/47	269,544
						2,554,265

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Entertainment(c)(d) – 0.4%
Cedar Fair LP/Canada’s Wonderland Co/Magnum Management Corp./Millennium Op
$	703,000		5.500	%	05/01/25	$     727,605
Live Nation Entertainment, Inc.
	1,400,000		6.500		05/15/27	1,529,500
Motion Bondco DAC
	1,010,000		6.625		11/15/27	1,022,625
						3,279,730
Environmental(c)(d) – 0.3%
Waste Pro USA, Inc.
	2,825,000		5.500		02/15/26	2,825,000
Food & Drug Retailing(c) – 0.8%
B&G Foods, Inc.
	2,005,000		5.250		04/01/25	2,047,606
	475,000		5.250		09/15/27	491,031
BRF SA
	362,000		4.875		01/24/30	365,688
Lamb Weston Holdings, Inc.(d)
	1,195,000		4.875		05/15/28	1,292,094
Performance Food Group, Inc.(d)
	358,000		6.875		05/01/25	375,005
	1,900,000		5.500		10/15/27	1,983,125
						6,554,549
Forest Products & Paper(c) – 0.1%
Mercer International, Inc.
	1,040,000		5.500		01/15/26	1,055,600
Gaming(c)(d) – 0.3%
Station Casinos LLC
	2,153,000		4.500		02/15/28	2,163,765
Healthcare Providers & Services(c) – 0.9%
Centene Corp.
	850,000		3.375		02/15/30	868,190
DaVita, Inc.(d)
	2,425,000		3.750		02/15/31	2,349,219
Encompass Health Corp.
	1,100,000		4.500		02/01/28	1,131,625

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services(c) – (continued)
Envision Healthcare Corp.(d)
$	1,175,000		8.750	%	10/15/26	$     669,750
Select Medical Corp.(d)
	1,200,000		6.250		08/15/26	1,266,000
Tenet Healthcare Corp.(d)
	1,568,000		6.125		10/01/28	1,650,320
						7,935,104
Insurance(c)(d) – 0.7%
Acrisure LLC/Acrisure Finance, Inc.
	2,555,000		7.000		11/15/25	2,561,387
GTCR AP Finance, Inc.
	1,375,000		8.000		05/15/27	1,419,688
USI, Inc.
	2,250,000		6.875		05/01/25	2,269,687
						6,250,762
Internet – 1.3%
GrubHub Holdings, Inc.(c)(d)
	2,530,000		5.500		07/01/27	2,498,375
Match Group Holdings II LLC(c)(d)
	2,597,000		4.625		06/01/28	2,687,895
Netflix, Inc.
	2,820,000		5.500		02/15/22	2,833,762
Prosus NV(c)(d)
	850,000		3.680		01/21/30	874,597
	600,000		4.027		08/03/50	571,312
Tencent Holdings Ltd.(c)
	200,000		3.595		01/19/28	212,874
Twitter, Inc.(c)(d)
	920,000		3.875		12/15/27	956,800
Uber Technologies, Inc.(c)(d)
	430,000		8.000		11/01/26	457,950
						11,093,565
Investment Companies – 0.2%
Huarong Finance 2017 Co. Ltd.
	250,000		4.250		11/07/27	252,500
Huarong Finance II Co. Ltd.
	200,000		4.625		06/03/26	206,000

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Investment Companies – (continued)
Icahn Enterprises LP/Icahn Enterprises Finance Corp.(c)
$	1,475,000		4.750	%	09/15/24	$   1,530,313
						1,988,813
Lodging(c) – 0.4%
Hilton Domestic Operating Co., Inc.
	110,000		5.375	(d)	05/01/25	113,850
	2,897,000		4.875		01/15/30	3,096,169
						3,210,019
Machinery - Construction & Mining(c)(d) – 0.1%
The Manitowoc Co., Inc.
	565,000		9.000		04/01/26	597,488
Machinery-Diversified(c)(d) – 0.1%
Titan Acquisition Ltd./Titan Co-Borrower LLC
	1,120,000		7.750		04/15/26	1,136,800
Media – 1.8%
CCO Holdings LLC/CCO Holdings Capital Corp.(c)(d)
	2,395,000		4.250		02/01/31	2,418,950
Cumulus Media New Holdings, Inc.(c)(d)
	1,278,000		6.750		07/01/26	1,325,925
Diamond Sports Group LLC/Diamond Sports Finance Co.(c)(d)
	435,000		5.375		08/15/26	217,500
	1,170,000		6.625		08/15/27	330,525
DISH DBS Corp.
	1,540,000		5.875		07/15/22	1,566,950
	470,000		5.875		11/15/24	482,337
	450,000		7.750		07/01/26	474,750
	1,140,000		7.375	(c)	07/01/28	1,157,100
iHeartCommunications, Inc.(c)
	430,000		8.375		05/01/27	453,650
Nexstar Media, Inc.(c)(d)
	1,350,000		5.625		07/15/27	1,417,500
Scripps Escrow II, Inc.(c)(d)
	600,000		5.375		01/15/31	612,000
Scripps Escrow, Inc.(c)(d)
	1,555,000		5.875		07/15/27	1,626,919
UPC Holding B.V.(c)(d)
	465,000		5.500		01/15/28	482,437

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
Virgin Media Secured Finance PLC(c)(d)
$	2,575,000		5.500	%	05/15/29	$   2,706,969
						15,273,512
Mining – 0.5%
Alcoa Nederland Holding B.V.(c)(d)
	1,120,000		5.500		12/15/27	1,197,000
Constellium SE(c)(d)
	485,000		5.625		06/15/28	506,825
First Quantum Minerals Ltd.(c)(d)
	1,311,000		7.250		04/01/23	1,326,158
Novelis Corp.(c)(d)
	950,000		4.750		01/30/30	998,688
Vedanta Resources Ltd.
	310,000		7.125		05/31/23	299,305
	300,000		6.125	(c)	08/09/24	261,525
						4,589,501
Multi-National(c)(d) – 0.2%
The African Export-Import Bank
	550,000		2.634		05/17/26	551,639
	850,000		3.798		05/17/31	867,544
						1,419,183
Oil Field Services – 2.5%
Apache Corp.(c)
	555,000		4.625		11/15/25	593,850
EQT Corp.(c)(d)
	1,440,000		3.625		05/15/31	1,495,800
Gazprom PJSC Via Gaz Capital SA(d)
	4,280,000		5.150		02/11/26	4,583,452
Gazprom PJSC Via Gaz Finance PLC(d)
	240,000		3.250		02/25/30	231,345
KazMunayGas National Co. JSC
	990,000		5.375		04/24/30	1,154,154
Lukoil Securities B.V.
	1,290,000		3.875	(d)	05/06/30	1,317,787
	680,000		3.875		05/06/30	697,136
Occidental Petroleum Corp.(c)
	1,410,000		8.000		07/15/25	1,639,125
	1,100,000		6.625		09/01/30	1,361,250

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Petroleos de Venezuela SA(f)
$	137,050,000		6.000	%	10/28/22	$   4,454,125
Qatar Energy(c)(d)
	900,000		3.125		07/12/41	907,875
	900,000		3.300		07/12/51	924,750
Transocean, Inc.(c)(d)
	905,000		11.500		01/30/27	886,900
USA Compression Partners LP/USA Compression Finance Corp.(c)
	545,000		6.875		04/01/26	566,800
						20,814,349
Packaging(c) – 1.0%
ARD Finance SA(e)
(PIK 5.750%, Cash 5.000%)
EUR	575,000		5.000		06/30/27	671,154
(PIK 7.250%, Cash 6.500%)
$	2,400,000		6.500	(d)	06/30/27	2,466,000
Berry Global, Inc.(d)
	889,000		4.500		02/15/26	900,112
Flex Acquisition Co., Inc.(d)
	1,095,000		6.875		01/15/25	1,095,000
	480,000		7.875		07/15/26	498,600
LABL, Inc.(d)
	450,000		6.750		07/15/26	462,375
	465,000		10.500		07/15/27	487,669
Sealed Air Corp.(d)
	500,000		4.000		12/01/27	521,250
Trivium Packaging Finance B.V.(d)
	875,000		5.500		08/15/26	913,281
	645,000		8.500		08/15/27	679,669
						8,695,110
Pharmaceuticals(c)(d) – 0.1%
Bausch Health Cos., Inc.
	565,000		5.250		01/30/30	497,200
Par Pharmaceutical, Inc.
	480,000		7.500		04/01/27	489,600
						986,800
Pipelines – 1.0%
Buckeye Partners LP(c)
	1,145,000		4.350		10/15/24	1,193,663
	1,962,000		3.950		12/01/26	1,993,882

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Cheniere Energy Partners LP(c)
$	2,000,000		4.500	%	10/01/29	$    2,135,000
Galaxy Pipeline Assets Bidco Ltd.
	240,000		2.625	(d)	03/31/36	234,225
	1,960,000		2.940		09/30/40	1,950,200
	430,000		3.250	(d)	09/30/40	434,300
Global Partners LP/GLP Finance Corp.(c)
	445,000		7.000		08/01/27	460,575
						8,401,845
Real Estate(c) – 0.0%
Sunac China Holdings Ltd.
	200,000		7.000		07/09/25	125,938
Zhenro Properties Group Ltd.
	200,000		6.700		08/04/26	127,937
						253,875
Real Estate Investment Trust(c) – 0.4%
MPT Operating Partnership LP/MPT Finance Corp.
	2,270,000		4.625		08/01/29	2,393,057
VICI Properties LP/VICI Note Co., Inc.(d)
	718,000		3.500		02/15/25	730,565
						3,123,622
Retailing(c) – 0.7%
CK Hutchison International 20 Ltd.(d)
	200,000		2.500		05/08/30	202,320
CK Hutchison International 21 Ltd.(d)
	230,000		2.500		04/15/31	232,185
eG Global Finance PLC(d)
	1,413,000		6.750		02/07/25	1,423,598
	1,000,000		8.500		10/30/25	1,037,500
Group 1 Automotive, Inc.(d)
	631,000		4.000		08/15/28	629,423
LCM Investments Holdings II LLC(d)
	810,000		4.875		05/01/29	828,225
Penske Automotive Group, Inc.
	1,750,000		3.500		09/01/25	1,791,562
Yum! Brands, Inc.(d)
	72,000		7.750		04/01/25	75,780
						6,220,593

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Semiconductors(c)(d) – 0.0%
TSMC Global Ltd.
$	310,000		2.250	%	04/23/31	$       307,148
Software(c)(d) – 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	1,941,660
						3,075,485
Telecommunication Services – 1.5%
Altice France Holding SA(c)(d)
	1,865,000		10.500		05/15/27	2,004,875
Altice France SA(c)(d)
	460,000		5.500		01/15/28	455,400
Digicel International Finance Ltd/Digicel international Holdings Ltd(c)(d)
	1,089,262		8.750		05/25/24	1,121,463
	434,839		8.000		12/31/26	423,832
(PIK 7.000%, Cash 6.000%)
	618,591		13.000	(e)	12/31/25	634,752
Intelsat Jackson Holdings SA(c)(d)(f)
	2,900,000		8.000		02/15/24	2,939,875
Lumen Technologies, Inc.
	1,680,000		5.800		03/15/22	1,692,600
	465,000		5.125	(c)(d)	12/15/26	484,181
SoftBank Group Corp.(c)
	300,000		5.125		09/19/27	301,500
Sprint Capital Corp.
	1,610,000		8.750		03/15/32	2,423,050
						12,481,528
Toys/Games/Hobbies(c)(d) – 0.2%
Mattel, Inc.
	1,310,000		5.875		12/15/27	1,406,613
TOTAL CORPORATE OBLIGATIONS (Cost $230,352,776)						$192,101,319
Mortgage-Backed Obligations – 20.6%
Collateralized Mortgage Obligations – 10.1%
Interest Only(g) – 2.6%
FHLMC REMIC Series 3852, Class SW(b) (-1x 1M USD LIBOR + 6.000%)
$	1,258,127		5.890	%	05/15/41	$       187,390
FHLMC REMIC Series 4468, Class SY(b) (-1x 1M USD LIBOR + 6.100%)
	5,180,833		5.990		05/15/45	919,313
FHLMC REMIC Series 4989, Class EI
	1,234,106		4.000		07/25/50	191,097
FHLMC REMIC Series 4991, Class IE
	8,971,792		5.000		07/25/50	1,254,910

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
FHLMC REMIC Series 5009, Class DI
$	5,254,748		2.000	%	09/25/50	$     520,185
FHLMC REMIC Series 5012, Class DI
	2,468,591		4.000		09/25/50	379,704
FHLMC REMIC Series 5020, Class IH
	775,516		3.000		08/25/50	94,152
FNMA REMIC Series 2011-100, Class S(b) (-1x1M USD LIBOR + 6.450%)
	3,251,874		6.348		10/25/41	498,480
FNMA REMIC Series 2012-88, Class SB(b) (-1x 1M USD LIBOR + 6.670%)
	3,243,154		6.568		07/25/42	480,446
FNMA REMIC Series 2017-104, Class SB(b) (-1x1M USD LIBOR + 6.150%)
	1,309,899		6.048		01/25/48	219,833
FNMA REMIC Series 2017-86, Class SB(b) (-1x 1M USD LIBOR + 6.150%)
	1,519,462		6.048		11/25/47	256,768
FNMA REMIC Series 2020-60, Class NI
	2,292,591		4.000		09/25/50	351,867
GNMA REMIC Series 2010-35, Class DS(b) (-1x 1M USD LIBOR + 5.680%)
	3,768,723		5.576		03/20/40	594,900
GNMA REMIC Series 2013-103, Class DS(b) (-1x 1M USD LIBOR + 6.150%)
	4,763,574		6.046		07/20/43	810,344
GNMA REMIC Series 2013-117, Class PS(b) (-1x1M USD LIBOR + 6.150%)
	6,014,196		6.046		04/20/43	741,933
GNMA REMIC Series 2013-152, Class TS(b) (-1x 1M USD LIBOR + 6.100%)
	116,433		5.996		06/20/43	20,207
GNMA REMIC Series 2014-11, Class NI
	2,246,997		4.500		12/16/42	114,647
GNMA REMIC Series 2014-132, Class SL(b) (-1x 1M USD LIBOR + 6.100%)
	6,373,604		5.996		10/20/43	630,566
GNMA REMIC Series 2014-180, Class PI
	3,838,795		4.000		08/20/44	465,366
GNMA REMIC Series 2015-111, Class SM(b) (-1x1M USD LIBOR + 6.200%)
	4,768,572		6.096		08/20/45	788,250
GNMA REMIC Series 2015-126, Class LS(b) (-1x1M USD LIBOR + 6.200%)
	3,074,429		6.096		09/20/45	508,206

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
GNMA REMIC Series 2015-129, Class IC
$	1,358,096		4.500	%	09/16/45	$     215,942
GNMA REMIC Series 2015-133, Class SA(b) (-1x1M USD LIBOR + 5.700%)
	1,725,570		5.596		09/20/45	268,660
GNMA REMIC Series 2015-133, Class SB(b) (-1x1M USD LIBOR + 5.700%)
	2,259,803		5.596		09/20/45	320,874
GNMA REMIC Series 2015-144, Class QS(b) (-1x 1M USD LIBOR + 5.700%)
	5,746,666		5.596		10/20/45	905,559
GNMA REMIC Series 2015-168, Class SD(b) (-1x 1M USD LIBOR + 6.200%)
	9,649,148		6.096		11/20/45	1,662,077
GNMA REMIC Series 2016-6, Class S(b) (-1x1M USD LIBOR + 5.650%)
	7,120,339		5.546		01/20/46	1,078,931
GNMA REMIC Series 2017-112, Class SJ(b) (-1x 1M USD LIBOR + 5.660%)
	1,418,913		5.556		07/20/47	194,066
GNMA REMIC Series 2018-122, Class HS(b) (-1x 1M USD LIBOR + 6.200%)
	1,031,964		6.096		09/20/48	165,082
GNMA REMIC Series 2018-124, Class SN(b) (-1x 1M USD LIBOR + 6.200%)
	2,040,310		6.096		09/20/48	322,844
GNMA REMIC Series 2018-139, Class SQ(b) (-1x 1M USD LIBOR + 6.150%)
	1,487,909		6.046		10/20/48	190,168
GNMA REMIC Series 2018-147, Class SA(b) (-1x 1M USD LIBOR + 6.200%)
	1,316,223		6.096		10/20/48	194,685
GNMA REMIC Series 2018-67, Class PS(b) (-1x 1M USD LIBOR + 6.200%)
	2,533,239		6.096		05/20/48	345,446
GNMA REMIC Series 2018-7, Class DS(b) (-1x1M USD LIBOR + 5.700%)
	1,575,635		5.596		01/20/48	232,060
GNMA REMIC Series 2018-79, Class SD(b) (-1x 1M USD LIBOR + 6.200%)
	625,078		6.096		06/20/48	89,023
GNMA REMIC Series 2019-1, Class SN(b) (-1x 1M USD LIBOR + 6.050%)
	1,638,143		5.946		01/20/49	210,708
GNMA REMIC Series 2019-151, Class NI
	3,716,352		3.500		10/20/49	351,398

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
GNMA REMIC Series 2019-6, Class SA(b) (-1x 1M USD LIBOR + 6.050%)
$	570,667		5.946	%	01/20/49	$       80,519
GNMA REMIC Series 2019-69, Class S(b) (-1x 1M USD LIBOR + 3.270%)
	1,420,763		3.166		06/20/49	80,517
GNMA REMIC Series 2019-78, Class SE(b) (-1x 1M USD LIBOR + 6.100%)
	1,039,184		5.996		06/20/49	131,071
GNMA REMIC Series 2019-97, Class SC(b) (-1x 1M USD LIBOR + 6.100%)
	1,246,972		5.996		08/20/49	170,623
GNMA REMIC Series 2020-146, Class IM
	1,573,092		2.500		10/20/50	172,296
GNMA REMIC Series 2020-146, Class KI
	11,054,906		2.500		10/20/50	1,002,823
GNMA REMIC Series 2020-173, Class AI
	2,183,428		2.500		11/20/50	112,506
GNMA REMIC Series 2020-21, Class SA(b) (-1x 1M USD LIBOR + 6.050%)
	4,121,808		5.946		02/20/50	641,434
GNMA REMIC Series 2020-61, Class SF(b) (-1x 1M USD LIBOR + 6.440%)
	6,429,935		6.336		07/20/43	1,115,387
GNMA REMIC Series 2020-7, Class GI
	194,061		4.000		01/20/50	21,446
GNMA REMIC Series 2020-78, Class DI
	5,045,751		4.000		06/20/50	592,549
GNMA REMIC Series 2020-78, Class SD(b) (-1x 1M USD LIBOR + 6.150%)
	7,045,848		6.046		06/20/50	1,033,932
GNMA REMIC Series 2020-79, Class AI
	655,875		4.000		06/20/50	79,516
						22,010,706
Regular Floater(b) – 0.4%
FHLMC REMIC Series 3231, Class FB(1M USD LIBOR + 0.350%)
	202,188		0.460		10/15/36	203,593
FHLMC REMIC Series 3314, Class FC (1M USD LIBOR + 0.400%)
	120,055		0.510		12/15/36	120,831
FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
	190,808		0.710		09/15/37	194,013
FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
	93,499		0.960		06/15/39	95,321

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater(b) – (continued)
FHLMC REMIC Series 3827, Class KF (1M USD LIBOR + 0.370%)
$	304,997		0.480	%	03/15/41	$     307,265
FNMA REMIC Series 2006-45, Class TF (1M USD LIBOR + 0.400%)
	390,327		0.502		06/25/36	393,271
FNMA REMIC Series 2006-76, Class QF (1M USD LIBOR + 0.400%)
	453,686		0.502		08/25/36	457,483
FNMA REMIC Series 2006-79, Class PF (1M USD LIBOR + 0.400%)
	480,454		0.502		08/25/36	484,772
FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	523,040		0.452		04/25/37	525,974
FNMA REMIC Series 2007-75, Class VF (1M USD LIBOR + 0.450%)
	160,788		0.552		08/25/37	162,425
FNMA REMIC Series 2009-84, Class WF (1M USD LIBOR + 1.100%)
	53,491		1.202		10/25/39	54,704
						2,999,652
Sequential Fixed Rate – 0.4%
Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	270,901		5.500		02/25/36	259,185
Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	409,738		6.000		06/25/36	391,994
Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	774,339		6.500		07/25/36	726,069
Residential Asset Securitization Trust Series 2006-A8, Class 1A1
	700,716		6.000		08/25/36	620,651
Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	2,009,251		6.000		10/25/37	1,469,305
						3,467,204
Sequential Floating Rate(b) – 6.7%
Alternative Loan Trust 2007-16CB Series 07-16CB, Class 1A2 (1M USD LIBOR + 0.400%)
	324,516		0.502		08/25/37	244,263
Banc of America Funding Trust Series 2006-H, Class 6A1 (1M USD LIBOR + 0.380%)
	6,132,947		0.484		10/20/36	5,340,552
Banc of America Funding Trust Series 2007-2, Class 2A1
	25,276		3.929		03/25/37	25,649
Bellemeade Re Ltd. Series 2021-2A, Class M1B(d) (SOFR30A + 1.500%)
	475,000		1.550		06/25/31	475,006
Connecticut Avenue Securities Trust Series 2021-R03, Class 1B1(d) (SOFR30A + 2.750%)
	481,000		2.800		12/25/41	481,453

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
Connecticut Avenue Securities Trust Series 2021-R03, Class 1B2(d) (SOFR30A + 5.500%)
$	270,000		5.550	%	12/25/41	$     270,475
Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2(d) (1M USD LIBOR + 2.300%)
	757,624		2.403		08/25/31	760,833
Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2(d) (1M USD LIBOR + 2.150%)
	66,337		2.253		09/25/31	66,609
Connecticut Avenue Securities Trust Series 2021-R01, Class 1B2(d) (SOFR30A + 6.000%)
	1,054,000		6.050		10/25/41	1,077,506
Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%)
	318,531		0.602		07/25/35	226,004
Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%)
	384,381		0.902		12/25/35	314,918
Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A2B (1M USD LIBOR + 0.340%)
	876		0.442		11/25/36	8,953
Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1M USD LIBOR + 0.500%)
	2,167,761		0.602		08/25/37	1,585,462
CSMC Series 2021-NQM8, Class A1(d)
	290,000		1.841		10/25/66	289,760
Fannie Mae Connecticut Avenue Securities Series 2021-R02, Class 2B1(d) (SOFR30A + 3.300%)
	1,350,000		3.350		11/25/41	1,357,131
Fannie Mae Connecticut Avenue Securities Series 2021-R02, Class 2B2(d) (SOFR30A + 6.200%)
	100,000		6.250		11/25/41	103,246
FHLMC STACR Debt Notes Series 20-HQA5, Class B2(d)(SOFR30A + 7.400%)
	410,000		7.450		11/25/50	488,862
FHLMC STACR Debt Notes Series 2015-DNA2, Class M3(1M USD LIBOR + 3.900%)
	165,460		4.003		12/25/27	166,438
FHLMC STACR Debt Notes Series 2020-HQA5, Class B1(d)(SOFR30A + 4.000%)
	841,000		4.050		11/25/50	878,233
FHLMC STACR Debt Notes Series 2020-HQA5, Class M2(d)(SOFR30A + 2.600%)
	344,871		2.650		11/25/50	348,206

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
FHLMC STACR Debt Notes Series 21-DNA2, Class B2(d)(SOFR30A + 6.000%)
$	410,000		6.050	%	08/25/33	$     447,927
FHLMC STACR Debt Notes Trust Series 2016-DNA3, Class M3(1M USD LIBOR + 5.000%)
	216,177		5.103		12/25/28	224,792
FHLMC STACR REMIC Series 2019-HQA3, Class B1(d)(1M USD LIBOR + 3.000%)
	1,350,000		3.103		09/25/49	1,358,819
FHLMC STACR REMIC Trust Series 2019-DNA3, Class B1(d)(1M USD LIBOR + 3.250%)
	1,335,000		3.353		07/25/49	1,352,364
FHLMC STACR REMIC Trust Series 2019-HQA4, Class B1(d)(1M USD LIBOR + 2.950%)
	597,000		3.053		11/25/49	600,175
FHLMC STACR REMIC Trust Series 2020-DNA1, Class M2(d)(1M USD LIBOR + 1.700%)
	1,334,898		1.803		01/25/50	1,338,364
FHLMC STACR REMIC Trust Series 2020-DNA2, Class B1(d)(1M USD LIBOR + 2.500%)
	495,000		2.603		02/25/50	495,984
FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2(d) (1M USD LIBOR + 3.000%)
	37,060		3.103		06/25/50	37,112
FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1(d)(1M USD LIBOR + 6.000%)
	1,516,000		6.103		08/25/50	1,594,900
FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2(d)(1M USD LIBOR + 3.750%)
	176,740		3.853		08/25/50	177,768
FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1(d)(SOFR30A + 4.800%)
	2,044,000		4.850		10/25/50	2,162,684
FHLMC STACR REMIC Trust Series 2020-DNA6, Class B2(d)(SOFR30A + 5.650%)
	600,000		5.700		12/25/50	628,548
FHLMC STACR REMIC Trust Series 2020-DNA6, Class M2(d)(SOFR30A + 2.000%)
	1,270,000		2.050		12/25/50	1,276,070
FHLMC STACR REMIC Trust Series 2020-HQA2, Class B1(d)(1M USD LIBOR + 4.100%)
	3,826,645		4.203		03/25/50	3,954,762
FHLMC STACR REMIC Trust Series 2020-HQA4, Class B1(d)(1M USD LIBOR + 5.250%)
	728,000		5.353		09/25/50	758,029

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2(d) (1M USD LIBOR + 3.150%)
$	106,275		3.253	%	09/25/50	$     106,655
FHLMC STACR REMIC Trust Series 2021-DNA1, Class B2(d) (SOFR30A + 4.750%)
	1,022,000		4.800		01/25/51	1,034,293
FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1(d) (SOFR30A + 3.400%)
	257,000		3.450		10/25/41	258,569
FHLMC STACR REMIC Trust Series 2021-DNA6, Class B2(d) (SOFR30A + 7.500%)
	760,000		7.550		10/25/41	789,917
FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2(d) (SOFR30A + 2.050%)
	890,000		2.100		12/25/33	892,273
FHLMC STACR Debt Notes Series 2021-DNA7, Class B1(d) (SOFR30A + 3.650%)
	616,000		3.700		11/25/41	625,716
FHLMC STACR Debt Notes Series 2021-DNA7, Class B2(d) (SOFR30A + 7.800%)
	204,000		7.850		11/25/41	214,460
FNMA Connecticut Avenue Securities Series 2018-C01, Class 1M2 (1M USD LIBOR + 2.250%)
	1,998,010		2.353		07/25/30	2,020,397
FNMA Connecticut Avenue Securities Series 2013-C01, Class M2 (1M USD LIBOR + 5.250%)
	119,099		5.353		10/25/23	123,793
FNMA Connecticut Avenue Securities Series 2014-C01, Class M2 (1M USD LIBOR + 4.400%)
	651,896		4.503		01/25/24	675,196
FNMA Connecticut Avenue Securities Series 2014-C02, Class 1M2 (1M USD LIBOR + 2.600%)
	473,418		2.703		05/25/24	483,032
FNMA Connecticut Avenue Securities Series 2016-C01, Class 1M2 (1M USD LIBOR + 6.750%)
	1,306,349		6.853		08/25/28	1,369,362
FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%)
	1,912,203		5.403		10/25/28	1,985,287
Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1 (1M USD LIBOR + 0.520%)
	2,044,502		0.622		06/25/35	1,851,254
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1(d)
	1,632,000		2.520		05/25/52	1,632,954

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
London Wall Mortgage Capital PLC Series 2017-FL1, Class A(3M GBP LIBOR + 0.850%)
GBP	2,222,622		0.952	%	11/15/49	$    3,011,522
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1(12M MTA + 0.800%)
$	1,093,616		0.882		12/25/46	1,036,120
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A(12M MTA + 0.850%)
	172,898		0.932		12/25/46	163,129
Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1(1M USD LIBOR + 0.400%)
	814,987		0.502		05/25/47	943,557
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006- AR4, Class A4A(1M USD LIBOR + 0.480%)
	799,167		0.582		12/25/36	757,895
Residential Accredit Loans, Inc. Series 2005-QO5, Class A1(12M MTA + 1.000%)
	2,109,481		1.082		01/25/46	1,939,555
Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1(1M USD LIBOR + 0.540%)
	1,403,091		0.642		02/25/46	910,038
Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1(12M MTA + 0.800%)
	2,457,086		0.882		09/25/46	2,316,525
Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2(1M USD LIBOR + 0.410%)
	92,954		0.512		09/25/46	95,679
Verus Securitization Trust Series 2021-8, Class A1(d)
	213,000		1.824		11/25/66	212,873
						56,367,908
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  84,845,470
Commercial Mortgage-Backed Securities – 3.1%
Sequential Fixed Rate – 1.8%
BANK Series 2021-BNK38, Class A5
$	1,050,000		2.521	%	12/15/64	$    1,078,797
BANK Series 2021-BNK38, Class E(d)
	300,000		2.500		12/15/64	239,154
3650R Commercial Mortgage Trust Series 2021-PF1 , Class AS
	1,050,000		2.778		11/15/54	1,067,114
WF-RBS Commercial Mortgage Trust Series 2012-C6, Class B
	1,797,620		4.697		04/15/45	1,796,797
CSMC Trust Series 2014-USA, Class E(d)
	1,550,000		4.373		09/15/37	1,407,288

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
Banc of America Commercial Mortgage Trust Series 2016-UBS10, Class D(d)
$	1,100,000		3.000	%	07/15/49	$  1,010,589
BANK Series 2018-BN13, Class D(d)
	750,000		3.000		08/15/61	630,988
COMM 2017-COR2 Mortgage Trust Series 2017-COR2, Class D(d)
	800,000		3.000		09/10/50	749,590
COMM 2017-COR2 Mortgage Trust Series 2019-GC44, Class D(d)
	300,000		2.500		08/15/57	258,384
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D(d)
	756,000		3.250		01/15/60	663,841
BANK Series 2018-BN10, Class D(d)
	500,000		2.600		02/15/61	416,657
Cantor Commercial Real Estate Lending Series 2019-CF2, Class E(d)
	1,200,000		2.500		11/15/52	928,030
BANK Series 2018-BN15, Class D(d)
	780,000		3.000		11/15/61	642,423
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D(d)
	1,000,000		3.000		09/15/50	862,389
JPMBD Commercial Mortgage Trust Series 2017-C7, Class D(d)
	660,000		3.000		10/15/50	614,081
Morgan Stanley Capital I Trust Series 2018-L1, Class D(d)
	900,000		3.000		10/15/51	766,977
BANK Series 2018-BN14, Class D(d)
	500,000		3.000		09/15/60	420,058
Benchmark Mortgage Trust Series 2019-B13, Class D(d)
	750,000		2.500		08/15/57	654,011
Wells Fargo Commercial Mortgage Trust Series 2017-RB1, Class D(d)
	500,000		3.401		03/15/50	456,674
Morgan Stanley Bank of America Merrill Lynch Trust Series 2017-C34, Class D(d)
	831,600		2.700		11/15/52	727,347
						15,391,189
Sequential Floating Rate(b) – 1.3%
BX Trust Series 2021-ARIA, Class F(d) (1M USD LIBOR + 2.594%)
	2,550,000		2.704		10/15/36	2,547,360
JPMDB Commercial Mortgage Securities Trust Series 2016-C4, Class D(d)
	600,000		3.071		12/15/49	532,182
Ready Capital Mortgage Financing LLC Series 2021-FL7, Class A(d) (1M USD LIBOR + 1.200%)
	1,999,892		1.280		11/25/36	1,998,671

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
Barclays Commercial Mortgage Trust Series 2017-C1 Class D(d)
$	550,000		3.492	%	02/15/50	$     502,205
CSAIL 2018-C14 Commercial Mortgage Trust Series 2018-C14, Class D(d)
	650,000		4.924		11/15/51	650,513
DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D(d)
	1,100,000		3.218		06/10/50	1,013,947
DBJPM 16-C1 Mortgage Trust Series 2016-C1, Class D(d)
	1,000,000		3.327		05/10/49	789,498
Citigroup Commercial Mortgage Trust Series 2016-GC36, Class C
	400,000		4.750		02/10/49	407,546
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class D(d)
	817,000		3.041		12/15/59	739,443
Octagon Finance NO 1 DAC, Class A(-1X 3M Euribor + 2.370%)(h)
EUR	843,681		1.809		01/17/23	931,715
CFCRE Commercial Mortgage Trust Series 2016-C6, Class D(d)
	850,000		4.197		11/10/49	781,172
						10,894,252
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$  26,285,441
Federal Agencies – 7.4%
FHLMC – 0.1%
$	11,713		5.000	%	01/01/33	$         13,050
	329		5.000		03/01/33	367
	4,717		5.000		04/01/33	5,252
	586		5.000		05/01/33	652
	2,142		5.000		06/01/33	2,385
	14,769		5.000		07/01/33	16,443
	22,232		5.000		08/01/33	24,739
	2,753		5.000		09/01/33	3,057
	4,855		5.000		10/01/33	5,405
	12,614		5.000		11/01/33	14,043
	5,090		5.000		12/01/33	5,666
	4,776		5.000		01/01/34	5,317
	15,116		5.000		02/01/34	16,858
	6,855		5.000		03/01/34	7,691
	14,353		5.000		04/01/34	16,131
	17,493		5.000		05/01/34	19,489
	246,481		5.000		06/01/34	274,705
	5,697		5.000		11/01/34	6,402
	61,245		5.000		04/01/35	68,182
	1,332		5.000		11/01/35	1,482
						507,316

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – 5.1%
$	12,879,539		4.500	%	12/20/48	$  13,673,487
	5,135,712		5.000		12/20/48	5,490,772
	10,107,146		4.500		01/20/49	10,728,613
	13,000,000		4.500		TBA-30yr(i)	13,741,306
						43,634,178
UMBS – 0.5%
	895		5.000		09/01/22	896
	386		5.000		04/01/23	419
	475		5.500		05/01/25	475
	21,428		4.500		08/01/37	23,669
	4,431		4.500		04/01/39	4,867
	7,102		4.000		08/01/39	7,740
	3,083		4.000		09/01/39	3,360
	26,296		4.500		10/01/39	28,836
	3,000		4.500		05/01/41	3,290
	12,570		4.500		06/01/41	13,783
	11,507		4.500		08/01/41	12,653
	4,047		4.500		10/01/41	4,437
	722		4.500		11/01/42	797
	14,568		4.500		12/01/43	15,991
	801,039		4.500		11/01/48	857,968
	137,473		4.500		01/01/49	147,082
	795,186		4.500		06/01/49	851,168
	660,422		4.500		06/01/49	706,738
	798,077		4.500		08/01/49	854,296
	558,955		4.500		01/01/50	598,306
						4,136,771
UMBS, 30 Year, Single Family(i) – 1.7%
	13,000,000		5.000		TBA-30yr	14,153,766
TOTAL FEDERAL AGENCIES						$    62,432,031
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $165,797,799)						$  173,562,942

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – 11.7%
Collateralized Loan Obligations(d) – 10.2%
Apidos CLO XXIII Series 2015-23A, Class AR(b) (3M USD LIBOR + 1.220%)
$	4,800,000		1.344	%	04/15/33	$  4,804,037
Barings CLO Ltd. IV Series 2020-4A, Class D1(b) (3M USD LIBOR + 3.700%)
	1,000,000		3.832		01/20/32	1,000,380
Cathedral Lake VII Ltd. Series 2021-7RA, Class C(b) (3M USD LIBOR + 2.570%)
	750,000		2.694		01/15/32	739,796
Cathedral Lake VII Ltd. Series 2021-7RA, Class D(b) (3M USD LIBOR + 4.280%)
	1,625,000		4.404		01/15/32	1,625,013
CFIP CLO, Ltd. Series 2017-1A, Class DR(b) (3M USD LIBOR + 3.820%)
	2,200,000		3.905		10/18/34	2,146,841
Crown City CLO I Series 2020-1A, Class A1AR(b) (3M USD LIBOR + 1.190%)
	2,000,000		1.322		07/20/34	1,998,878
Crown Point CLO 9, Ltd. Series 2020-9A, Class AR(b) (3M USD LIBOR +1.190%)
	8,900,000		1.317		07/14/34	8,902,706
Elmwood CLO IV Ltd. Series 2020-1A, Class A(b) (3M USD LIBOR + 1.240%)
	9,000,000		1.364		04/15/33	9,004,950
HalseyPoint CLO 2 Ltd. Series 2020-2A, Class B(b) (3M USD LIBOR + 2.950%)
	2,400,000		3.082		07/20/31	2,401,447
HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1(b) (3M USD LIBOR +1.350%)
	9,400,000		1.482		01/20/33	9,402,275
LCCM Trust Series 2021-FL2, Class A(b) (1M USD LIBOR + 1.284%)
	1,150,000		1.310		12/13/38	1,149,297
MAN GLG US. Ltd. Series CLO 2021-1A, Class A1(b) (3M USD LIBOR +1.300%)
	6,700,000		1.396		07/15/34	6,753,453
Marble Point CLO XIX Ltd. Series 2020-3A, Class D(b) (3M USD LIBOR +3.900%)
	1,000,000		4.024		01/19/34	1,004,560
MF1 Trust Series 2021-FL6, Class A(b) (1M USD LIBOR + 1.100%)
	1,400,000		1.208		07/16/36	1,397,456

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(d) – (continued)
MidOcean Credit CLO VI Series 2016-6A, Class D1R(b) (3M USD LIBOR + 3.520%)
$	1,400,000		3.652	%	04/20/33	$    1,374,965
Mill City Mortgage Loan Trust Series 2017-2, Class A3(b)
	709,926		3.015		07/25/59	726,398
Ocean Trails CLO XI Series 21-11A, Class D(b) (3M USD LIBOR + 3.700%)
	3,000,000		3.852		07/20/34	2,948,019
Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR(b) (3M USD LIBOR + 3.900%)
	1,600,000		4.024		07/15/29	1,580,038
OZLM Ltd. Series 2015-14A, Class CRR(b) (3M USD LIBOR + 3.390%)
	2,200,000		3.514		07/15/34	2,144,168
Stellar Jay Ireland DAC Series 2021-1, Class A
	2,265,132		3.967		10/15/41	2,249,540
TCW CLO AMR Ltd. Series 2019-1A, Class DR(b) (3M USD LIBOR + 3.670%)
	2,300,000		3.825		08/16/34	2,284,486
THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR(b) (3M USD LIBOR + 3.720%)
	1,400,000		3.842		04/18/36	1,400,008
Tikehau US CLO I Ltd. Series 2021-1A, Class E(b) (3M USD LIBOR + 6.910%)
	1,000,000		7.126		01/18/35	955,373
Tralee CLO VII Ltd. Series 2021-7A, Class D(b) (3M USD LIBOR + 3.180%)
	2,150,000		3.304		04/25/34	2,078,442
Venture CDO Ltd. Series 2020-39A, Class A1(b) (3M USD LIBOR + 1.280%)
	6,200,000		1.404		04/15/33	6,201,786
Voya CLO Ltd. Series 2019-1A, Class AR(b) (3M USD LIBOR + 1.060%)
	3,900,000		1.184		04/15/31	3,900,733
Zais CLO 15 Ltd. Series 2020-15A, Class A1R(b) (3M USD LIBOR + 1.350%)
	6,000,000		1.486		07/28/32	5,993,130
						86,168,175
Home Equity(b) – 0.3%
Lehman XS Trust Series 2007-3, Class 1BA2 (6M USD LIBOR + 0.500%)
	102,459		0.746		03/25/37	102,876
Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1M USD LIBOR + 0.340%)
	715,681		0.442		11/25/36	195,884

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Home Equity(b) – (continued)
Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-BC3, Class 2A4 (1M USD LIBOR + 0.260%)
$	247,000		0.362	%	05/25/47	$       224,722
Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-EQ1, Class A1 (1M USD LIBOR + 0.215%)
	2,690,770		0.532		03/25/37	2,145,327
						2,668,809
Student Loan(b) – 1.2%
SLM Student Loan Trust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%)
	9,775,814		1.124		10/25/21	9,791,876
TOTAL ASSET-BACKED SECURITIES (Cost $98,485,717)						$  98,628,860
Foreign Debt Obligations – 2.4%
Sovereign – 2.4%
Kingdom of Bahrain(d)
$	700,000		5.625	%	05/18/34	$       662,375
Oman Government Bond
	1,110,000		5.375		03/08/27	1,160,394
Perusahaan Penerbit SBSN(d)
	1,020,000		2.550		06/09/31	1,034,025
Republic of Indonesia
	560,000		3.050		03/12/51	553,700
	200,000		3.350		03/12/71	193,500
Republic of Ivory Coast
	530,000		4.875		01/30/32	580,702
	1,990,000		6.125		06/15/33	2,095,470
Republic of Nigeria
	1,030,000		7.875		02/16/32	1,012,026
	590,000		7.696		02/23/38	543,567
Republic of Oman
	1,410,000		4.750		06/15/26	1,447,788
Republic of Qatar
	470,000		3.750	(d)	04/16/30	527,340
	440,000		4.625		06/02/46	553,850
	480,000		4.400	(d)	04/16/50	594,000
Republic of Romania
EUR	1,620,000		3.624	(d)	05/26/30	1,996,530
	230,000		2.000	(d)	01/28/32	242,792

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Republic of Romania – (continued)
EUR	200,000		3.375	%(d)	01/28/50	$       215,063
	120,000		3.375		01/28/50	129,038
$	1,660,000		4.000	(d)	02/14/51	1,655,684
Republic of Turkey
	940,000		4.250		04/14/26	839,420
	700,000		5.250		03/13/30	601,475
	230,000		5.750		05/11/47	186,012
Ukraine Government Bond(d)
EUR	1,550,000		4.375		01/27/30	1,417,033
United Mexican States(c)
$	1,520,000		2.659		05/24/31	1,481,335
	540,000		3.771		05/24/61	497,745
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $20,593,239)						$  20,220,864
Municipal Debt Obligations – 1.2%
Illinois – 1.2%
Illinois State GO Bonds Build America Series 2010(c)
$	4,470,000		7.350	%	07/01/35	$    5,626,833
Illinois State GO Bonds Taxable-Pension Series 2003
	4,280,000		5.100		06/01/33	4,947,185
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $9,138,072)						$  10,574,018
U.S. Treasury Obligations – 21.5%
United States Treasury Bonds
$	47,420,000		3.000	%(j)	02/15/47	$  57,459,703
	10,000		2.750		11/15/47	11,656
	57,700,000		2.375	(j)	11/15/49	63,451,969
	59,500,000		2.000		02/15/50	60,504,063
TOTAL U.S. TREASURY OBLIGATIONS (Cost $182,066,043)						$181,427,391
Shares		Dividend Rate				Value
Investment Company(k) – 12.3%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	104,231,449		0.026%			$104,231,449
(Cost $104,231,449)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(l) – 1.4%
Commercial Paper – 1.4%
AT&T, Inc.
$	6,000,000		0.000	%	01/20/22	$    5,999,200
Enel Finance America LLC
	350,000		0.000		02/16/22	349,862
AT&T, Inc
	3,000,000		0.000		06/21/22	2,992,661
Enbridge, Inc.
	2,500,000		0.000		03/17/22	2,498,063
TOTAL SHORT-TERM INVESTMENTS (Cost $11,839,494)						$  11,839,786
TOTAL INVESTMENTS – 97.0% (Cost $848,989,645)						$819,158,237
OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.0%						24,982,059
NET ASSETS – 100.0%						$844,140,296

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on December 31, 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 December 31, 2021.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	Pay-in-kind securities.
(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.

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

(h)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(i)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $27,895,072 which represents approximately 3.3% of the Fund’s net assets as of December 31, 2021.
(j)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(k)	Represents an affiliated issuer.
(l)	Issued with a zero coupon. Income is recognized through the accretion of discount.

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
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
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona
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
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
PIK	— Payment in Kind
PLC	— Public Limited Company
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Funding Rate
STIBOR	— Stockholm Interbank Offered Rate
TIIE	— La Tasa de Interbank Equilibrium Interest Rate
WIBOR	— Warsaw Interbank Offered Rate

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 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	50,899,362		USD	36,115,774		03/16/22	$	923,430
	CAD	2,839,158		USD	2,202,064		03/16/22		42,043
	CHF	776,911		EUR	748,000		03/16/22		1,383
	CHF	9,407,098		USD	10,234,258		03/16/22		110,178
	CNH	39,227,129		USD	6,107,419		03/16/22		32,520
	CZK	75,855,286		USD	3,349,286		03/16/22		97,193
	EUR	2,046,424		USD	2,313,362		02/10/22		18,374
	EUR	8,241,311		USD	9,333,030		03/16/22		64,496
	GBP	1,273,024		EUR	1,498,845		03/16/22		13,393
	GBP	2,128,942		USD	2,875,221		01/21/22		6,262
	HUF	316,305,600		USD	962,000		03/16/22		5,294
	IDR	19,121,319,032		USD	1,328,146		02/10/22		13,042
	ILS	5,305,988		USD	1,686,952		03/16/22		20,892
	MXN	17,680,300		USD	846,840		01/24/22		13,072
	MXN	35,851,784		USD	1,691,681		03/16/22		35,848
	NOK	47,112,688		USD	5,206,234		03/16/22		135,925
	NZD	1,253,260		EUR	749,288		03/16/22		2,884
	NZD	16,351,720		USD	11,149,461		03/16/22		35,963
	PLN	22,656,999		USD	5,565,073		02/10/22		42,285
	PLN	14,253,541		USD	3,476,092		03/16/22		41,237
	SEK	59,760,078		USD	6,579,108		03/16/22		38,520
	THB	11,630,044		USD	347,799		03/16/22		256
	TRY	27,682,705		USD	1,865,215		03/16/22		94,478
	TRY	15,726,911		USD	1,007,135		06/14/22		32,143
	TWD	72,544,273		USD	2,611,949		01/19/22		8,374
	USD	5,144,261		CAD	6,401,415		01/31/22		83,813
	USD	1,187,952		CLP	977,743,922		02/07/22		46,503
	USD	5,070,993		GBP	3,682,382		01/21/22		86,956
	USD	1,062,455		HUF	345,459,611		03/16/22		6,005
	USD	13,547,622		JPY	1,534,136,803		03/16/22		202,035
	USD	5,075,439		KRW	6,005,779,046		02/10/22		30,472
	USD	2,836,433		MXN	58,012,083		01/24/22		14,915
	USD	3,141,219		NOK	26,198,605		01/25/22		167,682
	USD	902,790		NZD	1,296,333		02/16/22		15,519
	USD	2,577,961		RUB	191,228,274		02/10/22		43,075
	USD	584,469		SEK	5,010,717		01/20/22		29,864
	USD	5,398,831		SEK	48,591,603		03/16/22		17,962
	USD	3,569,000		TRY	34,439,066		06/14/22		1,293,172
	USD	8,971,987		TWD	248,100,090		01/19/22		10,530
	USD	168,348		ZAR	2,704,465		03/16/22		455
	ZAR	25,965,652		USD	1,609,465		03/16/22		2,482
TOTAL								$	3,880,925
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	1,185,048		GBP	640,027		03/16/22	$	(3,663	)
	AUD	2,044,441		USD	1,513,811		01/31/22		(26,232	)
	CAD	8,510,257		USD	6,838,954		01/31/22		(111,424	)
	CLP	1,414,210,429		USD	1,752,296		02/07/22		(101,301	)
	EUR	3,004,136		CHF	3,140,659		03/16/22		(27,998	)
	EUR	1,494,902		CNH	10,901,572		03/16/22		(1,715	)
	EUR	746,125		CZK	18,993,742		03/16/22		(12,176	)

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)	EUR	749,726		GBP	643,987		03/16/22	$	(16,465	)
	EUR	1,139,903		PLN	5,295,524		03/16/22		(6,944	)
	JPY	410,005,223		USD	3,619,170		03/16/22		(52,499	)
	KRW	3,000,918,874		USD	2,526,962		02/10/22		(6,135	)
	MXN	58,873,000		USD	2,878,527		01/24/22		(15,136	)
	NOK	9,939,413		USD	1,157,222		01/25/22		(29,101	)
	RUB	278,822,413		USD	3,866,787		02/10/22		(170,771	)
	SEK	16,704,270		EUR	1,628,949		03/16/22		(7,708	)
	TRY	20,343,426		USD	1,555,371		03/16/22		(115,235	)
	TRY	18,712,155		USD	1,785,000		06/14/22		(548,449	)
	TWD	93,915,584		USD	3,396,994		01/19/22		(4,732	)
	USD	4,382,465		AUD	6,037,908		01/31/22		(10,844	)
	USD	5,003,650		AUD	7,026,639		03/16/22		(109,598	)
	USD	11,031,053		CAD	14,119,176		03/16/22		(128,929	)
	USD	436,519		CHF	400,082		03/16/22		(3,428	)
	USD	3,374,561		CNH	21,649,555		03/16/22		(14,088	)
	USD	7,598,156		EUR	6,721,058		02/10/22		(59,951	)
	USD	22,807,140		EUR	20,029,886		03/16/22		(32,838	)
	USD	22,955,081		GBP	17,210,833		03/16/22		(332,768	)
	USD	3,149,106		ILS	9,956,843		03/16/22		(55,715	)
	USD	2,536,595		INR	193,488,914		01/18/22		(55,494	)
	USD	1,633,980		MXN	35,255,269		03/16/22		(64,806	)
	USD	3,760,724		NOK	34,085,411		03/16/22		(104,258	)
	USD	3,465,598		NZD	5,134,418		03/16/22		(46,609	)
	USD	5,339,346		PLN	21,738,000		02/10/22		(40,570	)
	USD	869,768		PLN	3,567,528		03/16/22		(10,586	)
	USD	1,753,558		RUB	132,948,885		02/10/22		(8,787	)
	USD	3,952,444		SEK	35,882,657		03/16/22		(21,079	)
	USD	4,218,380		TRY	63,368,759		03/16/22		(267,573	)
	USD	1,780,421		TWD	49,607,877		01/19/22		(11,432	)
	USD	1,764,522		ZAR	28,841,768		02/03/22		(36,752	)
	ZAR	29,154,868		USD	1,838,607		01/24/22		(15,422	)
	ZAR	16,835,189		USD	1,091,480		02/03/22		(40,061	)
TOTAL								$	(2,729,272	)

FORWARD SALES CONTRACTS — At December 31, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date	Principal Amount		Value
UMBS, 30 Year, Single Family
(Proceeds Receivable: $(36,677,813))		2.500	%	TBA-30yr	07/25/21	$	(36,000,000)	$	(36,759,391)

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

FUTURES CONTRACTS — At December 31, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		2,354		03/22/22	$	307,123,437		$	2,095,429
Short position contracts:
Ultra Long U.S. Treasury Bonds		(978)		03/22/22		(192,788,250	)		(3,392,793	)
Ultra 10 Year U.S. Treasury Notes		(643)		03/22/22		(94,159,312	)		(1,258,179	)
2 Year U.S. Treasury Notes		(350)		03/31/22		(76,360,157	)		77,135
5 Year U.S. Treasury Notes		(1,282)		03/31/22		(155,091,954	)		(78,573	)
20 Year U.S. Treasury Bonds		(29)		03/22/22	$	(4,652,687	)		(9,261	)
Total								$	(4,661,671	)
TOTAL FUTURES CONTRACTS								$	(2,566,242	)

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At December 31, 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 NZDOR(a)	0.500%(b)	09/15/22	NZD	675,090	(c)	$	(2,585,546	)	$	(3,787,916	)	$	1,202,370
3M NZDOR(a)	1.250(b)	12/15/22		28,120	(c)		(72,118	)		(29,670	)		(42,448	)
1M BID Avg(d)	10.565(d)	01/02/23	BRL	8,080	(c)		(8,411	)		—			(8,411	)
1M BID Avg(d)	12.400(d)	01/02/23		25,920	(c)		48,819			(1,384	)		50,203
5.800%(d)	1M BID Avg(d)	01/02/23		67,660	(c)		537,040			39,295			497,745
1M BID Avg(e)	7.200(e)	01/02/23		73,250	(c)		(463,809	)		4,546			(468,355	)
3M AUDOR(a)	0.190(a)	02/22/23	AUD	270,990	(c)		(658,017	)		(3,999,911	)		3,341,894
3M CNY(a)	2.500(a)	09/15/23	CNY	243,960	(c)		192,021			135,093			56,928
12M EURO(e)	(0.250)(e)	11/03/23	EUR	356,590	(c)		365,867			381,668			(15,801	)
0.500(f)	12M SOFR(f)	12/15/23	$	57,000	(c)		236,574			157,715			78,859
1.000(b)	3M CDOR(b)	12/15/23	CAD	36,230	(c)		273,062			(36,598	)		309,660
11.814(d)	1M BID Avg(d)	01/02/24	BRL	5,025	(c)		(14,401	)		—			(14,401	)
11.905(d)	1M BID Avg(d)	01/02/24		5,200	(c)		(15,388	)		—			(15,388	)
12.185(d)	1M BID Avg(d)	01/02/24		6,825	(c)		(25,813	)		—			(25,813	)
7.200(d)	Mexico IB TIIE 28D(d)	03/13/24	MXN	419,120	(c)		129,174			6,024			123,150
3M STIBOR(a)	0.500(f)	03/16/24	SEK	561,450	(c)		142,329			134,915			7,414
1.500(a)	3M KWCDC(a)	03/16/24	KRW	16,221,740	(c)		90,266			44,024			46,242
0.250(f)	12M SOFR(f)	03/16/24	$	40,430	(c)		504,077			392,473			111,604
3M JIBAR(a)	5.650(a)	03/16/24	ZAR	139,315	(c)		(2,507	)		(1,632	)		(875	)
0.000(f)	6M EURO(b)	03/16/24	EUR	2,400	(c)		14,623			11,678			2,945
3.150(f)	6M WIBOR(b)	03/16/24	PLN	28,212	(c)		131,579			5,140			126,439
1M LIBOR + 0.090%(a)	3M LIBOR(a)	07/25/24	$	522,840	(c)		120,044			175,496			(55,452	)
6M EURO(f)	(0.295)(f)	12/09/24	EUR	77,190	(c)		(186,263	)		24,735			(210,998	)
0.000(f)	6M EURO(b)	03/16/25		5,670	(c)		30,523			11,036			19,487
6M CDOR(b)	1.560(b)	08/22/25	CAD	81,640	(c)		(696,362	)		37,738			(734,100	)
3M CNY(a)	2.750(a)	09/15/26	CNY	69,990	(c)		189,048			67,439			121,609
12M EURO(f)	(0.175)(f)	12/09/26	EUR	54,590	(c)		—			—			—
0.175(f)	12M EURO(f)	12/09/26		169,640	(c)		839,172			20,411			818,761
3M CNY(a)	2.500(a)	12/15/26	CNY	24,620	(c)		23,671			(24,595	)		48,266
7.400(g)	Mexico IB TIIE 28D(g)	03/10/27	MXN	192,250	(c)		38,124			(50,041	)		88,165
12M CHFOR(f)	(0.250)(f)	03/16/27	CHF	7,540	(c)		(25,971	)		(14,867	)		(11,104	)
3M STIBOR(a)	0.750(f)	03/16/27	SEK	453,380	(c)		(34,083	)		303,891			(337,974	)
6M AUDOR(b)	1.250(b)	03/16/27	AUD	288,120	(c)		(5,039,725	)		(4,942,112	)		(97,613	)
3M NZDOR(a)	2.750(b)	03/16/27	NZD	71,360	(c)		286,791			315,254			(28,463	)
1.000(f)	12M SOFR(f)	03/16/27	$	90,670	(c)		756,877			621,441			135,436
2.000(f)	6M NIBOR(b)	03/16/27	NOK	210,850	(c)		(101,037	)		(202,166	)		101,129
1.750(b)	3M CDOR(b)	03/16/27	CAD	66,440	(c)		301,565			427,918			(126,353	)
0.000(f)	6M EURO(f)	03/16/27	EUR	64,810	(c)		752,479			345,907			406,572
0.500(f)	6M GBP(f)	03/16/27	GBP	69,150	(c)		2,596,239			1,774,905			821,334
0.000(f)	12M JYOR(f)	03/16/27	JPY	13,728,200	(c)		(58,741	)		(194,502	)		135,761
3.250(f)	6M WIBOR(b)	03/16/27	PLN	29,825	(c)		184,926			98,241			86,685
6M EURO(b)	0.200(f)	11/03/27	EUR	26,850	(c)		48,085			(549,963	)		598,048
0.000(f)	12M EURO(f)	11/03/27		83,110	(c)		(266,670	)		(597,411	)		330,741
0.015(f)	6M EURO(b)	12/13/27		4,500	(c)		44,245			29,317			14,928
1.680(b)	3M CDOR(b)	08/22/28	CAD	64,790	(c)		754,836			(65,954	)		820,790
6M EURO(b)	1.250%(f)	12/19/28	EUR	2,630	(c)		(550	)		—			(550	)
1.250%(f)	6M EURO(b)	12/19/28		2,630	(c)		(236,418	)		(54,619	)		(181,799	)
0.000(f)	6M EURO(b)	03/16/29		970	(c)		12,891			(465	)		13,356
2.130(f)	6M NIBOR(b)	05/11/31	NOK	269,650	(c)		(239,342	)		(654,587	)		415,245
1.750(a)	3M KWCDC(a)	09/15/31	KRW	4,949,610	(c)		38,397			135,525			(97,128	)
3M NZDOR(a)	3.000(b)	09/16/31	NZD	19,280	(c)		146,583			122,629			23,954
12M SOFR(f)	1.530(f)	09/22/31	$	50,730	(c)		33,137			6,308			26,829
3M CDOR(b)	2.500(b)	10/14/31	CAD	31,620	(c)		429,322			146,913			282,409
6M EURO(b)	0.500(f)	11/26/31	EUR	81,360	(c)		(358,963	)		570,580			(929,543	)

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 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)
12M EURO(f)	0.140%(f)		12/09/31		EUR	30,350	(c)	$	(370,213	)	$	(1,311	)	$	(368,902	)
7.400%(g)	Mexico IB TIIE 28D(g)		03/03/32		MXN	48,320	(c)		30,488			(6,592	)		37,080
12M CHFOR(f)	0.250(f)		03/16/32		CHF	20,080	(c)		308,289			291,405			16,884
6M EURO(b)	0.250(f)		03/16/32		EUR	14,150	(c)		(133,645	)		28,748			(162,393	)
3M STIBOR(a)	1.000(f)		03/16/32		SEK	310,080	(c)		(1,939	)		546,636			(548,575	)
12M SOFR(f)	1.500(f)		03/16/32		$	27,640	(c)		401,366			539,970			(138,604	)
6M NIBOR(b)	2.000(f)		03/16/32		NOK	63,840	(c)		51,011			190,701			(139,690	)
6M AUDOR(b)	2.000(b)		03/16/32		AUD	37,930	(c)		(87,176	)		28,000			(115,176	)
1.500(f)	12M SOFR(f)		03/16/32		$	12,980	(c)		(188,485	)		(159,692	)		(28,793	)
2.750(b)	3M NZDOR(a)		03/16/32		NZD	22,700	(c)		(94,481	)		(176,216	)		81,735
2.000(b)	3M CDOR(b)		03/16/32		CAD	39,110	(c)		19,308			58,468			(39,160	)
0.250(f)	6M EURO(b)		03/16/32		EUR	48,640	(c)		459,399			185,335			274,064
0.750(f)	12M GBP(f)		03/16/32		GBP	49,950	(c)		1,359,775			(20,397	)		1,380,172
0.000(f)	12M JYOR(f)		03/16/32		JPY	1,793,340	(c)		131,227			70,379			60,848
3.100(f)	6M WIBOR(b)		03/16/32		PLN	19,600	(c)		192,156			(9,455	)		201,611
3M JIBAR(a)	7.600(a)		03/16/32		ZAR	53,100	(c)		13,120			2,495			10,625
6M EURO(b)	0.500(f)		03/17/32		EUR	61,710	(c)		(382,000	)		57,576			(439,576	)
3M STIBOR(a)	1.000(f)		03/17/32		SEK	86,340	(c)		(111,646	)		(68,629	)		(43,017	)
6M AUDOR(b)	2.000(b)		03/17/32		AUD	8,300	(c)		(92,915	)		(449,734	)		356,819
1.500(f)	12M SOFR(f)		03/17/32		$	37,500	(c)		63,859			26,690			37,169
2.000(b)	3M CDOR(b)		03/17/32		CAD	15,550	(c)		84,756			65,759			18,997
1.000(f)	12M GBP(f)		03/17/32		GBP	22,360	(c)		(214,467	)		(1,065,251	)		850,784
3M CDOR(b)	2.100(b)		12/18/33		CAD	18,020	(c)		(56,431	)		90,217			(146,648	)
1.630(f)	12M SOFR(f)		09/22/36		$	60,960	(c)		128,211			19,580			108,631
6M EURO(b)	0.720(f)		12/02/36		EUR	32,430	(c)		(291,318	)		127,321			(418,639	)
0.750(f)	6M EURO(b)		11/26/41			41,550	(c)		252,593			(813,808	)		1,066,401
0.531(f)	6M EURO(b)		12/02/41			67,600	(c)		698,882			(263,796	)		962,678
0.500(f)	6M EURO(b)		03/16/42			740	(c)		9,708			(27,405	)		37,113
6M EURO(b)	0.257(f)		12/02/46			35,260	(c)		(337,920	)		131,905			(469,825	)
3M CDOR(b)	2.250(b)		12/15/51		CAD	15,450	(c)		454,621			(36,994	)		491,615
1.750(f)	12M SOFR(f)		03/16/52		$	12,880	(c)		(905,249	)		(1,198,479	)		293,230
TOTAL								$	593,135		$	(10,496,712	)	$	11,089,847

(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 December 31, 2021.

(d) Payments made monthly.

(e) Payments made at maturity.

(f) Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)		Credit Spread at December 31, 2021(b)		Counterparty	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 11		3.000%		3.952%	MS & Co. Int. PLC	11/18/54	$	4,100	$	(191,718	)	$	(916,940	)	$	725,222
Markit CMBX Series 10		3.000		5.156	MS & Co. Int. PLC	11/17/59		5,900		(522,949	)		(942,545	)		419,596
Markit CMBX Series 8		3.000		8.605	Signature Bank NY	10/17/57		5,500		(742,730	)		(1,130,054	)		387,324
Markit CMBX Series 11		3.000		3.952	Signature Bank NY	11/18/54		2,400		(112,225	)		(272,848	)		160,623
Markit CMBX Series 8		3.000		8.605	MS & Co. Int. PLC	10/17/57		600		(81,025	)		(93,282	)		12,257
TOTAL									$	(1,650,647	)	$	(3,355,669	)	$	1,705,022

(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 STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 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 December 31, 2021(b)			Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Republic of Italy		1.000	%		1.867	%		12/20/26	$	53,010	$	(2,108,360	)	$	(1,756,278	)	$	(352,082	)
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000			0.302			12/20/24		3,250		68,279			25,797			42,482
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000			0.396			12/20/25		2,880		69,265			38,346			30,919
Republic of Chile, 3.875%, 08/05/20		1.000			0.543			12/20/25		2,380		43,348			51,100			(7,752	)
Republic of Indonesia, 5.875%, 03/13/20		1.000			0.367			06/20/24		8,760		139,937			28,220			111,717
Republic of the Philippines, 10.625%, 03/16/25		1.000			0.439			12/20/25		2,370		52,873			60,710			(7,837	)
Russian Federation, 7.500%, 03/31/30		1.000			1.243			12/20/26		230		(2,594	)		1,503			(4,097	)
State of Qatar, 9.750%, 06/15/30		1.000			0.217			06/20/24		1,330		26,255			14,277			11,978
State of Qatar, 9.750%, 06/15/30		1.000			0.243			12/20/24		520		11,864			6,526			5,338
TOTAL											$	(1,699,133	)	$	(1,529,799	)	$	(169,334	)

(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 STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
9M IRS	UBS AG (London)		1.160	%		10/11/2022	69,630,000	$	69,630,000		$	223,056		$	272,833		$	(49,777	)
2Y IRS	JPMorgan Securities, Inc.		0.700			11/14/2022	45,500,000		45,500,000			73,637			460,526			(386,889	)
1Y IRS	JPMorgan Securities, Inc.		1.053			06/21/2022	34,800,000		34,800,000			84,234			310,504			(226,270	)
6M IRS	Citibank NA		0.605			01/07/2022	56,260,000		56,260,000			6			163,016			(163,010	)
1Y IRS	JPMorgan Securities, Inc.		0.300			09/08/2022	68,670,000		68,670,000			16,907			133,652			(116,745	)
1Y IRS	JPMorgan Securities, Inc.		0.281			09/08/2022	52,550,000		52,550,000			12,227			100,395			(88,168	)
1Y IRS	Citibank NA		0.459			10/10/2022	57,570,000		57,570,000			25,925			125,849			(99,924	)
1Y IRS	Citibank NA		0.420			10/10/2022	63,020,000		63,020,000			25,292			136,424			(111,132	)
6M IRS	Citibank NA		0.465			02/22/2022	57,790,000		57,790,000			1,676			73,584			(71,908	)
1Y IRS	Citibank NA MS & Co.		0.516			11/15/2022	63,450,000		63,450,000			38,587			148,996			(110,409	)
1Y IRS	Int. PLC		0.544			11/16/2022	57,770,000		57,770,000			38,229			136,047			(97,818	)
6M IRS	Citibank NA		0.855			03/23/2022	56,470,000		56,470,000			30,850			257,189			(226,339	)
							683,480,000	$	683,480,000		$	570,626		$	2,319,015		$	(1,748,389	)
Puts
6M IRS	Barclays Bank PLC		0.368			05/26/2022	1,518,600,000		1,518,600,000			118,166			85,114			33,052
Total purchased option contracts							2,202,080,000	$	2,202,080,000		$	688,792		$	2,404,129		$	(1,715,337	)
Written option contracts
Calls
9M IRS	UBS AG (London)		0.850			10/11/2022	(7,320,000)		(7,320,000	)		(213,903	)		(297,511	)		83,608
1Y IRS	Citibank NA		0.015			12/09/2022	(26,030,000)		(26,030,000	)		(208,294	)		(361,628	)		153,334
1Y IRS	Citibank NA		1.252			12/13/2022	(43,400,000)		(43,400,000	)		(110,661	)		(136,059	)		25,398
1Y IRS	Citibank NA		1.255			12/13/2022	(62,200,000)		(62,200,000	)		(159,605	)		(196,241	)		36,636
1M IRS	Citibank NA		0.115			01/13/2022	(20,980,000)		(20,980,000	)		(3,330	)		(143,233	)		139,903
1M IRS	Deutsche Bank AG (London)		1.265			01/13/2022	(24,610,000)		(24,610,000	)		(84,009	)		(212,261	)		128,252
1Y IRS	Deutsche Bank AG (London)		0.223			11/01/2022	(12,780,000)		(12,780,000	)		(185,311	)		(214,298	)		28,987
1Y IRS	JPMorgan Securities, Inc.		0.130			11/01/2022	(14,380,000)		(14,380,000	)		(161,059	)		(267,808	)		106,749
1Y IRS	UBS AG (London)		0.130			11/01/2022	(43,110,000)		(43,110,000	)		(482,841	)		(731,391	)		248,550
2Y IRS	JPMorgan Securities, Inc.		1.060			11/14/2022	(8,800,000)		(8,800,000	)		(138,437	)		(457,091	)		318,654
1Y IRS	JPMorgan Securities, Inc.		1.378			06/21/2022	(18,330,000)		(18,330,000	)		(171,276	)		(310,404	)		139,128
6M IRS	Citibank NA		1.124			01/07/2022	(18,250,000)		(18,250,000	)		(7	)		(162,806	)		162,799
1Y IRS	JPMorgan Securities, Inc.		0.401			09/08/2022	(7,090,000)		(7,090,000	)		(64,647	)		(133,722	)		69,075
1Y IRS	JPMorgan Securities, Inc.		0.363			09/08/2022	(5,420,000)		(5,420,000	)		(44,537	)		(100,336	)		55,799
1Y IRS	Citibank NA		0.425			10/10/2022	(5,890,000)		(5,890,000	)		(65,359	)		(125,861	)		60,502
1Y IRS	Citibank NA		0.379			10/10/2022	(6,500,000)		(6,500,000	)		(64,252	)		(136,510	)		72,258
6M IRS	Citibank NA		0.849			02/22/2022	(18,250,000)		(18,250,000	)		(1,962	)		(73,589	)		71,627
1Y IRS	Citibank NA		1.296			12/15/2022	(45,600,000)		(45,600,000	)		(126,262	)		(142,956	)		16,694
1M IRS	Citibank NA		0.137			01/20/2022	(21,470,000)		(21,470,000	)		(11,107	)		(135,719	)		124,612
1M IRS	MS & Co. Int. PLC		1.300			01/24/2022	(24,610,000)		(24,610,000	)		(138,387	)		(218,106	)		79,719
1M IRS	MS & Co. Int. PLC		1.370			01/31/2022	(24,610,000)		(24,610,000	)		(247,075	)		(219,337	)		(27,738	)
1M IRS	JPMorgan Securities, Inc.		0.308			01/31/2022	(21,440,000)		(21,440,000	)		(149,705	)		(166,090	)		16,385
1Y IRS	Citibank NA		0.553			11/15/2022	(6,550,000)		(6,550,000	)		(111,351	)		(148,881	)		37,530

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 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)
Calls (continued)
1Y IRS	MS & Co. Int. PLC		0.599	%		11/16/2022	(5,970,000)	$	(5,970,000	)	$	(112,822	)	$	(136,081	)	$	23,259
6M IRS	Citibank NA		1.406			03/23/2022	(18,340,000)		(18,340,000	)		(115,608	)		(257,184	)		141,576
1Y IRS	Citibank NA		1.290			12/12/2022	(148,000,000)		(148,000,000	)		(408,420	)		(473,600	)		65,180
1Y IRS	BNP Paribas SA		0.223			11/01/2022	(15,480,000)		(15,480,000	)		(224,461	)		(256,817	)		32,356
1Y IRS	BNP Paribas SA		0.130			11/01/2022	(50,100,000)		(50,100,000	)		(561,130	)		(759,398	)		198,268
3M IRS	BNP Paribas SA		0.082			03/16/2022	(54,730,000)		(54,730,000	)		(116,832	)		(330,878	)		214,046
1M IRS	JPMorgan Securities, Inc.		0.178			01/06/2022	(20,980,000)		(20,980,000	)		(1,555	)		(178,978	)		177,423
1M IRS	Morgan Stanley & Co.		1.283			01/06/2022	(24,610,000)		(24,610,000	)		(57,767	)		(239,947	)		182,180
							(825,830,000)	$	(825,830,000	)	$	(4,541,972	)	$	(7,724,721	)	$	3,182,749
Puts
1Y IRS	Citibank NA		0.015			12/09/2022	(26,030,000)		(26,030,000	)		(466,158	)		(357,019	)		(109,139	)
1Y IRS	Citibank NA		1.252			12/13/2022	(43,400,000)		(43,400,000	)		(138,090	)		(136,059	)		(2,031	)
1Y IRS	Citibank NA		1.255			12/13/2022	(62,200,000)		(62,200,000	)		(197,062	)		(196,241	)		(821	)
1M IRS	Citibank NA		0.115			01/13/2022	(20,980,000)		(20,980,000	)		(473,011	)		(143,233	)		(329,778	)
1M IRS	Deutsche Bank AG (London)		1.265			01/13/2022	(24,610,000)		(24,610,000	)		(215,539	)		(212,261	)		(3,278	)
1Y IRS	Deutsche Bank AG (London)		0.223			11/01/2022	(12,780,000)		(12,780,000	)		(145,929	)		(214,298	)		68,369
1Y IRS	JPMorgan Securities, Inc.		0.130			11/01/2022	(14,380,000)		(14,380,000	)		(193,527	)		(134,736	)		(58,791	)
1Y IRS	UBS AG (London)		0.130			11/01/2022	(43,110,000)		(43,110,000	)		(580,179	)		(400,048	)		(180,131	)
1Y IRS	BNP Paribas SA		0.107			05/26/2022	(26,750,000)		(26,750,000	)		(395,097	)		(272,661	)		(122,436	)
1Y IRS	Citibank NA		1.296			12/15/2022	(45,600,000)		(45,600,000	)		(138,492	)		(142,956	)		4,464
1M IRS	Citibank NA		0.137			01/20/2022	(21,470,000)		(21,470,000	)		(444,453	)		(135,719	)		(308,734	)
1M IRS	JPMorgan Securities, Inc.		0.308			01/31/2022	(21,440,000)		(21,440,000	)		(170,998	)		(166,090	)		(4,908	)
1M IRS	MS & Co. Int. PLC		1.300			01/24/2022	(24,610,000)		(24,610,000	)		(226,476	)		(218,106	)		(8,370	)
1M IRS	MS & Co. Int. PLC		1.370			01/31/2022	(24,610,000)		(24,610,000	)		(179,013	)		(219,337	)		40,324
1Y IRS	Citibank NA		1.290			12/12/2022	(148,000,000)		(148,000,000	)		(443,748	)		(473,600	)		29,852
1Y IRS	BNP Paribas SA		0.223			11/01/2022	(15,480,000)		(15,480,000	)		(176,760	)		(244,839	)		68,079
1Y IRS	BNP Paribas SA		0.130			11/01/2022	(50,100,000)		(50,100,000	)		(674,250	)		(649,504	)		(24,746	)
3M IRS	BNP Paribas SA		0.082			03/16/2022	(54,730,000)		(54,730,000	)		(567,645	)		(326,024	)		(241,621	)
1M IRS	JPMorgan Securities, Inc.		0.178			01/06/2022	(20,980,000)		(20,980,000	)		(313,472	)		(178,978	)		(134,494	)
1M IRS	Morgan Stanley & Co.		1.283			01/06/2022	(24,610,000)		(24,610,000	)		(139,888	)		(239,947	)		100,059
							(725,870,000)	$	(725,870,000	)	$	(6,279,787	)	$	(5,061,656	)	$	(1,218,131	)
Total written option contracts							(1,551,700,000)	$	(1,551,700,000	)	$	(10,821,759	)	$	(12,786,377	)	$	1,964,618
TOTAL							650,380,000	$	650,380,000		$	(10,132,967	)	$	(10,382,248	)	$	249,281

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

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 - 0.0%
Call USD/Put ZAR	JPMorgan Securities, Inc.	$	16.450		01/20/2022		3,375,000	$	3,375,000		$	17,617		$	20,486		$	(2,869	)
Total purchased option contracts							3,375,000	$	3,375,000		$	17,617		$	20,486		$	(2,869	)
Written option contracts
Puts - 0.0%
Put USD/Call ZAR	JPMorgan Securities, Inc.		15.450		01/20/2022		(3,375,000)		(3,375,000	)		(9,200	)		(22,140	)		12,940
Total written option contracts							(3,375,000)	$	(3,375,000	)	$	(9,200	)	$	(22,140	)	$	12,940
TOTAL							—	$	—		$	8,417		$	(1,654	)	$	10,071

Abbreviations:
1M IRS	— 1 Month 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
3Y IRS	— 3 Years Interest Rate Swaptions
1M BID Avg	— 1 Month Brazilian Interbank Deposit Average
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D	— Mexico Interbank TIIE 28 Days

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 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 and GSAMI’s assumptions in Ýetermining 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.

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.

The Income, Long Short Credit Strategies and Strategic Income Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

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.

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.

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM and GSAMI to not represent fair value, equity securities 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 securitiesÜontaining unique attributes may be classified as Level 2.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation 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 Fair 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.

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

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

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence 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, whereÚvailable. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 interest rate 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.

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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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 and 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 believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of December 31, 2021:

BOND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	223,927,696		$	—
Mortgage-Backed Obligations		—			146,607,028			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		98,560,200			2,996,854			—
Asset-Backed Securities		—			51,361,967			—
Foreign Debt Obligations		—			6,878,963			—
Municipal Debt Obligations		—			5,277,412			—
Investment Company		7,425,342			—			—
Total	$	105,985,542		$	437,049,920		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(7,236,094	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,958,102		$	—
Futures Contracts(a)		431,375			—			—
Interest Rate Swap Contracts(a)		—			3,111,338			—
Credit Default Swap Contracts(a)		—			549,498			—
Purchased Option Contracts		—			158,114			—
Total	$	431,375		$	5,777,052		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,482,816	)	$	—
Futures Contracts(a)		(381,732	)		—			—
Interest Rate Swap Contracts(a)		—			(973,746	)		—
Credit Default Swap Contracts(a)		—			(44,479	)		—
Written Option Contracts		—			(1,371,373	)		—
Total	$	(381,732	)	$	(3,872,414	)	$	—

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 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	$	—		$	783,392,418		$	—
Foreign Debt Obligations		—			17,977,273			—
Asset-Backed Securities		—			117,769,132			—
Mortgage-Backed Obligations		—			489,675,331			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		677,416,487			34,159,948			—
Municipal Debt Obligations		—			26,872,107			—
Investment Company		46,618,209			—			—
Short-term Investments		—			35,796,727			—
Total	$	724,034,696		$	1,505,642,936		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(56,406,761	)	$	—
Total	$	—		$	(56,406,761	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	156,510		$	—
Futures Contracts(a)		2,661,956			—			—
Interest Rate Swap Contracts(a)		—			3,621,302			—
Credit Default Swap Contracts(a)		—			3,220,585			—
Options Purchased		—			262,085			—
Total	$	2,661,956		$	7,260,482		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(62,655	)	$	—
Futures Contracts(a)		(4,862,834	)		—			—
Interest Rate Swap Contracts(a)		—			(1,235,134	)		—
Credit Default Swap Contracts(a)		—			(252,959	)		—
Written option contracts		—			(2,853,101	)		—
Total	$	(4,862,834	)	$	(4,403,849	)	$	—
GLOBAL CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	135,015,309		$	99,161,659		$	—
Corporate Obligations		—			252,737,515			—
Asset-Backed Securities		—			42,454,173			—
Mortgage-Backed Obligations		—			75,298,040			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		30,388,558			1,662,929			—
Structured Note		—			1,133,203			—
Investment Company		32,077,614			—			—
Total	$	197,481,481		$	472,447,519		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(2,104,622	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	2,977,115		$	—
Futures Contracts(a)		753,439			—			—
Interest Rate Swap Contracts(a)		—			3,477,187			—
Credit Default Swap Contracts(a)		—			773,304			—
Purchased Option Contracts		—			444,528			—
Total	$	753,439		$	7,672,134		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(2,934,112	)	$	—
Futures Contracts(a)		(841,439	)		—			—
Interest Rate Swap Contracts(a)		—			(1,603,799	)		—
Credit Default Swap Contracts(a)		—			(16,734	)		—
Written Option Contracts		—			(949,243	)		—
Total	$	(841,439	)	$	(5,503,888	)	$	—

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	12,007,225		$	74,250
Corporate Obligations		—			72,886,623			—
Mortgage-Backed Obligations		—			2,889,377			—
Asset-Backed Securities		—			3,059,065			—
Foreign Debt Obligations		—			11,698,313			—
U.S. Treasury Obligations		2,174,600			—			—
Common Stock and/or Other Equity Investments
North America		65,764			—			—
Investment Company		976,019			—			—
Total	$	3,216,383		$	102,540,603		$	74,250
Liabilities
Fixed Income
Unfunded Loan Commitment	$	—		$	(22	)	$	—
Derivative Type
Assets(a)
Futures Contracts	$	41,417		$	—		$	—
Interest Rate Swap Contracts		—			67,985			—
Credit Default Swap Contracts		—			182,807			—
Total	$	41,417		$	250,792		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(53,910	)	$	—
Futures Contracts		(16,620	)		—			—
Total	$	(16,620	)	$	(53,910	)	$	—
LONG-SHORT CREDIT STRATEGIES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	38,064,062		$	563,772
Other Secured Debt Obligations		—			16,973,753			—
Unsecured Debt Obligations		—			72,004,104			—
Unfunded Loan Committment		—			63			—
Common Stock and/or Other Equity Investments
North America		—			697,764			—
Investment Company		4,323,380			—			—
Total	$	4,323,380		$	127,739,746		$	563,772
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—		$	24,798		$	—
Total	$	—		$	24,798		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,420	)	$	—
Interest Rate Swap Contracts		—			(36,531	)		—
Total	$	—		$	(37,951	)	$	—

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

STRATEGIC INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	26,571,608		$	—
Corporate Obligations		—			192,101,319			—
Mortgage-Backed Obligations		—			172,631,227			931,715
Asset-Backed Securities		—			98,628,860			—
Foreign Debt Obligations		—			20,220,864			—
Municipal Debt Obligations		—			10,574,018			—
U.S. Treasury Obligations		181,427,391			—			—
Investment Company		104,231,449			—			—
Short-term Investments		—			11,839,786			—
Total	$	285,658,840		$	532,567,682		$	931,715
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(36,759,391	)	$	—
Total	$	—		$	(36,759,391	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	3,880,925		$	—
Futures Contracts(a)		2,172,564			—			—
Interest Rate Swap Contracts(a)		—			17,551,414			—
Credit Default Swap Contracts(a)		—			1,907,456			—
Options Purchased		—			706,409			—
Total	$	2,172,564		$	24,046,204		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(2,729,272	)	$	—
Futures Contracts(a)		(4,738,806	)		—			—
Interest Rate Swap Contracts(a)		—			(6,461,567	)		—
Credit Default Swap Contracts(a)		—			(371,768	)		—
Written option contracts		—			(10,830,959	)		—
Total	$	(4,738,806	)	$	(20,393,566	)	$	—

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

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

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the 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.

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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

On March 5, 2021, the United Kingdom’s Financial Conduct Authority (“FCA”) and ICE Benchmark Authority formally announced that certain LIBOR benchmarks will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. 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; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or 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 Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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

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

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

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

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may 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 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.

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

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.