GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 65.4%
Aerospace & Defense – 1.4%
Howmet Aerospace, Inc.(a)
$	821,000		5.125	%	10/01/24	$       884,628
Teledyne Technologies, Inc.
	2,700,000		0.650		04/01/23	2,687,121
The Boeing Co.
	4,925,000		1.167	(a)	02/04/23	4,925,837
	2,550,000		1.950		02/01/24	2,583,838
TransDigm, Inc.(a)(b)
	1,365,000		8.000		12/15/25	1,436,663
						12,518,087
Agriculture(b) – 0.1%
Cargill, Inc.
	500,000		1.375		07/23/23	504,065
Apparel – 0.2%
NIKE, Inc.(a)
	725,000		2.400		03/27/25	750,875
Ralph Lauren Corp.
	1,061,000		1.700		06/15/22	1,066,995
						1,817,870
Automotive – 2.8%
Dana Financing Luxembourg S.a.r.l.(a)(b)
	1,405,000		5.750		04/15/25	1,441,881
Ford Motor Credit Co. LLC(a)
	1,440,000		3.339		03/28/22	1,442,890
General Motors Co.
	3,423,000		4.875		10/02/23	3,636,390
	1,522,000		5.400		10/02/23	1,630,016
General Motors Financial Co, Inc.
	4,925,000		1.050		03/08/24	4,898,799
	2,425,000		1.200		10/15/24	2,406,958
Hyundai Capital America(b)
	2,375,000		1.000		09/17/24	2,337,451
PACCAR Financial Corp.
	400,000		2.650		04/06/23	409,440
The Goodyear Tire & Rubber Co.(a)
	1,330,000		9.500		05/31/25	1,433,075
Toyota Motor Credit Corp.
	3,222,000		1.350		08/25/23	3,251,643

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – (continued)
Volkswagen Group of America Finance LLC(b)
$	1,025,000		2.900	%	05/13/22	$    1,032,503
	1,225,000		0.750		11/23/22	1,224,853
						25,145,899
Banks – 10.9%
Banco Santander SA
	1,400,000		2.706		06/27/24	1,448,370
Bank of America Corp.(a)(c) (3M USD LIBOR + 0.650%)
	500,000		3.335		01/25/23	501,570
Bank of America Corp.
	1,200,000		4.100		07/24/23	1,261,080
	2,500,000		4.000		01/22/25	2,673,425
(3M USD LIBOR + 0.790%)
	4,125,000		3.004	(a)(c)	12/20/23	4,210,387
(3M USD LIBOR + 0.940%)
	1,300,000		3.864	(a)(c)	07/23/24	1,354,678
Bank of New York Mellon Corp.(a)
	1,375,000		0.350		12/07/23	1,364,082
Banque Federative du Credit Mutuel SA(b)
	1,700,000		2.125		11/21/22	1,723,494
	950,000		0.650		02/27/24	938,781
Barclays Bank PLC(a)
	725,000		1.700		05/12/22	727,320
Barclays PLC(a)(c) (3M USD LIBOR + 1.400%)
	825,000		4.610		02/15/23	828,498
BNP Paribas SA(b)
	900,000		2.950		05/23/22	908,433
	2,475,000		3.500		03/01/23	2,547,988
BPCE SA(b)
	649,000		4.000		09/12/23	679,114
Canadian Imperial Bank of Commerce
	1,175,000		0.950		06/23/23	1,175,940
CIT Group, Inc.(a)
	75,000		4.750		02/16/24	79,313
Citigroup, Inc.(a)
	4,575,000		2.750		04/25/22	4,599,385
	925,000		2.700		10/27/22	939,560
(3M USD LIBOR + 0.722%)
	2,850,000		3.142	(c)	01/24/23	2,853,762
(SOFR + 0.686%)
	1,225,000		0.776	(c)	10/30/24	1,217,172

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Citizens Bank NA(a)
$	1,200,000		3.250	%	02/14/22	$    1,200,972
	900,000		2.250		04/28/25	921,924
Cooperatieve Rabobank UA
	1,050,000		0.375		01/12/24	1,037,022
Danske Bank A/S(a)(b)
	1,175,000		1.226		06/22/24	1,174,835
Fifth Third Bancorp(a)
	325,000		1.625		05/05/23	328,052
Fifth Third Bank NA(a)
	1,125,000		1.800		01/30/23	1,136,396
First Horizon Corp.(a)
	1,000,000		3.550		05/26/23	1,030,730
HSBC Holdings PLC
	1,300,000		3.600		05/25/23	1,348,451
ING Groep NV
	900,000		4.100		10/02/23	947,070
JPMorgan Chase & Co.(a)(c)
(3M USD LIBOR + 0.695%)
	1,775,000		3.207		04/01/23	1,785,526
(SOFR + 0.420%)
	2,750,000		0.563		02/16/25	2,712,600
(SOFR + 0.600%)
	850,000		0.653		09/16/24	845,623
(SOFR + 1.455%)
	2,225,000		1.514		06/01/24	2,240,886
KeyBank NA
	675,000		2.400		06/09/22	680,798
	725,000		1.250		03/10/23	729,444
Lloyds Banking Group PLC(a)(c) (1 Year CMT + 1.100%)
	1,200,000		1.326		06/15/23	1,202,136
Macquarie Bank Ltd.(b)
	1,225,000		2.100		10/17/22	1,239,786
	2,150,000		0.441		12/16/22	2,146,237
Mitsubishi UFJ Financial Group, Inc.
	1,000,000		2.623		07/18/22	1,011,300
	1,550,000		3.761		07/26/23	1,617,704
Mizuho Financial Group, Inc.(a)(c) (-1x SOFR + 1.252%)
	1,275,000		1.241		07/10/24	1,278,085
Morgan Stanley, Inc.
	1,400,000		3.125		01/23/23	1,434,468
(3M USD LIBOR + 0.847%)
	1,125,000		3.737	(a)(c)	04/24/24	1,164,352
(SOFR + 0.466%)
	1,550,000		0.560	(a)(c)	11/10/23	1,547,396

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley, Inc. – (continued)
(SOFR + 0.745%)
$	725,000		0.864	%(a)(c)	10/21/25	$       715,089
MUFG Union Bank NA(a)
	1,325,000		3.150		04/01/22	1,330,764
	650,000		2.100		12/09/22	658,158
Natwest Group PLC(a)(c) (1 Year CMT + 2.150%)
	1,200,000		2.359		05/22/24	1,219,188
Natwest Markets PLC(b)
	1,250,000		3.625		09/29/22	1,277,725
	795,000		2.375		05/21/23	810,328
Royal Bank of Canada
	1,125,000		1.950		01/17/23	1,140,525
	1,475,000		0.500		10/26/23	1,464,955
Santander UK Group Holdings PLC(a)(c) (SOFR + 0.787%)
	1,425,000		1.089		03/15/25	1,412,275
Skandinaviska Enskilda Banken AB(b)
	1,175,000		0.550		09/01/23	1,169,078
Standard Chartered PLC(a)(b)(c)
(1 year CMT + 0.780%)
	875,000		0.991		01/12/25	865,646
(3M USD LIBOR + 1.080%)
	1,400,000		3.885		03/15/24	1,443,288
(3M USD LIBOR + 1.150%)
	1,200,000		4.247		01/20/23	1,201,740
State Street Corp.(a)(c) (SOFR + 2.690%)
	450,000		2.825		03/30/23	452,318
Sumitomo Mitsui Financial Group, Inc.
	325,000		0.508		01/12/24	321,159
	725,000		0.948		01/12/26	703,170
Sumitomo Mitsui Trust Bank Ltd.(b)
	2,250,000		0.800		09/12/23	2,242,192
The Huntington National Bank(a)
	1,250,000		3.125		04/01/22	1,254,850
	1,050,000		1.800		02/03/23	1,059,440
Truist Bank(a)
	1,700,000		1.250		03/09/23	1,709,673
UBS AG(b)
	1,775,000		0.450		02/09/24	1,747,434
UBS Group AG(b)
	6,306,000		2.650		02/01/22	6,316,972

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Wells Fargo & Co.(a)
$	500,000		3.750	%	01/24/24	$       525,330
(SOFR + 1.600%)
	3,125,000		1.654	(c)	06/02/24	3,151,219
						96,986,661
Beverages – 1.8%
Beam Suntory, Inc.(a)
	2,000,000		3.250		05/15/22	2,006,160
Constellation Brands, Inc.(a)
	1,950,000		3.200		02/15/23	1,994,733
Diageo Investment Corp.
	2,000,000		2.875		05/11/22	2,017,140
JDE Peet’s NV(a)(b)
	2,625,000		0.800		09/24/24	2,566,987
Keurig Dr Pepper, Inc.(a)
	7,486,000		4.057		05/25/23	7,801,685
						16,386,705
Biotechnology – 0.4%
Gilead Sciences, Inc.(a)
	131,000		0.750		09/29/23	130,401
Illumina, Inc.
	2,475,000		0.550		03/23/23	2,462,650
Royalty Pharma PLC
	1,200,000		0.750		09/02/23	1,192,284
						3,785,335
Building Materials(a)(b) – 0.2%
JELD-WEN, Inc.
	1,435,000		4.625		12/15/25	1,445,763
Chemicals – 0.7%
Celanese US Holdings LLC(a)
	350,000		3.500		05/08/24	365,659
Ingevity Corp.(a)(b)
	1,435,000		4.500		02/01/26	1,442,175
International Flavors & Fragrances, Inc.(b)
	3,050,000		0.697		09/15/22	3,048,841
The Sherwin-Williams Co.(a)
	64,000		2.750		06/01/22	64,459
Westlake Chemical Corp.(a)
	975,000		0.875		08/15/24	960,336
						5,881,470

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Commercial Services – 0.9%
Global Payments, Inc.(a)
$	1,150,000		3.750	%	06/01/23	$    1,185,167
	525,000		1.200		03/01/26	510,830
IHS Markit Ltd.(a)
	2,223,000		5.000	(b)	11/01/22	2,276,552
	475,000		3.625		05/01/24	497,962
PayPal Holdings, Inc.
	1,800,000		2.200		09/26/22	1,822,320
	1,475,000		1.350		06/01/23	1,487,390
						7,780,221
Computers – 1.5%
Dell International LLC/EMC Corp.(a)
	1,447,000		5.450		06/15/23	1,528,162
	1,075,000		5.850		07/15/25	1,219,362
Hewlett Packard Enterprise Co.(a)
	1,400,000		2.250		04/01/23	1,421,910
	2,175,000		4.450		10/02/23	2,295,930
	3,625,000		1.450		04/01/24	3,646,823
International Business Machines Corp.
	3,224,000		2.850		05/13/22	3,252,500
						13,364,687
Diversified Financial Services – 5.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	5,600,000		4.125	(a)	07/03/23	5,822,040
	3,375,000		1.150		10/29/23	3,360,859
AIG Global Funding(b)
	1,450,000		2.300		07/01/22	1,461,716
	2,100,000		0.800		07/07/23	2,097,690
	1,525,000		0.450		12/08/23	1,508,835
	5,075,000		0.650		06/17/24	4,993,394
Air Lease Corp.
	1,425,000		3.500		01/15/22	1,426,197
	500,000		2.250		01/15/23	506,355
	1,150,000		2.750	(a)	01/15/23	1,168,722
	5,549,000		4.250	(a)	02/01/24	5,848,923
	825,000		2.300	(a)	02/01/25	837,342

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Ally Financial, Inc.(a)
$	3,075,000		1.450	%	10/02/23	$    3,085,670
Aviation Capital Group LLC(a)(b)
	1,200,000		5.500		12/15/24	1,313,412
	550,000		1.950		01/30/26	537,675
Avolon Holdings Funding Ltd.(a)(b)
	1,550,000		3.625		05/01/22	1,561,160
	675,000		2.875		02/15/25	689,074
BlackRock, Inc.
	1,218,000		3.375		06/01/22	1,233,237
Capital One Financial Corp.(a)
	725,000		2.600		05/11/23	740,326
(3M USD LIBOR + 0.720%)
	1,300,000		0.849	(c)	01/30/23	1,302,795
Intercontinental Exchange, Inc.
	500,000		0.700		06/15/23	499,575
LD Holdings Group LLC(a)(b)
	1,490,000		6.500		11/01/25	1,460,200
Nasdaq, Inc.(a)
	1,450,000		0.445		12/21/22	1,447,651
Navient Corp.
	1,395,000		5.500		01/25/23	1,447,312
OneMain Finance Corp.
	1,380,000		5.625		03/15/23	1,443,825
United Wholesale Mortgage LLC(a)(b)
	1,460,000		5.500		11/15/25	1,494,675
USAA Capital Corp.(b)
	150,000		1.500		05/01/23	151,517
						47,440,177
Electrical – 3.6%
Avangrid, Inc.(a)
	650,000		3.200		04/15/25	683,878
Berkshire Hathaway Energy Co.(a)
	650,000		4.050		04/15/25	703,970
Dominion Energy, Inc.
	1,200,000		2.450	(b)	01/15/23	1,220,184
	2,025,000		1.450	(a)	04/15/26	2,004,669
DTE Energy Co.
	1,125,000		0.550		11/01/22	1,123,751
	575,000		1.050	(a)	06/01/25	564,299

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
Duke Energy Corp.(a)
$	2,595,000		3.050	%	08/15/22	$    2,619,263
Enel Finance International NV(a)(b)
	2,575,000		1.375		07/12/26	2,513,174
Entergy Louisiana LLC(a)
	925,000		0.620		11/17/23	917,767
	2,000,000		0.950		10/01/24	1,983,800
FirstEnergy Corp.(a)
	400,000		2.050		03/01/25	396,773
Florida Power & Light Co.(a)
	375,000		2.850		04/01/25	392,423
Georgia Power Co.
	1,000,000		2.100		07/30/23	1,018,310
ITC Holdings Corp.(a)
	585,000		2.700		11/15/22	593,991
NextEra Energy Capital Holdings, Inc.
	2,150,000		0.650		03/01/23	2,145,549
NRG Energy, Inc.(a)(b)
	1,225,000		3.750		06/15/24	1,280,039
Pacific Gas & Electric Co.(a)
	1,250,000		1.750		06/16/22	1,249,138
PPL Electric Utilities Corp.(a)(c)
(3M USD LIBOR + 0.250%)
	275,000		0.470		09/28/23	273,950
(SOFR + 0.330%)
	1,930,000		0.380		06/24/24	1,924,557
Public Service Enterprise Group, Inc.(a)
	1,725,000		0.841		11/08/23	1,718,238
	675,000		2.875		06/15/24	698,888
	675,000		0.800		08/15/25	657,140
Southern Power Co.(a)
	500,000		0.900		01/15/26	483,840
The Southern Co.(a)
	1,400,000		2.950		07/01/23	1,434,776
Vistra Operations Co. LLC(a)(b)
	875,000		3.550		07/15/24	902,256
WEC Energy Group, Inc.
	725,000		0.550		09/15/23	719,447
Xcel Energy, Inc.(a)
	1,948,000		0.500		10/15/23	1,934,695
						32,158,765

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Entertainment(a)(b) – 0.3%
Banijay Entertainment SASU
$	1,410,000		5.375	%	03/01/25	$    1,443,487
Caesars Resort Collection LLC/CRC Finco, Inc.
	1,385,000		5.750		07/01/25	1,445,594
						2,889,081
Environmental(a) – 0.2%
GFL Environmental, Inc.(b)
	1,415,000		3.750		08/01/25	1,436,225
Waste Management, Inc.
	625,000		0.750		11/15/25	609,456
						2,045,681
Food & Drug Retailing – 2.0%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC(a)(b)
	1,430,000		3.250		03/15/26	1,456,812
B&G Foods, Inc.(a)
	1,415,000		5.250		04/01/25	1,445,069
Danone SA(a)(b)
	7,000,000		2.589		11/02/23	7,177,940
Mondelez International Holdings Netherlands B.V.(b)
	775,000		2.125		09/19/22	783,525
	2,500,000		0.750		09/24/24	2,458,900
Mondelez International, Inc.
	2,265,000		0.625		07/01/22	2,266,518
	525,000		1.500	(a)	05/04/25	526,061
US Foods, Inc.(a)(b)
	1,385,000		6.250		04/15/25	1,442,131
						17,556,956
Forest Products&Paper(b) – 0.1%
Georgia-Pacific LLC
	1,125,000		0.625		05/15/24	1,110,375
Gaming(a) – 0.2%
MGM Resorts International
	1,375,000		6.750		05/01/25	1,442,031
						1,442,031
Gas(a) – 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp.
	1,290,000		5.875		08/20/26	1,438,350

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Gas(a) – (continued)
NiSource, Inc.
$	1,025,000		0.950	%	08/15/25	$       998,924
The East Ohio Gas Co.(b)
	250,000		1.300		06/15/25	246,730
						2,684,004
Healthcare Providers & Services – 2.9%
Aetna, Inc.(a)
	975,000		2.800		06/15/23	999,005
	2,250,000		3.500		11/15/24	2,376,855
Anthem, Inc.
	2,875,000		0.450		03/15/23	2,865,857
Baxter International, Inc.(b)
	4,000,000		0.868		12/01/23	3,983,760
DH Europe Finance II S.a.r.l.
	1,000,000		2.050		11/15/22	1,011,960
	3,025,000		2.200	(a)	11/15/24	3,093,335
Humana, Inc.(a)
	2,525,000		0.650		08/03/23	2,513,208
PerkinElmer, Inc.(a)
	1,700,000		0.850		09/15/24	1,676,098
Thermo Fisher Scientific, Inc.(a)
	4,050,000		1.215		10/18/24	4,046,922
Zimmer Biomet Holdings, Inc.(a)
	3,000,000		1.450		11/22/24	2,993,550
						25,560,550
Home Builders(a) – 0.4%
D.R. Horton, Inc.
	3,199,000		4.750		02/15/23	3,304,247
						3,304,247
Insurance(b) – 4.4%
Athene Global Funding
	1,090,000		2.800		05/26/23	1,117,653
	875,000		1.200		10/13/23	876,759
	2,225,000		0.950		01/08/24	2,211,650
	375,000		2.500		01/14/25	385,395
	600,000		1.450		01/08/26	592,182
Equitable Financial Life Global Funding
	700,000		1.400		07/07/25	692,972

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance(b) – (continued)
Great-West Lifeco US Finance 2020 LP(a)
$	425,000		0.904	%	08/12/25	$       412,832
Jackson Financial, Inc.
	2,325,000		1.125		11/22/23	2,321,466
Jackson National Life Global Funding
	1,000,000		2.500		06/27/22	1,009,950
MassMutual Global Funding II(c)(3M USD LIBOR + 0.150%)
	8,000,000		0.274		01/07/22	8,000,080
Metropolitan Life Global Funding I
	575,000		1.950		01/13/23	582,579
	600,000		0.900		06/08/23	601,314
New York Life Global Funding
	1,200,000		1.100		05/05/23	1,205,760
(3M USD LIBOR + 0.280%)
	6,000,000		0.410	(c)	01/21/22	6,000,600
Pacific Life Global Funding II
	4,025,000		0.500		09/23/23	3,998,113
Principal Life Global Funding II
	2,150,000		0.500		01/08/24	2,128,414
Protective Life Global Funding
	2,225,000		1.082		06/09/23	2,231,764
	2,100,000		0.631		10/13/23	2,088,702
	600,000		0.473		01/12/24	591,936
Reliance Standard Life Global Funding II
	1,600,000		2.625		07/22/22	1,618,064
	275,000		2.150		01/21/23	279,029
						38,947,214
Internet(a)(b) – 0.2%
Uber Technologies, Inc.
	1,365,000		7.500		05/15/25	1,438,369
Iron/Steel(a) – 0.1%
Steel Dynamics, Inc.
	1,240,000		2.400		06/15/25	1,272,104
Machinery-Diversified – 0.4%
John Deere Capital Corp.
	400,000		1.200		04/06/23	402,304
Otis Worldwide Corp.(a)(c) (3M USD LIBOR + 0.450%)
	1,525,000		0.583		04/05/23	1,525,015
Rockwell Automation, Inc.(a)
	1,250,000		0.350		08/15/23	1,242,738
						3,170,057

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – 3.0%
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
$	4,525,000		4.464	%	07/23/22	$    4,594,413
	2,700,000		4.500		02/01/24	2,870,262
CSC Holdings LLC
	1,370,000		5.250		06/01/24	1,428,225
DISH DBS Corp.
	1,410,000		5.875		07/15/22	1,434,675
Fox Corp.
	11,625,000		3.666		01/25/22	11,647,204
Sky Ltd.(b)
	1,550,000		3.125		11/26/22	1,583,185
The Walt Disney Co.
	825,000		3.350		03/24/25	879,145
Time Warner Entertainment Co. LP
	2,200,000		8.375		03/15/23	2,390,124
						26,827,233
Mining(a)(b) – 0.2%
Glencore Funding LLC
	1,175,000		3.000		10/27/22	1,193,882
	675,000		1.625		09/01/25	669,013
						1,862,895
Miscellaneous Manufacturing – 0.8%
Hillenbrand, Inc.(a)
	1,380,000		5.750		06/15/25	1,447,275
Siemens Financieringsmaatschappij NV(b)
	6,150,000		0.650		03/11/24	6,095,941
						7,543,216
Office(a)(b) – 0.2%
Xerox Holdings Corp.
	1,385,000		5.000		08/15/25	1,457,712
						1,457,712

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – 2.3%
BP Capital Markets PLC
$	4,516,000		2.500	%	11/06/22	$    4,591,778
Canadian Natural Resources Ltd.(a)
	825,000		2.050		07/15/25	833,770
Chevron Corp.
	950,000		1.141		05/11/23	956,128
Exxon Mobil Corp.(a)
	900,000		2.992		03/19/25	946,683
Lukoil International Finance B.V.
	2,280,000		4.750		11/02/26	2,435,040
Phillips 66(a)
	950,000		0.900		02/15/24	943,835
Pioneer Natural Resources Co.(a)
	625,000		0.750		01/15/24	617,875
Qatar Energy(a)(b)
	2,520,000		1.375		09/12/26	2,468,812
SA Global Sukuk Ltd.(a)
	2,520,000		1.602		06/17/26	2,477,632
Suncor Energy, Inc.
	2,700,000		2.800		05/15/23	2,763,531
TechnipFMC PLC(a)(b)
	906,000		6.500		02/01/26	966,023
						20,001,107
Packaging – 0.7%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(a)(b)
	1,395,000		5.250		04/30/25	1,443,825
Ball Corp.
	2,065,000		4.000		11/15/23	2,155,344
Berry Global, Inc.(a)
	2,100,000		0.950		02/15/24	2,078,664
	550,000		1.570		01/15/26	538,312
						6,216,145
Pharmaceuticals – 3.5%
AbbVie, Inc.
	1,606,000		3.200	(a)	11/06/22	1,632,981
	1,975,000		2.300		11/21/22	2,003,005
	7,750,000		2.600	(a)	11/21/24	8,038,067

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
AstraZeneca PLC(a)
$	2,000,000		3.500	%	08/17/23	$    2,086,260
Bristol-Myers Squibb Co.(a)
	1,450,000		0.537		11/13/23	1,442,620
Cigna Corp.(a)
	4,000,000		3.050		11/30/22	4,077,320
	1,310,000		3.000		07/15/23	1,347,990
	1,357,000		3.750		07/15/23	1,412,393
	3,170,000		0.613		03/15/24	3,139,124
GlaxoSmithKline Capital PLC(a)
	875,000		0.534		10/01/23	871,299
Herbalife Nutrition Ltd./HLF Financing, Inc.(a)(b)
	2,940,000		7.875		09/01/25	3,131,100
PRA Health Sciences, Inc.(a)(b)
	1,435,000		2.875		07/15/26	1,436,794
						30,618,953
Pipelines – 3.4%
Enbridge, Inc.
	4,000,000		4.000	(a)	10/01/23	4,177,920
	1,150,000		0.550		10/04/23	1,142,502
(SOFR + 0.400%)
	600,000		0.450	(c)	02/17/23	599,418
Enterprise Products Operating LLC
	1,150,000		3.500		02/01/22	1,152,634
	649,000		3.350	(a)	03/15/23	664,673
Kinder Morgan Energy Partners LP(a)
	2,275,000		3.950		09/01/22	2,305,530
Kinder Morgan, Inc.(a)(b)
	4,850,000		5.625		11/15/23	5,184,262
MPLX LP(a)
	1,125,000		3.375		03/15/23	1,153,834
	4,874,000		4.500		07/15/23	5,077,441
NuStar Logistics LP(a)
	1,360,000		6.000		06/01/26	1,479,000
Plains All American Pipeline LP/PAA Finance Corp.(a)
	1,250,000		3.650		06/01/22	1,255,850
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(a)
	1,390,000		5.875		04/15/26	1,443,862

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
The Williams Cos., Inc.(a)
$	950,000		3.600	%	03/15/22	$       950,922
	1,100,000		3.700		01/15/23	1,123,881
TransCanada PipeLines Ltd.(a)
	2,275,000		1.000		10/12/24	2,259,120
						29,970,849
Real Estate Investment Trust – 0.5%
American Tower Corp.
	1,125,000		3.500		01/31/23	1,155,487
	1,675,000		3.000		06/15/23	1,722,235
	750,000		0.600		01/15/24	742,335
Crown Castle International Corp.(a)
	700,000		1.350		07/15/25	692,202
						4,312,259
Retailing – 0.9%
7-Eleven, Inc.(a)(b)
	950,000		0.625		02/10/23	946,134
	4,325,000		0.800		02/10/24	4,275,349
	400,000		0.950		02/10/26	387,280
Starbucks Corp.
	1,974,000		1.300		05/07/22	1,980,119
						7,588,882
Savings & Loans(b) – 0.4%
Nationwide Building Society
	1,325,000		2.000		01/27/23	1,342,622
(3M USD LIBOR + 1.064%)
	1,001,000		3.766	(a)(c)	03/08/24	1,031,160
(3M USD LIBOR + 1.181%)
	1,175,000		3.622	(a)(c)	04/26/23	1,184,706
						3,558,488
Semiconductors – 1.6%
Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	3,600,000		3.625		01/15/24	3,767,436
Broadcom, Inc.(a)
	5,225,000		3.625		10/15/24	5,527,528
	1,125,000		4.700		04/15/25	1,230,311
NXP B.V./NXP Funding LLC(b)
	3,200,000		4.625		06/01/23	3,350,784

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Semiconductors – (continued)
NXP BV / NXP Funding LLC / NXP USA Inc.(a)(b)
$	275,000		2.700	%	05/01/25	$       284,108
						14,160,167
Software(a) – 1.8%
Fidelity National Information Services, Inc.
	1,050,000		1.150		03/01/26	1,024,474
Fiserv, Inc.
	825,000		3.800		10/01/23	862,810
	7,950,000		2.750		07/01/24	8,222,367
Infor, Inc.(b)
	1,225,000		1.450		07/15/23	1,227,842
Intuit, Inc.
	500,000		0.950		07/15/25	493,270
Oracle Corp.
	1,400,000		2.500		04/01/25	1,434,020
VMware, Inc.
	2,600,000		1.000		08/15/24	2,576,808
						15,841,591
Telecommunication Services – 3.8%
AT&T, Inc.
	1,075,000		3.000	(a)	06/30/22	1,083,697
	300,000		4.050		12/15/23	317,385
	5,400,000		0.900	(a)	03/25/24	5,378,508
	1,725,000		4.450	(a)	04/01/24	1,842,093
	3,100,000		3.950	(a)	01/15/25	3,316,318
	2,375,000		3.400	(a)	05/15/25	2,513,011
T-Mobile USA, Inc.(a)
	8,800,000		3.500		04/15/25	9,325,624
The Bell Telephone Co. of Canada/Bell Canada
	4,275,000		0.750		03/17/24	4,233,276
Verizon Communications, Inc.
	4,525,000		0.750		03/22/24	4,510,746
	1,450,000		0.850	(a)	11/20/25	1,415,026
						33,935,684

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Transportation(a) – 0.9%
Canadian Pacific Railway Co.
$	5,375,000		1.350	%	12/02/24	$    5,381,396
Ryder System, Inc.
	875,000		2.875		06/01/22	881,668
	1,000,000		2.500		09/01/22	1,010,600
United Parcel Service, Inc.
	1,000,000		3.900		04/01/25	1,080,290
						8,353,954
Trucking & Leasing(a)(b) – 0.1%
Penske Truck Leasing Co LP/PTL Finance Corp.
	1,025,000		1.200		11/15/25	999,754
TOTAL CORPORATE OBLIGATIONS (Cost $580,679,246)						$579,885,263
Mortgage-Backed Obligations – 1.6%
Collateralized Mortgage Obligations(b)(c) – 0.1%
Sequential Floating Rate – 0.1%
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (SOFR30A + 1.650%)
$	442,000		1.700	%	12/25/41	$       442,353
CSMC Series 2021-NQM8, Class A1
	360,000		1.841		10/25/66	359,703
Verus Securitization Trust Series 2021-8, Class A1
	264,000		1.824		11/25/66	263,842
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$    1,065,898
Commercial Mortgage-Backed Securities – 1.5%
Sequential Fixed Rate – 0.9%
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class A4
$	3,000,000		3.249	%	02/15/48	$    3,134,630
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5
	3,000,000		4.064		02/15/47	3,147,835
BANK Series 2017-BNK6, Class A3
	1,900,000		3.125		07/15/60	1,948,760
						8,231,225

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b)(c) – 0.6%
ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1M USD LIBOR + 0.701%)
$	3,000,000		0.811	%	11/15/38	$    2,983,780
BX Commercial Mortgage Trust Series 2021-CIP, Class A (1M USD LIBOR + 0.921%)
	1,800,000		1.021		12/15/28	1,801,332
						4,785,112
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$  13,016,337
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $14,161,398)						$  14,082,235
Agency Debenture(c) – 0.2%
Federal Farm Credit Banks Funding Corp. (SOFR + 0.380%)
$	1,900,000		0.430	%	05/08/23	$    1,908,588
(Cost $1,900,000)
Asset-Backed Securities – 17.9%
Automotive – 7.4%
Ford Credit Auto Owner Trust Series 2019-1, Class A(b)
$	2,600,000		3.520	%	07/15/30	$    2,722,646
Ford Credit Auto Owner Trust Series 2020-1, Class A(b)
	6,835,000		2.040		08/15/31	6,954,431
Ford Credit Floorplan Master Owner Trust A Series 2018-2, Class A
	6,900,000		3.170		03/15/25	7,102,311
Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class A
	3,200,000		1.060		09/15/27	3,150,234
Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A
	3,625,000		2.440		09/15/26	3,735,868
GM Financial Consumer Automobile Receivables Trust 2021-4 ,Class A3
	5,700,000		0.680		09/16/26	5,651,997
GMF Floorplan Owner Revolving Trust Series 2019-2, Class A(b)
	1,500,000		2.900		04/15/26	1,556,162
GMF Floorplan Owner Revolving Trust Series 2020-2, Class A(b)
	1,500,000		0.690		10/15/25	1,489,402
Hyundai Auto Lease Securitization Trust Series 2021-B, Class A3(b)
	1,550,000		0.330		06/17/24	1,540,409
Hyundai Auto Lease Securitization Trust Series 2021-C, Class A3(b)
	7,600,000		0.380		09/16/24	7,536,606
Hyundai Auto Receivables Trust Series 2021-A, Class A3
	900,000		0.380		09/15/25	891,904
Mercedes-Benz Auto Lease Trust Series 2021-B, Class A3
	2,550,000		0.400		11/15/24	2,531,988

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Automotive – (continued)
NextGear Floorplan Master Owner Trust Series 2021-1A, Class A(b)
$	5,500,000		0.850	%	07/15/26	$    5,423,338
Tesla Auto Lease Trust Series 2021-A, Class A3(b)
	500,000		0.560		03/20/25	496,256
Tesla Auto Lease Trust Series 2021-A, Class A4(b)
	1,800,000		0.660		03/20/25	1,785,781
Tesla Auto Lease Trust Series 2021-B, Class A3(b)
	5,300,000		0.600		09/22/25	5,234,532
Toyota Auto Receivables 2021-D Owner Trust Series 2021-D, Class A3
	3,800,000		0.710		04/15/26	3,767,416
Toyota Lease Owner Trust Series 2021-A, Class A3(b)
	1,975,000		0.390		04/22/24	1,964,889
Toyota Lease Owner Trust Series 2021-A, Class A4(b)
	375,000		0.500		08/20/25	371,747
Toyota Lease Owner Trust Series 2021-B, Class A3(b)
	1,550,000		0.420		10/21/24	1,536,099
						65,444,016
Collateralized Loan Obligations(b)(c) – 5.1%
Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1 (3M USD LIBOR + 1.140%)
	5,000,000		1.506		01/22/35	4,996,975
Barings CLO Ltd. Series 2016-2A, Class AR2 (3M USD LIBOR + 1.070%)
	3,100,000		1.180		01/20/32	3,100,000
CFIP CLO Ltd. Series 2021-1A, Class A (3M USD LIBOR + 1.220%)
	5,000,000		1.334		01/20/35	5,002,025
ICG Rhinebeck CLO Ltd. Series 2021-4A, Class A1 (3M USD LIBOR + 1.210%)
	12,000,000		1.340		10/26/34	12,013,356
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%)
	5,000,000		1.230		05/20/32	4,998,110
Wellfleet CLO Ltd. Series 2021-3A, Class A (3M USD LIBOR + 1.190%)
	15,000,000		1.300		01/15/35	15,006,765
						45,117,231
Credit Card – 3.5%
American Express Credit Account Master Trust Series 2019-2, Class A
	2,050,000		2.670		11/15/24	2,063,881
Barclays Dryrock Issuance Trust Series 2021-1, Class A
	6,200,000		0.630		07/15/27	6,113,899

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Credit Card – (continued)
CARDS II Trust Series 2021-1A, Class A(b)
$	4,075,000		0.602	%	04/15/27	$    4,025,234
Evergreen Credit Card Trust Series 2019-2, Class A(b)
	2,900,000		1.900		09/16/24	2,929,932
Evergreen Credit Card Trust Series 2021-1, Class A(b)
	8,275,000		0.900		10/15/26	8,202,288
Master Credit Card Trust II Series 2020-1A, Class A(b)
	3,600,000		1.990		09/21/24	3,657,158
Master Credit Card Trust Series 2021-1A, Class A(b)
	3,900,000		0.530		11/21/25	3,842,241
						30,834,633
Home Equity(c) – 0.0%
Centex Home Equity Loan Trust Series 2004-D, Class MV3 (1M USD LIBOR + 1.500%)
	26,924		1.602		09/25/34	27,713
Student Loan(c) – 1.9%
Access Group, Inc. Series 2013-1, Class A(b) (1M USD LIBOR + 0.500%)
	809,123		0.602		02/25/36	793,740
ECMC Group Student Loan Trust Series 2017-1A, Class A(b) (1M USD LIBOR + 1.200%)
	1,441,102		1.303		12/27/66	1,465,309
Educational Services of America, Inc. Series 2014-1, Class A(b) (1M USD LIBOR + 0.700%)
	748,472		0.803		02/25/39	744,765
Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)
	768,486		1.230		05/25/34	769,500
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	885,103		1.024		07/25/45	887,823
Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1M USD LIBOR + 0.780%)
	939,012		0.883		03/25/51	943,623
Navient Student Loan Trust Series 2017-2A, Class A(b) (1M USD LIBOR + 1.050%)
	2,294,866		1.153		12/27/66	2,312,674
Navient Student Loan Trust Series 2017-4A, Class A2(b) (1M USD LIBOR + 0.500%)
	749,050		0.603		09/27/66	749,953
Nelnet Student Loan Trust Series 2012-3A, Class A(b) (1M USD LIBOR + 0.700%)
	2,670,614		0.802		02/25/45	2,687,165

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(c) – (continued)
Northstar Education Finance, Inc. Series 2012-1, Class A(b) (1M USD LIBOR + 0.700%)
$	452,912		0.803	%	12/26/31	$       454,712
PHEAA Student Loan Trust Series 2014-3A, Class A(b) (1M USD LIBOR + 0.590%)
	3,696,982		0.693		08/25/40	3,695,870
SLC Student Loan Center Series 2011-1, Class A(b) (1M USD LIBOR + 1.220%)
	291,682		1.323		10/25/27	291,682
SLC Student Loan Trust Series 2007-1, Class A4 (3M USD LIBOR + 0.060%)
	1,747,164		0.216		05/15/29	1,718,686
						17,515,502
TOTAL ASSET-BACKED SECURITIES (Cost $160,104,372)						$158,939,095
Foreign Debt Obligations – 0.8%
Sovereign – 0.8%
Perusahaan Penerbit SBSN Indonesia III
$	2,260,000		4.325	%	05/28/25	$    2,473,005
Republic of Indonesia
	2,210,000		4.750		01/08/26	2,463,183
Saudi Government International Bond
	2,320,000		3.250		10/26/26	2,467,175
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $7,453,223)						$    7,403,363
Municipal Debt Obligation(a) – 0.9%
New York – 0.9%
Metropolitan Transportation Authority Revenue Note Taxable Series C
$	7,560,000		0.777	%	11/15/22	$    7,566,390
(Cost $7,560,000)
U.S. Treasury Obligation(d) – 0.1%
United States Treasury Notes
$	1,250,000		2.875	%	10/31/23	$    1,299,219
(Cost $1,280,672)
Shares		Description				Value
Exchange Traded Fund – 3.4%
SPDR Portfolio Short Term Corporate Bond ETF
	961,084		0.000%			$  29,764,771
(Cost $30,180,440)

Shares		Dividend Rate				Value
Investment Company(e) – 0.0%
Goldman Sachs Financial Square Money Market Fund - Institutional Shares
	9,101		0.036%			$           9,105
(Cost $9,094)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $803,328,445)						$800,858,029
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 8.2%
Certificates of Deposit – 2.9%
Australia & New Zealand Banking Group Ltd.(b)(c)
(3M USD LIBOR + 0.030%)
$	7,000,000		0.215	%	03/08/22	$    7,001,562
Bank of Nova Scotia(c)
(SOFR + 0.150%)
	3,000,000		0.200		03/17/22	3,000,247
Canadian Imperial Bank of Commerce(c)
(3M USD LIBOR + 0.110%)
	6,250,000		0.240		01/03/22	6,250,000
Collateralized Commercial Paper FLEX Co. LLC(b)(c)
(SOFR + 0.300%)
	5,495,000		0.350		12/01/22	5,495,001
Credit Suisse AG
	4,000,000		0.590		03/17/23	3,989,522
						25,736,332
Commercial Paper(b)(f) – 4.3%
At&T, Inc.
	3,000,000		0.000		05/02/22	2,995,212
Barclays Capital, Inc.
	5,000,000		0.000		01/24/22	4,999,683
Duke Energy Corp.
	8,000,000		0.000		02/16/22	7,997,096
Enbridge, Inc.
	1,000,000		0.000		03/17/22	999,225
Entergy Corp.
	2,000,000		0.000		03/15/22	1,998,857
Natwest Markets PLC
	750,000		0.000		03/01/22	749,625
Ridgefield Funding Co.
	3,468,000		0.000		04/05/22	3,465,685
Telus Corp.
	1,771,000		0.000		02/22/22	1,770,171

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(b)(f) – (continued)
Thermo Fisher Scientific, Inc.
$	5,291,000		0.000	%	06/01/22	$    5,281,126
VW Credit, Inc.
	300,000		0.000		01/26/22	299,943
	4,000,000		0.000		08/26/22	3,986,646
Xcel Energy, Inc.
	3,149,000		0.000		03/17/22	3,146,560
						37,689,829
Repurchase Agreements – 1.0%
Bank of America Corp.
	9,100,000		0.770		04/18/22	9,100,000
Maturity Value: $9,124,330
Next Reset Date: 01/01/22
Collateralized by various Common stocks, preferred securities and corporate obligations, 0.000% to 7.500%, due 06/01/23 – 09/01/27. The aggregate market value of the collateral, including accrued interest, was $9,959,650.
(Cost $9,100,000)
TOTAL SHORT-TERM INVESTMENTS (Cost $72,538,304)						$  72,526,161
TOTAL INVESTMENTS – 98.5% (Cost $875,866,749)						$873,384,190
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%						13,555,658
NET ASSETS – 100.0%						$886,939,848

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2021.
(d)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(e)	Represents an affiliated issuer.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
ETF	— Exchange Traded Fund
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
SOFR	— Secured Overnight Funding Rate

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

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:
Eurodollars	726	06/13/22	$	180,420,075		$	(47,059	)
Short position contracts:
2 Year U.S. Treasury Notes	(625)	03/31/22		(136,357,423	)		4,483
5 Year U.S. Treasury Notes	(919)	03/31/22		(111,177,461	)		(479,681	)
Total						$	(475,198	)
TOTAL FUTURES CONTRACTS						$	(522,257	)

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 37.2%
Collateralized Mortgage Obligations – 0.9%
Interest Only(a) – 0.0%
FNMA STRIPS Series 151, Class 2
$	11		9.500	%	07/25/22	$                —
Inverse Floaters(b) – 0.0%
GNMA REMIC Series 2002-13, Class SB (-1x1M USD LIBOR + 37.567%)
	5,140		37.065		02/16/32	6,249
Regular Floater(b) – 0.0%
FHLMC REMIC Series 1760, Class ZB (10 Year CMT - 0.600%)
	15,580		1.000		05/15/24	15,605
Sequential Fixed Rate – 0.5%
FHLMC REMIC Series 2329, Class ZA
	185,942		6.500		06/15/31	205,368
FHLMC REMIC Series 4246, Class PT
	61,081		6.500		02/15/36	69,514
FHLMC REMIC Series 4273, Class PD
	338,262		6.500		11/15/43	391,909
FNMA REMIC Series 2011-52, Class GB
	304,935		5.000		06/25/41	336,491
FNMA REMIC Series 2011-99, Class DB
	298,493		5.000		10/25/41	328,757
FNMA REMIC Series 2012-111, Class B
	41,057		7.000		10/25/42	46,869
FNMA REMIC Series 2012-153, Class B
	175,721		7.000		07/25/42	207,913
						1,586,821
Sequential Floating Rate(b) – 0.4%
CSMC Series 2021-NQM8, Class A1(c)
	120,000		1.841		10/25/66	119,901
JPMorgan Mortgage Trust Series 2021-6, Class A3(c)
	404,445		2.500		10/25/51	404,161
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1(c)
	645,000		2.520		05/25/52	645,377
Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%)
	67,413		0.875		11/25/29	64,274
Verus Securitization Trust Series 2021-8, Class A1(c)
	101,000		1.824		11/25/66	100,939
						1,334,652
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$    2,943,327

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 2.4%
Sequential Fixed Rate – 1.3%
BANK Series 2019-BN24, Class A3
$	1,400,000		2.960	%	11/15/62	$    1,483,600
BANK Series 2020-BN29, Class A4
	600,000		1.997		11/15/53	591,868
BBCMS Mortgage Trust Series 2021-C12, Class A5
	950,000		2.689		11/15/54	979,506
Manhattan West Mortgage Trust Series 2020-1MW, Class A(c)
	600,000		2.130		09/10/39	598,760
Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5
	500,000		2.626		04/15/54	516,066
						4,169,800
Sequential Floating Rate(b) – 1.1%
BX Trust Series 2021-ARIA, Class A(c) (1M USD LIBOR + 0.899%)
	900,000		1.009		10/15/36	902,449
BANK Series 2021-BNK37, Class A5
	600,000		2.618		11/15/64	621,052
BANK Series 2021-BN31, Class AS
	250,000		2.211		02/15/54	247,557
Extended Stay America Trust Series 2021-ESH, Class A(c) (1M USD LIBOR + 1.080%)
	397,930		1.190		07/15/38	398,016
BXHPP Trust Series 2021-FILM, Class A(c) (1M USD LIBOR + 0.650%)
	1,600,000		0.760		08/15/36	1,586,831
						3,755,905
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$    7,925,705
Federal Agencies – 33.9%
Adjustable Rate FHLMC(b) – 0.1%
(1 Year CMT + 2.224%)
$	1,883		2.349	%	11/01/32	$           1,976
(1 Year CMT + 2.250%)
	176,227		2.315		09/01/33	184,754
						186,730

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – 0.2%
(1 Year CMT + 2.195%)
$	112,716		2.320	%	02/01/35	$       118,819
(1 Year CMT + 2.234%)
	6,945		2.344		06/01/33	7,306
(12M USD LIBOR + 1.488%)
	120,328		1.738		09/01/35	125,885
(12M USD LIBOR + 1.608%)
	197,108		1.858		10/01/33	206,149
(12M USD LIBOR + 1.670%)
	15,510		1.920		11/01/32	16,181
(6M USD LIBOR + 1.413%)
	229,817		1.538		05/01/33	237,696
						712,036
Adjustable Rate GNMA(b) – 0.2%
(1 Year CMT + 1.500%)
	5,112		1.875		06/20/23	5,135
	3,000		1.625		07/20/23	3,013
	2,870		1.625		08/20/23	2,883
	6,762		1.625		09/20/23	6,790
	2,868		2.000		03/20/24	2,893
	26,620		1.875		04/20/24	26,827
	3,693		1.875		05/20/24	3,727
	26,184		1.875		06/20/24	26,385
	6,067		2.000		06/20/24	6,121
	8,387		1.625		07/20/24	8,440
	10,412		2.000		07/20/24	10,507
	16,296		1.625		08/20/24	16,404
	9,420		2.000		08/20/24	9,510
	8,190		1.625		09/20/24	8,247
	10,284		2.125		11/20/24	10,391
	3,732		2.125		12/20/24	3,772
	9,015		2.500		12/20/24	9,166
	7,288		2.000		01/20/25	7,384
	4,593		2.000		02/20/25	4,656
	18,860		2.000		05/20/25	19,085
	17,366		2.000		07/20/25	17,583
	7,679		2.000		02/20/26	7,800
	373		1.625		07/20/26	377
	19,865		2.000		01/20/27	20,247
	7,129		2.000		02/20/27	7,262
	66,318		1.875		04/20/27	67,308
	6,907		1.875		05/20/27	7,014
	11,193		1.875		06/20/27	11,368
	3,441		2.125		11/20/27	3,493
	10,797		2.125		12/20/27	10,962
	23,390		2.000		01/20/28	23,888
	7,447		2.000		02/20/28	7,608
	7,916		2.000		03/20/28	8,088
	39,571		1.625		07/20/29	40,441
	16,557		1.625		08/20/29	16,925
	4,220		1.625		09/20/29	4,314
	21,556		2.125		10/20/29	21,966
	31,129		2.125		11/20/29	31,782
	5,674		2.125		12/20/29	5,809
	8,254		2.000		01/20/30	8,472
	2,644		2.000		02/20/30	2,714
	20,049		2.000		03/20/30	20,583
	22,619		1.875		04/20/30	23,087
	35,632		1.875		05/20/30	36,378
	30,942		2.000		05/20/30	31,675
	8,142		1.875		06/20/30	8,317
	52,343		2.000		07/20/30	53,597
	12,180		2.000		09/20/30	12,492
	21,243		2.125		10/20/30	21,807
	36,061		2.000		03/20/32	37,159
						761,852

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – 0.2%
$	56		6.500	%	08/01/22	$                56
	14,635		6.500		07/01/28	15,268
	138,829		4.500		03/01/29	150,389
	3,211		8.000		07/01/30	3,464
	8,187		5.000		08/01/33	9,115
	1,287		5.000		09/01/33	1,433
	2,938		5.000		10/01/33	3,271
	1,960		5.000		11/01/34	2,203
	81,554		5.000		12/01/34	91,654
	5,215		5.000		07/01/35	5,861
	273		5.000		11/01/35	304
	11,216		5.000		12/01/35	12,527
	15,638		5.000		02/01/37	17,590
	1,344		5.000		03/01/38	1,511
	53,858		5.000		07/01/39	60,313
	6,786		4.000		06/01/40	7,397
	2,638		5.000		08/01/40	2,957
	939		4.500		11/01/40	1,035
	54,845		4.000		02/01/41	59,786
	1,211		5.000		04/01/41	1,359
	2,339		5.000		06/01/41	2,625
	106,054		5.000		07/01/41	119,021
	4,481		4.000		11/01/41	4,857
	5,427		3.000		05/01/42	5,720
	7,544		3.000		08/01/42	7,951
	9,151		3.000		01/01/43	9,650
	40,833		3.000		02/01/43	43,134
						640,451
FNMA – 0.1%
	2,700		6.500		11/01/28	2,937
	28,435		7.000		07/01/31	32,622
	302,529		5.500		07/01/33	343,048
						378,607
GNMA – 14.3%
	3,000,000		3.000		TBA-30yr(d)	3,100,092
	21,846		7.000		12/15/27	23,705
	7,132		6.500		08/15/28	7,690
	38,807		6.000		01/15/29	42,540
	58,611		7.000		10/15/29	64,142
	25,251		5.500		11/15/32	28,100
	408,332		5.500		12/15/32	461,256
	12,271		5.500		01/15/33	13,574
	28,009		5.500		02/15/33	31,522
	30,327		5.500		03/15/33	34,070
	31,279		5.500		07/15/33	34,963
	10,232		5.500		08/15/33	11,290
	8,167		5.500		09/15/33	9,053
	11,819		5.500		04/15/34	12,954
	8,254		5.500		05/15/34	8,964
	172,592		5.500		06/15/34	195,194
	127,859		5.500		09/15/34	145,027
	136,428		5.500		12/15/34	154,813
	86,592		5.500		01/15/35	98,612
	45,731		5.000		03/15/38	50,831

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	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
	208,306		4.000		08/20/43	225,062
	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
	1,050,303		4.000		06/20/45	1,133,149
	237,714		4.000		01/20/46	255,944
	1,628,262		3.500		04/20/47	1,708,971
	984,666		3.500		12/20/47	1,033,473
	188,594		4.500		02/20/48	201,472
	746,431		4.500		05/20/48	794,544
	414,098		4.500		08/20/48	440,207
	105,726		5.000		08/20/48	113,094
	3,412,462		4.500		09/20/48	3,626,553
	847,121		5.000		10/20/48	905,885
	496,750		5.000		11/20/48	531,171
	757,920		5.000		12/20/48	810,320
	727,551		4.500		01/20/49	772,287
	1,048,214		5.000		01/20/49	1,120,683
	1,198,172		4.000		02/20/49	1,264,412
	456,473		4.000		03/20/49	481,388
	120,039		4.500		03/20/49	127,354
	628,515		5.000		03/20/49	671,722
	434,518		4.000		05/20/49	458,098
	832,493		4.500		10/20/49	882,641
	2,852,600		3.000		11/20/49	2,959,225
	1,892,357		3.000		02/20/50	1,962,105
	191,705		3.500		01/20/51	199,651
	748,208		3.500		02/20/51	779,057
	980,218		3.500		05/20/51	1,021,687
	1,000,000		3.000		12/20/51	1,038,890
	7,000,000		2.500		TBA-30yr(d)	7,175,242
	8,000,000		3.000		TBA-30yr(d)	8,281,601
	1,000,000		3.500		TBA-30yr(d)	1,041,432
						46,820,571
UMBS – 5.6%
	13,895		5.500		02/01/23	14,118
	35,441		5.500		08/01/23	36,337
	720		4.500		07/01/36	790
	1,046		4.500		04/01/39	1,152
	5,162		4.500		05/01/39	5,662
	2,151		4.000		08/01/39	2,344
	10,177		4.500		08/01/39	11,177
	195,866		4.500		12/01/39	215,067
	8,996		4.500		01/01/41	9,909
	87,447		4.500		05/01/41	94,810
	49,528		4.500		08/01/41	54,305
	69,473		4.500		08/01/42	76,391
	8,123		3.000		11/01/42	8,643
	122,591		3.000		12/01/42	130,441
	298,214		3.000		01/01/43	317,313
	51,661		3.000		02/01/43	54,969
	363,915		3.000		03/01/43	387,380
	606,888		3.000		04/01/43	646,890
	387,930		3.000		05/01/43	413,499

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	69,363		3.000	%	06/01/43	$         73,934
	599,073		3.000		07/01/43	638,560
	739,586		4.500		10/01/44	814,331
	631,918		4.500		04/01/45	699,784
	77,658		4.500		05/01/45	86,095
	290,322		4.500		06/01/45	319,663
	255,518		4.000		11/01/45	276,139
	76,429		4.000		03/01/46	82,533
	6,977		4.500		05/01/46	7,585
	48,420		4.000		06/01/46	52,246
	12,067		4.000		08/01/46	13,021
	68,647		4.500		08/01/46	74,496
	106,734		4.000		10/01/46	115,168
	42,807		4.500		06/01/47	47,324
	804,519		4.500		11/01/47	877,848
	268,417		4.000		12/01/47	292,734
	251,818		4.000		01/01/48	274,415
	887,862		4.000		02/01/48	964,369
	647,742		4.000		03/01/48	701,414
	768,450		4.000		06/01/48	836,086
	234,960		4.000		08/01/48	254,245
	1,210,230		5.000		11/01/48	1,342,432
	1,590,293		4.500		01/01/49	1,701,449
	455,592		4.500		03/01/49	487,152
	1,455,562		3.000		09/01/49	1,535,243
	1,469,623		3.000		12/01/49	1,539,395
	1,589,536		3.000		12/01/50	1,674,191
						18,263,049
UMBS, 30 Year, Single Family(d) – 13.2%
	27,000,000		2.000		TBA-30yr	26,935,033
	7,000,000		2.500		TBA-30yr	7,147,659
	1,000,000		4.500		TBA-30yr	1,071,875
	8,000,000		3.000		TBA-30yr	8,290,938
						43,445,505
TOTAL FEDERAL AGENCIES						$111,208,801
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $121,282,358)						$122,077,833
Agency Debentures – 22.8%
FFCB
$	2,180,000		3.430	%	12/06/28	$    2,435,343
	720,000		5.270		05/01/29	899,410
FHLB
	3,700,000		2.125		06/09/23	3,780,771
	2,100,000		3.375		09/08/23	2,192,673
	300,000		3.375		12/08/23	314,712
	15,150,000		0.500		04/14/25	14,875,179
FHLMC
	16,670,000		0.375		04/20/23	16,636,993

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – (continued)
FNMA
$	1,400,000		1.875	%	09/24/26	$    1,438,416
	2,600,000		6.250		05/15/29	3,453,944
	2,000,000		0.875		08/05/30	1,885,260
	4,000,000		6.625		11/15/30	5,643,680
Israel Government AID Bond(e)
	500,000		5.500		12/04/23	544,440
	700,000		5.500		04/26/24	772,513
Tennessee Valley Authority
	20,150,000		0.750		05/15/25	19,877,572
TOTAL AGENCY DEBENTURES (Cost $74,110,360)						$  74,750,906
Asset-Backed Securities(b) – 1.8%
Collateralized Loan Obligation(c) – 0.3%
Towd Point Mortgage Trust Series 2017-4, Class A2
$	1,030,153		3.000	%	06/25/57	$    1,066,899
Student Loan – 1.5%
ECMC Group Student Loan Trust Series 2018-2A, Class A(c) (1M USD LIBOR + 0.800%)
	1,103,211		0.903		09/25/68	1,113,163
Higher Education Funding I Series 2014-1, Class A(c) (3M USD LIBOR + 1.050%)
	678,076		1.230		05/25/34	678,970
Navient Student Loan Trust Series 2017-4A, Class A2(c) (1M USD LIBOR + 0.500%)
	380,115		0.603		09/27/66	380,573
PHEAA Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.150%)
	809,023		1.253		09/25/65	822,803
Scholar Funding Trust Series 2013-A, Class A(c) (1M USD LIBOR + 0.650%)
	1,269,828		0.753		01/30/45	1,265,033
SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	583,742		1.824		07/25/23	586,398
						4,846,940
TOTAL ASSET-BACKED SECURITIES (Cost $5,890,456)						$    5,913,839
Municipal Debt Obligation – 0.8%
New Jersey – 0.8%
New Jersey Economic Development Authority Series A
$	2,000,000		7.425	%	02/15/29	$    2,513,664
(Cost $2,000,000)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 41.5%
United States Treasury Bonds
$	900,000		3.125	%	11/15/41	$    1,081,688
	3,500,000		3.750		11/15/43	4,630,938
	3,830,000		3.625		02/15/44	4,986,181
	9,390,000		3.375		05/15/44	11,828,466
	3,320,000		3.125		08/15/44	4,035,356
	6,400,000		2.875		11/15/46	7,579,000
	5,080,000		2.750		11/15/47	5,921,375
	530,000		2.375		11/15/49	582,834
	1,190,000		2.000		02/15/50	1,210,081
United States Treasury Notes
	5,820,000		1.250		12/31/26	5,815,908
	5,770,000		1.375		12/31/28	5,745,658
	5,440,000		0.125		03/31/23	5,413,438
	11,340,000		0.375		07/15/24	11,200,022
	9,230,000		0.375		12/31/25	8,948,052
	6,710,000		0.750		03/31/26	6,584,188
	7,900,000		2.250		08/15/27	8,290,062
	1,220,000		0.750		01/31/28	1,175,298
	6,660,000		1.125		02/29/28	6,565,823
	6,430,000		1.250		03/31/28	6,375,245
	12,860,000		3.125		11/15/28	14,298,712
	2,900,000		2.375		05/15/29	3,092,125
	120,000		0.875		11/15/30	114,113
United States Treasury Strip Coupon(f)
	6,400,000		0.000		11/15/35	4,951,769
	1,300,000		0.000		05/15/36	993,308
	6,000,000		0.000		11/15/37	4,428,153
TOTAL U.S. TREASURY OBLIGATIONS (Cost $131,573,834)						$135,847,793

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Shares	Dividend Rate	Value
Investment Company(g) – 13.5%
Goldman Sachs Financial Square Government Fund - Institutional Shares
44,183,277	0.026%	$  44,183,277
(Cost $44,183,277)
TOTAL INVESTMENTS – 117.6% (Cost $379,040,285)		$385,287,312
LIABILITIES IN EXCESS OF     OTHER ASSETS – (17.6)%		(57,540,824)
NET ASSETS – 100.0%		$327,746,488

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2021.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $63,043,872 which represents approximately 19.2% of the Fund’s net assets as of December 31, 2021.
(e)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $1,316,953, which represents approximately 0.4% of the Fund’s net assets as of December 31, 2021.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Represents an affiliated issuer.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
FFCB	— Federal Farm Credit Bank
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Funding Rate
STRIPS	— Separate Trading of Registered Interest and Principal of Securities

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

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: $(1,055,703))		4.000	%	TBA-30yr	01/21/21	$	(1,000,000)	$	(1,052,311)

(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:
Ultra Long U.S. Treasury Bonds	19	03/22/22	$	3,745,375		$	14,689
2 Year U.S. Treasury Notes	79	03/31/22		17,235,578			(14,513	)
10 Year U.S. Treasury Notes	47	03/22/22		6,882,563			116,888
Total						$	117,064
Short position contracts:
5 Year U.S. Treasury Notes	(22)	03/31/22		(2,661,484	)		21
10 Year U.S. Treasury Notes	(29)	03/22/22		(3,783,594	)		1,292
20 Year U.S. Treasury Bonds	(114)	03/22/22		(18,289,875	)		(272,928	)
Total						$	(271,615	)
TOTAL FUTURES CONTRACTS						$	(154,551	)

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)
1M LIBOR + 0.090%(a)	3M LIBOR(a)		07/25/24	$	18,560		$	4,261		$	6,240		$	(1,979	)
3M SOFR(b)	1.000%(b)		03/16/27		10	(c)		(84	)		(27	)		(57	)
3M SOFR(b)	1.530(b)		09/22/31		2,920	(c)		1,907			(35,098	)		37,005
1.630(b)	3M SOFR(b)		09/22/36		3,550	(c)		7,467			32,457			(24,990	)
TOTAL							$	13,551		$	3,572		$	9,979

(a) Payments made quarterly.

(b) Payments made 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 GOVERNMENT 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-COUNTERINTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	Citibank NA	$	0.465		02/22/2022	6,270,000	$	6,270,000		$	182		$	7,984		$	(7,802	)
6M IRS	Citibank NA		0.605		01/07/2022	6,120,000		6,120,000			1			17,733			(17,732	)
6M IRS	Citibank NA		0.855		03/23/2022	6,130,000		6,130,000			3,349			27,919			(24,570	)
1Y IRS	JPMorgan Securities, Inc.		1.053		06/21/2022	3,780,000		3,780,000			9,149			33,727			(24,578	)
Total purchased option contracts						22,300,000	$	22,300,000		$	12,681		$	87,363		$	(74,682	)
Written option contracts
Calls
6M IRS	Citibank NA		0.849		02/22/2022	(1,980,000)		(1,980,000	)		(212	)		(7,984	)		7,772
6M IRS	Citibank NA		1.124		01/07/2022	(1,980,000)		(1,980,000	)		(1	)		(17,663	)		17,662
6M IRS	Citibank NA		1.406		03/23/2022	(1,990,000)		(1,990,000	)		(12,544	)		(27,906	)		15,362
1Y IRS	JPMorgan Securities, Inc.		1.378		06/21/2022	(1,990,000)		(1,990,000	)		(18,595	)		(33,699	)		15,104
Total written option contracts						(7,940,000)	$	(7,940,000	)	$	(31,352	)	$	(87,252	)	$	55,900
TOTAL						14,360,000	$	14,360,000		$	(18,671	)	$	111		$	(18,782	)

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 31.1%
Collateralized Mortgage Obligations – 20.5%
Regular Floater(a) – 20.1%
FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
$	353,318		0.710	%	09/15/37	$       359,253
FHLMC REMIC Series 3374, Class FT (1M USD LIBOR + 0.300%)
	35,851		0.410		04/15/37	35,951
FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
	72,146		0.960		06/15/39	73,552
FHLMC REMIC Series 4477, Class FG (1M USD LIBOR + 0.300%)
	1,335,747		0.386		10/15/40	1,330,030
FHLMC REMIC Series 4508, Class CF (1M USD LIBOR + 0.400%)
	1,433,862		0.510		09/15/45	1,442,774
FHLMC REMIC Series 4751, Class FA (1M USD LIBOR + 0.250%)
	4,434,313		0.360		03/15/39	4,445,741
FHLMC REMIC Series 4936, Class FL (1M USD LIBOR + 0.500%)
	1,055,771		0.602		12/25/49	1,063,573
FHLMC REMIC Series 4942, Class FA (1M USD LIBOR + 0.500%)
	4,678,196		0.602		01/25/50	4,714,181
FHLMC STRIPS Series 237, Class F23 (1M USD LIBOR + 0.400%)
	123,031		0.510		05/15/36	123,817
FHLMC STRIPS Series 350, Class F2 (1M USD LIBOR + 0.350%)
	5,530,083		0.436		09/15/40	5,556,541
FNMA REMIC Series 1998-66, Class FC (1M USD LIBOR + 0.500%)
	1,680		0.609		11/17/28	1,684
FNMA REMIC Series 2006-72, Class XF (1M USD LIBOR + 0.500%)
	132,975		0.602		08/25/36	134,436
FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	20,235		0.452		04/25/37	20,348
FNMA REMIC Series 2007-36, Class F (1M USD LIBOR + 0.230%)
	425,097		0.332		04/25/37	424,923
FNMA REMIC Series 2008-22, Class FD (1M USD LIBOR + 0.840%)
	196,729		0.942		04/25/48	202,892
FNMA REMIC Series 2009-66, Class FP (1M USD LIBOR + 0.900%)
	6,164,786		1.002		09/25/39	6,286,276
FNMA REMIC Series 2009-75, Class MF (1M USD LIBOR + 1.150%)
	339,294		1.252		09/25/39	345,859
FNMA REMIC Series 2010-123, Class FL (1M USD LIBOR + 0.430%)
	600,181		0.532		11/25/40	605,512
FNMA REMIC Series 2010-8, Class FE (1M USD LIBOR + 0.790%)
	3,297,078		0.892		02/25/40	3,379,235

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater(a) – (continued)
FNMA REMIC Series 2011-110, Class FE (1M USD LIBOR + 0.400%)
$	556,111		0.502	%	04/25/41	$       557,793
FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	246,105		0.552		07/25/41	249,271
FNMA REMIC Series 2013-96, Class FW (1M USD LIBOR + 0.400%)
	61,636		0.502		09/25/43	62,250
FNMA REMIC Series 2017-45, Class FA (1M USD LIBOR + 0.320%)
	3,814,165		0.406		06/25/47	3,811,100
FNMA REMIC Series 2018-60, Class FK (1M USD LIBOR + 0.300%)
	2,918,561		0.402		08/25/48	2,931,080
FNMA REMIC Series 2018-72, Class FB (1M USD LIBOR + 0.350%)
	4,836,461		0.452		10/25/58	4,858,777
						43,016,849
Sequential Fixed Rate – 0.2%
FHLMC REMIC Series 4248, Class LM
	277,117		6.500		05/15/41	316,614
Sequential Floating Rate(a) – 0.2%
FHLMC REMIC Series 3588, Class CW
	523,160		2.145		10/15/37	514,648
FNMA REMIC Series 1997-20, Class F
	10,352		0.609		03/25/27	10,383
						525,031
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  43,858,494
Commercial Mortgage-Backed Securities(a) – 6.5%
Regular Floater(b) – 4.1%
EQUS Mortgage Trust Series 2021-EQAZ, Class A (1M USD LIBOR + 0.755%)
$	550,000		0.865	%	10/15/38	$       547,778
ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1M USD LIBOR + 0.701%)
	700,000		0.811		11/15/38	696,215
BX Trust Series 2021-BXMF, Class A(1M USD LIBOR + 0.636%)
	700,000		0.726		10/15/26	691,645
BX Commercial Mortgage Trust Series 2021-21M, Class A (1M USD LIBOR + 0.730%)
	650,000		0.840		10/15/36	644,302
BX Trust Series 2021-ARIA, Class A (1M USD LIBOR + 0.899%)
	1,100,000		1.009		10/15/36	1,102,993
STWD Trust Series 2021-FLWR, Class A (1M USD LIBOR +0.577%)
	1,300,000		0.687		07/15/36	1,285,635

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater(b) – (continued)
CIM Retail Portfolio Trust Series 2021-RETL, Class A (1M USD LIBOR + 1.400%)
$	600,000		1.510	%	08/15/36	$       598,904
BXHPP Trust Series 2021-FILM, Class A (1M USD LIBOR + 0.650%)
	1,550,000		0.760		08/15/36	1,537,242
Commercial Mortgage Pass Through Certificates Series 2021-LBA, Class A (1M USD LIBOR + 0.690%)
	800,000		0.800		03/15/38	793,267
ONE PARK Mortgage Trust Series 2021-PARK, Class A (1M USD LIBOR + 0.700%)
	919,000		0.810		03/15/36	911,736
						8,809,717
Sequential Floating Rate – 2.4%
FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M USD LIBOR + 0.450%)
	682,099		0.544		06/25/23	683,198
FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%)
	489,920		0.464		04/25/24	490,605
FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%)
	1,439,990		0.464		05/25/24	1,442,734
FHLMC Multifamily Structured Pass Through Certificates Series KF58, Class A (1M USD LIBOR + 0.500%)
	922,700		0.594		01/25/26	926,561
FHLMC Multifamily Structured Pass Through Certificates Series KF60, Class A (1M USD LIBOR + 0.490%)
	706,762		0.584		02/25/26	708,674
Great Wolf Trust Series 2019-WOLF, Class A(b) (1M USD LIBOR + 1.034%)
	600,000		1.144		12/15/36	599,093
KKR Industrial Portfolio Trust Series 2021-KDIP, Class AKKR Industrial Portfolio Trust Series 2021-KDIP, Class A(b) (1M USD LIBOR + 0.550%)
	277,666		0.660		12/15/37	275,931
BX Series 2021-MFM1, Class A(b) (1M USD LIBOR + 0.700%)
	100,000		0.810		01/15/34	99,340
						5,226,136
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$  14,035,853

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – 4.1%
Adjustable Rate FHLMC(a) – 0.6%
(3 Year CMT + 2.541%)
$	175,132		2.938	%	08/01/28	$       175,013
(6M CMT + 2.268%)
	26,550		2.393		05/01/29	26,992
(COF + 1.250%)
	4,030		4.008		06/01/29	4,265
(COF + 1.250%)
	7,705		1.513		04/01/30	7,824
(COF + 1.248%)
	6,122		4.387		06/01/30	6,515
(12M MTA + 2.155%)
	3,828		2.733		06/01/31	3,986
(12M USD LIBOR + 1.860%)
	381,149		2.110		05/01/34	399,571
(12M USD LIBOR + 1.750%)
	243,841		2.000		05/01/35	256,594
(3 Year CMT + 2.114%)
	4,029		6.223		05/01/35	4,192
(1 Year CMT + 2.265%)
	434,411		2.287		01/01/38	457,354
						1,342,306
Adjustable Rate FNMA(a) – 3.2%
(6M USD LIBOR + 1.750%)
	1,893		1.875		02/01/23	1,898
(6M USD LIBOR + 1.925%)
	15,786		2.175		01/01/24	15,931
(6M USD LIBOR + 1.925%)
	28,908		2.050		03/01/24	29,190
(COF + 1.250%)
	3,039		2.965		06/01/27	3,139
(COF + 1.250%)
	2,630		4.250		12/01/27	2,785
(COF + 1.250%)
	2,675		4.485		01/01/28	2,848
(COF + 1.250%)
	1,433		1.627		06/01/29	1,453
(COF + 1.250%)
	3,099		2.200		06/01/29	3,198
(1 Year CMT + 2.265%)
	264,395		2.359		07/01/33	277,178
(1 Year CMT + 2.360%)
	89,228		2.423		11/01/34	93,957
(COF + 1.253%)
	1,378		3.994		05/01/36	1,458
(12M USD LIBOR + 1.983%)
	418,807		2.296		03/01/37	443,576
(12M MTA + 1.400%)
	4,458		1.483		06/01/40	4,557
(12M MTA + 1.400%)
	18,448		1.484		06/01/40	18,853
(12M MTA + 1.200%)
	3,073		1.284		02/01/41	3,123
(12M USD LIBOR + 1.734%)
	5,498,877		2.053		02/01/41	5,795,698
(12M USD LIBOR + 1.550%)
	112,730		1.800		09/01/44	117,325
						6,816,167

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(a) – 0.3%
(1 Year CMT + 1.500%)
$	300,516		1.875	%	04/20/33	$       310,431
(1 Year CMT + 1.500%)
	57,991		1.875		05/20/33	59,904
(1 Year CMT + 1.500%)
	195,364		1.625		08/20/34	201,311
						571,646
FHLMC – 0.0%
	2,700		7.000		05/01/22	2,712
	2,016		7.000		06/01/22	2,018
	138		4.500		05/01/23	141
						4,871
FNMA(a) – 0.0%
	80		1.906		05/20/22	80
	10,232		1.887		06/20/24	10,264
						10,344
GNMA – 0.0%
	6,786		7.000		04/15/26	7,304
UMBS – 0.0%
	25		7.000		02/01/22	25
TOTAL FEDERAL AGENCIES						$    8,752,663
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $66,600,510)						$  66,647,010
Asset-Backed Securities(a) – 41.4%
Automotive – 0.7%
Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2 (1M USD LIBOR + 0.500%)
$	1,500,000		0.610	%	09/15/25	$    1,507,444
Collateralized Loan Obligations(b) – 23.8%
AIG CLO Series 2021-1A, Class A (3M USD LIBOR + 1.100%)
	2,100,000		1.228		04/22/34	2,088,574
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%)
	1,300,000		1.332		07/20/34	1,301,204
Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 (3M USD LIBOR + 1.150%)
	4,000,000		1.274		04/15/34	4,000,508
Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%)
	3,600,000		1.186		01/28/31	3,601,674
BSPDF Issuer Ltd. Series 2021-FL1, Class A (1M USD LIBOR + 1.200%)
	1,000,000		1.310		10/15/36	995,647

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Collateralized Loan Obligations(b) – (continued)
CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.180%)
$	2,600,000		1.313	%	07/20/34	$    2,600,455
CBAM Ltd. Series 2017-2A, Class AR (3M USD LIBOR + 1.190%)
	5,000,000		1.312		07/17/34	5,003,840
Cedar Funding VII Clo Ltd. Series 18-7A, Class A1 (3M USD LIBOR + 1.000%)
	3,000,000		1.132		01/20/31	3,000,477
Dryden 64 CLO, Ltd. Series 2018-64A Class A (3M USD LIBOR + 0.970%)
	5,950,000		1.092		04/18/31	5,950,048
Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,172,361		0.874		04/15/29	5,172,485
Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR (3M USD LIBOR + 1.070%)
	1,000,000		1.194		07/15/33	1,000,052
OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	2,600,000		1.205		04/26/31	2,600,577
Octagon Investment Partners 07/34 1 Series 2021-1A, Class A1 (3M USD LIBOR + 1.120%)
	1,000,000		1.253		07/15/34	997,162
OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3M USD LIBOR + 1.140%)
	2,500,000		1.272		07/02/35	2,499,995
Pikes Peak Clo 2 Series 2018-2A, Class AR (3M USD LIBOR + 1.190%)
	6,700,000		1.404		10/18/34	6,702,358
Towd Point Mortgage Trust Series 2016-3, Class A1
	13,055		2.250		04/25/56	13,067
Trysail CLO Ltd. Series 2021-1A, Class A1 (3M USD LIBOR + 1.320%)
	1,400,000		1.452		07/20/32	1,400,000
Wellfleet CLO X Ltd. Series 2019-XA, Class A1R (3M USD LIBOR + 1.170%)
	1,750,000		1.302		07/20/32	1,749,997
Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)
	475,000		1.486		07/28/32	474,456
						51,152,576

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Credit Card – 13.4%
American Express Credit Account Master Trust Series 2017-2, Class A (1M USD LIBOR + 0.450%)
$	3,700,000		0.560	%	09/16/24	$    3,701,674
Citibank Credit Card Issuance Trust Series 2017-A5, Class A5 (1M USD LIBOR + 0.620%)
	8,100,000		0.724		04/22/26	8,188,511
Citibank Credit Card Issuance Trust Series 2017-A7, Class A7 (1M USD LIBOR + 0.370%)
	4,300,000		0.473		08/08/24	4,307,236
Citibank Credit Card Issuance Trust Series 2018-A2, Class A2 (1M USD LIBOR + 0.330%)
	960,000		0.434		01/20/25	962,344
Discover Card Execution Note Trust Series 2017-A1, Class A1 (1M USD LIBOR + 0.490%)
	375,000		0.600		07/15/24	375,061
Golden Credit Card Trust Series 2017-4A, Class A(b) (1M USD LIBOR + 0.520%)
	11,200,000		0.630		07/15/24	11,228,582
						28,763,408
Student Loan – 3.5%
Educational Services of America, Inc. Series 2012-1, Class A1(b) (1M USD LIBOR + 1.150%)
	503,737		1.253		09/25/40	504,650
Educational Services of America, Inc. Series 2014-1, Class A(b) (1M USD LIBOR + 0.700%)
	837,001		0.803		02/25/39	832,856
Goal Capital Funding Trust Series 2010-1, Class A(b) (3M USD LIBOR + 0.700%)
	24,325		0.880		08/25/48	24,327
Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)
	745,884		1.230		05/25/34	746,867
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	701,978		1.024		07/25/45	704,136
Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	711,136		1.130		02/25/42	707,910
Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%)
	230,421		1.074		04/25/38	232,043
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	783,133		1.104		05/20/30	783,132
Northstar Education Finance, Inc. Series 2012-1, Class A(b) (1M USD LIBOR + 0.700%)
	197,824		0.803		12/26/31	198,610

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Student Loan – (continued)
Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%)
$	855,820		0.999	%	07/01/31	$       858,206
SLC Student Loan Center Series 2011-1, Class A(b) (1M USD LIBOR + 1.220%)
	51,097		1.323		10/25/27	51,097
SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%)
	361,966		1.053		11/25/42	363,505
SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	190,839		1.824		07/25/23	191,707
Utah State Board of Regents Series 2015-1, Class A (1M USD LIBOR + 0.600%)
	1,235,336		0.692		02/25/43	1,234,629
						7,433,675
TOTAL ASSET-BACKED SECURITIES (Cost $88,629,647)						$  88,857,103
Municipal Debt Obligations – 4.5%
Alabama(c) – 0.1%
Alabama Federal Aid Highway Finance Authority ALABAMA FEDERAL AID Series 2021
$	360,000		0.449	%	09/01/23	$       357,777
Florida – 0.3%
County of Palm Beach FL Revenue Bonds Taxaable (Refunding) Series B
	635,000		0.500		12/01/24	623,683
Massachusetts(c) – 0.4%
Massachusetts School Building Revenue Bonds Taxaable (Refunding) Series B
	815,000		0.618		08/15/23	812,759
Rhode Island(a)(c) – 0.1%
Rhode Island Student Loan Authority RB (Taxable - FFELP Loan Backed) Series 2014-1 (1M USD LIBOR + 0.000%)
	225,542		0.799		10/02/28	224,732
Tennessee – 0.5%
State of Tennessee GO Bonds Taxable (Refunding) Series B
	1,015,000		0.386		11/01/23	1,009,420

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Utah(a) – 2.4%
Utah State Board of Regents RB (Taxable-Student Loan) Series 2012-1 (1M USD LIBOR + 0.000%)
$	5,133,447		0.852	%	12/26/31	$    5,142,331
Washington – 0.7%
Washington State GO Improvement & Power District Electric Systems Series 2021
	1,620,000		0.210		08/01/23	1,604,927
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $9,829,009)						$    9,775,629
U.S. Treasury Obligations(a) – 11.0%
United States Treasury Floating Rate Note
(3M Treasury money market yield + 0.049%)
$	10,000,000		0.134	%	01/31/23	$  10,004,791
(3M Treasury money market yield + 0.034%)
	13,500,000		0.119		04/30/23	13,504,018
TOTAL U.S. TREASURY OBLIGATIONS (Cost $23,503,987)						$  23,508,809
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $188,563,153)						$188,788,551
Short-term Investments – 11.0%
Certificates of Deposit – 10.3%
Australia & New Zealand Banking Group Ltd.(a)(b)
(SOFR + 0.120%)
$	3,000,000		0.170	%	02/28/22	$    3,000,202
Bank of Nova Scotia(a)
(SOFR + 0.160%)
	2,000,000		0.210		02/28/22	2,000,200
(SOFR + 0.180%)
	2,500,000		0.230		05/11/22	2,500,354
Canadian Imperial Bank of Commerce(a)
(3M USD LIBOR + 0.050%)
	1,500,000		0.251		06/13/22	1,500,344
Credit Industriel ET Commercial
	500,000		0.240		03/24/22	500,133
Mizuho Bank Ltd.
	2,500,000		0.190		02/28/22	2,500,134
National Australia Bank Ltd.(a)(b)
(FEDL01 + 0.150%)
	2,500,000		0.230		05/20/22	2,500,000

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
Natixis SA(a)
(3M USD LIBOR + 0.070%)
$	2,500,000		0.203	%	01/05/22	$    2,500,009
Standard Chartered Bank(a)
(3M USD LIBOR + 0.060%)
	2,500,000		0.274		03/18/22	2,500,320
Toronto-Dominion Bank(a)
(FEDL01 + 0.160%)
	2,500,000		0.240		06/20/22	2,500,116
						22,001,812
Commercial Paper(b)(d) – 0.7%
Honeywell International, Inc.
	1,545,000		0.000		05/20/22	1,544,099
TOTAL SHORT-TERM INVESTMENTS (Cost $23,544,065)						$  23,545,911
TOTAL INVESTMENTS – 99.0% (Cost $212,107,218)						$212,334,462
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.0%						2,052,095
NET ASSETS – 100.0%						$214,386,557

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2021.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	— U.S.Dollar
Investment Abbreviations:
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
COF	— Cost of Funds Index
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
GO	— General Obligation
LIBOR	— London Interbank Offered Rate
MTA	— Monthly Treasury Average
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Funding Rate
STRIPS	— Separate Trading of Registered Interest and Principal of      Securities
UMBS	— Uniform Mortgage Backed Securities

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

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	12	03/31/22	$	2,618,063		$	(2,225	)
10 Year U.S. Treasury Notes	58	03/22/22		7,567,187			89,889
20 Year U.S. Treasury Bonds	2	03/22/22		320,875			4,821
Total						$	92,485
Short position contracts:
Ultra 10 Year U.S. Treasury Notes	(26)	03/22/22		(3,807,375	)		(63,774	)
Ultra Long U.S. Treasury Bonds	(1)	03/22/22		(197,125	)		(4,243	)
5 Year U.S. Treasury Notes	(109)	03/31/22		(13,186,445	)		(56,894	)
Total						$	(124,911	)
TOTAL FUTURES CONTRACTS						$	(32,426	)

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)
1M LIBOR + 0.090%(a)	3M LIBOR(a)	07/25/24	$	19,400		$	4,454	$	6,519		$	(2,065	)
3M SOFR(b)	1.530%(b)	09/22/31		2,480	(c)		1,620		(29,809	)		31,429
1.630(b)	3M SOFR(b)	09/22/36		3,010	(c)		6,331		27,519			(21,188	)
TOTAL						$	12,405	$	4,229		$	8,176

(a) Payments made quarterly.

(b) Payments made 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 INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 97.4%
United States Treasury Inflation Indexed Bonds
$	2,581,296		0.250	%	02/15/50	$    3,118,275
	15,480,014		2.125	(a)	02/15/40	23,662,642
	22,234,260		1.375		02/15/44	31,655,201
	17,848,752		0.750		02/15/45	22,917,658
	11,213,300		1.000		02/15/48	15,688,211
	1,977,966		1.000		02/15/49	2,800,576
	8,178,093		0.125		02/15/51	9,673,184
United States Treasury Inflation Indexed Notes
	8,079,760		0.375		07/15/23	8,495,381
	35,720,776		0.125		10/15/26	38,877,870
	28,631,244		0.125		01/15/23	29,565,807
	55,147,914		0.500		04/15/24	58,803,108
	33,302,784		0.125		10/15/24	35,573,922
	2,334,900		0.250		01/15/25	2,501,577
	16,593,060		0.125		04/15/25	17,757,351
	15,858,008		0.375		07/15/25	17,232,927
	4,131,242		0.625		01/15/26	4,539,586
	17,713,920		0.125		04/15/26	19,125,829
	18,930,248		0.125		07/15/26	20,568,788
	18,429,831		0.375		01/15/27	20,288,126
	14,243,040		0.375		07/15/27	15,816,736
	14,685,231		0.500		01/15/28	16,438,060
	19,839,456		0.750		07/15/28	22,729,814
	48,184,400		0.875		01/15/29	55,737,577
	8,539,979		0.250		07/15/29	9,568,024
	15,745,954		0.125		07/15/30	17,604,400
	15,466,069		0.125		01/15/31	17,301,749
	28,887,320		0.125		07/15/31	32,442,404
United States Treasury Notes
	5,280,000		1.250		12/31/26	5,276,288
	5,280,000		1.375		12/31/28	5,257,725
	6,950,000		3.125		11/15/28	7,727,531
TOTAL U.S. TREASURY OBLIGATIONS (Cost $550,614,626)						$588,746,327

Shares	Dividend Rate		Value
Investment Company(b) – 1.3%
Goldman Sachs Financial Square Government Fund - Institutional Shares
7,855,988		0.026%	$    7,855,988
(Cost $7,855,988)
TOTAL INVESTMENTS – 98.7% (Cost $558,470,614)			$596,602,315
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.3%			7,640,269
NET ASSETS — 100.0%			$604,242,584

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

Currency Abbreviations:
USD	— U.S.Dollar
Investment Abbreviations:
LIBOR	— London Interbank Offered Rate
SOFR	— Secured Overnight Funding Rate

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

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:
Ultra Long U.S. Treasury Bonds	10	03/22/22	$	1,971,250		$	(174	)
2 Year U.S. Treasury Notes	160	03/31/22		34,907,500			(19,372	)
10 Year U.S. Treasury Notes	448	03/22/22		58,450,000			503,254
Total						$	483,708
Short position contracts:
5 Year U.S. Treasury Notes	(332)	03/31/22		(40,164,219	)		3,396
20 Year U.S. Treasury Bonds	(42)	03/22/22		(6,738,375	)		(100,553	)
Ultra 10 Year U.S. Treasury Notes	(146)	03/22/22		(21,379,875	)		(124,761	)
Total						$	(221,918	)
TOTAL FUTURES CONTRACTS						$	261,790

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)
2.251%(a)	12M LIBOR(a)		02/20/24	$	13,700		$	743,437		$	51		$	743,386
1M LIBOR + 1.000(b)	3M LIBOR(b)		07/25/24		51,300			11,779			17,232			(5,453	)
2.104(a)	12M LIBOR(a)		12/14/24		10,000			735,006			56			734,950
2.007(a)	12M LIBOR(a)		02/07/26		6,300			547,812			49			547,763
12M SOFR(c)	1.000%(c)		03/16/27		20	(d)		(167	)		(54	)		(113	)
12M LIBOR(a)	2.103(a)		02/07/29		6,300			(607,003	)		68			(607,071	)
1.250(c)	12M SOFR(c)		03/16/29		11,130	(d)		3,379			(83,140	)		86,519
12M SOFR(c)	1.530(c)		09/22/31		11,720	(d)		7,655			1,476			6,179
1.630(c)	12M SOFR(c)		09/22/36		14,130	(d)		29,719			4,648			25,071
TOTAL							$	1,471,617		$	(59,614	)	$	1,531,231

(a) Payments made at maturity.

(b) Payments made quarterly.

(c) Payments made annually.

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES 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
6M IRS	Citibank NA		0.465	%		02/22/2022		5,670,000	$	5,670,000		$	164		$	7,220		$	(7,056	)
6M IRS	Citibank NA		0.605			01/07/2022		5,520,000		5,520,000			1			15,994			(15,993	)
6M IRS	Citibank NA		0.855			03/23/2022		5,450,000		5,450,000			2,977			24,822			(21,845	)
1Y IRS	JPMorgan Securities, Inc.		1.053			06/21/2022		3,340,000		3,340,000			8,085			29,801			(21,716	)
Total purchased option contracts								19,980,000	$	19,980,000		$	11,227		$	77,837		$	(66,610	)
Written option contracts
Calls
6M IRS	Citibank NA		0.849			02/22/2022		(1,790,000)		(1,790,000	)		(192	)		(7,218	)		7,026
6M IRS	Citibank NA		1.124			01/07/2022		(1,790,000)		(1,790,000	)		(1	)		(15,968	)		15,967
6M IRS	Citibank NA		1.406			03/23/2022		(1,770,000)		(1,770,000	)		(11,157	)		(24,821	)		13,664
1Y IRS	JPMorgan Securities, Inc.		1.378			06/21/2022		(1,760,000)		(1,760,000	)		(16,446	)		(29,804	)		13,358
Total written option contracts								(7,110,000)	$	(7,110,000	)	$	(27,796	)	$	(77,811	)	$	50,015
TOTAL								12,870,000	$	12,870,000		$	(16,569	)	$	26		$	(16,595	)

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 46.4%
Advertising(a)(b) – 0.2%
Outfront Media Capital LLC/Outfront Media Capital Corp.
$	4,405,000		6.250	%	06/15/25	$       4,608,731
Aerospace & Defense(a) – 1.3%
Howmet Aerospace, Inc.
	1,491,000		5.125		10/01/24	1,606,552
	1,265,000		6.875		05/01/25	1,451,588
Teledyne Technologies, Inc.
	9,375,000		1.600		04/01/26	9,285,375
The Boeing Co.
	5,375,000		1.167		02/04/23	5,375,914
	11,850,000		4.875		05/01/25	12,976,579
	5,400,000		2.600		10/30/25	5,539,158
						36,235,166
Agriculture(a) – 0.3%
BAT International Finance PLC
	8,000,000		1.668		03/25/26	7,862,240
Airlines(a) – 0.1%
Delta Air Lines, Inc.
	1,960,000		3.800		04/19/23	1,999,200
Automotive – 2.6%
Clarios Global LP(a)(b)
	2,538,000		6.750		05/15/25	2,655,383
Clarios Global LP/Clarios US Finance Co.(a)(b)
	120,000		8.500		05/15/27	126,900
Ford Motor Credit Co. LLC
	4,105,000		2.979	(a)	08/03/22	4,129,490
	600,000		4.140	(a)	02/15/23	614,923
	650,000		3.096		05/04/23	661,202
	285,000		4.375		08/06/23	296,004
	250,000		4.687	(a)	06/09/25	268,577
General Motors Co.
	6,064,000		5.400		10/02/23	6,494,362
General Motors Financial Co, Inc.
	11,375,000		5.100	(a)	01/17/24	12,197,526
	9,400,000		1.050		03/08/24	9,349,992
	8,800,000		1.500	(a)	06/10/26	8,663,776

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – (continued)
General Motors Financial Co., Inc.
$	6,500,000		3.550	%	07/08/22	$       6,594,770
	846,000		3.700	(a)	05/09/23	871,414
	2,450,000		1.700		08/18/23	2,473,226
	1,100,000		3.950	(a)	04/13/24	1,158,421
Hyundai Capital America(b)
	4,000,000		1.150		11/10/22	4,002,160
The Goodyear Tire & Rubber Co.(a)
	3,235,000		9.500		05/31/25	3,485,713
Volkswagen Group of America Finance LLC(b)
	2,325,000		2.900		05/13/22	2,342,019
	3,775,000		0.750		11/23/22	3,774,547
ZF North America Capital, Inc.(b)
	900,000		4.750		04/29/25	964,125
						71,124,530
Banks – 13.0%
Banco do Brasil SA
	3,350,000		4.750		03/20/24	3,505,566
Banco Santander SA
	1,800,000		3.848		04/12/23	1,863,108
	2,600,000		2.706		06/27/24	2,689,830
	1,600,000		2.746		05/28/25	1,655,056
Bank of America Corp.
	4,345,000		4.200		08/26/24	4,655,928
	9,025,000		4.000		01/22/25	9,651,064
	23,950,000		3.950		04/21/25	25,608,058
(3M USD LIBOR + 0.790%)
	11,000,000		3.004	(a)(c)	12/20/23	11,227,700
(3M USD LIBOR + 0.940%)
	1,175,000		3.864	(a)(c)	07/23/24	1,224,421
(SOFR + 0.910%)
	15,175,000		0.981	(a)(c)	09/25/25	14,997,149
Barclays PLC(a)(c)
(3M USD LIBOR + 1.380%)
	2,550,000		1.535		05/16/24	2,581,289
(3M USD LIBOR + 1.400%)
	2,625,000		4.610		02/15/23	2,636,130
(3M USD LIBOR + 1.610%)
	1,850,000		3.932		05/07/25	1,947,199
(SOFR + 2.714%)
	3,600,000		2.852		05/07/26	3,710,952

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
BNP Paribas SA(b)
$	10,000,000		4.375	%	09/28/25	$     10,832,800
(SOFR + 2.074%)
	3,275,000		2.219	(a)(c)	06/09/26	3,308,569
BPCE SA(b)
	2,921,000		4.000		09/12/23	3,056,534
	850,000		2.375		01/14/25	864,994
(SOFR + 1.520%)
	3,675,000		1.652	(a)(c)	10/06/26	3,623,403
CIT Bank NA(a)(c) (SOFR + 1.715%)
	1,050,000		2.969		09/27/25	1,080,944
CIT Group, Inc.(a)
	125,000		4.750		02/16/24	132,188
(SOFR + 3.827%)
	5,210,000		3.929	(c)	06/19/24	5,398,862
Citigroup, Inc.
	5,065,000		3.500		05/15/23	5,237,818
	1,525,000		3.875		03/26/25	1,625,711
	1,375,000		4.400		06/10/25	1,498,283
	1,800,000		4.600		03/09/26	1,987,542
(3M USD LIBOR + 0.950%)
	3,750,000		2.876	(a)(c)	07/24/23	3,793,500
(3M USD LIBOR + 1.023%)
	1,045,000		4.044	(a)(c)	06/01/24	1,089,935
(SOFR + 0.686%)
	3,700,000		0.776	(a)(c)	10/30/24	3,676,357
(SOFR + 2.842%)
	11,250,000		3.106	(a)(c)	04/08/26	11,794,837
Credit Agricole SA
	5,700,000		4.375		03/17/25	6,134,055
Credit Suisse AG
	9,400,000		6.500	(b)	08/08/23	10,124,364
	675,000		2.950		04/09/25	706,880
Credit Suisse Group AG(a)(b)(c)
(3M USD LIBOR + 1.240%)
	2,100,000		4.207		06/12/24	2,186,730
(SOFR + 2.044%)
	9,600,000		2.193		06/05/26	9,659,808
Deutsche Bank AG(a)(c) (SOFR + 2.159%)
	1,525,000		2.222		09/18/24	1,545,100
Fifth Third Bancorp(a)
	690,000		2.375		01/28/25	708,168
First Horizon Corp.(a)
	2,735,000		3.550		05/26/23	2,819,047
	1,500,000		4.000		05/26/25	1,604,940

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
HSBC Holdings PLC(a)(c)
(3M USD LIBOR + 1.000%)
$	1,300,000		1.160	%	05/18/24	$       1,311,648
(SOFR + 1.538%)
	8,675,000		1.645		04/18/26	8,614,709
ING Groep NV(b)
	5,000,000		4.625		01/06/26	5,559,750
(1 Year CMT + 1.100%)
	4,750,000		1.400	(a)(c)	07/01/26	4,696,752
JPMorgan Chase & Co.(a)(c)
(3M USD LIBOR + 0.730%)
	7,490,000		3.559		04/23/24	7,736,271
(3M USD LIBOR + 0.890%)
	350,000		3.797		07/23/24	364,774
(3M USD LIBOR + 1.000%)
	2,950,000		4.023		12/05/24	3,107,323
(SOFR + 0.420%)
	5,150,000		0.563		02/16/25	5,079,960
(SOFR + 0.800%)
	9,200,000		1.045		11/19/26	8,961,996
(SOFR + 1.850%)
	6,360,000		2.083		04/22/26	6,456,672
Lloyds Banking Group PLC
	4,400,000		4.050		08/16/23	4,608,604
	1,525,000		4.500		11/04/24	1,642,989
(1 Year CMT + 1.100%)
	3,275,000		1.326	(a)(c)	06/15/23	3,280,829
(3M USD LIBOR + 1.249%)
	1,375,000		2.858	(a)(c)	03/17/23	1,380,459
Macquarie Group Ltd.(a)(b)(c) (SOFR + 1.069%)
	2,100,000		1.340		01/12/27	2,044,140
Mitsubishi UFJ Financial Group, Inc.
	3,425,000		3.407		03/07/24	3,586,454
	3,025,000		1.412		07/17/25	3,005,579
Morgan Stanley(a)(c)(SOFR + 0.509%)
	7,625,000		0.791		01/22/25	7,552,181
Morgan Stanley, Inc.
	1,125,000		4.875		11/01/22	1,163,273
	6,250,000		4.100		05/22/23	6,511,062
	5,000,000		5.000		11/24/25	5,596,900
(3M USD LIBOR + 0.847%)
	5,175,000		3.737	(a)(c)	04/24/24	5,356,021
(SOFR + 0.525%)
	3,700,000		0.790	(a)(c)	05/30/25	3,651,160
(SOFR + 0.720%)
	4,025,000		0.985	(a)(c)	12/10/26	3,904,532
(SOFR + 0.745%)
	2,125,000		0.864	(a)(c)	10/21/25	2,095,951
(SOFR + 1.990%)
	10,675,000		2.188	(a)(c)	04/28/26	10,883,696

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Natwest Group PLC
$	3,454,000		6.000	%	12/19/23	$       3,750,585
(1 Year CMT + 2.150%)
	1,325,000		2.359	(a)(c)	05/22/24	1,346,187
(3M USD LIBOR + 1.550%)
	2,525,000		4.519	(a)(c)	06/25/24	2,642,261
(3M USD LIBOR + 1.762%)
	1,175,000		4.269	(a)(c)	03/22/25	1,244,407
Santander UK Group Holdings PLC(a)(c) (SOFR + 0.787%)
	9,700,000		1.089		03/15/25	9,613,379
Standard Chartered PLC(a)(b)(c)
(1 year CMT + 0.780%)
	2,275,000		0.991		01/12/25	2,250,680
(1 Year CMT + 1.170%)
	3,175,000		1.319		10/14/23	3,179,159
(3M USD LIBOR + 1.080%)
	4,050,000		3.885		03/15/24	4,175,226
(3M USD LIBOR + 1.150%)
	1,275,000		4.247		01/20/23	1,276,849
Sumitomo Mitsui Financial Group, Inc.
	1,925,000		1.474		07/08/25	1,914,528
	4,275,000		0.948		01/12/26	4,146,280
Turkiye Vakiflar Bankasi TAO
	200,000		8.125		03/28/24	199,913
	380,000		5.250	(b)	02/05/25	349,434
	530,000		6.500	(b)	01/08/26	495,550
UniCredit SpA(b)
	1,000,000		6.572		01/14/22	1,001,690
Wells Fargo & Co.
	6,063,000		4.480		01/16/24	6,456,367
(SOFR + 2.000%)
	7,200,000		2.188	(a)(c)	04/30/26	7,336,008
						351,977,007
Beverages – 0.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	9,900,000		3.650		02/01/26	10,679,427
Constellation Brands, Inc.
	800,000		3.200	(a)	02/15/23	818,352
	8,181,000		4.250		05/01/23	8,532,619
						20,030,398
Biotechnology – 0.1%
Royalty Pharma PLC
	3,700,000		0.750		09/02/23	3,676,209
Building Materials(a) – 0.6%
Carrier Global Corp.
	15,325,000		2.242		02/15/25	15,700,922
JELD-WEN, Inc.(b)
	125,000		4.875		12/15/27	128,437

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Building Materials(a) – (continued)
Summit Materials LLC/Summit Materials Finance Corp.(b)
$	115,000		6.500	%	03/15/27	$          119,313
						15,948,672
Chemicals – 0.7%
Celanese US Holdings LLC(a)
	900,000		3.500		05/08/24	940,266
International Flavors & Fragrances, Inc.(b)
	1,075,000		0.697		09/15/22	1,074,591
	5,225,000		1.230	(a)	10/01/25	5,117,731
Methanex Corp.(a)
	3,500,000		4.250		12/01/24	3,675,000
OCI NV(a)(b)
	1,043,000		4.625		10/15/25	1,083,416
Sasol Financing International Ltd.
	400,000		4.500		11/14/22	404,520
Sasol Financing USA LLC(a)
	450,000		5.875		03/27/24	468,585
SPCM SA(a)(b)
	1,650,000		3.125		03/15/27	1,654,125
Tronox, Inc.(a)(b)
	4,400,000		6.500		05/01/25	4,587,000
						19,005,234
Commercial Services – 0.9%
Global Payments, Inc.(a)
	3,800,000		3.750		06/01/23	3,916,204
	3,175,000		1.200		03/01/26	3,089,307
IHS Markit Ltd.(a)
	4,343,000		5.000	(b)	11/01/22	4,447,623
	2,475,000		3.625		05/01/24	2,594,641
Prime Security Services Borrower LLC/Prime Finance, Inc.(b)
	7,400,000		5.250		04/15/24	7,844,000
The ADT Security Corp.
	2,050,000		4.125		06/15/23	2,114,063
						24,005,838
Computers(a) – 1.3%
Dell International LLC/EMC Corp.
	2,887,000		5.450		06/15/23	3,048,932
	4,775,000		4.000		07/15/24	5,070,238
	10,665,000		5.850		07/15/25	12,097,203

GOLDMAN SACHS SHORT DURATION BOND 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.
$	800,000		4.400	%	10/15/22	$          818,224
	475,000		2.250		04/01/23	482,433
	4,998,000		4.450		10/02/23	5,275,889
	3,100,000		1.450		04/01/24	3,118,662
NetApp, Inc.
	1,300,000		1.875		06/22/25	1,314,222
Western Digital Corp.
	2,770,000		4.750		02/15/26	3,026,225
						34,252,028
Diversified Financial Services – 2.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	1,500,000		4.125		07/03/23	1,559,475
	640,000		6.500		07/15/25	731,872
Air Lease Corp.
	1,975,000		3.500		01/15/22	1,976,659
	5,000,000		2.625	(a)	07/01/22	5,039,800
	2,375,000		2.250		01/15/23	2,405,186
	3,586,000		2.750	(a)	01/15/23	3,644,380
	1,500,000		2.300	(a)	02/01/25	1,522,440
	1,100,000		3.375	(a)	07/01/25	1,149,775
	5,175,000		1.875	(a)	08/15/26	5,096,029
Ally Financial, Inc.
	1,975,000		4.125		02/13/22	1,982,566
	1,300,000		4.625		05/19/22	1,319,396
	12,175,000		1.450	(a)	10/02/23	12,217,247
Aviation Capital Group LLC(a)(b)
	1,725,000		1.950		01/30/26	1,686,343
Avolon Holdings Funding Ltd.(a)(b)
	1,025,000		3.625		05/01/22	1,032,380
	3,925,000		5.500		01/15/23	4,069,048
	1,075,000		3.950		07/01/24	1,126,009
	2,075,000		2.875		02/15/25	2,118,264

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Capital One Bank USA NA(a)(c) (SOFR + 0.616%)
$	3,775,000		2.014	%	01/27/23	$       3,778,284
Capital One Financial Corp.(a)
	850,000		3.900		01/29/24	895,348
Huarong Finance 2019 Co. Ltd.
	380,000		3.750		05/29/24	383,800
Huarong Finance II Co. Ltd.
	270,000		5.500		01/16/25	283,500
International Lease Finance Corp.
	2,125,000		8.625		01/15/22	2,129,845
LD Holdings Group LLC(a)(b)
	3,610,000		6.500		11/01/25	3,537,800
Navient Corp.
	915,000		5.500		01/25/23	949,313
OneMain Finance Corp.
	4,285,000		5.625		03/15/23	4,483,181
Park Aerospace Holdings Ltd.(a)(b)
	900,000		5.250		08/15/22	920,628
PennyMac Financial Services, Inc.(a)(b)
	2,160,000		5.375		10/15/25	2,214,000
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(a)(b)
	1,930,000		2.875		10/15/26	1,926,848
The Western Union Co.(a)
	1,025,000		2.850		01/10/25	1,061,726
						71,241,142
Electrical – 1.6%
Avangrid, Inc.(a)
	1,375,000		3.200		04/15/25	1,446,665
Berkshire Hathaway Energy Co.(a)
	1,225,000		4.050		04/15/25	1,326,712
DTE Energy Co.
	645,000		2.250		11/01/22	653,088
	3,375,000		1.050	(a)	06/01/25	3,312,191
Enel Finance International NV(a)(b)
	7,875,000		1.375		07/12/26	7,685,921
Entergy Corp.(a)
	2,800,000		0.900		09/15/25	2,717,848
ITC Holdings Corp.(a)
	4,050,000		2.700		11/15/22	4,112,249

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
NRG Energy, Inc.(a)(b)
$	4,525,000		3.750	%	06/15/24	$       4,728,308
	2,855,000		5.250		06/15/29	3,033,438
Pacific Gas & Electric Co.(a)
	5,575,000		1.750		06/16/22	5,571,153
Southern Power Co.(a)
	1,450,000		0.900		01/15/26	1,403,136
Vistra Operations Co. LLC(a)(b)
	3,325,000		3.550		07/15/24	3,428,574
	2,965,000		5.000		07/31/27	3,068,775
						42,488,058
Electrical Components & Equipment(a)(b) – 0.1%
Wesco Distribution, Inc.
	2,845,000		7.125		06/15/25	3,008,588
Energy-Alternate Sources(a)(b) – 0.0%
Greenko Dutch B.V.
	197,000		3.850		03/29/26	198,970
Engineering & Construction(a) – 0.1%
AECOM
	2,750,000		5.125		03/15/27	2,983,750
Entertainment(a)(b) – 0.3%
Banijay Entertainment SASU
	930,000		5.375		03/01/25	952,088
Caesars Entertainment, Inc.
	1,895,000		6.250		07/01/25	1,982,644
Caesars Resort Collection LLC/CRC Finco, Inc.
	4,410,000		5.750		07/01/25	4,602,937
						7,537,669
Environmental(a)(b) – 0.3%
GFL Environmental, Inc.
	3,880,000		3.750		08/01/25	3,938,200
	4,860,000		5.125		12/15/26	5,066,550
						9,004,750
Food & Drug Retailing – 0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC(a)(b)
	3,630,000		3.250		03/15/26	3,698,062
	110,000		7.500		03/15/26	117,563

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
B&G Foods, Inc.(a)
$	2,050,000		5.250	%	04/01/25	$       2,093,563
General Mills, Inc.(c) (3M USD LIBOR + 1.010%)
	2,175,000		1.132		10/17/23	2,202,361
Mondelez International, Inc.(a)
	2,325,000		1.500		05/04/25	2,329,696
Performance Food Group, Inc.(a)(b)
	3,020,000		6.875		05/01/25	3,163,450
US Foods, Inc.(a)(b)
	1,055,000		6.250		04/15/25	1,098,519
						14,703,214
Gaming – 0.2%
MGM Resorts International
	625,000		7.750		03/15/22	632,812
	2,040,000		6.750	(a)	05/01/25	2,139,450
	3,511,000		5.750	(a)	06/15/25	3,778,714
						6,550,976
Gas(a) – 0.4%
NiSource, Inc.
	11,050,000		0.950		08/15/25	10,768,888
Healthcare Providers & Services – 0.4%
Centene Corp.(a)
	1,900,000		4.250		12/15/27	1,987,571
Children’s Hospital of Orange County
	934,000		0.650		11/01/23	920,564
HCA, Inc.
	3,384,000		5.875		05/01/23	3,578,580
	1,330,000		5.375		02/01/25	1,456,350
SSM Health Care Corp.(a)
	2,335,000		3.688		06/01/23	2,403,077
Tenet Healthcare Corp.
	500,000		6.750		06/15/23	534,375
						10,880,517
Household Products(a) – 0.0%
Spectrum Brands, Inc.
	114,000		5.750		07/15/25	116,423

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Housewares(a) – 0.1%
Newell Brands, Inc.
$	2,770,000		4.875	%	06/01/25	$       3,008,913
Insurance – 0.4%
American International Group, Inc.
	1,875,000		4.125		02/15/24	1,991,100
	2,000,000		2.500	(a)	06/30/25	2,064,080
Athene Global Funding(b)
	1,875,000		0.950		01/08/24	1,863,750
	1,725,000		1.450		01/08/26	1,702,523
Equitable Financial Life Global Funding(b)
	1,550,000		1.400		07/07/25	1,534,438
Great-West Lifeco US Finance 2020 LP(a)(b)
	2,000,000		0.904		08/12/25	1,942,740
Reliance Standard Life Global Funding II(b)
	1,025,000		2.150		01/21/23	1,040,016
						12,138,647
Internet – 1.2%
eBay, Inc.(a)
	4,825,000		1.400		05/10/26	4,752,673
Expedia Group, Inc.(a)
	14,850,000		3.600		12/15/23	15,438,060
	1,675,000		4.500		08/15/24	1,788,582
	1,790,000		5.000		02/15/26	1,996,584
Netflix, Inc.
	3,265,000		5.875		02/15/25	3,664,146
Uber Technologies, Inc.(a)(b)
	4,340,000		7.500		05/15/25	4,573,275
						32,213,320
Iron/Steel(a) – 0.0%
Steel Dynamics, Inc.
	345,000		2.400		06/15/25	353,932
Lodging(a) – 0.1%
Marriott International, Inc.
	1,650,000		3.600		04/15/24	1,727,996

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Machinery - Construction & Mining(a)(b) – 0.0%
The Manitowoc Co., Inc.
$	125,000		9.000	%	04/01/26	$          132,188
Machinery-Diversified(a) – 0.4%
Husky III Holding Ltd.(b)(d) (PIK 13.750%, Cash 13.000%)
	1,104,000		13.000		02/15/25	1,167,480
Mueller Water Products, Inc.(b)
	2,985,000		4.000		06/15/29	3,022,312
Otis Worldwide Corp.
	4,000,000		2.056		04/05/25	4,076,440
(3M USD LIBOR + 0.450%)
	3,000,000		0.583	(c)	04/05/23	3,000,030
						11,266,262
Media – 2.0%
AMC Networks, Inc.(a)
	4,486,000		4.750		08/01/25	4,575,720
CCO Holdings LLC/CCO Holdings Capital Corp.(a)(b)
	4,575,000		4.000		03/01/23	4,575,000
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	1,650,000		4.464		07/23/22	1,675,311
	2,900,000		4.500		02/01/24	3,082,874
	8,925,000		4.908		07/23/25	9,830,352
(3M USD LIBOR + 1.650%)
	1,275,000		1.782	(c)	02/01/24	1,301,507
CSC Holdings LLC
	4,120,000		5.250		06/01/24	4,295,100
DISH DBS Corp.
	410,000		5.875		07/15/22	417,175
	5,065,000		5.875		11/15/24	5,197,957
Scripps Escrow, Inc.(a)(b)
	120,000		5.875		07/15/27	125,550
The Walt Disney Co.
	8,900,000		3.000		09/15/22	9,052,190
Time Warner Entertainment Co. LP
	9,179,000		8.375		03/15/23	9,972,249
						54,100,985

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mining – 0.2%
Glencore Funding LLC(a)(b)
$	625,000		3.000	%	10/27/22	$          635,044
	4,200,000		1.625		09/01/25	4,162,746
Vedanta Resources Finance II PLC(a)(b)
	340,000		8.950		03/11/25	332,350
Vedanta Resources Ltd.
	220,000		7.125		05/31/23	212,410
	200,000		6.125	(a)	08/09/24	174,350
						5,516,900
Miscellaneous Manufacturing – 0.4%
General Electric Co.
	7,900,000		2.700		10/09/22	8,019,843
Hillenbrand, Inc.(a)
	890,000		5.750		06/15/25	933,388
Parker-Hannifin Corp.(a)
	625,000		2.700		06/14/24	645,875
						9,599,106
Multi-National(a)(b) – 0.1%
The African Export-Import Bank
	1,050,000		2.634		05/17/26	1,053,129
	1,130,000		3.798		05/17/31	1,153,323
						2,206,452
Office(a)(b) – 0.2%
Xerox Holdings Corp.
	4,495,000		5.000		08/15/25	4,730,988
Oil Field Services – 1.0%
Canadian Natural Resources Ltd.(a)
	1,400,000		2.950		01/15/23	1,425,928
	1,875,000		2.050		07/15/25	1,894,931
Continental Resources, Inc.(a)
	6,800,000		3.800		06/01/24	7,080,500
Devon Energy Corp.(a)
	120,000		5.250		09/15/24	129,831
EQT Corp.(a)
	2,625,000		6.625		02/01/25	2,953,125
Exxon Mobil Corp.(a)
	1,850,000		2.992		03/19/25	1,945,960
Petroleos Mexicanos(a)(b)
	210,000		6.875		10/16/25	229,425

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Phillips 66(a)
$	3,200,000		0.900	%	02/15/24	$       3,179,232
Suncor Energy, Inc.
	3,375,000		2.800		05/15/23	3,454,414
TechnipFMC PLC(a)(b)
	2,570,000		6.500		02/01/26	2,740,263
Transocean Sentry Ltd.(a)(b)
	1,583,002		5.375		05/15/23	1,523,639
USA Compression Partners LP/USA Compression Finance Corp.(a)
	120,000		6.875		04/01/26	124,800
						26,682,048
Packaging – 0.6%
Ball Corp.
	5,413,000		4.000		11/15/23	5,649,819
Berry Global, Inc.(a)
	5,500,000		0.950		02/15/24	5,444,120
	3,200,000		1.570		01/15/26	3,132,000
Silgan Holdings, Inc.(a)(b)
	1,925,000		1.400		04/01/26	1,874,661
						16,100,600
Pharmaceuticals – 2.1%
AbbVie, Inc.
	2,963,000		2.900		11/06/22	3,017,164
	4,209,000		3.200	(a)	11/06/22	4,279,711
	7,800,000		3.850	(a)	06/15/24	8,246,706
	16,250,000		2.600	(a)	11/21/24	16,854,012
Bausch Health Americas, Inc.(a)(b)
	110,000		9.250		04/01/26	116,050
Bausch Health Cos., Inc.(a)(b)
	599,000		6.125		04/15/25	609,483
Bayer US Finance II LLC(a)(b)(c) (3M USD LIBOR + 1.010%)
	4,150,000		1.213		12/15/23	4,174,526
Becton Dickinson & Co.(a)
	544,000		3.363		06/06/24	569,584
	5,800,000		3.734		12/15/24	6,168,996
Elanco Animal Health, Inc.(a)
	500,000		5.272		08/28/23	529,626
Herbalife Nutrition Ltd./HLF Financing, Inc.(a)(b)
	7,435,000		7.875		09/01/25	7,918,275

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
McKesson Corp.(a)
$	675,000		2.700	%	12/15/22	$          684,464
PRA Health Sciences, Inc.(a)(b)
	3,144,000		2.875		07/15/26	3,147,930
						56,316,527
Pipelines(a) – 2.0%
Cheniere Energy Partners LP
	2,835,000		4.500		10/01/29	3,026,362
DCP Midstream Operating LP
	2,690,000		5.625		07/15/27	3,053,150
Energy Transfer LP
	10,075,000		3.600		02/01/23	10,282,746
Energy Transfer LP/Regency Energy Finance Corp.
	150,000		4.500		11/01/23	157,358
EQM Midstream Partners LP
	1,265,000		4.750		07/15/23	1,315,600
Kinder Morgan, Inc.(b)
	4,550,000		5.625		11/15/23	4,863,586
MPLX LP
	2,050,000		3.500		12/01/22	2,093,542
	2,530,000		4.500		07/15/23	2,635,602
	1,225,000		4.875		12/01/24	1,331,257
	8,300,000		1.750		03/01/26	8,242,896
NGPL PipeCo LLC(b)
	410,000		4.875		08/15/27	456,203
NuStar Logistics LP
	6,820,000		5.750		10/01/25	7,297,400
Plains All American Pipeline LP/PAA Finance Corp.
	4,125,000		2.850		01/31/23	4,184,441
Sabine Pass Liquefaction LLC
	225,000		5.625		04/15/23	235,510
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	2,720,000		6.875		01/15/29	3,032,800
The Williams Cos., Inc.
	2,025,000		3.600		03/15/22	2,026,964
						54,235,417

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate(a) – 0.3%
Realogy Group LLC/Realogy Co-Issuer Corp.(b)
$	6,435,000		7.625	%	06/15/25	$       6,829,144
Sunac China Holdings Ltd.
	200,000		6.500		01/10/25	125,938
Zhenro Properties Group Ltd.
	200,000		6.700		08/04/26	127,937
						7,083,019
Real Estate Investment Trust(a) – 1.3%
American Tower Corp.
	1,325,000		3.375		05/15/24	1,384,837
	1,150,000		2.400		03/15/25	1,181,303
	1,400,000		1.300		09/15/25	1,379,434
Crown Castle International Corp.
	1,750,000		1.350		07/15/25	1,730,505
	8,300,000		4.450		02/15/26	9,088,832
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
	4,830,000		5.625		05/01/24	5,162,062
National Retail Properties, Inc.
	435,000		3.900		06/15/24	459,747
Realty Income Corp.
	4,265,000		4.600		02/06/24	4,535,017
SL Green Operating Partnership LP
	2,575,000		3.250		10/15/22	2,614,295
Ventas Realty LP
	1,375,000		3.500		04/15/24	1,440,230
VICI Properties LP/VICI Note Co., Inc.(b)
	4,590,000		3.500		02/15/25	4,670,325
WP Carey, Inc.
	285,000		4.600		04/01/24	302,966
	230,000		4.000		02/01/25	245,194
						34,194,747
Retailing(a) – 0.5%
Lowe’s Cos, Inc.
	7,825,000		4.000		04/15/25	8,480,735
Nordstrom, Inc.
	3,000,000		2.300		04/08/24	3,000,000
Yum! Brands, Inc.(b)
	1,875,000		7.750		04/01/25	1,973,437
						13,454,172

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Savings & Loans(a)(b)(c) – 0.2%
Nationwide Building Society
(3M USD LIBOR + 1.064%)
$	3,206,000		3.766	%	03/08/24	$       3,302,597
(3M USD LIBOR + 1.181%)
	2,075,000		3.622		04/26/23	2,092,139
						5,394,736
Semiconductors – 1.1%
Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	9,580,000		3.625		01/15/24	10,025,566
Broadcom, Inc.(a)
	5,250,000		3.625		10/15/24	5,553,975
	6,625,000		4.700		04/15/25	7,245,166
Microchip Technology, Inc.
	1,800,000		2.670		09/01/23	1,839,654
NXP B.V./NXP Funding LLC(b)
	2,440,000		4.625		06/01/23	2,554,973
NXP BV / NXP Funding LLC / NXP USA Inc.(a)(b)
	250,000		2.700		05/01/25	258,280
Skyworks Solutions, Inc.(a)
	2,425,000		1.800		06/01/26	2,402,011
						29,879,625
Software(a) – 0.7%
Fair Isaac Corp.(b)
	2,705,000		5.250		05/15/26	2,965,356
Fidelity National Information Services, Inc.
	4,025,000		1.150		03/01/26	3,927,152
Infor, Inc.(b)
	1,025,000		1.450		07/15/23	1,027,378
	1,075,000		1.750		07/15/25	1,069,872
Oracle Corp.
	2,825,000		2.500		04/01/25	2,893,648
PTC, Inc.(b)
	2,085,000		3.625		02/15/25	2,111,063
Roper Technologies, Inc.
	975,000		2.350		09/15/24	1,001,325
VMware, Inc.
	2,575,000		1.000		08/15/24	2,552,031
						17,547,825

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – 2.8%
AT&T, Inc.(a)
$	1,850,000		4.450	%	04/01/24	$       1,975,578
	11,320,000		3.950		01/15/25	12,109,910
	5,150,000		3.400		05/15/25	5,449,266
CommScope Technologies LLC(a)(b)
	112,000		6.000		06/15/25	112,000
Level 3 Financing, Inc.(a)
	1,925,000		5.375		05/01/25	1,961,094
Lumen Technologies, Inc(a)
	1,005,000		7.500		04/01/24	1,100,475
SoftBank Group Corp.(a)
	200,000		5.125		09/19/27	201,000
Sprint Communications, Inc.
	770,000		6.000		11/15/22	798,875
Sprint Corp.
	2,840,000		7.875		09/15/23	3,124,000
T-Mobile USA, Inc.(a)
	9,750,000		4.000		04/15/22	9,823,125
	21,574,000		3.500		04/15/25	22,862,615
	5,450,000		1.500		02/15/26	5,392,884
	2,614,000		2.250		02/15/26	2,617,636
Telecom Italia SpA(b)
	5,615,000		5.303		05/30/24	5,860,656
Verizon Communications, Inc.(a)
	2,650,000		0.850		11/20/25	2,586,082
						75,975,196
Toys/Games/Hobbies(a)(b) – 0.1%
Mattel, Inc.
	2,815,000		5.875		12/15/27	3,022,606
Transportation(a) – 0.1%
United Parcel Service, Inc.
	1,925,000		3.900		04/01/25	2,079,558

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Trucking & Leasing(a)(b) – 0.2%
Penske Truck Leasing Co LP/PTL Finance Corp.
$	4,950,000		1.200	%	11/15/25	$       4,828,082
SMBC Aviation Capital Finance DAC
	1,200,000		3.550		04/15/24	1,253,352
						6,081,434
TOTAL CORPORATE OBLIGATIONS (Cost $1,256,049,485)						$1,255,251,397
Mortgage-Backed Obligations – 12.3%
Collateralized Mortgage Obligations – 2.7%
Interest Only(e) – 0.5%
FHLMC REMIC Series 3852, Class SW(c) (-1x 1M USD LIBOR + 6.000%)
$	317,508		5.890	%	05/15/41	$            47,291
FHLMC REMIC Series 4314, Class SE(c) (-1x 1M USD LIBOR + 6.050%)
	292,900		5.940		03/15/44	42,352
FHLMC REMIC Series 4468, Class SY(c) (-1x 1M USD LIBOR + 6.100%)
	486,335		5.990		05/15/45	86,298
FHLMC REMIC Series 4583, Class ST(c) (-1x 1M USD LIBOR + 6.000%)
	329,552		5.890		05/15/46	54,630
FHLMC REMIC Series 4905, Class SA(c) (-1x 1M USD LIBOR + 6.100%)
	679,192		5.998		08/25/49	115,993
FHLMC REMIC Series 4929, Class SC(c) (-1X 1M USD LIBOR + 6.050%)
	613,691		5.948		10/25/48	92,536
FHLMC REMIC Series 4980, Class KI
	6,302,224		4.500		06/25/50	935,788
FHLMC REMIC Series 4991, Class IE
	3,062,897		5.000		07/25/50	428,416
FHLMC REMIC Series 4998, Class GI
	4,223,104		4.000		08/25/50	657,432
FHLMC REMIC Series 5009, Class DI
	2,208,749		2.000		09/25/50	218,651
FHLMC REMIC Series 5012, Class DI
	835,026		4.000		09/25/50	128,439
FHLMC REMIC Series 5020, Class IH
	2,010,011		3.000		08/25/50	244,026
FNMA REMIC Series 2010-135, Class AS(c) (-1x 1M USD LIBOR + 5.950%)
	84,163		5.848		12/25/40	12,643

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(e) – (continued)
FNMA REMIC Series 2016-1, Class SJ(c) (-1x 1M USD LIBOR + 6.150%)
$	439,094		6.048	%	02/25/46	$            72,914
FNMA REMIC Series 2017-31, Class SG(c) (-1x 1M USD LIBOR + 6.100%)
	557,688		5.998		05/25/47	100,235
FNMA REMIC Series 2017-86, Class SB(c) (-1x 1M USD LIBOR + 6.150%)
	379,866		6.048		11/25/47	64,192
FNMA REMIC Series 2018-17, Class CS(c) (-1x 1M USD LIBOR + 3.450%)
	2,313,815		2.500		03/25/48	132,025
FNMA REMIC Series 2020-49, Class IO
	479,216		4.000		07/25/50	72,114
FNMA REMIC Series 2020-49, Class KS(c) (-1x 1M USD LIBOR + 6.100%)
	3,493,249		5.998		07/25/50	633,499
FNMA REMIC Series 2020-60, Class KI
	2,372,981		2.000		09/25/50	243,527
FNMA REMIC Series 2020-60, Class NI
	775,492		4.000		09/25/50	119,022
FNMA REMIC Series 2020-62, Class GI
	3,612,452		4.000		06/25/48	594,958
GNMA REMIC Series 2020-61, Class SW(c) (-1X 1M USD LIBOR + 6.050%)
	2,882,804		5.946		08/20/49	376,454
GNMA REMIC Series 2013-124, Class CS(c) (-1x 1M USD LIBOR + 6.050%)
	306,360		5.946		08/20/43	58,133
GNMA REMIC Series 2013-152, Class TS(c) (-1x 1M USD LIBOR + 6.100%)
	116,433		5.996		06/20/43	20,207
GNMA REMIC Series 2014-117, Class SJ(c) (-1x 1M USD LIBOR + 5.600%)
	861,426		5.496		08/20/44	138,205
GNMA REMIC Series 2014-132, Class SL(c) (-1x 1M USD LIBOR + 6.100%)
	254,999		5.996		10/20/43	25,228
GNMA REMIC Series 2014-162, Class SA(c) (-1x 1M USD LIBOR + 5.600%)
	115,208		5.496		11/20/44	16,827
GNMA REMIC Series 2015-111, Class IM
	372,758		4.000		08/20/45	44,113

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(e) – (continued)
GNMA REMIC Series 2015-123, Class SP(c) (-1x 1M USD LIBOR + 6.250%)
$	204,142		6.146	%	09/20/45	$            35,890
GNMA REMIC Series 2016-109, Class IH
	983,831		4.000		10/20/45	110,614
GNMA REMIC Series 2016-27, Class IA
	134,446		4.000		06/20/45	12,451
GNMA REMIC Series 2017-112, Class SJ(c) (-1x 1M USD LIBOR + 5.660%)
	202,412		5.556		07/20/47	27,684
GNMA REMIC Series 2018-122, Class HS(c) (-1x 1M USD LIBOR + 6.200%)
	471,427		6.096		09/20/48	75,414
GNMA REMIC Series 2018-122, Class SE(c) (-1x 1M USD LIBOR + 6.200%)
	438,202		6.096		09/20/48	61,747
GNMA REMIC Series 2018-139, Class SQ(c) (-1x 1M USD LIBOR + 6.150%)
	453,793		6.046		10/20/48	57,999
GNMA REMIC Series 2018-147, Class SA(c) (-1x 1M USD LIBOR + 6.200%)
	2,334,703		6.096		10/20/48	345,330
GNMA REMIC Series 2019-1, Class SN(c) (-1x 1M USD LIBOR + 6.050%)
	466,871		5.946		01/20/49	60,052
GNMA REMIC Series 2019-110, Class PS(c) (-1X 1M USD LIBOR + 6.050%)
	4,343,191		5.946		09/20/49	715,075
GNMA REMIC Series 2019-110, Class SD(c) (-1x 1M USD LIBOR + 6.100%)
	490,187		5.996		09/20/49	65,455
GNMA REMIC Series 2019-110, Class SE(c) (-1x 1M USD LIBOR + 6.100%)
	477,909		5.996		09/20/49	61,071
GNMA REMIC Series 2019-151, Class NI
	1,844,960		3.500		10/20/49	174,449
GNMA REMIC Series 2019-153, Class EI
	15,221,865		4.000		12/20/49	2,080,483
GNMA REMIC Series 2019-20, Class SF(c) (-1x 1M USD LIBOR + 3.790%)
	966,946		3.686		02/20/49	67,087
GNMA REMIC Series 2019-69, Class S(c) (-1x 1M USD LIBOR + 3.270%)
	1,226,949		3.166		06/20/49	69,534

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(e) – (continued)
GNMA REMIC Series 2019-78, Class SE(c) (-1x 1M USD LIBOR + 6.100%)
$	217,511		5.996	%	06/20/49	$            27,434
GNMA REMIC Series 2019-97, Class SC(c) (-1x 1M USD LIBOR + 6.100%)
	357,660		5.996		08/20/49	48,939
GNMA REMIC Series 2020-146, Class IM
	500,929		2.500		10/20/50	54,865
GNMA REMIC Series 2020-146, Class KI
	4,773,709		2.500		10/20/50	433,037
GNMA REMIC Series 2020-151, Class MI
	8,286,692		2.500		10/20/50	931,601
GNMA REMIC Series 2020-173, Class AI
	1,220,151		2.500		11/20/50	62,871
GNMA REMIC Series 2020-21, Class SA(c) (-1x 1M USD LIBOR + 6.050%)
	1,727,565		5.946		02/20/50	268,843
GNMA REMIC Series 2020-55, Class AS(c) (-1x 1M USD LIBOR + 6.050%)
	10,645,823		5.946		04/20/50	1,686,636
GNMA REMIC Series 2020-61, Class GI
	3,142,118		5.000		05/20/50	348,013
GNMA REMIC Series 2020-78, Class DI
	2,060,348		4.000		06/20/50	241,957
GNMA REMIC Series 2020-79, Class AI
	231,235		4.000		06/20/50	28,034
GNMA Series 2019-111, Class AS(c) (-1X 1M USD LIBOR + 6.150%)
	2,293,580		6.046		01/20/49	299,441
GNMA Series 2020-55, Class PI
	937,824		3.500		04/20/50	113,378
						14,341,532
Regular Floater(c) – 0.0%
FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	10,424		0.452		04/25/37	10,482
Sequential Fixed Rate – 0.3%
FHLMC REMIC Series 4619, Class NA
	956,331		3.000		03/15/44	1,001,183
FHLMC REMIC Series 4630, Class MC
	667,601		4.000		08/15/54	698,538
FHLMC REMIC Series 4649, Class ML
	4,620,949		4.000		11/15/54	4,834,123

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
FNMA REMIC Series 2012-111, Class B
$	13,686		7.000	%	10/25/42	$            15,623
FNMA REMIC Series 2012-153, Class B
	46,242		7.000		07/25/42	54,714
						6,604,181
Sequential Floating Rate(b)(c) – 1.9%
Bellemeade Re Ltd. Series 2021-2A, Class M1B (SOFR30A + 1.500%)
	1,400,000		1.550		06/25/31	1,400,017
Connecticut Avenue Securities Trust Series 2021-R03, Class 1B1 (SOFR30A + 2.750%)
	1,556,000		2.800		12/25/41	1,557,464
Connecticut Avenue Securities Trust Series 2021-R01, Class 1B1 (SOFR30A + 3.100%)
	4,622,000		3.150		10/25/41	4,638,110
CSMC Series 2021-NQM8, Class A1
	960,000		1.841		10/25/66	959,207
Fannie Mae Connecticut Avenue Securities Series 2021-R02, Class 2B1 (SOFR30A + 3.300%)
	4,100,000		3.350		11/25/41	4,121,657
FHLMC STACR Debt Notes Series 2020-HQA5, Class B1 (SOFR30A + 4.000%)
	2,728,000		4.050		11/25/50	2,848,776
FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 (SOFR30A + 2.600%)
	3,884,337		2.650		11/25/50	3,921,902
FHLMC STACR REMIC Trust Series 2020-DNA2, Class B1 (1M USD LIBOR + 2.500%)
	1,130,000		2.603		02/25/50	1,132,246
FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 (1M USD LIBOR + 1.850%)
	1,400,776		1.953		02/25/50	1,405,419
FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1 (1M USD LIBOR + 5.100%)
	605,000		5.203		06/25/50	626,068
FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2 (1M USD LIBOR + 3.750%)
	539,663		3.853		08/25/50	542,803
FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (SOFR30A + 4.800%)
	4,308,000		4.850		10/25/50	4,558,143
FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (SOFR30A + 2.800%)
	1,347,501		2.850		10/25/50	1,358,023

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b)(c) – (continued)
FHLMC STACR REMIC Trust Series 2020-DNA6, Class B1 (SOFR30A + 3.000%)
$	2,415,000		3.050	%	12/25/50	$            2,442,848
FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%)
	659,857		3.253		09/25/50	662,218
FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (SOFR30A + 1.800%)
	270,000		1.850		01/25/51	270,640
FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1 (SOFR30A + 3.400%)
	3,716,000		3.450		10/25/41	3,738,680
FHLMC STACR REMIC Trust Series 2021-HQA1, Class B1 (SOFR30A + 3.000%)
	3,530,000		3.050		08/25/33	3,537,641
FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2 (SOFR30A + 2.050%)
	2,510,000		2.100		12/25/33	2,516,411
FHLMC Structured Agency Credit Risk Debt Notes Series 2021-DNA7, Class B1 (SOFR30A + 3.650%)
	1,888,000		3.700		11/25/41	1,917,778
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1
	5,450,000		2.520		05/25/52	5,453,187
New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	123,743		3.750		05/28/52	130,023
Verus Securitization Trust Series 2021-8, Class A1
	690,000		1.824		11/25/66	689,587
						50,428,848
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$          71,385,043
Commercial Mortgage-Backed Securities – 0.7%
Sequential Fixed Rate(b) – 0.4%
BANK Series 2017-BNK9, Class D
	700,000		2.800		11/15/54	612,879
BANK Series 2018-BN15, Class D
	1,170,000		3.000		11/15/61	963,635
Cantor Commercial Real Estate Lending Series 2019-CF2, Class E
	1,200,000		2.500		11/15/52	928,030
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	1,500,000		3.000		09/15/50	1,293,583
JPMBD Commercial Mortgage Trust Series 2017-C7, Class D
	980,000		3.000		10/15/50	911,817

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate(b) – (continued)
Morgan Stanley Capital I Trust Series 2018-L1, Class D
$	2,200,000		3.000	%	10/15/51	$            1,874,833
Wells Fargo Commercial Mortgage Trust Series 2017-C38, Class D
	1,000,000		3.000		07/15/50	880,700
Wells Fargo Commercial Mortgage Trust Series 2017-RB1, Class D
	1,748,000		3.401		03/15/50	1,596,532
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D
	900,000		3.250		01/15/60	790,287
						9,852,296
Sequential Floating Rate – 0.3%
Citigroup Commercial Mortgage Trust Series 2016-GC36, Class C(c)
	1,200,000		4.750		02/10/49	1,222,638
Citigroup Commercial Mortgage Trust Series 2015-P1, Class C(c)
	1,949,000		4.369		09/15/48	2,031,678
DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D(b)(c)
	1,000,000		3.218		06/10/50	921,771
JPMDB Commercial Mortgage Securities Trust Series 2016-C4, Class D(b)(c)
	1,545,000		3.071		12/15/49	1,370,368
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class D(b)(c)
	550,000		4.144		07/15/50	543,494
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D(b)
	500,000		3.060		10/15/48	472,821
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class D(b)(c)
	2,319,000		3.041		12/15/59	2,098,859
						8,661,629
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$          18,513,925
Federal Agencies – 8.9%
GNMA – 3.2%
	11,000,000		3.000		TBA-30yr(f)	11,367,005
	1,866,385		4.500		08/20/47	2,006,663
	321,276		5.000		03/20/48	345,903
	211,453		5.000		08/20/48	226,187
	524,775		4.500		09/20/48	557,699
	698,246		5.000		11/20/48	746,629
	1,471,947		4.500		12/20/48	1,562,684
	3,204,152		5.000		12/20/48	3,425,673
	2,652,104		4.500		01/20/49	2,815,176
	4,173,604		5.000		01/20/49	4,462,149
	1,559,145		4.500		03/20/49	1,654,161

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	433,765		5.000	%	03/20/49	$            463,584
	39,510		5.000		04/20/49	42,210
	1,721,812		3.000		08/20/49	1,787,961
	61,639		5.000		08/20/49	65,790
	832,493		4.500		10/20/49	882,641
	1,590,798		5.000		12/20/49	1,708,923
	91,942		5.000		02/20/50	98,990
	491,189		3.000		06/20/51	508,874
	1,990,778		3.000		11/20/51	2,067,241
	5,000,000		3.000		12/20/51	5,194,449
	20,000,000		2.000		TBA-30yr(f)	20,192,706
	1,000,000		2.500		TBA-30yr(f)	1,025,035
	24,000,000		3.000		TBA-30yr(f)	24,844,802
						88,053,135
UMBS – 1.1%
	5,536		5.000		12/01/22	5,605
	7,305		5.000		05/01/23	7,921
	9,608		5.000		03/01/25	10,447
	7,465		5.000		11/01/26	8,179
	7,312		5.000		07/01/27	8,016
	129,705		4.500		07/01/47	139,824
	663,064		5.000		01/01/48	724,342
	750,900		4.500		02/01/48	804,524
	334,880		5.000		04/01/48	364,147
	4,953,772		4.500		05/01/48	5,329,048
	1,803,066		4.500		06/01/48	1,935,151
	1,125,645		4.500		07/01/48	1,210,431
	308,462		4.500		08/01/48	331,444
	1,761,298		4.500		09/01/48	1,892,407
	102,831		4.500		12/01/48	110,138
	343,018		4.500		01/01/49	366,993
	611,660		4.500		01/01/49	658,092
	384,428		4.500		02/01/49	411,389
	10,359,090		4.500		03/01/49	11,078,459
	3,148,058		4.500		04/01/49	3,373,084
	294,254		4.500		04/01/49	314,934
	61,472		4.500		09/01/49	65,783
	124,744		4.500		09/01/49	134,227
	501,915		4.500		02/01/50	537,743
	76,797		4.500		03/01/50	82,635
						29,904,963
UMBS, 30 Year, Single Family(f) – 4.6%
	3,000,000		2.000		TBA-30yr	2,992,781
	24,000,000		2.500		TBA-30yr	24,506,261
	23,000,000		3.000		TBA-30yr	23,836,446
	37,000,000		3.500		TBA-30yr	38,965,632
	25,000,000		4.500		TBA-30yr	26,796,875
	6,000,000		5.000		TBA-30yr	6,532,507
						123,630,502
TOTAL FEDERAL AGENCIES						$     241,588,600
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $330,218,608)						$     331,487,568

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – 10.5%
Automotive – 1.7%
Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A
$	3,750,000		2.440	%	09/15/26	$          3,864,691
GMF Floorplan Owner Revolving Trust Series 2019-2, Class A(b)
	2,785,000		2.900		04/15/26	2,889,274
Tesla Auto Lease Trust Series 2021-A, Class A3(b)
	2,200,000		0.560		03/20/25	2,183,526
Tesla Auto Lease Trust Series 2021-A, Class A4(b)
	5,400,000		0.660		03/20/25	5,357,342
Tesla Auto Lease Trust Series 2021-B, Class A3(b)
	10,200,000		0.600		09/22/25	10,074,005
Toyota Auto Receivables Owner Trust Series 2021-D, Class A3
	9,600,000		0.710		04/15/26	9,517,682
Toyota Lease Owner Trust Series 2021-A, Class A3(b)
	7,175,000		0.390		04/22/24	7,138,268
Toyota Lease Owner Trust Series 2021-A, Class A4(b)
	1,400,000		0.500		08/20/25	1,387,855
Toyota Lease Owner Trust Series 2021-B, Class A3(b)
	2,250,000		0.420		10/21/24	2,229,821
						44,642,464
Collateralized Loan Obligations(b)(c) – 8.5%
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%)
	7,600,000		1.332		07/20/34	7,607,038
Apex Credit CLO II LLC Series 2020-1A, Class A1N(3M USD LIBOR + 1.570%)
	5,000,000		1.702		10/20/31	5,000,680
Atlas Senior Loan Fund XVII Ltd. Series 2021-17A, Class A (3M USD LIBOR + 1.200%)
	8,200,000		1.320		10/20/34	8,199,902
Balboa Bay Loan Funding Ltd. Series 2021-2A, Class A1 (3M USD LIBOR + 1.170%)
	12,500,000		1.382		01/20/35	12,507,625
Barings CLO Ltd. IV Series 2020-4A, Class D1 (3M USD LIBOR + 3.700%)
	2,250,000		3.832		01/20/32	2,250,855
BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	794,470		1.160		09/15/35	794,474
Cathedral Lake VII Ltd. Series 2021-7RA, Class C(3M USD LIBOR + 2.570%)
	1,825,000		2.694		01/15/32	1,800,169

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(c) – (continued)
Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
$	3,500,000		4.404	%	01/15/32	$          3,500,028
Crown City CLO I Series 2020-1A, Class A1AR (3M USD LIBOR + 1.190%)
	2,500,000		1.322		07/20/34	2,498,598
Crown City CLO II Series 2020-2A, Class C (3M USD LIBOR + 3.820%)
	2,000,000		3.952		01/20/32	1,989,448
Gulf Stream Meridian 3, Ltd. Series 2021-IIIA, Class A2 (3M USD LIBOR + 1.750%)
	3,000,000		1.874		04/15/34	2,995,905
HalseyPoint CLO 2 Ltd. Series 2020-2A, Class A1 (3M USD LIBOR + 1.860%)
	5,250,000		1.992		07/20/31	5,251,701
HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%)
	17,500,000		1.579		11/30/32	17,535,980
HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%)
	3,500,000		1.482		01/20/33	3,500,847
Hayfin US XIV, Ltd. Series 2021-14A, Class A1 (3M USD LIBOR + 1.230%)
	16,800,000		1.379		07/20/34	16,815,523
ICG Rhinebeck CLO Ltd. Series 2021-4A, Class A1 (3M USD LIBOR + 1.210%)
	8,000,000		1.340		10/26/34	8,008,904
ICG US CLO 2016-1 Ltd. Series 2016-1A, Class CRR (3M USD LIBOR + 3.650%)
	2,000,000		3.779		04/29/34	1,985,042
Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%)
	3,000,000		1.325		07/25/34	3,001,386
LCM 26, Ltd. Series 2026-A, Class A1(3M USD LIBOR + 1.070%)
	8,400,000		1.202		01/20/31	8,400,874
LCM XX LP Series 2020-A, Class AR (3M USD LIBOR + 1.040%)
	3,098,832		1.172		10/20/27	3,099,204
Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	16,113,895		0.874		04/15/29	16,114,281
Marathon CLO XIII Ltd. Series 2019-1A, Class AANR (3M USD LIBOR + 1.320%)
	12,000,000		1.444		04/15/32	11,977,176
Marble Point CLO XIX Ltd. Series 2020-3A, Class D (3M USD LIBOR + 3.900%)
	2,200,000		4.024		01/19/34	2,210,032

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(c) – (continued)
Marble Point CLO XVII Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.300%)
$	6,000,000		1.432	%	04/20/33	$          6,001,446
MidOcean Credit CLO VI Series 2016-6A, Class D1R (3M USD LIBOR + 3.520%)
	3,800,000		3.652		04/20/33	3,732,048
MJX Venture Management II LLC Series 2017-28RR, Class A1 (3M USD LIBOR + 1.280%)
	4,171,053		1.410		07/22/30	4,145,676
Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R (3M USD LIBOR + 1.100%)
	3,000,000		1.235		12/21/29	3,000,465
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%)
	10,600,000		1.230		05/20/32	10,595,993
Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (3M USD LIBOR + 3.900%)
	3,700,000		4.024		07/15/29	3,653,839
OZLM Ltd.Series 2015-14A, Class CRR (3M USD LIBOR + 3.390%)
	5,400,000		3.514		07/15/34	5,262,959
Parallel Ltd. Series 2015-1A, Class AR(3M USD LIBOR + 0.850%)
	59,685		0.982		07/20/27	59,685
Park Avenue Institutional Advisers CLO Ltd. 2021-1 Series 2021-1A, Class A1A (3M USD LIBOR + 1.390%)
	11,000,000		1.522		01/20/34	11,025,575
Park Avenue Institutional Advisers CLO Ltd. 2021-1 Series 2021-1A, Class C(3M USD LIBOR + 3.800%)
	3,000,000		3.932		01/20/34	3,010,272
PPM CLO 4 Ltd. Series 2020-4A, Class AR (3M USD LIBOR + 1.190%)
	7,000,000		1.350		10/18/34	6,995,891
Recette CLO Ltd. Series 2015-1A, Class ARR(3M USD LIBOR + 1.080%)
	4,550,000		1.212		04/20/34	4,527,386
Steele Creek CLO Ltd. Series 2019-1A, Class D (3M USD LIBOR + 4.100%)
	5,150,000		4.224		04/15/32	5,071,905
THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%)
	3,950,000		3.842		04/18/36	3,950,024
Tralee CLO VII Ltd. Series 2021-7A, Class D (3M USD LIBOR + 3.180%)
	4,950,000		3.304		04/25/34	4,785,249
Venture 36 CLO Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%)
	2,500,000		4.282		04/20/32	2,504,268

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(c) – (continued)
Zais CLO 13 Ltd. Series 2019-13A, Class A1A (3M USD LIBOR + 1.490%)
$	3,000,000		1.614	%	07/15/32	$          3,001,452
Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)
	2,625,000		1.486		07/28/32	2,621,994
						230,991,799
Student Loan(c) – 0.3%
Educational Services of America, Inc. Series 2012-1, Class A1(b) (1M USD LIBOR + 1.150%)
	13,256		1.253		09/25/40	13,280
Educational Services of America, Inc. Series 2014-1, Class A(b) (1M USD LIBOR + 0.700%)
	354,116		0.803		02/25/39	352,362
Educational Services of America, Inc. Series 2015-2, Class A(b) (1M USD LIBOR + 1.000%)
	236,280		1.103		12/25/56	237,714
Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)
	2,794,578		1.230		05/25/34	2,798,263
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,159,790		1.024		07/25/45	1,163,355
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	587,350		1.104		05/20/30	587,350
Northstar Education Finance, Inc. Series 2012-1, Class A(b) (1M USD LIBOR + 0.700%)
	36,441		0.803		12/26/31	36,586
Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1(b) (1M USD LIBOR + 0.550%)
	26,897		0.653		05/25/57	26,513
PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	963,123		1.253		09/25/65	979,528
SLC Student Loan Center Series 2011-1, Class A(b) (1M USD LIBOR + 1.220%)
	320,779		1.323		10/25/27	320,779
SLC Student Loan Trust Series 2005-3, Class A3 (3M USD LIBOR + 0.120%)
	362,277		0.323		06/15/29	361,414
SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	524,635		0.264		10/25/28	522,601

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(c) – (continued)
SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
$	223,559		1.774	%	07/25/22	$           226,006
						7,625,751
TOTAL ASSET-BACKED SECURITIES (Cost $283,255,087)						$    283,260,014
Foreign Debt Obligations – 6.2%
Sovereign – 6.2%
Abu Dhabi Government International Bond
$	870,000		2.500	%	10/11/22	884,029
Japan Treasury Discount Bill(g)
JPY	8,439,000,000		0.000		01/06/22	73,364,204
	7,575,000,000		0.000		01/17/22	65,855,020
Perusahaan Penerbit SBSN Indonesia III
$	3,530,000		2.300	(b)	06/23/25	3,618,250
	4,310,000		2.300		06/23/25	4,417,750
	7,550,000		1.500	(b)	06/09/26	7,519,328
Republic of Colombia(a)
	5,690,000		4.000		02/26/24	5,877,770
Republic of Indonesia
	200,000		5.875		01/15/24	218,788
EUR	250,000		2.150	(b)	07/18/24	297,486
Republic of Qatar(b)
$	1,840,000		3.375		03/14/24	1,925,905
	690,000		3.400		04/16/25	731,529
Republic of Turkey
	200,000		4.250		03/13/25	184,725
Saudi Government International Bond(b)
	800,000		2.900		10/22/25	836,750
Ukraine Government Bond
	2,590,000		8.994		02/01/24	2,576,241
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $170,902,908)						$    168,307,775
Municipal Debt Obligations – 4.1%
Alabama – 0.1%
Alabama Federal Aid Highway Finance Authority Series 2021(a)
$	1,260,000		0.449	%	09/01/23	$        1,252,219

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Alabama – (continued)
Hoover City Board of Education Taxable (Refunding) 2021
$	835,000		0.321	%	02/15/23	$          833,487
	1,180,000		0.555		02/15/24	1,172,792
						3,258,498
Arizona – 0.2%
Arizona Board of Regents COPS Bonds Taxable (Refunding) Series 2021(a)
	750,000		0.492		06/01/23	746,696
	455,000		0.769		06/01/24	450,966
Arizona State Pension Fund COPS Bonds Taxable Series B(a)
	2,885,000		0.459		07/01/24	2,838,758
County of Pima AZ Revenue Bonds Taxable Series 2021
	865,000		0.520		05/01/24	854,260
						4,890,680
California – 0.2%
City of San Francisco CA Public Utilities Commission Water Revenue Bonds Series 2010(a)
	1,435,000		4.900		11/01/22	1,487,398
Huntington Beach Pension Fund Taxable Series 2021(a)
	560,000		0.381		06/15/23	556,857
Los Angeles Department of Water & Power Water System Revenue Series 2009(a)
	745,000		5.281		07/01/23	794,331
Los Angeles Municipal Improvement Corp. Taxable (Refunding) Series A(a)
	855,000		0.319		11/01/22	854,291
Riverside Cnty Ca Infrastructu Rvrfac 11/23 Fixed 0.548
	1,600,000		0.548		11/01/23	1,589,838
San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2019 C(a)
	380,000		3.146		05/01/23	391,893
						5,674,608
Connecticut – 0.1%
Connecticut State GO Bonds Series A
	3,000,000		3.130		01/15/24	3,122,388
Town of West Hartford CT GO Bonds Taxable (Refunding) Series B
	235,000		0.466		07/01/23	233,956
						3,356,344

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Florida – 0.2%
County of Palm Beach FL Revenue Bonds Taxaable (Refunding) Series B
$	5,625,000		0.500	%	12/01/24	$        5,524,753
Iowa – 0.3%
Iowa Hospitals & Clinics Board of Regents Taxable (Refunding) Series 2021
	7,520,000		0.200		10/01/22	7,507,308
Maryland – 0.1%
Maryland State Department of Transportation RB Series A
	1,240,000		0.526		08/01/24	1,220,957
State of Maryland Department of Transportation Revenue Bonds Taxable (Refunding) Series A
	2,470,000		0.361		08/01/23	2,452,459
						3,673,416
Massachusetts – 0.1%
Massachusetts State GO Bonds Series B
	230,000		0.275		11/15/22	229,348
University of Massachusetts Building Authority Revenue Bonds Series 2010(a)
	2,915,000		4.350		11/01/24	3,175,407
						3,404,755
Missouri(a) – 0.3%
The Curators of the University of Missouri Revenue Bonds Taxable (Refunding) Series 2010
	8,385,000		1.466		11/01/23	8,481,426
New York – 1.8%
Long Island Power Authority Electric System Taxable (Refunding) Series C(a)
	1,265,000		0.359		03/01/23	1,259,639
Metropolitan Transportation Authority Revenue Note Taxable Series C(a)
	19,910,000		0.777		11/15/22	19,926,828
New York City Transitional Finance Authority Building Aid Revenue Taxable (Refunding) Series S-1B(a)
	12,925,000		0.380		07/15/23	12,840,543
New York State Dormitory Authority Bonds Taxable (Refunding) Series B(a)
	4,725,000		0.207		03/15/22	4,724,212
	1,755,000		0.307		03/15/23	1,746,546

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
New York – (continued)
New York State Urban Development Corp Revenue Bonds Taxable (Refunding) Series 2017(a)
$	1,135,000		2.100	%	03/15/22	$        1,139,268
Port Authority of New York & New Jersey Revenue Bonds Taxable Series AAA
	7,450,000		1.086		07/01/23	7,489,701
						49,126,737
Ohio(a)(c) – 0.1%
Access to Loans for Learning Student Loan Corp. Series 2019 A-3 (3M USD LIBOR + 0.000%)
	1,713,263		0.924		04/25/37	1,710,473
Oregon – 0.1%
Oregon Education Districts GO Bonds Taxable Series A
	25,000		0.182		06/30/22	24,986
	40,000		0.312		06/30/23	39,779
Port of Morrow Revenue Bonds Taxable Series 2015(a)
	3,305,000		3.097		09/01/23	3,430,647
						3,495,412
Pennsylvania(a) – 0.1%
Pennsylvania State University Bonds Taxable Series D
	1,070,000		1.353		09/01/23	1,078,582
Tennessee – 0.4%
State of Tennessee GO Bonds Taxable (Refunding) Series B
	9,865,000		0.386		11/01/23	9,810,770
Texas – 0.0%
County of Nueces TX GO Bonds Taxable (Refunding)Series B
	260,000		0.516		02/15/24	257,497
Wisconsin(a) – 0.0%
Wisconsin Department of Transportation Revenue Bonds Series 2020
	425,000		0.624		07/01/24	420,010
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $112,103,788)						$    111,671,269
U.S. Treasury Obligations – 7.6%
United States Treasury Notes
$	28,220,000		1.375	%	12/31/28	$      28,100,947

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Notes
$	100,000		1.875	%(h)	02/28/22	$          100,273
	88,290,000		0.875		06/30/26	86,910,469
	28,360,000		1.250		12/31/26	28,340,060
	610,000		0.500	(h)	04/30/27	585,266
	59,980,000		1.250		06/30/28	59,384,886
	850,000		2.875	(h)	08/15/28	928,625
TOTAL U.S. TREASURY OBLIGATIONS (Cost $204,280,849)						$   204,350,526
Shares		Description				Value
Exchange Traded Funds(i) – 2.0%
	754,343		Goldman Sachs Access High Yield Corporate Bond ETF			$     37,505,934
	347,570		Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF			17,232,521
TOTAL EXCHANGE TRADED FUNDS (Cost $54,077,836)						$     54,738,455
Shares		Dividend Rate				Value
Investment Company(i) – 3.5%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	94,986,728		0.026 %			$     94,986,728
(Cost $94,986,728)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $2,505,875,289)						$2,504,053,732
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 10.9%
Certificates of Deposit – 3.1%
Bank of Montreal(b)(c) (SOFR + 0.300%)
$	4,256,000		0.350	%	01/09/23	$       4,256,000
Bank of Nova Scotia(c) (SOFR + 0.150%)
	6,000,000		0.200		03/17/22	6,000,493
Bayerische Landesbank
	10,000,000		0.900		06/27/23	10,059,573
Collateralized Commercial Paper FLEX Co. LLC(b)(c) (SOFR + 0.300%)
	14,386,000		0.350		12/01/22	14,386,005
Credit Industriel ET Commercial
	20,550,000		0.260		06/01/22	20,556,933

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
Credit Suisse AG
$	10,678,000		0.590	%	03/17/23	$    10,650,029
MUFG Bank Ltd.
	15,750,000		0.150		01/11/22	15,750,443
						81,659,476
Commercial Paper(g) – 6.8%
American Electric Power Co., Inc.(b)
	20,000,000		0.000		02/14/22	19,992,375
Barclays Capital, Inc.(b)
	500,000		0.000		01/24/22	499,968
Barton Capital Corp..(b)
	13,318,000		0.000		03/01/22	13,313,339
BPCE SA(b)
	14,511,000		0.000		03/07/22	14,506,610
Brighthouse Financial Short Term funding LLC(b)
	25,000,000		0.000		01/06/22	24,999,625
Danaher Corp.(b)
	3,718,000		0.000		01/03/22	3,717,952
Disney (Walt) Co. The(b)
	250,000		0.000		06/15/22	249,601
	250,000		0.000		06/30/22	249,546
Enbridge, Inc.(b)
	8,000,000		0.000		03/17/22	7,993,802
Enel Finance America LLC(b)
	1,000,000		0.000		02/16/22	999,606
Entergy Corp.(b)
	8,750,000		0.000		03/15/22	8,745,000
Ionic Capital II Trust
	20,000,000		0.000		02/04/22	19,997,278
Ionic Capital III Trust
	4,500,000		0.000		02/24/22	4,498,714
Macquarie Bank Ltd.(b)
	9,633,000		0.000		03/15/22	9,628,485
Mitsubishi UFJ Trust & Banking Corp.(b)
	13,000,000		0.000		03/01/22	12,996,750
Natwest Markets PLC(b)
	2,750,000		0.000		03/01/22	2,748,625
Ridgefield Funding Co.(b)
	3,604,000		0.000		04/05/22	3,601,594

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Commercial Paper(g) – (continued)
Starbucks Corp.(b)
$	6,802,000		0.000	%		01/04/22	$       6,801,925
Thermo Fisher Scientific, Inc.(b)
	20,257,000		0.000			06/01/22	20,219,196
Xcel Energy, Inc.(b)
	8,226,000		0.000			03/17/22	8,219,627
							183,979,618
Repurchase Agreements – 1.0%
Bank of America Corp.
	27,400,000		0.770			04/18/22	27,400,000
Maturity Value: $27,400,000
Next Reset Date : 01/01/22
Collateralized by various common stocks and preferred securities, 4.750% to 9.000%, due 04/15/22 – 10/15/37. The aggregate market value of the collateral, including accrued interest, was $29,988,392
TOTAL SHORT-TERM INVESTMENTS (Cost $292,982,737)							$   293,039,094
TOTAL INVESTMENTS – 103.5% (Cost $2,798,858,026)							$2,797,092,826
LIABILITIES IN EXCESS OF     OTHER ASSETS – (3.5)%							(93,968,900)
NET ASSETS – 100.0%							$2,703,123,926

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2021.
(d)	Pay-in-kind securities.
(e)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(f)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $181,060,050 which represents approximately 6.7% of the Fund’s net assets as of December 31, 2021.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(i)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
CNH	— Chinese Yuan Renminbi Offshore
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
CDOR	— Canadian Dollar Offered Rate
CHFOR	— Swiss Franc Offered Rate
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
ETF	— Exchange Traded Fund
EURO	— Euro Offered Rate
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
GO	— General Obligation
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
PI	— Private Investment
PLC	— Public Limited Company
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Funding Rate
STIBOR	— Stockholm Interbank Offered Rate

GOLDMAN SACHS SHORT DURATION 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
MS & Co. Int. PLC	AUD	26,979,957	USD	19,142,178		03/16/22	$	490,996
	CAD	2,518,114	USD	1,951,993		03/16/22		38,357
	CHF	758,336	EUR	730,000		03/16/22		1,483
	CHF	7,994,558	USD	8,697,733		03/16/22		93,415
	CNH	26,900,393	USD	4,188,223		03/16/22		22,301
	CZK	63,678,306	USD	2,811,628		03/16/22		81,591
	EUR	6,020,064	USD	6,818,267		03/16/22		46,383
	GBP	1,240,772	EUR	1,460,798		03/16/22		13,138
	HUF	270,931,200	USD	824,000		03/16/22		4,534
	IDR	18,079,176,322	USD	1,255,760		02/10/22		12,331
	ILS	5,337,459	USD	1,696,958		03/16/22		21,016
	MXN	34,898,795	USD	1,646,714		03/16/22		34,895
	NOK	26,296,533	USD	2,907,290		03/16/22		74,501
	NZD	1,220,279	EUR	729,570		03/16/22		2,809
	NZD	8,496,395	USD	5,793,142		03/16/22		18,833
	PLN	7,303,105	USD	1,781,050		03/16/22		21,128
	SEK	35,627,891	USD	3,922,186		03/16/22		23,125
	THB	11,028,490	USD	329,809		03/16/22		243
	TRY	19,913,420	USD	1,319,386		03/16/22		90,310
	TRY	13,496,463	USD	863,492		06/14/22		28,392
	TWD	37,952,493	USD	1,366,476		01/19/22		4,381
	USD	851,001	AUD	1,149,113		01/31/22		14,882
	USD	1,542,053	CLP	1,269,186,756		02/07/22		60,364
	USD	1,242,651	HUF	404,050,725		03/16/22		7,024
	USD	75,549,989	JPY	8,442,189,942		01/06/22		2,155,834
	USD	66,542,365	JPY	7,576,613,475		01/18/22		666,670
	USD	8,610,268	JPY	975,029,355		03/16/22		128,404
	USD	4,734,591	KRW	5,602,545,889		02/10/22		28,349
	USD	1,676,072	NZD	2,406,705		02/16/22		28,813
	USD	2,449,881	RUB	181,773,212		02/10/22		40,330
	USD	2,790,338	SEK	25,114,138		03/16/22		9,284
	USD	3,063,000	TRY	29,556,419		06/14/22		1,109,831
	USD	7,631,365	TWD	211,026,140		01/19/22		9,030
	USD	162,371	ZAR	2,608,449		03/16/22		439
	ZAR	21,446,393	USD	1,329,341		03/16/22		2,050
TOTAL							$	5,385,466

GOLDMAN SACHS SHORT DURATION 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
MS & Co. Int. PLC	AUD	1,153,571	GBP	623,026		03/16/22	$	(3,565	)
	CLP	1,295,731,915	USD	1,602,354		02/07/22		(89,675	)
	EUR	2,926,159	CHF	3,059,138		03/16/22		(27,271	)
	EUR	1,455,878	CNH	10,616,993		03/16/22		(1,671	)
	EUR	726,149	CZK	18,485,208		03/16/22		(11,850	)
	EUR	727,734	GBP	625,097		03/16/22		(15,982	)
	JPY	299,911,660	USD	2,645,963		03/16/22		(37,006	)
	KRW	3,019,912,032	USD	2,542,955		02/10/22		(6,173	)
	RUB	166,812,899	USD	2,313,684		02/10/22		(102,444	)
	SEK	8,824,815	EUR	860,569		03/16/22		(4,073	)
	TRY	18,539,540	USD	1,418,792		03/16/22		(106,355	)
	TRY	16,059,956	USD	1,532,000		06/14/22		(470,714	)
	TWD	93,141,050	USD	3,368,935		01/19/22		(4,650	)
	USD	2,705,535	AUD	3,798,248		03/16/22		(58,430	)
	USD	4,819,722	CAD	6,166,173		03/16/22		(54,101	)
	USD	225,877	CHF	207,023		03/16/22		(1,774	)
	USD	3,330,572	CNH	21,367,403		03/16/22		(13,913	)
	USD	19,769,526	EUR	17,364,720		03/16/22		(31,377	)
	USD	9,286,763	GBP	6,971,306		03/16/22		(146,059	)
	USD	2,727,000	ILS	8,625,228		03/16/22		(49,213	)
	USD	2,469,606	INR	188,379,135		01/18/22		(54,030	)
	USD	1,484,882	MXN	32,038,295		03/16/22		(58,893	)
	USD	765,954	NOK	6,945,381		03/16/22		(21,590	)
	USD	3,057,345	NZD	4,529,575		03/16/22		(41,119	)
	USD	825,729	PLN	3,386,894		03/16/22		(10,050	)
	USD	1,605,512	RUB	121,768,030		02/10/22		(8,622	)
	USD	2,627,704	SEK	23,850,042		03/16/22		(13,369	)
	USD	3,459,811	TRY	50,624,309		03/16/22		(123,947	)
	USD	1,520,506	TWD	42,365,851		01/19/22		(9,762	)
	USD	1,321,000	ZAR	21,723,092		03/15/22		(27,781	)
	USD	1,418,454	ZAR	22,867,259		03/16/22		(1,144	)
TOTAL							$	(1,606,603	)

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 German Euro-Bund		5		03/08/22	$	975,523		$	(17,689	)
2 Year U.S. Treasury Notes		5,010		03/31/22		1,093,041,099			(994,820	)
10 Year U.S. Treasury Notes		956		03/22/22		124,728,125			580,715
Total								$	(431,794	)
Short position contracts:
Ultra Long U.S. Treasury Bonds		(7)		03/22/22		(1,379,875	)		(6,310	)
Ultra 10 Year U.S. Treasury Notes		(431)		03/22/22		(63,114,563	)		(831,699	)
5 Year U.S. Treasury Notes		(4,409)		03/31/22		(533,385,666	)		(1,947,432	)
20 Year U.S. Treasury Bonds		(7)		03/22/22		(1,123,062	)		14,268
Total								$	(2,771,173	)
TOTAL FUTURES CONTRACTS								$	(3,202,967	)

GOLDMAN SACHS SHORT DURATION 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	316,940		$	(1,213,858	)	$	(1,841,247	)	$	627,389
3M NZDOR(a)		1.250(b)		12/15/22		15,940			(40,881	)		(16,819	)		(24,062	)
3M AUDOR(a)		0.190(b)		02/22/23	AUD	141,620	(c)		(343,881	)		(2,056,827	)		1,712,946
0.500%(d)		3M SOFR		12/15/23	$	22,210	(c)		92,181			61,454			30,727
1.000(a)		6M CDOR(b)		12/15/23	CAD	16,580			124,962			(16,748	)		141,710
3M STIBOR(a)		0.500(d)		03/16/24	SEK	286,110	(c)		72,529			68,751			3,778
0.250(d)		3M SOFR		03/16/24	$	19,880	(c)		247,862			191,574			56,288
1M LIBOR + 0.090(a)		3M LIBOR(b)		07/25/24		28,720			6,594			9,643			(3,049	)
6M EURO(d)		(0.295)		12/09/24	EUR	49,820	(c)		(120,219	)		15,974			(136,193	)
6M CDOR(a)		1.560(b)		08/22/25	CAD	46,410	(c)		(395,862	)		21,405			(417,267	)
6M EURO(d)		(0.175)		12/09/26	EUR	34,650	(c)		—			—			—
(0.175)(d)		6M EURO		12/09/26		109,500	(c)		541,673			13,441			528,232
6M CHFOR(d)		(0.250)		03/16/27	CHF	3,910	(c)		(13,468	)		(7,710	)		(5,758	)
3M STIBOR(a)		0.750(d)		03/16/27	SEK	162,960	(c)		(12,251	)		107,427			(119,678	)
3M SOFR(d)		1.000		03/16/27	$	710	(c)		(5,927	)		(1,914	)		(4,013	)
6M AUDOR(b)		1.250		03/16/27	AUD	140,540	(c)		(2,458,291	)		(2,410,675	)		(47,616	)
3M NZDOR(b)		2.750		03/16/27	NZD	29,650	(c)		119,161			130,988			(11,827	)
2.000(d)		3M NIBOR(b)		03/16/27	NOK	116,890	(c)		(56,012	)		(109,526	)		53,514
1.000(d)		3M SOFR		03/16/27	$	47,770	(c)		398,765			328,026			70,739
1.750(b)		6M CDOR		03/16/27	CAD	33,180	(c)		150,601			211,993			(61,392	)
(0.250)(b)		6M EURO		03/16/27	EUR	13,040	(c)		104,443			4,542			99,901
0.500(d)		6M GBP		03/16/27	GBP	41,100	(c)		1,543,101			1,055,083			488,018
0.000(d)		6M JYOR		03/16/27	JPY	5,420,870	(c)		(23,195	)		(76,803	)		53,608
0.015(d)		6M EURO(b)		12/13/27	EUR	3,740	(c)		36,773			22,073			14,700
1.680(b)		6M CDOR		08/22/28	CAD	37,090	(c)		432,117			(37,758	)		469,875
2.130(d)		3M NIBOR(b)		05/11/31	NOK	139,640	(c)		(123,945	)		(354,265	)		230,320
3M NZDOR(b)		3.000		09/16/31	NZD	10,340	(c)		78,614			64,799			13,815
3M SOFR(d)		1.530		09/22/31	$	28,470	(c)		18,597			3,256			15,341
6M CDOR(b)		2.500		10/14/31	CAD	15,040	(c)		204,206			69,876			134,330
6M EURO(b)		0.500		11/26/31	EUR	52,970	(c)		(233,705	)		377,787			(611,492	)
6M EURO(d)		0.140		12/09/31		19,600	(c)		(239,083	)		(1,030	)		(238,053	)
6M CHFOR(d)		0.250		03/16/32	CHF	9,440	(c)		144,933			136,995			7,938
6M EURO(b)		0.250		03/16/32	EUR	7,620	(c)		(71,970	)		43,825			(115,795	)
3M STIBOR(b)		1.000		03/16/32	SEK	160,580	(c)		(1,005	)		283,084			(284,089	)
3M SOFR(d)		1.500		03/16/32	$	13,730	(c)		199,376			268,227			(68,851	)
3M NIBOR(b)		2.000(d)		03/16/32	NOK	31,050	(c)		24,810			90,837			(66,027	)
6M AUDOR(b)		2.000		03/16/32	AUD	19,640	(c)		(45,140	)		14,498			(59,638	)
2.750(b)		3M NZDOR		03/16/32	NZD	11,800	(c)		(49,113	)		(91,654	)		42,541
2.000(b)		6M CDOR		03/16/32	CAD	19,570	(c)		9,661			29,256			(19,595	)
0.750(d)		6M GBP		03/16/32	GBP	25,000	(c)		680,568			(10,209	)		690,777
0.000(d)		6M JYOR(d)		03/16/32	JPY	902,330	(c)		66,028			35,412			30,616
6M EURO(b)		0.500(d)		03/17/32	EUR	33,110	(c)		(204,960	)		49,087			(254,047	)
3M STIBOR(b)		1.000(d)		03/17/32	SEK	36,860	(c)		(47,663	)		(29,299	)		(18,364	)
6M AUDOR(b)		2.000		03/17/32	AUD	4,260	(c)		(47,689	)		(230,827	)		183,138
1.500(d)		3M SOFR		03/17/32	$	20,980	(c)		35,728			15,420			20,308
2.000(b)		6M CDOR		03/17/32	CAD	7,960	(c)		43,388			35,247			8,141
1.000(d)		6M GBP		03/17/32	GBP	12,240	(c)		(117,400	)		(591,528	)		474,128
6M CDOR(b)		2.100		12/18/33	CAD	10,320	(c)		(32,318	)		51,667			(83,985	)
1.630(d)		3M SOFR		09/22/36	$	34,210	(c)		71,951			10,482			61,469
6M EURO(b)		0.720(d)		12/02/36	EUR	13,620	(c)		(122,349	)		38,066			(160,415	)
0.750(d)		6M EURO(b)		11/26/41		27,040	(c)		164,382			(534,202	)		698,584
0.531(d)		6M EURO(b)		12/02/41		28,370	(c)		293,304			(84,356	)		377,660
6M EURO(b)		0.257(d)		12/02/46		14,800	(c)		(141,837	)		42,568			(184,405	)
6M CDOR(b)		2.250		12/15/51	CAD	5,800			170,676			15,027			155,649
1.750(d)		3M SOFR		03/16/52	$	4,620	(c)		(324,709	)		(406,272	)		81,563
TOTAL								$	(409,747	)	$	(4,991,879	)	$	4,582,132

(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 SHORT DURATION BOND 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		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 10		3.000%(b)		5.156%		MS & Co. Int. PLC		11/17/59	$	5,700	$	(505,222	)	$	(934,457	)	$	429,235
Markit CMBX Series 11		3.000(b)		3.952		MS & Co. Int. PLC		11/18/54		10,850		(507,352	)		(2,024,867	)		1,517,515
Markit CMBX Series 8		3.000(b)		8.605		MS & Co. Int. PLC		10/17/57		3,450		(465,893	)		(768,699	)		302,806
TOTAL											$	(1,478,467	)	$	(3,728,023	)	$	2,249,556

(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:
AT&T, Inc., 3.800%, 02/15/27		1.000%		0.619%		06/20/26	$	3,475	$	58,867		$	57,610		$	1,257
AT&T, Inc., 3.800%, 02/15/27		1.000		0.548		12/20/25		10,000		179,516			85,210			94,306
CDX.NA.EM Index 36		1.000		1.867		12/20/26		90,440		(3,597,058	)		(2,996,373	)		(600,685	)
CDX.NA.IG Index 28		1.000		0.211		06/20/22		21,975		89,538			70,819			18,719
CDX.NA.IG Index 32		1.000		0.335		06/20/24		225		3,768			2,088			1,680
CDX.NA.IG Index 33		1.000		0.392		12/20/24		1,650		30,157			(4,790	)		34,947
CDX.NA.IG Index 34		1.000		0.445		06/20/25		105,600		2,040,037			1,162,293			877,744
General Electric Co. 2.700%, 10/09/22		1.000		0.633		06/20/26		5,225		85,591			63,611			21,980
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.367		06/20/24		120		1,917			(135	)		2,052
TOTAL									$	(1,107,667	)	$	(1,559,667	)	$	452,000

(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 SHORT DURATION 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-COUNTERINTEREST 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	$	0.459		10/10/2022		32,630,000		$	32,630,000		$	14,694		$	71,329		$	(56,635	)
1Y IRS		Citibank NA		0.420		10/10/2022		35,720,000			35,720,000			14,335			77,326			(62,991	)
1Y IRS		Citibank NA		0.516		11/15/2022		36,190,000			36,190,000			22,009			84,983			(62,974	)
1Y IRS		JPMorgan Securities, Inc.		0.300		09/08/2022		39,810,000			39,810,000			9,802			77,482			(67,680	)
1Y IRS		JPMorgan Securities, Inc.		0.281		09/08/2022		30,480,000			30,480,000			7,092			58,231			(51,139	)
1Y IRS		MS & Co. Int. PLC		0.544		11/16/2022		32,940,000			32,940,000			21,798			77,573			(55,775	)
Total purchased option contracts								207,770,000		$	207,770,000		$	89,730		$	446,924		$	(357,194	)
Written option contracts
Calls
1Y IRS		Citibank NA		0.425		10/10/2022		(3,340,000	)		(3,340,000	)		(37,062	)		(71,371	)		34,309
1Y IRS		Citibank NA		0.379		10/10/2022		(3,680,000	)		(3,680,000	)		(36,377	)		(77,285	)		40,908
1Y IRS		Citibank NA		0.553		11/15/2022		(3,730,000	)		(3,730,000	)		(63,411	)		(84,783	)		21,372
1Y IRS		Citibank NA		0.015		12/09/2022		(16,830,000	)		(16,830,000	)		(134,675	)		(233,815	)		99,140
1Y IRS		Citibank NA		1.290		12/12/2022		(96,000,000	)		(96,000,000	)		(264,922	)		(307,200	)		42,278
1Y IRS		Citibank NA		1.252		12/13/2022		(28,100,000	)		(28,100,000	)		(71,649	)		(88,094	)		16,445
1Y IRS		Citibank NA		1.255		12/13/2022		(40,200,000	)		(40,200,000	)		(103,153	)		(126,831	)		23,678
1Y IRS		Citibank NA		1.296		12/15/2022		(29,600,000	)		(29,600,000	)		(81,959	)		(92,796	)		10,837
1Y IRS		JPMorgan Securities, Inc.		0.401		09/08/2022		(4,110,000	)		(4,110,000	)		(37,475	)		(77,517	)		40,042
1Y IRS		JPMorgan Securities, Inc.		0.363		09/08/2022		(3,140,000	)		(3,140,000	)		(25,802	)		(58,128	)		32,326
1Y IRS		MS & Co. Int. PLC		0.599		11/16/2022		(3,410,000	)		(3,410,000	)		(64,443	)		(77,728	)		13,285
								(232,140,000	)		(232,140,000	)		(920,928	)		(1,295,548	)		374,620
Puts
1Y IRS		Citibank NA		0.015		12/09/2022		(16,830,000	)		(16,830,000	)		(301,400	)		(230,835	)		(70,565	)
1Y IRS		Citibank NA		1.290		12/12/2022		(96,000,000	)		(96,000,000	)		(287,836	)		(307,200	)		19,364
1Y IRS		Citibank NA		1.252		12/13/2022		(28,100,000	)		(28,100,000	)		(89,409	)		(88,094	)		(1,315	)
1Y IRS		Citibank NA		1.255		12/13/2022		(40,200,000	)		(40,200,000	)		(127,362	)		(126,831	)		(531	)
1Y IRS		Citibank NA		1.296		12/15/2022		(29,600,000	)		(29,600,000	)		(89,898	)		(92,796	)		2,898
								(210,730,000	)	$	(210,730,000	)	$	(895,905	)	$	(845,756	)	$	(50,149	)
Total written option contracts								(442,870,000	)	$	(442,870,000	)	$	(1,816,833	)	$	(2,141,304	)	$	324,471
TOTAL								(235,100,000	)	$	(235,100,000	)	$	(1,727,103	)	$	(1,694,380	)	$	(32,723	)

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 29.4%
Collateralized Mortgage Obligations – 1.8%
Regular Floater(a) – 0.0%
FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
$	174,142		0.452	%	04/25/37	$         175,119
Sequential Fixed Rate – 1.8%
FHLMC REMIC Series 1980, Class Z
	136,647		7.000		07/15/27	149,595
FHLMC REMIC Series 2019, Class Z
	113,260		6.500		12/15/27	123,843
FHLMC REMIC Series 2755, Class ZA
	332,556		5.000		02/15/34	366,127
FHLMC REMIC Series 3530, Class DB
	553,816		4.000		05/15/24	570,120
FHLMC REMIC Series 4246, Class PT
	61,081		6.500		02/15/36	69,514
FHLMC REMIC Series 4273, Class PD
	554,106		6.500		11/15/43	641,985
FHLMC REMIC Series 4619, Class NA
	1,712,403		3.000		03/15/44	1,792,716
FNMA REMIC Series 2012-111, Class B
	208,705		7.000		10/25/42	238,251
FNMA REMIC Series 2012-153, Class B
	744,500		7.000		07/25/42	880,896
FNMA REMIC Series 2015-30, Class EA
	3,387,353		3.000		05/25/45	3,531,208
GNMA REMIC Series 2019-35, Class A
	5,504,326		4.000		12/20/48	5,793,997
						14,158,252
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  14,333,371
Federal Agencies – 27.6%
Adjustable Rate FHLMC(a) – 0.2%
(1 Year CMT + 2.250%)
$	401,667		2.343	%	06/01/35	$       422,203
(12M USD LIBOR + 1.613%)
	863,896		1.862		11/01/44	900,440
(12M USD LIBOR + 1.772%)
	100,291		2.024		06/01/42	105,318
(12M USD LIBOR + 1.840%)
	195,113		2.090		11/01/34	205,258
(12M USD LIBOR + 2.000%)
	9,919		2.250		11/01/36	9,919
(12M USD LIBOR + 2.330%)
	28,711		2.617		05/01/36	30,435
(6M USD LIBOR + 2.056%)
	12,969		2.180		10/01/36	13,651
						1,687,224

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(a) – 0.5%
(1 Year CMT + 2.095%)
$	53,928		2.143	%	10/01/35	$           56,940
(1 Year CMT + 2.220%)
	253,127		2.220		06/01/34	265,757
(1 Year CMT + 2.287%)
	217,463		2.412		02/01/34	228,388
(12M MTA + 2.210%)
	334,580		2.292		07/01/36	351,934
(12M MTA + 2.364%)
	39,004		2.464		06/01/36	40,849
(12M USD LIBOR + 1.225%)
	5,338		1.475		01/01/33	5,504
(12M USD LIBOR + 1.325%)
	91,384		1.700		04/01/35	94,976
(12M USD LIBOR + 1.413%)
	73,067		1.774		05/01/35	76,170
(12M USD LIBOR + 1.506%)
	30,129		1.881		02/01/35	31,510
(12M USD LIBOR + 1.609%)
	89,205		1.984		03/01/35	93,642
(12M USD LIBOR + 1.640%)
	74,393		1.890		10/01/34	77,890
(12M USD LIBOR + 1.664%)
	107,456		1.915		10/01/34	112,608
(12M USD LIBOR + 1.695%)
	100,197		1.945		05/01/34	105,136
(12M USD LIBOR + 1.713%)
	309,305		1.993		07/01/37	325,185
(12M USD LIBOR + 1.720%)
	300,893		2.034		05/01/34	315,735
(12M USD LIBOR + 1.720%)
	61,081		2.095		03/01/35	64,308
(12M USD LIBOR + 1.720%)
	47,086		2.095		04/01/35	49,576
(12M USD LIBOR + 1.726%)
	272,857		2.101		03/01/36	286,773
(12M USD LIBOR + 1.755%)
	25,660		2.005		07/01/32	26,826
(12M USD LIBOR + 1.800%)
	293,440		2.175		05/01/33	308,192
(12M USD LIBOR + 1.820%)
	3,712		2.070		12/01/46	3,940
(12M USD LIBOR + 1.924%)
	236,324		2.174		06/01/36	248,434
(12M USD LIBOR + 1.935%)
	95,705		2.185		11/01/36	101,163
(12M USD LIBOR + 1.958%)
	468,128		2.208		04/01/36	497,028
(6M USD LIBOR + 2.250%)
	40,263		2.375		08/01/33	42,166
(COF + 1.250%)
	326,616		4.594		08/01/33	354,995
(COF + 1.841%)
	15,194		2.066		08/01/29	15,419
						4,181,044

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(a) – 0.3%
(1 Year CMT + 1.500%)
$	73,841		1.875	%	05/20/34	$           76,383
(1 Year CMT + 1.500%)
	189,375		1.625		07/20/34	195,103
	171,052		1.625		08/20/34	176,259
	1,090,737		1.625		09/20/34	1,123,945
(1 Year CMT + 1.500%)
	156,172		2.125		10/20/34	161,350
	186,331		2.125		12/20/34	192,556
						1,925,596
FHLMC – 0.5%
	916		7.000		04/01/22	916
	138		4.500		05/01/23	141
	4,344		7.500		01/01/31	5,076
	19,124		4.500		07/01/33	20,988
	496,687		4.500		08/01/33	545,091
	1,071,907		4.500		09/01/33	1,176,383
	92,564		4.500		10/01/33	101,584
	2,127		4.500		04/01/34	2,334
	2,098		4.500		04/01/35	2,317
	1,246		4.500		07/01/35	1,377
	3,964		4.500		08/01/35	4,379
	24,442		4.500		09/01/35	26,947
	5,284		4.500		10/01/35	5,836
	872		4.500		12/01/35	957
	682		4.500		05/01/36	753
	62,752		4.500		01/01/38	69,311
	1,274		4.500		04/01/38	1,404
	350		4.500		05/01/38	385
	3,908		4.500		06/01/38	4,317
	97,261		4.500		09/01/38	107,233
	1,962		4.500		01/01/39	2,161
	56,387		4.500		02/01/39	62,125
	26,013		4.500		03/01/39	28,652
	6,153		4.500		04/01/39	6,778
	140,794		4.500		05/01/39	155,080
	437,717		4.500		06/01/39	482,133
	13,196		4.500		07/01/39	14,535
	18,800		4.500		08/01/39	20,708
	26,122		4.500		09/01/39	28,773
	5,168		4.500		10/01/39	5,693
	9,156		4.500		11/01/39	10,084
	9,302		4.500		12/01/39	10,246
	17,064		4.500		01/01/40	18,796
	4,394		4.500		02/01/40	4,842
	11,585		4.500		04/01/40	12,763
	18,426		4.500		05/01/40	20,301
	22,595		4.500		06/01/40	24,895
	16,602		4.500		07/01/40	18,292
	17,222		4.500		08/01/40	18,975
	10,598		4.500		09/01/40	11,678
	4,656		4.500		10/01/40	5,130
	5,937		4.500		02/01/41	6,543
	15,540		4.500		03/01/41	17,126
	36,718		4.500		04/01/41	40,466
	36,013		4.500		05/01/41	39,686
	69,508		4.500		06/01/41	76,600

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	5,643		4.500	%	07/01/41	$             6,219
	180,373		4.500		08/01/41	198,775
	192,356		4.500		09/01/41	211,938
	10,746		4.500		12/01/41	11,842
	148,371		4.500		03/01/42	163,510
						3,813,074
FNMA – 0.0%
	90,051		7.500		10/01/37	105,099
GNMA – 14.2%
	1,115		6.500		01/15/32	1,202
	4,606		6.500		02/15/32	5,131
	3,472		6.500		08/15/34	3,983
	9,104		6.500		05/15/35	10,527
	2,520		6.500		06/15/35	2,890
	7,075		6.500		07/15/35	8,186
	2,724		6.500		08/15/35	3,160
	5,594		6.500		09/15/35	6,466
	893		6.500		10/15/35	1,038
	8,969		6.500		11/15/35	10,412
	5,923		6.500		12/15/35	6,861
	21,436		6.500		01/15/36	24,792
	23,295		6.500		02/15/36	27,050
	12,676		6.500		03/15/36	14,655
	38,185		6.500		04/15/36	43,972
	54,377		6.500		05/15/36	63,061
	42,757		6.500		06/15/36	49,550
	148,043		6.500		07/15/36	171,349
	147,015		6.500		08/15/36	170,357
	302,519		6.500		09/15/36	351,570
	117,043		6.500		10/15/36	135,869
	163,952		6.500		11/15/36	190,759
	73,646		6.500		12/15/36	85,376
	29,829		6.500		01/15/37	34,681
	14,401		6.500		02/15/37	16,625
	9,574		6.500		03/15/37	11,126
	20,495		6.500		04/15/37	23,845
	5,018		6.500		05/15/37	5,703
	5,348		6.500		08/15/37	6,239
	36,278		6.500		09/15/37	42,141
	45,409		6.500		10/15/37	53,657
	16,819		6.500		11/15/37	19,227
	13,442		6.500		05/15/38	15,568
	43,353		6.000		11/15/38	49,940
	2,620		6.500		01/15/39	2,989
	6,693		6.500		02/15/39	7,765
	3,378,972		4.500		08/20/47	3,632,934
	79,748		4.500		02/20/48	85,194
	187,357		4.500		05/20/48	199,434
	957,617		4.500		09/20/48	1,017,696
	7,453,080		5.000		09/20/48	7,972,429
	277,547		5.000		10/20/48	296,801
	6,053		5.000		11/20/48	6,472
	2,624,115		4.500		12/20/48	2,785,876
	6,499,755		5.000		12/20/48	6,949,119
	536,043		4.500		01/20/49	569,003
	3,338,883		5.000		01/20/49	3,569,719
	46,236		5.000		03/20/49	49,414
	21,702		5.000		05/20/49	23,176
	822,243		5.000		06/20/49	877,869

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	110,179		5.000	%	11/20/49	$       117,581
	1,250,842		5.000		12/20/49	1,343,724
	329,951		5.000		07/20/50	355,243
	4,976,944		3.000		11/20/51	5,168,103
	7,000,000		3.000		12/20/51	7,272,228
	1,000,000		2.500		TBA-30yr(b)	1,025,035
	52,000,000		3.000		TBA-30yr(b)	53,799,194
	13,000,000		4.000		TBA-30yr(b)	13,680,040
						112,474,006
UMBS – 2.7%
	41,249		5.500		09/01/23	42,090
	13,407		5.500		10/01/23	13,693
	175,910		4.500		11/01/36	193,789
	60,698		4.500		02/01/39	66,818
	72,693		4.500		04/01/39	80,043
	4,088		4.500		08/01/39	4,499
	5,115		4.500		05/01/41	5,534
	198,111		4.500		08/01/41	217,220
	104,605		4.500		10/01/41	115,236
	528,379		4.500		06/01/48	567,085
	3,867,514		4.500		07/01/48	4,189,743
	2,655,121		4.500		07/01/48	2,852,943
	4,028,302		4.500		08/01/48	4,363,576
	306,699		4.500		08/01/48	330,316
	447,460		4.500		09/01/48	481,917
	3,443,125		4.500		10/01/48	3,771,748
	457,190		4.500		10/01/48	490,396
	2,085,905		4.500		01/01/49	2,234,558
	457,695		4.500		03/01/49	489,793
	214,839		5.000		07/01/49	238,639
	867,824		4.500		05/01/50	931,449
						21,681,085
UMBS, 30 Year, Single Family(b) – 9.2%
	9,000,000		2.000		TBA-30yr	8,978,344
	35,000,000		2.500		TBA-30yr	35,738,297
	26,000,000		3.000		TBA-30yr	26,945,548
	1,000,000		5.000		TBA-30yr	1,088,751
						72,750,940
TOTAL FEDERAL AGENCIES						$  218,618,068
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $232,341,497)						$  232,951,439
Agency Debentures – 19.1%
FHLB
$	1,800,000		5.375	%	08/15/24	$      2,004,066
	44,850,000		0.500		04/14/25	44,036,421
FHLMC
	9,330,000		0.375		04/20/23	9,311,527
	17,820,000		0.375		09/23/25	17,332,979

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – (continued)
FNMA
$	5,200,000		6.250	%	05/15/29	$      6,907,888
	16,080,000		7.125		01/15/30	22,792,435
Tennessee Valley Authority
	49,850,000		0.750		05/15/25	49,176,028
TOTAL AGENCY DEBENTURES (Cost $150,611,013)						$  151,561,344
U.S. Treasury Obligations – 60.8%
United States Treasury Bonds
$	7,370,000		3.750	%(c)	11/15/43	$      9,751,431
	410,000		3.375		05/15/44	516,472
	10,000		3.000		11/15/45	12,023
	200,000		2.875		11/15/46	236,844
	110,000		3.000		02/15/48	134,372
	380,000		3.375		11/15/48	497,563
	780,000		2.000		02/15/50	793,163
United States Treasury Notes
	44,060,700		0.125		12/31/22	43,924,731
	187,239,000		0.125	(c)	02/28/23	186,485,655
	350,000		2.750	(c)	04/30/23	360,199
	106,970,000		2.750		05/31/23	110,258,492
	380,000		2.875		11/30/23	395,527
	7,100,000		2.625		12/31/23	7,364,309
	620,000		3.000		09/30/25	662,625
	11,270,000		0.375		12/31/25	10,925,737
	4,500,000		2.625		12/31/25	4,758,750
	11,100,000		0.500		02/28/26	10,787,812
	11,570,000		0.750	(c)	03/31/26	11,353,062
	10,530,000		0.750		04/30/26	10,324,336
	630,000		1.375		08/31/26	633,938
	7,010,000		1.250		12/31/26	7,005,071
	6,870,000		1.375		12/31/28	6,841,017
	11,010,000		1.125		02/29/28	10,854,312

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Notes (continued)
$	11,340,000		1.250	%(c)	03/31/28	$    11,243,433
	11,090,000		1.250		04/30/28	10,992,962
United States Treasury Strip Coupon(d)
	28,900,000		0.000		11/15/35	22,360,330
	2,800,000		0.000		05/15/36	2,139,433
TOTAL U.S. TREASURY OBLIGATIONS (Cost $480,030,976)						$  481,613,599
Shares		Dividend Rate				Value
Investment Company(e) – 7.0%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	55,194,390		0.026%			$    55,194,390
(Cost $55,194,390)
TOTAL INVESTMENTS – 116.3% (Cost $918,177,876)						$  921,320,772
LIABILITIES IN EXCESS OF     OTHER ASSETS – (16.3)%						(129,023,927)
NET ASSETS – 100.0%						$  792,296,845

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2021.
(b)	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 $141,255,209 which represents approximately 17.8% of the Fund’s net assets as of December 31, 2021.
(c)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)	Represents an affiliated issuer.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
COF	— Cost of Funds Index
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
MTA	— Monthly Treasury Average
REMIC	— Real Estate Mortgage Investment Conduit

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

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		1,630		03/31/22	$	355,620,158		$	(312,416	)
Short position contracts:
Ultra Long U.S. Treasury Bonds		(20)		03/22/22		(3,942,500	)		17,719
Ultra 10 Year U.S. Treasury Notes		(376)		03/22/22		(55,060,500	)		(903,216	)
5 Year U.S. Treasury Notes		(970)		03/31/22		(117,347,266	)		(426,066	)
10 Year U.S. Treasury Notes		(210)		03/22/22		(27,398,438	)		(145,380	)
20 Year U.S. Treasury Bonds		(244)		03/22/22		(39,146,750	)		(509,120	)
Total								$	(1,966,063	)
TOTAL FUTURES CONTRACTS								$	(2,278,479	)

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)
1M LIBOR + 0.090%(a)		3M LIBOR(a)		07/25/24	$	15,560		$	3,573	$	5,086	$	(1,513	)
3M SOFR(b)		1.530%(b)		09/22/31		7,270	(c)		4,749		594		4,155
1.630(b)		3M SOFR(b)		09/22/36		8,740	(c)		18,382		2,383		15,999
TOTAL								$	26,704	$	8,063	$	18,641

(a) Payments made quarterly.

(b) Payments made 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 SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 49.4%
Agriculture(a) – 0.2%
BAT Capital Corp.
$	12,295,000		2.764	%	08/15/22	$     12,425,573
Automotive(b) – 1.6%
BMW US Capital LLC(c) (SOFR + 0.530%)
	29,051,000		0.580		04/01/24	29,183,472
Volkswagen Group of America Finance LLC
	17,407,000		0.750		11/23/22	17,404,911
	18,772,000		3.125		05/12/23	19,303,060
	13,121,000		0.875		11/22/23	13,045,161
						78,936,604
Banks – 27.7%
Bank of America Corp.(a)(c) (3M BSBY + 0.430%)
	30,000,000		0.593		05/28/24	30,000,300
Bank of Montreal (SOFR + 0.680%)
	52,000,000		0.730	(c)	03/10/23	52,239,720
	20,000,000		0.400		09/15/23	19,864,600
Banque Federative du Credit Mutuel SA(b)
	7,375,000		3.750		07/20/23	7,694,043
Barclays Bank PLC(a)
	6,500,000		1.700		05/12/22	6,520,800
Barclays PLC(a)
	31,800,000		3.684		01/10/23	31,815,264
BPCE SA(b)(c) (3M USD LIBOR + 0.300%)
	17,730,000		0.427		01/14/22	17,731,064
Canadian Imperial Bank of Commerce (SOFRRATE + 0.300%)
	9,989,000		0.350	(c)	01/06/23	9,988,589
(SOFR + 0.800%)
	38,955,000		0.850	(c)	03/17/23	39,143,932
	19,388,000		0.450		06/22/23	19,254,998
Capital One NA(a)(c) (3M USD LIBOR + 1.150%)
	14,357,000		1.279		01/30/23	14,363,461
Citigroup, Inc.
	50,000,000		4.500		01/14/22	50,059,000
(3M USD LIBOR + 0.722%)
	42,904,000		3.142	(a)(c)	01/24/23	42,960,633
(3M USD LIBOR + 0.950%)
	21,943,000		2.876	(a)(c)	07/24/23	22,197,539
Cooperatieve Rabobank UA
	16,805,000		2.750		01/10/22	16,811,890

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
$	9,251,000		3.875	%	02/08/22	$       9,280,881
Credit Agricole Corporate & Investment Bank SA(a)
	26,500,000		0.400		01/15/23	26,440,905
Credit Suisse AG
	2,050,000		0.520		08/09/23	2,036,409
Deutsche Bank AG(c) (SOFRRATE + 0.500%)
	42,621,000		0.550		11/08/23	42,582,641
Discover Bank
	2,805,000		4.200		08/08/23	2,943,651
DNB Boligkreditt AS(b)
	16,467,000		2.500		03/28/22	16,550,448
Federation des Caisses Desjardins du Quebec(b)(c) (SOFR + 0.430%)
	43,500,000		0.480		05/21/24	43,538,280
HSBC Holdings PLC(a)(c) (3M USD LIBOR + 1.055%)
	24,905,000		3.262		03/13/23	25,019,812
(3M USD LIBOR + 0.923%)
	20,393,000		3.033		11/22/23	20,760,482
(SOFRRATE + 0.580%)
	27,425,000		0.630		11/22/24	27,424,177
ING Groep NV(c) (3M USD LIBOR + 1.150%)
	12,960,000		1.370		03/29/22	12,989,419
Intesa Sanpaolo SpA(b)
	12,707,000		3.125		07/14/22	12,862,152
JPMorgan Chase & Co.
	9,428,000		4.500		01/24/22	9,449,402
(3M USD LIBOR + 0.900%)
	14,405,000		1.024	(a)(c)	04/25/23	14,431,649
(3M USD LIBOR + 0.935%)
	9,042,000		2.776	(a)(c)	04/25/23	9,099,145
(SOFR + 0.580%)
	30,000,000		0.630	(a)(c)	03/16/24	30,055,800
Lloyds Banking Group PLC (3M USD LIBOR + 1.249%)
	16,624,000		2.858	(a)(c)	03/17/23	16,689,997
	10,520,000		4.050		08/16/23	11,018,753
Mitsubishi UFJ Financial Group, Inc. (3M USD LIBOR + 0.700%)
	12,500,000		0.888	(c)	03/07/22	12,511,625
	6,630,000		3.218		03/07/22	6,663,150
	12,066,000		2.623		07/18/22	12,202,346
Mizuho Financial Group, Inc.(c) (3M USD LIBOR + 0.940%)
	27,975,000		1.116		02/28/22	28,009,409
(3M USD LIBOR + 0.790%)
	6,860,000		0.970		03/05/23	6,899,582
Morgan Stanley, Inc. (SOFR + 0.700%)
	56,507,000		0.749	(a)(c)	01/20/23	56,514,911

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
$	19,327,000		3.750	%	02/25/23	$     19,994,941
MUFG Union Bank NA(a)
	12,590,000		3.150		04/01/22	12,644,767
(SOFR + 0.710%)
	17,250,000		0.760	(c)	12/09/22	17,352,637
National Bank of Canada
	12,325,000		2.150	(b)	10/07/22	12,468,093
	28,809,000		2.100		02/01/23	29,192,736
(SOFR + 0.300%)
	15,000,000		0.350	(a)(c)	05/16/23	14,977,200
(SOFRRATE + 0.490%)
	1,300,000		0.540	(c)	08/06/24	1,299,428
NatWest Markets PLC(b)
	42,450,000		3.625		09/29/22	43,391,541
Royal Bank of Canada(c) (SOFR + 0.450%)
	16,090,000		0.500		10/26/23	16,136,822
(SOFR + 0.360%)
	20,000,000		0.410		07/29/24	19,981,200
Santander UK Group Holdings PLC(a)
	16,949,000		3.571		01/10/23	16,956,458
Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
	19,000,000		4.247		01/20/23	19,027,550
(SOFR + 1.250%)
	46,000,000		1.299		10/14/23	46,232,300
Sumitomo Mitsui Trust Bank Ltd.(b)(c) (SOFR + 0.440%)
	48,146,000		0.490		09/16/24	48,100,743
The Bank of Nova Scotia
	4,734,000		1.950		02/01/23	4,797,199
	16,246,000		0.400		09/15/23	16,125,455
(SOFR + 0.550%)
	54,500,000		0.600	(c)	09/15/23	54,654,780
The Toronto-Dominion Bank(c)(SOFR + 0.450%)
	13,100,000		0.500		09/28/23	13,126,200
Truist Bank(a)(c)(SOFR + 0.730%)
	16,760,000		0.780		03/09/23	16,845,141
UBS AG(b)
	17,500,000		1.750	(a)	04/21/22	17,543,050
(SOFR + 0.360%)
	13,250,000		0.410	(c)	02/09/24	13,230,522
(SOFR + 0.450%)
	38,856,000		0.500	(c)	08/09/24	38,874,262
US Bank NA/Cincinnati OH(a)(c) (BSBY3M + 0.170%)
	29,300,000		0.335		06/02/23	29,254,585

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Westpac Banking Corp.(c) (3M USD LIBOR + 0.390%)
$	25,000,000		0.512	%	01/13/23	$     25,058,750
						1,383,887,219
Beverages(b) – 0.7%
Coca-Cola Europacific Partners PLC
	31,358,000		0.500		05/05/23	31,120,620
Heineken NV
	2,300,000		2.750		04/01/23	2,349,956
						33,470,576
Computers(a) – 0.0%
Hewlett Packard Enterprise Co.
	2,000,000		4.450		10/02/23	2,111,200
Diversified Financial Services – 2.4%
AIG Global Funding(b)(c) (SOFR + 0.380%)
	22,042,000		0.430		12/15/23	22,000,341
Air Lease Corp.
	2,000,000		2.250		01/15/23	2,025,420
	6,000,000		2.750	(a)	01/15/23	6,097,680
	2,500,000		3.000	(a)	09/15/23	2,566,900
American Express Co.(a)(c) (3M USD LIBOR + 0.620%)
	20,000,000		0.780		05/20/22	20,024,600
Capital One Bank USA NA(a)(c) (SOFR + 0.616%)
	10,000,000		2.014		01/27/23	10,008,700
Capital One Financial Corp.(a)(c) (SOFRRATE + 0.690%)
	29,150,000		0.740		12/06/24	29,138,923
The Charles Schwab Corp.(a)(c) (SOFR + 0.500%)
	27,900,000		0.550		03/18/24	27,990,954
						119,853,518
Electrical – 2.5%
American Electric Power Co., Inc.(a)(c) (3M USD LIBOR + 0.480%)
	19,375,000		0.612		11/01/23	19,380,619
CenterPoint Energy, Inc.(a)(c) (SOFR + 0.650%)
	14,019,000		0.700		05/13/24	14,018,579
Dominion Energy, Inc.(a)(c) (3M USD LIBOR + 0.530%)
	20,500,000		0.733		09/15/23	20,500,410
NextEra Energy Capital Holdings, Inc.
	15,460,000		0.650		03/01/23	15,427,998

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
OGE Energy Corp.(a)
$	3,774,000		0.703	%	05/26/23	$       3,759,470
Oklahoma Gas and Electric Co.(a)
	14,754,000		0.553		05/26/23	14,678,165
The Southern Co.(a)(c) (SOFRRATE + 0.370%)
	34,795,000		0.420		05/10/23	34,750,810
						122,516,051
Electronics(a) – 0.1%
Honeywell International, Inc.
	4,811,000		0.483		08/19/22	4,811,144
Gas(a) – 1.7%
Atmos Energy Corp. (3M USD LIBOR + 0.380%)
	18,454,000		0.578	(c)	03/09/23	18,454,923
	10,203,000		0.625		03/09/23	10,176,268
CenterPoint Energy Resources Corp. (3M USD LIBOR + 0.500%)
	33,450,000		0.673	(c)	03/02/23	33,389,121
	25,590,000		0.700		03/02/23	25,477,148
						87,497,460
Healthcare Providers & Services – 1.6%
Aetna, Inc.(a)
	13,000,000		2.800		06/15/23	13,320,060
Baxter International, Inc.(b)(c) (SOFRRATE + 0.440%)
	19,300,000		0.490		11/29/24	19,266,032
Thermo Fisher Scientific, Inc.(a)
	47,000,000		0.797		10/18/23	46,848,190
						79,434,282
Home Builders(a) – 0.8%
NVR, Inc.
	37,588,000		3.950		09/15/22	38,128,891
Insurance(b) – 4.0%
Athene Global Funding(c) (3M USD LIBOR + 0.730%)
	56,000,000		0.854		01/08/24	56,194,880
Equitable Financial Life Global Funding
	17,038,000		0.500		04/06/23	16,962,522
Jackson National Life Global Funding(c) (SOFR + 0.600%)
	50,000,000		0.649		01/06/23	50,111,000

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance(b) – (continued)
Metropolitan Life Global Funding I(c) (SOFR + 0.570%)
$	41,000,000		0.619	%	01/13/23	$     41,148,830
Principal Life Global Funding II(c)
(SOFR + 0.450%)
	9,397,000		0.499		04/12/24	9,400,289
(SOFR + 0.380%)
	14,437,000		0.430		08/23/24	14,403,217
Protective Life Global Funding
	13,848,000		0.502		04/12/23	13,801,471
						202,022,209
Mining(b) – 0.1%
Glencore Finance Canada Ltd.
	7,166,000		4.250		10/25/22	7,362,922
Miscellaneous Manufacturing – 0.7%
Carlisle Cos, Inc.(a)
	8,622,000		0.550		09/01/23	8,555,611
Siemens Financieringsmaatschappij NV(b)(c) (SOFR + 0.430%)
	24,861,000		0.480		03/11/24	24,910,473
						33,466,084
Oil Field Services – 0.4%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.
	11,120,000		1.231		12/15/23	11,169,261
Pioneer Natural Resources Co.
	9,163,000		0.550		05/15/23	9,129,372
						20,298,633
Pharmaceuticals – 1.5%
AbbVie, Inc.
	13,500,000		3.250	(a)	10/01/22	13,671,315
	10,000,000		2.900		11/06/22	10,182,800
	9,886,000		3.200	(a)	11/06/22	10,052,085
	18,490,000		2.300		11/21/22	18,752,188
AmerisourceBergen Corp.(a)
	24,360,000		0.737		03/15/23	24,299,831
						76,958,219
Pipeline – 0.3%
Enbridge, Inc.
	13,806,000		0.550		10/04/23	13,715,985

GOLDMAN SACHS SHORT-TERM CONSERVATIVE 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)(c) – 0.6%
Public Storage(SOFR + 0.470%)
$	28,101,000		0.520	%	04/23/24	$     28,064,188
Retailing(a)(b) – 0.5%
7-Eleven, Inc.
	23,409,000		0.625		02/10/23	23,313,725
Savings & Loans(b) – 0.2%
Nationwide Building Society
	10,000,000		2.000		01/27/23	10,133,000
Software – 0.4%
Oracle Corp.
	21,778,000		2.500		10/15/22	22,091,385
Telecommunication Services – 1.4%
AT&T, Inc.(a)
	4,000,000		3.000		06/30/22	4,032,360
(SOFR + 0.640%)
	30,900,000		0.690	(c)	03/25/24	30,907,725
Verizon Communications, Inc.(c) (SOFR + 0.500%)
	32,950,000		0.550		03/22/24	33,047,862
						67,987,947
TOTAL CORPORATE OBLIGATIONS (Cost $2,471,469,241)						$2,468,486,815
Municipal Debt Obligations(a) – 0.8%
New York – 0.8%
Long Island Power Authority Electric System Taxable (Refunding) Series C
$	3,070,000		0.359	%	03/01/23	$       3,056,990
Metropolitan Transportation Authority Revenue Note Taxable Series C
	34,870,000		0.777		11/15/22	34,899,472
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $37,940,000)						$     37,956,462
U.S. Treasury Obligations – 5.3%
United States Treasury Floating Rate Note, USBMMY3M + 0.035%(c)
$	215,300,000		0.120	%	10/31/23	$   215,312,767
United States Treasury Note
	27,500,000		0.250		09/30/23	27,306,641
	22,500,000		0.375		10/31/23	22,369,922
TOTAL U.S. TREASURY OBLIGATIONS (Cost $265,247,895)						$   264,989,330

Shares					Dividend Rate	Value
Investment Company(d) – 12.8%
Goldman Sachs Financial Square Government Fund - Institutional Shares
$	642,693,503				0.026%	$   642,693,503
(Cost $642,693,503)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $3,417,350,639)						$3,414,126,110
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 30.5%
Certificates of Deposit – 8.3%
Alpine Securitization LLC(b)
$	2,500,000		0.200	%	05/13/22	$       2,498,325
Bank of Montreal(b)(c) (SOFR+ 0.300%)
	6,092,000		0.350		01/09/23	6,092,000
Bayerische Landesbank (3M USD LIBOR + 0.160%)
	15,000,000		0.295	(c)	01/27/23	15,001,299
	38,000,000		0.900		06/27/23	38,226,378
Collateralized Commercial Paper FLEX Co. LLC(b)(c) (SOFR+ 0.300%)
	27,940,000		0.350		12/01/22	27,940,009
Credit Suisse AG
	58,000,000		0.590		03/17/23	57,848,069
Credit Suisse New York
	12,800,000		0.400		11/10/22	12,790,410
Lloyds Bank Corporate Markets PLC(c) (SOFR+ 0.650%)
	24,250,000		0.700		08/17/22	24,313,776
Macquarie Bank Ltd.(b)(c) (SOFR+ 0.330%)
	49,500,000		0.380		12/05/22	49,493,952
Mizuho Bank Ltd.
	16,500,000		0.190		02/28/22	16,500,887
MUFG Bank Ltd.
	13,500,000		0.260		10/13/22	13,481,269
National Bank of Kuwait SAKP
	20,000,000		0.400		03/28/22	20,001,737
	26,850,000		0.370		05/17/22	26,839,677
	12,054,000		0.450		06/01/22	12,052,467

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
Nordea Bank AB NY
$	44,827,000		0.300	%	01/27/23	$     44,789,250
Skandinaviska Enskilda Banken AB
	19,500,000		0.420		12/01/22	19,496,176
Sumitomo Mitsui Banking Corp.
	24,550,000		0.700		07/08/22	24,535,449
						411,901,130
Commercial Paper(e) – 20.6%
Albion Capital Corp.(b)
	70,819,000		0.000		01/05/22	70,818,105
Antalis S.A
	17,200,000		0.000		01/21/22	17,198,896
At&T, Inc.(b)
	10,200,000		0.000		06/21/22	10,175,049
Atlantic Asset Securitization Corp.(b)
	20,000,000		0.000		02/22/22	19,994,671
Banco Santander SA(b)
	12,000,000		0.000		04/18/22	11,989,992
Barclays Capital, Inc.(b)
	18,000,000		0.000		01/24/22	17,998,860
Barton Capital Corp.(b)
	21,300,000		0.000		01/18/22	21,299,063
BASF SE(b)
	71,448,000		0.000		01/03/22	71,447,523
BP Capital Markets PLC(b)
	12,835,000		0.000		02/22/22	12,829,879
	210,000,000		0.000		01/03/22	209,997,903
DnB NOR Bank ASA(b)
	12,689,000		0.000		11/23/22	12,628,259
Entergy Corp.(b)
	10,000,000		0.000		03/15/22	9,994,286
First Abu Dhabi Bank PJSC(b)
	15,000,000		0.000		06/07/22	14,981,830
GTA Fundding LLC(b)
	5,000,000		0.000		04/14/22	4,996,042
	52,130,000		0.000		05/02/22	52,078,414
Ionic Capital II Trust
	19,711,000		0.000		01/27/22	19,709,270
	35,000,000		0.000		01/28/22	34,996,706

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(e) – (continued)
Ionic Capital II Trust (continued)
$	44,250,000		0.000	%	02/09/22	$     44,242,625
	20,000,000		0.000		02/16/22	19,995,692
Ionic Capital III Trust
	12,550,000		0.000		02/10/22	12,547,827
	45,500,000		0.000		02/24/22	45,487,001
National Australia Bank Ltd.(b)
	12,460,000		0.000		11/01/22	12,416,402
Pure Grove Funding(b)
	10,200,000		0.000		03/07/22	10,196,073
Ridgefield Funding Co.(b)
	10,000,000		0.000		04/04/22	9,993,394
Rockwell Autom, Inc.(b)
	17,312,000		0.000		01/25/22	17,310,088
Royal Bank of Canada(b)
	10,000,000		0.000		10/24/22	9,963,617
	8,445,000		0.000		11/09/22	8,410,564
Salisbury Receivables Co.(b)
	7,205,000		0.000		02/09/22	7,204,119
Sheffield Receivables Corp.(b)
	10,000,000		0.000		01/06/22	9,999,867
Starbird Funding Corp.(b)
	24,400,000		0.000		04/05/22	24,383,710
Svenska Handelsbanken AB(b)
	30,750,000		0.000		10/19/22	30,660,709
Thermo Fisher Scientific, Inc.(b)
	17,032,000		0.000		06/01/22	17,000,215
Thunder Bay Funding, Inc.(b)
	37,000,000		0.000		04/26/22	36,968,406
Toronto Dominion Bank(b)
	30,000,000		0.000		01/12/22	29,999,300
Victory Receivables(b)
	40,000,000		0.000		01/24/22	39,997,253
Waste Management, Inc.(b)
	10,000,000		0.000		09/06/22	9,964,932
Westpac Banking Corp.(b)
	20,000,000		0.000		11/01/22	19,932,392
						1,029,808,934

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Repurchase Agreement – 1.6%
Bank of America Corp.
$	63,500,000		0.770	%	04/18/22	$     63,500,000
Maturity Value: $63,500,000
Next Reset Date : 01/01/22
Collateralized by various common stocks, preferred securities and corporate obligations, 0.250% to 8.000%, due 04/15/22 – 10/15/37. The aggregate market value of the collateral, including accrued interest, was $69,498,645
Paribas Repo
	18,000,000		0.150		01/03/22	18,000,000
Maturity Value: $18,000,075
Next Reset Date : 01/01/22
Collateralized by various corporate obligations and mortgage obligations, 0.400% to 7.500%, due 03/05/2023 – 09/30/2110. The aggregate market value of the collateral, including accrued interest, was $19,698,462
						81,500,000
TOTAL SHORT-TERM INVESTMENTS (Cost $1,523,241,971)						$1,523,210,064
TOTAL INVESTMENTS – 98.8% (Cost $4,940,592,610)						$4,937,336,174
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%						62,431,061
NET ASSETS – 100.0%						$4,999,767,235

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2021.
(d)	Represents an affiliated issuer.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
BSBY	— Bloomberg Short-Term Bnak Yield Index
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
PLC	— Public Limited Company
SOFR	— Secured Overnight Funding Rate
USBMMY3M	— U.S. Treasury 3 Month Bill Money Market Yield

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT 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 entirely falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

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

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:

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. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

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

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

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

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Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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

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

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

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

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

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

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

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

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

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

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

ENHANCED INCOME
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	579,885,263	$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		1,299,219			1,908,588		—
Asset-Backed Securities		—			158,939,095		—
Mortgage-Backed Obligations		—			14,082,235		—
Foreign Debt Obligations		—			7,403,363		—
Muncipal Debt Obligations		—			7,566,390		—
Exchange Traded Fund		29,764,771			—		—
Investment Companies		9,105			—		—
Short-term Investments		—			72,526,161		—
Total	$	31,073,095		$	842,311,095	$	—
Derivative Type
Assets(a)
Futures Contracts	$	4,483		$	—	$	—
Liabilities(a)
Futures Contracts	$	(526,740	)	$	—	$	—

GOVERNMENT INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	122,077,833		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		135,847,793			74,750,906			—
Asset-Backed Securities		—			5,913,839			—
Municipal Debt Obligation		—			2,513,664			—
Investment Company		44,183,277			—			—
Total	$	180,031,070		$	205,256,242		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(1,052,311	)	$	—
Derivative Type
Assets
Futures Contracts(a)	$	132,890		$	—		$	—
Interest Rate Swap Contracts(a)		—			37,005			—
Options Purchased		—			12,681			—
Total	$	132,890		$	49,686		$	—
Liabilities
Futures Contracts(a)	$	(287,441	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(27,026	)		—
Written option contracts		—			(31,352	)		—
Total	$	(287,441	)	$	(58,378	)	$	—

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	66,647,010		$	—
Asset-Backed Securities		—			88,857,103			—
Municipal Debt Obligations		—			9,775,629			—
U.S. Treasury Obligations		23,508,809			—			—
Short-term Investments		—			23,545,911			—
Total	$	23,508,809		$	188,825,653		$	—
Derivative Type
Assets(a)
Futures Contracts	$	94,710		$	—		$	—
Interest Rate Swap Contracts		—			31,429			—
Total	$	94,710		$	31,429		$	—
Liabilities(a)
Futures Contracts	$	(127,136	)	$	—		$	—
Interest Rate Swap Contracts		—			(23,253	)		—
Total	$	(127,136	)	$	(23,253	)	$	—

INFLATION PROTECTED SECURITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	539,334,444		$	49,411,883		$	—
Investment Company		7,855,988			—			—
Total	$	547,190,432		$	49,411,883		$	—
Derivative Type
Assets
Futures Contracts(a)	$	506,650		$	—		$	—
Interest Rate Swap Contracts(a)		—			2,143,868			—
Options Purchased		—			11,227			—
Total	$	506,650		$	2,155,095		$	—
Liabilities
Futures Contracts(a)	$	(244,860	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(612,637	)		—
Written option contracts		—			(27,796	)		—
Total	$	(244,860	)	$	(640,433	)	$	—

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SHORT DURATION INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,255,251,397		$	—
Mortgage-Backed Obligations		—			331,487,568			—
Asset-Backed Securities		—			283,260,014			—
Foreign Debt Obligations		139,219,224			29,088,551			—
Municipal Debt Obligations		—			111,671,269			—
U.S. Treasury Obligations		204,350,526			—			—
Exchange Traded Funds		54,738,455			—			—
Investment Company		94,986,728			—			—
Short-term Investments		—			293,039,094			—
Total	$	493,294,933		$	2,303,797,893		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	5,385,466		$	—
Futures Contracts(a)		594,983			—			—
Interest Rate Swap Contracts(a)		—			7,577,743			—
Credit Default Swap Contracts(a)		—			3,302,241			—
Purchased Options Contracts		—			89,730			—
Total	$	594,983		$	16,355,180		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,606,603	)	$	—
Futures Contracts(a)		(3,797,950	)		—			—
Interest Rate Swap Contracts(a)		—			(2,995,611	)		—
Credit Default Swap Contracts(a)		—			(600,685	)		—
Written Option Contracts		—			(1,816,833	)		—
Total	$	(3,797,950	)	$	(7,019,732	)	$	—

SHORT DURATION GOVERNMENT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	232,951,439		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		467,767,511			165,407,432			—
Investment Company		55,194,390			—			—
Total	$	522,961,901		$	398,358,871		$	—
Derivative Type
Assets(a)
Futures Contracts	$	17,719		$	—		$	—
Interest Rate Swap Contracts		—			20,154			—
Total	$	17,719		$	20,154		$	—
Liabilities(a)
Futures Contracts	$	(2,296,198	)	$	—		$	—
Interest Rate Swap Contracts		—			(1,513	)		—
Total	$	(2,296,198	)	$	(1,513	)	$	—

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SHORT-TERM CONSERVATIVE INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	2,468,486,815	$	—
Municipal Debt Obligations		—		37,956,462		—
U.S. Treasury Obligations		264,989,330		—		—
Investment Company		642,693,503		—		—
Short-term Investments		—		1,523,210,064		—
Total	$	907,682,833	$	4,029,653,341	$	—

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

OTHER RISKS

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

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

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

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 a 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 a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in , or economically tied to, emerging markets, these risks may be more pronounced.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2021 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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.

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