GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 53.2%
Aerospace & Defense – 1.2%
Howmet Aerospace, Inc.(a)
$	821,000		5.125	%	10/01/24	$          821,525
Teledyne Technologies, Inc.
	2,700,000		0.650		04/01/23	2,627,802
The Boeing Co.
	4,925,000		1.167	(a)	02/04/23	4,868,116
	2,550,000		1.950		02/01/24	2,463,122
TransDigm, Inc.(a)(b)
	1,365,000		8.000		12/15/25	1,382,759
						12,163,324
Agriculture(b) – 0.0%
Cargill, Inc.
	500,000		1.375		07/23/23	490,450
Airlines(a)(b) – 0.1%
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
	985,000		8.000		09/20/25	1,013,043
Apparel(a) – 0.1%
NIKE, Inc.
	725,000		2.400		03/27/25	707,397
Automotive – 3.1%
BMW US Capital LLC(b)(c) (SOFR + 0.840%)
	1,389,000		2.353		04/01/25	1,382,569
Dana Financing Luxembourg S.a.r.l.(a)(b)
	1,405,000		5.750		04/15/25	1,350,781
Ford Motor Credit Co. LLC(a)
	1,429,000		2.300		02/10/25	1,283,299
General Motors Co.
	3,423,000		4.875		10/02/23	3,455,450
	1,522,000		5.400		10/02/23	1,545,256
General Motors Financial Co., Inc.
	4,925,000		1.050		03/08/24	4,665,256
	2,425,000		1.200		10/15/24	2,254,814
	5,415,000		3.800		04/07/25	5,286,719
Hyundai Capital America(b)
	2,375,000		1.000		09/17/24	2,207,444

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – (continued)
PACCAR Financial Corp.
$	400,000		2.650	%	04/06/23	$          398,388
The Goodyear Tire & Rubber Co.(a)
	1,330,000		9.500		05/31/25	1,375,725
Toyota Motor Credit Corp.
	3,222,000		1.350		08/25/23	3,155,433
Volkswagen Group of America Finance LLC(b)
	1,225,000		0.750		11/23/22	1,212,260
	2,775,000		3.950		06/06/25	2,722,691
						32,296,085
Banks – 11.2%
ANZ New Zealand Int’l Ltd.(b)(c) (SOFR + 0.600%)
	1,150,000		1.861		02/18/25	1,133,555
Banco Santander SA
	6,600,000		3.892		05/24/24	6,572,544
	1,400,000		2.706		06/27/24	1,368,080
Bank of America Corp.
	1,200,000		4.100		07/24/23	1,211,376
(3M USD LIBOR + 0.790%)
	4,125,000		3.004	(a)(c)	12/20/23	4,110,521
(3M USD LIBOR + 0.940%)
	1,300,000		3.864	(a)(c)	07/23/24	1,294,241
	2,500,000		4.000		01/22/25	2,489,525
(SOFR + 0.670%)
	9,975,000		1.843	(a)(c)	02/04/25	9,622,583
Banque Federative du Credit Mutuel S.A.(b)
	1,700,000		2.125		11/21/22	1,693,353
	950,000		0.650		02/27/24	901,978
BNP Paribas SA(b)
	2,475,000		3.500		03/01/23	2,473,168
BPCE SA(b)
	649,000		4.000		09/12/23	648,072
Canadian Imperial Bank of Commerce
	1,175,000		0.950		06/23/23	1,141,900
(SOFR + 0.940%)
	2,165,000		1.701	(c)	04/07/25	2,141,640
Citigroup, Inc.(a)
	925,000		2.700		10/27/22	925,564
(SOFR + 0.686%)
	1,225,000		0.776	(c)	10/30/24	1,168,724
(SOFR + 1.372%)
	3,295,000		4.140	(c)	05/24/25	3,284,258
(SOFR + 0.694%)
	3,925,000		1.669	(c)	01/25/26	3,777,655

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Citizens Bank NA(a)
$	900,000		2.250	%	04/28/25	$          855,603
Cooperatieve Rabobank UA
	1,050,000		0.375		01/12/24	1,001,480
Credit Suisse AG
	4,995,000		3.700		02/21/25	4,889,855
Danske Bank A/S(a)(b)
	1,175,000		1.226		06/22/24	1,105,358
Deutsche Bank AG
	2,105,000		4.162		05/13/25	2,091,802
Fifth Third Bancorp(a)
	325,000		1.625		05/05/23	320,271
Fifth Third Bank NA(a)
	1,125,000		1.800		01/30/23	1,118,464
First Horizon Corp.(a)
	1,000,000		3.550		05/26/23	996,350
HSBC Holdings PLC
	1,300,000		3.600		05/25/23	1,303,731
ING Groep NV
	900,000		4.100		10/02/23	902,970
Intesa Sanpaolo SpA(b)
	1,031,000		3.125		07/14/22	1,031,031
JPMorgan Chase & Co.(a)(c)
(SOFR + 1.455%)
	2,225,000		1.514		06/01/24	2,169,553
(SOFR + 0.600%)
	850,000		0.653		09/16/24	815,354
(SOFR + 0.420%)
	2,750,000		0.563		02/16/25	2,592,672
KeyBank NA
	725,000		1.250		03/10/23	715,423
Macquarie Bank Ltd.(b)
	1,225,000		2.100		10/17/22	1,220,737
	2,150,000		0.441		12/16/22	2,124,200
Mitsubishi UFJ Financial Group, Inc.
	1,000,000		2.623		07/18/22	1,000,080
	1,550,000		3.761		07/26/23	1,548,543
Mizuho Financial Group, Inc.(a)(c) (-1x SOFR + 1.252%)
	1,275,000		1.241		07/10/24	1,239,262
Morgan Stanley
	1,400,000		3.125		01/23/23	1,400,042
(SOFR + 0.466%)
	1,550,000		0.560	(a)(c)	11/10/23	1,530,362

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley – (continued)
(3M USD LIBOR + 0.847%)
$	1,125,000		3.737	%(a)(c)	04/24/24	$       1,121,974
(SOFR + 0.745%)
	725,000		0.864	(a)(c)	10/21/25	669,088
Morgan Stanley, Inc.(a)(c) (SOFR + 0.625%)
	7,125,000		1.655		01/24/25	6,955,140
MUFG Union Bank NA(a)
	650,000		2.100		12/09/22	647,140
Natwest Group PLC(a)(c) (1 Year CMT + 2.150%)
	1,200,000		2.359		05/22/24	1,177,740
Natwest Markets PLC(b)
	1,250,000		3.625		09/29/22	1,250,275
	795,000		2.375		05/21/23	784,450
Royal Bank of Canada
	1,125,000		1.950		01/17/23	1,119,161
	1,475,000		0.500		10/26/23	1,426,443
Santander Holdings USA, Inc.(a)(c) (SOFR + 1.380%)
	2,315,000		4.260		06/09/25	2,287,776
Santander UK Group Holdings PLC(a)(c) (SOFR + 0.787%)
	1,425,000		1.089		03/15/25	1,331,876
Skandinaviska Enskilda Banken AB(b)
	1,175,000		0.550		09/01/23	1,136,965
Societe Generale SA(b)
	4,885,000		4.351		06/13/25	4,871,908
Standard Chartered PLC(a)(b)(c)
(3M USD LIBOR + 1.080%)
	1,400,000		3.885		03/15/24	1,396,108
(1 Year CMT + 0.780%)
	875,000		0.991		01/12/25	826,919
Sumitomo Mitsui Financial Group, Inc.
	325,000		0.508		01/12/24	309,556
	725,000		0.948		01/12/26	646,200
Sumitomo Mitsui Trust Bank Ltd.(b)
	2,250,000		0.800		09/12/23	2,177,168
The Bank of New York Mellon Corp.(a)
	1,375,000		0.350		12/07/23	1,325,101
Truist Bank(a)
	1,700,000		1.250		03/09/23	1,676,642
UBS AG(b)
	1,775,000		0.450		02/09/24	1,686,268
Wells Fargo & Co.(a)
	500,000		3.750		01/24/24	500,955

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Wells Fargo & Co.(a) – (continued)
(SOFR + 1.600%)
$	3,125,000		1.654	%(c)	06/02/24	$       3,052,562
						116,309,295
Beverages – 1.0%
Constellation Brands, Inc.
	7,830,000		3.600		05/09/24	7,795,235
JDE Peet’s NV(a)(b)
	2,625,000		0.800		09/24/24	2,440,961
						10,236,196
Biotechnology – 0.4%
Gilead Sciences, Inc.(a)
	131,000		0.750		09/29/23	126,830
Illumina, Inc.
	2,475,000		0.550		03/23/23	2,423,867
Royalty Pharma PLC
	1,200,000		0.750		09/02/23	1,155,312
						3,706,009
Building Materials(a)(b) – 0.1%
JELD-WEN, Inc.
	1,435,000		4.625		12/15/25	1,214,684
Chemicals – 0.4%
Celanese US Holdings LLC(a)
	350,000		3.500		05/08/24	345,275
International Flavors & Fragrances, Inc.(b)
	3,050,000		0.697		09/15/22	3,035,817
Westlake Corp.(a)
	975,000		0.875		08/15/24	927,050
						4,308,142
Commercial Services – 0.3%
Global Payments, Inc.(a)
	1,150,000		3.750		06/01/23	1,141,720
	525,000		1.200		03/01/26	463,134
PayPal Holdings, Inc.
	1,475,000		1.350		06/01/23	1,451,533
						3,056,387
Computers(a) – 0.9%
Dell International LLC/EMC Corp.
	1,447,000		5.450		06/15/23	1,463,713

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers(a) – (continued)
Dell International LLC/EMC Corp. – (continued)
$	1,075,000		5.850	%	07/15/25	$       1,109,443
Hewlett Packard Enterprise Co.
	1,400,000		2.250		04/01/23	1,389,262
	2,175,000		4.450		10/02/23	2,193,161
	3,625,000		1.450		04/01/24	3,489,715
						9,645,294
Diversified Financial Services – 4.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	5,600,000		4.125	(a)	07/03/23	5,555,928
	3,375,000		1.150		10/29/23	3,221,471
AIG Global Funding(b)
	1,450,000		2.300		07/01/22	1,450,000
	2,100,000		0.800		07/07/23	2,043,888
	1,525,000		0.450		12/08/23	1,457,153
	5,075,000		0.650		06/17/24	4,770,551
Air Lease Corp.
	500,000		2.250		01/15/23	495,230
	1,150,000		2.750	(a)	01/15/23	1,144,560
	5,549,000		4.250	(a)	02/01/24	5,488,571
	825,000		2.300	(a)	02/01/25	771,301
Ally Financial, Inc.(a)
	3,075,000		1.450		10/02/23	2,974,294
Aviation Capital Group LLC(a)(b)
	1,200,000		5.500		12/15/24	1,191,480
	550,000		1.950		01/30/26	481,069
Avolon Holdings Funding Ltd.(a)(b)
	675,000		2.875		02/15/25	621,689
Capital One Financial Corp.(a)
(3M USD LIBOR + 0.720%)
	1,300,000		1.959	(c)	01/30/23	1,300,533
	725,000		2.600		05/11/23	719,932
LD Holdings Group LLC(a)(b)
	1,490,000		6.500		11/01/25	1,015,375
Nasdaq, Inc.(a)
	1,450,000		0.445		12/21/22	1,431,338
Navient Corp.
	1,395,000		5.500		01/25/23	1,385,123

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
OneMain Finance Corp.
$	1,380,000		5.625	%	03/15/23	$       1,366,945
Synchrony Financial(a)
	3,085,000		4.875		06/13/25	3,049,430
United Wholesale Mortgage LLC(a)(b)
	1,460,000		5.500		11/15/25	1,253,425
USAA Capital Corp.(b)
	150,000		1.500		05/01/23	147,726
						43,337,012
Electrical – 3.5%
American Electric Power Co., Inc.
	1,750,000		2.031		03/15/24	1,691,847
Avangrid, Inc.(a)
	650,000		3.200		04/15/25	631,365
Berkshire Hathaway Energy Co.(a)
	650,000		4.050		04/15/25	655,259
Dominion Energy, Inc.
	1,200,000		2.450	(b)	01/15/23	1,190,736
	2,025,000		1.450	(a)	04/15/26	1,831,936
DTE Energy Co.
	1,125,000		0.550		11/01/22	1,116,923
	575,000		1.050	(a)	06/01/25	528,713
Enel Finance International NV(a)(b)
	2,575,000		1.375		07/12/26	2,264,661
Entergy Louisiana LLC(a)
	559,000		0.620		11/17/23	537,288
	2,000,000		0.950		10/01/24	1,884,740
Eversource Energy
	2,405,000		4.200		06/27/24	2,410,868
FirstEnergy Corp.(a)
	400,000		2.050		03/01/25	369,800
Florida Power & Light Co.(a)
	375,000		2.850		04/01/25	368,884
Georgia Power Co.
	1,000,000		2.100		07/30/23	985,400
ITC Holdings Corp.(a)
	585,000		2.700		11/15/22	582,748
NextEra Energy Capital Holdings, Inc.
	2,150,000		0.650		03/01/23	2,113,063

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
NextEra Energy Capital Holdings, Inc. – (continued)
$	2,370,000		4.450	%	06/20/25	$       2,389,955
NRG Energy, Inc.(a)(b)
	1,225,000		3.750		06/15/24	1,200,843
PPL Electric Utilities Corp.(a)(c)
(3M USD LIBOR + 0.250%)
	275,000		2.484		09/28/23	272,663
(SOFR + 0.330%)
	1,930,000		1.840		06/24/24	1,893,079
Public Service Enterprise Group, Inc.(a)
	1,725,000		0.841		11/08/23	1,656,828
	675,000		2.875		06/15/24	661,345
	675,000		0.800		08/15/25	609,869
Southern Power Co.(a)
	500,000		0.900		01/15/26	445,525
The Southern Co.
	1,400,000		2.950	(a)	07/01/23	1,384,110
	3,575,000		4.475	(d)	08/01/24	3,588,406
Vistra Operations Co. LLC(a)(b)
	875,000		3.550		07/15/24	844,471
WEC Energy Group, Inc.
	725,000		0.550		09/15/23	700,676
Xcel Energy, Inc.(a)
	1,948,000		0.500		10/15/23	1,872,086
						36,684,087
Entertainment(a)(b) – 0.4%
Banijay Entertainment SASU
	1,410,000		5.375		03/01/25	1,338,231
Caesars Resort Collection LLC/CRC Finco, Inc.
	2,600,000		5.750		07/01/25	2,491,632
						3,829,863
Environmental(a) – 0.2%
GFL Environmental, Inc.(b)
	1,415,000		3.750		08/01/25	1,311,946
Waste Management, Inc.
	625,000		0.750		11/15/25	568,431
						1,880,377
Food & Drug Retailing – 1.4%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC(a)(b)
	1,430,000		3.250		03/15/26	1,250,020

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
B&G Foods, Inc.(a)
$	1,415,000		5.250	%	04/01/25	$       1,304,871
Danone SA(a)(b)
	7,000,000		2.589		11/02/23	6,910,610
Mondelez International Holdings Netherlands B.V.(b)
	775,000		2.125		09/19/22	773,814
	2,500,000		0.750		09/24/24	2,334,775
Mondelez International, Inc.(a)
	525,000		1.500		05/04/25	490,303
US Foods, Inc.(a)(b)
	1,385,000		6.250		04/15/25	1,380,997
						14,445,390
Forest Products & Paper(b) – 0.1%
Georgia-Pacific LLC
	1,125,000		0.625		05/15/24	1,056,026
Gaming(a) – 0.1%
MGM Resorts International
	1,375,000		6.750		05/01/25	1,351,721
Gas(a) – 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
	1,290,000		5.875		08/20/26	1,208,201
NiSource, Inc.
	1,025,000		0.950		08/15/25	919,773
The East Ohio Gas Co.(b)
	250,000		1.300		06/15/25	229,818
						2,357,792
Healthcare Providers & Services – 2.3%
Aetna, Inc.(a)
	975,000		2.800		06/15/23	963,056
	2,250,000		3.500		11/15/24	2,225,632
Anthem, Inc.
	2,875,000		0.450		03/15/23	2,820,749
Baxter International, Inc.
	4,000,000		0.868		12/01/23	3,839,000
DH Europe Finance II S.a.r.l.
	1,000,000		2.050		11/15/22	996,450
	3,025,000		2.200	(a)	11/15/24	2,903,244

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
Humana, Inc.(a)
$	2,525,000		0.650	%	08/03/23	$       2,446,927
PerkinElmer, Inc.(a)
	1,700,000		0.850		09/15/24	1,577,124
Thermo Fisher Scientific, Inc.(a)
	4,050,000		1.215		10/18/24	3,841,587
Zimmer Biomet Holdings, Inc.(a)
	3,000,000		1.450		11/22/24	2,829,870
						24,443,639
Home Builders(a) – 0.3%
D.R. Horton, Inc.
	3,199,000		4.750		02/15/23	3,225,232
Insurance(b) – 2.7%
Athene Global Funding
	1,090,000		2.800		05/26/23	1,079,568
	875,000		1.200		10/13/23	842,310
	2,225,000		0.950		01/08/24	2,113,394
	375,000		2.500		01/14/25	357,000
	600,000		1.450		01/08/26	534,972
Equitable Financial Life Global Funding
	700,000		1.400		07/07/25	643,293
Great-West Lifeco US Finance 2020 LP(a)
	425,000		0.904		08/12/25	386,508
Jackson Financial, Inc.
	2,325,000		1.125		11/22/23	2,235,627
Metropolitan Life Global Funding I
	575,000		1.950		01/13/23	571,303
	600,000		0.900		06/08/23	587,214
New York Life Global Funding
	1,200,000		1.100		05/05/23	1,175,736
Pacific Life Global Funding II
	4,025,000		0.500		09/23/23	3,886,701
(SOFRINDX + 0.800%)
	5,400,000		2.313	(c)	03/30/25	5,347,080
Principal Life Global Funding II
	2,150,000		0.500		01/08/24	2,046,671

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance(b) – (continued)
Protective Life Global Funding
$	2,225,000		1.082	%	06/09/23	$       2,172,490
	2,100,000		0.631		10/13/23	2,027,172
	600,000		0.473		01/12/24	569,274
Reliance Standard Life Global Funding II
	1,600,000		2.625		07/22/22	1,599,808
	275,000		2.150		01/21/23	272,308
						28,448,429
Internet(a)(b) – 0.3%
Prosus NV
	2,260,000		3.257		01/19/27	1,977,500
Uber Technologies, Inc.
	1,365,000		7.500		05/15/25	1,360,919
						3,338,419
Iron/Steel – 0.2%
Nucor Corp.
	730,000		3.950		05/23/25	727,613
Steel Dynamics, Inc.(a)
	1,240,000		2.400		06/15/25	1,174,230
						1,901,843
Leisure Time(a)(b) – 0.2%
NCL Corp. Ltd.
	930,000		5.875		02/15/27	795,159
Royal Caribbean Cruises Ltd.
	1,585,000		11.500		06/01/25	1,627,922
						2,423,081
Machinery-Diversified – 0.2%
John Deere Capital Corp.
	400,000		1.200		04/06/23	394,204
Rockwell Automation, Inc.(a)
	1,250,000		0.350		08/15/23	1,212,587
						1,606,791
Media – 1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	2,700,000		4.500		02/01/24	2,716,686
CSC Holdings LLC
	1,370,000		5.250		06/01/24	1,282,238
DISH DBS Corp.
	1,410,000		5.875		07/15/22	1,410,113

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
Sky Ltd.(b)
$	1,550,000		3.125	%	11/26/22	$       1,550,914
The Walt Disney Co.
	825,000		3.350		03/24/25	818,738
Time Warner Entertainment Co. LP
	2,200,000		8.375		03/15/23	2,267,606
						10,046,295
Mining(a)(b) – 0.2%
Glencore Funding LLC
	1,175,000		3.000		10/27/22	1,173,602
	675,000		1.625		09/01/25	618,543
						1,792,145
Miscellaneous Manufacturing – 1.2%
Hillenbrand, Inc.(a)
	1,380,000		5.750		06/15/25	1,407,241
Parker-Hannifin Corp.
	4,745,000		3.650		06/15/24	4,713,968
Siemens Financieringsmaatschappij NV(b)
	6,150,000		0.650		03/11/24	5,870,913
						11,992,122
Office(a)(b) – 0.1%
Xerox Holdings Corp.
	1,385,000		5.000		08/15/25	1,288,078
Oil Field Services – 1.4%
BP Capital Markets PLC
	4,516,000		2.500		11/06/22	4,516,000
Canadian Natural Resources Ltd.(a)
	825,000		2.050		07/15/25	772,794
Chevron Corp.
	950,000		1.141		05/11/23	933,888
Exxon Mobil Corp.(a)
	900,000		2.992		03/19/25	886,860
Phillips 66(a)
	950,000		0.900		02/15/24	906,082
Qatar Energy(a)(b)
	2,520,000		1.375		09/12/26	2,274,930
Range Resources Corp.(a)
	2,130,000		5.000		03/15/23	2,114,131

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
SA Global Sukuk Ltd.(a)
$	2,520,000		1.602	%	06/17/26	$       2,300,760
						14,705,445
Packaging – 0.6%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(a)(b)
	557,000		6.000		06/15/27	551,057
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(a)(b)
	1,395,000		5.250		04/30/25	1,293,904
Ball Corp.
	2,065,000		4.000		11/15/23	2,045,279
Berry Global, Inc.(a)
	2,100,000		0.950		02/15/24	1,989,183
	550,000		1.570		01/15/26	491,046
						6,370,469
Pharmaceuticals – 3.3%
AbbVie, Inc.
	1,606,000		3.200	(a)	11/06/22	1,606,739
	1,975,000		2.300		11/21/22	1,968,463
	7,750,000		2.600	(a)	11/21/24	7,508,510
AstraZeneca PLC(a)
	2,000,000		3.500		08/17/23	2,006,880
Bristol-Myers Squibb Co.(a)
	1,450,000		0.537		11/13/23	1,401,889
Cigna Corp.(a)
	4,000,000		3.050		11/30/22	3,998,640
	1,310,000		3.000		07/15/23	1,301,118
	1,357,000		3.750		07/15/23	1,358,574
	3,170,000		0.613		03/15/24	3,018,823
GlaxoSmithKline Capital PLC(a)
	875,000		0.534		10/01/23	845,635
Herbalife Nutrition Ltd./HLF Financing, Inc.(a)(b)
	2,940,000		7.875		09/01/25	2,652,144
Merck & Co., Inc.(a)
	5,263,000		2.400		09/15/22	5,259,474
PRA Health Sciences, Inc.(a)(b)
	1,435,000		2.875		07/15/26	1,277,480
						34,204,369

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – 2.3%
Enbridge, Inc.
(SOFR + 0.400%)
$	600,000		1.639	%(c)	02/17/23	$          596,778
	4,000,000		4.000	(a)	10/01/23	4,008,320
	1,150,000		0.550		10/04/23	1,107,197
(SOFR + 0.630%)
	1,950,000		1.855	(c)	02/16/24	1,926,541
Enterprise Products Operating LLC(a)
	649,000		3.350		03/15/23	647,170
Kinder Morgan, Inc.(a)(b)
	4,850,000		5.625		11/15/23	4,937,203
MPLX LP(a)
	1,125,000		3.375		03/15/23	1,122,323
	4,874,000		4.500		07/15/23	4,884,479
NuStar Logistics LP(a)
	1,360,000		6.000		06/01/26	1,259,319
The Williams Cos., Inc.(a)
	1,100,000		3.700		01/15/23	1,101,551
TransCanada PipeLines Ltd.(a)
	2,275,000		1.000		10/12/24	2,125,214
						23,716,095
Real Estate(a)(b) – 0.3%
Realogy Group LLC/Realogy Co-Issuer Corp.
	2,745,000		4.875		06/01/23	2,645,521
Real Estate Investment Trust – 0.7%
American Tower Corp.
	1,125,000		3.500		01/31/23	1,124,842
	1,675,000		3.000		06/15/23	1,657,496
	750,000		0.600		01/15/24	711,413
Crown Castle International Corp.(a)
	700,000		1.350		07/15/25	639,520
VICI Properties LP
	3,715,000		4.375		05/15/25	3,640,143
						7,773,414
Retailing(a) – 0.8%
7-Eleven, Inc.(b)
	950,000		0.625		02/10/23	931,912
	4,325,000		0.800		02/10/24	4,107,323

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing(a) – (continued)
7-Eleven, Inc. – (continued)
$	400,000		0.950	%	02/10/26	$          353,444
Genuine Parts Co.
	1,375,000		1.750		02/01/25	1,297,835
Penske Automotive Group, Inc.
	1,515,000		3.500		09/01/25	1,422,070
						8,112,584
Savings & Loans(b) – 0.2%
Nationwide Building Society
	1,325,000		2.000		01/27/23	1,313,539
(3M USD LIBOR + 1.064%)
	1,001,000		3.766	(a)(c)	03/08/24	998,047
						2,311,586
Semiconductors(a) – 0.9%
Broadcom Corp./Broadcom Cayman Finance Ltd.
	3,600,000		3.625		01/15/24	3,596,364
Broadcom, Inc.
	5,225,000		3.625		10/15/24	5,169,772
NXP B.V./NXP Funding LLC/NXP USA, Inc.
	275,000		2.700		05/01/25	261,778
						9,027,914
Software – 2.0%
Fidelity National Information Services, Inc.(a)
	1,050,000		1.150		03/01/26	931,529
Fiserv, Inc.(a)
	825,000		3.800		10/01/23	826,452
	7,950,000		2.750		07/01/24	7,760,552
Infor, Inc.(a)(b)
	1,225,000		1.450		07/15/23	1,193,505
Intuit, Inc.(a)
	500,000		0.950		07/15/25	460,790
Oracle Corp.(a)
	1,400,000		2.500		04/01/25	1,329,958
Take-Two Interactive Software, Inc.
	6,205,000		3.300		03/28/24	6,127,375
VMware, Inc.(a)
	2,600,000		1.000		08/15/24	2,434,952
						21,065,113

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – 2.3%
AT&T, Inc.(a)
$	5,400,000		0.900	%	03/25/24	$       5,160,078
T-Mobile USA, Inc.(a)
	8,800,000		3.500		04/15/25	8,616,080
The Bell Telephone Co. of Canada/Bell Canada
	4,275,000		0.750		03/17/24	4,071,467
Verizon Communications, Inc.
	4,525,000		0.750		03/22/24	4,316,488
	1,450,000		0.850	(a)	11/20/25	1,314,701
						23,478,814
Transportation(a) – 0.7%
Canadian Pacific Railway Co.
	5,375,000		1.350		12/02/24	5,067,980
Ryder System, Inc.
	1,000,000		2.500		09/01/22	999,000
United Parcel Service, Inc.
	1,000,000		3.900		04/01/25	1,008,270
						7,075,250
Trucking & Leasing(a)(b) – 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,025,000		1.200		11/15/25	913,490
TOTAL CORPORATE OBLIGATIONS (Cost $574,543,164)						$   551,994,712
Mortgage-Backed Obligations – 2.7%
Collateralized Mortgage Obligations – 0.6%
Regular Floater(c) – 0.1%
FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
$	313,924		1.924	%	09/15/37	$          317,377
FHLMC REMIC Series 3374, Class FT (1M USD LIBOR + 0.300%)
	35,126		1.624		04/15/37	34,987
FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
	48,803		2.174		06/15/39	49,608
FHLMC STRIPS Series 237, Class F23 (1M USD LIBOR + 0.400%)
	106,729		1.724		05/15/36	107,217
FNMA REMIC Series 1998-66, Class FC (1M USD LIBOR + 0.500%)
	704		2.023		11/17/28	705

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Regular Floater(c) – (continued)
FNMA REMIC Series 2006-72, Class XF (1M USD LIBOR + 0.500%)
$	130,302		2.124	%	08/25/36	$          130,926
FNMA REMIC Series 2008-22, Class FD (1M USD LIBOR + 0.840%)
	183,714		2.464		04/25/48	187,533
FNMA REMIC Series 2009-75, Class MF (1M USD LIBOR + 1.150%)
	304,015		2.774		09/25/39	312,252
FNMA REMIC Series 2013-96, Class FW (1M USD LIBOR + 0.400%)
	54,160		2.024		09/25/43	54,273
						1,194,878
Sequential Fixed Rate – 0.0%
FHLMC REMIC Series 4248, Class LM
	243,727		6.500		05/15/41	267,763
Sequential Floating Rate – 0.5%
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2(b)(c) (SOFR30A + 1.650%)
	442,000		2.576		12/25/41	395,866
Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1(b)(c) (SOFR30A + 1.900%)
	545,332		2.826		04/25/42	542,028
CSMC Series 2021-NQM8, Class A1(b)(c)
	321,429		1.841		10/25/66	289,149
FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A(b)(c) (SOFR30A + 1.000%)
	900,000		1.926		01/25/42	868,330
FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A(b)(c) (SOFR30A + 2.000%)
	446,847		2.926		04/25/42	437,531
FNMA REMIC Series 1997-20, Class F(c)
	6,885		1.026		03/25/27	6,815
Verus Securitization Trust Series 2021-8, Class A1(b)(c)
	230,434		1.824		11/25/66	206,945
Verus Securitization Trust Series 2022-1, Class A1(b)(d)
	1,970,963		2.724		01/25/67	1,883,495
						4,630,159
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$       6,092,800

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 2.1%
Sequential Fixed Rate – 0.7%
BANK Series 2017-BNK6, Class A3
$	1,659,373		3.125	%	07/15/60	$       1,612,878
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5
	2,955,992		4.064		02/15/47	2,953,682
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class A4
	3,000,000		3.249		02/15/48	2,928,521
						7,495,081
Sequential Floating Rate(c) – 1.4%
ELP Commercial Mortgage Trust Series 2021-ELP, Class A(b) (1M USD LIBOR + 0.701%)
	3,700,000		2.026		11/15/38	3,517,102
BX Commercial Mortgage Trust Series 2021-CIP, Class A(b) (1M USD LIBOR + 0.921%)
	1,800,000		2.245		12/15/38	1,743,226
BX Trust Series 2021-ARIA, Class A(b) (1M USD LIBOR + 0.899%)
	1,100,000		2.223		10/15/36	1,040,477
BX Series 2021-MFM1, Class A(b) (1M USD LIBOR + 0.700%)
	100,000		2.024		01/15/34	96,099
BX Commercial Mortgage Trust Series 2021-21M, Class A(b) (1M USD LIBOR + 0.730%)
	650,000		2.054		10/15/36	627,247
BXHPP Trust Series 2021-FILM, Class A(b) (1M USD LIBOR + 0.650%)
	1,550,000		1.974		08/15/36	1,469,299
BX Trust Series 2021-BXMF, Class A(b) (1M USD LIBOR + 0.636%)
	700,000		1.960		10/15/26	663,758
EQUS Mortgage Trust Series 2021-EQAZ, Class A(b) (1M USD LIBOR + 0.755%)
	550,000		2.079		10/15/38	525,829
FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M USD LIBOR + 0.450%)
	405,221		1.570		06/25/23	405,070
FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%)
	452,415		1.490		04/25/24	451,946
FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%)
	330,499		1.490		05/25/24	330,114
FHLMC Multifamily Structured Pass Through Certificates Series KF58, Class A (1M USD LIBOR + 0.500%)
	690,625		1.620		01/25/26	690,625
FHLMC Multifamily Structured Pass Through Certificates Series KF60, Class A (1M USD LIBOR + 0.490%)
	514,581		1.610		02/25/26	514,385

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(c) – (continued)
Great Wolf Trust Series 2019-WOLF, Class A(b) (1M USD LIBOR + 1.034%)
$	600,000		2.358	%	12/15/36		$          585,342
KKR Industrial Portfolio Trust Series 2021-KDIP, Class A(b) (1M USD LIBOR + 0.550%)
	130,657		1.874		12/15/37		125,439
ONE PARK Mortgage Trust Series 2021-PARK, Class A(b) (1M USD LIBOR + 0.700%)
	919,000		2.024		03/15/36		875,623
STWD Trust Series 2021-FLWR, Class A(b) (1M USD LIBOR + 0.577%)
	1,300,000		1.901		07/15/36		1,234,538
							14,896,119
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$     22,391,200
Federal Agencies – 0.0%
FHLMC – 0.0%
$	74		4.500	%	05/01/23	75	$                   74
GNMA – 0.0%
	5,114		7.000		04/15/26	5,308	5,278
TOTAL FEDERAL AGENCIES							$              5,352
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $29,806,099)							$     28,489,352
Asset-Backed Securities – 21.0%
Automotive – 6.2%
Ford Credit Auto Owner Trust Series 2019-1, Class A(b)
$	2,600,000		3.520	%	07/15/30		$       2,587,119
Ford Credit Auto Owner Trust Series 2020-1, Class A(b)
	6,835,000		2.040		08/15/31		6,536,974
Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2(c) (1M USD LIBOR + 0.500%)
	1,500,000		1.824		09/15/25		1,501,209
Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class A
	3,200,000		1.060		09/15/27		2,937,944
Ford Credit Floorplan Master Owner Trust Series 2018-2, Class A
	6,900,000		3.170		03/15/25		6,890,482
Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A
	3,625,000		2.440		09/15/26		3,525,497

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Automotive – (continued)
GM Financial Consumer Automobile Receivables Trust 2021-4, Class A3
$	5,700,000		0.680	%	09/16/26	$       5,422,466
GMF Floorplan Owner Revolving Trust Series 2019-2, Class A(b)
	1,500,000		2.900		04/15/26	1,480,369
GMF Floorplan Owner Revolving Trust Series 2020-2, Class A(b)
	1,500,000		0.690		10/15/25	1,444,393
Hyundai Auto Lease Securitization Trust Series 2021-B, Class A3(b)
	1,550,000		0.330		06/17/24	1,510,462
Hyundai Auto Lease Securitization Trust Series 2021-C, Class A3(b)
	7,600,000		0.380		09/16/24	7,329,006
Hyundai Auto Receivables Trust Series 2021-A, Class A3
	900,000		0.380		09/15/25	872,288
Mercedes-Benz Auto Lease Trust Series 2021-B, Class A3
	2,550,000		0.400		11/15/24	2,470,363
NextGear Floorplan Master Owner Trust Series 2021-1A, Class A(b)
	5,500,000		0.850		07/15/26	5,125,511
Tesla Auto Lease Trust Series 2021-A, Class A3(b)
	500,000		0.560		03/20/25	482,285
Tesla Auto Lease Trust Series 2021-A, Class A4(b)
	1,800,000		0.660		03/20/25	1,721,552
Tesla Auto Lease Trust Series 2021-B, Class A3(b)
	5,300,000		0.600		09/22/25	5,003,064
Toyota Auto Receivables Owner Trust Series 2021-D, Class A3
	3,800,000		0.710		04/15/26	3,637,292
Toyota Lease Owner Trust Series 2021-A, Class A3(b)
	1,975,000		0.390		04/22/24	1,932,409
Toyota Lease Owner Trust Series 2021-A, Class A4(b)
	375,000		0.500		08/20/25	361,964
Toyota Lease Owner Trust Series 2021-B, Class A3(b)
	1,550,000		0.420		10/21/24	1,496,361
						64,269,010
Collateralized Loan Obligations(b)(c) – 8.1%
AIG CLO Series 2021-1A, Class A (3M USD LIBOR + 1.100%)
	2,066,436		2.236		04/22/34	1,988,244
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%)
	1,300,000		2.263		07/20/34	1,258,339
Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 (3M USD LIBOR + 1.150%)
	4,000,000		2.194		04/15/34	3,875,184

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(c) – (continued)
Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%)
$	3,600,000		2.288	%	01/28/31	$       3,547,523
Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1 (3M USD LIBOR + 1.140%)
	5,000,000		1.506		01/22/35	4,806,130
BSPDF Issuer Ltd. Series 2021-FL1, Class A (1M USD LIBOR + 1.200%)
	1,000,000		2.524		10/15/36	948,282
CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.180%)
	2,600,000		2.243		07/20/34	2,515,999
CBAM Ltd. Series 2017-2A, Class AR (3M USD LIBOR + 1.190%)
	5,000,000		2.234		07/17/34	4,825,730
Cedar Funding VII CLO Ltd. Series 2018-7A, Class A1 (3M USD LIBOR + 1.000%)
	3,000,000		2.063		01/20/31	2,943,972
Dryden 64 CLO, Ltd. Series 2018-64A Class A (3M USD LIBOR + 0.970%)
	5,950,000		2.014		04/18/31	5,818,999
ICG Rhinebeck CLO Ltd. Series 2021-4A, Class A1 (3M USD LIBOR + 1.210%)
	12,000,000		2.424		10/26/34	11,622,852
Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,054,272		1.794		04/15/29	4,961,925
Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR (3M USD LIBOR + 1.070%)
	1,000,000		2.114		07/15/33	973,455
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%)
	5,000,000		2.578		05/20/32	4,834,675
OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	2,600,000		2.294		04/26/31	2,547,119
Octagon Investment Partners 07/34 1 Series 2021-1A, Class A1 (3M USD LIBOR + 1.120%)
	1,000,000		2.164		07/15/34	959,935
OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3M USD LIBOR + 1.140%)
	2,500,000		2.203		07/02/35	2,425,210
Pikes Peak CLO 2 Series 2018-2A, Class AR (3M USD LIBOR + 1.190%)
	6,700,000		2.234		10/18/34	6,438,238
Trysail CLO Ltd. Series 2021-1A, Class A1 (3M USD LIBOR + 1.320%)
	1,400,000		2.383		07/20/32	1,362,530

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(c) – (continued)
Wellfleet CLO Ltd. Series 2021-3A, Class A (3M USD LIBOR + 1.190%)
$	15,000,000		2.234	%	01/15/35	$     14,459,955
Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)
	475,000		2.588		07/28/32	463,293
						83,577,589
Credit Card – 5.0%
Barclays Dryrock Issuance Trust Series 2021-1, Class A
	6,200,000		0.630		07/15/27	5,831,306
CARDS II Trust Series 2021-1A, Class A(b)
	4,075,000		0.602		04/15/27	3,880,996
Citibank Credit Card Issuance Trust Series 2017-A5, Class A5(c) (1M USD LIBOR + 0.620%)
	8,100,000		2.246		04/22/26	8,125,897
Citibank Credit Card Issuance Trust Series 2017-A7, Class A7(c) (1M USD LIBOR + 0.370%)
	4,300,000		1.530		08/08/24	4,300,493
Citibank Credit Card Issuance Trust Series 2018-A2, Class A2(c) (1M USD LIBOR + 0.330%)
	960,000		1.942		01/20/25	960,589
Evergreen Credit Card Trust Series 2019-2, Class A(b)
	2,900,000		1.900		09/15/24	2,897,133
Evergreen Credit Card Trust Series 2021-1, Class A(b)
	8,275,000		0.900		10/15/26	7,818,983
Golden Credit Card Trust Series 2017-4A, Class A(b)(c) (1M USD LIBOR + 0.520%)
	11,200,000		1.844		07/15/24	11,198,208
Master Credit Card Trust II Series 2020-1A, Class A(b)
	3,600,000		1.990		09/21/24	3,568,996
Master Credit Card Trust Series 2021-1A, Class A(b)
	3,900,000		0.530		11/21/25	3,700,352
						52,282,953
Home Equity(c) – 0.0%
Centex Home Equity Loan Trust Series 2004-D, Class MV3 (1M USD LIBOR + 1.500%)
	3,330		3.124		09/25/34	3,315
Student Loan(c) – 1.7%
Access Group, Inc. Series 2013-1, Class A(b) (1M USD LIBOR + 0.500%)
	727,874		2.124		02/25/36	716,737

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(c) – (continued)
ECMC Group Student Loan Trust Series 2017-1A, Class A(b) (1M USD LIBOR + 1.200%)
$	1,390,834		2.824	%	12/27/66	$       1,384,096
Educational Services of America, Inc. Series 2014-1, Class A(b) (1M USD LIBOR + 0.700%)
	1,370,490		2.324		02/25/39	1,357,104
Goal Capital Funding Trust Series 2010-1, Class A(b) (3M USD LIBOR + 0.700%)
	19,568		2.224		08/25/48	19,513
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,383,943		2.084		07/25/45	1,381,386
Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1M USD LIBOR + 0.780%)
	852,856		2.404		03/25/51	841,021
Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	605,455		2.474		02/25/42	599,122
Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%)
	206,687		2.134		04/25/38	206,229
Navient Student Loan Trust Series 2017-2A, Class A(b) (1M USD LIBOR + 1.050%)
	2,233,327		2.674		12/27/66	2,219,470
Navient Student Loan Trust Series 2017-4A, Class A2(b) (1M USD LIBOR + 0.500%)
	488,290		2.124		09/27/66	487,847
Nelnet Student Loan Trust Series 2012-3A, Class A(b) (1M USD LIBOR + 0.700%)
	2,445,846		2.324		02/25/45	2,445,829
PHEAA Student Loan Trust Series 2014-3A, Class A(b) (1M USD LIBOR + 0.590%)
	3,311,070		2.214		08/25/40	3,258,316
Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%)
	745,027		1.700		07/01/31	744,236
SLC Student Loan Trust Series 2007-1, Class A4 (3M USD LIBOR + 0.060%)
	1,523,649		1.471		05/15/29	1,496,824
SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%)
	310,473		2.399		11/25/42	310,092

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(c) – (continued)
SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
$	178,195		2.884	%	07/25/23	$          177,879
						17,645,701
TOTAL ASSET-BACKED SECURITIES (Cost $225,421,445)						$   217,778,568
Foreign Debt Obligations – 0.6%
Sovereign – 0.6%
Perusahaan Penerbit SBSN Indonesia III
$	2,260,000		4.325	%	05/28/25	$       2,268,899
Republic of Indonesia
	1,745,000		4.750		01/08/26	1,764,413
Saudi Government International Bond
	2,320,000		3.250		10/26/26	2,264,900
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $6,855,773)						$       6,298,212
Municipal Debt Obligations – 0.5%
Alabama – 0.0%
Alabama Federal Aid Highway Finance Authority
$	360,000		0.449	%	09/01/23	$         349,709
Florida – 0.1%
County of Palm Beach FL Revenue Bonds Taxable (Refunding) Series B
	635,000		0.500		12/01/24	595,213
Illinois – 0.1%
Illinois State GO Bonds Taxable-Pension Series 2003
	1,069,091		4.950		06/01/23	1,076,978
Massachusetts – 0.1%
Massachusetts School Building Revenue Bonds Taxable (Refunding) Series B
	815,000		0.618		08/15/23	793,080
Rhode Island(a)(c) – 0.0%
Rhode Island Student Loan Authority RB Series 2014-1 (1M USD LIBOR + 0.000%)
	179,490		1.762		10/02/28	178,562

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Tennessee – 0.1%
State of Tennessee GO Bonds Taxable (Refunding) Series B
$	1,015,000		0.386	%	11/01/23	$          981,134
Washington – 0.1%
Washington State GO Improvement & Power District Electric Systems Series 2021
	1,620,000		0.210		08/01/23	1,571,090
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $5,703,840)						$       5,545,766
U.S. Treasury Obligation – 0.1%
United States Treasury Notes
$	1,250,000		2.875	%	10/31/23	$       1,248,437
(Cost $1,272,414)
Exchange Traded Fund – 2.8%
SPDR Portfolio Short Term Corporate Bond ETF
$	961,084					$     28,573,027
(Cost $30,180,440)
Shares		Dividend Rate				Value
Investment Companies(e) – 7.1%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	73,501,717		1.367%			$     73,501,717
Goldman Sachs Financial Square Money Market Fund - Institutional Shares
	9,121		1.475			9,125
TOTAL INVESTMENT COMPANIES (Cost $73,510,831)						$     73,510,842
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $947,294,006)						$   913,438,916
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 9.2%
Certificates of Deposit – 6.2%
Bank of Nova Scotia(b)(c) (SOFR + 0.170%)
$	9,000,000		1.610	%	09/12/22	$       8,997,136
Credit Suisse AG
	4,000,000		0.590		03/17/23	3,919,092
Mizuho Bank Ltd.(c) (SOFR + 0.280%)
	4,441,000		1.720		02/10/23	4,433,558
Nordea Bank AB NY(c) (SOFR + 0.160%)
	5,000,000		1.600		08/15/22	4,999,551

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
Skandinaviska Enskilda Banken AB(b)(c) (SOFR + 0.160%)
$	8,000,000		1.610	%	08/16/22	$       7,998,432
Standard Chartered Bank(c) (SOFR + 0.430%)
	6,240,000		1.210		12/01/22	6,239,577
Svenska Handelsbanken(c) (SOFR + 0.240%)
	16,000,000		1.690		02/15/23	15,971,582
Toronto Dominion Bank
	9,000,000		0.210		08/08/22	8,999,428
UBS AG(b)(c) (SOFR + 0.400%)
	2,699,000		0.690		10/14/22	2,697,976
						64,256,332
Commercial Paper(f) – 3.0%
AT&T, Inc.
	4,000,000		0.000		08/16/22	3,988,704
JPMorgan Securities LLC
	1,125,000		0.000		09/30/22	1,119,063
Nederlandse Waterschapsbank
	12,000,000		0.000		07/08/22	11,995,696
Reckitt Benckiser Treasury Services PLC
	5,000,000		0.000		08/09/22	4,988,350
TELUS Corp.
	5,259,000		0.000		09/22/22	5,229,979
VW Credit, Inc.
	4,000,000		0.000		08/26/22	3,986,022
						31,307,814
TOTAL SHORT-TERM INVESTMENTS (Cost $95,714,607)						$     95,564,146
TOTAL INVESTMENTS – 97.2% (Cost $1,043,008,613)						$1,009,003,062
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.8%						29,191,960
NET ASSETS – 100.0%						$1,038,195,022

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 June 30, 2022.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2022.
(e)	Represents an affiliated issuer.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Investment Abbreviations:
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
ETF	— Exchange Traded Fund
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
GO	— General Obligation
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
RB	— Revenue Bond
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Funding Rate
STRIPS	— Separate Trading of Registered Interest and Principal of Securities
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
2 Year U.S. Treasury Notes	(832)	09/30/22	$	(174,733,001	)	$	21,577
5 Year U.S. Treasury Notes	(200)	09/30/22		(22,450,000	)		194,343
TOTAL FUTURES CONTRACTS						$	215,920

SWAP CONTRACTS — At June 30, 2022, 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)(c)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M SOFR(a)	2.750%(a)		09/21/23	$	456,600	$	(2,406,282	)	$	(3,701,356	)	$	1,295,074
2.750%(b)	3M SOFR(b)		09/21/25		97,320		439,030			1,638,439			(1,199,409	)
TOTAL						$	(1,967,252	)	$	(2,062,917	)	$	95,665

(a) Payments made Maturity.

(b) Payments made Annually.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2022.

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 53.6%
Collateralized Mortgage Obligations – 0.8%
Inverse Floaters(a) – 0.0%
GNMA REMIC Series 2002-13, Class SB (-1x1M USD LIBOR + 37.567%)
$	2,911		30.523	%	02/16/32	$           3,173
Regular Floater(a) – 0.0%
FHLMC REMIC Series 1760, Class ZB (10 Year CMT - 0.600%)
	10,660		2.270		05/15/24	10,654
Sequential Fixed Rate – 0.4%
FHLMC REMIC Series 2329, Class ZA
	161,349		6.500		06/15/31	169,709
FHLMC REMIC Series 4246, Class PT
	52,974		6.500		02/15/36	57,665
FNMA REMIC Series 2011-52, Class GB
	265,022		5.000		06/25/41	277,124
FNMA REMIC Series 2011-99, Class DB
	261,570		5.000		10/25/41	273,243
FNMA REMIC Series 2012-111, Class B
	35,321		7.000		10/25/42	38,941
FNMA REMIC Series 2012-153, Class B
	151,591		7.000		07/25/42	166,747
						983,429
Sequential Floating Rate(a) – 0.4%
CSMC Series 2021-NQM8, Class A1(b)
	107,143		1.841		10/25/66	96,383
JPMorgan Mortgage Trust Series 2021-6, Class A3(b)
	379,833		2.500		10/25/51	324,416
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1(b)
	595,899		2.520		05/25/52	505,756
Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%)
	59,405		2.110		11/25/29	55,884
Verus Securitization Trust Series 2021-8, Class A1(b)
	88,159		1.824		11/25/66	79,172
						1,061,611
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$    2,058,867

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 3.6%
Sequential Fixed Rate – 1.7%
BANK Series 2019-BN24, Class A3
$	1,400,000		2.960	%	11/15/62	$    1,280,474
BANK Series 2020-BN29, Class A4
	600,000		1.997		11/15/53	503,866
BANK Series 2022-BNK39, Class A4
	950,000		2.928		02/15/55	851,588
BBCMS Mortgage Trust Series 2021-C12, Class A5
	950,000		2.689		11/15/54	831,503
Manhattan West Mortgage Trust Series 2020-1MW, Class A(b)
	600,000		2.130		09/10/39	529,996
Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5
	500,000		2.626		04/15/54	436,009
						4,433,436
Sequential Floating Rate – 1.9%
BANK Series 2021-BN31, Class AS(a)
	250,000		2.211		02/15/54	205,705
Extended Stay America Trust Series 2021-ESH, Class A(a)(b) (1M USD LIBOR + 1.080%)
	397,553		2.405		07/15/38	388,217
BXHPP Trust Series 2021-FILM, Class A(a)(b) (1M USD LIBOR + 0.650%)
	1,600,000		1.974		08/15/36	1,516,696
BX Trust Series 2021-ARIA, Class A(a)(b) (1M USD LIBOR + 0.899%)
	$900,000		2.223		10/15/36	851,299
BANK Series 2021-BNK37, Class A5(a)
	600,000		2.618		11/15/64	523,805
BBCMS Mortgage Trust Series 2022-C16, Class AS
	550,000		4.600		06/15/55	545,337
Taubman Centers Commercial Mortgage Trust Series 2022-DPM, Class A(a)(b) (TSFR1M + 2.186%)
	450,000		3.465		05/15/37	438,629
Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4(a)(b)
	700,000		4.000		04/15/55	673,245
						5,142,933
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$    9,576,369
Federal Agencies – 49.2%
Adjustable Rate FHLMC(a) – 0.1%
(1 Year CMT + 2.224%)
	1,303		2.349		11/01/32	1,342
(1 Year CMT + 2.250%)
	148,056		2.313		09/01/33	152,915
						154,257

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(a) – 0.2%
(1 Year CMT + 2.181%)
$	4,441		2.965	%	06/01/33	$           4,586
(1 Year CMT + 2.195%)
	104,634		2.329		02/01/35	108,233
(12M USD LIBOR + 1.389%)
	77,449		1.639		09/01/35	78,836
(12M USD LIBOR + 1.607%)
	188,191		1.857		10/01/33	192,127
(12M USD LIBOR + 1.670%)
	14,872		1.920		11/01/32	15,103
(6M USD LIBOR + 1.413%)
	209,371		2.538		05/01/33	213,244
						612,129
Adjustable Rate GNMA(a) – 0.2%
(1 Year CMT + 1.500%)
	2,913		1.875		06/20/23	2,901
	1,705		1.625		07/20/23	1,692
	1,807		1.625		08/20/23	1,793
	4,525		1.625		09/20/23	4,488
	1,993		2.625		03/20/24	1,982
	19,067		1.875		04/20/24	18,970
	2,732		1.875		05/20/24	2,718
	18,833		1.875		06/20/24	18,739
	3,941		2.000		06/20/24	3,926
	5,914		1.625		07/20/24	5,853
	7,670		2.000		07/20/24	7,617
	12,419		1.625		08/20/24	12,291
	6,980		2.000		08/20/24	6,932
	6,149		1.625		09/20/24	6,085
	7,942		2.000		11/20/24	7,867
	2,979		2.000		12/20/24	2,951
	7,189		2.500		12/20/24	7,156
	5,651		2.625		01/20/25	5,620
	3,583		2.625		02/20/25	3,564
	13,364		2.000		05/20/25	13,328
	14,583		2.000		07/20/25	14,496
	6,485		2.625		02/20/26	6,462
	320		1.625		07/20/26	317
	17,378		2.625		01/20/27	17,347
	6,026		2.625		02/20/27	6,017
	57,194		1.875		04/20/27	57,164
	6,049		1.875		05/20/27	6,046
	9,304		1.875		06/20/27	9,299
	3,073		1.750		11/20/27	3,042
	39		2.000		11/20/27	39
	9,298		1.750		12/20/27	9,206
	20,955		2.625		01/20/28	20,956
	6,717		2.625		02/20/28	6,719
	6,756		2.625		03/20/28	6,759
	34,068		1.625		07/20/29	33,887
	13,903		1.625		08/20/29	13,831
	3,789		1.625		09/20/29	3,769
	19,070		1.750		10/20/29	18,931
	26,068		1.750		11/20/29	25,879
	4,893		1.750		12/20/29	4,858
	7,559		2.625		01/20/30	7,586
	2,125		2.625		02/20/30	2,133
	18,636		2.625		03/20/30	18,708

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(a) – (continued)
$	20,352		1.875	%		04/20/30		$         20,441
	33,357		1.875			05/20/30		33,511
	28,436		2.000			05/20/30		28,632
	7,674		1.875			06/20/30		7,710
	45,084		2.000			07/20/30		45,205
	11,372		2.000			09/20/30		11,405
	17,248		1.750			10/20/30		17,146
	29,544		2.625			03/20/32		29,747
								623,721
FHLMC – 0.2%
	1		6.500			08/01/22		1
	13,690		6.500			07/01/28		13,985
	119,982		4.500			03/01/29		123,709
	3,074		8.000			07/01/30		3,220
	7,136		5.000			08/01/33		7,488
	1,157		5.000			09/01/33		1,215
	2,822		5.000			10/01/33		2,962
	1,742		5.000			11/01/34		1,837
	68,801		5.000			12/01/34		72,546
	4,585		5.000			07/01/35		4,835
	146		5.000			11/01/35		154
	9,620		5.000			12/01/35		10,099
	15,274		5.000			02/01/37		16,077
	1,143		5.000			03/01/38		1,203
	44,222		5.000			07/01/39		46,562
	6,108		4.000			06/01/40		6,178
	2,234		5.000			08/01/40		2,348
	775		4.500			11/01/40		799
	46,728		4.000			02/01/41		47,260
	1,193		5.000			04/01/41		1,256
	2,288		5.000			06/01/41		2,410
	95,886		5.000			07/01/41		101,166
	3,300		4.000			11/01/41		3,343
	4,600		3.000			05/01/42		4,405
	6,453		3.000			08/01/42		6,178
	8,135		3.000			01/01/43		7,783
	36,271		3.000			02/01/43		34,699
								523,718
FNMA – 0.1%
	2,451		6.500			11/01/28		2,558
	27,376		7.000			07/01/31		29,694
	261,325		5.500			07/01/33		276,862
								309,114
GNMA – 18.7%
	4,000,000		2.000			TBA-30yr	(c)	3,551,386
	19,353		7.000			12/15/27		20,241
	4,745		6.500			08/15/28		4,919
	35,916		6.000			01/15/29		37,729
	55,034		7.000			10/15/29		58,166
	17,873		5.500			11/15/32		18,822
	365,595		5.500			12/15/32		390,363
	11,771		5.500			01/15/33		12,436
	20,661		5.500			02/15/33		22,020
	24,911		5.500			03/15/33		26,458
	29,907		5.500			07/15/33		31,719

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	9,401		5.500	%		08/15/33		$           9,904
	7,753		5.500			09/15/33		8,195
	11,333		5.500			04/15/34		11,935
	8,027		5.500			05/15/34		8,399
	155,913		5.500			06/15/34		167,020
	110,269		5.500			09/15/34		118,437
	121,464		5.500			12/15/34		130,595
	83,765		5.500			01/15/35		90,191
	42,141		5.000			03/15/38		44,534
	3,093		4.000			02/20/41		3,121
	4,886		4.000			11/20/41		4,931
	812		4.000			01/20/42		819
	2,603		4.000			04/20/42		2,627
	1,621		4.000			10/20/42		1,640
	181,033		4.000			08/20/43		183,086
	2,894		4.000			05/20/44		2,925
	2,346		4.000			03/20/44		2,371
	199,945		4.000			11/20/44		202,088
	883,206		4.000			06/20/45		892,117
	199,416		4.000			01/20/46		201,179
	1,361,361		3.500			04/20/47		1,336,636
	808,167		3.500			12/20/47		793,489
	143,644		4.500			02/20/48		147,901
	571,807		4.500			05/20/48		585,538
	323,993		4.500			08/20/48		331,317
	79,001		5.000			08/20/48		81,340
	2,634,546		4.500			09/20/48		2,693,280
	636,923		5.000			10/20/48		655,385
	365,274		5.000			11/20/48		375,861
	561,355		5.000			12/20/48		577,451
	553,589		4.500			01/20/49		565,757
	768,565		5.000			01/20/49		790,363
	937,290		4.000			02/20/49		937,448
	90,800		4.500			03/20/49		92,775
	472,428		5.000			03/20/49		485,642
	611,000		4.500			10/20/49		623,285
	2,352,902		3.000			11/20/49		2,240,787
	1,530,359		3.000			02/20/50		1,456,619
	159,456		3.500			01/20/51		155,696
	612,412		3.500			02/20/51		598,651
	962,022		3.000			12/20/51		910,968
	5,000,000		2.500			TBA- 30yr	(c)	4,573,075
	6,000,000		3.000			TBA- 30yr	(c)	5,653,357
	3,000,000		3.500			TBA- 30yr	(c)	2,913,742
	11,000,000		4.500			TBA- 30yr	(c)	11,136,450
	3,000,000		5.000			TBA- 30yr	(c)	3,069,007
								50,042,193
UMBS – 8.6%
	1,962,851		3.500			07/01/45		1,921,201
	688,402		4.500			04/01/49		698,579
	543,184		3.500			07/01/49		530,070
	387,593		3.500			08/01/49		378,236
	16,463		4.500			05/01/51		16,603
	291,946		4.500			04/01/52		293,560
	5,625		5.500			02/01/23		5,634

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	19,672		5.500	%	08/01/23	$         19,744
	703		4.500		07/01/36	726
	924		4.500		04/01/39	952
	4,570		4.500		05/01/39	4,722
	1,887		4.000		08/01/39	1,906
	8,916		4.500		08/01/39	9,215
	166,839		4.500		12/01/39	172,433
	8,237		4.500		01/01/41	8,488
	8,515		4.500		05/01/41	8,772
	45,020		4.500		08/01/41	46,470
	68,311		4.500		08/01/42	70,469
	6,795		3.000		11/01/42	6,495
	107,706		3.000		12/01/42	102,947
	275,398		3.000		01/01/43	263,229
	46,437		3.000		02/01/43	44,385
	334,794		3.000		03/01/43	320,000
	554,837		3.000		04/01/43	530,319
	360,302		3.000		05/01/43	344,381
	64,071		3.000		06/01/43	61,239
	554,105		3.000		07/01/43	529,620
	560,471		4.500		10/01/44	575,134
	320,398		4.000		12/01/44	323,720
	559,349		4.500		04/01/45	577,891
	70,254		4.500		05/01/45	72,714
	239,587		4.500		06/01/45	245,855
	644,519		4.000		08/01/45	649,187
	216,693		4.000		11/01/45	217,535
	1,949,205		4.000		01/01/46	1,956,782
	65,092		4.000		03/01/46	65,255
	5,390		4.500		05/01/46	5,522
	40,090		4.000		06/01/46	40,138
	10,769		4.000		08/01/46	10,782
	54,455		4.500		08/01/46	55,699
	98,215		4.000		10/01/46	98,332
	42,396		4.500		06/01/47	43,695
	655,344		4.500		11/01/47	671,948
	235,234		4.000		12/01/47	236,055
	218,111		4.000		01/01/48	218,804
	782,301		4.000		02/01/48	784,263
	557,497		4.000		03/01/48	558,399
	667,825		4.000		06/01/48	669,531
	204,619		4.000		08/01/48	204,886
	979,940		5.000		11/01/48	1,015,798
	1,192,142		4.500		01/01/49	1,210,425
	332,206		4.500		03/01/49	337,301
	1,321,197		3.000		09/01/49	1,247,640
	1,333,053		3.000		12/01/49	1,253,187
	1,966,024		4.000		03/01/50	1,961,217
	1,427,855		3.000		12/01/50	1,345,237
						23,043,327
UMBS, 30 Year, Single Family(c) – 21.1%
	20,000,000		2.000		TBA-30yr	17,354,376
	23,000,000		2.500		TBA-30yr	20,671,238
	10,000,000		3.500		TBA-30yr	9,613,668
	2,000,000		4.000		TBA-30yr	1,971,562
	6,000,000		5.000		TBA-30yr	6,120,936

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family(c) – (continued)
$	1,000,000		4.500	%	TBA-30yr	$    1,003,672
						56,735,452
TOTAL FEDERAL AGENCIES						132,043,911
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $147,106,519)						$143,679,147
Agency Debentures – 27.1%
FFCB
$	2,180,000		3.430	%	12/06/28	$    2,178,125
	720,000		5.270		05/01/29	801,086
FHLB
	15,150,000		0.500		04/14/25	14,128,133
FHLMC
	55,722		3.500		07/01/49	54,377
	3,967,563		2.500		05/01/51	3,768,871
FNMA
	1,400,000		1.875		09/24/26	1,333,192
	2,600,000		6.250		05/15/29	3,084,146
	27,000,000		0.875		08/05/30	22,337,100
	4,000,000		6.625		11/15/30	4,944,120
Israel Government AID Bond(d)
	500,000		5.500		12/04/23	516,650
	700,000		5.500		04/26/24	728,196
Tennessee Valley Authority
	20,150,000		0.750		05/15/25	18,845,489
TOTAL AGENCY DEBENTURES (Cost $77,587,384)						$  72,719,485
Asset-Backed Securities(a) – 1.9%
Collateralized Loan Obligation(b) – 0.4%
Towd Point Mortgage Trust Series 2017-4, Class A2
$	1,030,153		3.000	%	06/25/57	$       984,359
Student Loan – 1.5%
ECMC Group Student Loan Trust Series 2018-2A, Class A(b) (1M USD LIBOR + 0.800%)
	1,043,816		2.424		09/25/68	1,023,007
Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)
	432,442		2.574		05/25/34	431,244

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan – (continued)
Navient Student Loan Trust Series 2017-4A, Class A2(b) (1M USD LIBOR + 0.500%)
$	247,789		2.124	%	09/27/66	$       247,564
PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	717,655		2.774		09/25/65	717,654
Scholar Funding Trust Series 2013-A, Class A(b) (1M USD LIBOR + 0.650%)
	1,194,833		2.283		01/30/45	1,159,899
SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	545,067		2.884		07/25/23	544,100
						4,123,468
TOTAL ASSET-BACKED SECURITIES (Cost $5,246,956)						$    5,107,827
Municipal Debt Obligation – 0.8%
New Jersey – 0.8%
New Jersey Economic Development Authority Series A
$	2,000,000		7.425	%	02/15/29	$    2,246,938
(Cost $2,000,000)
U.S. Treasury Obligations – 45.0%
United States Treasury Bonds
$	6,400,000		0.010	%(e)	11/15/35	$    4,175,107
	1,300,000		0.000	(e)	05/15/36	836,000
	6,000,000		0.000	(e)	11/15/37	3,658,611
	900,000		3.125		11/15/41	863,438
	3,500,000		3.750		11/15/43	3,659,141
	3,830,000		3.625		02/15/44	3,926,947
	9,390,000		3.375		05/15/44	9,265,289
	3,320,000		3.125		08/15/44	3,144,663
	6,400,000		2.875		11/15/46	5,833,000
	5,080,000		2.750		11/15/47	4,549,775
	530,000		2.375	(f)	11/15/49	447,519
	1,190,000		2.000		02/15/50	922,250
United States Treasury Notes
	5,440,000		0.125	(f)	03/31/23	5,333,750
	11,340,000		0.375		07/15/24	10,756,167

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Notes – (continued)
$	9,230,000		0.375	%	12/31/25	$    8,410,116
	6,710,000		0.750		03/31/26	6,163,240
	6,250,000		3.250		06/30/27	6,311,523
	7,900,000		2.250		08/15/27	7,585,852
	1,220,000		0.750		01/31/28	1,074,553
	6,660,000		1.125		02/29/28	5,987,756
	6,430,000		1.250		03/31/28	5,809,103
	12,860,000		3.125		11/15/28	12,885,117
	2,900,000		2.375		05/15/29	2,778,109
	6,150,000		3.250		06/30/29	6,223,031
	120,000		0.875		11/15/30	101,306
TOTAL U.S. TREASURY OBLIGATIONS (Cost $132,300,081)						120,701,363
Shares		Dividend Rate				Value
Investment Company(g) – 5.2%
Goldman Sachs Financial Square Government Fund - Institutional Shares
13,953,163			1.367%			$  13,953,163
(Cost $13,953,163)
TOTAL INVESTMENTS – 133.6% (Cost $378,194,103)						$358,407,923
LIABILITIES IN EXCESS OF     OTHER ASSETS – (33.6)%						(90,119,297)
NET ASSETS – 100.0%						$268,288,626

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2022.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	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 $87,632,469 which represents approximately 32.7% of the Fund’s net assets as of June 30, 2022.
(d)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $1,244,846, which represents approximately 0.5% of the Fund’s net assets as of June 30, 2022.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.

(f)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(g)	Represents an affiliated issuer.

Currency Abbreviation:
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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At June 30, 2022, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date	Principal Amount		Value
GNMA (Proceeds Receivable: $(988,750))		4.000	%	TBA-30yr	07/21/21	$	(1,000,000)	$	(995,171)

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

FUTURES CONTRACTS — At June 30, 2022, 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	09/30/22	$	2,520,188		$	9,911
Short position contracts:
Ultra 10 Year U.S. Treasury Notes	(78)	09/21/22		(9,935,250	)		77,643
5 Year U.S. Treasury Notes	(144)	09/30/22		(16,164,000	)		(57,869	)
10 Year U.S. Treasury Notes	(163)	09/21/22		(19,320,594	)		129,139
20 Year U.S. Treasury Bonds	(114)	09/21/22		(15,803,250	)		112,187
Total						$	261,100
TOTAL FUTURES CONTRACTS						$	271,011

SWAP CONTRACTS — At June 30, 2022, 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 SOFR + 0.090%(a)	3M SOFR(a)		07/25/24	$	18,560	(c)	$	11,042		$	6,241		$	4,801
2.587(b)	3M SOFR(b)		11/30/26		4,390	(c)		42,852			15,885			26,967
3M SOFR(b)	2.750%(b)		09/21/27		10	(c)		(34	)		(290	)		256
3M SOFR(b)	2.500(b)		06/04/29		3,190	(c)		(12,343	)		(2,150	)		(10,193	)
2.570(b)	3M SOFR(b)		06/04/31		8,420	(c)		31,537			8,216			23,321
3M SOFR(b)	2.734(b)		05/15/32		2,220			(10,696	)		12,818			(23,514	)
3M SOFR(b)	2.730(b)		06/04/33		5,340	(c)		(21,461	)		(4,529	)		(16,932	)
TOTAL							$	40,897		$	36,191		$	4,706

(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 June 30, 2022.

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2022, 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	$	1.361		07/12/2022	$  6,600,000	$	6,600,000		$	3		$	41,531		$	(41,528	)
9M IRS	Deutsche Bank AG (London)		1.850		11/22/2022	19,300,000		19,300,000			5,232			65,477			(60,245	)
9M IRS	JPMorgan Securities, Inc.		1.800		11/16/2022	19,300,000		19,300,000			4,368			62,725			(58,357	)
Total purchased option contracts						45,200,000	$	45,200,000		$	9,603		$	169,733		$	(160,130	)
Written option contracts
Calls
6M IRS	Citibank NA		1.594		07/12/2022	(2,120,000)		(2,120,000	)		—			(41,618	)		41,618
9M IRS	Deutsche Bank AG (London)		1.348		11/22/2022	(19,300,000)		(19,300,000	)		(1,751	)		(23,190	)		21,439
9M IRS	Deutsche Bank AG (London)		1.599		11/22/2022	(19,300,000)		(19,300,000	)		(3,055	)		(42,287	)		39,232
9M IRS	JPMorgan Securities, Inc.		1.290		11/16/2022	(19,300,000)		(19,300,000	)		(1,403	)		(23,160	)		21,757
9M IRS	JPMorgan Securities, Inc.		1.545		11/16/2022	(19,300,000)		(19,300,000	)		(2,499	)		(39,565	)		37,066
Total written option contracts						(79,320,000)	$	(79,320,000	)	$	(8,708	)	$	(169,820	)	$	161,112
TOTAL						(34,120,000)	$	(34,120,000	)	$	895		$	(87	)	$	982

Abbreviations:
6M IRS	— 6 Months Interest Rate Swaptions
9M IRS	— 9 Months Interest Rate Swaptions

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 97.9%
United States Treasury Inflation Indexed Bonds
$	15,446,508		2.125	%(a)	02/15/40	$  18,011,665
	22,188,430		1.375		02/15/44	22,659,693
	15,466,626		0.750		02/15/45	13,850,453
	11,182,597		1.000		02/15/48	10,660,169
	1,975,781		1.000		02/15/49	1,897,405
	5,947,600		0.250		02/15/50	4,682,878
	8,160,338		0.125		02/15/51	6,284,342
United States Treasury Inflation Indexed Notes
	16,617,888		0.125		01/15/23	16,897,072
	8,061,164		0.375		07/15/23	8,203,123
	29,466,231		0.500		04/15/24	29,870,777
	33,224,614		0.125		10/15/24	33,418,909
	2,330,964		0.250		01/15/25	2,343,491
	16,550,897		0.125		04/15/25	16,547,555
	15,821,322		0.375		07/15/25	15,968,352
	10,471,788		0.125		10/15/25	10,467,392
	4,123,969		0.625	(a)	01/15/26	4,171,110
	17,668,426		0.125		04/15/26	17,502,776
	12,095,177		0.125		07/15/26	11,994,472
	35,637,619		0.125		10/15/26	35,295,359
	18,392,049		0.375		01/15/27	18,321,587
	5,730,000		3.250		06/30/27	5,786,405
	14,215,370		0.375		07/15/27	14,166,402
	22,382,335		0.500		01/15/28	22,227,176
	25,552,673		0.750		07/15/28	25,743,412
	48,068,472		0.875		01/15/29	48,491,418
	8,520,426		0.250		07/15/29	8,260,487
	18,410,442		0.125		07/15/30	17,549,831
	6,951,104		0.125		01/15/31	6,608,458
	24,805,040		0.125		07/15/31	23,587,994

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Inflation Indexed Notes – (continued)
$	7,664,286		0.125	%	01/15/32	$    7,268,594
TOTAL U.S. TREASURY OBLIGATIONS (Cost $509,729,979)						$478,738,757
TOTAL INVESTMENTS – 97.9% (Cost $509,729,979)						$478,738,757
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.1%						10,054,551
NET ASSETS – 100.0%						$488,793,308

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.

Currency Abbreviation:
USD	— U.S. Dollar
Investment Abbreviation:
SOFR	— Secured Overnight Funding Rate

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2022, 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	35	09/30/22	$	7,350,547		$	(15,343	)
5 Year U.S. Treasury Notes	97	09/30/22		10,888,250			(26,919	)
10 Year U.S. Treasury Notes	179	09/21/22		21,217,094			(6,114	)
Total						$	(48,376	)
Short position contracts:
Ultra Long U.S. Treasury Bonds	(4)	09/21/22		(617,375	)	$	(2,015	)
Ultra 10 Year U.S. Treasury Notes	(92)	09/21/22		(11,718,500	)		169,123
20 Year U.S. Treasury Bonds	(27)	09/21/22		(3,742,875	)		22,544
Total						$	189,652
TOTAL FUTURES CONTRACTS						$	141,276

SWAP CONTRACTS — At June 30, 2022, 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)	3M SOFR(a)	02/20/24	$	13,700		$	1,283,126		$	39		$	1,283,087
1M SOFR(b)	3M SOFR(b)	07/25/24		51,300	(c)		30,519			17,232			13,287
2.104(a)	3M SOFR(a)	12/14/24		10,000			1,057,352			47			1,057,305
2.007(a)	3M SOFR(a)	02/07/26		6,300			713,599			43			713,556
2.587(d)	3M SOFR(d)	11/30/26		20,660	(c)		201,669			549			201,120
3M SOFR(d)	2.750%(d)	09/21/27		20	(c)		(67	)		(579	)		512
3M SOFR(a)	2.103(a)	02/07/29		6,300			(694,457	)		63			(694,520	)
3M SOFR(d)	2.500(d)	06/04/29		12,390	(c)		(47,939	)		(8,349	)		(39,590	)
2.750(d)	3M SOFR(d)	09/21/29		9,810	(c)		28,929			338,370			(309,441	)
2.570(d)	3M SOFR(d)	06/04/31		32,680	(c)		122,403			31,902			90,501
3M SOFR(d)	2.734(d)	05/15/32		9,200			(44,323	)		53,120			(97,443	)
3M SOFR(d)	2.730(d)	06/04/33		20,740	(c)		(83,354	)		(17,577	)		(65,777	)
TOTAL						$	2,567,457		$	414,860		$	2,152,597

(a) Payments made at maturity.

(b) Payments made quarterly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2022.

(d) Payments made annually.

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2022, 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		1.361	%		07/12/2022		6,100,000	$	6,100,000		$	3		$	38,385		$	(38,382	)
9M IRS	Deutsche Bank AG (London)		1.850			11/22/2022		17,500,000		17,500,000			4,744			59,370			(54,626	)
9M IRS	JPMorgan Securities, Inc.		1.800			11/16/2022		17,500,000		17,500,000			3,960			56,875			(52,915	)
Total purchased option contracts								41,100,000	$	41,100,000		$	8,707		$	154,630		$	(145,923	)
Written option contracts
Calls
6M IRS	Citibank NA		1.594			07/12/2022		(1,960,000)	$	(1,960,000	)	$	(1	)	$	(38,478	)	$	38,477
9M IRS	Deutsche Bank AG (London)		1.348			11/22/2022		(17,500,000)		(17,500,000	)		(1,587	)		(21,027	)		19,440
9M IRS	Deutsche Bank AG (London)		1.599			11/22/2022		(17,500,000)		(17,500,000	)		(2,770	)		(38,343	)		35,573
9M IRS	JPMorgan Securities, Inc.		1.290			11/16/2022		(17,500,000)		(17,500,000	)		(1,272	)		(21,000	)		19,728
9M IRS	JPMorgan Securities, Inc.		1.545			11/16/2022		(17,500,000)		(17,500,000	)		(2,266	)		(35,875	)		33,609
Total written option contracts								(71,960,000)	$	(71,960,000	)	$	(7,896	)	$	(154,723	)	$	146,827
TOTAL								(30,860,000)	$	(30,860,000	)	$	811		$	(93	)	$	904

Abbreviations:
6M IRS	— 6 Months Interest Rate Swaptions
9M IRS	— 9 Months Interest Rate Swaptions

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 64.0%
Advertising(a)(b) – 0.2%
Outfront Media Capital LLC/Outfront Media Capital Corp.
$	4,405,000		6.250	%	06/15/25	$       4,204,925
Aerospace & Defense(a) – 1.7%
Howmet Aerospace, Inc.
	1,491,000		5.125		10/01/24	1,491,955
	1,265,000		6.875		05/01/25	1,298,902
Teledyne Technologies, Inc.
	9,375,000		1.600		04/01/26	8,401,875
The Boeing Co.
	5,375,000		1.167		02/04/23	5,312,919
	11,850,000		4.875		05/01/25	11,805,681
	5,400,000		2.600		10/30/25	5,039,442
						33,350,774
Agriculture(a) – 0.4%
BAT International Finance PLC
	8,000,000		1.668		03/25/26	7,095,600
Airlines(a) – 0.3%
Delta Air Lines, Inc.
	1,960,000		3.800		04/19/23	1,950,533
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.(b)
	3,030,000		8.000		09/20/25	3,116,264
						5,066,797
Automotive – 3.4%
BMW US Capital LLC(b)
	6,025,000		3.250		04/01/25	5,950,290
Clarios Global LP(a)(b)
	2,538,000		6.750		05/15/25	2,513,559
Clarios Global LP/Clarios U.S. Finance Co.(a)(b)
	120,000		8.500		05/15/27	116,077
Ford Motor Credit Co. LLC(a)
	4,105,000		2.979		08/03/22	4,105,000
	5,639,000		2.300		02/10/25	5,064,048
	250,000		4.687		06/09/25	239,185
General Motors Co.
	6,064,000		5.400		10/02/23	6,156,658

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive – (continued)
General Motors Financial Co., Inc.(a)
$	8,800,000		1.500	%	06/10/26	$       7,693,488
General Motors Financial Co., Inc.
	846,000		3.700	(a)	05/09/23	845,678
	2,450,000		1.700		08/18/23	2,390,685
	11,375,000		5.100	(a)	01/17/24	11,488,409
	9,400,000		1.050		03/08/24	8,904,244
	1,100,000		3.950	(a)	04/13/24	1,091,431
The Goodyear Tire & Rubber Co.(a)
	3,235,000		9.500		05/31/25	3,346,219
Volkswagen Group of America Finance LLC
	5,800,000		3.950		06/06/25	5,690,670
ZF North America Capital, Inc.(b)
	900,000		4.750		04/29/25	830,538
						66,426,179
Banks – 23.1%
Banco do Brasil SA
	3,350,000		4.750		03/20/24	3,337,019
Banco Santander SA
	14,800,000		3.892		05/24/24	14,738,432
	2,600,000		2.706		06/27/24	2,540,720
	1,600,000		2.746		05/28/25	1,517,728
Bank of America Corp.
(3M USD LIBOR + 0.790%)
	11,000,000		3.004	(a)(c)	12/20/23	10,961,390
(3M USD LIBOR + 0.940%)
	1,175,000		3.864	(a)(c)	07/23/24	1,169,795
	4,345,000		4.200		08/26/24	4,354,646
	9,025,000		4.000		01/22/25	8,987,185
	23,950,000		3.950		04/21/25	23,670,743
(SOFR + 1.110%)
	12,245,000		3.841	(a)(c)	04/25/25	12,209,000
(SOFR + 0.910%)
	20,250,000		0.981	(a)(c)	09/25/25	18,771,345
Barclays PLC(a)(c)
(3M USD LIBOR + 1.610%)
	1,850,000		3.932		05/07/25	1,821,455
(SOFR + 2.714%)
	3,600,000		2.852		05/07/26	3,400,200
BNP Paribas SA(b)
	10,000,000		4.375		09/28/25	9,887,800
(SOFR + 2.074%)
	3,275,000		2.219	(a)(c)	06/09/26	3,039,102

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
BPCE SA(b)
$	2,921,000		4.000	%	09/12/23	$       2,916,823
	850,000		2.375		01/14/25	805,902
(SOFR + 1.520%)
	3,675,000		1.652	(a)(c)	10/06/26	3,293,866
Canadian Imperial Bank of Commerce(c) (SOFR + 0.940%)
	5,055,000		1.701		04/07/25	5,000,457
Citigroup, Inc.
	1,065,000		3.500		05/15/23	1,064,574
(3M USD LIBOR + 1.023%)
	1,045,000		4.044	(a)(c)	06/01/24	1,042,628
(SOFR + 0.686%)
	3,700,000		0.776	(a)(c)	10/30/24	3,530,022
	1,525,000		3.875		03/26/25	1,506,471
(SOFR + 1.372%)
	7,355,000		4.140	(a)(c)	05/24/25	7,331,023
	1,375,000		4.400		06/10/25	1,374,106
(SOFR + 0.694%)
	15,075,000		2.014	(a)(c)	01/25/26	14,135,074
	1,800,000		4.600		03/09/26	1,803,816
(SOFR + 2.842%)
	14,275,000		3.106	(a)(c)	04/08/26	13,726,269
Credit Agricole SA
	5,700,000		4.375		03/17/25	5,605,209
Credit Suisse AG
	9,400,000		6.500	(b)	08/08/23	9,413,254
	11,225,000		3.700		02/21/25	10,988,714
	675,000		2.950		04/09/25	645,955
Credit Suisse Group AG(a)(b)(c)
(3M USD LIBOR + 1.240%)
	2,100,000		4.207		06/12/24	2,077,089
(SOFR + 2.044%)
	9,600,000		2.193		06/05/26	8,747,328
Deutsche Bank AG
	13,025,000		3.700		05/30/24	12,817,251
(SOFR + 2.159%)
	1,525,000		2.222	(a)(c)	09/18/24	1,473,699
Fifth Third Bancorp(a)
	690,000		2.375		01/28/25	661,144
First Horizon Corp.(a)
	2,735,000		3.550		05/26/23	2,725,017
	1,500,000		4.000		05/26/25	1,471,290
First-Citizens Bank & Trust Co.(a)(c) (SOFR + 3.827%)
	5,210,000		3.929		06/19/24	5,177,854
First-Citizens Bank & Trust Co.(a)(c) (SOFR + 1.715%)
	1,050,000		2.969		09/27/25	1,005,764

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		2.455	%	05/18/24	$       1,291,654
(SOFR + 1.538%)
	8,675,000		1.645		04/18/26	7,957,924
HSBC USA, Inc.
	7,525,000		3.750		05/24/24	7,488,203
ING Groep NV(b)
	5,000,000		4.625		01/06/26	4,994,650
(1 Year CMT + 1.100%)
	4,750,000		1.400	(a)(c)	07/01/26	4,311,955
JPMorgan Chase & Co.(a)(c)
(3M USD LIBOR + 0.730%)
	11,590,000		3.559		04/23/24	11,557,664
(3M USD LIBOR + 1.000%)
	2,950,000		4.023		12/05/24	2,940,354
(SOFR + 0.420%)
	5,150,000		0.563		02/16/25	4,855,369
(SOFR + 0.605%)
	6,525,000		1.561		12/10/25	6,111,772
(TSFR3M + 1.585%)
	28,175,000		2.005		03/13/26	26,380,252
(SOFR + 1.850%)
	6,360,000		2.083		04/22/26	5,958,557
(SOFR + 0.800%)
	9,200,000		1.045		11/19/26	8,187,908
Lloyds Banking Group PLC
	2,900,000		4.050		08/16/23	2,909,077
	1,525,000		4.500		11/04/24	1,518,671
Macquarie Group Ltd.(a)(b)(c) (SOFR + 1.069%)
	2,100,000		1.340		01/12/27	1,850,877
Mitsubishi UFJ Financial Group, Inc.
	3,425,000		3.407		03/07/24	3,400,374
	3,025,000		1.412		07/17/25	2,781,336
Morgan Stanley(a)(c)
(3M USD LIBOR + 0.847%)
	5,175,000		3.737		04/24/24	5,161,079
(SOFR + 0.525%)
	3,700,000		0.790		05/30/25	3,447,364
(SOFR + 0.745%)
	2,125,000		0.864		10/21/25	1,961,120
(SOFR + 0.720%)
	4,025,000		0.985		12/10/26	3,567,438
Morgan Stanley, Inc.
	2,250,000		4.100		05/22/23	2,260,350
(SOFR + 0.509%)
	11,250,000		0.791	(a)(c)	01/22/25	10,643,962
	5,000,000		5.000		11/24/25	5,087,600
(SOFR + 1.990%)
	20,275,000		2.188	(a)(c)	04/28/26	19,016,125
Natwest Group PLC
	3,454,000		6.000		12/19/23	3,517,588

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(1 Year CMT + 2.150%)
$	1,325,000		2.359	%(a)(c)	05/22/24	$       1,300,421
(3M USD LIBOR + 1.550%)
	2,525,000		4.519	(a)(c)	06/25/24	2,513,764
Santander Holdings USA, Inc.(a)(c)(SOFR + 1.380%)
	4,835,000		4.260		06/09/25	4,778,140
Santander UK Group Holdings PLC(a)(c)(SOFR + 0.787%)
	9,700,000		1.089		03/15/25	9,066,105
Standard Chartered PLC(a)(b)(c)
(1 Year CMT + 1.170%)
	3,175,000		1.319		10/14/23	3,150,457
(3M USD LIBOR + 1.080%)
	4,050,000		3.885		03/15/24	4,038,741
(1 year CMT + 0.780%)
	2,275,000		0.991		01/12/25	2,149,989
Sumitomo Mitsui Financial Group, Inc.
	1,925,000		1.474		07/08/25	1,772,925
	4,275,000		0.948		01/12/26	3,810,350
The Bank of Nova Scotia
	6,450,000		2.200		02/03/25	6,178,132
The Toronto-Dominion Bank
	5,950,000		3.766		06/06/25	5,916,263
Wells Fargo & Co.
	6,063,000		4.480		01/16/24	6,132,421
(SOFR + 2.000%)
	7,200,000		2.188	(a)(c)	04/30/26	6,749,712
						457,463,802
Beverages(a) – 0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	9,900,000		3.650		02/01/26	9,749,817
Biotechnology – 0.2%
Royalty Pharma PLC
	3,700,000		0.750		09/02/23	3,562,212
Building Materials(a) – 0.7%
Carrier Global Corp.
	15,325,000		2.242		02/15/25	14,559,823
JELD-WEN, Inc.(b)
	125,000		4.875		12/15/27	99,032
Summit Materials LLC/Summit Materials Finance Corp.(b)
	115,000		6.500		03/15/27	111,754
						14,770,609

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals – 0.6%
Celanese US Holdings LLC(a)
$	900,000		3.500	%	05/08/24	$          887,850
International Flavors & Fragrances, Inc.(a)(b)
	5,225,000		1.230		10/01/25	4,717,809
Methanex Corp.(a)
	3,500,000		4.250		12/01/24	3,336,410
OCI NV(a)(b)
	1,043,000		4.625		10/15/25	1,011,919
Sasol Financing International Ltd.
	400,000		4.500		11/14/22	398,500
Sasol Financing USA LLC(a)
	450,000		5.875		03/27/24	439,313
SPCM SA(a)(b)
	1,650,000		3.125		03/15/27	1,392,253
						12,184,054
Commercial Services – 0.8%
Global Payments, Inc.(a)
	3,800,000		3.750		06/01/23	3,772,640
	3,175,000		1.200		03/01/26	2,800,858
Prime Security Services Borrower LLC/Prime Finance, Inc.(b)
	7,400,000		5.250		04/15/24	7,247,116
The ADT Security Corp.
	2,050,000		4.125		06/15/23	2,015,888
						15,836,502
Computers(a) – 1.4%
Dell International LLC/EMC Corp.
	2,887,000		5.450		06/15/23	2,920,345
	4,775,000		4.000		07/15/24	4,761,534
	10,665,000		5.850		07/15/25	11,006,707
Hewlett Packard Enterprise Co.
	475,000		2.250		04/01/23	471,357
	4,998,000		4.450		10/02/23	5,039,733
	3,100,000		1.450		04/01/24	2,984,308
NetApp, Inc.
	1,300,000		1.875		06/22/25	1,212,601
						28,396,585

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – 3.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust(a)
$	5,925,000		3.500	%	01/15/25	$       5,677,987
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	640,000		6.500		07/15/25	654,202
Air Lease Corp.
	375,000		2.250		01/15/23	371,422
	1,500,000		2.300	(a)	02/01/25	1,402,365
	1,100,000		3.375	(a)	07/01/25	1,036,728
	5,175,000		1.875	(a)	08/15/26	4,479,583
Ally Financial, Inc.(a)
	12,175,000		1.450		10/02/23	11,776,269
Aviation Capital Group LLC(a)(b)
	1,725,000		1.950		01/30/26	1,508,806
Avolon Holdings Funding Ltd.(a)(b)
	3,925,000		5.500		01/15/23	3,925,903
	1,075,000		3.950		07/01/24	1,036,031
	2,075,000		2.875		02/15/25	1,911,116
Capital One Financial Corp.(a)
	6,050,000		3.200		02/05/25	5,879,632
LD Holdings Group LLC(a)(b)
	3,610,000		6.500		11/01/25	2,460,071
Navient Corp.
	915,000		5.500		01/25/23	908,522
OneMain Finance Corp.
	4,285,000		5.625		03/15/23	4,244,464
Park Aerospace Holdings Ltd.(a)(b)
	900,000		5.250		08/15/22	900,369
PennyMac Financial Services, Inc.(a)(b)
	2,160,000		5.375		10/15/25	1,897,430
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(a)(b)
	10,460,000		2.875		10/15/26	8,669,457
Synchrony Financial(a)
	4,260,000		4.875		06/13/25	4,210,882
The Western Union Co.(a)
	1,025,000		2.850		01/10/25	984,236
						63,935,475

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – 2.1%
Avangrid, Inc.(a)
$	1,375,000		3.200	%	04/15/25	$       1,335,579
Berkshire Hathaway Energy Co.(a)
	1,225,000		4.050		04/15/25	1,234,910
DTE Energy Co.(a)
	3,375,000		1.050		06/01/25	3,103,312
Enel Finance International NV(a)(b)
	7,875,000		1.375		07/12/26	6,925,905
Entergy Corp.(a)
	2,800,000		0.900		09/15/25	2,522,492
Eversource Energy
	4,680,000		4.200		06/27/24	4,691,419
ITC Holdings Corp.(a)
	2,550,000		2.700		11/15/22	2,540,183
NextEra Energy Capital Holdings, Inc.
	4,955,000		4.450		06/20/25	4,996,721
NRG Energy, Inc.(a)(b)
	4,525,000		3.750		06/15/24	4,435,767
	2,855,000		5.250		06/15/29	2,550,543
Southern Power Co.(a)
	1,450,000		0.900		01/15/26	1,292,023
Vistra Operations Co. LLC(a)(b)
	3,325,000		3.550		07/15/24	3,208,991
	2,965,000		5.000		07/31/27	2,687,535
						41,525,380
Electrical Components & Equipment(a)(b) – 0.1%
Wesco Distribution, Inc.
	2,845,000		7.125		06/15/25	2,838,400
Electronics(b) – 0.1%
Sensata Technologies B.V.
	3,000,000		5.000		10/01/25	2,884,680
Energy-Alternate Sources(a)(b) – 0.0%
Greenko Dutch B.V.
	194,000		3.850		03/29/26	164,415

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Energy-Alternate Sources(a)(b) – (continued)
Greenko Wind Projects Mauritius Ltd.
$	200,000		5.500	%	04/06/25	$          185,750
						350,165
Engineering & Construction(a) – 0.1%
AECOM
	2,750,000		5.125		03/15/27	2,599,245
Entertainment(b) – 1.4%
Banijay Entertainment SASU(a)
	930,000		5.375		03/01/25	882,663
Caesars Entertainment, Inc.(a)
	1,895,000		6.250		07/01/25	1,826,401
Caesars Resort Collection LLC/CRC Finco, Inc.(a)
	6,300,000		5.750		07/01/25	6,037,416
Magallanes, Inc.
	6,900,000		3.428		03/15/24	6,764,484
	5,500,000		3.528	(a)	03/15/24	5,390,550
	6,900,000		3.638		03/15/25	6,696,864
						27,598,378
Environmental(a)(b) – 0.4%
GFL Environmental, Inc.
	3,880,000		3.750		08/01/25	3,597,420
	4,860,000		5.125		12/15/26	4,640,279
						8,237,699
Food & Drug Retailing – 0.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC(a)(b)
	3,630,000		3.250		03/15/26	3,173,128
	110,000		7.500		03/15/26	109,420
B&G Foods, Inc.(a)
	2,050,000		5.250		04/01/25	1,890,449
General Mills, Inc.(c) (3M USD LIBOR + 1.010%)
	2,175,000		2.054		10/17/23	2,183,526
Kraft Heinz Foods Co.(a)
	1,830,000		3.875		05/15/27	1,770,726
Performance Food Group, Inc.(a)(b)
	3,020,000		6.875		05/01/25	3,007,437

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
US Foods, Inc.(a)(b)
$	1,055,000		6.250	%	04/15/25	$       1,051,951
						13,186,637
Gaming(a) – 0.3%
MGM Resorts International
	2,040,000		6.750		05/01/25	2,005,463
	3,511,000		5.750		06/15/25	3,347,212
						5,352,675
Gas(a) – 0.5%
NiSource, Inc.
	11,050,000		0.950		08/15/25	9,915,607
Healthcare Providers & Services – 1.2%
Centene Corp.(a)
	1,900,000		4.250		12/15/27	1,774,144
	8,410,000		2.450		07/15/28	7,015,201
HCA, Inc.
	8,810,000		5.375		02/01/25	8,793,085
	6,000,000		5.875	(a)	02/15/26	6,039,780
Tenet Healthcare Corp.
	500,000		6.750		06/15/23	517,440
						24,139,650
Household Products(a) – 0.0%
Spectrum Brands, Inc.
	114,000		5.750		07/15/25	112,813
Housewares(a) – 0.1%
Newell Brands, Inc.
	2,770,000		4.875		06/01/25	2,732,245
Insurance – 0.4%
American International Group, Inc.(a)
	2,000,000		2.500		06/30/25	1,908,480
Athene Global Funding(b)
	1,875,000		0.950		01/08/24	1,780,950
	1,725,000		1.450		01/08/26	1,538,044
Equitable Financial Life Global Funding(b)
	1,550,000		1.400		07/07/25	1,424,435

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – (continued)
Great-West Lifeco US Finance 2020 LP(a)(b)
$	2,000,000		0.904	%	08/12/25	$       1,818,860
						8,470,769
Internet – 1.2%
eBay, Inc.(a)
	4,825,000		1.400		05/10/26	4,342,162
Expedia Group, Inc.(a)
	1,790,000		5.000		02/15/26	1,791,593
Netflix, Inc.
	3,265,000		5.875		02/15/25	3,317,175
	4,000,000		3.625	(a)(b)	06/15/25	3,805,040
Prosus NV(a)(b)
	7,030,000		3.257		01/19/27	6,151,250
Uber Technologies, Inc.(a)(b)
	4,340,000		7.500		05/15/25	4,327,023
						23,734,243
Investment Companies – 0.3%
Blackstone Private Credit Fund(b)
	6,000,000		4.700		03/24/25	5,780,460
Huarong Finance 2019 Co. Ltd.
	380,000		3.750		05/29/24	362,900
Huarong Finance II Co. Ltd.
	270,000		5.500		01/16/25	260,888
						6,404,248
Iron/Steel(a) – 0.2%
Mineral Resources Ltd.(b)
	3,555,000		8.000		11/01/27	3,472,773
Steel Dynamics, Inc.
	345,000		2.400		06/15/25	326,701
						3,799,474
Leisure Time(a)(b) – 0.3%
NCL Corp. Ltd.
	2,245,000		5.875		02/15/27	1,919,498
Royal Caribbean Cruises Ltd.
	4,880,000		11.500		06/01/25	5,012,150
						6,931,648

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Lodging(a) – 0.3%
Marriott International, Inc.
$	1,650,000		3.600	%	04/15/24	$       1,634,358
	4,918,000		5.750		05/01/25	5,094,507
						6,728,865
Machinery - Construction & Mining(a)(b) – 0.0%
The Manitowoc Co., Inc.
	125,000		9.000		04/01/26	116,420
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	1,082,649
Mueller Water Products, Inc.(b)
	2,985,000		4.000		06/15/29	2,605,278
Otis Worldwide Corp.
	4,000,000		2.056		04/05/25	3,787,520
						7,475,447
Media – 2.0%
AMC Networks, Inc.(a)
	4,486,000		4.750		08/01/25	4,170,500
CCO Holdings LLC/CCO Holdings Capital Corp.(a)(b)
	4,575,000		4.000		03/01/23	4,548,190
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
(3M USD LIBOR + 1.650%)
	1,275,000		2.936	(c)	02/01/24	1,279,564
	2,900,000		4.500		02/01/24	2,917,922
	8,925,000		4.908		07/23/25	8,947,937
CSC Holdings LLC
	4,120,000		5.250		06/01/24	3,856,073
DISH DBS Corp.
	410,000		5.875		07/15/22	410,033
	5,065,000		5.875		11/15/24	4,294,715
Scripps Escrow, Inc.(a)(b)
	120,000		5.875		07/15/27	105,053
Time Warner Entertainment Co. LP
	9,179,000		8.375		03/15/23	9,461,071
						39,991,058
Mining(a)(b) – 0.2%
Glencore Funding LLC
	4,200,000		1.625		09/01/25	3,848,712

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mining(a)(b) – (continued)
Vedanta Resources Finance II PLC
$	340,000		8.950	%	03/11/25	$          268,600
						4,117,312
Miscellaneous Manufacturing – 0.5%
Amsted Industries, Inc.(a)(b)
	2,385,000		5.625		07/01/27	2,267,467
Hillenbrand, Inc.(a)
	890,000		5.750		06/15/25	907,569
Parker-Hannifin Corp.
	625,000		2.700	(a)	06/14/24	610,887
	5,635,000		3.650		06/15/24	5,598,147
						9,384,070
Multi-National(a)(b) – 0.1%
The African Export-Import Bank
	1,050,000		2.634		05/17/26	927,045
	1,130,000		3.798		05/17/31	923,029
						1,850,074
Office(a)(b) – 0.2%
Xerox Holdings Corp.
	4,495,000		5.000		08/15/25	4,180,440
Oil Field Services(a) – 1.1%
Canadian Natural Resources Ltd.
	1,875,000		2.050		07/15/25	1,756,350
Continental Resources, Inc.
	6,800,000		3.800		06/01/24	6,736,284
Devon Energy Corp.
	120,000		5.250		09/15/24	122,554
EQT Corp.
	2,625,000		6.625		02/01/25	2,706,086
Petroleos Mexicanos
	210,000		6.875		10/16/25	195,300
Phillips 66
	3,200,000		0.900		02/15/24	3,052,064
Range Resources Corp.
	5,080,000		5.000		03/15/23	5,042,154
Transocean Sentry Ltd.(b)
	1,419,956		5.375		05/15/23	1,350,294

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services(a) – (continued)
USA Compression Partners LP/USA Compression Finance Corp.
$	120,000		6.875	%	04/01/26	$          109,165
						21,070,251
Packaging – 0.8%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(a)(b)
	1,165,000		6.000		06/15/27	1,152,570
Ball Corp.
	5,413,000		4.000		11/15/23	5,361,306
Berry Global, Inc.(a)
	5,500,000		0.950		02/15/24	5,209,765
	3,200,000		1.570		01/15/26	2,856,992
Silgan Holdings, Inc.(a)(b)
	1,925,000		1.400		04/01/26	1,723,510
						16,304,143
Pharmaceuticals(a) – 2.1%
AbbVie, Inc.
	16,250,000		2.600		11/21/24	15,743,650
Bausch Health Americas, Inc.(b)
	110,000		9.250		04/01/26	78,681
Bayer US Finance II LLC(b)(c) (3M USD LIBOR + 1.010%)
	4,150,000		2.839		12/15/23	4,122,693
Becton Dickinson & Co.
	544,000		3.363		06/06/24	538,364
	5,800,000		3.734		12/15/24	5,771,290
Elanco Animal Health, Inc.
	500,000		5.772		08/28/23	505,500
Herbalife Nutrition Ltd./HLF Financing, Inc.(b)
	7,435,000		7.875		09/01/25	6,707,039
Perrigo Finance Unlimited Co.
	5,000,000		3.900		12/15/24	4,691,200
PRA Health Sciences, Inc.(b)
	3,144,000		2.875		07/15/26	2,798,883
						40,957,300
Pipelines(a) – 2.1%
Cheniere Energy Partners LP
	2,835,000		4.500		10/01/29	2,532,874
DCP Midstream Operating LP
	4,645,000		5.375		07/15/25	4,538,165

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines(a) – (continued)
DCP Midstream Operating LP – (continued)
$	2,690,000		5.625	%	07/15/27	$       2,608,654
Energy Transfer LP/Regency Energy Finance Corp.
	150,000		4.500		11/01/23	150,599
EQM Midstream Partners LP
	1,265,000		4.750		07/15/23	1,261,192
Kinder Morgan, Inc.(b)
	4,550,000		5.625		11/15/23	4,631,809
MPLX LP
	2,530,000		4.500		07/15/23	2,535,439
	1,225,000		4.875		12/01/24	1,233,808
	8,300,000		1.750		03/01/26	7,488,260
NGPL PipeCo LLC(b)
	410,000		4.875		08/15/27	405,580
NuStar Logistics LP
	6,820,000		5.750		10/01/25	6,377,655
Plains All American Pipeline LP/PAA Finance Corp.
	4,125,000		2.850		01/31/23	4,100,704
Sabine Pass Liquefaction LLC
	225,000		5.625		04/15/23	227,068
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	2,720,000		6.875		01/15/29	2,775,978
						40,867,785
Real Estate(a) – 0.3%
Realogy Group LLC/Realogy Co-Issuer Corp.(b)
	5,815,000		4.875		06/01/23	5,604,264
Sunac China Holdings Ltd.(e)
	200,000		6.500		01/10/25	28,000
Zhenro Properties Group Ltd.(e)
	200,000		6.700		08/04/26	13,000
						5,645,264
Real Estate Investment Trust(a) – 2.0%
American Tower Corp.
	1,325,000		3.375		05/15/24	1,305,178
	1,150,000		2.400		03/15/25	1,086,704
	1,400,000		1.300		09/15/25	1,265,992
Crown Castle International Corp.
	1,750,000		1.350		07/15/25	1,598,800
	8,300,000		4.450		02/15/26	8,221,399

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust(a) – (continued)
MPT Operating Partnership LP/MPT Finance Corp.
$	7,785,000		5.250	%	08/01/26	$       7,342,734
National Retail Properties, Inc.
	435,000		3.900		06/15/24	434,091
Realty Income Corp.
	4,265,000		4.600		02/06/24	4,301,167
SL Green Operating Partnership LP
	2,575,000		3.250		10/15/22	2,571,395
Ventas Realty LP
	1,375,000		3.500		04/15/24	1,360,191
VICI Properties LP/VICI Note Co., Inc.(b)
	4,830,000		5.625		05/01/24	4,772,958
	4,590,000		3.500		02/15/25	4,312,856
WP Carey, Inc.
	285,000		4.600		04/01/24	286,613
	230,000		4.000		02/01/25	229,204
						39,089,282
Retailing(a) – 0.7%
Lowe’s Cos, Inc.
	7,825,000		4.000		04/15/25	7,865,846
Nordstrom, Inc.
	3,000,000		2.300		04/08/24	2,839,380
Penske Automotive Group, Inc.
	3,310,000		3.500		09/01/25	3,106,965
						13,812,191
Savings & Loans(a)(b)(c) – 0.2%
Nationwide Building Society (3M USD LIBOR + 1.064%)
	3,206,000		3.766		03/08/24	3,196,542
Semiconductors – 1.0%
Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	9,580,000		3.625		01/15/24	9,570,324
Broadcom, Inc.(a)
	5,250,000		3.625		10/15/24	5,194,507
Microchip Technology, Inc.
	1,800,000		2.670		09/01/23	1,769,814
NXP BV/NXP Funding LLC/NXP USA, Inc.(a)
	250,000		2.700		05/01/25	237,980

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Semiconductors – (continued)
Skyworks Solutions, Inc.(a)
$	2,425,000		1.800	%	06/01/26	$       2,151,242
						18,923,867
Software – 1.5%
Fair Isaac Corp.(a)(b)
	2,705,000		5.250		05/15/26	2,661,558
Fidelity National Information Services, Inc.(a)
	4,025,000		1.150		03/01/26	3,570,859
Infor, Inc.(a)(b)
	1,025,000		1.450		07/15/23	998,647
	1,075,000		1.750		07/15/25	994,268
Oracle Corp.(a)
	2,825,000		2.500		04/01/25	2,683,665
PTC, Inc.(a)(b)
	2,085,000		3.625		02/15/25	1,982,835
Roper Technologies, Inc.(a)
	975,000		2.350		09/15/24	945,204
Take-Two Interactive Software, Inc.
	13,740,000		3.300		03/28/24	13,568,113
VMware, Inc.(a)
	2,575,000		1.000		08/15/24	2,411,539
						29,816,688
Telecommunication Services – 2.2%
CommScope Technologies LLC(a)(b)
	112,000		6.000		06/15/25	96,881
Level 3 Financing, Inc.(a)
	1,925,000		5.375		05/01/25	1,870,523
Lumen Technologies, Inc.(a)
	1,005,000		7.500		04/01/24	996,568
SoftBank Group Corp.(a)
	200,000		5.125		09/19/27	164,506
Sprint Communications, Inc.
	770,000		6.000		11/15/22	775,475
Sprint Corp.
	2,840,000		7.875		09/15/23	2,933,294
T-Mobile USA, Inc.(a)
	21,574,000		3.500		04/15/25	21,123,103
	5,450,000		1.500		02/15/26	4,929,470
	2,614,000		2.250		02/15/26	2,354,639

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
Telecom Italia SpA(b)
$	5,615,000		5.303	%	05/30/24	$       5,397,643
Verizon Communications, Inc.(a)
	2,650,000		0.850		11/20/25	2,402,729
						43,044,831
Toys/Games/Hobbies(a)(b) – 0.1%
Mattel, Inc.
	2,815,000		5.875		12/15/27	2,751,831
Trucking & Leasing(a)(b) – 0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	4,950,000		1.200		11/15/25	4,411,490
SMBC Aviation Capital Finance DAC
	1,200,000		3.550		04/15/24	1,173,276
						5,584,766
TOTAL CORPORATE OBLIGATIONS (Cost $1,349,256,660)						$1,267,765,714
Mortgage-Backed Obligations – 11.0%
Collateralized Mortgage Obligations – 2.9%
Interest Only(f) – 0.5%
FHLMC REMIC Series 3852, Class SW(c) (-1x 1M USD LIBOR + 6.000%)
$	264,911		4.676	%	05/15/41	$            30,855
FHLMC REMIC Series 4314, Class SE(c) (-1x 1M USD LIBOR + 6.050%)
	253,099		4.726		03/15/44	30,074
FHLMC REMIC Series 4468, Class SY(c) (-1x 1M USD LIBOR + 6.100%)
	411,509		4.776		05/15/45	59,554
FHLMC REMIC Series 4583, Class ST(c) (-1x 1M USD LIBOR + 6.000%)
	281,668		4.676		05/15/46	39,769
FHLMC REMIC Series 4998, Class GI
	3,643,465		4.000		08/25/50	689,158
FHLMC REMIC Series 5012, Class DI
	727,498		4.000		09/25/50	140,493
FHLMC REMIC Series 5020, Class IH
	1,850,939		3.000		08/25/50	296,503
FNMA REMIC Series 2010-135, Class AS(c) (-1x 1M USD LIBOR + 5.950%)
	76,682		4.326		12/25/40	8,286

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(f) – (continued)
FNMA REMIC Series 2016-1, Class SJ(c) (-1x 1M USD LIBOR + 6.150%)
$	384,134		4.526	%	02/25/46	$            55,516
FNMA REMIC Series 2017-31, Class SG(c) (-1x 1M USD LIBOR + 6.100%)
	472,591		4.476		05/25/47	69,128
FNMA REMIC Series 2018-17, Class CS(c) (-1x 1M USD LIBOR + 3.450%)
	1,852,040		1.826		03/25/48	53,416
FNMA REMIC Series 2020-49, Class IO
	413,485		4.000		07/25/50	79,963
FNMA REMIC Series 2020-49, Class KS(c) (-1x 1M USD LIBOR + 6.100%)
	3,072,145		4.476		07/25/50	454,212
FNMA REMIC Series 2020-60, Class NI
	675,630		4.000		09/25/50	130,476
FNMA REMIC Series 2020-62, Class GI
	3,262,179		4.000		06/25/48	627,176
GNMA REMIC Series 2020-61, Class SW(c) (-1X 1M USD LIBOR + 6.050%)
	2,353,214		4.455		08/20/49	260,095
GNMA REMIC Series 2013-124, Class CS(c) (-1x 1M USD LIBOR + 6.050%)
	269,639		4.455		08/20/43	38,034
GNMA REMIC Series 2013-152, Class TS(c) (-1x 1M USD LIBOR + 6.100%)
	95,615		4.505		06/20/43	12,685
GNMA REMIC Series 2014-132, Class SL(c) (-1x 1M USD LIBOR + 6.100%)
	208,523		4.505		10/20/43	15,492
GNMA REMIC Series 2014-162, Class SA(c) (-1x 1M USD LIBOR + 5.600%)
	99,440		4.005		11/20/44	10,921
GNMA REMIC Series 2015-111, Class IM
	309,599		4.000		08/20/45	44,009
GNMA REMIC Series 2015-123, Class SP(c) (-1x 1M USD LIBOR + 6.250%)
	175,572		4.655		09/20/45	24,611
GNMA REMIC Series 2016-109, Class IH
	829,706		4.000		10/20/45	113,088
GNMA REMIC Series 2016-27, Class IA
	107,217		4.000		06/20/45	12,731
GNMA REMIC Series 2017-112, Class SJ(c) (-1x 1M USD LIBOR + 5.660%)
	171,505		4.065		07/20/47	16,833

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(f) – (continued)
GNMA REMIC Series 2018-122, Class HS(c) (-1x 1M USD LIBOR + 6.200%)
$	400,070		4.605	%	09/20/48	$            48,990
GNMA REMIC Series 2018-122, Class SE(c) (-1x 1M USD LIBOR + 6.200%)
	365,586		4.605		09/20/48	42,385
GNMA REMIC Series 2018-139, Class SQ(c) (-1x 1M USD LIBOR + 6.150%)
	366,442		4.555		10/20/48	39,637
GNMA REMIC Series 2019-1, Class SN(c) (-1x 1M USD LIBOR + 6.050%)
	379,097		4.455		01/20/49	40,830
GNMA REMIC Series 2019-110, Class PS(c) (-1X 1M USD LIBOR + 6.050%)
	3,781,218		4.455		09/20/49	508,527
GNMA REMIC Series 2019-110, Class SD(c) (-1x 1M USD LIBOR + 6.100%)
	399,619		4.505		09/20/49	42,719
GNMA REMIC Series 2019-110, Class SE(c) (-1x 1M USD LIBOR + 6.100%)
	398,532		4.505		09/20/49	45,542
GNMA REMIC Series 2019-151, Class NI
	1,476,293		3.500		10/20/49	203,650
GNMA REMIC Series 2019-153, Class EI
	13,037,943		4.000		12/20/49	1,998,783
GNMA REMIC Series 2019-20, Class SF(c) (-1x 1M USD LIBOR + 3.790%)
	798,874		2.195		02/20/49	29,985
GNMA REMIC Series 2019-78, Class SE(c) (-1x 1M USD LIBOR + 6.100%)
	176,406		4.505		06/20/49	18,893
GNMA REMIC Series 2020-146, Class IM
	449,801		2.500		10/20/50	58,478
GNMA REMIC Series 2020-146, Class KI
	4,295,133		2.500		10/20/50	576,640
GNMA REMIC Series 2020-151, Class MI
	7,666,811		2.500		10/20/50	981,004
GNMA REMIC Series 2020-21, Class SA(c) (-1x 1M USD LIBOR + 6.050%)
	1,484,125		4.455		02/20/50	197,806
GNMA REMIC Series 2020-55, Class AS(c) (-1x 1M USD LIBOR + 6.050%)
	9,070,255		4.455		04/20/50	1,217,621
GNMA REMIC Series 2020-61, Class GI
	2,360,637		5.000		05/20/50	379,395

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(f) – (continued)
GNMA REMIC Series 2020-78, Class DI
$	1,700,784		4.000	%	06/20/50	$          261,871
GNMA REMIC Series 2020-79, Class AI
	190,386		4.000		06/20/50	29,491
GNMA Series 2019-111, Class AS(c) (-1X 1M USD LIBOR + 6.150%)
	1,886,386		4.555		01/20/49	207,623
GNMA Series 2020-55, Class PI
	799,027		3.500		04/20/50	126,404
						10,369,352
Sequential Fixed Rate – 0.2%
FHLMC REMIC Series 4649, Class ML
	3,896,419		4.000		11/15/54	3,859,005
FNMA REMIC Series 2012-111, Class B
	11,774		7.000		10/25/42	12,980
FNMA REMIC Series 2012-153, Class B
	39,892		7.000		07/25/42	43,881
						3,915,866
Sequential Floating Rate(b) – 2.2%
Bellemeade Re Ltd. Series 2021-2A, Class M1B(c) (SOFR30A + 1.500%)
	1,400,000		2.426		06/25/31	1,307,660
Connecticut Avenue Securities Trust Series 2021-R01, Class 1B1(c) (SOFR30A + 3.100%)
	4,622,000		4.026		10/25/41	3,995,491
Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2(c) (SOFR30A + 3.000%)
	1,910,000		3.926		01/25/42	1,762,229
FHLMC STACR Debt Notes Series 2020-HQA5, Class M2(c) (SOFR30A + 2.600%)
	2,999,070		3.526		11/25/50	2,980,804
FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2(c) (1M USD LIBOR + 1.850%)
	1,016,385		3.474		02/25/50	1,001,145
FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1(c) (1M USD LIBOR + 5.100%)
	536,984		6.724		06/25/50	550,287
FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2(c) (1M USD LIBOR + 3.750%)
	123,262		5.374		08/25/50	123,448
FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1(c) (SOFR30A + 4.800%)
	4,308,000		5.726		10/25/50	4,362,376

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2(c) (SOFR30A + 2.800%)
$	936,833		3.726	%	10/25/50	$          938,904
FHLMC STACR REMIC Trust Series 2020-DNA6, Class B1(c) (SOFR30A + 3.000%)
	2,415,000		3.926		12/25/50	2,071,071
FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2(c) (1M USD LIBOR + 3.150%)
	195,583		4.774		09/25/50	195,876
FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2(c) (SOFR30A + 1.800%)
	258,041		2.726		01/25/51	245,913
FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1(c) (SOFR30A + 3.400%)
	2,046,000		4.326		10/25/41	1,769,792
FHLMC STACR REMIC Trust Series 2021-HQA1, Class B1(c) (SOFR30A + 3.000%)
	3,530,000		3.926		08/25/33	2,685,215
FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2(c) (SOFR30A + 2.050%)
	2,510,000		2.976		12/25/33	2,243,135
FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A(c) (SOFR30A + 1.000%)
	2,200,000		1.926		01/25/42	2,122,585
FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A(c) (SOFR30A + 2.000%)
	2,461,944		2.926		04/25/42	2,410,621
FNMA Connecticut Avenue Securities Series 2021-R02, Class 2B1(c) (SOFR30A + 3.300%)
	4,100,000		4.226		11/25/41	3,525,863
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1(c)
	5,035,119		2.520		05/25/52	4,273,443
New Residential Mortgage Loan Trust Series 2015-1A, Class A1(c)
	104,672		3.750		05/28/52	102,940
Verus Securitization Trust Series 2021-8, Class A1(c)
	14,492		1.824		11/25/66	13,015
Verus Securitization Trust Series 2022-1, Class A1(g)
	4,785,271		2.724		01/25/67	4,572,908
						43,254,721
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$     57,539,939

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 0.6%
Sequential Fixed Rate(b) – 0.3%
Cantor Commercial Real Estate Lending Series 2019-CF2, Class E
$	1,200,000		2.500	%	11/15/52	$          781,474
BANK Series 2017-BNK9, Class D
	700,000		2.800		11/15/54	516,004
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D
	900,000		3.250		01/15/60	702,858
BANK Series 2018-BN15, Class D
	1,170,000		3.000		11/15/61	838,199
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	1,500,000		3.000		09/15/50	1,134,663
JPMBD Commercial Mortgage Trust Series 2017-C7, Class D
	980,000		3.000		10/15/50	733,915
Morgan Stanley Capital I Trust Series 2018-L1, Class D
	1,100,000		3.000		10/15/51	821,993
						5,529,106
Sequential Floating Rate – 0.3%
Citigroup Commercial Mortgage Trust Series 2015-P1, Class C(c)
	1,949,000		4.514		09/15/48	1,851,270
Citigroup Commercial Mortgage Trust Series 2016-GC36, Class C(c)
	1,200,000		4.908		02/10/49	1,097,776
Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class D(b)(c)
	2,319,000		3.184		12/15/59	1,872,685
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class D(b)(c)
	550,000		4.281		07/15/50	492,760
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D(b)
	500,000		3.060		10/15/48	434,159
JPMDB Commercial Mortgage Securities Trust Series 2016-C4, Class D(b)(c)
	1,545,000		3.197		12/15/49	1,202,835
						6,951,485
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$     12,480,591

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – 7.5%
GNMA – 2.0%
$	1,496,498		4.500	%	08/20/47	1,576,000	$       1,542,722
	248,923		5.000		03/20/48	271,170	259,675
	158,001		5.000		08/20/48	168,530	162,680
	405,146		4.500		09/20/48	438,982	414,178
	513,439		5.000		11/20/48	546,359	528,322
	1,145,192		4.500		12/20/48	1,242,399	1,170,722
	2,373,159		5.000		12/20/48	2,527,021	2,441,206
	2,017,967		4.500		01/20/49	2,134,846	2,062,325
	3,060,145		5.000		01/20/49	3,336,753	3,146,934
	1,179,378		4.500		03/20/49	1,239,406	1,205,026
	326,042		5.000		03/20/49	346,874	335,162
	28,532		5.000		04/20/49	30,952	29,327
	1,425,163		3.000		08/20/49	1,478,496	1,358,781
	46,581		5.000		08/20/49	50,533	47,855
	611,000		4.500		10/20/49	652,952	623,285
	1,195,954		5.000		12/20/49	1,297,424	1,238,676
	74,440		5.000		02/20/50	80,756	77,656
	415,249		3.000		06/20/51	430,788	392,841
	1,903,544		3.000		11/20/51	1,976,265	1,801,607
	4,810,111		3.000		12/20/51	4,995,376	4,554,840
	16,000,000				4.500	TBA-30yr	16,197,407
							39,591,227
UMBS – 4.6%
	2,022		5.000		12/01/22	2,235	2,023
	4,377		5.000		05/01/23	4,837	4,382
	7,437		5.000		03/01/25	8,218	7,606
	6,745		5.000		11/01/26	7,454	6,920
	6,637		5.000		07/01/27	7,334	6,810
	13,456,710		4.000		12/01/44	13,668,548	13,596,226
	37,899,292				4.000	08/01/45	38,177,173
	101,441		4.500		07/01/47	109,271	103,472
	557,843		4.500		02/01/48	600,902	561,274
	3,842,603		4.500		05/01/48	4,169,824	3,911,141

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	1,396,563		4.500	%	06/01/48	1,504,687	$       1,421,473
	871,041		4.500		07/01/48		886,809
	210,180		4.500		08/01/48	226,403	213,929
	6,340,920		4.500		09/01/48		6,429,471
	79,380		4.500		12/01/48	85,507	80,598
	5,839,184		4.000		01/01/49	5,873,854	5,846,805
	429,310		4.500		01/01/49	465,869	436,297
	257,139		4.500		01/01/49	276,987	261,082
	281,971		4.500		02/01/49	303,736	286,295
	7,576,574		4.500		03/01/49		7,692,770
	2,195,311		4.500		04/01/49	2,365,276	2,227,841
	244,731		4.500		04/01/49	263,622	248,350
	46,365		4.500		09/01/49	49,944	46,844
	97,471		4.500		09/01/49	104,994	98,912
	381,228		4.500		02/01/50	410,654	388,504
	57,375		4.500		03/01/50	61,804	58,224
	905,198		4.500		12/01/50	955,832	918,581
	3,104,527		4.500		03/01/52		3,122,792
	1,882,150		4.500		04/01/52		1,896,357
	2,957,197		4.500		05/01/52		2,975,903
							91,914,864
UMBS, 30 Year, Single Family(h) – 0.9%
	10,000,000		4.500		TBA-30yr	10,101,328	10,036,720
	7,000,000		5.000		TBA-30yr	7,158,047	7,141,092
							17,177,812
TOTAL FEDERAL AGENCIES							$   148,683,903
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $226,871,817)							$   218,704,433

Asset-Backed Securities – 7.6%
Automotive – 2.2%
Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A
$	3,750,000	2.440	%	09/15/26	$       3,647,066
GMF Floorplan Owner Revolving Trust Series 2019-2, Class A(b)
	2,785,000	2.900		04/15/26	2,748,551
Tesla Auto Lease Trust Series 2021-A, Class A3(b)
	2,200,000	0.560		03/20/25	2,122,055

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Automotive – (continued)
Tesla Auto Lease Trust Series 2021-A, Class A4(b)
$	5,400,000		0.660	%	03/20/25	$       5,164,655
Tesla Auto Lease Trust Series 2021-B, Class A3(b)
	10,200,000		0.600		09/22/25	9,628,539
Toyota Auto Receivables Owner Trust Series 2021-D, Class A3
	9,600,000		0.710		04/15/26	9,188,949
Toyota Lease Owner Trust Series 2021-A, Class A3(b)
	7,175,000		0.390		04/22/24	7,020,269
Toyota Lease Owner Trust Series 2021-A, Class A4(b)
	1,400,000		0.500		08/20/25	1,351,331
Toyota Lease Owner Trust Series 2021-B, Class A3(b)
	2,250,000		0.420		10/21/24	2,172,136
						43,043,551
Collateralized Loan Obligations(b)(c) – 5.3%
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%)
	7,600,000		2.263		07/20/34	7,356,443
Atlas Senior Loan Fund XVII Ltd. Series 2021-17A, Class A (3M USD LIBOR + 1.200%)
	8,200,000		2.263		10/20/34	7,830,672
Cathedral Lake VII Ltd. Series 2021-7RA, Class C (3M USD LIBOR + 2.570%)
	950,000		3.614		01/15/32	883,061
Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
	3,500,000		5.324		01/15/32	3,107,744
Crown City CLO I Series 2020-1A, Class A1AR (3M USD LIBOR + 1.190%)
	2,500,000		2.253		07/20/34	2,403,373
Gulf Stream Meridian 3, Ltd. Series 2021-IIIA, Class A2 (3M USD LIBOR + 1.750%)
	3,000,000		2.794		04/15/34	2,845,578
HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%)
	5,775,000		2.736		11/30/32	5,679,620
HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%)
	3,500,000		2.413		01/20/33	3,403,879
ICG US CLO 2016-1 Ltd. Series 2016-1A, Class CRR (3M USD LIBOR + 3.650%)
	2,000,000		4.889		04/29/34	1,747,168
Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%)
	3,000,000		2.384		07/25/34	2,903,349

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(c) – (continued)
LCM 26, Ltd. Series 2026-A, Class A1 (3M USD LIBOR + 1.070%)
$	8,400,000		2.133	%	01/20/31	$       8,242,466
LCM XX LP Series 2020-A, Class AR (3M USD LIBOR + 1.040%)
	2,376,584		2.103		10/20/27	2,357,659
Marble Point CLO XIX Ltd. Series 2020-3A, Class D (3M USD LIBOR + 3.900%)
	2,200,000		4.944		01/19/34	2,035,717
Marble Point CLO XVII Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.300%)
	6,000,000		2.363		04/20/33	5,833,374
MJX Venture Management II LLC Series 2017-28RR, Class A1 (3M USD LIBOR + 1.280%)
	4,171,053		1.535		07/22/30	4,063,644
Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R (3M USD LIBOR + 1.100%)
	2,967,483		2.325		12/21/29	2,927,502
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%)
	10,600,000		2.578		05/20/32	10,249,511
Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (3M USD LIBOR + 3.900%)
	3,700,000		4.944		07/15/29	3,268,558
Park Avenue Institutional Advisers CLO Ltd. 2021-1 Series 2021-1A, Class C (3M USD LIBOR + 3.800%)
	3,000,000		4.863		01/20/34	2,854,872
PPM CLO 4 Ltd. Series 2020-4A, Class AR (3M USD LIBOR + 1.190%)
	7,000,000		2.234		10/18/34	6,687,933
Steele Creek CLO Ltd. Series 2019-1A, Class D (3M USD LIBOR + 4.100%)
	5,150,000		5.144		04/15/32	4,494,364
THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%)
	3,950,000		4.764		04/18/36	3,572,684
Tralee CLO VII Ltd. Series 2021-7A, Class D (3M USD LIBOR + 3.180%)
	4,950,000		4.364		04/25/34	4,457,158
Venture 36 CLO Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%)
	2,500,000		5.213		04/20/32	2,228,205
Zais CLO 13 Ltd. Series 2019-13A, Class A1A (3M USD LIBOR + 1.490%)
	3,000,000		2.534		07/15/32	2,930,967
						104,365,501

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loan(c) – 0.1%
Educational Services of America, Inc. Series 2014-1, Class A(b) (1M USD LIBOR + 0.700%)
$	306,099		2.324	%	02/25/39	$          303,109
Educational Services of America, Inc. Series 2015-2, Class A(b) (1M USD LIBOR + 1.000%)
	184,548		2.624		12/25/56	185,152
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,011,343		2.084		07/25/45	1,009,475
Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1(b) (1M USD LIBOR + 0.550%)
	23,879		2.174		05/25/57	23,551
PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	854,351		2.774		09/25/65	854,350
						2,375,637
TOTAL ASSET-BACKED SECURITIES (Cost $157,064,463)						$   149,784,689
Foreign Debt Obligations – 1.5%
Sovereign – 1.5%
Abu Dhabi Government International Bond
$	870,000		2.500	%	10/11/22	$          869,619
Perusahaan Penerbit SBSN Indonesia III
	3,530,000		2.300	(b)	06/23/25	3,353,888
	4,310,000		2.300		06/23/25	4,094,974
	7,550,000		1.500	(b)	06/09/26	6,795,830
Republic of Colombia(a)
	5,690,000		4.000		02/26/24	5,529,258
Republic of Indonesia(b)
EUR	250,000		2.150		07/18/24	EUR    259,335
Republic of Qatar(b)
$	1,840,000		3.375		03/14/24	$       1,830,800
	690,000		3.400		04/16/25	684,825
Republic of Romania(b)
	5,820,000		3.000		02/27/27	5,131,785
Republic of Turkey
	200,000		4.250		03/13/25	171,413
	880,000		6.000		03/25/27	722,040

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
Saudi Government International Bond(b)
$	800,000		2.900	%	10/22/25	$          777,000
Ukraine Government Bond
	2,310,000		8.994		02/01/24	577,500
TOTAL FOREIGN DEBT OBLIGATIONS (Cost $35,157,306)						$     30,798,267
Municipal Debt Obligations – 0.2%
Illinois – 0.1%
Illinois State GO Bonds Taxable-Pension Series 2003
$	2,082,273		4.950	%	06/01/23	$       2,097,635
Ohio(a)(c) – 0.1%
Access to Loans for Learning Student Loan Corp. Series 2019 A-3 (3M USD LIBOR + 0.800%)
	1,491,961		1.984		04/25/37	1,488,023
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $3,598,538)						$       3,585,658
U.S. Treasury Obligations(i) – 11.2%
United States Treasury Notes
$	241,330,000		0.750	%	04/30/26	$   221,212,884
	850,000		2.875		08/15/28	839,574
TOTAL U.S. TREASURY OBLIGATIONS (Cost $233,383,847)						$   222,052,458

Shares	Description	Value
Exchange Traded Funds(j) – 2.3%
754,343	Goldman Sachs Access High Yield Corporate Bond ETF	$     31,554,168
292,391	Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF	13,609,865
TOTAL EXCHANGE TRADED FUNDS (Cost $51,302,194)		$     45,164,033
Shares	Dividend Rate	Value
Investment Company(j) – 1.4%
Goldman Sachs Financial Square Government Fund - Institutional Shares
27,337,413	1.367%	$     27,337,413
(Cost $27,337,413)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $2,083,972,238)		$1,965,192,665

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investment(c) – 0.2%
Banks – 0.2%
Lloyds Bank Corporate Markets PLC(C) (SOFR + 0.540%)
$	4,285,000		2.050	%		01/31/24	$	4,267,921
(Cost $4,285,000)
TOTAL INVESTMENTS — 99.4% (Cost $2,088,257,238)							$	1,969,460,586
OTHER ASSETS IN EXCESS OF     LIABILITIES — 0.6%								11,024,376
NET ASSETS — 100.0%							$	1,980,484,962

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 June 30, 2022.
(d)	Pay-in-kind securities.
(e)	Security is currently in default and/or non-income producing.
(f)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(g)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2022.
(h)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $33,375,219 which represents approximately 1.7% of the Fund’s net assets as of June 30, 2022.
(i)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(j)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
CNH	— Chinese Yuan Renminbi Offshore
COP	— Colombian Peso
CZK	— Czech Koruna
EUR	— Euro
GBP	— British Pound
HUF	— Hungarian Forint
IDR	— Indonesian Rupiah
ILS	— Israeli Shekel
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PLN	— Polish Zloty
SEK	— Swedish Krona
SGD	— Singapore Dollar
TRY	— Turkish Lira
TWD	— Taiwan Dollar
USD	— U.S. Dollar
ZAR	— South African Rand
Investment Abbreviations:
AUDOR	— Australian Dollar Offered Rate
CDOR	— Canadian Dollar Offered Rate
CHFOR	— Swiss Franc Offered Rate
CLO	— Collateralized Loan Obligation
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
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)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2022, 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	BRL	1,269,190	USD	241,213		07/05/22		$              934
	CAD	798,721	EUR	581,083		09/21/22		8,022
	CAD	1,334,655	USD	1,026,005		09/21/22		11,008
	CHF	3,767,705	EUR	3,615,257		09/21/22		159,203
	CHF	624,798	GBP	513,160		09/21/22		32,738
	CHF	1,849,330	USD	1,906,198		09/21/22		42,625
	CNH	11,398,662	USD	1,701,051		09/21/22		1,059
	CZK	5,907,951	EUR	234,269		09/21/22		511
	EUR	1,193,508	CAD	1,613,182		09/21/22		4,770
	EUR	478,765	NOK	4,888,473		09/21/22		7,487
	EUR	1,683,058	NZD	2,821,905		09/21/22		13,545
	EUR	1,612,854	SEK	17,256,928		09/21/22		7,383
	HUF	186,696,586	EUR	457,570		09/21/22		4,421
	JPY	82,050,201	CAD	777,064		09/21/22		4,541
	NOK	4,818,320	USD	484,448		09/21/22		5,643
	SGD	895,408	EUR	609,285		09/21/22		2,549
	TRY	8,217,856	USD	482,198		07/28/22		1,850
	TWD	20,748,828	USD	697,112		07/08/22		865
	USD	552,713	BRL	2,621,864		07/05/22		52,492
	USD	599,815	BRL	3,161,328		08/02/22		1,828
	USD	145,967	CLP	120,562,311		08/05/22		15,635
	USD	973,322	CNH	6,507,073		09/21/22		1,651
	USD	1,536,913	COP	6,299,688,627		08/08/22		30,071
	USD	828,338	CZK	19,457,232		09/21/22		13,293
	USD	2,923,018	EUR	2,760,025		07/28/22		25,158
	USD	11,394,637	EUR	10,636,028		09/21/22		182,138
	USD	6,945,117	GBP	5,542,235		09/21/22		187,711
	USD	1,646,762	HUF	609,942,863		09/21/22		56,402
	USD	1,525,348	IDR	22,387,527,147		08/22/22		30,508
	USD	928,788	ILS	3,088,707		09/21/22		39,191
	USD	3,567,810	INR	278,323,140		07/29/22		53,832
	USD	241,096	MXN	4,916,668		09/21/22		339
	USD	11,368,960	NZD	17,550,760		09/21/22		418,119
	USD	739,700	PLN	3,196,578		09/21/22		34,593
	USD	2,239,747	SEK	22,704,903		09/21/22		12,420
	USD	1,125,030	SGD	1,553,443		09/21/22		6,266
	USD	5,314,558	TWD	154,894,443		07/08/22		104,013
	USD	2,816,691	ZAR	44,445,137		07/21/22		90,812
	USD	245,980	ZAR	3,833,647		09/21/22		12,329
TOTAL								$    1,677,955

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (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	7,682,165	USD	5,526,689		09/21/22	$	(220,399	)
	BRL	1,352,674	USD	259,045		07/05/22		(971	)
	BRL	1,267,704	USD	240,395		08/02/22		(600	)
	CAD	3,484,437	USD	2,773,029		09/21/22		(65,657	)
	CHF	569,759	USD	600,551		09/21/22		(139	)
	CLP	204,731,137	USD	230,972		08/05/22		(9,650	)
	CNH	4,036,981	USD	603,000		09/21/22		(176	)
	COP	5,912,344,024	USD	1,431,999		08/08/22		(17,808	)
	EUR	2,745,416	CHF	2,823,860		09/21/22		(81,565	)
	EUR	245,155	CZK	6,183,671		09/21/22		(585	)
	EUR	602,899	GBP	521,821		09/21/22		(658	)
	EUR	606,525	HUF	246,530,257		09/21/22		(3,402	)
	EUR	598,407	JPY	85,538,666		09/21/22		(3,335	)
	EUR	2,814,684	USD	3,007,713		09/21/22		(40,474	)
	GBP	1,001,000	USD	1,230,898		09/21/22		(10,422	)
	GBP	2,714,984	USD	3,334,364		09/22/22		(24,035	)
	HUF	423,482,655	EUR	1,057,813		09/21/22		(10,960	)
	IDR	21,486,580,017	USD	1,461,671		08/22/22		(26,989	)
	INR	196,109,563	USD	2,513,521		07/29/22		(37,534	)
	JPY	85,303,609	EUR	606,358		09/21/22		(6,790	)
	JPY	81,173,046	USD	604,983		09/21/22		(3,175	)
	MXN	30,791,910	USD	1,538,558		09/21/22		(30,753	)
	NOK	50,405,411	USD	5,307,322		09/21/22		(180,377	)
	NZD	1,946,000	USD	1,228,755		09/21/22		(14,543	)
	PLN	2,789,196	USD	642,924		09/21/22		(27,677	)
	SEK	2,605,231	EUR	242,613		09/21/22		(193	)
	SEK	56,531,000	USD	5,811,723		09/21/22		(266,091	)
	SGD	4,706,300	USD	3,417,719		09/21/22		(28,320	)
	TWD	97,605,680	USD	3,342,138		07/08/22		(58,749	)
	USD	2,429,927	AUD	3,535,000		09/21/22		(11,798	)
	USD	1,308,986	CNH	8,788,138		09/21/22		(3,306	)
	USD	625,233	EUR	597,528		09/21/22		(4,681	)
	USD	1,159,392	KRW	1,501,204,447		09/23/22		(7,731	)
	USD	1,764,548	TRY	35,322,937		09/21/22		(206,530	)
	ZAR	9,973,715	USD	643,587		09/21/22		(35,716	)
TOTAL							$	(1,441,789	)

FORWARD SALES CONTRACTS — At June 30, 2022, the Fund had the following forward sales contracts:

Description	Interest Rate	Maturity Date(a)	Settlement Date	Principal Amount		Value
UMBS, 30 Year, Single Family(Proceeds Receivable: $(16,849,785))	4.000%	TBA-30yr		$	(17,000,000)	$	(16,758,274	)

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

FUTURES CONTRACTS — At June 30, 2022, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
French 10 Year Government Bonds	1	09/08/22	$	145,173		$	4,851
2 Year U.S. Treasury Notes	2,379	09/30/22		499,627,174			(2,287,314	)
10 Year U.S. Treasury Notes	1,280	09/21/22		151,720,000			(2,007,026	)
Total						$	(4,289,489	)
Short position contracts:
Ultra Long U.S. Treasury Bonds	(48)	09/21/22		(7,408,500	)		(24,184	)
Ultra 10 Year U.S. Treasury Notes	(687)	09/21/22		(87,506,625	)		1,262,826
5 Year German Euro-Bobl	(21)	09/08/22		(2,733,043	)		(5,490	)
5 Year U.S. Treasury Notes	(2,499)	09/30/22		(280,512,750	)		2,096,914
10 Year German Euro-Bund	(1)	09/08/22		(155,914	)		(1,815	)
10 Year U.K. Long Gilt	(140)	09/28/22		(19,424,704	)		786,551
20 Year U.S. Treasury Bonds	(6)	09/21/22		(831,750	)		(2,034	)
Total						$	4,112,768
TOTAL FUTURES CONTRACTS						$	(176,721	)

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2022, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date		Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M NZDOR(a)	1.250%(b)		12/15/22	$	15,940		$	(98,780	)	$	(8,583	)	$	(90,196	)
3M NZDOR(a)	2.750(b)		03/16/24	NZD	81,090			(713,537	)		150,851			(864,388	)
1.000%(b)	3M CDOR(b)		03/16/24	CAD	11,560			379,456			161,595			217,861
3.50(c)	3M LIBOR(c)		03/16/24	$	42,500			(203,091	)		19,342			(222,433	)
1M LIBOR(a)	3M LIBOR(a)		07/25/24		28,720			17,086			9,643			7,443
12M EURO(b)	1.000(c)		09/21/24	EUR	10,940			(82,290	)		(144,221	)		61,931
3M STIBOR(a)	2.250(c)		09/21/24	SEK	669,050			(661,408	)		(506,046	)		(155,362	)
1.750(c)	3M EURO(a)		09/21/24	EUR	30,410			(117,963	)		94,915			(212,878	)
2.000(c)	6M GBP(c)		09/21/24	GBP	8,160			151,652			196,819			(45,167	)
2.750(c)	6M NIBOR(b)		09/21/24	NOK	264,010			336,262			238,028			98,234
1.730(c)	3M SOFR(c)		02/08/26	$	300,120	(d)		5,018,937			588,501			4,430,436
2.587(c)	3M LIBOR(c)		11/30/26		49,850			486,601			(2,063	)		488,664
6M EURO(b)	0.750(c)		09/21/27	EUR	1,280			(74,384	)		(70,814	)		(3,569	)
0.000(c)	12M EURO(c)		09/21/27		770			74,066			66,190			7,875
3M STIBOR(a)	2.500(c)		09/21/27	SEK	250,690			(334,970	)		(202,432	)		(132,538	)
3M SOFR(c)	2.750(c)		09/21/27	$	610			(2,042	)		(17,661	)		15,619
6M AUDOR(b)	3.500(b)		09/21/27	AUD	37,660			(523,965	)		(538,633	)		14,669
3M NZDOR(a)	3.750(b)		09/21/27	NZD	19,910			(192,079	)		(206,036	)		13,957
2.750(c)	3M LIBOR(c)		09/21/27	$	45,180			151,267			341,137			(189,870	)
1.750(c)	6M GBP(c)		09/21/27	GBP	12,620			553,916			513,057			40,859
3M SOFR(b)	2.500(c)		06/04/29	$	29,570			(114,412	)		(20,116	)		(94,296	)
2.420(c)	6M EURO(b)		07/04/29	EUR	6,860			(4,982	)		(4,976	)		(6	)
2.570(c)	3M SOFR(c)		06/04/31	$	77,970			292,036			75,646			216,390
0.000(c)	6M EURO(b)		03/16/32	EUR	13,160			13,405			—			13,405
1.897(c)	6M EURO(b)		04/27/32		3,710			112,960			48			112,912
3M SOFR(c)	2.734(c)		05/15/32	$	22,640			(109,075	)		130,709			(239,784	)
1.754(c)	12M EURO(c)		05/17/32	EUR	15,010			368,764			(121,928	)		490,692
6M EURO(b)	2.128(c)		05/17/32		15,010			(301,937	)		(94,507	)		(207,430	)
0.500(c)	12M JYOR(c)		05/26/32	JPY	2,373,000			218,049			12,779			205,270
6M EURO(b)	2.000(c)		05/26/32	EUR	9,270			(241,780	)		(47,103	)		(194,677	)
6M GBP(c)	2.000(c)		06/07/32	GBP	15,820			(569,457	)		145,934			(715,391	)
6M EURO(b)	1.000(c)		09/21/32	EUR	10,890			(1,287,075	)		(1,259,583	)		(27,492	)
12M CHFOR(c)	1.250(c)		09/21/32	CHF	10,400			(470,137	)		(460,909	)		(9,228	)
0.000(c)	12M JYOR(c)		09/21/32	JPY	782,050			289,613			246,124			43,489
6M NIBOR(b)	3.000(c)		09/21/32	NOK	47,680			(127,009	)		39,377			(166,386	)
3M CDOR(b)	3.250(b)		09/21/32	CAD	13,210			(390,473	)		(407,385	)		16,912
6M AUDOR(b)	3.750(b)		09/21/32	AUD	1,870			(42,546	)		(118,215	)		75,669
3.750(b)	3M NZDOR(a)		09/21/32	NZD	2,800			56,386			56,093			293
2.750(c)	3M SOFR(c)		09/21/32	$	10,210			60,424			113,998			(53,574	)
2.500(c)	3M STIBOR(a)		09/21/32	SEK	162,390			448,758			398,280			50,478
1.500(b)	6M GBP(c)		09/21/32	GBP	5,370			484,573			525,999			(41,426	)
3M SOFR(c)	2.730(c)		06/04/33	$	49,500			(198,941	)		(42,249	)		(156,692	)
6M EURO(b)	2.005(c)		04/27/37	EUR	8,090			(262,862	)		121			(262,982	)
6M EURO(b)	2.530(c)		06/15/37		7,990			(87,997	)		(15,501	)		(72,496	)
6M EURO(b)	2.855(c)		07/04/37		8,250			3,925			3,925			—
1.363(c)	6M EURO(b)		04/27/42		4,620			101,829			92			101,737
1.867(c)	6M EURO(b)		06/15/42		18,710			58,747			2,411			56,336
6M EURO(b)	1.490(c)		06/16/47		10,700			46,215			(10,826	)		57,041
12M EURO(c)	1.355(c)		05/17/52		4,810			(377,030	)		(101,702	)		(275,328	)
1.328(c)	6M EURO(b)		05/17/52		4,810			367,337			(26,843	)		394,180
1.560(c)	6M EURO(b)		07/06/52		4,050			(242	)		(241	)		(1	)
TOTAL							$	2,501,800		$	(296,959	)	$	2,798,762

(a) Payments made quarterly.

(b) Payments made semi-annually.

(c) Payments made annually.

(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2022.

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)	Credit Spread at June 30, 2022(b)	Counterparty	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 10	3.000%	5.888%	MS & Co. Int. PLC	11/17/59	$	5,700	$	(998,214	)	$	(922,231	)	$	(75,982	)
Markit CMBX Series 11	3.000	4.763	MS & Co. Int. PLC	11/18/54		5,750		(926,110	)		(926,504	)		395
TOTAL							$	(1,924,324	)	$	(1,848,735	)	$	(75,587	)

(a) Payments made monthly.

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund (%)(a)	Credit Spread at June 30, 2022(b)	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 38	1.000%	0.554%	06/20/25	$	105,600	$	145,736		$	996,120		$	(850,384	)
CDX.NA.IG Index 33	1.000	0.495	12/20/24		1,650		4,807			(3,990	)		8,797
AT&T, Inc., 3.800%, 02/15/27	1.000	0.710	12/20/25		10,000		(29,659	)		74,566			(104,225	)
General Electric Co. 2.700%, 10/09/22	1.000	0.737	06/20/26		5,225		(101,198	)		56,552			(157,750	)
AT&T, Inc., 3.800%, 02/15/27	1.000	0.741	06/20/26		3,475		(16,789	)		51,217			(68,006	)
CDX.NA.IG Index 38	1.000		06/20/27		62,300		1,319			466,886			(465,567	)
CDX.NA.IG Index 32	1.000	0.418	06/20/24		225		907			1,668			(761	)
TOTAL						$	5,122		$	1,643,019		$	(1,637,896	)

(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)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2022, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate		Expiration Date	Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
1Y IRS	Citibank NA	$	0.420	10/10/2022		35,720,000	$	35,720,000		$	952		$	77,326		$	(76,374	)
1Y IRS	Citibank NA		0.459	10/10/2022		32,630,000		32,630,000			933			71,329			(70,396	)
1Y IRS	Citibank NA		0.516	11/15/2022		36,190,000		36,190,000			2,084			84,983			(82,899	)
9M IRS	Deutsche Bank AG (London)		1.850	11/22/2022		99,100,000		99,100,000			26,866			336,205			(309,339	)
9M IRS	Deutsche Bank AG (London)		2.700	04/28/2023		8,790,000		8,790,000			255,123			326,407			(71,284	)
1Y IRS	JPMorgan Securities, Inc.		0.281	09/08/2022		30,480,000		30,480,000			297			58,231			(57,934	)
1Y IRS	JPMorgan Securities, Inc.		0.300	09/08/2022		28,760,000		28,760,000			291			55,976			(55,685	)
9M IRS	JPMorgan Securities, Inc.		1.800	11/16/2022		99,200,000		99,200,000			22,449			322,400			(299,951	)
1Y IRS	MS & Co. Int. PLC		0.544	11/16/2022		32,940,000		32,940,000			2,029			77,573			(75,544	)
						403,810,000	$	403,810,000		$	311,024		$	1,410,430		$	(1,099,406	)
Puts
9M IRS	Deutsche Bank AG (London)		3.000	05/05/2023		8,750,000		8,750,000			233,205			306,108			(72,903	)
Total purchased option contracts						412,560,000	$	412,560,000		$	544,229		$	1,716,538		$	(1,172,309	)
Written option contracts
Calls
1Y IRS	Citibank NA		0.379	10/10/2022		(3,680,000)		(3,680,000	)		(432	)		(77,285	)		76,853
1Y IRS	Citibank NA		0.425	10/10/2022		(3,340,000)		(3,340,000	)		(462	)		(71,371	)		70,909
1Y IRS	Citibank NA		0.553	11/15/2022		(3,730,000)		(3,730,000	)		(1,935	)		(84,782	)		82,847
1Y IRS	Deutsche Bank AG (London)		2.013	04/28/2023		(8,790,000)		(8,790,000	)		(86,072	)		(124,346	)		38,274
1Y IRS	Deutsche Bank AG (London)		2.356	04/28/2023		(8,790,000)		(8,790,000	)		(151,878	)		(202,062	)		50,184
1Y IRS	Deutsche Bank AG (London)		1.348	11/22/2022		(99,100,000)		(99,100,000	)		(8,989	)		(119,073	)		110,084
1Y IRS	Deutsche Bank AG (London)		1.599	11/22/2022		(99,100,000)		(99,100,000	)		(15,688	)		(217,133	)		201,445
1Y IRS	JPMorgan Securities, Inc.		0.363	09/08/2022		(3,140,000)		(3,140,000	)		(87	)		(58,128	)		58,041
1Y IRS	JPMorgan Securities, Inc.		0.401	09/08/2022		(2,970,000)		(2,970,000	)		(98	)		(56,016	)		55,918
9M IRS	JPMorgan Securities, Inc.		1.290	11/16/2022		(99,200,000)		(99,200,000	)		(7,212	)		(119,040	)		111,828
9M IRS	JPMorgan Securities, Inc.		1.545	11/16/2022		(99,200,000)		(99,200,000	)		(12,847	)		(203,360	)		190,513
1Y IRS	MS & Co. Int. PLC		0.599	11/16/2022		(3,410,000)		(3,410,000	)		(2,080	)		(77,728	)		75,648
						(434,450,000)	$	(434,450,000	)	$	(287,780	)	$	(1,410,324	)	$	1,122,544
Puts
9M IRS	Deutsche Bank AG (London)		3.446	05/05/2023		(8,750,000)		(8,750,000	)		(134,600	)		(193,660	)		59,060
9M IRS	Deutsche Bank AG (London)		3.891	05/05/2023		(8,750,000)		(8,750,000	)		(77,592	)		(112,448	)		34,856
						(17,500,000)	$	(17,500,000	)	$	(212,192	)	$	(306,108	)	$	93,916
Total written option contracts						(451,950,000)	$	(451,950,000	)	$	(499,972	)	$	(1,716,432	)	$	1,216,460
TOTAL						(39,390,000)	$	(39,390,000	)	$	44,257		$	106		$	44,151

Abbreviations:
9M IRS	— 9 Months Interest Rate Swaptions
1Y IRS	— 1 Year Interest Rate Swaptions
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 34.6%
Collateralized Mortgage Obligations – 0.3%
Sequential Fixed Rate – 0.3%
FHLMC REMIC Series 1980, Class Z
$	112,811		7.000	%	07/15/27	$       118,289
FHLMC REMIC Series 2019, Class Z
	102,473		6.500		12/15/27	107,035
FHLMC REMIC Series 2755, Class ZA
	305,861		5.000		02/15/34	320,223
FHLMC REMIC Series 3530, Class DB
	359,457		4.000		05/15/24	361,728
FHLMC REMIC Series 4246, Class PT
	52,974		6.500		02/15/36	57,665
FNMA REMIC Series 2012-111, Class B
	179,546		7.000		10/25/42	197,949
FNMA REMIC Series 2012-153, Class B
	642,266		7.000		07/25/42	706,480
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$    1,869,369
Federal Agencies – 34.3%
Adjustable Rate FHLMC(a) – 0.2%
(1 Year CMT + 2.250%)
$	345,796		2.613	%	06/01/35	$       356,976
(12M USD LIBOR + 1.618%)
	790,967		1.940		11/01/44	806,105
(12M USD LIBOR + 1.775%)
	97,554		2.530		06/01/42	100,179
(12M USD LIBOR + 1.840%)
	186,713		2.690		11/01/34	191,116
(12M USD LIBOR + 2.330%)
	27,793		3.516		05/01/36	28,513
(6M USD LIBOR + 2.056%)
	12,612		2.430		10/01/36	13,081
						1,495,970
Adjustable Rate FNMA(a) – 0.6%
(1 Year CMT + 2.095%)
	52,304		2.143		10/01/35	54,438
(1 Year CMT + 2.220%)
	237,335		2.220		06/01/34	246,520
(1 Year CMT + 2.288%)
	153,797		2.431		02/01/34	158,394
(12M MTA + 2.186%)
	295,938		2.516		07/01/36	308,404
(12M USD LIBOR + 1.225%)
	3,948		1.475		01/01/33	3,982
(12M USD LIBOR + 1.325%)
	88,518		2.075		04/01/35	89,121
(12M USD LIBOR + 1.413%)
	70,206		2.225		05/01/35	70,979
(12M USD LIBOR + 1.598%)
	76,633		2.318		03/01/35	77,873

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(a) – (continued)
(12M USD LIBOR + 1.640%)
$	71,842		1.890	%	10/01/34	$         73,477
(12M USD LIBOR + 1.679%)
	98,764		1.929		10/01/34	100,950
(12M USD LIBOR + 1.695%)
	78,060		3.445		05/01/34	80,175
(12M USD LIBOR + 1.702%)
	210,157		2.235		03/01/36	213,587
(12M USD LIBOR + 1.713%)
	299,913		2.661		07/01/37	308,527
(12M USD LIBOR + 1.720%)
	290,396		2.793		05/01/34	296,314
	33,133		2.220		03/01/35	33,733
	42,886		3.095		04/01/35	44,041
(12M USD LIBOR + 1.755%)
	24,595		2.005		07/01/32	25,227
(12M USD LIBOR + 1.800%)
	270,659		3.409		05/01/33	277,604
(12M USD LIBOR + 1.820%)
	3,658		2.070		12/01/46	3,773
(12M USD LIBOR + 1.909%)
	178,118		2.159		06/01/36	184,076
(12M USD LIBOR + 1.935%)
	76,233		2.185		11/01/36	78,494
(12M USD LIBOR + 1.958%)
	454,625		2.958		04/01/36	468,589
(6M USD LIBOR + 2.250%)
	38,481		2.625		08/01/33	39,532
(COF + 1.254%)
	270,317		4.592		08/01/33	292,181
(COF + 1.695%)
	5,642		1.998		08/01/29	5,690
						3,535,681
Adjustable Rate GNMA(a) – 0.3%
(1 Year CMT + 1.500%)
	70,974		1.875		05/20/34	71,639
	155,347		1.625		07/20/34	155,423
	157,139		1.625		08/20/34	157,238
	972,629		1.625		09/20/34	973,258
	135,814		1.750		10/20/34	135,568
	137,085		1.750		12/20/34	136,858
						1,629,984
FHLMC – 1.2%
	74		4.500		05/01/23	74
	4,167		7.500		01/01/31	4,613
	17,928		4.500		07/01/33	18,520
	445,403		4.500		08/01/33	460,111
	920,916		4.500		09/01/33	951,316
	81,155		4.500		10/01/33	83,835
	2,005		4.500		04/01/34	2,071
	1,725		4.500		04/01/35	1,791
	1,213		4.500		07/01/35	1,260

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	3,200		4.500	%	08/01/35	$           3,324
	17,452		4.500		09/01/35	18,089
	4,298		4.500		10/01/35	4,463
	765		4.500		12/01/35	790
	604		4.500		05/01/36	627
	55,060		4.500		01/01/38	57,171
	644		4.500		04/01/38	664
	341		4.500		05/01/38	352
	3,376		4.500		06/01/38	3,506
	86,170		4.500		09/01/38	88,860
	1,842		4.500		01/01/39	1,899
	46,482		4.500		02/01/39	47,946
	23,087		4.500		03/01/39	23,813
	4,019		4.500		04/01/39	4,146
	118,682		4.500		05/01/39	122,411
	379,116		4.500		06/01/39	391,031
	12,675		4.500		07/01/39	13,074
	16,482		4.500		08/01/39	16,999
	22,331		4.500		09/01/39	23,034
	4,347		4.500		10/01/39	4,484
	8,030		4.500		11/01/39	8,282
	8,468		4.500		12/01/39	8,735
	14,812		4.500		01/01/40	15,276
	3,888		4.500		02/01/40	4,010
	11,008		4.500		04/01/40	11,354
	16,106		4.500		05/01/40	16,613
	20,834		4.500		06/01/40	21,489
	15,612		4.500		07/01/40	16,103
	14,730		4.500		08/01/40	15,193
	9,652		4.500		09/01/40	9,955
	4,118		4.500		10/01/40	4,248
	4,469		4.500		02/01/41	4,608
	14,252		4.500		03/01/41	14,697
	27,575		4.500		04/01/41	28,437
	29,531		4.500		05/01/41	30,453
	56,708		4.500		06/01/41	58,479
	4,653		4.500		07/01/41	4,797
	159,183		4.500		08/01/41	164,159
	166,111		4.500		09/01/41	171,335
	9,359		4.500		12/01/41	9,652
	120,081		4.500		03/01/42	123,832
	491,506		4.000		03/01/50	490,304
	4,000,000		4.500		06/01/52	4,058,206
						7,640,491
FNMA – 7.4%
	88,162		7.500		10/01/37	97,435
	3,524,377		4.000		12/01/44	3,560,917
	14,721,383		3.500		07/01/45	14,409,011
	11,027,708		4.000		08/01/45	11,108,810
	487,301		4.000		01/01/46	489,195
	1,946,395		4.000		01/01/49	1,948,935
	13,000,000		4.500		06/01/52	13,227,811
						44,842,114
GNMA – 18.1%
	1,076		6.500		01/15/32	1,125
	4,253		6.500		02/15/32	4,533
	3,132		6.500		08/15/34	3,407
	8,871		6.500		05/15/35	9,697

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	2,434		6.500	%		06/15/35		$           2,644
	6,902		6.500			07/15/35		7,549
	2,647		6.500			08/15/35		2,900
	5,416		6.500			09/15/35		5,920
	874		6.500			10/15/35		959
	8,764		6.500			11/15/35		9,608
	5,780		6.500			12/15/35		6,327
	17,193		6.500			01/15/36		18,777
	22,767		6.500			02/15/36		24,968
	10,637		6.500			03/15/36		11,619
	35,656		6.500			04/15/36		38,919
	49,031		6.500			05/15/36		53,705
	41,374		6.500			06/15/36		45,294
	131,083		6.500			07/15/36		143,380
	133,353		6.500			08/15/36		146,206
	278,576		6.500			09/15/36		305,941
	104,954		6.500			10/15/36		115,067
	155,269		6.500			11/15/36		170,950
	57,509		6.500			12/15/36		62,930
	24,195		6.500			01/15/37		26,560
	14,127		6.500			02/15/37		15,561
	9,329		6.500			03/15/37		10,237
	20,037		6.500			04/15/37		22,041
	4,921		6.500			05/15/37		5,339
	5,243		6.500			08/15/37		5,771
	33,459		6.500			09/15/37		36,737
	44,407		6.500			10/15/37		49,305
	16,505		6.500			11/15/37		18,042
	13,184		6.500			05/15/38		14,415
	33,591		6.000			11/15/38		36,558
	2,524		6.500			01/15/39		2,731
	3,960		6.500			02/15/39		4,319
	2,709,315		4.500			08/20/47		2,792,999
	60,741		4.500			02/20/48		62,541
	143,526		4.500			05/20/48		146,972
	739,316		4.500			09/20/48		755,798
	5,587,164		5.000			09/20/48		5,750,861
	208,679		5.000			10/20/48		214,728
	4,451		5.000			11/20/48		4,580
	2,041,591		4.500			12/20/48		2,087,106
	4,814,051		5.000			12/20/48		4,952,088
	407,871		4.500			01/20/49		416,837
	2,448,116		5.000			01/20/49		2,517,548
	34,753		5.000			03/20/49		35,725
	1,239,769		4.000			04/20/49		1,239,591
	15,927		5.000			05/20/49		16,372
	619,111		5.000			06/20/49		636,428
	85,430		5.000			11/20/49		87,733
	940,377		5.000			12/20/49		973,969
	259,353		5.000			07/20/50		271,492
	651,045		4.000			01/20/51		649,883
	4,758,860		3.000			11/20/51		4,504,017
	6,734,156		3.000			12/20/51		6,376,776
	11,000,000		4.000			TBA-30yr	(b)	10,946,882
	44,000,000		4.500			TBA-30yr	(b)	44,545,800
	18,000,000		5.000			TBA-30yr	(b)	18,397,475
								109,824,242

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – 1.9%
$	331,864		4.500	%	03/01/49	$       336,539
	14,780		5.500		09/01/23	14,892
	5,219		5.500		10/01/23	5,257
	171,588		4.500		11/01/36	176,781
	51,773		4.500		02/01/39	53,351
	59,488		4.500		04/01/39	61,301
	4,011		4.500		08/01/39	4,152
	180,081		4.500		08/01/41	185,882
	102,874		4.500		10/01/41	105,987
	409,255		4.500		06/01/48	416,555
	2,876,385		4.500		07/01/48	2,927,688
	931,112		4.500		08/01/48	946,847
	265,566		4.500		09/01/48	270,054
	3,312,006		4.500		10/01/48	3,396,060
	1,508,323		4.500		01/01/49	1,532,618
	213,188		5.000		07/01/49	220,557
	679,268		4.500		05/01/50	683,645
						11,338,166
UMBS, 30 Year, Single Family(b) – 4.6%
	15,000,000		4.500		TBA-30yr	15,055,080
	13,000,000		5.000		TBA-30yr	13,262,028
						28,317,108
TOTAL FEDERAL AGENCIES						$208,623,756
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $213,188,601)						$210,493,125
Agency Debentures – 23.4%
FHLB
$	1,800,000		5.375	%	08/15/24	$    1,881,162
	44,850,000		0.500		04/14/25	41,824,867
FHLMC
	9,330,000		0.375		04/20/23	9,142,747
	17,820,000		0.375		09/23/25	16,343,257
FNMA
	5,200,000		6.250		05/15/29	6,168,292
	16,080,000		7.125		01/15/30	20,181,525
Tennessee Valley Authority
	49,850,000		0.750		05/15/25	46,622,711
TOTAL AGENCY DEBENTURES (Cost $150,306,965)						$142,164,561
U.S. Treasury Obligations – 57.9%
United States Treasury Bonds
$	28,900,000		0.000	%(c)	11/15/35	$  18,853,217
	2,800,000		0.000	(c)	05/15/36	1,800,614

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Bonds – (continued)
$	7,370,000		3.750	%(d)	11/15/43	$    7,705,105
	410,000		3.375	(d)	05/15/44	404,555
	10,000		3.000		11/15/45	9,292
	200,000		2.875		11/15/46	182,281
	380,000		3.375	%(d)	11/15/48	386,116
	780,000		2.000		02/15/50	604,500
United States Treasury Inflation Indexed Notes
	6,980,000		3.250		06/30/27	7,048,709
United States Treasury Notes
	5,000,000		2.750	(d)	05/31/23	4,992,969
	1,560,000		0.500		02/28/26	1,421,794
	11,570,000		0.750	(d)	03/31/26	10,627,226
	227,340,000		0.750	(d)	04/30/26	208,389,081
	47,990,000		0.625	(d)	07/31/26	43,517,182
	630,000		1.375		08/31/26	588,804
	11,010,000		1.125		02/29/28	9,898,678
	11,340,000		1.250		03/31/28	10,244,981
	11,090,000		1.250		04/30/28	10,004,393
	6,850,000		3.250		06/30/29	6,931,344
	9,530,000		1.375		11/15/31	8,265,786
TOTAL U.S. TREASURY OBLIGATIONS (Cost $368,807,935)						$351,876,627
TOTAL INVESTMENTS – 115.9% (Cost $732,303,501)						$704,534,313
LIABILITIES IN EXCESS OF OTHER     ASSETS – (15.9)%						(96,750,408)
NET ASSETS – 100.0%						$607,783,905

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2022.
(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 $102,207,265 which represents approximately 16.8% of the Fund’s net assets as of June 30, 2022.
(c)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Currency Abbreviation:
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
SOFR	— Secured Overnight Funding Rate

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2022, 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	1,391	09/30/22	$	292,131,736		$	(1,018,443	)
Short position contracts:
Ultra Long U.S. Treasury Bonds	(76)	09/21/22		(11,730,125	)		131,142
Ultra 10 Year U.S. Treasury Notes	(451)	09/21/22		(57,446,125	)		435,033
5 Year U.S. Treasury Notes	(1,195)	09/30/22		(134,138,750	)		603,688
10 Year U.S. Treasury Notes	(271)	09/21/22		(32,121,969	)		81,281
20 Year U.S. Treasury Bonds	(216)	09/21/22		(29,943,000	)		120,961
Total						$	1,372,105
TOTAL FUTURES CONTRACTS						$	353,662

SWAP CONTRACTS — At June 30, 2022, 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(a)	3M LIBOR(a)	07/25/24	$	15,560	(c)	$	9,257		$	5,086		$	4,171
1.730%(b)	3M SOFR(b)	02/08/26		325,620	(c)		5,445,376			2,495,917			2,949,459
2.587(b)	3M SOFR(b)	11/30/26		10,940			106,788			364			106,424
3M SOFR(b)	2.500%(b)	06/04/29		6,310	(c)		(24,415	)		(4,259	)		(20,156	)
2.570(b)	3M SOFR(b)	06/04/31		16,640	(c)		62,325			16,225			46,100
3M SOFR(b)	2.734(b)	05/15/32		4,880	(c)		(23,510	)		28,177			(51,687	)
3M SOFR(b)	2.730(b)	06/04/33		10,560	(c)		(42,441	)		(8,945	)		(33,496	)
TOTAL						$	5,533,380		$	2,532,565		$	3,000,815

(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 June 30, 2022.

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 46.0%
Automotive – 1.1%
Volkswagen Group of America Finance LLC
$	13,772,000		3.125	%	05/12/23	$     13,668,572
	13,121,000		0.875		11/22/23	12,576,610
(SOFR + 0.950%)
	5,000,000		2.346		06/07/24	4,979,400
						31,224,582
Banks – 26.3%
Banco Santander SA
(SOFR + 1.240%)
	16,400,000		2.504	(a)	05/24/24	16,337,516
	13,600,000		3.892		05/24/24	13,543,424
Bank of America Corp.(a)(b)
(3M USD LIBOR + 0.790%)
	3,686,000		3.004		12/20/23	3,673,062
(3M USD LIBOR + 0.780%)
	9,849,000		3.550		03/05/24	9,824,870
(SOFR + 0.660%)
	20,000,000		1.816		02/04/25	19,607,600
(SOFR + 1.100%)
	15,483,000		2.147		04/25/25	15,351,240
Bank of Montreal(a) (SOFR + 0.680%)
	14,360,000		2.118		03/10/23	14,331,424
Banque Federative du Credit Mutuel SA
	7,375,000		3.750		07/20/23	7,371,018
(SOFR + 0.410%)
	11,105,000		1.540		02/04/25	10,885,676
BPCE SA
	5,210,000		2.750		01/11/23	5,194,891
(SOFR + 0.570%)
	10,800,000		1.451		01/14/25	10,629,252
Canadian Imperial Bank of Commerce
(SOFR + 0.300%)
	9,989,000		1.810	(a)	01/06/23	9,980,088
	7,388,000		0.450		06/22/23	7,182,909
(SOFR + 0.940%)
	21,127,000		1.701	(a)	04/07/25	20,899,040
Citigroup, Inc.(a)(b)
(3M USD LIBOR + 0.950%)
	21,943,000		2.876		07/24/23	21,932,467
(SOFR + 1.372%)
	19,000,000		2.664		05/24/25	18,817,790
Credit Agricole Corporate & Investment Bank SA(b)
	26,500,000		0.400		01/15/23	25,758,000
Deutsche Bank AG
	8,955,000		0.962		11/08/23	8,585,159
(SOFR + 0.500%)
	29,941,000		1.665	(a)	11/08/23	29,559,851
Federation des Caisses Desjardins du Quebec(a) (SOFR + 0.430%)
	30,000,000		1.717		05/21/24	29,486,100

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
First Republic Bank(a)(b) (SOFR + 0.620%)
$	10,687,000		1.912	%	02/12/24	$     10,560,038
HSBC Holdings PLC(a)(b)
(3M USD LIBOR + 0.923%)
	20,393,000		3.033		11/22/23	20,329,782
(3M USD LIBOR + 0.987%)
	5,000,000		3.950		05/18/24	4,979,450
(SOFR + 0.580%)
	30,425,000		1.849		11/22/24	29,540,241
JPMorgan Chase & Co.
(3M USD LIBOR + 0.730%)
	27,875,000		3.559	(a)(b)	04/23/24	27,797,229
(SOFR + 0.970%)
	29,000,000		2.426		06/14/25	28,648,230
KeyBank NA(a)(b) (SOFR + 0.320%)
	9,981,000		1.830		06/14/24	9,822,202
Lloyds Banking Group PLC
	10,520,000		4.050		08/16/23	10,552,928
(1 year CMT + 0.550%)
	9,808,000		0.695	(a)(b)	05/11/24	9,523,568
Mitsubishi UFJ Financial Group, Inc.
	12,066,000		2.623		07/18/22	12,066,965
(3M USD LIBOR + 0.790%)
	6,300,000		1.974	(a)	07/25/22	6,297,795
Mizuho Financial Group, Inc.(a)
(3M USD LIBOR + 0.880%)
	2,436,000		2.601		09/11/22	2,434,782
(3M USD LIBOR + 0.840%)
	17,054,000		2.721	(b)	07/16/23	17,050,419
Morgan Stanley
	14,247,000		3.750		02/25/23	14,287,319
Morgan Stanley(a)(b) (SOFR + 0.616%)
	17,514,000		0.731		04/05/24	17,087,709
Morgan Stanley, Inc.(b)
(SOFR + 0.466%)
	5,040,000		0.560	(a)	11/10/23	4,976,143
(SOFR + 0.625%)
	6,998,000		1.655		01/24/25	6,831,168
MUFG Union Bank NA(a)(b) (SOFR + 0.710%)
	17,250,000		2.156		12/09/22	17,229,990
National Australia Bank Ltd. (SOFR + 0.380%)
	8,510,000		1.182		01/12/25	8,340,226
National Bank of Canada
	7,325,000		2.150		10/07/22	7,307,420
	14,178,000		2.100		02/01/23	14,067,837
Natwest Group PLC(b) (1 Year CMT + 2.150%)
	9,374,000		2.359		05/22/24	9,200,112
Natwest Markets PLC
	21,156,000		3.625		09/29/22	21,160,654

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Societe Generale SA
$	4,172,000		4.250	%	09/14/23	$       4,179,301
Standard Chartered PLC(b) (SOFR + 1.250%)
	31,000,000		2.104		10/14/23	30,810,590
Sumitomo Mitsui Trust Bank Ltd. (SOFR + 0.440%)
	14,265,000		1.904		09/16/24	14,007,802
The Bank of Nova Scotia(a) (SOFR + 0.960%)
	10,550,000		2.406		03/11/24	10,514,869
	4,734,000		1.950		02/01/23	4,699,821
(SOFR + 0.550%)
	29,146,000		2.030	(a)	09/15/23	28,987,154
The Toronto-Dominion Bank(a) (SOFR + 0.910%)
	16,428,000		2.332		03/08/24	16,367,709
	10,770,000		2.100		07/15/22	10,770,326
UBS AG
(SOFR + 0.360%)
	17,463,000		1.529		02/09/24	17,281,559
(SOFR + 0.470%)
	6,993,000		1.311	(b)	01/13/25	6,860,063
Westpac Banking Corp.(a) (3M USD LIBOR + 0.570%)
	3,862,000		1.559		01/11/23	3,861,266
						757,384,044
Beverages – 0.4%
Coca-Cola Europacific Partners PLC
	12,000,000		0.500		05/05/23	11,664,600
Chemical – 0.2%
Nutrien Ltd.
	6,656,000		1.900		05/13/23	6,551,168
Cosmetics/Personal Care(b) – 0.3%
GSK Consumer Healthcare Capital US LLC
	8,326,000		3.024		03/24/24	8,210,851
Diversified Financial Services – 2.1%
AIG Global Funding (SOFR + 0.380%)
	22,042,000		1.860		12/15/23	21,883,738
Air Lease Corp.
	4,185,000		2.250		01/15/23	4,145,075
	6,000,000		2.750	(b)	01/15/23	5,971,620

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Air Lease Corp. (continued)
$	2,500,000		3.000	%(b)	09/15/23	$       2,462,225
American Express Co.(a)(b) (SOFR + 0.930%)
	15,000,000		2.319		03/04/25	14,875,200
Capital One Financial Corp.(b) (SOFR + 0.690%)
	12,150,000		2.112		12/06/24	11,954,264
						61,292,122
Electrical – 2.8%
American Electric Power Co., Inc.(a)(b) (3M USD LIBOR + 0.480%)
	9,375,000		1.766		11/01/23	9,314,625
CenterPoint Energy, Inc.(b) (SOFR + 0.650%)
	9,829,000		1.867		05/13/24	9,593,694
Dominion Energy, Inc.(a)(b) (3M USD LIBOR + 0.530%)
	8,608,000		2.359		09/15/23	8,563,066
NextEra Energy Capital Holdings, Inc.
	15,460,000		0.650		03/01/23	15,194,397
OGE Energy Corp.(b)
	5,619,000		0.703		05/26/23	5,458,353
Oklahoma Gas and Electric Co.(b)
	14,754,000		0.553		05/26/23	14,339,117
The Southern Co.(a)(b) (SOFR + 0.370%)
	17,194,000		1.554		05/10/23	17,065,561
						79,528,813
Gas(b) – 2.0%
Atmos Energy Corp.
	10,203,000		0.625		03/09/23	10,023,121
(3M USD LIBOR + 0.380%)
	10,776,000		2.070	(a)	03/09/23	10,750,353
CenterPoint Energy Resources Corp.
	15,590,000		0.700		03/02/23	15,283,656
(3M USD LIBOR + 0.500%)
	14,000,000		2.111	(a)	03/02/23	13,955,900
ONE Gas, Inc.
	8,517,000		0.850		03/11/23	8,374,596
						58,387,626
Healthcare Providers & Services – 1.2%
Aetna, Inc.(b)
	10,000,000		2.800		06/15/23	9,877,500
Baxter International, Inc. (SOFR + 0.440%)
	14,300,000		1.767		11/29/24	13,981,682
Thermo Fisher Scientific, Inc.(b)
	10,000,000		0.797		10/18/23	9,701,900
						33,561,082

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – 3.5%
Athene Global Funding (3M USD LIBOR + 0.730%)
$	42,750,000		1.716	%	01/08/24	$     41,947,582
Equitable Financial Life Global Funding
	5,038,000		0.500		04/06/23	4,914,922
Jackson National Life Global Funding (SOFR + 0.600%)
	7,587,000		1.322		01/06/23	7,568,412
Principal Life Global Funding II
(SOFR + 0.450%)
	9,397,000		1.251		04/12/24	9,372,662
(SOFR + 0.380%)
	14,437,000		1.691		08/23/24	14,162,264
Protective Life Global Funding (SOFR + 0.980%)
	10,800,000		2.491		03/28/25	10,764,360
Protective Life Global Funding
	4,171,000		2.615		08/22/22	4,169,165
	6,848,000		0.502		04/12/23	6,686,661
						99,586,028
Mining – 0.3%
Glencore Finance Canada Ltd.
	7,166,000		4.250		10/25/22	7,180,332
Miscellaneous Manufacturing(b) – 0.3%
Carlisle Cos, Inc.
	8,622,000		0.550		09/01/23	8,320,144
Oil Field Services – 1.2%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.
	8,000,000		1.231		12/15/23	7,771,920
Conocophillips Co.(b)
	10,799,000		2.125		03/08/24	10,586,368
Pioneer Natural Resources Co.
	9,163,000		0.550		05/15/23	8,927,694
Schlumberger Finance Canada Ltd.(b)
	5,917,000		2.650		11/20/22	5,903,095
						33,189,077

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – 1.5%
AbbVie, Inc.
$	10,000,000		2.900	%	11/06/22	$       9,996,400
	18,490,000		2.300		11/21/22	18,428,798
AmerisourceBergen Corp.(b)
	14,378,000		0.737		03/15/23	14,103,955
						42,529,153
Pipelines – 0.7%
Enbridge, Inc.
	13,806,000		0.550		10/04/23	13,292,141
Kinder Morgan Energy Partners LP(b)
	6,032,000		3.450		02/15/23	6,041,711
						19,333,852
Real Estate Investment Trust(a)(b) – 0.5%
Public Storage (SOFR + 0.470%)
	15,101,000		1.445		04/23/24	15,015,528
Retailing(b) – 0.6%
7-Eleven, Inc.
	18,409,000		0.625		02/10/23	18,058,493
Savings & Loans – 0.3%
Nationwide Building Society
	10,000,000		2.000		01/27/23	9,913,500
Software – 0.7%
Oracle Corp.
	16,778,000		2.500		10/15/22	16,749,142
Take-Two Interactive Software, Inc.
	4,834,000		3.300		03/28/24	4,773,527
						21,522,669
TOTAL CORPORATE OBLIGATIONS (Cost $1,340,313,241)						$1,322,453,664
Municipal Debt Obligations – 0.1%
Illinois – 0.0%
Illinois State GO Bonds Taxable-Pension Series 2003
$	1,448,182		4.950	%	06/01/23	$       1,458,866
New York(b) – 0.1%
Long Island Power Authority Electric System Taxable (Refunding) Series C
	3,070,000		0.359		03/01/23	3,014,004
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $4,529,087)						$       4,472,870

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 8.3%
United States Treasury Notes
$	10,000,000		0.375	%	10/31/23	$       9,662,891
(3MTreasury money market yield + 0.035%)
	215,300,000		1.793	(a)	10/31/23	215,712,961
	12,500,000		1.500		02/29/24	12,205,566
TOTAL U.S. TREASURY OBLIGATIONS (Cost $237,726,656)						$   237,581,418
Shares		Dividend Rate				Value
Investment Company(c) – 8.1%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	234,372,255		1.367%			$   234,372,255
(Cost $234,372,255)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT (Cost $1,816,941,239)						$1,798,880,207
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(d) – 37.2%
Certificates of Deposit – 27.8%
Alpine Securitization LLC(a) (SOFR + 0.440%)
$	2,500,000		1.130	%	10/27/22	$       2,500,328
ASB Bank Ltd. (a) (SOFR + 0.790%)
	12,602,000		2.310		09/15/22	12,615,542
Bank of Montreal(a)
(SOFR + 0.300%)
	6,092,000		0.990		01/09/23	6,083,563
(SOFR + 0.400%)
	23,100,000		1.090		03/01/23	23,077,410
Barclays Bank PLC(a)
(SOFR + 0.470%)
	12,300,000		1.160		07/05/22	12,300,711
(SOFR + 0.290%)
	24,500,000		1.040		02/16/23	24,446,790
Bayerische Landesbank
(3M USD LIBOR + 0.160%)
	12,000,000		1.385	(a)	01/27/23	11,986,992
	18,340,000		0.900		06/27/23	17,820,457
Collateralized Commercial Paper FLEX Co. LLC(a) (SOFR + 0.300%)
	27,940,000		0.990		12/01/22	27,922,771
Commonwealth Bank of Australia(a) (SOFR + 0.200%)
	15,829,000		0.890		01/20/23	15,803,872
Cooperatieve Rabobank UA
	24,704,000		1.500		10/17/22	24,648,436
(SOFR + 0.490%)
	7,244,000		1.180	(a)	11/25/22	7,246,981
Credit Industriel et Commercial(a) (FEDL01 + 0.45%)
	16,450,000		2.030		03/13/23	16,449,926

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(d) – (continued)
Certificates of Deposit – (continued)
Credit Suisse AG
$	28,000,000		0.590	%	03/17/23	$     27,433,645
Credit Suisse New York
	12,800,000		0.400		11/10/22	12,698,973
DNB Bank ASA(a)
(SOFR + 0.550%)
	5,647,000		1.240		09/07/22	5,649,092
(SOFR + 0.580%)
	23,525,000		1.270		03/23/23	23,527,228
Enel Finance America LLC(a) (SOFR + 0.800%)
	16,233,000		1.490		10/27/22	16,229,951
Ionic Capital III Trust(e)
	21,892,000		0.300		07/26/22	21,893,060
Landesbank Baden-Wuerttemberg
	29,187,000		1.250		07/25/22	29,177,324
(SOFR + 0.400%)
	4,850,000		1.910	(a)	10/12/22	4,849,741
Lloyds Bank Corporate Markets PLC(a) (SOFR + 0.540%)
	23,765,000		2.050		01/31/24	23,670,276
Macquarie Bank Ltd.(a)
(SOFR + 0.400%)
	7,300,000		1.860		10/19/22	7,300,467
(SOFR + 0.330%)
	29,500,000		1.020		12/05/22	29,482,611
Mizuho Bank Ltd.(a) (SOFR + 0.280%)
	12,639,000		1.060		02/10/23	12,617,820
MUFG Bank Ltd.
	13,500,000		0.260		10/13/22	13,420,041
National Australia Bank Ltd. (a) (SOFR + 0.500%)
	14,915,000		1.280		03/08/23	14,908,700
National Bank of Kuwait SAKP
	12,496,000		1.320		07/06/22	12,495,457
Natixis SA
	16,900,000		1.440		08/02/22	16,894,878
Nordea Bank AB NY(a) (SOFR + 0.530%)
	24,927,000		0.300		01/27/23	24,539,948
Nordea Bank ABP(a)
	13,000,000		0.830		12/23/22	13,002,124
Norinchukin Bank
	5,907,000		1.200		07/22/22	5,905,512
Royal Bank of Canada
	6,336,000		2.010	(e)	12/23/22	6,335,992
(SOFR + 0.430%)
	29,018,000		1.120	(a)	03/01/23	29,002,040
Salisbury Receivables Co. LLC(a) (SOFR + 0.340)
	27,000,000		1.100		02/01/23	26,967,825

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(d) – (continued)
Certificates of Deposit – (continued)
Sheffield Receivables Co. LLC%(a) (SOFR + 0.210%)
$	13,026,000		0.970	%	07/26/22	$     13,026,484
Skandinaviska Enskilda Banken AB
(SOFR + 0.140%)
	13,335,000		0.190	(a)	07/20/22	13,334,787
	8,400,000		1.830		10/05/22	8,391,467
	19,500,000		0.420		12/01/22	19,301,857
Standard Chartered Bank(a) (SOFR + 0.420%)
	20,233,000		0.460		04/28/22	20,182,193
Sumitomo Mitsui Banking Corp.
(SOFR + 0.280%)
	12,204,000		1.070	(a)	03/01/23	12,177,487
(SOFR + 0.500%)
	14,700,000		1.280	(a)	03/31/23	14,686,582
	20,500,000		2.700		04/27/23	20,369,343
Svenska Handelsbanken AB
(SOFR + 0.400%)
	28,615,000		1.180	(a)	03/01/23	28,599,605
	8,910,000		2.000		03/22/23	8,821,377
(SOFR + 0.510%)
	2,500,000		1.960	(a)	03/28/23	2,497,950
	17,239,000		2.795		05/25/23	17,127,792
Toronto Dominion Bank(e)
	10,000,000		2.020		12/30/22	10,000,000
Toronto-Dominion Bank
	9,280,000		1.350		09/09/22	9,268,471
Westpac Banking Corp.
(SOFR + 0.140%)
	12,205,000		0.900	(a)	08/02/22	12,204,387
	8,197,000		1.150		09/07/22	8,183,770
						799,080,036
Commercial Paper – 9.4%
Albion Capital Corp.(e)
	3,764,000		0.000		08/16/22	3,754,693
Alimentation Couche-Tard, Inc.
	6,700,000		0.000		07/07/22	6,697,499
ANZ New Zealand International Ltd.(e)
	21,586,000		0.000		05/25/23	20,898,704
Atlantic Asset Securitization LLC(e)
	5,478,000		0.000		09/21/22	5,449,924
BASF SE(e)
	19,385,000		0.000		10/03/22	19,262,382
BASF SE Aktiengesellsch(e)
	12,625,000		0.000		09/06/22	12,575,088

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(d) – (continued)
Commercial Paper – (continued)
BAT International Finance PLC(e)
$	4,130,000		0.000	%	07/11/22	$       4,127,621
	4,103,000		0.000		07/12/22	4,100,410
CDP Financial, Inc.(e)
	3,331,000		0.000		06/16/23	3,215,316
	13,000,000		0.000		06/27/23	12,530,446
Citigroup Global Markets, Inc.(e)
	10,421,000		0.000		04/21/23	10,126,646
Enbridge, Inc.(e)
	8,000,000		0.000		01/19/23	7,855,103
Fairway Finance Corp.(e)
	6,625,000		0.000		11/03/22	6,564,249
Fidelity National Information Services, Inc.(e)
	8,000,000		0.000		07/14/22	7,994,055
Gotham Funding Corp.(e)
	4,099,000		0.000		09/30/22	4,073,964
GTA Funding LLC(e)
	18,449,000		0.000		09/28/22	18,342,457
LMA-Americas LLC(e)
	4,250,000		0.000		09/14/22	4,229,803
	5,000,000		0.000		10/07/22	4,964,580
	18,000,000		0.000		11/21/22	17,796,096
National Australia Bank Ltd.(e)
	11,000,000		0.000		01/27/23	10,805,745
Pacific Life Short Term Funding LLC(e)
	8,255,000		0.000		05/19/23	7,992,067
Reckitt Benckiser Treasury Services PLC(e)
	5,000,000		0.000		07/22/22	4,994,561
Societe Generale SA(e)
	7,200,000		0.000		10/31/22	7,141,058
Spire, Inc.(e)
	5,930,000		0.000		07/06/22	5,928,175
	2,500,000		0.000		07/19/22	2,497,420
Toronto Dominion Bank(e)
	12,600,000		0.000		06/02/23	12,171,134
Verizon Communications, Inc.(e)
	15,841,000		0.000		07/06/22	15,836,126
Victory Receivables(e)
	6,964,000		0.000		08/03/22	6,952,122
	10,748,000		0.000		09/22/22	10,690,419

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(d) – (continued)
Commercial Paper – (continued)
Waste Management, Inc.(e)
$	10,000,000		0.000	%	09/06/22	$       9,956,990
						269,524,853
TOTAL SHORT-TERM INVESTMENTS (Cost $1,071,960,015)						$1,068,604,889
TOTAL INVESTMENTS – 99.7% (Cost $2,888,901,254)						$2,867,485,096
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.3%						8,287,222
NET ASSETS – 100.0%						$2,875,772,318

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2022.
(b)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)	Represents an affiliated issuer.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.

Currency Abbreviation:
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
GO	— General Obligation
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
SOFR	— Secured Overnight Funding Rate

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

NOTES OF SCHEDULE OF INVESTMENTS

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

INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM 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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

NOTES OF 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.

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

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

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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

NOTES OF SCHEDULE OF INVESTMENTS (continued)

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

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

NOTES OF SCHEDULE OF INVESTMENTS (continued)

Level 3 Fair Value Investments — 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 June 30, 2022:

ENHANCED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	551,994,712		$	—
Mortgage-Backed Obligations		—			28,489,352			—
Asset-Backed Securities		—			217,778,568			—
Foreign Debt Obligations		—			6,298,212			—
Municipal Debt Obligations		—			5,545,766			—
U.S. Treasury Obligations		1,248,437			—			—
Exchange Traded Fund		28,573,027			—			—
Investment Companies		73,510,842			—			—
Short-term Investments		—			95,564,146			—
Total	$	103,332,306		$	905,670,756		$	—
Derivative Type
Assets(a)
Futures Contracts	$	215,920		$	—		$	—
Interest Rate Swap Contracts		1,295,074			—			—
Total	$	1,510,994		$	—		$	—
Liabilities(a)
Interest Rate Swap Contracts	$	(1,199,409	)	$	—		$	—
GOVERNMENT INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	143,679,147		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		120,701,363			72,719,485			—
Asset-Backed Securities		—			5,107,827			—
Municipal Debt Obligation		—			2,246,938			—
Investment Company		13,953,163			—			—
Total	$	134,654,526		$	223,753,397		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(995,171	)	$	—
Total	$	—		$	(995,171	)	$	—
Derivative Type
Assets
Futures Contracts(a)	$	328,880		$	—		$	—
Interest Rate Swap Contracts(a)		55,345			—			—
Purchased Options Contracts		—			9,603			—
Total	$	384,225		$	9,603		$	—
Liabilities
Futures Contracts(a)	$	(57,869	)	$	—		$	—
Interest Rate Swap Contracts(a)		(50,639	)		—			—
Written Options Contracts		—			(8,708	)		—
Total	$	(108,508	)	$	(8,708	)	$	—

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

NOTES OF SCHEDULE OF INVESTMENTS (continued)

INFLATION PROTECTED SECURITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	478,738,757		$	—		$	—
Total	$	478,738,757		$	—		$	—
Derivative Type
Assets
Futures Contracts(a)	$	191,667		$	—		$	—
Interest Rate Swap Contracts(a)		—			3,359,368			—
Purchased Option Contracts		—			8,707			—
Total	$	191,667		$	3,368,075		$	—
Liabilities
Futures Contracts(a)	$	(50,391	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(1,206,771	)		—
Written Option Contracts		—			(7,896	)		—
Total	$	(50,391	)	$	(1,214,667	)	$	—
SHORT DURATION INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,267,765,714		$	—
Mortgage-Backed Obligations		—			218,704,433			—
Asset-Backed Securities		—			149,784,689			—
Foreign Debt Obligations		—			30,798,267			—
Municipal Debt Obligations		—			3,585,658			—
U.S. Treasury Obligations		222,052,458			—			—
Exchange Traded Funds		45,164,033			—			—
Investment Company		27,337,413			—			—
Short-term Investments		—			4,267,921			—
Total	$	294,553,904		$	1,674,906,682		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(16,758,274	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,677,955		$	—
Futures Contracts(a)		4,151,142			—			—
Interest Rate Swap Contracts(a)		7,232,352			—			—
Credit Default Swap Contracts(a)		8,797			395			—
Purchased Options Contracts		—			544,229			—
Total	$	11,392,291		$	2,222,579		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,441,789	)	$	—
Futures Contracts(a)		(4,327,863	)		—			—
Interest Rate Swap Contracts(a)		(4,433,590	)		—			—
Credit Default Swap Contracts(a)		(1,646,693	)		(75,982	)		—
Written option contracts		—			(499,972	)		—
Total	$	(10,408,146	)	$	(2,017,743	)	$	—

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

NOTES OF SCHEDULE OF INVESTMENTS (continued)

SHORT DURATION GOVERNMENT
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	210,493,125	$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		351,876,627			142,164,561		—
Total	$	351,876,627		$	352,657,686	$	—
Derivative Type
Assets(a)
Futures Contracts	$	1,372,105		$	—	$	—
Interest Rate Swap Contracts		3,106,154			—		—
Total	$	4,478,259		$	—	$	—
Liabilities(a)
Futures Contracts	$	(1,018,443	)	$	—	$	—
Interest Rate Swap Contracts		(105,339	)		—		—
Total	$	(1,123,782	)	$	—	$	—

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

SHORT-TERM CONSERVATIVE INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	1,322,453,664	$	—
Municipal Debt Obligations		—		4,472,870		—
U.S. Treasury Obligations		237,581,418		—		—
Investment Company		234,372,255		—		—
Short-term Investments		—		1,068,604,889		—
Total	$	471,953,673	$	2,395,531,423	$	—

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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2022 (Unaudited)

NOTES OF SCHEDULE OF INVESTMENTS (continued)

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; 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.

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

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

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

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.