GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 61.4%
Aerospace & Defense – 0.5%
Howmet Aerospace, Inc.(a)
$	704,000		5.125	%	10/01/24	$       697,495
The Boeing Co.
	2,550,000		1.950		02/01/24	2,490,866
						3,188,361
Airlines(a)(b) – 0.2%
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
	985,000		8.000		09/20/25	994,840
Automotive – 3.4%
BMW US Capital LLC(b)(c) (SOFR + 0.840%)
	1,389,000		5.932		04/01/25	1,387,347
Dana Financing Luxembourg S.a.r.l.(a)(b)
	703,000		5.750		04/15/25	693,348
Ford Motor Credit Co. LLC(a)
	1,429,000		2.300		02/10/25	1,334,657
General Motors Financial Co., Inc.
	1,925,000		1.050		03/08/24	1,861,167
	2,425,000		1.200		10/15/24	2,280,907
	5,415,000		3.800		04/07/25	5,223,255
Hyundai Capital America(b)
	2,375,000		1.000		09/17/24	2,234,471
	980,000		5.800		06/26/25	978,177
The Goodyear Tire & Rubber Co.(a)
	1,330,000		9.500		05/31/25	1,363,037
Volkswagen Group of America Finance LLC(b)
	2,775,000		3.950		06/06/25	2,689,586
						20,045,952
Banks – 19.8%
ANZ New Zealand International Ltd.(b)(c) (SOFR + 0.600%)
	1,150,000		5.690		02/18/25	1,146,263
Banco Santander SA
	1,400,000		2.706		06/27/24	1,354,710
	3,400,000		5.147		08/18/25	3,344,444
(1 year CMT + 0.450%)
	3,600,000		5.770	(a)(c)	06/30/24	3,580,020
Bank of America Corp.
	2,500,000		4.000		01/22/25	2,432,350
(SOFR + 0.670%)
	9,975,000		1.843	(a)(c)	02/04/25	9,717,745
(SOFR + 0.690%)
	3,297,000		0.976	(a)(c)	04/22/25	3,159,878
(TSFR3M + 1.202%)
	1,300,000		3.864	(a)(c)	07/23/24	1,298,310
Bank of Montreal(a)
	4,440,000		4.700		09/14/27	4,337,969
Banque Federative du Credit Mutuel SA(b)
	4,045,000		4.935		01/26/26	3,975,628
BNP Paribas SA(a)(b)(c) (SOFR + 1.228%)
	4,345,000		2.591		01/20/28	3,884,430
BPCE SA(b)
	649,000		4.000		09/12/23	646,021

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Canadian Imperial Bank of Commerce
$	855,000		5.144	%	04/28/25	$       848,134
(SOFR + 0.940%)
	2,165,000		5.948	(c)	04/07/25	2,168,486
Citigroup, Inc.(a)(c)
(SOFR + 0.686%)
	1,225,000		0.776		10/30/24	1,203,146
(SOFR + 0.694%)
	3,925,000		5.746		01/25/26	3,897,839
(SOFR + 1.372%)
	3,295,000		4.140		05/24/25	3,237,074
(SOFR + 1.546%)
	4,460,000		5.610		09/29/26	4,458,350
Citizens Bank NA(a)
	900,000		2.250		04/28/25	814,815
Credit Suisse AG
	1,605,000		7.950		01/09/25	1,636,249
	4,995,000		3.700		02/21/25	4,779,915
Deutsche Bank AG
	2,105,000		4.162		05/13/25	2,032,462
DNB Bank ASA(a)(b)(c) (SOFR + 0.810%)
	786,000		2.968		03/28/25	766,782
Federation des Caisses Desjardins du Quebec(b)
	4,840,000		4.400		08/23/25	4,674,375
ING Groep NV
	900,000		4.100		10/02/23	895,671
JPMorgan Chase & Co.(a)(c)
(SOFR + 0.420%)
	2,750,000		0.563		02/16/25	2,653,668
(TSFR3M + 0.600%)
	850,000		0.653		09/16/24	840,106
Manufacturers & Traders Trust Co.(a)
	3,955,000		4.650		01/27/26	3,775,759
Mitsubishi UFJ Financial Group, Inc.(a)(c) (1 year CMT + 1.550%)
	4,550,000		5.063		09/12/25	4,493,534
Mizuho Financial Group, Inc.(a)(c) (-1X SOFR + 1.252%)
	1,275,000		1.241		07/10/24	1,274,057
Morgan Stanley(a)(c)
(SOFR + 0.625%)
	7,125,000		5.686		01/24/25	7,106,261
(SOFR + 0.745%)
	725,000		0.864		10/21/25	675,229
(SOFR + 1.295%)
	952,000		5.050		01/28/27	943,984
(SOFR + 1.669%)
	1,590,000		4.679		07/17/26	1,560,092
Royal Bank of Canada
	3,695,000		4.950		04/25/25	3,650,512
Santander Holdings USA, Inc.(a)(c) (SOFR + 0.380%)
	1,995,000		4.260		06/09/25	1,914,362
Santander UK Group Holdings PLC(a)(c) (SOFR + 0.787%)
	1,425,000		1.089		03/15/25	1,364,281
Societe Generale SA(b)
	4,885,000		4.351		06/13/25	4,723,746

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Standard Chartered PLC(a)(b)(c) (1 year CMT + 0.780%)
$	875,000		0.991	%	01/12/25	$       848,330
Sumitomo Mitsui Financial Group, Inc.
	725,000		0.948		01/12/26	646,874
The Bank of New York Mellon Corp.(a)(c) (SOFR + 1.026%)
	1,910,000		4.947		04/26/27	1,885,628
The PNC Financial Services Group, Inc.(a)(c) (SOFR + 1.322%)
	2,810,000		5.812		06/12/26	2,795,248
The Toronto-Dominion Bank
	1,810,000		4.693		09/15/27	1,772,081
Wells Fargo & Co.(a)(c) (SOFR + 1.560%)
	2,390,000		4.540		08/15/26	2,336,464
Westpac New Zealand Ltd.(b)
	1,175,000		4.902		02/15/28	1,150,125
						116,701,407
Beverages – 0.7%
Constellation Brands, Inc.
	1,830,000		3.600		05/09/24	1,794,242
JDE Peet’s NV(a)(b)
	2,625,000		0.800		09/24/24	2,457,682
						4,251,924
Biotechnology – 0.8%
Amgen, Inc.
	4,900,000		5.250		03/02/25	4,875,843
Chemicals(a) – 0.2%
Celanese US Holdings LLC
	350,000		3.500		05/08/24	342,370
Westlake Corp.
	975,000		0.875		08/15/24	920,829
						1,263,199
Commercial Services(a) – 0.1%
Global Payments, Inc.
	525,000		1.200		03/01/26	466,610
Computers(a) – 0.4%
Dell International LLC/EMC Corp.
	1,075,000		5.850		07/15/25	1,078,859
Hewlett Packard Enterprise Co.
	1,592,000		1.450		04/01/24	1,540,929
						2,619,788
Diversified Financial Services – 4.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	3,375,000		1.150		10/29/23	3,323,025
Air Lease Corp.(a)
	5,549,000		4.250		02/01/24	5,487,184
	825,000		2.300		02/01/25	776,845
Ally Financial, Inc.(a)
	3,075,000		1.450		10/02/23	3,030,966
American Express Co.(a)(c) (SOFR + 0.999%)
	2,965,000		4.990		05/01/26	2,931,436

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Aviation Capital Group LLC(a)(b)
$	1,200,000		5.500	%	12/15/24	$    1,174,008
	550,000		1.950		01/30/26	489,594
Avolon Holdings Funding Ltd.(a)(b)
	675,000		2.875		02/15/25	629,809
Capital One Financial Corp.(a)(c) (SOFR + 0.690%)
	3,400,000		5.780		12/06/24	3,340,976
Nomura Holdings, Inc.
	1,390,000		5.099		07/03/25	1,364,493
OneMain Finance Corp.(a)
	1,415,000		6.125		03/15/24	1,409,948
Synchrony Financial(a)
	3,085,000		4.875		06/13/25	2,933,958
United Wholesale Mortgage LLC(a)(b)
	1,460,000		5.500		11/15/25	1,395,702
						28,287,944
Electrical – 5.4%
American Electric Power Co., Inc.
	1,750,000		2.031		03/15/24	1,701,035
Avangrid, Inc.(a)
	650,000		3.200		04/15/25	618,547
Berkshire Hathaway Energy Co.(a)
	650,000		4.050		04/15/25	634,784
Dominion Energy, Inc.(a)
	2,025,000		1.450		04/15/26	1,821,487
DTE Energy Co.
	4,810,000		4.220	(d)	11/01/24	4,706,296
	575,000		1.050	(a)	06/01/25	526,792
Enel Finance International NV(a)(b)
	2,575,000		1.375		07/12/26	2,271,974
Entergy Louisiana LLC(a)
	2,000,000		0.950		10/01/24	1,886,620
Eversource Energy
	2,405,000		4.200		06/27/24	2,367,410
FirstEnergy Corp.(a)
	400,000		2.050		03/01/25	373,988
NextEra Energy Capital Holdings, Inc.
	1,960,000		6.051		03/01/25	1,971,427
	2,370,000		4.450		06/20/25	2,325,752
NRG Energy, Inc.(a)(b)
	1,225,000		3.750		06/15/24	1,183,840
Public Service Enterprise Group, Inc.(a)
	675,000		2.875		06/15/24	655,411
	675,000		0.800		08/15/25	610,504
Southern Power Co.(a)
	500,000		0.900		01/15/26	448,005
The Southern Co.(d)
	3,575,000		4.475		08/01/24	3,510,364
Vistra Operations Co. LLC(a)(b)
	875,000		3.550		07/15/24	845,092
WEC Energy Group, Inc.
	725,000		0.550		09/15/23	717,366

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – (continued)
Xcel Energy, Inc.(a)
$	3,325,000		1.750	%	03/15/27	$    2,942,924
						32,119,618
Entertainment(a)(b) – 0.3%
Banijay Entertainment SASU
	1,042,000		5.375		03/01/25	1,021,900
Six Flags Theme Parks, Inc.
	610,000		7.000		07/01/25	614,410
						1,636,310
Environmental(a) – 0.3%
GFL Environmental, Inc.(b)
	1,415,000		3.750		08/01/25	1,346,995
Waste Management, Inc.
	625,000		0.750		11/15/25	563,850
						1,910,845
Food & Drug Retailing – 1.9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC(a)(b)
	1,430,000		3.250		03/15/26	1,325,067
Danone SA(a)(b)
	2,743,000		2.589		11/02/23	2,713,129
Mondelez International Holdings Netherlands B.V.(b)
	2,500,000		0.750		09/24/24	2,349,300
	3,250,000		4.250		09/15/25	3,163,355
Mondelez International, Inc.(a)
	525,000		1.500		05/04/25	489,804
US Foods, Inc.(a)(b)
	1,385,000		6.250		04/15/25	1,385,886
						11,426,541
Gas(a) – 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp.
	1,290,000		5.875		08/20/26	1,217,386
NiSource, Inc.
	1,025,000		0.950		08/15/25	935,517
The East Ohio Gas Co.(b)
	250,000		1.300		06/15/25	229,148
						2,382,051
Healthcare Providers & Services – 1.6%
Aetna, Inc.(a)
	1,250,000		3.500		11/15/24	1,212,862
Baxter International, Inc.
	4,000,000		0.868		12/01/23	3,915,400
Revvity, Inc.(a)
	1,700,000		0.850		09/15/24	1,599,768
Zimmer Biomet Holdings, Inc.(a)
	3,000,000		1.450		11/22/24	2,827,410
						9,555,440

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance(b) – 1.9%
Athene Global Funding
$	875,000		1.200	%	10/13/23	$       861,805
	2,225,000		0.950		01/08/24	2,158,873
	375,000		2.500		01/14/25	350,137
	236,000		1.450		01/08/26	207,350
Corebridge Global Funding
	1,000,000		0.650		06/17/24	953,930
Equitable Financial Life Global Funding
	700,000		1.400		07/07/25	637,224
Great-West Lifeco US Finance 2020 LP(a)
	425,000		0.904		08/12/25	381,943
Pacific Life Global Funding II(c) (SOFR + 0.800%)
	5,400,000		5.892		03/30/25	5,372,892
						10,924,154
Internet(a)(b) – 0.6%
Prosus NV
	2,260,000		3.257		01/19/27	2,041,797
Uber Technologies, Inc.
	1,365,000		7.500		05/15/25	1,382,895
						3,424,692
Iron/Steel – 0.3%
Nucor Corp.
	730,000		3.950		05/23/25	708,268
Steel Dynamics, Inc.(a)
	1,240,000		2.400		06/15/25	1,159,511
						1,867,779
Leisure Time(a)(b) – 0.4%
NCL Corp. Ltd.
	930,000		5.875		02/15/27	904,267
Royal Caribbean Cruises Ltd.
	1,139,000		11.500		06/01/25	1,207,511
						2,111,778
Lodging(a) – 0.2%
MGM Resorts International
	1,375,000		6.750		05/01/25	1,378,492
Media(a) – 0.5%
Charter Communications Operating LLC/Charter Communications Operating Capital
	2,700,000		4.500		02/01/24	2,674,917
Mining(a)(b) – 0.1%
Glencore Funding LLC
	675,000		1.625		09/01/25	619,819
Miscellaneous Manufacturing – 0.6%
Amsted Industries, Inc.(a)(b)
	522,000		5.625		07/01/27	506,345
Hillenbrand, Inc.(a)
	1,380,000		5.750		06/15/25	1,366,614

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing – (continued)
Parker-Hannifin Corp.
$	1,745,000		3.650	%	06/15/24	$    1,710,345
						3,583,304
Office & Business Equipment(a)(b) – 0.2%
Xerox Holdings Corp.
	1,385,000		5.000		08/15/25	1,303,604
Oil Field Services – 1.4%
Canadian Natural Resources Ltd.(a)
	825,000		2.050		07/15/25	768,933
Pioneer Natural Resources Co.
	2,825,000		5.100		03/29/26	2,809,971
QatarEnergy(a)(b)
	2,520,000		1.375		09/12/26	2,261,498
SA Global Sukuk Ltd.(a)
	2,520,000		1.602		06/17/26	2,277,198
						8,117,600
Packaging – 0.8%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(a)(b)
	557,000		6.000		06/15/27	547,559
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(a)(b)
	1,395,000		5.250		04/30/25	1,364,422
Ball Corp.
	2,065,000		4.000		11/15/23	2,048,645
Berry Global, Inc.(a)
	550,000		1.570		01/15/26	496,397
						4,457,023
Pharmaceuticals(a) – 2.6%
AbbVie, Inc.
	7,750,000		2.600		11/21/24	7,436,203
CVS Health Corp.
	4,015,000		5.000		02/20/26	3,998,378
Herbalife Nutrition Ltd./HLF Financing, Inc.(b)
	2,940,000		7.875		09/01/25	2,696,568
PRA Health Sciences, Inc.(b)
	1,435,000		2.875		07/15/26	1,308,117
						15,439,266
Pipelines – 1.0%
Enbridge, Inc.(c) (SOFR + 0.630%)
	1,950,000		5.720		02/16/24	1,947,913
NuStar Logistics LP(a)
	285,000		5.750		10/01/25	278,807
	1,360,000		6.000		06/01/26	1,326,626
TransCanada PipeLines Ltd.(a)
	2,275,000		1.000		10/12/24	2,139,888
						5,693,234
Real Estate Investment Trust – 0.8%
American Tower Corp.
	750,000		0.600		01/15/24	728,730

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
Crown Castle, Inc.(a)
$	700,000		1.350	%	07/15/25	$       640,913
VICI Properties LP
	3,715,000		4.375		05/15/25	3,593,705
						4,963,348
Retailing(a) – 1.2%
7-Eleven, Inc.(b)
	4,325,000		0.800		02/10/24	4,190,449
	400,000		0.950		02/10/26	357,344
Genuine Parts Co.
	1,375,000		1.750		02/01/25	1,287,853
Penske Automotive Group, Inc.
	1,515,000		3.500		09/01/25	1,442,765
						7,278,411
Semiconductors(a) – 1.3%
Broadcom, Inc.
	5,225,000		3.625		10/15/24	5,079,432
Intel Corp.
	2,300,000		4.875		02/10/28	2,291,812
NXP B.V./NXP Funding LLC/NXP USA, Inc.
	275,000		2.700		05/01/25	260,708
						7,631,952
Software – 3.2%
Fidelity National Information Services, Inc.(a)
	1,050,000		1.150		03/01/26	937,230
	3,950,000		4.700		07/15/27	3,851,171
Fiserv, Inc.(a)
	7,950,000		2.750		07/01/24	7,714,282
Intuit, Inc.(a)
	500,000		0.950		07/15/25	456,985
Oracle Corp.
	1,400,000		2.500	(a)	04/01/25	1,328,810
	1,900,000		5.800		11/10/25	1,921,337
VMware, Inc.(a)
	2,600,000		1.000		08/15/24	2,461,914
						18,671,729
Telecommunication Services – 2.4%
The Bell Telephone Co. of Canada
	4,275,000		0.750		03/17/24	4,125,161
T-Mobile USA, Inc.(a)
	8,800,000		3.500		04/15/25	8,467,272
Verizon Communications, Inc.(a)
	1,450,000		0.850		11/20/25	1,308,654
						13,901,087
Transportation(a) – 0.9%
Canadian Pacific Railway Co.
	5,375,000		1.350		12/02/24	5,052,984

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Trucking & Leasing(a)(b) – 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp.
$	1,025,000		1.200	%	11/15/25	$       913,531
TOTAL CORPORATE OBLIGATIONS (Cost $374,955,282)						$361,735,377
Asset-Backed Securities(a) – 23.5%
Automotive – 8.7%
Ford Credit Auto Owner Trust Series 2019-1, Class A(b)
$	2,600,000		3.520	%	07/15/30	$    2,566,916
Ford Credit Auto Owner Trust Series 2020-1, Class A(b)
	6,835,000		2.040		08/15/31	6,431,032
Ford Credit Auto Owner Trust Series 2022-D, Class A2A
	1,870,953		5.370		08/15/25	1,866,743
Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2(c) (1M USD LIBOR + 0.500%)
	1,500,000		5.693		09/15/25	1,500,140
Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class A
	3,200,000		1.060		09/15/27	2,901,900
Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A
	3,625,000		2.440		09/15/26	3,478,836
GMF Floorplan Owner Revolving Trust Series 2019-2, Class A(b)
	1,500,000		2.900		04/15/26	1,466,066
GMF Floorplan Owner Revolving Trust Series 2020-2, Class A(b)
	1,500,000		0.690		10/15/25	1,479,449
Hyundai Auto Lease Securitization Trust Series 2021-B, Class A3(b)
	470,065		0.330		06/17/24	468,223
Hyundai Auto Lease Securitization Trust Series 2022-A, Class A3(b)
	3,600,000		1.160		01/15/25	3,535,945
Hyundai Auto Receivables Trust Series 2021-A, Class A3
	532,702		0.380		09/15/25	518,805
Hyundai Auto Receivables Trust Series 2022-C, Class A3
	2,975,000		5.390		06/15/27	2,969,985
Mercedes-Benz Auto Lease Trust Series 2021-B, Class A3
	1,713,743		0.400		11/15/24	1,687,796
Mercedes-Benz Auto Receivables Trust Series 2022-1, Class A2
	782,592		5.260		10/15/25	780,729
NextGear Floorplan Master Owner Trust Series 2021-1A, Class A(b)
	5,500,000		0.850		07/15/26	5,204,840
Tesla Auto Lease Trust Series 2021-A, Class A3(b)
	345,097		0.560		03/20/25	342,475
Tesla Auto Lease Trust Series 2021-A, Class A4(b)
	1,800,000		0.660		03/20/25	1,767,299
Tesla Auto Lease Trust Series 2021-B, Class A3(b)
	5,300,000		0.600		09/22/25	5,101,014
Toyota Auto Receivables Owner Trust Series 2021-D, Class A3
	3,800,000		0.710		04/15/26	3,641,405
Toyota Auto Receivables Owner Trust Series 2022-D, Class A3
	2,000,000		5.300		09/15/27	1,995,850

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Automotive – (continued)
Toyota Lease Owner Trust Series 2021-A, Class A3(b)
$	257,224		0.390	%	04/22/24	$       256,498
Toyota Lease Owner Trust Series 2021-A, Class A4(b)
	375,000		0.500		08/20/25	371,233
Toyota Lease Owner Trust Series 2021-B, Class A3(b)
	986,075		0.420		10/21/24	975,433
						51,308,612
Collateralized Loan Obligations(b)(c) – 9.1%
AIG CLO Series 2021-1A, Class A (3M USD LIBOR + 1.100%)
	2,100,000		6.373		04/22/34	2,062,399
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%)
	1,300,000		6.450		07/20/34	1,279,738
Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 (3M USD LIBOR + 1.150%)
	4,000,000		6.410		04/15/34	3,913,584
Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1 (3M USD LIBOR + 1.140%)
	5,000,000		6.413		01/22/35	4,890,725
BSPDF Issuer Ltd. Series 2021-FL1, Class A (1M USD LIBOR + 1.200%)
	1,000,000		6.393		10/15/36	974,568
CarVal CLO IV Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.180%)
	2,600,000		6.430		07/20/34	2,561,068
CBAM Ltd. Series 2017-2A, Class AR (3M USD LIBOR + 1.190%)
	5,000,000		6.450		07/17/34	4,885,290
Cedar Funding VII CLO Ltd. Series 2018-7A, Class A1 (3M USD LIBOR + 1.000%)
	2,977,355		6.250		01/20/31	2,951,473
Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	4,939,710		6.010		04/15/29	4,877,055
Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR (3M USD LIBOR + 1.070%)
	1,000,000		6.330		07/15/33	988,073
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%)
	5,000,000		6.479		05/20/32	4,895,375
OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	2,600,000		6.348		04/26/31	2,576,254
Octagon 54 Ltd. Series 2021-1A, Class A1 (3M USD LIBOR + 1.120%)
	1,000,000		6.380		07/15/34	977,949
OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3M USD LIBOR + 1.140%)
	2,500,000		6.390		07/02/35	2,462,867
Pikes Peak CLO 2 Series 2018-2A, Class AR (3M USD LIBOR + 1.190%)
	6,700,000		6.452		10/18/34	6,539,200

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Collateralized Loan Obligations(b)(c) – (continued)
Trysail CLO Ltd. Series 2021-1A, Class A1 (3M USD LIBOR + 1.320%)
$	1,400,000		6.570	%	07/20/32	$    1,379,034
Wellfleet CLO Ltd. Series 2021-3A, Class A (3M USD LIBOR + 1.190%)
	5,000,000		6.450		01/15/35	4,864,760
Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)
	475,000		6.623		07/28/32	467,935
						53,547,347
Credit Card – 3.6%
Barclays Dryrock Issuance Trust Series 2021-1, Class A
	6,200,000		0.630		07/15/27	5,838,556
CARDS II Trust Series 2021-1A, Class A(b)
	4,075,000		0.602		04/15/27	3,906,486
Evergreen Credit Card Trust Series 2021-1, Class A(b)
	8,275,000		0.900		10/15/26	7,782,429
Master Credit Card Trust Series 2021-1A, Class A(b)
	3,900,000		0.530		11/21/25	3,717,138
						21,244,609
Student Loan(c) – 2.1%
Access Group, Inc. Series 2013-1, Class A(b) (1M USD LIBOR + 0.500%)
	485,116		5.650		02/25/36	477,065
ECMC Group Student Loan Trust Series 2017-1A, Class A(b) (1M USD LIBOR + 1.200%)
	1,262,325		6.350		12/27/66	1,247,426
Educational Services of America, Inc. Series 2014-1, Class A(b) (1M USD LIBOR + 0.700%)
	944,620		5.850		02/25/39	929,080
Goal Capital Funding Trust Series 2010-1, Class A(b) (3M USD LIBOR + 0.700%)
	11,086		6.096		08/25/48	10,819
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	911,334		6.155		07/25/45	911,349
Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1M USD LIBOR + 0.780%)
	676,297		5.930		03/25/51	676,142
Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%)
	140,093		6.205		04/25/38	137,413
Navient Student Loan Trust Series 2017-2A, Class A(b) (1M USD LIBOR + 1.050%)
	1,977,151		6.200		12/27/66	1,956,197
Nelnet Student Loan Trust Series 2012-3A, Class A(b) (1M USD LIBOR + 0.700%)
	1,766,313		5.850		03/26/40	1,766,293
PHEAA Student Loan Trust Series 2014-3A, Class A(b) (1M USD LIBOR + 0.590%)
	2,494,278		5.740		08/25/40	2,424,491

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Student Loan(c) – (continued)
Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%)
$	521,608		5.934	%	07/01/31	$       521,224
SLC Student Loan Trust Series 2007-1, Class A4 (3M USD LIBOR + 0.060%)
	834,854		5.381		05/15/29	830,066
SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%)
	177,179		6.271		11/25/42	176,558
						12,064,123
TOTAL ASSET-BACKED SECURITIES (Cost $142,986,839)						$138,164,691
Mortgage-Backed Obligations – 4.2%
Collateralized Mortgage Obligations – 1.0%
Regular Floater(c) – 0.2%
FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
$	276,520		5.793	%(a)	09/15/37	$       273,956
FHLMC REMIC Series 3374, Class FT (1M USD LIBOR + 0.300%)
	33,293		5.493		04/15/37	32,485
FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
	30,793		6.043		06/15/39	30,762
FHLMC STRIPS Series 237, Class F23 (1M USD LIBOR + 0.400%)
	90,692		5.593		05/15/36	89,403
FNMA REMIC Series 1998-66, Class FC (1M USD LIBOR + 0.500%)
	35		5.646		11/17/28	35
FNMA REMIC Series 2006-72, Class XF (1M USD LIBOR + 0.500%)
	124,542		5.650		08/25/36	122,927
FNMA REMIC Series 2008-22, Class FD (1M USD LIBOR + 0.840%)
	160,911		5.990		04/25/48	160,412
FNMA REMIC Series 2009-75, Class MF (1M USD LIBOR + 1.150%)
	235,924		6.300		09/25/39	238,369
FNMA REMIC Series 2013-96, Class FW (1M USD LIBOR + 0.400%)
	46,014		5.550		09/25/43	45,224
						993,573
Sequential Fixed Rate – 0.4%
FHLMC REMIC Series 4248, Class LM
	208,527		6.500		05/15/41	217,919
OBX Trust Series 2022-NQM7, Class A1
	274,115		5.110	(a)(b)(d)	08/25/62	266,320

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
Verus Securitization Trust Series 2022-1, Class A1
$	1,820,700		2.724	%(a)(b)(d)	01/25/67	$    1,611,603
						2,095,842
Sequential Floating Rate(c) – 0.4%
Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (SOFR + 1.650%)
	442,000		6.717	(a)(b)	12/25/41	427,641
Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (SOFR + 1.900%)
	408,894		6.967	(a)(b)	04/25/42	409,818
CSMC Series 2021-NQM8, Class A1
	294,624		1.841	(a)(b)	10/25/66	249,856
Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (SOFR + 3.900%)
	122,772		8.967	(a)(b)	04/25/43	125,284
FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A (SOFR + 1.000%)
	724,568		6.067	(a)(b)	01/25/42	712,914
FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A (SOFR + 2.000%)
	350,763		7.067	(a)(b)	04/25/42	351,208
FNMA REMIC Series 1997-20, Class F
	2,086		3.227		03/25/27	2,061
Verus Securitization Trust Series 2021-8, Class A1
	206,322		1.824	(a)(b)	11/25/66	176,428
						2,455,210
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						5,544,625
Commercial Mortgage-Backed Securities – 3.2%
Sequential Fixed Rate(a) – 1.1%
BANK Series 2017-BNK6, Class A3
$	1,486,558		3.125	%	07/15/60	$    1,436,594
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5
	2,198,307		4.064		02/15/47	2,174,253
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class A4
	3,000,000		3.249		02/15/48	2,858,437
						6,469,284
Sequential Floating Rate(c) – 2.1%
BX Commercial Mortgage Trust Series 2021-21M, Class A (1M USD LIBOR + 0.730%)
	484,257		5.923	(b)	10/15/36	468,554
BX Commercial Mortgage Trust Series 2021-CIP, Class A (1M USD LIBOR + 0.921%)
	1,800,000		6.114	(b)	12/15/38	1,752,863
BX Series 2021-MFM1, Class A (TSFR1M + 0.814%)
	90,425		5.962	(b)	01/15/34	88,780
BX Trust Series 2021-ARIA, Class A (1M USD LIBOR + 0.899%)
	1,100,000		6.092	(b)	10/15/36	1,067,743

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(c) – (continued)
BX Trust Series 2021-BXMF, Class A (1M USD LIBOR + 0.636%)
$	700,000		5.829	%(b)	10/15/26	$       679,035
ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1M USD LIBOR + 0.701%)
	3,700,000		5.895	(b)	11/15/38	3,582,225
EQUS Mortgage Trust Series 2021-EQAZ, Class A (1M USD LIBOR + 0.755%)
	549,989		5.948	(a)(b)	10/15/38	534,207
FHLMC Multifamily Structured Pass Through Certificates Series KF58, Class A (1M USD LIBOR + 0.500%)
	600,542		5.693	(a)	01/25/26	598,357
FHLMC Multifamily Structured Pass Through Certificates Series KF60, Class A (1M USD LIBOR + 0.490%)
	449,189		5.683	(a)	02/25/26	447,165
FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%)
	169,723		5.563	(a)	04/25/24	169,535
FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%)
	220,034		5.563	(a)	05/25/24	219,679
Great Wolf Trust Series 2019-WOLF, Class A (TSFR1M + 1.148%)
	600,000		6.296	(b)	12/15/36	592,886
KKR Industrial Portfolio Trust Series 2021-KDIP, Class A (TSFR1M + 0.664%)
	130,657		5.812	(b)	12/15/37	128,374
ONE PARK Mortgage Trust Series 2021-PARK, Class A (TSFR1M + 0.814%)
	919,000		5.962	(b)	03/15/36	868,724
STWD Trust Series 2021-FLWR, Class A (1M USD LIBOR + 0.577%)
	1,300,000		5.770	(b)	07/15/36	1,261,294
						12,459,421
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$  18,928,705
Federal Agencies – 0.0%
GNMA – 0.0%
$	3,324		7.000	%	04/15/26	$           3,339
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $25,707,595)						$  24,476,669
Sovereign Debt Obligations – 1.1%
United States Dollar – 1.1%
Perusahaan Penerbit SBSN Indonesia III
$	2,260,000		4.325	%	05/28/25	$    2,231,840
Republic of Indonesia
	1,745,000		4.750		01/08/26	1,741,789

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount			Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
United States Dollar – (continued)
Saudi Government International Bond
$		2,320,000		3.250	%	10/26/26	$    2,194,790
							6,168,419
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $6,703,798)							$    6,168,419
Agency Debentures(a) – 0.6%
Sovereign – 0.6%
FHLB
$		380,000		5.340	%	04/23/24	$       377,914
		1,645,000		5.490		07/15/24	1,642,039
		1,650,000		5.520		07/15/24	1,647,145
TOTAL AGENCY DEBENTURES (Cost $3,675,000)							$    3,667,098
Municipal Debt Obligations – 0.1%
Florida – 0.1%
County of Palm Beach FL Revenue Bonds Taxable (Refunding) Series B
$		635,000		0.500	%	12/01/24	$       593,296
Rhode Island(a)(c) – 0.0%
Rhode Island Student Loan Authority RB Series 2014-1 (1M USD LIBOR)
		93,526		5.870		10/02/28	91,442
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $728,153)							$       684,738
	Shares		Description				Value
Exchange Traded Funds – 4.8%
		961,084		SPDR Portfolio Short Term Corporate Bond ETF			$  28,294,313
(Cost $30,180,440)
	Shares		Dividend Rate				Value
Investment Company(e) – 1.1%
Goldman Sachs Financial Square Government Fund - Institutional Shares
		6,612,216		5.022%			$    6,612,216
(Cost $6,612,216)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 96.8% (Cost $591,549,323)							$569,803,521

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 0.4%
Certificates of Deposit – 0.1%
Toronto-Dominion
$	644,000		5.820	%	05/23/24	$       642,903
Commercial Paper(f) – 0.3%
EIDP, Inc.
	1,358,000		0.000		11/24/23	1,327,097
HSBC USA, Inc.
	704,000		0.000		05/24/24	664,709
						1,991,806
TOTAL SHORT- TERM INVESTMENTS (Cost $2,637,525)						$    2,634,709
TOTAL INVESTMENTS – 97.2% (Cost $594,186,848)						$572,438,230
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.8%						16,471,687
NET ASSETS – 100.0%						$588,909,917

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, 2023.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2023.
(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, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2023, 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		(563)		09/29/23	$	(114,482,531	)	$	1,602,666
5 Year U.S. Treasury Notes		(49)		09/29/23		(5,247,594	)		97,269
TOTAL FUTURES CONTRACTS								$	1,699,935

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date		Notional Amount (000s)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
12M LIBOR(b)		5.000%		09/20/24	$	325,380	$	(737,376	)	$	29,789		$	(767,165	)
4.000%(c)		12M LIBOR		09/20/26		70,480		413,245			(115,944	)		529,189
TOTAL							$	(324,131	)	$	(86,155	)	$	(237,976	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2023.

(b) Payments made at maturity.

(c) Payments made annually.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
ETF	— Exchange Traded Fund
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
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
SPDR	— Standard and Poor’s Depository Receipt
STACR	— Structured Agency Credit Risk
STRIPS	— Separate Trading of Registered Interest and Principal of Securities
Abbreviation:
LIBOR	— London Interbank Offered Rate

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 59.8%
Collateralized Mortgage Obligations – 1.8%
Inverse Floaters(a)(b) – 0.0%
GNMA REMIC Series 2002-13, Class SB (-1X 1M USD LIBOR + 37.567%)
$	346		13.495	%	02/16/32	$              349
Regular Floater(a)(b) – 0.0%
FHLMC REMIC Series 1760, Class ZB (10 year CMT - 0.600%)
	3,364		2.990		05/15/24	3,359
Sequential Fixed Rate – 1.2%
FHLMC REMIC Series 2329, Class ZA
	123,391		6.500		06/15/31	124,343
FHLMC REMIC Series 4246, Class PT
	44,424		6.500		02/15/36	46,254
FNMA REMIC Series 2011-52, Class GB
	225,396		5.000		06/25/41	225,865
FNMA REMIC Series 2011-99, Class DB
	218,994		5.000		10/25/41	218,380
FNMA REMIC Series 2012-111, Class B
	30,268		7.000		10/25/42	32,481
FNMA REMIC Series 2012-153, Class B
	129,591		7.000		07/25/42	139,416
GNMA REMIC Series 2021-135, Class A
	1,338,437		2.000	(a)	08/20/51	1,112,589
OBX Trust Series 2022-NQM7, Class A1
	91,372		5.110	(a)(c)(d)	08/25/62	88,773
						1,988,101
Sequential Floating Rate(a)(b) – 0.6%
CSMC Series 2021-NQM8, Class A1
	98,208		1.841	(c)	10/25/66	83,286
JPMorgan Mortgage Trust Series 2021-6, Class A3
	358,409		2.500	(c)	10/25/51	288,001
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1
	551,516		2.520	(c)	05/25/52	446,616
Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%)
	40,377		5.863		11/25/29	38,059
Verus Securitization Trust Series 2021-8, Class A1
	78,934		1.824	(c)	11/25/66	67,497
						923,459
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$    2,915,268
Commercial Mortgage-Backed Securities – 4.1%
Sequential Fixed Rate – 2.6%
BANK Series 2019-BN24, Class A3
$	1,400,000		2.960	%(a)	11/15/62	$    1,213,576
BANK Series 2020-BN29, Class A4
	600,000		1.997	(a)	11/15/53	468,625
BANK Series 2022-BNK39, Class A4
	950,000		2.928	(a)	02/15/55	796,801
BBCMS Mortgage Trust Series 2021-C12, Class A5
	950,000		2.689		11/15/54	783,865
Manhattan West Mortgage Trust Series 2020-1MW, Class A
	600,000		2.130	(c)	09/10/39	513,330

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5
$	500,000		2.626	%(a)	04/15/54	$       408,218
						4,184,415
Sequential Floating Rate(b) – 1.5%
BANK Series 2021-BN31, Class AS
	250,000		2.211	(a)	02/15/54	189,680
BANK Series 2021-BNK37, Class A5
	600,000		2.618	(a)	11/15/64	492,746
BBCMS Mortgage Trust Series 2022-C16, Class AS
	550,000		4.600	(a)	06/15/55	483,254
BX Trust Series 2021-ARIA, Class A (1M USD LIBOR + 0.899%)
	900,000		6.092	(c)	10/15/36	873,608
Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4
	400,000		4.000	(a)	04/15/55	359,567
						2,398,855
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$    6,583,270
Federal Agencies – 53.9%
Adjustable Rate FHLMC(b) – 0.1%
(1 year CMT + 2.224%)
$	98		4.349	%	11/01/32	$                99
(1 year CMT + 2.250%)
	124,481		4.320		09/01/33	126,652
						126,751
Adjustable Rate FNMA(b) – 0.3%
(12M USD LIBOR + 1.670%)
	13,609		3.920		11/01/32	13,670
(6M USD LIBOR + 1.413%)
	193,581		4.538		05/01/33	193,265
(1 year CMT + 2.181%)
	4,088		4.915		06/01/33	4,141
(12M USD LIBOR + 1.667%)
	142,674		3.917		10/01/33	144,136
(1 year CMT + 2.194%)
	90,950		4.329		02/01/35	92,459
(12M USD LIBOR + 1.389%)
	72,919		3.639		09/01/35	73,447
						521,118
Adjustable Rate GNMA(b) – 0.3%
(1 year CMT + 1.500%)
	10		2.625		07/20/23	10
	67		2.625		08/20/23	67
	372		2.625		09/20/23	370
	623		3.625		03/20/24	617
	6,611		2.875		04/20/24	6,548
	895		2.875		05/20/24	886
	7,933		2.875		06/20/24	7,845
	1,937		3.000		06/20/24	1,917
	2,323		2.625		07/20/24	2,288
	3,761		3.000		07/20/24	3,711

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(b) – (continued)
(1 year CMT + 1.500%) – (continued)
$	5,364		2.625	%	08/20/24	$           5,279
	3,356		3.000		08/20/24	3,309
	2,858		2.625		09/20/24	2,810
	3,858		3.000		11/20/24	3,789
	1,494		3.000		12/20/24	1,466
	3,718		3.500		12/20/24	3,659
	2,397		3.625		01/20/25	2,356
	2,000		3.625		02/20/25	1,965
	7,799		3.000		05/20/25	7,668
	8,650		3.000		07/20/25	8,471
	4,407		3.625		02/20/26	4,306
	209		2.625		07/20/26	203
	12,592		3.625		01/20/27	12,276
	3,455		3.625		02/20/27	3,367
	41,613		2.875		04/20/27	40,647
	4,519		2.875		05/20/27	4,414
	7,404		2.875		06/20/27	7,232
	2,325		2.750		11/20/27	2,244
	32		3.000		11/20/27	31
	6,759		2.750		12/20/27	6,522
	15,752		3.625		01/20/28	15,345
	5,287		3.625		02/20/28	5,150
	5,173		3.625		03/20/28	5,039
	28,669		2.625		07/20/29	27,732
	11,746		2.625		08/20/29	11,362
	2,835		2.625		09/20/29	2,742
	15,206		2.750		10/20/29	14,669
	20,488		2.750		11/20/29	19,765
	4,087		2.750		12/20/29	3,943
	6,153		3.625		01/20/30	5,999
	1,747		3.625		02/20/30	1,704
	12,264		3.625		03/20/30	11,959
	16,667		2.875		04/20/30	16,318
	26,905		2.875		05/20/30	26,343
	24,119		3.000		05/20/30	23,660
	5,622		2.875		06/20/30	5,505
	39,551		3.000		07/20/30	38,572
	8,348		3.000		09/20/30	8,143
	15,259		2.750		10/20/30	14,728
	26,651		3.625		03/20/32	26,030
						430,981
FHLMC – 4.2%
	11,693		6.500		07/01/28	12,069
	92,627		4.500		03/01/29	90,727
	2,783		8.000		07/01/30	2,858
	6,073		5.000		08/01/33	6,066
	1,006		5.000		09/01/33	1,005
	2,430		5.000		10/01/33	2,427
	1,475		5.000		11/01/34	1,475
	55,445		5.000		12/01/34	55,466
	3,863		5.000		07/01/35	3,864
	6		5.000		11/01/35	6
	7,850		5.000		12/01/35	7,843
	13,606		5.000		02/01/37	13,699
	999		5.000		03/01/38	1,006
	35,745		5.000		07/01/39	35,915
	5,741		4.000		06/01/40	5,519

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	2,145		5.000	%	08/01/40	$           2,158
	675		4.500		11/01/40	666
	38,172		4.000		02/01/41	36,705
	2,182		5.000		06/01/41	2,193
	91,791		5.000		07/01/41	92,615
	3,156		4.000		11/01/41	3,032
	4,364		3.000		05/01/42	3,949
	5,696		3.000		08/01/42	5,156
	7,466		3.000		01/01/43	6,777
	33,066		3.000		02/01/43	30,014
	1,939,950		2.500		02/01/51	1,651,830
	4,873,703		2.000		05/01/51	3,983,784
	624,729		6.000		11/01/52	638,646
	203,492		6.000		12/01/52	209,680
						6,907,150
FNMA – 5.1%
	1,932		6.500		11/01/28	1,993
	25,135		7.000		07/01/31	26,211
	207,506		5.500		07/01/33	209,172
	1,004,382		3.500		09/01/62	900,487
	2,955,029		2.000		10/01/50	2,420,445
	2,954,345		2.000		11/01/50	2,419,519
	957,248		5.500		09/01/52	963,558
	752,125		6.000		11/01/52	769,827
	527,862		6.000		12/01/52	538,801
						8,250,013
GNMA – 17.7%
	13,948		7.000		12/15/27	14,145
	4,014		6.500		08/15/28	4,053
	25,396		6.000		01/15/29	25,626
	47,466		7.000		10/15/29	48,522
	15,908		5.500		11/15/32	16,119
	318,404		5.500		12/15/32	324,115
	6,321		5.500		01/15/33	6,403
	18,199		5.500		02/15/33	18,545
	20,213		5.500		03/15/33	20,543
	27,253		5.500		07/15/33	27,571
	8,773		5.500		08/15/33	8,914
	4,036		5.500		09/15/33	4,085
	9,729		5.500		04/15/34	9,888
	7,551		5.500		05/15/34	7,662
	132,278		5.500		06/15/34	134,995
	96,329		5.500		09/15/34	98,449
	105,621		5.500		12/15/34	108,089
	77,989		5.500		01/15/35	79,899
	32,325		5.000		03/15/38	32,478
	2,700		4.000		02/20/41	2,601
	4,307		4.000		11/20/41	4,148
	717		4.000		01/20/42	691
	2,288		4.000		04/20/42	2,203
	1,436		4.000		10/20/42	1,383
	157,515		4.000		08/20/43	151,623
	2,038		4.000		03/20/44	1,972
	2,520		4.000		05/20/44	2,438
	174,418		4.000		11/20/44	168,672

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	781,388		4.000	%	06/20/45	$       754,183
	173,265		4.000		01/20/46	167,233
	1,180,568		3.500		04/20/47	1,103,653
	698,219		3.500		12/20/47	652,729
	121,811		4.500		02/20/48	119,662
	64,335		5.000		08/20/48	64,264
	529,169		5.000		10/20/48	528,577
	300,707		5.000		11/20/48	300,370
	466,433		5.000		12/20/48	465,182
	637,852		5.000		01/20/49	636,142
	789,305		4.000		02/20/49	755,658
	400,842		5.000		03/20/49	399,767
	2,044,583		3.000		11/20/49	1,843,356
	1,320,669		3.000		02/20/50	1,190,974
	434,663		3.000		03/20/50	391,411
	140,770		3.500		01/20/51	130,587
	540,897		3.500		02/20/51	504,647
	316,403		2.500		06/20/51	270,786
	1,438,080		2.500		09/20/51	1,234,706
	620,092		2.500		10/20/51	530,692
	589,020		2.500		11/20/51	504,836
	877,771		3.000		12/20/51	787,152
	662,844		2.500		12/20/51	567,598
	1,246,964		2.500		01/20/52	1,066,173
	519,100		3.000		02/20/52	464,759
	980,230		3.500		02/20/53	908,567
	2,000,000		2.500		TBA-30yr(e)	1,730,840
	3,000,000		2.000		TBA-30yr(e)	2,518,920
	1,000,000		3.500		TBA-30yr(e)	922,729
	1,000,000		4.500		TBA-30yr(e)	964,864
	5,000,000		5.500		TBA-30yr(e)	4,978,001
						28,784,850
UMBS – 26.2%
	257		5.500		08/01/23	257
	667		4.500		07/01/36	654
	798		4.500		04/01/39	788
	3,832		4.500		05/01/39	3,757
	1,630		4.000		08/01/39	1,566
	7,578		4.500		08/01/39	7,430
	133,905		4.500		12/01/39	131,323
	7,407		4.500		01/01/41	7,307
	7,499		4.500		05/01/41	7,394
	42,902		4.500		08/01/41	42,154
	65,898		4.500		08/01/42	64,980
	6,263		3.000		11/01/42	5,679
	91,480		3.000		12/01/42	83,243
	231,892		3.000		01/01/43	210,781
	42,162		3.000		02/01/43	38,320
	293,900		3.000		03/01/43	266,580
	491,229		3.000		04/01/43	445,360
	316,367		3.000		05/01/43	286,700
	56,908		3.000		06/01/43	51,546
	484,801		3.000		07/01/43	441,717
	401,512		4.500		10/01/44	395,007
	283,447		4.000		12/01/44	272,007
	478,938		4.500		04/01/45	472,714
	59,422		4.500		05/01/45	58,612

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	211,053		4.500	%	06/01/45	$       207,635
	1,742,881		3.500		07/01/45	1,616,595
	569,721		4.000		08/01/45	546,726
	196,697		4.000		11/01/45	188,433
	1,728,648		4.000		01/01/46	1,656,023
	60,425		4.000		03/01/46	57,739
	4,606		4.500		05/01/46	4,526
	34,267		4.000		06/01/46	32,672
	50,140		4.500		08/01/46	49,222
	9,955		4.000		08/01/46	9,492
	91,576		4.000		10/01/46	87,312
	24,827		4.500		06/01/47	24,403
	565,018		4.500		11/01/47	553,614
	200,294		4.000		12/01/47	192,148
	187,841		4.000		01/01/48	180,142
	698,418		4.000		02/01/48	669,358
	488,598		4.000		03/01/48	467,961
	576,976		4.000		06/01/48	553,149
	182,950		4.000		08/01/48	174,994
	822,502		5.000		11/01/48	823,907
	1,017,022		4.500		01/01/49	990,457
	283,777		4.500		03/01/49	276,365
	673,321		4.500		04/01/49	656,237
	531,401		3.500		07/01/49	492,533
	340,956		3.500		08/01/49	316,017
	1,178,078		3.000		09/01/49	1,053,869
	1,772,551		4.500		03/01/50	1,729,848
	2,765,896		2.500		09/01/50	2,379,130
	2,775,713		2.500		05/01/51	2,376,297
	11,832		4.500		05/01/51	11,393
	4,597,830		2.000		12/01/51	3,754,291
	2,943,908		2.000		02/01/52	2,403,432
	233,667		4.500		04/01/52	224,588
	41,762		5.000		05/01/52	41,455
	544,515		5.000		06/01/52	540,340
	2,205,458		5.000		07/01/52	2,185,307
	28,943		5.000		08/01/52	28,712
	750,919		6.000		12/01/52	766,481
	964,914		5.500		04/01/53	961,625
	4,000,000		2.500		TBA-30yr(e)	3,389,843
	4,000,000		3.500		TBA-30yr(e)	3,643,437
	1,000,000		5.000		TBA-30yr(e)	979,727
	1,000,000		5.500		TBA-30yr(e)	995,194
	1,000,000		6.000		TBA-30yr(e)	1,008,711
						42,597,216
TOTAL FEDERAL AGENCIES						$  87,618,079
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $102,090,451)						$  97,116,617
Agency Debentures – 27.0%
Sovereign – 27.0%
FFCB
$	2,180,000		3.430	%	12/06/28	$    2,064,656

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – (continued)
Sovereign – (continued)
FFCB – (continued)
$	720,000		5.270	%	05/01/29	$       744,358
FHLB
	3,620,000		3.500		06/11/32	3,355,631
FNMA
	2,600,000		6.250		05/15/29	2,875,574
	14,500,000		0.875		08/05/30	11,653,505
	4,000,000		6.625		11/15/30	4,633,720
Tennessee Valley Authority
	20,150,000		0.750		05/15/25	18,576,688
TOTAL AGENCY DEBENTURES (Cost $48,287,668)						$  43,904,132
Asset-Backed Securities(a)(b)(c) – 2.1%
Collateralized Loan Obligations – 0.6%
Towd Point Mortgage Trust Series 2017-4, Class A2
$	1,030,153		3.000	%	06/25/57	$       905,559
Student Loan – 1.5%
ECMC Group Student Loan Trust Series 2018-2A, Class A (1M USD LIBOR + 0.800%)
	909,560		5.950		09/25/68	883,824
PHEAA Student Loan Trust Series 2016-1A, Class A (1M USD LIBOR + 1.150%)
	535,791		6.300		09/25/65	527,554
Scholar Funding Trust Series 2013-A, Class A (1M USD LIBOR + 0.650%)
	1,042,788		5.828		01/30/45	1,006,142
						2,417,520
TOTAL ASSET-BACKED SECURITIES (Cost $3,526,339)						$    3,323,079
Municipal Debt Obligations – 1.3%
New Jersey – 1.3%
New Jersey Economic Development Authority Series A
$	2,000,000		7.425	%	02/15/29	$    2,148,158
(Cost $2,000,000)
Sovereign Debt Obligations(f) – 0.7%
United States Dollar – 0.7%
Israel Government AID Bond
$	500,000		5.500	%	12/04/23	$       499,670
	700,000		5.500		04/26/24	698,635
						1,198,305
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,223,906)						$    1,198,305

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 21.7%
United States Treasury Bonds
$	1,020,000		3.500	%(g)	04/30/30	$       990,675
	1,890,000		3.875		08/15/40	1,874,939
	3,200,000		1.875		02/15/41	2,324,500
	3,040,000		2.250		05/15/41	2,341,750
	900,000		3.125		11/15/41	792,844
	3,830,000		3.625		02/15/44	3,588,231
	9,390,000		3.375		05/15/44	8,465,672
	3,320,000		3.125		08/15/44	2,872,837
	6,400,000		2.875		11/15/46	5,273,000
	5,080,000		2.750		11/15/47	4,087,019
	530,000		2.375		11/15/49	396,009
	1,190,000		2.000		02/15/50	815,894
	2,020,000		2.375		05/15/51	1,502,375
United States Treasury Strip Coupon(h)
	4,000		0.000		11/15/35	2,450
TOTAL U.S. TREASURY OBLIGATIONS (Cost $42,844,288)						$  35,328,195
TOTAL INVESTMENTS – 112.6% (Cost $199,972,652)						$183,018,486
OTHER ASSETS IN EXCESS OF     LIABILITIES – (12.6)%						(20,549,410)
NET ASSETS – 100.0%						$162,469,076

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2023.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2023.
(e)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $21,132,266 which represents approximately 13.2% of net assets as of June 30, 2023.
(f)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $1,198,305, which represents approximately 1% of the Fund’s net assets as of June 30, 2023
(g)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(h)	Issued with a zero coupon. Income is recognized through the accretion of discount.

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At June 30, 2023, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount		Value
GNMA		3.000	%		TBA - 30yr		07/20/23	$	(3,000,000)	$	(2,680,062)
GNMA		5.000			TBA - 30yr		07/20/23		(1,000,000)		(982,544)
UMBS, 30 Year, Single Family		2.000			TBA - 30yr		07/13/23		(1,000,000)		(814,886)
UMBS, 30 Year, Single Family		3.000			TBA - 30yr		07/13/23		(2,000,000)		(1,759,687)
UMBS, 30 Year, Single Family		4.000			TBA - 30yr		07/13/23		(1,000,000)		(938,203)
UMBS, 30 Year, Single Family		4.500			TBA - 30yr		07/13/23		(2,000,000)		(1,921,876)
(PROCEEDS RECEIVABLE: $(9,148,906))										$	(9,097,258)

(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, 2023, 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	24	09/29/23	$	4,880,250		$	(31,912	)
5 Year U.S. Treasury Notes	143	09/29/23		15,314,406			(179,929	)
Total						$	(211,841	)
Short position contracts:
10 Year U.S. Treasury Notes	(100)	09/20/23		(11,368,516	)		108,143
20 Year U.S. Treasury Bonds	(74)	09/20/23		(9,391,062	)		27,907
Ultra Long U.S. Treasury Bonds	(67)	09/20/23		(9,126,656	)		(61,454	)
Total						$	74,596
TOTAL FUTURES CONTRACTS						$	(137,245	)

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)
12M SOFR(a)	4.430%(a)		12/31/24	$	10		$	(109	)	$	(2	)	$	(107	)
3.270%(b)	12M SOFR(b)		05/14/25		8,190	(c)		84,096			48,891			35,205
3.490(a)	12M SOFR(a)		05/31/27		10			235			(29	)		264
12M SOFR(a)	3.423(a)		03/31/30		5,680	(c)		(79,501	)		(840	)		(78,661	)
2.680(a)	12M SOFR(a)		07/28/32		3,950	(c)		69,662			37,709			31,953
12M SOFR(a)	2.910(a)		07/28/37		9,660	(c)		(127,630	)		(113,326	)		(14,304	)
12M SOFR(a)	2.720(a)		08/11/37		5,880	(c)		(115,128	)		(158,287	)		43,159
12M SOFR(a)	3.391(a)		05/10/38		4,240	(c)		9,397			(4,686	)		14,083
2.080(a)	12M SOFR(a)		07/28/47		8,230	(c)		116,935			116,271			664
2.170(a)	12M SOFR(a)		08/11/52		2,850	(c)		126,048			123,197			2,851
2.564(a)	12M SOFR(a)		05/11/53		3,410	(c)		(19,493	)		4,634			(24,127	)
TOTAL							$	64,512		$	53,532		$	10,980

(a) Payments made annually.

(b) Payments made at maturity.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2023.

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contract
Calls
1Y IRS	Citibank NA		2.400	%		07/28/2023	2,000,000	$	2,000,000		$	22		$	67,000		$	(66,978	)
Written option contracts
Calls
1Y IRS	BofA Securities LLC		3.025			05/10/2024	(6,450,000)		(6,450,000	)		(10,470	)		(40,055	)		29,585
1Y IRS	BofA Securities LLC		2.935			05/13/2024	(3,250,000)		(3,250,000	)		(4,901	)		(20,719	)		15,818
1Y IRS	BofA Securities LLC		2.908			05/13/2024	(3,250,000)		(3,250,000	)		(4,781	)		(21,125	)		16,344
1Y IRS	Citibank NA		1.750			07/28/2023	(2,000,000)		(2,000,000	)		—			(25,000	)		25,000
1Y IRS	Citibank NA		2.075			07/28/2023	(2,000,000)		(2,000,000	)		(3	)		(42,000	)		41,997
							(16,950,000)	$	(16,950,000	)	$	(20,155	)	$	(148,899	)	$	128,744
Puts
1Y IRS	BofA Securities LLC		3.025			05/10/2024	(6,450,000)		(6,450,000	)		(91,560	)		(40,054	)		(51,505	)
1Y IRS	BofA Securities LLC		2.935			05/13/2024	(3,250,000)		(3,250,000	)		(48,347	)		(20,719	)		(27,629	)
1Y IRS	BofA Securities LLC		2.908			05/13/2024	(3,250,000)		(3,250,000	)		(49,040	)		(21,125	)		(27,916	)
							(12,950,000)	$	(12,950,000	)	$	(188,947	)	$	(81,898	)	$	(107,050	)
Total written option contracts							(29,900,000)	$	(29,900,000	)	$	(209,102	)	$	(230,797	)	$	21,694
TOTAL							(27,900,000)	$	(27,900,000	)	$	(209,080	)	$	(163,797	)	$	(45,284	)

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
FFCB	— Federal Farm Credit Bank
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
REMIC	— Real Estate Mortgage Investment Conduit
UMBS	— Uniform Mortgage Backed Securities
Abbreviations:
1Y IRS	— 1 Year Interest Rate Swaptions
BofA Securities LLC	— Bank of America Securities LLC
SOFR	— Secured Overnight Funding Rate

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – 1.1%
Sovereign – 1.1%
United States Treasury Inflation Indexed Notes
$	3,716,793		1.625	%	10/15/27	$    3,662,287
(Cost $3,699,870)
TOTAL AGENCY DEBENTURES (Cost $3,699,870)						$    3,662,287
U.S. Treasury Obligations – 98.2%
United States Treasury Inflation Indexed Bonds
$	16,208,346		2.125	%	02/15/40	$  17,394,487
	6,481,171		1.375		02/15/44	6,102,427
	11,734,105		1.000		02/15/48	10,089,909
	9,799,577		1.000		02/15/49	8,430,279
	6,240,983		0.250		02/15/50	4,363,689
	6,011,452		0.125		02/15/51	4,009,184
United States Treasury Inflation Indexed Notes
	10,298,260		0.125		04/15/25	9,795,742
	36,835,776		0.375	(a)	07/15/25	35,249,045
	31,316,706		0.125		10/15/25	29,693,338
	21,142,100		0.125		04/15/26	19,822,833
	19,651,351		0.125		07/15/26	18,457,339

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Inflation Indexed Notes – (continued)
$	22,954,593		0.125	%	10/15/26	$  21,461,457
	17,842,222		0.500		01/15/28	16,689,331
	27,207,633		0.875		01/15/29	25,759,274
	7,166,320		0.250		07/15/29	6,545,307
	19,105,450		0.125		07/15/30	17,129,245
	40,595,379		0.125		07/15/31	36,011,724
	30,566,479		0.625		07/15/32	28,102,700
TOTAL U.S. TREASURY OBLIGATIONS (Cost $348,853,446)						$315,107,310
TOTAL INVESTMENTS – 99.3% (Cost $352,553,316)						$318,769,597
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.7%						2,239,147
NET ASSETS – 100.0%						$321,008,744

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.

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2023, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes	45	09/20/23	$	5,329,687		$	(50,733	)
2 Year U.S. Treasury Notes	4	09/29/23		813,375			(3,299	)
5 Year U.S. Treasury Notes	13	09/29/23		1,392,219			(7,175	)
Total						$	(61,207	)
Short position contracts:
10 Year U.S. Treasury Notes	(130)	09/20/23		(14,594,531	)		122,972
20 Year U.S. Treasury Bonds	(7)	09/20/23		(888,344	)		(687	)
Ultra Long U.S. Treasury Bonds	(43)	09/20/23		(5,857,406	)		(30,626	)
Total						$	91,659
TOTAL FUTURES CONTRACTS						$	30,452

SWAP CONTRACTS — At June 30, 2023, 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)	1T CPI-U(a)		02/20/24	$	13,700		$	1,318,850		$	15		$	1,318,835
2.103(a)	1T CPI-U(a)		12/14/24		10,000			1,065,241			28			1,065,213
4.430(b)	12M SOFR(b)		12/31/24		10			111			(40	)		151
3.270(a)	12M SOFR(a)		05/14/25		24,930	(c)		255,976			148,913			107,063
2.007(a)	1T CPI-U(a)		02/07/26		6,300			708,117			31			708,086
12M SOFR(b)	3.490%(b)		05/31/27		10			(266	)		(30	)		(236	)
12M SOFR(a)	2.103(a)		02/07/29		6,300			(737,845	)		54			(737,899	)
12M SOFR(b)	3.423(b)		03/31/30		17,580	(c)		(246,062	)		(2,442	)		(243,620	)
2.680(b)	12M SOFR(b)		07/28/32		13,210	(c)		232,971			175,929			57,042
12M SOFR(b)	2.910(b)		07/28/37		32,380	(c)		(427,812	)		(435,904	)		8,092
12M SOFR(b)	2.720(b)		08/11/37		19,070	(c)		(373,381	)		(583,377	)		209,996
12M SOFR(b)	3.391(b)		05/10/38		15,220	(c)		33,729			(15,475	)		49,204
2.080(b)	12M SOFR(b)		07/28/47		27,580	(c)		391,868			362,210			29,658
2.170(b)	12M SOFR(b)		08/11/52		9,770	(c)		432,103			273,827			158,276
2.564(b)	12M SOFR(b)		05/11/53		12,180	(c)		(69,627	)		14,276			(83,903	)
TOTAL							$	2,583,973		$	(61,985	)	$	2,645,958

(a) Payments made at 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, 2023.

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2023, 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)
Written option contracts
Calls
1Y IRS	BofA Securities LLC		3.025	%		05/10/2024	(21,600,000)	$	(21,600,000	)	$	(35,061	)	$	(134,136	)	$	99,075
1Y IRS	BofA Securities LLC		2.935			05/13/2024	(8,950,000)		(8,950,000	)		(13,496	)		(57,056	)		43,561
1Y IRS	BofA Securities LLC		2.908			05/13/2024	(8,950,000)		(8,950,000	)		(13,166	)		(58,175	)		45,009
							(39,500,000)	$	(39,500,000	)	$	(61,723	)	$	(249,367	)	$	187,645
Puts
1Y IRS	BofA Securities LLC		3.025			05/10/2024	(21,600,000)		(21,600,000	)		(306,619	)		(134,136	)		(172,483	)
1Y IRS	BofA Securities LLC		2.935			05/13/2024	(8,950,000)		(8,950,000	)		(133,141	)		(57,057	)		(76,085	)
1Y IRS	BofA Securities LLC		2.908			05/13/2024	(8,950,000)		(8,950,000	)		(135,050	)		(58,175	)		(76,875	)
							(39,500,000)	$	(39,500,000	)	$	(574,810	)	$	(249,368	)	$	(325,443	)
Total written option contracts							(79,000,000)	$	(79,000,000	)	$	(636,533	)	$	(498,735	)	$	(137,798	)
TOTAL							(79,000,000)	$	(79,000,000	)	$	(636,533	)	$	(498,735	)	$	(137,798	)

Currency Abbreviations:
USD	— U.S. Dollar
Abbreviations:
1Y IRS	— 1 Year Interest Rate Swaptions
CPI U	— Consumer Price Index For All Urban Consumers
SOFR	— Secured Overnight Funding Rate

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 55.7%
Advertising(a)(b) – 0.3%
Outfront Media Capital LLC/Outfront Media Capital Corp.
$	4,405,000		6.250	%	06/15/25	$       4,405,749
Aerospace & Defense(b) – 2.0%
Howmet Aerospace, Inc.
	1,279,000		5.125		10/01/24	1,267,182
	1,265,000		6.875		05/01/25	1,285,708
Teledyne Technologies, Inc.
	9,375,000		1.600		04/01/26	8,465,719
The Boeing Co.
	11,850,000		4.875		05/01/25	11,680,189
	5,400,000		2.600		10/30/25	5,025,402
						27,724,200
Agriculture(b) – 0.5%
BAT International Finance PLC
	8,000,000		1.668		03/25/26	7,193,200
Airlines(a)(b) – 0.2%
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
	3,030,000		8.000		09/20/25	3,060,270
Automotive – 1.8%
Ford Motor Credit Co. LLC(b)
	5,639,000		2.300		02/10/25	5,266,713
	250,000		4.687		06/09/25	241,003
General Motors Financial Co., Inc.(b)
	8,800,000		1.500		06/10/26	7,781,928
Hyundai Capital America(a)
	2,350,000		5.800		06/26/25	2,345,629
The Goodyear Tire & Rubber Co.(b)
	3,235,000		9.500		05/31/25	3,315,357
Volkswagen Group of America Finance LLC(a)
	5,800,000		3.950		06/06/25	5,621,476
ZF North America Capital, Inc.(a)
	900,000		4.750		04/29/25	876,411
						25,448,517
Banks – 22.3%
Banco do Brasil SA
	3,350,000		4.750		03/20/24	3,302,128
Banco Santander SA
	1,600,000		2.746		05/28/25	1,502,896
Bank of America Corp.
	9,025,000		4.000		01/22/25	8,780,783
	23,950,000		3.950		04/21/25	23,202,520
(SOFR + 0.910%)
	20,250,000		0.981	(b)(c)	09/25/25	19,026,090
(SOFR + 1.110%)
	7,898,000		3.841	(b)(c)	04/25/25	7,748,412
Barclays PLC(b)(c)
(3M USD LIBOR + 1.610%)
	1,850,000		3.932		05/07/25	1,808,653
(SOFR + 2.714%)
	3,600,000		2.852		05/07/26	3,374,784
BNP Paribas SA(a)
	10,000,000		4.375		09/28/25	9,589,700
(SOFR + 2.074%)
	3,275,000		2.219	(b)(c)	06/09/26	3,033,567

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
BPCE SA(a)
$	850,000		2.375	%	01/14/25	$          797,156
(SOFR + 1.520%)
	3,675,000		1.652	(b)(c)	10/06/26	3,295,777
Canadian Imperial Bank of Commerce
	2,065,000		5.144		04/28/25	2,048,418
Citigroup, Inc.
	1,525,000		3.875		03/26/25	1,473,470
	1,375,000		4.400		06/10/25	1,336,321
	1,800,000		4.600		03/09/26	1,741,914
(SOFR + 0.694%)
	15,075,000		2.014	(b)(c)	01/25/26	14,176,831
(SOFR + 1.372%)
	7,355,000		4.140	(b)(c)	05/24/25	7,225,699
(SOFR + 2.842%)
	14,275,000		3.106	(b)(c)	04/08/26	13,629,913
Credit Agricole SA
	5,700,000		4.375		03/17/25	5,496,909
Credit Suisse AG
	5,539,000		6.500	(a)	08/08/23	5,510,142
	11,225,000		3.700		02/21/25	10,741,651
	675,000		2.950		04/09/25	634,919
Deutsche Bank AG
	6,025,000		3.700		05/30/24	5,852,986
(SOFR + 2.159%)
	1,525,000		2.222	(b)(c)	09/18/24	1,506,685
Fifth Third Bancorp(b)
	690,000		2.375		01/28/25	647,524
First Horizon Corp.(b)
	1,500,000		4.000		05/26/25	1,401,045
First-Citizens Bank & Trust Co.(b)(c) (TSFR3M + 1.715%)
	1,050,000		2.969		09/27/25	988,407
HSBC Holdings PLC(b)(c) (SOFR + 1.538%)
	8,675,000		1.645		04/18/26	8,010,235
ING Groep NV(a)
	5,000,000		4.625		01/06/26	4,874,600
(1 year CMT + 1.100%)
	4,750,000		1.400	(b)(c)	07/01/26	4,328,722
JPMorgan Chase & Co.(b)(c)
(SOFR + 0.420%)
	713,000		0.563		02/16/25	688,024
(SOFR + 0.605%)
	6,525,000		1.561		12/10/25	6,110,662
(SOFR + 0.800%)
	9,200,000		1.045		11/19/26	8,243,292
(SOFR + 1.850%)
	6,360,000		2.083		04/22/26	5,955,886
(TSFR3M + 1.585%)
	22,175,000		2.005		03/13/26	20,829,421
Lloyds Banking Group PLC
	1,525,000		4.500		11/04/24	1,480,257
Macquarie Group Ltd.(a)(b)(c) (SOFR + 1.069%)
	2,100,000		1.340		01/12/27	1,868,496
Mitsubishi UFJ Financial Group, Inc.
	3,025,000		1.412		07/17/25	2,772,413
Morgan Stanley(b)(c)
(SOFR + 0.509%)
	6,094,000		0.791		01/22/25	5,905,756

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley(b)(c) – (continued)
(SOFR + 0.525%)
$	3,700,000		0.790	%	05/30/25	$       3,515,296
(SOFR + 0.720%)
	4,025,000		0.985		12/10/26	3,590,984
(SOFR + 0.745%)
	2,125,000		0.864		10/21/25	1,979,119
(SOFR + 1.990%)
	20,275,000		2.188		04/28/26	19,029,912
Royal Bank of Canada
	8,630,000		4.950		04/25/25	8,526,095
Santander Holdings USA, Inc.(b)(c) (SOFR + 0.380%)
	4,171,000		4.260		06/09/25	4,002,408
Santander UK Group Holdings PLC(b)(c) (SOFR + 0.787%)
	9,700,000		1.089		03/15/25	9,286,683
Standard Chartered PLC(a)(b)(c) (1 year CMT + 0.780%)
	2,275,000		0.991		01/12/25	2,205,658
Sumitomo Mitsui Financial Group, Inc.
	1,925,000		1.474		07/08/25	1,769,171
The Bank of New York Mellon Corp.(b)(c) (SOFR + 1.026%)
	4,600,000		4.947		04/26/27	4,541,304
UBS Group AG(a)(b)(c) (SOFR + 2.044%)
	9,600,000		2.193		06/05/26	8,792,736
Wells Fargo & Co.(b)(c)
(SOFR + 1.560%)
	9,910,000		4.540		08/15/26	9,688,016
(SOFR + 2.000%)
	7,200,000		2.188		04/30/26	6,748,272
Westpac New Zealand Ltd.(a)
	2,265,000		4.902		02/15/28	2,217,050
						316,835,768
Building Materials(b) – 1.0%
Carrier Global Corp.
	15,325,000		2.242		02/15/25	14,505,879
JELD-WEN, Inc.(a)
	125,000		4.875		12/15/27	110,704
Summit Materials LLC/Summit Materials Finance Corp.(a)
	115,000		6.500		03/15/27	114,644
						14,731,227
Chemicals(b) – 0.5%
International Flavors & Fragrances, Inc.(a)
	5,225,000		1.230		10/01/25	4,660,177
OCI NV(a)
	1,043,000		4.625		10/15/25	1,009,853
Sasol Financing USA LLC
	450,000		5.875		03/27/24	442,823
SPCM SA(a)
	1,650,000		3.125		03/15/27	1,480,001
						7,592,854
Commercial Services – 0.6%
Global Payments, Inc.(b)
	3,175,000		1.200		03/01/26	2,821,877
Prime Security Services Borrower LLC/Prime Finance, Inc.(a)
	5,920,000		5.250		04/15/24	5,868,022
						8,689,899

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Computers(b) – 0.9%
Dell International LLC/EMC Corp.
$	10,665,000		5.850	%	07/15/25	$     10,703,287
NetApp, Inc.
	1,300,000		1.875		06/22/25	1,208,285
						11,911,572
Diversified Financial Services – 3.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(b)
	5,925,000		3.500		01/15/25	5,699,909
	640,000		6.500		07/15/25	643,718
Air Lease Corp.(b)
	1,500,000		2.300		02/01/25	1,412,445
	1,100,000		3.375		07/01/25	1,040,237
	5,175,000		1.875		08/15/26	4,599,023
Aviation Capital Group LLC(a)(b)
	1,725,000		1.950		01/30/26	1,535,543
Avolon Holdings Funding Ltd.(a)(b)
	1,075,000		3.950		07/01/24	1,042,933
	2,075,000		2.875		02/15/25	1,936,079
Capital One Financial Corp.(b)
	6,050,000		3.200		02/05/25	5,775,693
LD Holdings Group LLC(a)(b)
	3,610,000		6.500		11/01/25	2,847,929
Nomura Holdings, Inc.
	2,695,000		5.099		07/03/25	2,645,547
OneMain Finance Corp.(b)
	4,390,000		6.125		03/15/24	4,374,328
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(a)(b)
	10,460,000		2.875		10/15/26	9,252,079
Synchrony Financial(b)
	4,260,000		4.875		06/13/25	4,051,430
						46,856,893
Electrical(b) – 1.7%
Avangrid, Inc.
	1,375,000		3.200		04/15/25	1,308,464
DTE Energy Co.
	3,375,000		1.050		06/01/25	3,092,040
Enel Finance International NV(a)
	7,875,000		1.375		07/12/26	6,948,270
Entergy Corp.
	2,800,000		0.900		09/15/25	2,517,284
NRG Energy, Inc.(a)
	4,525,000		3.750		06/15/24	4,372,960
Vistra Operations Co. LLC(a)
	3,325,000		3.550		07/15/24	3,211,351
	2,965,000		5.000		07/31/27	2,780,518
						24,230,887
Electronics(a) – 0.2%
Sensata Technologies B.V.
	3,000,000		5.000		10/01/25	2,937,480
Energy-Alternate Sources(a)(b) – 0.0%
Greenko Dutch B.V.
	188,000		3.850		03/29/26	168,503

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2023 (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	$          191,096
						359,599
Engineering & Construction(b) – 0.2%
AECOM
	2,750,000		5.125		03/15/27	2,658,370
Entertainment – 0.7%
Banijay Entertainment SASU(a)(b)
	687,000		5.375		03/01/25	673,748
Caesars Entertainment, Inc.(a)(b)
	1,895,000		6.250		07/01/25	1,886,586
Six Flags Theme Parks, Inc.(a)(b)
	1,125,000		7.000		07/01/25	1,133,134
Warnermedia Holdings, Inc.
	6,900,000		3.638		03/15/25	6,656,568
						10,350,036
Environmental(a)(b) – 0.6%
GFL Environmental, Inc.
	3,880,000		3.750		08/01/25	3,693,527
	4,860,000		5.125		12/15/26	4,687,616
						8,381,143
Food & Drug Retailing(a)(b) – 0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC
	3,630,000		3.250		03/15/26	3,363,630
	110,000		7.500		03/15/26	112,043
Performance Food Group, Inc.
	3,020,000		6.875		05/01/25	3,024,198
US Foods, Inc.
	1,055,000		6.250		04/15/25	1,055,675
						7,555,546
Gas(b) – 0.7%
NiSource, Inc.
	11,050,000		0.950		08/15/25	10,085,335
Healthcare Providers & Services – 1.7%
Centene Corp.(b)
	1,900,000		4.250		12/15/27	1,777,868
	8,410,000		2.450		07/15/28	7,208,800
HCA, Inc.
	8,810,000		5.375		02/01/25	8,734,322
	6,000,000		5.875	(b)	02/15/26	6,005,100
						23,726,090
Household Products(b) – 0.0%
Spectrum Brands, Inc.
	114,000		5.750		07/15/25	113,954
Housewares(b) – 0.2%
Newell Brands, Inc.
	2,770,000		4.875		06/01/25	2,671,859

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – 0.4%
American International Group, Inc.(b)
$	1,333,000		2.500	%	06/30/25	$       1,256,566
Athene Global Funding(a)
	678,000		1.450		01/08/26	595,691
Equitable Financial Life Global Funding(a)
	1,550,000		1.400		07/07/25	1,410,996
Great-West Lifeco US Finance 2020 LP(a)(b)
	2,000,000		0.904		08/12/25	1,797,380
						5,060,633
Internet – 1.5%
Gen Digital, Inc.(a)(b)
	3,110,000		6.750		09/30/27	3,103,003
Netflix, Inc.
	3,265,000		5.875		02/15/25	3,279,007
	4,000,000		3.625	(a)(b)	06/15/25	3,857,120
Prosus NV(a)(b)
	7,030,000		3.257		01/19/27	6,351,253
Uber Technologies, Inc.(a)(b)
	4,340,000		7.500		05/15/25	4,396,897
						20,987,280
Investment Companies – 0.4%
Blackstone Private Credit Fund
	6,000,000		4.700		03/24/25	5,777,760
Iron/Steel – 0.1%
POSCO(a)
	310,000		5.750		01/17/28	314,489
Steel Dynamics, Inc.(b)
	345,000		2.400		06/15/25	322,606
						637,095
Leisure Time(a)(b) – 0.4%
NCL Corp. Ltd.
	2,245,000		5.875		02/15/27	2,182,881
Royal Caribbean Cruises Ltd.
	3,506,000		11.500		06/01/25	3,716,886
						5,899,767
Lodging(b) – 0.7%
Marriott International, Inc.
	4,918,000		5.750		05/01/25	4,931,033
MGM Resorts International
	2,040,000		6.750		05/01/25	2,045,181
	3,511,000		5.750		06/15/25	3,473,924
						10,450,138
Machinery-Diversified(b) – 0.3%
Husky III Holding Ltd.(d)(a)
	1,104,000		13.000		02/15/25	1,005,766
Otis Worldwide Corp.
	4,000,000		2.056		04/05/25	3,771,480
						4,777,246

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – 1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital(b)
$	8,925,000		4.908	%	07/23/25	$       8,752,390
(3M USD LIBOR + 1.650%)
	1,275,000		6.949	(c)	02/01/24	1,278,953
DISH DBS Corp.
	5,065,000		5.875		11/15/24	4,453,806
						14,485,149
Mining(a)(b) – 0.3%
Glencore Funding LLC
	4,200,000		1.625		09/01/25	3,856,650
Miscellaneous Manufacturing(b) – 0.3%
Amsted Industries, Inc.(a)
	2,754,000		5.625		07/01/27	2,671,408
Hillenbrand, Inc.
	890,000		5.750		06/15/25	881,367
						3,552,775
Multi-National(a)(b) – 0.1%
The African Export-Import Bank
	1,050,000		2.634		05/17/26	945,242
	1,130,000		3.798		05/17/31	910,565
						1,855,807
Office & Business Equipment(a)(b) – 0.3%
Xerox Holdings Corp.
	4,495,000		5.000		08/15/25	4,230,829
Oil Field Services(b) – 1.1%
Canadian Natural Resources Ltd.
	1,875,000		2.050		07/15/25	1,747,575
Continental Resources, Inc.
	6,800,000		3.800		06/01/24	6,663,864
Devon Energy Corp.
	120,000		5.250		09/15/24	119,032
EQT Corp.
	2,625,000		6.125		02/01/25	2,611,822
Petroleos Mexicanos
	210,000		6.875		10/16/25	201,159
QatarEnergy
	2,160,000		1.375		09/12/26	1,938,427
Saudi Arabian Oil Co.
	2,130,000		1.625		11/24/25	1,944,072
USA Compression Partners LP/USA Compression Finance Corp.
	120,000		6.875		04/01/26	117,304
						15,343,255
Packaging(b) – 0.4%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(a)
	1,165,000		6.000		06/15/27	1,145,253
Berry Global, Inc.
	3,200,000		1.570		01/15/26	2,888,128
Silgan Holdings, Inc.(a)
	1,925,000		1.400		04/01/26	1,704,049
						5,737,430

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals(b) – 1.0%
Herbalife Nutrition Ltd./HLF Financing, Inc.(a)
$	7,435,000		7.875	%	09/01/25	$       6,819,382
Perrigo Finance Unlimited Co.
	5,000,000		3.900		12/15/24	4,836,200
PRA Health Sciences, Inc.(a)
	3,144,000		2.875		07/15/26	2,866,007
						14,521,589
Pipelines(b) – 2.1%
Cheniere Energy Partners LP
	2,835,000		4.500		10/01/29	2,603,551
DCP Midstream Operating LP
	4,645,000		5.375		07/15/25	4,599,340
	2,690,000		5.625		07/15/27	2,689,381
Energy Transfer LP/Regency Energy Finance Corp.
	150,000		4.500		11/01/23	149,329
MPLX LP
	1,225,000		4.875		12/01/24	1,207,972
	8,300,000		1.750		03/01/26	7,541,380
NGPL PipeCo LLC(a)
	410,000		4.875		08/15/27	389,484
NuStar Logistics LP
	7,500,000		5.750		10/01/25	7,337,025
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	2,720,000		6.875		01/15/29	2,774,155
						29,291,617
Real Estate(b)(e) – 0.0%
Sunac China Holdings Ltd.
	200,000		6.500		01/10/25	32,000
Zhenro Properties Group Ltd.
	200,000		6.700		08/04/26	8,000
						40,000
Real Estate Investment Trust(b) – 1.4%
American Tower Corp.
	1,150,000		2.400		03/15/25	1,084,163
	1,400,000		1.300		09/15/25	1,268,666
Crown Castle, Inc.
	1,750,000		1.350		07/15/25	1,602,282
MPT Operating Partnership LP/MPT Finance Corp.
	7,785,000		5.250		08/01/26	6,915,338
VICI Properties LP/VICI Note Co., Inc.(a)
	4,830,000		5.625		05/01/24	4,802,276
	4,590,000		3.500		02/15/25	4,392,217
WP Carey, Inc.
	230,000		4.000		02/01/25	223,270
						20,288,212
Retailing(b) – 0.2%
Penske Automotive Group, Inc.
	3,310,000		3.500		09/01/25	3,152,179
Semiconductors(b) – 0.2%
NXP B.V./NXP Funding LLC/NXP USA, Inc.
	250,000		2.700		05/01/25	237,008

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Semiconductors(b) – (continued)
Skyworks Solutions, Inc.
$	2,425,000		1.800	%	06/01/26	$       2,170,035
						2,407,043
Software – 1.0%
Fair Isaac Corp.(a)(b)
	2,705,000		5.250		05/15/26	2,646,464
Infor, Inc.(a)(b)
	1,075,000		1.750		07/15/25	981,238
Oracle Corp.
	2,825,000		2.500	(b)	04/01/25	2,681,349
	3,575,000		5.800		11/10/25	3,615,147
PTC, Inc.(a)(b)
	2,085,000		3.625		02/15/25	2,015,257
VMware, Inc.(b)
	2,575,000		1.000		08/15/24	2,438,242
						14,377,697
Telecommunication Services – 2.1%
CommScope Technologies LLC(a)(b)
	112,000		6.000		06/15/25	104,521
Sprint LLC.
	2,840,000		7.875		09/15/23	2,848,605
Telecom Italia SpA(a)
	5,615,000		5.303		05/30/24	5,461,486
T-Mobile USA, Inc.(b)
	21,574,000		3.500		04/15/25	20,758,287
						29,172,899
Toys/Games/Hobbies(a)(b) – 0.2%
Mattel, Inc.
	2,815,000		5.875		12/15/27	2,763,654
Trucking & Leasing(a)(b) – 0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	4,950,000		1.200		11/15/25	4,411,687
TOTAL CORPORATE OBLIGATIONS (Cost $844,570,770)						$   790,598,839
Mortgage-Backed Obligations – 12.9%
Collateralized Mortgage Obligations – 2.9%
Interest Only – 0.4%
FHLMC REMIC Series 4314, Class SE (-1X 1M USD LIBOR + 6.050%)
$	218,213		0.857	%(c)	03/15/44	$            20,174
FHLMC REMIC Series 4468, Class SY (-1X 1M USD LIBOR + 6.100%)
	354,111		0.907	(c)	05/15/45	35,587
FHLMC REMIC Series 4583, Class ST (-1X 1M USD LIBOR + 6.000%)
	248,280		0.807	(c)	05/15/46	26,214
FHLMC REMIC Series 4998, Class GI
	3,898,660		4.000		08/25/50	771,442
FHLMC REMIC Series 5012, Class DI
	635,298		4.000		09/25/50	121,596

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
FHLMC REMIC Series 5020, Class IH
$	1,649,470		3.000	%	08/25/50	$          261,239
FNMA REMIC Series 2010-135, Class AS (-1X 1M USD LIBOR +5.950%)
	69,235		0.800	(c)	12/25/40	4,928
FNMA REMIC Series 2016-1, Class SJ (-1X 1M USD LIBOR + 6.150%)
	343,708		1.000	(c)	02/25/46	37,314
FNMA REMIC Series 2017-31, Class SG (-1X 1M USD LIBOR + 6.100%)
	414,284		0.950	(c)	05/25/47	45,527
FNMA REMIC Series 2018-17, Class CS (-1X 1M USD LIBOR + 3.450%)
	1,640,132		0.000	(c)(f)	03/25/48	24,362
FNMA REMIC Series 2020-49, Class IO
	363,200		4.000		07/25/50	70,122
FNMA REMIC Series 2020-49, Class KS (-1X 1M USD LIBOR + 6.100%)
	2,712,531		0.950	(c)	07/25/50	293,279
FNMA REMIC Series 2020-60, Class NI
	590,003		4.000		09/25/50	112,927
FNMA REMIC Series 2020-62, Class GI
	2,843,609		4.000		06/25/48	540,668
GNMA REMIC Series 2013-124, Class CS (-1X 1M USD LIBOR + 6.050%)
	235,642		0.904	(b)(c)	08/20/43	23,243
GNMA REMIC Series 2014-132, Class SL (-1X 1M USD LIBOR + 6.100%)
	168,346		0.954	(b)(c)	10/20/43	7,305
GNMA REMIC Series 2014-162, Class SA (-1X 1M USD LIBOR + 5.600%)
	87,101		0.454	(b)(c)	11/20/44	6,676
GNMA REMIC Series 2015-123, Class SP (-1X 1M USD LIBOR + 6.250%)
	152,621		1.093	(b)(c)	09/20/45	15,778
GNMA REMIC Series 2016-27, Class IA
	87,147		4.000	(b)	06/20/45	10,812
GNMA REMIC Series 2017-112, Class SJ (-1X 1M USD LIBOR +5.660%)
	147,381		0.503	(b)(c)	07/20/47	11,964
GNMA REMIC Series 2018-122, Class HS (-1X 1M USD LIBOR + 6.200%)
	335,721		1.043	(b)(c)	09/20/48	33,467
GNMA REMIC Series 2018-122, Class SE (-1X 1M USD LIBOR + 6.200%)
	317,083		1.043	(b)(c)	09/20/48	31,114
GNMA REMIC Series 2019-1, Class SN (-1X 1M USD LIBOR + 6.050%)
	332,798		0.893	(b)(c)	01/20/49	30,130
GNMA REMIC Series 2019-110, Class PS (-1X 1M USD LIBOR + 6.050%)
	3,269,259		0.893	(b)(c)	09/20/49	329,711
GNMA REMIC Series 2019-153, Class EI
	7,572,007		4.000	(b)	12/20/49	1,377,525
GNMA REMIC Series 2019-78, Class SE (-1X 1M USD LIBOR + 6.100%)
	145,703		0.954	(b)(c)	06/20/49	12,695

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
GNMA REMIC Series 2020-146, Class KI
$	3,930,706		2.500	%(b)	10/20/50	$          514,240
GNMA REMIC Series 2020-151, Class MI
	59,221		2.500	(b)	10/20/50	7,616
GNMA REMIC Series 2020-55, Class AS (-1X 1M USD LIBOR + 6.050%)
	8,412,129		0.904	(b)(c)	04/20/50	870,483
GNMA REMIC Series 2020-61, Class GI
	1,945,163		5.000	(b)	05/20/50	372,545
GNMA REMIC Series 2020-78, Class DI
	1,488,360		4.000	(b)	06/20/50	274,225
						6,294,908
Sequential Fixed Rate – 0.4%
FNMA REMIC Series 2012-111, Class B
	10,089		7.000		10/25/42	10,827
FNMA REMIC Series 2012-153, Class B
	34,103		7.000		07/25/42	36,688
GCAT Trust Series 22-NQM4, Class A1
	504,868		5.269	(a)(b)(g)	08/25/67	496,426
OBX Trust Series 2022-NQM7, Class A1
	502,545		5.110	(a)(b)(g)	08/25/62	488,253
Verus Securitization Trust Series 2022-1, Class A1
	4,420,449		2.724	(a)(b)(g)	01/25/67	3,912,786
						4,944,980
Sequential Floating Rate(a)(b)(c) – 2.1%
Bellemeade Re Ltd. Series 2021-2A, Class M1B (SOFR + 1.500%)
	1,400,000		6.567		06/25/31	1,392,000
Connecticut Avenue Securities Series 2021-R02, Class 2B1 (SOFR30A + 3.300%)
	4,100,000		8.367		11/25/41	4,071,975
Connecticut Avenue Securities Trust Series 2021-R01, Class 1B1 (SOFR30A + 3.100%)
	2,311,000		8.167		10/25/41	2,279,485
Connecticut Avenue Securities Trust Series 2022-R02, Class 2M2 (SOFR30A + 3.000%)
	1,910,000		8.067		01/25/42	1,893,208
Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (SOFR + 3.100%)
	560,000		8.167		06/25/43	560,700
Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (SOFR + 3.900%)
	298,099		8.967		04/25/43	304,198
FHLMC STACR Debt Notes Series 2020-HQA5, Class M2 (SOFR30A + 2.600%)
	2,264,227		7.667		11/25/50	2,296,590
FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 (1M USD LIBOR + 1.850%)
	755,513		7.000		02/25/50	757,865
FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1 (1M USD LIBOR + 5.100%)
	446,094		10.250		06/25/50	480,122
FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (SOFR30A + 4.800%)
	3,231,000		9.867		10/25/50	3,472,832

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(a)(b)(c) – (continued)
FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (SOFR + 2.800%)
$	624,405		7.867	%	10/25/50	$          633,366
FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (SOFR30A + 1.800%)
	203,420		6.867		01/25/51	202,921
FHLMC STACR REMIC Trust Series 2021-DNA6, Class B1 (SOFR30A + 3.400%)
	2,046,000		8.467		10/25/41	2,037,658
FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2 (SOFR30A + 2.050%)
	1,150,000		7.117		12/25/33	1,110,714
FHLMC STACR REMIC Trust Series 2022-DNA1, Class M1A (SOFR + 1.000%)
	1,771,167		6.067		01/25/42	1,742,679
FHLMC STACR REMIC Trust Series 2022-DNA3, Class M1A (SOFR + 2.000%)
	1,932,564		7.067		04/25/42	1,935,014
FHLMC Structured Agency Credit Risk Debt Notes Series 2023-HQA2, Class M1B (SOFR + 3.350%)
	1,074,000		8.417		06/25/43	1,084,740
JPMorgan Mortgage Trust Series 2021-LTV2, Class A1
	4,660,100		2.520		05/25/52	3,773,735
New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	88,279		3.750		05/28/52	80,688
						30,110,490
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$     41,350,378
Commercial Mortgage-Backed Securities – 0.9%
Sequential Fixed Rate – 0.7%
BANK Series 2017-BNK9, Class D
$	700,000		2.800	%(a)(b)	11/15/54	$          428,218
BBCMS Mortgage Trust Series 2023-C19, Class A5
	2,900,000		5.451	(b)	04/15/56	2,942,984
BBCMS Mortgage Trust Series 2023-C19, Class ASB
	800,000		5.700	(b)	04/15/56	811,565
BX Trust Series 2022, Class A
	3,900,000		5.760	(a)	10/13/27	3,753,556
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	1,500,000		3.000	(a)(b)	09/15/50	975,873
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D
	900,000		3.250	(a)(b)	01/15/60	634,896
						9,547,092
Sequential Floating Rate(c) – 0.2%
BX Commercial Mortgage Trust Series 2023-VLT2, Class A (SOFR + 2.281%)
	1,500,000		7.428	(a)	06/15/40	1,493,958
Citigroup Commercial Mortgage Trust Series 2015-P1, Class C
	1,949,000		4.514	(b)	09/15/48	1,665,574
						3,159,532
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$     12,706,624

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – 9.1%
GNMA – 1.8%
$	1,279,123		4.500	%	08/20/47	$       1,258,155
	210,672		5.000		03/20/48	210,605
	1,985,102		4.000		05/20/48	1,902,340
	713,503		4.500		06/20/48	698,685
	727,387		4.500		07/20/48	712,053
	128,671		5.000		08/20/48	128,527
	1,099,133		4.500		09/20/48	1,075,963
	766,470		4.500		10/20/48	750,073
	422,682		5.000		11/20/48	422,209
	957,592		4.500		12/20/48	937,106
	1,971,871		5.000		12/20/48	1,966,585
	2,326,960		4.500		01/20/49	2,276,452
	2,539,691		5.000		01/20/49	2,532,882
	725,581		4.500		02/20/49	709,606
	982,491		4.500		03/20/49	961,166
	276,638		5.000		03/20/49	275,896
	23,909		5.000		04/20/49	23,845
	1,221,760		3.000		08/20/49	1,102,871
	37,895		5.000		08/20/49	37,790
	519,715		4.500		10/20/49	507,135
	980,594		5.000		12/20/49	978,774
	61,241		5.000		02/20/50	61,221
	369,817		3.000		06/20/51	331,926
	1,722,352		3.000		11/20/51	1,545,079
	4,388,856		3.000		12/20/51	3,935,760
						25,342,704
UMBS – 7.3%
	972,603		6.000		01/01/53	995,798
	1,923,017		5.500		12/01/52	1,938,097
	3,823		5.000		03/01/25	3,775
	5,157		5.000		11/01/26	5,084
	5,231		5.000		07/01/27	5,157
	11,904,797		4.000		12/01/44	11,424,312
	18,722,923		4.000		08/01/45	17,976,181
	78,858		4.500		07/01/47	77,241
	466,397		4.500		02/01/48	456,401
	3,286,060		4.500		05/01/48	3,212,552
	1,170,644		4.500		06/01/48	1,144,457
	759,385		4.500		07/01/48	741,204
	163,119		4.500		08/01/48	159,215
	5,546,150		4.500		09/01/48	5,413,419
	67,719		4.500		12/01/48	65,950
	593,580		4.500		01/01/49	578,427
	5,137,156		4.000		01/01/49	4,913,764
	234,468		4.500		02/01/49	228,343
	6,439,612		4.500		03/01/49	6,271,410
	2,108,891		4.500		04/01/49	2,055,415
	125,072		4.500		09/01/49	121,838
	323,097		4.500		02/01/50	314,658
	47,340		4.500		03/01/50	46,139
	765,129		4.500		12/01/50	745,716
	10,546,643		5.500		11/01/52	10,619,458
	9,522,446		6.000		11/01/52	9,815,188
	5,694,411		6.000		12/01/52	5,830,215
	5,770,083		6.000		01/01/53	5,879,674
	979,733		5.500		04/01/53	982,517

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	2,966,056		6.000	%	04/01/53	$       3,041,165
	7,000,000		3.000		TBA-30yr(h)	6,158,905
	2,000,000		4.000		TBA-30yr(h)	1,876,406
						103,098,081
TOTAL FEDERAL AGENCIES						$   128,440,785
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $191,000,499)						$   182,497,787
Asset-Backed Securities(b) – 11.4%
Automotive – 3.0%
Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A
$	3,750,000		2.440	%	09/15/26	$       3,598,796
GMF Floorplan Owner Revolving Trust Series 2019-2, Class A(a)
	2,785,000		2.900		04/15/26	2,721,995
Nissan Auto Receivables Owner Narot 2023 A, Class A2a
	3,700,000		5.340		02/17/26	3,686,308
Tesla Auto Lease Trust Series 2021-A, Class A3(a)
	1,518,426		0.560		03/20/25	1,506,891
Tesla Auto Lease Trust Series 2021-A, Class A4(a)
	5,400,000		0.660		03/20/25	5,301,897
Tesla Auto Lease Trust Series 2021-B, Class A3(a)
	10,200,000		0.600		09/22/25	9,817,046
Toyota Auto Receivables Owner Trust Series 2021-D, Class A3
	9,600,000		0.710		04/15/26	9,199,340
Toyota Lease Owner Trust Series 2021-A, Class A3(a)
	934,472		0.390		04/22/24	931,835
Toyota Lease Owner Trust Series 2021-A, Class A4(a)
	1,400,000		0.500		08/20/25	1,385,935
Toyota Lease Owner Trust Series 2021-B, Class A3(a)
	1,431,399		0.420		10/21/24	1,415,951
World Omni Auto Receivables Trust Woart 2023 B, Class A2a
	3,600,000		5.250		11/16/26	3,580,592
						43,146,586
Collateralized Loan Obligations(a)(c) – 7.4%
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%)
	7,600,000		6.450		07/20/34	7,481,546
Atlas Senior Loan Fund XVII Ltd. Series 2021-17A, Class A (3M USD LIBOR + 1.200%)
	8,200,000		6.450		10/20/34	7,961,003
Bain Capital Credit CLO Ltd.(f) (3M USD LIBOR + 1.800%)
	3,600,000		0.000		07/24/36	3,600,000
Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
	1,750,000		9.540		01/15/32	1,649,814
CQS U.S. CLO Ltd. Series 2021-1A, Claas A (3M USD LIBOR + 1.220%)
	4,500,000		6.470		01/20/35	4,374,796
Crown City CLO I Series 2020-1A, Class A1AR (3M USD LIBOR + 1.190%)
	2,500,000		6.440		07/20/34	2,446,030

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – (continued)
Collateralized Loan Obligations(a)(c) – (continued)
Gulf Stream Meridian 3, Ltd. Series 2021-IIIA, Class A2 (3M USD LIBOR + 1.750%)
$	3,000,000		7.010	%	04/15/34	$       2,927,160
HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%)
	5,775,000		6.749		11/30/32	5,721,806
HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%)
	3,500,000		6.600		01/20/33	3,454,521
Jamestown CLO XVI Ltd. Series 2021-16A, Class A (3M USD LIBOR + 1.200%)
	3,000,000		6.455		07/25/34	2,922,201
LCM 26, Ltd. Series 2026-A, Class A1 (3M USD LIBOR + 1.070%)
	7,886,998		6.320		01/20/31	7,817,545
LCM XX LP Series 2020-A, Class AR (3M USD LIBOR + 1.040%)
	753,273		6.290		10/20/27	752,291
Loan Security (3M USD LIBOR + 1.800%)
	5,000,000		6.659		04/18/36	4,990,540
Marble Point CLO XVII Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.300%)
	6,000,000		6.550		04/20/33	5,882,526
MJX Venture Management II LLC Series 2017-28RR, Class A1 (3M USD LIBOR + 1.280%)
	3,934,652		6.541		07/22/30	3,877,017
Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R (TSFR3M + 1.362%)
	2,766,053		6.440		12/21/29	2,744,417
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3M USD LIBOR + 1.100%)
	10,600,000		6.479		05/20/32	10,378,195
Pikes Peak CLO 3 Series 2019-3A, Class ARR (3M USD LIBOR + 1.200%)
	4,000,000		6.455		10/25/34	3,913,024
Sycamore Tree CLO Ltd. Series 2023-2A, Class A (TSFR3M + 2.330%)
	2,200,000		7.237		04/20/35	2,204,671
TCW CLO Ltd. Series 2022-1A, Class A1 (TSFR3M + 1.340%)
	7,900,000		6.411		04/22/33	7,750,951
TICP CLO XIV Ltd. Series 19-14A, Class A1R (3M USD LIBOR + 1.080%)
	8,000,000		6.330		10/20/32	7,904,376
Venture 36 CLO Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%)
	2,500,000		9.400		04/20/32	2,210,960
Zais CLO 13 Ltd. Series 2019-13A, Class A1A (3M USD LIBOR + 1.490%)
	3,000,000		6.750		07/15/32	2,960,016
						105,925,406
Credit Card – 0.8%
Barclays Dryrock Issuance Trust Drock 2023 1 A
	7,300,000		4.720		02/15/29	7,198,489
Discover Card Execution Note Trust Dcent 2023 A1, Class A
	3,800,000		4.310		03/15/28	3,716,497
						10,914,986

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b) – (continued)
Student Loan(c) – 0.2%
Access to Loans for Learning Student Loan Corp. Series 2019 A-3 (3M USD LIBOR + 0.800%)
$	1,003,514		6.055	%	04/25/37	$       1,005,438
Educational Services of America, Inc. Series 2014-1, Class A(a) (1M USD LIBOR + 0.700%)
	210,981		5.850		02/25/39	207,510
Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	665,975		6.155		07/25/45	665,986
PHEAA Student Loan Trust Series 2012-1A, Class A1(a) (1M USD LIBOR + 0.550%)
	17,872		5.700		05/25/57	17,554
PHEAA Student Loan Trust Series 2016-1A, Class A(a) (1M USD LIBOR + 1.150%)
	637,846		6.300		09/25/65	628,040
						2,524,528
TOTAL ASSET-BACKED SECURITIES (Cost $165,629,929)						$   162,511,506
Sovereign Debt Obligations – 3.4%
Euro(a) – 0.0%
Republic of Indonesia
EUR	250,000		2.150	%	07/18/24	$          266,507
United States Dollar – 3.4%
Airport Authority(a)(b)
$	660,000		4.750		01/12/28	657,162
Export-Import Bank of Korea
	720,000		5.000		01/11/28	723,442
Korea Hydro & Nuclear Power Co., Ltd.(a)
	3,950,000		4.250		07/27/27	3,842,323
Perusahaan Penerbit SBSN Indonesia III
	3,530,000		2.300	(a)	06/23/25	3,341,145
	4,310,000		2.300		06/23/25	4,079,415
	7,550,000		1.500	(a)	06/09/26	6,847,699
Republic of Chile
	2,060,000		3.125		01/21/26	1,970,081
Republic of Indonesia(b)
	8,750,000		4.150		09/20/27	8,471,925
	6,030,000		4.550		01/11/28	5,930,987
Republic of Panama(b)
	2,010,000		3.750		03/16/25	1,942,303
Republic of Peru(b)
	2,120,000		2.392		01/23/26	1,971,303
Republic of Philippines
	2,000,000		3.229		03/29/27	1,887,820
Republic of Qatar(a)
	1,840,000		3.375		03/14/24	1,809,309
	690,000		3.400		04/16/25	669,314
Republic of Romania(a)
	1,500,000		3.000		02/27/27	1,356,000
Saudi Government International Bond(a)
	800,000		2.900		10/22/25	761,200

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
United States Dollar – (continued)
United Mexican States(b)
$	1,940,000		5.400	%	02/09/28	$       1,969,798
						48,231,226
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $50,565,289)						$     48,497,733
U.S. Treasury Obligations – 12.6%
U.S. Treasury Notes
$	19,730,000		2.500	%	05/31/24	$     19,214,400
	19,670,000		3.000		06/30/24	19,205,911
	13,800,000		4.250		09/30/24	13,617,797
United States Treasury Notes
	34,730,000		3.000	(i)	07/31/24	33,853,610
	1,000,000		0.625	(i)	10/15/24	942,109
	19,960,000		0.750	(i)	11/15/24	18,772,536
	13,770,000		4.250		12/31/24	13,578,511
	492,000		0.750		04/30/26	443,069
	65,360,000		0.750		05/31/26	58,711,662
	850,000		2.875		08/15/28	800,793
TOTAL U.S. TREASURY OBLIGATIONS (Cost $180,563,562)						$   179,140,398
Shares		Dividend Rate				Value
Investment Company(j) – 0.5%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	6,531,720		5.022%			$       6,531,720
(Cost $6,531,720)
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(f) – 1.0%
Commercial Paper – 1.0%
Alimentation Couche-Tard, Inc.
$	3,051,000		0.000	%	07/05/23	$       3,048,760

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(f) – (continued)
Commercial Paper – (continued)
EIDP, Inc.
$	3,498,000		0.000	%	11/24/23	$       3,418,398
Entergy Corp.
	5,719,000		0.000		08/17/23	5,677,076
Northrop Gruman Corp.
	2,543,000		0.000		08/17/23	2,524,446
TOTAL SHORT- TERM INVESTMENTS (Cost $14,669,747)						$     14,668,680
TOTAL INVESTMENTS – 97.5% (Cost $1,453,531,516)						$1,384,446,663
OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.5%						34,919,873
NET ASSETS – 100.0%						$1,419,366,536

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)	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, 2023.
(d)	Pay-in-kind securities.
(e)	Security is currently in default and/or non-income producing.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2023.
(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 $8,035,311 which represents approximately 0.5% of net assets as of June 30, 2023.
(i)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(j)	Represents an affiliated Issuer.

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2023, 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	CAD	754,811		EUR	519,571		09/20/23	$	1,235
	CAD	2,707,773		USD	2,029,745		09/20/23		16,847
	CHF	10,194,209		USD	11,380,791		09/20/23		106,992
	CZK	3,008,281		USD	135,896		09/20/23		1,704
	EUR	396,000		NZD	704,722		09/20/23		1,538
	EUR	397,000		SEK	4,618,494		09/20/23		5,076
	EUR	475,621		USD	511,503		09/20/23		9,612
	GBP	348,588		EUR	404,000		09/20/23		152
	GBP	1,102,317		USD	1,384,919		09/20/23		15,303
	JPY	284,977,912		USD	1,995,357		09/20/23		4,891
	MXN	7,628,687		USD	431,000		09/20/23		7,834
	NOK	4,183,908		USD	387,554		09/20/23		3,343
	NZD	697,511		AUD	631,000		09/20/23		6,613
	NZD	4,890,551		USD	2,977,382		09/20/23		22,920
	PLN	1,777,669		CZK	9,505,729		09/20/23		670
	SEK	3,722,991		USD	345,000		09/20/23		1,542
	USD	863,000		AUD	1,279,899		09/20/23		8,443
	USD	432,000		CHF	382,428		09/20/23		1,045
	USD	803,377		CLP	635,386,743		07/13/23		12,247
	USD	2,532,165		CNH	17,943,523		09/20/23		46,889
	USD	2,111,054		EUR	1,922,591		09/20/23		4,568
	USD	4,600,024		GBP	3,603,563		09/20/23		22,584
	USD	345,359		ILS	1,232,578		09/20/23		11,795
	USD	432,000		JPY	60,543,456		09/20/23		7,048
	USD	1,285,376		KRW	1,649,314,964		09/20/23		28,126
	USD	344,298		NZD	561,000		09/20/23		130
	USD	1,917,356		SEK	20,563,083		09/20/23		3,310
	USD	605,000		TRY	15,366,148		09/20/23		36,035
	USD	415,423		ZAR	7,703,889		09/20/23		9,469
	ZAR	5,677,265		USD	296,007		09/20/23		3,154
TOTAL								$	401,115

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	2,847,502	USD	1,913,730		09/20/23	$	(12,525	)
	CAD	1,505,025	USD	1,145,609		09/20/23		(8,079	)
	CHF	749,048	USD	845,423		09/20/23		(1,325	)
	CLP	348,653,839	USD	437,513		07/13/23		(3,398	)
	CNH	24,299,210	USD	3,410,230		09/20/23		(44,657	)
	EUR	397,000	CZK	9,516,606		09/20/23		(319	)
	EUR	1,024,000	GBP	886,445		09/20/23		(4,065	)
	EUR	786,312	SEK	9,268,617		09/20/23		(1,215	)
	EUR	1,088,388	USD	1,199,323		09/20/23		(6,830	)
	GBP	3,674,103	USD	4,695,310		09/20/23		(28,267	)
	ILS	936,907	USD	259,000		09/20/23		(5,452	)
	JPY	1,254,080,794	USD	9,141,755		09/20/23		(339,415	)
	KRW	456,812,605	USD	358,453		07/17/23		(11,504	)
	NOK	12,511,264	EUR	1,071,280		09/20/23		(4,835	)
	NZD	749,934	EUR	421,471		09/20/23		(1,708	)
	NZD	1,574,141	USD	968,753		09/20/23		(3,034	)
	PLN	1,753,099	USD	432,000		09/20/23		(2,554	)
	SEK	17,066,873	EUR	1,466,050		09/20/23		(17,664	)
	SEK	19,756,832	USD	1,850,652		09/20/23		(11,652	)
	SGD	3,357,678	USD	2,497,683		09/20/23		(7,240	)

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	TRY	11,361,160		USD	431,000		09/20/23	$	(10,328	)
	TWD	26,577,336		USD	866,276		07/13/23		(13,268	)
	USD	7,642,675		CAD	10,169,899		09/20/23		(43,953	)
	USD	692,000		CHF	620,659		09/20/23		(7,416	)
	USD	432,000		CLP	348,844,320		07/13/23		(2,352	)
	USD	8,082,847		EUR	7,474,542		09/20/23		(106,634	)
	USD	7,287,905		GBP	5,812,875		09/20/23		(95,924	)
	USD	940,454		MXN	16,572,453		09/20/23		(12,862	)
	USD	4,216,571		NOK	46,291,105		09/20/23		(108,353	)
	USD	10,378,292		NZD	16,989,605		09/20/23		(44,651	)
	USD	5,462		PLN	22,913		09/20/23		(151	)
	USD	7,944,728		SEK	85,605,000		09/20/23		(23,530	)
	USD	802,959		TWD	25,046,708		07/13/23		(923	)
	USD	299,504		ZAR	5,775,358		09/20/23		(4,827	)
	ZAR	12,328,366		USD	656,520		09/20/23		(6,881	)
TOTAL								$	(997,791	)

FORWARD SALES CONTRACTS — At June 30, 2023, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount		Value
GNMA		3.000	%		TBA - 30yr		07/20/23	$	(7,000,000)	$	(6,253,477)
GNMA		4.500			TBA - 30yr		07/20/23		(2,000,000)		(1,929,729)
UMBS, 30 Year, Single Family		4.500			TBA - 30yr		07/13/23		(20,000,000)		(19,218,756)
UMBS, 30 Year, Single Family		5.500			TBA - 30yr		07/13/23		(1,000,000)		(995,194)
UMBS, 30 Year, Single Family		6.000			TBA - 30yr		07/13/23		(24,000,000)		(24,209,059)
(PROCEEDS RECEIVABLE: $(52,952,070))										$	(52,606,215)

(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, 2023, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.K. Long Gilt	1	09/27/23	$	121,031	$	290
10 Year U.S. Treasury Notes	11	09/20/23		1,234,922		(10,008	)
2 Year U.S. Treasury Notes	2,039	09/29/23		414,617,906		(5,144,513	)
30 Year German Euro-Buxl	1	09/07/23		152,332		2,159
5 Year German Euro-Bobl	3	09/07/23		437,811		606
French 10 Year Government Bonds	3	09/07/23		420,330		2,800
Ice 3M Sonia Index	331	12/17/24		98,897,244		(984,094	)
Ice 3M Sonia Index	38	09/17/24		11,328,426		(32,472	)
Total					$	(6,165,232	)

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
10 Year U.S. Treasury Notes	(61)	09/20/23	$	(7,224,688	)	$	37,856
20 Year U.S. Treasury Bonds	(130)	09/20/23		(16,497,812	)		(18,948	)
3M EuriBor	(16)	09/18/23		(4,194,138	)		7,247
5 Year German Euro-Bobl	(83)	09/07/23		(10,479,812	)		39,252
5 Year U.S. Treasury Notes	(632)	09/29/23		(67,683,250	)		883,949
Ice 3M Sonia Index	(293)	12/19/23		(87,492,316	)		561,964
Ultra Long U.S. Treasury Bonds	(18)	09/20/23		(2,451,938	)		(3,419	)
Total						$	1,507,901
TOTAL FUTURES CONTRACTS						$	(4,657,331	)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M GBP(b)	4.000%(b)	03/07/25	GBP	43,550	$	(1,051,425	)	$	(1,599,651	)	$	548,226
4.000%(b)	12M SOFR(b)	03/11/25	$	52,930		315,563			170,577			144,986
3.270(b)	3M LIBOR(b)	05/14/25		49,220		505,401			293,367			212,034
3M STIBOR(c)	3.500(d)	09/20/25	SEK	356,130		(297,009	)		(208,561	)		(88,448	)
5.000(e)	3M NZDOR(c)	09/20/25	NZD	22,500		88,414			53,761			34,653
6M CDOR(e)	4.250(e)	09/20/25	CAD	40,560		(199,213	)		(221,398	)		22,185
3.500(c)	6M AUDOR(c)	09/20/25	AUD	33,400		403,091			354,159			48,932
3.500(d)	6M EURO(d)	09/20/25	EUR	23,150		20,826			7,373			13,453
3.500(e)	6M AUDOR(e)	05/17/26	AUD	24,680		264,072			59,211			204,861
3M LIBOR(d)	3.000(d)	05/20/26	$	12,720		(217,566	)		(62,616	)		(154,950	)
3M LIBOR(d)	3.350(d)	10/06/27		121,300		175,787			540,610			(364,823	)
3.190(e)	6M CDOR(e)	03/24/28	CAD	13,510		(13,530	)		(28,443	)		14,913
3M LIBOR(d)	2.920(d)	03/27/28	$	10,360		(107,727	)		9,727			(117,454	)
6M EURO(d)	3.000(d)	04/13/28	EUR	11,370		(186	)		157,518			(157,704	)
6M EURO(d)	2.673(d)	04/22/28		42,460		72,339			93,663			(21,324	)
2.852(d)	6M EURO(c)	04/22/28		42,460		(51,846	)		(77,472	)		25,626
6M CHFOR(d)	2.000(d)	09/20/28	CHF	4,030		39,791			26,611			13,180
3M LIBOR(d)	3.750(d)	09/20/28	$	17,150		(42,093	)		98,223			(140,316	)
3M NZDOR(c)	4.500(e)	09/20/28	NZD	10,880		(34,163	)		(21,818	)		(12,345	)
3.750(e)	6M AUDOR(e)	09/20/28	AUD	8,440		139,192			132,816			6,376
3.000(d)	6M EURO(d)	09/20/28	EUR	4,260		(10,198	)		(35,511	)		25,313
3.250(d)	6M EURO(e)	09/20/28		10,710		(23,867	)		(37,084	)		13,217
3.500(d)	6M GBP(d)	09/20/28	GBP	1,630		132,721			116,712			16,009
0.500(d)	6M JYOR(d)	09/20/28	JPY	7,585,000		(590,090	)		(619,219	)		29,129
2.350(d)	6M EURO(e)	07/04/29	EUR	1,640		48,238			(80,567	)		128,805
3M LIBOR(d)	3.423(d)	03/31/30	$	34,790		(486,945	)		(5,810	)		(481,135	)
		03/16/32	EUR	—		—			(2,709	)		2,709
2.680(d)	12M SOFR(d)	07/28/32	$	22,490		396,633			43,176			353,457
6M CDOR(e)	3.320(e)	03/23/33	CAD	8,780		63,703			44,498			19,205
3.060(d)	12M SOFR(d)	03/27/33	$	6,850		21,116			(12,587	)		33,703
6M CHFOR(d)	2.000(d)	09/20/33	CHF	16,000		368,663			66,127			302,536
6M GBP(d)	3.250(d)	09/20/33	GBP	910		(95,687	)		(96,491	)		804
3M LIBOR(d)	3.500(d)	09/20/33	$	10,580		(3,654	)		44,858			(48,512	)
3.500(d)	3M NIBOR(e)	09/20/33	NOK	47,680		124,647			51,310			73,337
3.000(d)	3M STIBOR(c)	09/20/33	SEK	108,470		23,336			(106,003	)		129,339
6M AUDOR(e)	4.000(e)	09/20/33	AUD	19,810		(424,651	)		(476,260	)		51,609
3M NZDOR(c)	4.500(e)	09/20/33	NZD	4,500		6,548			15,820			(9,272	)

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund	Termination Date		Notional Amount (000s)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3.750%(e)	6M CDOR(e)		09/20/33	CAD	7,550	$	(163,610	)	$	(105,234	)	$	(58,376	)
3.250(d)	6M EURO(e)		09/20/33	EUR	1,010		(24,803	)		(17,970	)		(6,833	)
0.750(d)	6M JYOR(d)		09/20/33	JPY	4,081,000		(378,474	)		(356,039	)		(22,435	)
6M AUDOR(e)	4.000%(e)		05/17/34	AUD	5,730		(113,877	)		(52,025	)		(61,852	)
3.000(d)	3M LIBOR(d)		05/20/34	$	2,910		79,665			59,813			19,852
6M EURO(e)	3.000(d)		05/15/35	EUR	18,550		146,731			58,950			87,781
3.240(d)	12M SOFR(d)		10/06/35	$	27,610		(80,130	)		(266,928	)		186,798
6M EURO(e)	2.855(d)		07/04/37	EUR	12,470		52,873			(797,968	)		850,841
3M LIBOR(d)	2.910(d)		07/28/37	$	56,380		(744,903	)		(368,636	)		(376,267	)
6M EURO(e)	2.152(d)		08/09/37	EUR	20,150		(536,871	)		(730,910	)		194,039
3M LIBOR(d)	2.720(d)		08/11/37	$	36,660		(717,784	)		(1,122,256	)		404,472
3M LIBOR(d)	3.391(d)		05/10/38		28,910		64,067			(26,529	)		90,596
1.451(d)	6M EURO(e)		08/10/42	EUR	51,550		1,648,569			827,434			821,135
2.080(d)	12M SOFR(d)		07/28/47	$	44,730		635,542			308,490			327,052
6M EURO(e)	1.051(d)		08/11/47	EUR	30,180		(786,156	)		(353,844	)		(432,312	)
1.560(d)	6M EURO(e)		07/06/52		9,580		398,128			(398,227	)		796,355
2.170(d)	12M SOFR(d)		08/11/52	$	18,780		830,592			317,306			513,286
2.564(d)	3M LIBOR(d)		05/11/53		23,180		(132,509	)		22,629			(155,138	)
2.000(d)	6M EURO(e)		05/17/53	EUR	9,440		(53,043	)		13,315			(66,358	)
2.500(d)	6M EURO(e)		09/20/53		3,410		9,290			109,104			(99,814	)
TOTAL						$	(306,472	)	$	(4,191,608	)	$	3,885,136

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2023.

(b) Payments made at maturity.

(c) Payments made quarterly.

(d) Payments made annually.

(e) Payments made semi-annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at June 30, 2023(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
AT&T, Inc., 3.800%, 02/15/27		1.000%		0.752%		06/20/26	$	3,475	$	24,775	$	38,324	$	(13,549	)
AT&T, Inc., 3.800%, 02/15/27		1.000		0.716		12/20/25		10,000		69,006		53,102		15,904
CDX.NA.IG Index 32		1.000		0.188		06/20/24		225		1,815		823		992
General Electric Co. 2.700%, 10/09/22		1.000		0.566		06/20/26		5,225		64,318		42,317		22,001
TOTAL									$	159,914	$	134,566	$	25,348

(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, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
1Y IRS	Citibank NA		2.400	%		07/28/2023	8,700,000	$	8,700,000		$	97		$	291,450		$	(291,353	)
1Y IRS	Citibank NA		1.977			12/01/2023	6,630,000		6,630,000			16,295			150,814			(134,519	)
							15,330,000	$	15,330,000		$	16,392		$	442,264		$	(425,872	)
Puts
1Y IRS	Deutsche Bank AG (London)		2.960			09/05/2023	6,720,000		6,720,000			319,865			261,610			58,255
1Y IRS	JPMorgan Securities, Inc.		2.800			08/23/2023	6,730,000		6,730,000			404,359			242,983			161,376
							13,450,000	$	13,450,000		$	724,224		$	504,593		$	219,631
Total purchased option contracts							28,780,000	$	28,780,000		$	740,616		$	946,857		$	(206,241	)
Written option contracts
Calls
1Y IRS	BofA Securities LLC		3.025			05/10/2024	(39,000,000)		(39,000,000	)		(63,305	)		(242,190	)		178,885
1Y IRS	BofA Securities LLC		2.935			05/13/2024	(19,500,000)		(19,500,000	)		(29,404	)		(124,313	)		94,909
1Y IRS	BofA Securities LLC		2.908			05/13/2024	(19,500,000)		(19,500,000	)		(28,686	)		(126,750	)		98,064
1Y IRS	Citibank NA		1.750			07/28/2023	(8,700,000)		(8,700,000	)		(2	)		(108,750	)		108,748
1Y IRS	Citibank NA		2.075			07/28/2023	(8,700,000)		(8,700,000	)		(12	)		(182,700	)		182,688
1Y IRS	Citibank NA		1.484			12/01/2023	(2,670,000)		(2,670,000	)		(10,004	)		(150,696	)		140,692
1Y IRS	JPMorgan Securities, Inc.		0.400			01/05/2024	(769,000,000)		(769,000,000	)		(53,239	)		(24,506	)		(28,733	)
							(867,070,000)	$	(867,070,000	)	$	(184,652	)	$	(959,905	)	$	775,253
Puts
1Y IRS	BofA Securities LLC		3.025			05/10/2024	(39,000,000)		(39,000,000	)		(553,617	)		(242,190	)		(311,427	)
1Y IRS	BofA Securities LLC		2.935			05/13/2024	(19,500,000)		(19,500,000	)		(290,084	)		(124,312	)		(165,772	)
1Y IRS	BofA Securities LLC		2.908			05/13/2024	(19,500,000)		(19,500,000	)		(294,243	)		(126,750	)		(167,493	)
1Y IRS	Deutsche Bank AG (London)		3.405			09/05/2023	(6,720,000)		(6,720,000	)		(129,888	)		(160,342	)		30,454
1Y IRS	Deutsche Bank AG (London)		3.850			09/05/2023	(6,720,000)		(6,720,000	)		(33,327	)		(101,268	)		67,941
1Y IRS	JPMorgan Securities, Inc.		3.660			08/23/2023	(6,730,000)		(6,730,000	)		(55,624	)		(92,967	)		37,343
1Y IRS	JPMorgan Securities, Inc.		3.230			08/23/2023	(6,730,000)		(6,730,000	)		(192,477	)		(150,016	)		(42,461	)
							(104,900,000)	$	(104,900,000	)	$	(1,549,260	)	$	(997,845	)	$	(551,415	)
Total written option contracts							(971,970,000)	$	(971,970,000	)	$	(1,733,912	)	$	(1,957,750	)	$	223,838
TOTAL							(943,190,000)	$	(943,190,000	)	$	(993,296	)	$	(1,010,893	)	$	17,597

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
CNH	— Chinese Yuan Renminbi Offshore
CZK	— Czech Republic Koruna
EUR	— Euro
GBP	— British Pound
ILS	— Israeli Shekel
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
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:
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
IO	— Interest Only Stripped Security
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
REMIC	— Real Estate Mortgage Investment Conduit
SOFR	— Secured Overnight Funding Rate
STACR	— Structured Agency Credit Risk
UMBS	— Uniform Mortgage Backed Securities
Abbreviations:
1Y IRS	— 1 Year Interest Rate Swaptions
AUDOR	— Australian Dollar Offered Rate
BofA Securities LLC	— Bank of America Securities LLC
CDOR	— Canadian Dollar Offered Rate
CHFOR	— Swiss Franc Offered Rate
EURO	— Euro Offered Rate
JYOR	— Japanese Yen Offered Rate
LIBOR	— London Interbank Offered Rate
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
NIBOR	— Norwegian Interbank Offered Rate
NZDOR	— New Zealand Dollar Offered Rate
SOFR	— Secured Overnight Funding Rate
STIBOR	— Stockholm Interbank Offered Rate

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 37.2%
Collateralized Mortgage Obligations – 0.2%
Sequential Fixed Rate – 0.2%
FHLMC REMIC Series 1980, Class Z
$	80,480		7.000	%(a)	07/15/27	$       81,957
FHLMC REMIC Series 2019, Class Z
	75,027		6.500	(a)	12/15/27	75,306
FHLMC REMIC Series 2755, Class ZA
	261,893		5.000		02/15/34	261,889
FHLMC REMIC Series 3530, Class DB
	112,885		4.000		05/15/24	111,990
FHLMC REMIC Series 4246, Class PT
	44,423		6.500		02/15/36	46,254
FNMA REMIC Series 2012-111, Class B
	153,862		7.000		10/25/42	165,113
FNMA REMIC Series 2012-153, Class B
	549,057		7.000		07/25/42	590,684
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  1,333,193
Federal Agencies – 37.0%
Adjustable Rate FHLMC(b) – 0.2%
(12M USD LIBOR + 1.840%)
$	120,557		4.936	%	11/01/34	$     121,244
(1 year CMT + 2.250%)
	274,365		4.604		06/01/35	278,232
(12M USD LIBOR + 2.330%)
	26,129		5.516		05/01/36	26,438
(6M USD LIBOR + 2.057%)
	11,967		6.431		10/01/36	12,214
(12M USD LIBOR + 1.784%)
	88,278		4.496		06/01/42	88,837
(12M USD LIBOR + 1.618%)
	654,860		3.953		11/01/44	658,960
						1,185,925
Adjustable Rate FNMA(b) – 0.6%
(COF + 1.695%)
	4,303		4.205		08/01/29	4,265
(12M USD LIBOR + 1.755%)
	22,606		4.005		07/01/32	22,946
(12M USD LIBOR + 1.800%)
	228,304		5.392		05/01/33	229,899
(6M USD LIBOR + 2.250%)
	33,423		4.625		08/01/33	33,847
(COF + 1.254%)
	238,872		4.590		08/01/33	239,446
(1 year CMT + 2.287%)
	112,204		4.425	%	02/01/34	113,878
(12M USD LIBOR + 1.695%)
	24,870		5.445		05/01/34	25,074
(12M USD LIBOR + 1.720%)
	270,116		4.792		05/01/34	271,153
	23,117		4.220		03/01/35	23,227
	35,205		5.095		04/01/35	35,508
(1 year CMT + 2.220%)
	190,459		3.970		06/01/34	193,772
(12M USD LIBOR + 1.685%)
	33,862		3.935		10/01/34	34,308

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – (continued)
(12M USD LIBOR + 1.627%)
$	66,759		3.877	%	10/01/34	$       67,366
(12M USD LIBOR + 1.597%)
	70,894		4.317		03/01/35	70,991
(12M USD LIBOR + 1.325%)
	82,905		4.075		04/01/35	82,359
(12M USD LIBOR + 1.423%)
	61,186		4.224		05/01/35	61,056
(1 year CMT + 2.095%)
	49,211		4.143		10/01/35	50,281
(12M USD LIBOR + 1.727%)
	176,714		4.247		03/01/36	177,488
(12M USD LIBOR + 1.950%)
	373,810		4.950		04/01/36	378,515
(12M USD LIBOR + 1.910%)
	155,889		4.160		06/01/36	158,079
(12M MTA + 2.190%)
	277,206		5.926		07/01/36	281,126
	62,932		4.185		11/01/36	64,016
(12M USD LIBOR + 1.712%)
	281,499		4.665		07/01/37	284,831
(12M USD LIBOR + 1.820%)
	3,563		4.070		12/01/46	3,628
						2,907,059
Adjustable Rate GNMA(b) – 0.3%
(1 year CMT + 1.500%)
	55,282		2.875		05/20/34	54,385
	137,998		2.625		07/20/34	134,027
	135,666		2.625		08/20/34	131,781
	825,360		2.625		09/20/34	801,744
	114,038		2.750		10/20/34	110,421
	124,717		2.750		12/20/34	120,779
						1,353,137
FHLMC – 4.9%
	3,792		7.500		01/01/31	3,981
	16,032		4.500		07/01/33	15,797
	359,829		4.500		08/01/33	354,579
	744,920		4.500		09/01/33	734,053
	65,420		4.500		10/01/33	64,466
	1,851		4.500		04/01/34	1,824
	1,592		4.500		04/01/35	1,569
	1,142		4.500		07/01/35	1,126
	2,790		4.500		08/01/35	2,749
	15,787		4.500		09/01/35	15,561
	3,809		4.500		10/01/35	3,754
	657		4.500		12/01/35	647
	509		4.500		05/01/36	502
	46,884		4.500		01/01/38	46,212
	605		4.500		04/01/38	598
	323		4.500		05/01/38	319
	2,966		4.500		06/01/38	2,923
	74,065		4.500		09/01/38	73,158
	1,616		4.500		01/01/39	1,597
	38,478		4.500		02/01/39	38,015
	19,808		4.500		03/01/39	19,573

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	3,825		4.500	%	04/01/39	$         3,779
	104,687		4.500		05/01/39	103,449
	336,731		4.500		06/01/39	332,751
	11,833		4.500		07/01/39	11,694
	14,612		4.500		08/01/39	14,440
	20,153		4.500		09/01/39	19,915
	3,786		4.500		10/01/39	3,741
	7,117		4.500		11/01/39	7,034
	7,716		4.500		12/01/39	7,624
	13,154		4.500		01/01/40	12,999
	3,182		4.500		02/01/40	3,144
	9,921		4.500		04/01/40	9,801
	14,170		4.500		05/01/40	13,997
	18,299		4.500		06/01/40	18,075
	11,866		4.500		07/01/40	11,720
	13,154		4.500		08/01/40	12,993
	7,930		4.500		09/01/40	7,833
	3,630		4.500		10/01/40	3,586
	4,164		4.500		02/01/41	4,111
	12,650		4.500		03/01/41	12,487
	23,681		4.500		04/01/41	23,376
	25,970		4.500		05/01/41	25,635
	47,569		4.500		06/01/41	46,956
	4,249		4.500		07/01/41	4,194
	141,997		4.500		08/01/41	140,167
	139,230		4.500		09/01/41	137,521
	8,280		4.500		12/01/41	8,173
	105,753		4.500		03/01/42	104,390
	11,639,700		2.500		02/01/51	9,910,981
	15,328,698		2.000		05/01/51	12,529,737
						24,929,306
FNMA – 1.7%
	84,207		7.500		10/01/37	89,325
	2,955,029		2.000		10/01/50	2,420,445
	2,954,345		2.000		11/01/50	2,419,519
	3,828,993		5.500		09/01/52	3,854,232
						8,783,521
GNMA – 13.9%
	994		6.500		01/15/32	1,014
	3,327		6.500		02/15/32	3,417
	2,686		6.500		08/15/34	2,789
	8,385		6.500		05/15/35	8,676
	2,252		6.500		06/15/35	2,317
	6,537		6.500		07/15/35	6,767
	2,483		6.500		08/15/35	2,572
	5,039		6.500		09/15/35	5,214
	8,337		6.500		11/15/35	8,647
	5,465		6.500		12/15/35	5,659
	16,156		6.500		01/15/36	16,694
	21,637		6.500		02/15/36	22,449
	9,491		6.500		03/15/36	9,815
	33,703		6.500		04/15/36	35,006
	41,893		6.500		05/15/36	43,431
	37,548		6.500		06/15/36	38,863
	111,553		6.500		07/15/36	116,150

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	120,658		6.500	%	08/15/36	$       125,720
	254,210		6.500		09/15/36	264,982
	91,282		6.500		10/15/36	94,982
	126,245		6.500		11/15/36	132,264
	50,563		6.500		12/15/36	52,611
	22,918		6.500		01/15/37	23,798
	13,551		6.500		02/15/37	14,115
	8,812		6.500		03/15/37	9,148
	19,107		6.500		04/15/37	19,875
	4,716		6.500		05/15/37	4,938
	5,020		6.500		08/15/37	5,224
	29,571		6.500		09/15/37	30,766
	38,556		6.500		10/15/37	40,950
	15,841		6.500		11/15/37	16,485
	12,642		6.500		05/15/38	13,198
	32,062		6.000		11/15/38	33,042
	2,322		6.500		01/15/39	2,377
	3,713		6.500		02/15/39	3,829
	2,315,771		4.500		08/20/47	2,277,809
	51,509		4.500		02/20/48	50,600
	121,981		4.500		05/20/48	119,447
	623,049		4.500		09/20/48	609,915
	4,601,478		5.000		09/20/48	4,596,331
	173,375		5.000		10/20/48	173,181
	3,664		5.000		11/20/48	3,660
	1,707,148		4.500		12/20/48	1,670,627
	4,000,022		5.000		12/20/48	3,989,298
	341,530		4.500		01/20/49	334,117
	2,031,753		5.000		01/20/49	2,026,306
	29,487		5.000		03/20/49	29,408
	1,040,119		4.000		04/20/49	995,455
	13,064		5.000		05/20/49	13,049
	499,870		5.000		06/20/49	498,530
	71,257		5.000		11/20/49	71,021
	771,040		5.000		12/20/49	769,608
	204,195		5.000		07/20/50	204,129
	561,033		4.000		01/20/51	532,909
	633,599		2.500		06/20/51	542,251
	2,876,999		2.500		09/20/51	2,470,128
	3,186,889		2.500		10/20/51	2,732,420
	4,305,881		3.000		11/20/51	3,862,696
	589,020		2.500		11/20/51	504,836
	6,144,399		3.000		12/20/51	5,510,064
	2,966,628		2.500		12/20/51	2,544,629
	1,494,742		2.500		01/20/52	1,278,151
	2,920,178		4.500		09/20/52	2,817,128
	3,458,120		4.500		10/20/52	3,336,086
	13,000,000		4.000		TBA-30yr	12,291,861
	3,000,000		4.500		TBA-30yr(c)	2,894,593
	1,000,000		5.000		TBA-30yr(c)	982,544
	9,000,000		5.500		TBA-30yr(c)	8,960,402
						70,910,973
UMBS – 15.4%
	98		5.500		09/01/23	97
	86		5.500		10/01/23	86
	136,821		4.500		11/01/36	134,903
	44,059		4.500		02/01/39	43,473

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	56,536		4.500	%	04/01/39	$         55,803
	2,896		4.500		08/01/39	2,844
	171,610		4.500		08/01/41	168,616
	99,122		4.500		10/01/41	97,732
	3,117,923		4.000		12/01/44	2,992,082
	13,071,606		3.500		07/01/45	12,124,461
	5,802,106		4.000		08/01/45	5,571,175
	432,162		4.000		01/01/46	414,006
	343,051		4.500		06/01/48	335,377
	2,388,002		4.500		07/01/48	2,330,852
	627,831		4.500		08/01/48	612,806
	201,791		4.500		09/01/48	196,962
	2,818,938		4.500		10/01/48	2,761,651
	1,244,974		4.500		01/01/49	1,213,415
	1,712,386		4.000		01/01/49	1,637,921
	288,409		4.500		03/01/49	280,696
	138,947		5.000		07/01/49	138,814
	427,945		4.000		03/01/50	407,463
	552,056		4.500		05/01/50	536,290
	14,465,564		4.500		06/01/52	14,033,157
	1,879,982		5.000		07/01/52	1,859,104
	5,644,805		5.000		08/01/52	5,580,353
	3,803,239		6.000		11/01/52	3,920,161
	1,898,137		6.000		12/01/52	1,943,405
	2,878,301		6.000		01/01/53	2,934,620
	1,929,827		5.500		04/01/53	1,923,249
	2,000,000		3.000		TBA-30yr(c)	1,759,687
	7,000,000		5.000		TBA-30yr(c)	6,858,086
	6,000,000		6.000		TBA-30yr(c)	6,052,265
						78,921,612
TOTAL FEDERAL AGENCIES						$188,991,533
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $198,484,892)						$190,324,726
Agency Debentures – 16.3%
Sovereign – 16.3%
FHLB
$	13,950,000		3.500	%	06/11/32	$  12,931,231
FNMA
	5,200,000		6.250		05/15/29	5,751,148
	16,080,000		7.125		01/15/30	18,790,284
Tennessee Valley Authority
	49,850,000		0.750		05/15/25	45,957,712
TOTAL AGENCY DEBENTURES (Cost $90,190,897)						$  83,430,375
U.S. Treasury Obligations – 49.3%
United States Treasury Bonds
$	4,910,000		3.500	%	04/30/30	$    4,768,838
	410,000		3.375		05/15/44	369,641
	10,000		3.000		11/15/45	8,433

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Bonds – (continued)
$	200,000		2.875	%	11/15/46	$       164,781
	380,000		3.375		11/15/48	343,603
	600,500		4.000		11/15/52	617,201
United States Treasury Notes
	11,965,000		4.375	(d)	10/31/24	11,820,579
	27,195,000		0.750		11/15/24	25,577,110
	19,070,000		4.250		12/31/24	18,804,808
	29,330,000		1.125		01/15/25	27,582,803
	32,950,000		3.875		03/31/25	32,303,871
	31,947,300		2.750		05/15/25	30,683,135
	11,750,000		0.375		11/30/25	10,606,211
	6,942,000		0.750		03/31/26	6,274,375
	11,760,000		0.750		05/31/26	10,563,787
	9,960,000		0.625		07/31/26	8,873,738
	4,200,000		1.375		08/31/26	3,822,000
	5,940,000		1.125		10/31/26	5,341,823
	12,630,000		2.250		11/15/27	11,632,427
	11,010,000		1.125		02/29/28	9,595,043
	11,340,000		1.250		03/31/28	9,922,500
	11,090,000		1.250		04/30/28	9,688,155
	5,360,000		3.625		05/31/28	5,243,169
	2,210,000		1.750		01/31/29	1,953,951
	5,630,000		2.625		02/15/29	5,215,667
TOTAL U.S. TREASURY OBLIGATIONS (Cost $259,846,729)						$251,777,649
Shares		Dividend Rate				Value
Investment Company(e) – 3.1%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	15,641,052		5.022%			$  15,641,052
(Cost $15,641,052)
TOTAL INVESTMENTS – 105.9% (Cost $564,163,570)						$541,173,802
OTHER ASSETS IN EXCESS OF     LIABILITIES – (5.9)%						(30,367,538)
NET ASSETS – 100.0%						$510,806,264

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2023.
(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 $27,507,577 which represents approximately 5.4% of net assets as of June 30, 2023.
(d)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(e)	Represents an affiliated Issuer.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At June 30, 2023, the Fund had the following forward sales contracts:

Description	Interest Rate	Maturity Date(a)	Settlement Date	Principal Amount			Value
GNMA	2.500%	TBA - 30yr	07/20/23	$	(3,000,000	)	$	(2,596,260	)
GNMA	3.000	TBA - 30yr	07/20/23		(4,000,000	)		(3,573,415	)
UMBS, 30 Year, Single Family	2.000	TBA - 30yr	07/13/23		(21,000,000	)		(17,112,615	)
UMBS, 30 Year, Single Family	2.500	TBA - 30yr	07/13/23		(8,000,000	)		(6,779,686	)
UMBS, 30 Year, Single Family	3.500	TBA - 30yr	07/13/23		(9,000,000	)		(8,197,733	)
UMBS, 30 Year, Single Family	4.000	TBA - 30yr	07/13/23		(8,000,000	)		(7,505,623	)
UMBS, 30 Year, Single Family	4.500	TBA - 30yr	07/13/23		(8,000,000	)		(7,687,502	)
UMBS, 30 Year, Single Family	5.500	TBA - 30yr	07/13/23		(5,000,000	)		(4,975,973	)
(PROCEEDS RECEIVABLE: $(58,789,336))							$	(58,428,807	)

(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, 2023, 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	1,214	09/29/23	$	246,859,312		$	(3,076,773	)
Short position contracts:
10 Year U.S. Treasury Notes	(692)	09/20/23		(79,181,406	)		980,982
20 Year U.S. Treasury Bonds	(9)	09/20/23		(1,142,156	)		(883	)
5 Year U.S. Treasury Notes	(817)	09/29/23		(87,495,594	)		1,489,814
Ultra Long U.S. Treasury Bonds	(96)	09/20/23		(13,077,000	)		(133,144	)
Total						$	2,336,769
TOTAL FUTURES CONTRACTS						$	(740,004	)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date		Notional Amount (000s)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3.270%(b)	12M SOFR(b)		05/14/25	$	15,280	$	156,897		$	91,082		$	65,815
12M SOFR(c)	3.423%(c)		03/31/30		10,740		(150,325	)		(1,891	)		(148,434	)
2.680(c)	12M SOFR(c)		07/28/32		7,390		130,330			100,850			29,480
12M SOFR(c)	2.910(c)		07/28/37		18,070		(238,744	)		(245,527	)		6,783
12M SOFR(c)	2.720(c)		08/11/37		11,240		(220,074	)		(311,580	)		91,506
12M SOFR(c)	3.391(c)		05/10/38		9,000		19,945			(8,610	)		28,555
2.080(c)	12M SOFR(c)		07/28/47		14,280		202,896			183,025			19,871
2.170(c)	12M SOFR(c)		08/11/52		5,420		239,713			144,298			95,415
2.564(c)	12M SOFR(c)		05/11/53		7,200		(41,159	)		7,192			(48,351	)
TOTAL						$	99,479		$	(41,161	)	$	140,640

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2023.

(b) Payments made at maturity.

(c) Payments made annually.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — At June 30, 2023, 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)
Written option contracts
Calls
1Y IRS	BofA Securities LLC		3.025	%		05/10/2024	(12,100,000)	$	(12,100,000	)	$	(19,641	)	$	(75,141	)	$	55,500
1Y IRS	BofA Securities LLC		2.935			05/13/2024	(6,050,000)		(6,050,000	)		(9,123	)		(38,569	)		29,446
1Y IRS	BofA Securities LLC		2.908			05/13/2024	(6,050,000)		(6,050,000	)		(8,900	)		(39,325	)		30,425
							(24,200,000)	$	(24,200,000	)	$	(37,664	)	$	(153,035	)	$	115,371
Puts
1Y IRS	BofA Securities LLC		3.025			05/10/2024	(12,100,000)		(12,100,000	)		(171,763	)		(75,141	)		(96,622	)
1Y IRS	BofA Securities LLC		2.935			05/13/2024	(6,050,000)		(6,050,000	)		(90,000	)		(38,569	)		(51,431	)
1Y IRS	BofA Securities LLC		2.908			05/13/2024	(6,050,000)		(6,050,000	)		(91,291	)		(39,325	)		(51,966	)
							(24,200,000)	$	(24,200,000	)	$	(353,054	)	$	(153,035	)	$	(200,019	)
Total written option contracts							(48,400,000)	$	(48,400,000	)	$	(390,718	)	$	(306,070	)	$	(84,648	)
TOTAL							(48,400,000)	$	(48,400,000	)	$	(390,718	)	$	(306,070	)	$	(84,648	)

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
COF	— Cost of Funds Index
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
MTA	— Monthly Treasury Average
REMIC	— Real Estate Mortgage Investment Conduit
UMBS	— Uniform Mortgage Backed Securities
Abbreviations:
1Y IRS	— 1 Year Interest Rate Swaptions
SOFR	— Secured Overnight Funding Rate

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 36.6%
Agriculture(a) – 0.3%
BAT Capital Corp.
$	5,665,000		3.222	%	08/15/24	$       5,496,466
Automotive – 1.0%
Hyundai Capital America(b)
	4,435,000		5.800		06/26/25	4,426,751
Toyota Motor Credit Corp.(c) (SOFR + 0.890%)
	10,292,000		5.980		05/18/26	10,332,036
Volkswagen Group of America Finance LLC(b)(c) (SOFR + 0.950%)
	5,000,000		6.040		06/07/24	4,994,050
						19,752,837
Banks – 27.1%
Banco Santander SA(c)
(1 year CMT + 0.450%)
	11,000,000		5.770	(a)	06/30/24	10,938,950
(SOFR + 1.240%)
	16,200,000		6.330		05/24/24	16,269,498
Bank of America Corp.(a)(c)
(SOFR + 0.660%)
	18,210,000		5.749		02/04/25	18,159,923
(SOFR + 0.690%)
	11,139,000		0.976		04/22/25	10,675,729
(SOFR + 0.690%)
	7,008,000		5.751		04/22/25	6,998,679
Bank of Montreal
	3,136,000		3.300		02/05/24	3,088,176
(SOFR + 1.330%)
	12,291,000		6.420	(c)	06/05/26	12,358,969
Banque Federative du Credit Mutuel SA(b)(c) (SOFR + 0.410%)
	10,105,000		5.494		02/04/25	10,021,937
Barclays PLC(a)(c) (1 year CMT + 0.800%)
	11,996,000		1.007		12/10/24	11,704,977
BPCE SA(b)(c) (SOFR + 0.570%)
	9,800,000		5.596		01/14/25	9,648,002
Canadian Imperial Bank of Commerce
	6,283,000		3.100		04/02/24	6,152,691
Citigroup, Inc.(a)(c)
(SOFR + 1.372%)
	14,631,000		6.463		05/24/25	14,706,935
(TSFR3M + 1.158%)
	19,114,000		3.352		04/24/25	18,685,464
Credit Suisse AG
	2,758,000		7.950		01/09/25	2,811,698
Deutsche Bank AG
	3,086,000		0.962		11/08/23	3,020,268
(SOFR + 0.500%)
	26,504,000		5.589	(c)	11/08/23	26,424,488
Federation des Caisses Desjardins du Quebec(b)(c) (SOFR + 0.430%)
	27,000,000		5.520		05/21/24	26,916,300
HSBC Holdings PLC(a)(c) (SOFR + 0.580%)
	19,425,000		5.670		11/22/24	19,286,694
HSBC USA, Inc.
	7,633,000		5.625		03/17/25	7,610,864
Intesa Sanpaolo SpA(b)
	7,829,000		3.250		09/23/24	7,507,385

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
JPMorgan Chase & Co.(a)(c)
(SOFR + 0.970%)
$	20,857,000		6.061	%	06/14/25	$     20,882,863
(TSFR3M + 0.540%)
	3,799,000		0.824		06/01/25	3,612,279
(TSFR3M + 1.417%)
	24,875,000		3.220		03/01/25	24,401,131
KeyBank NA(a)(c) (SOFR + 0.340%)
	11,520,000		5.432		01/03/24	11,314,714
Macquarie Bank Ltd.(b)(c) (SOFR + 1.240%)
	7,845,000		6.331		06/15/26	7,878,420
Mitsubishi UFJ Financial Group, Inc.(a)(c)
(1 year CMT + 0.680%)
	13,487,000		0.848		09/15/24	13,332,978
(SOFR + 0.940%)
	12,750,000		6.029		02/20/26	12,749,745
(SOFR + 1.385%)
	5,266,000		6.475		09/12/25	5,286,169
Mizuho Bank Ltd.(c) (SOFR + 0.460%)
	5,192,000		5.520		10/24/23	5,194,018
Mizuho Financial Group, Inc.(a)(c)
(-1X SOFR + 0.872%)
	8,467,000		0.849		09/08/24	8,377,419
(-1X SOFR + 1.252%)
	14,606,000		1.241		07/10/24	14,595,192
Morgan Stanley(a)(c)
(SOFR + 0.509%)
	22,514,000		0.791		01/22/25	21,818,543
(SOFR + 0.625%)
	6,998,000		5.686		01/24/25	6,979,595
MUFG Bank Ltd.(b)
	2,469,000		4.100		09/09/23	2,459,618
National Securities Clearing Corp.(b)
	7,505,000		5.150		05/30/25	7,469,426
NatWest Group PLC
	3,681,000		3.875		09/12/23	3,661,086
NatWest Markets PLC(b)
	3,419,000		0.800		08/12/24	3,219,672
Nordea Bank Abp(b)(c) (3M USD LIBOR + 0.940%)
	4,721,000		6.403		08/30/23	4,724,210
Santander UK Group Holdings PLC(a)(c) (SOFR + 0.787%)
	5,447,000		1.089		03/15/25	5,214,903
Standard Chartered PLC(a)(b)(c) (1 year CMT + 0.780%)
	5,570,000		0.991		01/12/25	5,400,226
Sumitomo Mitsui Trust Bank Ltd.(b)(c) (SOFR + 1.120%)
	9,831,000		6.210		03/09/26	9,846,533
Svenska Handelsbanken AB(b)(c) (SOFR + 1.250%)
	13,359,000		6.341		06/15/26	13,427,932
Swedbank AB(b)
	3,119,000		0.600		09/25/23	3,081,011
(SOFR + 1.380%)
	14,903,000		6.471	(c)	06/15/26	14,963,953
The Bank of Nova Scotia
	5,973,000		0.700		04/15/24	5,741,785
	2,997,000		5.250		12/06/24	2,973,174
	10,878,000		5.450		06/12/25	10,822,196
(SOFR + 1.090%)
	8,947,000		6.180	(c)	06/12/25	8,967,936

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
The Toronto-Dominion Bank
$	2,276,000		3.250	%	03/11/24	$       2,236,602
(SOFR + 0.355%)
	2,650,000		5.445	(c)	03/04/24	2,645,204
(SOFR + 0.910%)
	10,478,000		6.000	(c)	03/08/24	10,496,232
UBS AG(b)
	11,457,000		0.700		08/09/24	10,786,422
(SOFR + 0.450%)
	12,180,000		5.540	(c)	08/09/24	12,125,190
(SOFR + 0.470%)
	6,993,000		5.493	(a)(c)	01/13/25	6,946,427
US Bancorp(a)
	3,427,000		3.700		01/30/24	3,383,477
	3,515,000		3.375		02/05/24	3,463,119
Westpac Banking Corp.
	5,190,000		5.350		10/18/24	5,182,786
						558,649,813
Cosmetics & Personal Care(a) – 0.3%
Haleon U.S. Capital LLC
	7,326,000		3.024		03/24/24	7,163,582
Diversified Financial Services – 2.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	5,241,000		1.150		10/29/23	5,160,289
AIG Global Funding(b)(c) (SOFR + 0.380%)
	19,547,000		5.471		12/15/23	19,468,812
American Express Co.(a)(c) (SOFR + 0.930%)
	8,050,000		6.020		03/04/25	8,098,219
Capital One Financial Corp.(a)(c) (SOFR + 0.690%)
	19,375,000		5.780		12/06/24	19,038,650
						51,765,970
Electrical(a)(c) – 1.6%
American Electric Power Co., Inc. (3M USD LIBOR + 0.480%)
	7,063,000		5.779		11/01/23	7,062,788
CenterPoint Energy, Inc. (SOFR + 0.650%)
	19,300,000		5.739		05/13/24	19,277,033
Dominion Energy, Inc. (3M USD LIBOR + 0.530%)
	7,608,000		6.082		09/15/23	7,608,913
						33,948,734
Healthcare Providers & Services(c) – 0.4%
Baxter International, Inc. (SOFR + 0.440%)
	8,100,000		5.531		11/29/24	8,032,689
Insurance(b)(c) – 2.0%
Jackson National Life Global Funding (SOFR + 1.150%)
	6,029,000		6.242		06/28/24	6,033,702
MassMutual Global Funding II (SOFR + 0.270%)
	13,808,000		5.316		10/21/24	13,767,819
New York Life Global Funding (SOFR + 0.650%)
	6,071,000		5.724		05/02/25	6,055,944
Pacific Life Global Funding II
(SOFR + 0.400%)
	4,325,000		5.464		01/27/25	4,285,556

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance(b)(c) – (continued)
Pacific Life Global Funding II – (continued)
(SOFR + 0.860%)
$	6,759,000		5.951	%	06/16/25	$       6,759,879
Protective Life Global Funding (SOFR + 0.980%)
	4,944,000		6.072		03/28/25	4,950,773
						41,853,673
Pharmaceuticals – 0.3%
Pfizer Investment Enterprises Pte Ltd.
	5,457,000		4.650		05/19/25	5,407,178
Real Estate Investment Trust(a)(c) – 0.4%
Public Storage (SOFR + 0.470%)
	8,101,000		5.519		04/23/24	8,092,413
Retailing(a)(b) – 0.1%
7-Eleven, Inc.
	2,074,000		0.800		02/10/24	2,009,478
Savings & Loans(b) – 0.6%
Nationwide Building Society
	3,573,000		0.550		01/22/24	3,467,525
(3M USD LIBOR + 1.392%)
	9,000,000		4.363	(a)(c)	08/01/24	8,980,110
						12,447,635
TOTAL CORPORATE OBLIGATIONS (Cost $754,609,791)						$   754,620,468
Agency Debentures – 7.5%
Sovereign – 7.5%
Federal Farm Credit Banks Funding Corp. (SOFR + 0.195%)
$	1,727,000		5.255	%(c)	06/02/25	$       1,726,637
Federal Home Loan Banks(a)
	15,625,000		5.300		05/22/24	15,568,594
	13,270,000		5.360		06/11/24	13,238,948
	8,295,000		5.375		06/11/24	8,224,244
Federal Home Loan Mortgage Corp.(a)
	5,383,000		5.400		06/11/24	5,360,391
	5,383,000		5.380		06/12/24	5,359,961
FFCB
	4,375,000		5.070	(a)	01/11/24	4,364,456
FHLB
	7,445,000		5.000	(a)	02/21/24	7,418,496
	13,520,000		5.000	(a)	02/21/24	13,477,953
	7,405,000		5.165	(a)	03/08/24	7,365,383
	10,980,000		5.500	(a)	04/01/24	10,932,127
	18,550,000		5.340	(a)	04/23/24	18,448,160
	10,780,000		5.540	(a)	04/24/24	10,747,013
	10,725,000		5.330	(a)	04/26/24	10,660,007
	5,860,000		5.490	(a)	07/15/24	5,849,452
	5,880,000		5.520	(a)	07/15/24	5,869,828
	10,000,000		4.625		12/13/24	9,909,000
TOTAL AGENCY DEBENTURES (Cost $155,204,770)						$   154,520,650

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 10.2%
United States Treasury Bill(d)
$	3,069,400		0.000	%	09/21/23	$       3,034,194
United States Treasury Notes
(3M Treasury money market yield + 0.035%)
	9,486,400		5.284	(c)	10/31/23	9,487,518
	39,464,000		4.125		01/31/25	38,845,834
(3M Treasury money market yield + 0.200%)
	24,627,000		5.449	(c)	01/31/25	24,661,559
	44,792,000		4.625		02/28/25	44,445,562
	37,746,900		3.875		03/31/25	37,006,707
	16,181,000		3.875		04/30/25	15,866,861
(3M Treasury money market yield + 0.169%)
	21,734,700		5.418	(c)	04/30/25	21,745,963
	16,200,000		4.250		05/31/25	15,996,235
TOTAL U.S. TREASURY OBLIGATIONS (Cost $212,557,632)						$   211,090,433
Shares		Dividend Rate				Value
Investment Company(e) – 4.5%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	92,233,283		5.022%			$     92,233,283
(Cost $92,233,283)
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 40.7%
Certificates of Deposit – 24.3%
Banco Santander SA(c) (SOFR + 0.490%)
$	5,000,000		5.320	%	02/09/24	$       4,997,502
Bank of America NA
	7,327,000		5.440		02/08/24	7,303,990
Barclays Bank PLC(c)
(SOFR + 0.460%)
	7,635,000		5.520	(b)	11/03/23	7,636,306
(SOFR + 0.700%)
	9,600,000		5.760		10/04/23	9,608,590
Bayerische Landesbank
	5,200,000		5.300		01/25/24	5,183,289
	2,428,000		5.820		03/08/24	2,425,847
BNP Paribas SA
	12,043,000		5.550		10/23/23	12,038,723
	9,499,000		5.430		02/16/24	9,471,282
(SOFR + 0.270%)
	4,001,000		5.330	(c)	03/08/24	3,994,680
Brighthouse Financial Short Term Funding LLC(b)(c) (SOFR + 0.730%)
	10,014,000		5.790		12/22/23	10,026,992
Canadian Imperial Bank of Commerce
	5,484,000		5.540		10/20/23	5,480,989
Citigroup Global Markets, Inc.(b)(c) (SOFR + 0.650%)
	5,866,000		5.710		09/21/23	5,870,803

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
Collateralized Commercial Paper FLEX Co. LLC(a)(b)(c) (SOFR + 0.450%)
$	5,000,000		5.250	%	11/27/23	$       5,001,847
Commonwealth Bank of Australia
	11,325,000		5.530		11/22/23	11,315,946
(SOFR + 0.400%)
	11,540,000		5.460	(c)	01/29/24	11,538,913
(SOFR + 0.500%)
	3,661,000		5.560	(c)	04/26/24	3,660,066
Cooperatieve Rabobank UA
	4,336,000		5.750		03/07/24	4,333,530
	11,600,000		5.750		06/17/24	11,577,941
Credit Agricole Corporate & Investment Bank SA
	10,683,000		5.530		09/11/23	10,688,531
Credit Industriel et Commercial(c)
(SOFR + 0.330%)
	18,000,000		5.390	(b)	10/31/23	18,002,554
(SOFR + 0.380%)
	7,311,000		5.440		11/16/23	7,313,835
DNB Bank ASA(b)(c) (SOFR + 0.400%)
	23,158,000		5.460		01/17/24	23,164,356
ING U.S. Funding LLC(b)(c) (SOFR + 0.590%)
	7,000,000		5.650		04/24/24	6,999,975
Landesbank Baden-Wuerttemberg
	8,620,000		5.220		01/17/24	8,588,036
Lloyds Bank Corporate Markets PLC
	7,350,000		5.530		02/14/24	7,334,377
(SOFR + 0.540%)
	23,765,000		5.600	(c)	01/31/24	23,786,009
Macquarie Bank Ltd.(b)(c) (SOFR + 0.520%)
	2,358,000		5.580		02/15/24	2,358,578
Mizuho Bank Ltd.(c)
(SOFR + 0.450%)
	10,660,000		5.000		01/24/24	10,657,061
(SOFR + 0.520%)
	1,795,000		5.580		10/02/23	1,795,913
Nordea Bank Abp
	4,579,000		5.400		11/16/23	4,576,295
(SOFR + 0.450%)
	17,543,000		5.510	(b)(c)	01/18/24	17,546,405
(SOFR + 0.530%)
	2,843,000		5.590	(c)	04/26/24	2,843,410
(SOFR + 0.770%)
	4,207,000		5.830	(c)	10/23/23	4,212,919
Old Line Funding LLC(b)(c) (SOFR + 0.380%)
	5,224,000		5.440		11/25/23	5,224,172
Royal Bank of Canada(c)
(FEDL01 + 0.700%)
	8,251,000		5.770		04/04/24	8,261,958
(SOFR + 0.700%)
	3,751,000		5.760		03/27/24	3,755,366
Skandinaviska Enskilda Banken AB
	7,800,000		5.400		11/16/23	7,794,680
(SOFR + 0.650%)
	9,721,000		5.730	(b)(c)	05/31/24	9,724,527
Standard Chartered Bank(c) (SOFR + 0.640%)
	18,859,000		5.700		02/20/24	18,877,014

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
Standard Chartered Bank PLC
$	5,582,000		5.600	%	12/01/23	$       5,576,315
Starbird Funding Corp.(b)(c)
(SOFR + 0.160%)
	10,000,000		5.220		09/06/23	9,998,863
(SOFR + 0.220%)
	7,000,000		5.280		12/08/23	6,993,770
(SOFR + 0.500%)
	8,700,000		5.560		10/04/23	8,703,428
Sumitomo Mitsui Banking Corp.
	5,000,000		5.000		10/06/23	4,991,171
(SOFR + 0.500%)
	15,816,000		5.560	(c)	10/04/23	15,822,981
(SOFR + 0.920%)
	19,914,000		5.980	(c)	11/30/23	19,955,398
(SOFR + 0.950%)
	1,775,000		6.010	(c)	10/25/23	1,778,281
Suncor Energy, Inc.
	3,093,000		0.993		08/24/23	3,066,783
Svenska Handelsbanken(c)
(SOFR + 0.560%)
	4,752,000		5.620		09/08/23	4,755,308
(SOFR + 0.570%)
	8,620,000		5.660		01/09/24	8,627,277
The Bank of Nova Scotia(c)
(SOFR + 0.380%)
	3,220,000		5.440		02/16/24	3,217,584
(SOFR + 0.420%)
	3,513,000		5.480		01/26/24	3,512,262
The Toronto-Dominion Bank
	12,589,000		5.250	(a)	01/25/24	12,542,499
	9,924,000		5.570		02/28/24	9,925,433
	3,167,000		5.510		04/03/24	3,169,825
Thunder Bay Funding LLC(a)(b)(c) (SOFR + 0.410%)
	3,495,000		5.470		11/06/23	3,495,115
Toronto-Dominion
	6,932,000		5.820		05/23/24	6,920,199
Wells Fargo Bank NA(c)
(SOFR + 0.420%)
	6,101,000		5.480		01/12/24	6,102,701
(SOFR + 0.610%)
	20,451,000		5.670		04/19/24	20,464,253
Westpac Banking Corp.
	7,354,000		5.400		02/20/24	7,330,354
						501,923,007
Commercial Paper(d) – 16.4%
3M Co.
	9,498,000		0.000		09/07/23	9,402,936
Alimentation Couche-Tard, Inc.
	9,209,000		0.000		07/05/23	9,202,238
American Electric Power Co., Inc.
	5,011,000		0.000		07/20/23	4,996,134
AT&T, Inc.
	3,911,000		0.000		02/26/24	3,758,516
Atlantic Asset Securitization LLC
	8,111,000		0.000		11/21/23	7,930,871

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(d) – (continued)
Australia & New Zealand Banking Group Ltd.
$	11,036,000		0.000	%	02/02/24	$     10,671,390
BASF SE
	5,102,000		0.000		12/18/23	4,964,760
BAT International Finance PLC
	1,890,000		0.000		07/24/23	1,883,221
Bayer Corp.
	8,991,000		0.000		09/14/23	8,888,370
BPCE SA
	6,163,000		0.000		09/07/23	6,099,603
	3,273,000		0.000		11/06/23	3,208,401
Collateralized Commercial Paper FLEX Co. LLC(a)(b)
	3,905,000		0.000		11/17/23	3,901,416
DNB Bank ASA
	8,964,000		0.000		11/22/23	8,766,686
EIDP, Inc.
	3,498,000		0.000		11/24/23	3,418,398
GTA Funding LLC
	6,615,400		0.000		08/08/23	6,577,775
HSBC USA, Inc.
	5,060,000		0.000		05/24/24	4,777,595
ING U.S. Funding LLC(b)(c) (SOFR + 0.400%)
	9,613,000		0.000		11/27/23	9,617,330
La Fayette Asset Securitization LLC
	9,388,000		0.000		11/06/23	9,202,238
	7,259,000		0.000		11/28/23	7,089,986
Liberty Street Funding LLC
	12,901,000		0.000		10/16/23	12,687,437
LMA-Americas LLC
	8,873,000		0.000		10/13/23	8,729,886
	3,000,000		0.000		11/17/23	2,934,935
LVMH Moet Hennessy Louis Vuitton, Inc.
	3,418,000		0.000		06/06/24	3,238,598
Macquarie Bank Ltd.
	10,796,000		0.000		01/30/24	10,432,442
National Bank of Canada
	9,916,000		0.000		10/31/23	9,731,390
National Bank of Kuwait SAKP
	12,748,000		0.000		08/07/23	12,750,922
NatWest Markets PLC
	9,782,000		0.000		10/10/23	9,629,065
	9,094,000		0.000		02/09/24	8,768,976
Northrop Gruman Corp.
	2,457,000		0.000		08/17/23	2,439,074
Northrop Grumman Corp.
	7,806,000		0.000		08/22/23	7,742,885
Philip Morris International, Inc.
	7,570,000		0.000		10/24/23	7,438,258
Pure Grove Funding
	9,545,000		0.000		11/29/23	9,321,208
	9,391,000		0.000		12/05/23	9,161,797
	7,611,000		0.000		01/05/24	7,386,517
	8,204,000		0.000		01/18/24	7,944,831
	4,767,000		0.000		01/24/24	4,611,797
	4,767,000		0.000		01/24/24	4,611,797
Societe Generale SA
	9,649,000		0.000		11/15/23	9,446,417
	11,006,000		0.000		02/09/24	10,619,900

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(d) – (continued)
Sumitomo Mitsui Trust Bank Ltd.
$	10,837,000		0.000	%	09/05/23	$     10,729,500
Suncor Energy, Inc.
	2,792,000		0.000		08/11/23	2,774,111
TELUS Corp.
	2,129,000		0.000		08/02/23	2,118,358
	5,366,000		0.000		10/17/23	5,273,408
	10,000,000		0.000		10/20/23	9,822,480
TotalEnergies Capital SA
	9,545,000		0.000		11/27/23	9,320,852
Toyota Motor Credit Corp.
	3,517,000		0.000		11/03/23	3,450,233
Walgreens Boots Alliance, Inc.
	10,075,000		0.000		07/03/23	10,070,186
						337,545,124
TOTAL SHORT-TERM INVESTMENTS (Cost $839,891,233)						$   839,468,131
TOTAL INVESTMENTS – 99.5% (Cost $2,054,496,709)						$2,051,932,965
OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.5%						9,984,916
NET ASSETS – 100.0%						$2,061,917,881

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, 2023.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)	Represents an affiliated Issuer.

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
FFCB	— Federal Farm Credit Bank
FHLB	— Federal Home Loan Bank
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
PLC	— Public Limited Company
SOFR	— Secured Overnight Funding Rate

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

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

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds’ investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has 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 exchange-traded funds (“ETFs”) and other investment companies. 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. 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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

vii. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements. An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

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

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

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, the 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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2023:

ENHANCED INCOME
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	361,735,377		$	—
Asset-Backed Securities		—		138,164,691			—
Mortgage-Backed Obligations		—		24,476,669			—
Sovereign Debt Obligations		—		6,168,419			—
Agency Debentures		—		3,667,098			—
Municipal Debt Obligations		—		684,738			—
Exchange Traded Funds		28,294,313		—			—
Investment Company		6,612,216		—			—
Short-term Investments		—		2,634,709			—
Total	$	34,906,529	$	537,531,701		$	—
Derivative Type
Assets
Futures Contracts(a)	$	1,699,935	$	—		$	—
Interest Rate Swap Contracts(a)		—		529,189			—
Total	$	1,699,935	$	529,189		$	—
Liabilities
Interest Rate Swap Contracts(a)	$	—	$	(767,165	)	$	—

(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, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

GOVERNMENT INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	97,116,617		$	—
Agency Debentures		—			43,904,132			—
U.S. Treasury Obligations		35,328,195			—			—
Asset-Backed Securities		—			3,323,079			—
Municipal Debt Obligations		—			2,148,158			—
Sovereign Debt Obligations		—			1,198,305			—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(9,097,258	)	$	—
Derivative Type
Assets
Futures Contracts(a)	$	136,050		$	—		$	—
Interest Rate Swap Contracts(a)		—			128,179			—
Purchased Option Contracts		—			22			—
Total	$	136,050		$	128,201		$	—
Liabilities
Futures Contracts(a)	$	(273,295	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(117,199	)		—
Written Option Contracts		—			(209,102	)		—
Total	$	(273,295	)	$	(326,301	)	$	—

(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, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

INFLATION PROTECTED SECURITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	315,107,310		$	—		$	—
Agency Debentures		3,662,287			—			—
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Futures Contracts	$	122,972		$	—		$	—
Interest Rate Swap Contracts		—			3,711,616			—
Total	$	122,972		$	3,711,616		$	—
Liabilities
Futures Contracts(a)	$	(92,520	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(1,065,658	)		—
Written Option Contracts		—			(636,533	)		—
Total	$	(92,520	)	$	(1,702,191	)	$	—

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

SHORT DURATION BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	790,598,839	$	—
Mortgage-Backed Obligations		—		182,497,787		—
U.S. Treasury Obligations		179,140,398		—		—
Asset-Backed Securities		—		162,511,506		—
Sovereign Debt Obligations		—		48,497,733		—
Investment Company		6,531,720		—		—
Short-term Investments		—		14,668,680		—
Total	$	185,672,118	$	1,198,774,545	$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(52,606,215)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—	$	401,115	$	—
Futures Contracts(a)		1,536,123		—		—
Interest Rate Swap Contracts(a)		—		6,760,804		—
Credit Default Swap Contracts(a)		—		38,897		—
Purchased Option Contracts		—		740,616		—
Total	$	1,536,123	$	7,941,432	$	—

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SHORT DURATION BOND (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities
Credit Default Swap Contracts(a)	$	—		$	(13,549	)	$	—
Forward Foreign Currency Exchange Contracts(a)		—			(997,791	)		—
Futures Contracts(a)		(6,193,454	)		—			—
Interest Rate Swap Contracts(a)		—			(2,875,668	)		—
Written Option Contracts		—			(1,733,912	)		—
Total	$	(6,193,454	)	$	(5,620,920	)	$	—

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

SHORT DURATION GOVERNMENT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	251,777,649		$	—		$	—
Mortgage-Backed Obligations		—			190,324,726			—
Agency Debentures		—			83,430,375			—
Investment Company		15,641,052			—			—
Total	$	267,418,701		$	273,755,101		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(58,428,807	)	$	—
Derivative Type
Assets(a)
Futures Contracts	$	2,470,796		$	—		$	—
Interest Rate Swap Contracts		—			337,425			—
Total	$	2,470,796		$	337,425		$	—
Liabilities
Futures Contracts(a)	$	(3,210,800	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(196,785	)		—
Written Option Contracts		—			(390,718	)		—
Total	$	(3,210,800	)	$	(587,503	)	$	—

(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, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SHORT-TERM CONSERVATIVE INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	754,620,468	$	—
U.S. Treasury Obligations		211,090,433		—		—
Agency Debentures		—		154,520,650		—
Investment Company		92,233,283		—		—
Short-term Investments		—		839,468,131		—
Total	$	303,323,716	$	1,748,609,249	$	—

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

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

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. 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. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate (“LIBOR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. 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.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange 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. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. 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. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. 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. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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 a Fund’s NAV and dilute remaining investors’ interests. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, 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.