GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 61.5%
Aerospace & Defense(a) – 0.6%
Howmet Aerospace, Inc.
$	160,000		5.125	%	10/01/24	$    159,483
RTX Corp.
	3,040,000		5.750		11/08/26	3,122,171
						3,281,654
Airlines(a)(b) – 0.1%
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
	985,000		8.000		09/20/25	704,846
Automotive – 3.7%
Dana Financing Luxembourg Sarl(a)(b)
	703,000		5.750		04/15/25	701,144
Ford Motor Credit Co. LLC(a)
	1,429,000		2.300		02/10/25	1,374,512
General Motors Financial Co., Inc.
	2,425,000		1.200		10/15/24	2,338,743
	5,415,000		3.800		04/07/25	5,306,267
Goodyear Tire & Rubber Co.(a)
	1,330,000		9.500		05/31/25	1,353,408
Hyundai Capital America(b)
	2,375,000		1.000		09/17/24	2,298,311
	980,000		5.800		06/26/25	985,664
Volkswagen Group of America Finance LLC(b)
	1,230,000		3.350		05/13/25	1,197,639
	2,775,000		3.950		06/06/25	2,720,749
	1,500,000		5.800		09/12/25	1,513,350
						19,789,787
Banks – 21.5%
ANZ New Zealand International Ltd.(b)(c) (Secured Overnight Financing Rate + 0.600%)
	1,150,000		6.002		02/18/25	1,148,758
Banco Santander SA
	3,400,000		5.147		08/18/25	3,381,980
Bank of America Corp.
	2,500,000		4.000		01/22/25	2,465,975
(Secured Overnight Financing Rate + 0.670%)
	9,975,000		1.843	(a)(c)	02/04/25	9,936,995
(Secured Overnight Financing Rate + 0.690%)
	3,297,000		0.976	(a)(c)	04/22/25	3,244,017
Bank of Montreal(a)
	4,440,000		4.700		09/14/27	4,450,745
Bank of New York Mellon Corp.(a)(c) (Secured Overnight Financing Rate + 1.026%)
	1,910,000		4.947		04/26/27	1,909,618
Banque Federative du Credit Mutuel SA(b)
	4,045,000		4.935		01/26/26	4,028,375
BNP Paribas SA(a)(b)(c) (Secured Overnight Financing Rate + 1.228%)
	4,345,000		2.591		01/20/28	4,020,559
Canadian Imperial Bank of Commerce
	855,000		5.144		04/28/25	855,308
	2,980,000		5.615		07/17/26	3,037,127

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Citigroup, Inc.(a)(c)
(Secured Overnight Financing Rate + 0.694%)
$	3,925,000		6.075	%	01/25/26	$    3,902,863
(Secured Overnight Financing Rate + 1.372%)
	3,295,000		4.140		05/24/25	3,275,461
(Secured Overnight Financing Rate + 1.546%)
	4,460,000		5.610		09/29/26	4,492,513
Citizens Bank NA(a)
	900,000		2.250		04/28/25	860,589
Credit Suisse AG
	1,605,000		7.950		01/09/25	1,639,877
	4,995,000		3.700		02/21/25	4,892,253
Deutsche Bank AG
	2,105,000		4.162		05/13/25	2,076,267
DNB Bank ASA(a)(b)(c) (Secured Overnight Financing Rate Index + 0.810%)
	786,000		2.968		03/28/25	780,867
Federation des Caisses Desjardins du Quebec(b)
	4,840,000		4.400		08/23/25	4,778,096
JPMorgan Chase & Co.(a)(c) (Secured Overnight Financing Rate + 0.420%)
	2,750,000		0.563		02/16/25	2,730,750
Manufacturers & Traders Trust Co.(a)
	3,955,000		4.650		01/27/26	3,871,075
Mitsubishi UFJ Financial Group, Inc.(a)(c) (1 yr. CMT + 1.550%)
	6,934,000		5.063		09/12/25	6,908,414
Morgan Stanley(a)(c)
(Secured Overnight Financing Rate + 0.625%)
	7,125,000		6.007		01/24/25	7,114,099
(Secured Overnight Financing Rate + 0.745%)
	725,000		0.864		10/21/25	696,529
(Secured Overnight Financing Rate + 1.295%)
	952,000		5.050		01/28/27	952,809
(Secured Overnight Financing Rate + 1.669%)
	1,590,000		4.679		07/17/26	1,575,308
PNC Financial Services Group, Inc.(a)(c) (Secured Overnight Financing Rate + 1.322%)
	2,810,000		5.812		06/12/26	2,829,782
Royal Bank of Canada
	2,695,000		4.950		04/25/25	2,696,213
Santander Holdings USA, Inc.(a)(c) (Secured Overnight Financing Rate Index + 1.380%)
	1,995,000		4.260		06/09/25	1,969,265
Santander U.K. Group Holdings PLC(a)(c) (Secured Overnight Financing Rate + 0.787%)
	1,425,000		1.089		03/15/25	1,408,912
Societe Generale SA(b)
	4,885,000		4.351		06/13/25	4,836,980
Standard Chartered PLC(a)(b)(c) (1 yr. CMT + 0.780%)
	875,000		0.991		01/12/25	873,731
Sumitomo Mitsui Financial Group, Inc.
	725,000		0.948		01/12/26	668,022
Toronto-Dominion Bank
	1,810,000		4.693		09/15/27	1,810,434

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
UBS AG
$	6,420,000		5.800	%	09/11/25	$  6,495,692
Wells Fargo & Co.(a)(c) (Secured Overnight Financing Rate + 1.560%)
	2,390,000		4.540		08/15/26	2,366,387
Westpac New Zealand Ltd.(b)
	1,175,000		4.902		02/15/28	1,173,637
						116,156,282
Beverages – 0.8%
Constellation Brands, Inc.
	1,830,000		3.600		05/09/24	1,816,330
JDE Peet’s NV(a)(b)
	2,625,000		0.800		09/24/24	2,525,224
						4,341,554
Biotechnology – 0.9%
Amgen, Inc.
	4,900,000		5.250		03/02/25	4,911,417
Building Materials(b) – 0.6%
Carrier Global Corp.
	3,240,000		5.800		11/30/25	3,284,906
Chemicals(a) – 0.2%
Celanese U.S. Holdings LLC
	309,000		3.500		05/08/24	306,024
Westlake Corp.
	975,000		0.875		08/15/24	945,731
						1,251,755
Commercial Services(a) – 0.1%
Global Payments, Inc.
	525,000		1.200		03/01/26	482,412
Computers(a) – 0.2%
Dell International LLC/EMC Corp.
	1,075,000		5.850		07/15/25	1,086,073
Diversified Financial Services – 3.7%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	1,869,000		1.650		10/29/24	1,803,566
Air Lease Corp.(a)
	2,891,000		4.250		02/01/24	2,886,230
	897,000		0.700		02/15/24	891,224
	825,000		2.300		02/01/25	796,034
American Express Co.(a)(c)
	2,282,000		6.734		10/30/26	2,293,844
(Secured Overnight Financing Rate + 0.999%)
	2,965,000		4.990		05/01/26	2,958,032
Aviation Capital Group LLC(a)(b)
	1,200,000		5.500		12/15/24	1,193,292
	550,000		1.950		01/30/26	509,520
Avolon Holdings Funding Ltd.(a)(b)
	675,000		2.875		02/15/25	651,834
Nomura Holdings, Inc.
	1,390,000		5.099		07/03/25	1,381,340

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Synchrony Financial(a)
$	3,085,000		4.875	%	06/13/25	$  3,031,506
United Wholesale Mortgage LLC(a)(b)
	1,460,000		5.500		11/15/25	1,450,773
						19,847,195
Electrical – 5.9%
American Electric Power Co., Inc.
	1,750,000		2.031		03/15/24	1,734,460
Avangrid, Inc.(a)
	650,000		3.200		04/15/25	632,028
Berkshire Hathaway Energy Co.(a)
	650,000		4.050		04/15/25	642,493
CenterPoint Energy, Inc.
	2,165,000		5.250		08/10/26	2,184,810
CMS Energy Corp.(a)
	389,000		3.875		03/01/24	387,732
Dominion Energy, Inc.(a)
	2,025,000		1.450		04/15/26	1,877,074
DTE Energy Co.
	4,810,000		4.220		11/01/24	4,748,624
	575,000		1.050	(a)	06/01/25	541,926
Enel Finance International NV(a)(b)
	2,575,000		1.375		07/12/26	2,347,396
Eversource Energy
	2,405,000		4.200		06/27/24	2,387,371
FirstEnergy Corp.(a)
	400,000		2.050		03/01/25	385,300
NextEra Energy Capital Holdings, Inc.
	1,960,000		6.051		03/01/25	1,977,660
	2,370,000		4.450		06/20/25	2,349,144
NRG Energy, Inc.(a)(b)
	1,225,000		3.750		06/15/24	1,209,577
Public Service Enterprise Group, Inc.(a)
	675,000		0.800		08/15/25	630,821
Southern Co.(d)
	3,575,000		4.475		08/01/24	3,543,468
Southern Power Co.(a)
	500,000		0.900		01/15/26	460,920
Vistra Operations Co. LLC(a)(b)
	875,000		3.550		07/15/24	861,770
Xcel Energy, Inc.(a)
	3,325,000		1.750		03/15/27	3,033,098
						31,935,672
Entertainment(a)(b) – 0.1%
Six Flags Theme Parks, Inc.
	610,000		7.000		07/01/25	613,325
Environmental(a) – 0.4%
GFL Environmental, Inc.(b)
	1,415,000		3.750		08/01/25	1,380,998
Waste Management, Inc.
	625,000		0.750		11/15/25	580,856
						1,961,854

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Drug Retailing – 1.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a)(b)
$	1,430,000		3.250	%	03/15/26	$  1,352,565
J M Smucker Co.(a)
	813,000		5.900		11/15/28	856,040
Mondelez International Holdings Netherlands BV(b)
	2,500,000		0.750		09/24/24	2,409,000
	3,250,000		4.250		09/15/25	3,209,050
Mondelez International, Inc.(a)
	525,000		1.500		05/04/25	500,719
						8,327,374
Gas(a) – 0.5%
AmeriGas Partners LP/AmeriGas Finance Corp.
	1,290,000		5.875		08/20/26	1,274,404
East Ohio Gas Co.(b)
	250,000		1.300		06/15/25	236,422
NiSource, Inc.
	1,025,000		0.950		08/15/25	958,170
						2,468,996
Healthcare Providers & Services(a) – 1.9%
Aetna, Inc.
	1,250,000		3.500		11/15/24	1,229,837
HCA, Inc.
	1,500,000		5.625		09/01/28	1,535,100
Revvity, Inc.
	1,700,000		0.850		09/15/24	1,641,945
Thermo Fisher Scientific, Inc.
	2,760,000		5.000		12/05/26	2,804,933
Zimmer Biomet Holdings, Inc.
	3,000,000		1.450		11/22/24	2,892,150
						10,103,965
Insurance – 0.8%
American International Group, Inc.
	335,000		4.125		02/15/24	334,015
Athene Global Funding(b)
	2,225,000		0.950		01/08/24	2,222,219
	375,000		2.500		01/14/25	361,421
	106,000		1.450		01/08/26	97,610
Equitable Financial Life Global Funding(b)
	700,000		1.400		07/07/25	659,428
Great-West Lifeco U.S. Finance 2020 LP(a)(b)
	425,000		0.904		08/12/25	394,634
						4,069,327
Internet(a)(b) – 0.4%
Prosus NV
	2,260,000		3.257		01/19/27	2,077,081
Iron/Steel – 0.4%
Nucor Corp.
	730,000		3.950		05/23/25	718,327

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Iron/Steel – (continued)
Steel Dynamics, Inc.(a)
$	1,240,000		2.400	%	06/15/25	$  1,187,759
						1,906,086
Leisure Time(a)(b) – 0.2%
NCL Corp. Ltd.
	930,000		5.875		02/15/27	918,868
Lodging(a) – 0.5%
Marriott International, Inc.
	1,530,000		5.450		09/15/26	1,556,714
MGM Resorts International
	1,375,000		6.750		05/01/25	1,380,885
						2,937,599
Machinery-Diversified(a) – 0.6%
Otis Worldwide Corp.
	3,255,000		2.056		04/05/25	3,131,928
Mining(a)(b) – 0.1%
Glencore Funding LLC
	675,000		1.625		09/01/25	638,030
Miscellaneous Manufacturing – 0.7%
Amsted Industries, Inc.(a)(b)
	522,000		5.625		07/01/27	523,493
Hillenbrand, Inc.(a)
	1,380,000		5.750		06/15/25	1,377,626
Parker-Hannifin Corp.
	1,745,000		3.650		06/15/24	1,728,353
						3,629,472
Office & Business Equipment(a)(b) – 0.3%
Xerox Holdings Corp.
	1,385,000		5.000		08/15/25	1,357,314
Oil Field Services – 1.7%
Canadian Natural Resources Ltd.(a)
	825,000		2.050		07/15/25	786,274
Pioneer Natural Resources Co.
	2,825,000		5.100		03/29/26	2,844,775
QatarEnergy(a)(b)
	2,520,000		1.375		09/12/26	2,309,933
SA Global Sukuk Ltd.(a)
	2,520,000		1.602		06/17/26	2,334,150
Sunoco LP/Sunoco Finance Corp.(a)(b)
	760,000		7.000		09/15/28	784,563
						9,059,695
Packaging(a) – 0.4%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b)
	557,000		6.000		06/15/27	554,516
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(b)
	1,395,000		5.250		04/30/25	1,357,028

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Packaging(a) – (continued)
Berry Global, Inc.
$	550,000		1.570	%	01/15/26	$    511,456
						2,423,000
Pharmaceuticals(a) – 1.5%
CVS Health Corp.
	4,015,000		5.000		02/20/26	4,032,907
Herbalife Nutrition Ltd./HLF Financing, Inc.(b)
	2,940,000		7.875		09/01/25	2,916,745
PRA Health Sciences, Inc.(b)
	1,435,000		2.875		07/15/26	1,342,715
						8,292,367
Pipelines(a) – 1.4%
Kinetik Holdings LP(b)
	705,000		6.625		12/15/28	719,819
NuStar Logistics LP
	285,000		5.750		10/01/25	284,333
	1,360,000		6.000		06/01/26	1,356,178
TransCanada PipeLines Ltd.
	2,275,000		1.000		10/12/24	2,192,759
Williams Cos., Inc.
	3,090,000		5.300		08/15/28	3,163,635
						7,716,724
Real Estate Investment Trust – 0.8%
Crown Castle, Inc.(a)
	700,000		1.350		07/15/25	660,975
VICI Properties LP
	3,715,000		4.375		05/15/25	3,652,960
						4,313,935
Retailing(a) – 1.2%
7-Eleven, Inc.(b)
	400,000		0.950		02/10/26	369,684
Genuine Parts Co.
	1,375,000		1.750		02/01/25	1,322,063
Murphy Oil USA, Inc.
	1,535,000		5.625		05/01/27	1,529,996
O’Reilly Automotive, Inc.
	1,965,000		5.750		11/20/26	2,011,983
Penske Automotive Group, Inc.
	1,515,000		3.500		09/01/25	1,470,156
						6,703,882
Semiconductors(a) – 1.4%
Broadcom, Inc.
	5,225,000		3.625		10/15/24	5,153,678
Intel Corp.
	2,300,000		4.875		02/10/28	2,338,479
NXP BV/NXP Funding LLC/NXP USA, Inc.
	275,000		2.700		05/01/25	264,993
						7,757,150

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software – 3.4%
Fidelity National Information Services, Inc.(a)
$	1,050,000		1.150	%	03/01/26	$    970,599
	3,950,000		4.700		07/15/27	3,950,988
Fiserv, Inc.(a)
	7,950,000		2.750		07/01/24	7,828,762
Oracle Corp.
	1,400,000		2.500	(a)	04/01/25	1,356,040
	1,900,000		5.800		11/10/25	1,931,122
VMware LLC(a)
	2,600,000		1.000		08/15/24	2,524,704
						18,562,215
Telecommunication Services(a) – 1.8%
T-Mobile USA, Inc.
	8,800,000		3.500		04/15/25	8,617,928
Verizon Communications, Inc.
	1,450,000		0.850		11/20/25	1,348,137
						9,966,065
Transportation(a) – 1.0%
Canadian Pacific Railway Co.
	5,375,000		1.350		12/02/24	5,182,468
Trucking & Leasing(a)(b) – 0.2%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,025,000		1.200		11/15/25	950,329
TOTAL CORPORATE OBLIGATIONS (Cost $337,404,925)						$332,142,602
Asset-Backed Securities(a) – 22.6%
Automotive – 7.0%
Ford Credit Auto Owner Trust Series 2020-1, Class A
$	6,835,000		2.040	%(b)	08/15/31	$  6,600,289
	2,600,000		3.520	(b)	07/15/30	2,598,087
	874,945		5.370		08/15/25	874,028
Ford Credit Floorplan Master Owner Trust A Series 2019-4, Class A
	3,625,000		2.440		09/15/26	3,548,381
	3,200,000		1.060		09/15/27	2,993,611
GMF Floorplan Owner Revolving Trust Series 2019-2, Class A(b)
	1,500,000		2.900		04/15/26	1,487,887
Hyundai Auto Lease Securitization Trust Series 2022-A, Class A3(b)
	1,502,612		1.160		01/15/25	1,492,891
Hyundai Auto Receivables Trust Series 2021-A, Class A3
	260,282		0.380		09/15/25	256,636
	2,975,000		5.390		06/15/27	2,986,138
Mercedes-Benz Auto Lease Trust Series 2021-B, Class A3
	229,869		0.400		11/15/24	229,465
Mercedes-Benz Auto Receivables Trust Series 2022-1, Class A2
	378,228		5.260		10/15/25	377,843

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Automotive – (continued)
NextGear Floorplan Master Owner Trust Series 2021-1A, Class A(b)
$	5,500,000		0.850	%	07/15/26	$  5,355,390
Tesla Auto Lease Trust Series 2021-B, Class A3(b)
	4,519,520		0.600		09/22/25	4,454,499
Toyota Auto Receivables Owner Trust Series 2021-D, Class A3
	2,688,167		0.710		04/15/26	2,609,424
	2,000,000		5.300		09/15/27	2,010,270
						37,874,839
Collateralized Loan Obligations(b)(c) – 9.6%
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3 mo. USD Term SOFR + 1.462%)
	1,300,000		6.877		07/20/34	1,296,775
Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 (3 mo. USD Term SOFR + 1.412%)
	4,000,000		6.806		04/15/34	3,990,116
Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1 (3 mo. USD Term SOFR + 1.402%)
	5,000,000		6.814		01/22/35	4,998,060
BSPDF Issuer Ltd. Series 2021-FL1, Class A (1 mo. USD Term SOFR + 1.314%)
	989,345		6.676		10/15/36	969,354
CBAM Ltd. Series 2017-2A, Class AR (3 mo. USD Term SOFR + 1.452%)
	5,000,000		6.854		07/17/34	4,989,320
Cedar Funding VII CLO Ltd. Series 2018-7A, Class A1 (3 mo. USD Term SOFR + 1.262%)
	2,828,895		6.677		01/20/31	2,828,773
Clover CLO LLC Series 2021-1A, Class A (3 mo. USD Term SOFR + 1.362%)
	2,100,000		6.774		04/22/34	2,096,422
Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3 mo. USD Term SOFR + 1.012%)
	4,837,658		6.406		04/15/29	4,826,067
Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR (3 mo. USD Term SOFR + 1.332%)
	1,000,000		6.726		07/15/33	999,503
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR (3 mo. USD Term SOFR + 1.362%)
	5,000,000		6.729		05/20/32	4,980,500
OCP CLO Ltd. Series 2014-5A, Class A1R (3 mo. USD Term SOFR + 1.342%)
	2,531,629		6.721		04/26/31	2,531,479
Octagon 54 Ltd. Series 2021-1A, Class A1 (3 mo. USD Term SOFR + 1.382%)
	1,000,000		6.776		07/15/34	998,563
OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3 mo. USD Term SOFR + 1.402%)
	2,500,000		6.817		07/02/35	2,499,120
Pikes Peak CLO 2 Series 2018-2A, Class AR (3 mo. USD Term SOFR + 1.452%)
	6,700,000		6.847		10/18/34	6,689,943

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 (3 mo. USD Term SOFR + 1.582%)
$	1,400,000		6.997	%	07/20/32	$  1,400,252
Wellfleet CLO Ltd. Series 2021-3A, Class A (3 mo. USD Term SOFR + 1.452%)
	5,000,000		6.846		01/15/35	4,988,390
Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3 mo. USD Term SOFR + 1.612%)
	475,000		7.002		07/28/32	470,649
						51,553,286
Credit Card – 4.0%
Barclays Dryrock Issuance Trust Series 2021-1, Class A
	6,200,000		0.630		07/15/27	5,996,896
CARDS II Trust Series 2021-1A, Class A(b)
	4,075,000		0.602		04/15/27	4,014,156
Evergreen Credit Card Trust Series 2021-1, Class A(b)
	8,275,000		0.900		10/15/26	7,993,492
Master Credit Card Trust Series 2021-1A, Class A(b)
	3,900,000		0.530		11/21/25	3,822,334
						21,826,878
Student Loan – 2.0%
Access Group, Inc. Series 2013-1, Class A(b)(c) (30 day USD SOFR Average + 0.614%)
	434,522		5.952		02/25/36	428,943
ECMC Group Student Loan Trust Series 2017-1A, Class A(b)(c) (30 day USD SOFR Average + 1.314%)
	1,205,131		6.652		12/27/66	1,204,770
Edsouth Indenture No. 5 LLC Series 2014-1, Class A(b)(c) (30 day USD SOFR Average + 0.814%)
	840,446		6.152		02/25/39	830,466
Goal Capital Funding Trust Series 2010-1, Class A(b)(c) (3 mo. USD LIBOR + 0.700%)
	8,850		6.341		08/25/48	8,764
Illinois Student Assistance Commission Series 2010-1, Class A3(c) (90 day USD SOFR Average + 1.162%)
	785,994		6.496		07/25/45	785,999
Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B(c) (1 mo. USD Term SOFR + 0.894%)
	628,661		6.250		03/25/51	620,940
Massachusetts Educational Financing Authority Series 2008-1, Class A1(c) (90 day USD SOFR Average + 1.212%)
	128,312		6.590		04/25/38	125,740
Navient Student Loan Trust Series 2017-2A, Class A(b)(c) (30 day USD SOFR Average + 1.164%)
	1,840,117		6.502		12/27/66	1,828,697
Nelnet Student Loan Trust Series 2012-3A, Class A(b)(c) (30 day USD SOFR Average + 0.814%)
	1,594,786		6.152		03/26/40	1,579,215
PHEAA Student Loan Trust Series 2014-3A, Class A(b)(c) (30 day USD SOFR Average + 0.704%)
	2,238,976		6.042		08/25/40	2,210,201

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Student Loan – (continued)
Rhode Island Student Loan Authority Series 2012-1, Class A1(c) (-1X 30 day USD SOFR Average + 1.014%)
$	418,396		6.345	%	07/01/31	$    418,214
SLC Student Loan Trust Series 2007-1, Class A4(c) (90 day USD SOFR Average + 0.322%)
	660,350		5.665		05/15/29	658,569
(90 day USD SOFR Average + 1.137%)
	124,778		6.481		11/25/42	124,993
						10,825,511
TOTAL ASSET-BACKED SECURITIES (Cost $124,482,246)						$122,080,514
Mortgage-Backed Obligations – 3.8%
Collateralized Mortgage Obligations – 1.0%
Regular Floater(c) – 0.2%
Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (30 day USD SOFR Average + 0.714%)
$	264,905		6.053	%(a)	09/15/37	$    262,307
Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (30 day USD SOFR Average + 0.964%)
	30,074		6.303		06/15/39	30,158
Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (30 day USD SOFR Average + 0.414%)
	32,487		5.753		04/15/37	31,537
Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (30 day USD SOFR Average + 0.514%)
	85,341		5.853		05/15/36	84,141
Federal National Mortgage Association REMICS Series 2013-96, Class FW (30 day USD SOFR Average + 0.514%)
	42,777		5.852		09/25/43	42,038
Federal National Mortgage Association REMICS Series 2006-72, Class XF (30 day USD SOFR Average + 0.614%)
	121,559		5.952		08/25/36	119,907
Federal National Mortgage Association REMICS Series 2009-75, Class MF (30 day USD SOFR Average + 1.264%)
	226,219		6.602		09/25/39	228,653
Federal National Mortgage Association REMICS Series 2008-22, Class FD (30 day USD SOFR Average + 0.954%)
	145,220		6.292		04/25/48	144,668
						943,409
Sequential Fixed Rate – 0.3%
Federal Home Loan Mortgage Corp. REMICS Series 4248, Class LM
	192,968		6.500		05/15/41	203,949
Verus Securitization Trust Series 2022-1, Class A1
	1,736,198		2.724	(a)(b)(d)	01/25/67	1,558,279
						1,762,228
Sequential Floating Rate – 0.5%
CSMC Trust Series 2021-NQMB, Class A1
	278,128		1.841	(a)(b)(c)	10/25/66	238,154

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA3, Class M1A (30 day USD SOFR Average + 2.000%)
$	305,806		7.337	%(a)(b)(c)	04/25/42	$    308,733
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M1A (30 day USD SOFR Average + 1.000%)
	640,993		6.337	(a)(b)(c)	01/25/42	638,891
Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R03, Class 1M2 (30 day USD SOFR Average + 1.650%)
	442,000		6.987	(a)(b)(c)	12/25/41	436,279
Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M1 (30 day USD SOFR Average + 1.900%)
	328,743		7.237	(a)(b)(c)	04/25/42	330,738
Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (30 day USD SOFR Average + 3.900%)
	122,772		9.237	(a)(b)(c)	04/25/43	131,430
Federal National Mortgage Association REMICS Series 1997-20, Class F
	688		3.324	(c)	03/25/27	684
OBX Trust Series 2022-NQM7, Class A1
	258,116		5.110	(a)(b)(d)	08/25/62	257,814
Verus Securitization Trust Series 2021-8, Class A1
	197,163		1.824	(a)(b)(c)	11/25/66	168,891
						2,511,614
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  5,217,251
Commercial Mortgage-Backed Securities – 2.8%
Sequential Fixed Rate(a) – 0.8%
Bank Series 2017-BNK6, Class A3
$	1,357,233		3.125	%	07/15/60	$  1,334,534
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C20, Class A4
	3,000,000		3.249		02/15/48	2,915,434
						4,249,968
Sequential Floating Rate(c) – 2.0%
BX Commercial Mortgage Trust Series 2021-CIP, Class A (1 mo. USD Term SOFR + 1.035%)
	550,000		6.398	(b)	12/15/38	538,504
BX Commercial Mortgage Trust Series 2021-21M, Class A (1 mo. USD Term SOFR + 0.844%)
	438,694		6.207	(b)	10/15/36	429,923
BX Trust Series 2021-ARIA, Class A (1 mo. USD Term SOFR + 1.014%)
	1,100,000		6.376	(b)	10/15/36	1,077,057
BX Trust Series 2021-MFM1, Class A (1 mo. USD Term SOFR + 0.814%)
	76,626		6.177	(b)	01/15/34	75,619

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(c) – (continued)
BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR + 0.750%)
$	656,926		6.112	%(b)	10/15/26	$    643,869
ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1 mo. USD Term SOFR + 0.815%)
	3,695,698		6.178	(b)	11/15/38	3,621,500
EQUS Mortgage Trust Series 2021-EQAZ, Class A (1 mo. USD Term SOFR + 0.869%)
	549,989		6.231	(a)(b)	10/15/38	538,241
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF31, Class A (30 day USD SOFR Average + 0.484%)
	167,147		5.815	(a)	04/25/24	167,107
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF32, Class A (30 day USD SOFR Average + 0.484%)
	217,625		5.815	(a)	05/25/24	217,534
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF58, Class A (30 day USD SOFR Average + 0.614%)
	596,780		5.945	(a)	01/25/26	596,421
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF60, Class A (30 day USD SOFR Average + 0.604%)
	416,627		5.935	(a)	02/25/26	415,569
Great Wolf Trust Series 2019-WOLF, Class A (1 mo. USD Term SOFR + 1.148%)
	600,000		6.711	(b)	12/15/36	596,993
ONE Mortgage Trust Series 2021-PARK, Class A (1 mo. USD Term SOFR + 0.814%)
	919,000		6.177	(b)	03/15/36	873,007
STWD Trust Series 2021-FLWR, Class A (1 mo. USD Term SOFR + 0.691%)
	1,300,000		6.053	(b)	07/15/36	1,275,698
						11,067,042
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 15,317,010
Federal Agencies – 0.0%
Government National Mortgage Association – 0.0%
$	2,359		7.000	%	04/15/26	$      2,371
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $21,313,971)						$ 20,536,632
Agency Debentures – 1.2%
Sovereign – 1.2%
Federal Home Loan Bank Discount Notes
$	2,748,000		0.000	%(e)	04/25/24	$  2,701,210
Federal Home Loan Banks(a)
	380,000		5.340		04/23/24	379,856
	1,645,000		5.490		07/15/24	1,644,704

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – (continued)
Sovereign – (continued)
Federal Home Loan Banks(a) – (continued)
$	1,650,000		5.520	%	07/15/24	$  1,649,851
TOTAL AGENCY DEBENTURES (Cost $6,377,213)						$  6,375,621
Sovereign Debt Obligations – 1.1%
United States Dollar – 1.1%
Indonesia Government International Bonds
$	1,745,000		4.750	%	01/08/26	$  1,743,364
Perusahaan Penerbit SBSN Indonesia III
	2,260,000		4.325		05/28/25	2,244,463
Saudi Government International Bonds
	2,320,000		3.250		10/26/26	2,233,000
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $6,626,789)						$  6,220,827
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	$    609,712
Rhode Island(a)(c) – 0.0%
Rhode Island Student Loan Authority RB Series 2014-1 (30 day USD SOFR Average + 0.700%)
	68,824		6.145		10/02/28	67,557
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $703,579)						$    677,269
Shares		Dividend Rate				Value
Investment Company(f) – 2.1%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	11,123,252		5.248%			$ 11,123,252
(Cost $11,123,252)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 92.4% (Cost $508,031,975)						$499,156,717
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 5.0%
Certificates of Deposit – 0.2%
JP Morgan Securities LLC(a)(b)(c) (Secured Overnight Financing Rate + 0.660%)
$	265,000		5.970	%	08/02/24	$    265,247

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
Toronto-Dominion Bank
$	644,000		5.820	%	05/23/24	$    644,431
						909,678
Commercial Paper – 0.8%
Bayer Corp.(b)(e)
	1,400,000		0.000		07/09/24	1,354,461
Glencore Funding LLC(b)(e)
	1,784,000		0.000		02/01/24	1,774,423
HSBC USA, Inc.(b)(e)
	704,000		0.000		05/24/24	688,337
	815,000		0.000		09/09/24	783,518
						4,600,739
U.S. Treasury Obligations – 4.0%
U.S. Cash Management Bills(e)
	541,800		0.000		02/15/24	539,426
U.S. Cash Management Bills - Reopening(e)
	11,157,200		0.000		02/15/24	11,119,546
U.S. Treasury Bills(e)
	9,198,900		0.000		04/25/24	9,048,133
	283,600		0.000		05/09/24	278,428
U.S. Treasury Bills - WI Post Auction(e)
	376,300		0.000		01/30/24	375,142
TOTAL SHORT-TERM INVESTMENTS (Cost $26,860,986)						$ 26,871,092
TOTAL INVESTMENTS – 97.4% (Cost $534,892,961)						$526,027,809
OTHER ASSETS IN EXCESS OF  LIABILITIES – 2.6%						14,115,852
NET ASSETS – 100.0%						$540,143,661

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2023.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2023.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	Represents an affiliated Issuer.

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 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		(55)		03/28/24	$	(11,325,274	)	$	(62,734	)
5 Year U.S. Treasury Notes		(101)		03/28/24		(10,986,117	)		(231,360	)
TOTAL FUTURES CONTRACTS								$	(294,094	)

SWAP CONTRACTS — At December 31, 2023, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund		Termination Date		Notional Amount (000s)(b)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
12M SOFR		4.250%(c)		03/20/25	$	215,070	$	(313,809	)	$	(402,740	)	$	88,931
4.500%		12M SOFR(a)		03/20/27		60,180		(1,546,235	)		(1,435,755	)		(110,480	)
TOTAL							$	(1,860,044	)	$	(1,838,495	)	$	(21,549	)

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2023.

(c) Payments made at maturity.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
RB	— Revenue Bond
REMICS	— Real Estate Mortgage Investment Conduits
SOFR	— Secured Overnight Financing Rate
STACR	— Structured Agency Credit Risk
STRIPS	— Separate Trading of Registered Interest and Principal of Securities
USD	— US. Dollar
Abbreviation:
SOFR	— Secured Overnight Financing Rate

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 55.4%
Collateralized Mortgage Obligations – 2.2%
Regular Floater(a)(b) – 0.0%
Federal Home Loan Mortgage Corp. REMICS Series 1760, Class ZB (10 yr. CMT - 0.600%)
$	873		3.900	%	05/15/24	$        870
Sequential Fixed Rate – 1.4%
Federal Home Loan Mortgage Corp. REMICS Series 2329, Class ZA
	106,284		6.500		06/15/31	108,416
Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT
	40,698		6.500		02/15/36	42,842
Federal National Mortgage Association REMICS Series 2011-99, Class DB
	201,328		5.000		10/25/41	203,209
Federal National Mortgage Association REMICS Series 2012- 111, Class B
	28,434		7.000		10/25/42	30,834
Federal National Mortgage Association REMICS Series 2012- 153, Class B
	120,858		7.000		07/25/42	132,009
Federal National Mortgage Association REMICS Series 2011-52, Class GB
	209,947		5.000		06/25/41	213,829
Government National Mortgage Association REMICS Series 2021-135, Class A
	1,278,771		2.000	(a)	08/20/51	1,072,138
						1,803,277
Sequential Floating Rate(a) – 0.8%
Angel Oak Mortgage Trust Series 2021-6, Class A1
	68,222		1.458	(b)(c)	09/25/66	54,738
CSMC Trust Series 2021-NQMB, Class A1
	92,709		1.841	(b)(c)	10/25/66	79,385
JP Morgan Mortgage Trust Series 2021-6, Class A3
	349,991		2.500	(b)(c)	10/25/51	286,501
JP Morgan Mortgage Trust Series 2021-LTV2, Class A1
	517,596		2.520	(b)(c)	05/25/52	420,391
Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6 mo. USD Term SOFR + 1.148%)
	34,703		6.621	(b)	11/25/29	33,125
OBX Trust Series 2022-NQM7, Class A1
	86,039		5.110	(c)(d)	08/25/62	85,938
Verus Securitization Trust Series 2021-8, Class A1
	75,430		1.824	(b)(c)	11/25/66	64,614
						1,024,692
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  2,828,839
Commercial Mortgage-Backed Securities – 4.5%
Sequential Fixed Rate – 2.4%
Bank Series 2019-BN24, Class A3
$	600,000		2.960	%(a)	11/15/62	$    535,880
Bank Series 2020-BN29, Class A4
	600,000		1.997	(a)	11/15/53	476,108
Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3, Class A4
	150,000		3.574	(a)	02/15/50	142,888

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
BBCMS Mortgage Trust Series 2021-C12, Class A5
$	475,000		2.689	%	11/15/54	$    403,872
Benchmark Mortgage Trust Series 2021-B31, Class A5
	250,000		2.669	(a)	12/15/54	210,238
BMO Mortgage Trust Series 2023-C7, Class A5
	300,000		6.160	(a)	12/15/56	325,542
Morgan Stanley Capital I Trust Series 2021-L7, Class A5
	250,000		2.574	(a)	10/15/54	209,776
One Bryant Park Trust Series 2019-OBP, Class A
	230,000		2.516	(c)	09/15/54	194,704
Wells Fargo Commercial Mortgage Trust Series 2017-C39, Class A5
	200,000		3.418	(a)	09/15/50	187,070
Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5
	500,000		2.626	(a)	04/15/54	424,282
						3,110,360
Sequential Floating Rate(b) – 2.1%
Bank Series 2021-BN37, Class A5
	600,000		2.618	(a)	11/15/64	504,175
Bank Series 2021-BN31, Class AS
	250,000		2.211	(a)	02/15/54	197,936
Bank5 Series 2023-5YR4, Class AS
	100,000		7.274	(a)	12/15/56	104,494
BBCMS Mortgage Trust Series 2023-5C23, Class A3
	400,000		6.675	(a)	12/15/56	426,483
BBCMS Mortgage Trust Series 2023-5C23, Class AS
	150,000		7.703	(a)	12/15/56	159,994
Benchmark Mortgage Trust Series 2022-B37, Class A5
	100,000		5.751	(a)	11/15/55	105,503
BMO Mortgage Trust Series 2023-C4, Class A5
	225,000		5.117	(a)	02/15/56	226,148
BX Trust Series 2021-ARIA, Class A (1 mo. USD Term SOFR + 1.014%)
	500,000		6.376	(c)	10/15/36	489,571
MSWF Commercial Mortgage Trust Series 2023-2, Class A5
	200,000		6.014	(a)	12/15/56	214,924
Wells Fargo Commercial Mortgage Trust Series 2022-C62, Class A4
	400,000		4.000	(a)	04/15/55	370,406
						2,799,634
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$  5,909,994
Federal Agencies – 48.7%
Adjustable Rate Federal Home Loan Mortgage Corp. – 0.1%
(1 yr. CMT + 2.250%)
$	118,433		6.219	%	09/01/33	$    119,286
Adjustable Rate Federal National Mortgage Association(b) – 0.4%
(RFUCC1 yr. Treasury + 1.670%)
	13,009		5.920		11/01/32	13,145
(RFUCC6 mo. Treasury + 1.413%)
	186,054		5.538		05/01/33	186,412
(1 yr. CMT + 2.170%)
	2,982		5.040		06/01/33	3,014

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Federal National Mortgage Association(b) – (continued)
(RFUCC1 yr. Treasury + 1.667%)
$	136,009		5.917	%	10/01/33	$    137,771
(1 yr. CMT + 2.194%)
	87,420		4.857		02/01/35	88,603
(RFUCC1 yr. Treasury + 1.389%)
	70,800		5.639		09/01/35	71,414
						500,359
Adjustable Rate Government National Mortgage Association – 0.2%
(1 yr. CMT + 1.500%)(b)
	99		3.625		03/20/24	99
	1,904		3.875		04/20/24	1,896
	292		3.875		05/20/24	291
	3,015		3.875		06/20/24	2,997
	885		4.000		06/20/24	880
	936		3.625		07/20/24	929
	1,657		4.000		07/20/24	1,646
	2,364		3.625		08/20/24	2,345
	1,666		4.000		08/20/24	1,654
	1,242		3.625		09/20/24	1,232
	1,935		3.000		11/20/24	1,918
	813		3.000		12/20/24	805
	2,051		3.500		12/20/24	2,036
	1,391		3.625		01/20/25	1,378
	1,265		3.625		02/20/25	1,252
	5,157		4.000		05/20/25	5,102
	5,762		4.000		07/20/25	5,689
	3,432		3.625		02/20/26	3,387
	157		3.625		07/20/26	154
	10,674		3.625		01/20/27	10,526
	2,889		3.625		02/20/27	2,849
	33,030		3.875		04/20/27	32,556
	3,110		3.875		05/20/27	3,065
	6,453		3.875		06/20/27	6,361
	1,948		2.750		11/20/27	1,907
	20		3.000		11/20/27	19
	5,616		2.750		12/20/27	5,498
	13,708		3.625		01/20/28	13,524
	4,721		3.625		02/20/28	4,658
	4,295		3.625		03/20/28	4,238
	26,496		3.625		07/20/29	25,968
	10,276		3.625		08/20/29	10,072
	2,606		3.625		09/20/29	2,554
	13,996		2.750		10/20/29	13,712
	17,832		2.750		11/20/29	17,472
	3,327		2.750		12/20/29	3,260
	5,573		3.625		01/20/30	5,509
	1,554		3.625		02/20/30	1,536
	11,136		3.625		03/20/30	11,010
	14,815		3.875		04/20/30	14,639
	22,978		3.875		05/20/30	22,710
	18,756		4.000		05/20/30	18,562
	4,261		3.875		06/20/30	4,211
	35,578		4.000		07/20/30	35,085
	7,064		4.000		09/20/30	6,967
	12,647		2.750		10/20/30	12,400

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Government National Mortgage Association – (continued)
$	23,784		3.625	%	03/20/32	$     23,567
						350,125
Federal Home Loan Mortgage Corp. – 0.3%
	10,638		6.500		07/01/28	11,086
	77,401		4.500		03/01/29	76,632
	2,628		8.000		07/01/30	2,707
	5,759		5.000		08/01/33	5,812
	911		5.000		09/01/33	920
	2,213		5.000		10/01/33	2,233
	1,364		5.000		11/01/34	1,378
	52,312		5.000		12/01/34	52,855
	3,571		5.000		07/01/35	3,608
	2		5.000		11/01/35	3
	7,376		5.000		12/01/35	7,507
	13,200		5.000		02/01/37	13,406
	933		5.000		03/01/38	947
	33,514		5.000		07/01/39	34,181
	5,560		4.000		06/01/40	5,412
	2,097		5.000		08/01/40	2,142
	646		4.500		11/01/40	644
	36,282		4.000		02/01/41	35,273
	2,127		5.000		06/01/41	2,170
	89,890		5.000		07/01/41	91,583
	3,076		4.000		11/01/41	2,980
	4,247		3.000		05/01/42	3,870
	5,420		3.000		08/01/42	4,939
	7,293		3.000		01/01/43	6,715
	31,542		3.000		02/01/43	29,042
						398,045
Federal National Mortgage Association – 0.8%
	1,659		6.500		11/01/28	1,727
	23,949		7.000		07/01/31	25,165
	177,311		5.500		07/01/33	181,195
	964,453		3.500		09/01/62	867,263
						1,075,350
Government National Mortgage Association – 16.1%
	10,520		7.000		12/15/27	10,672
	3,633		6.500		08/15/28	3,679
	19,498		6.000		01/15/29	19,805
	43,117		7.000		10/15/29	44,251
	14,963		5.500		11/15/32	15,276
	300,350		5.500		12/15/32	308,669
	5,491		5.500		01/15/33	5,601
	17,356		5.500		02/15/33	17,834
	19,211		5.500		03/15/33	19,708
	25,815		5.500		07/15/33	26,428
	8,445		5.500		08/15/33	8,645
	3,594		5.500		09/15/33	3,661
	8,681		5.500		04/15/34	8,870
	7,302		5.500		05/15/34	7,457
	119,103		5.500		06/15/34	122,848
	89,655		5.500		09/15/34	92,595
	89,252		5.500		12/15/34	92,305

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
Government National Mortgage Association – (continued)
$	67,801		5.500	%		01/15/35		$     70,173
	28,467		5.000			03/15/38		28,928
	2,552		4.000			02/20/41		2,494
	4,076		4.000			11/20/41		3,981
	683		4.000			01/20/42		667
	2,172		4.000			04/20/42		2,121
	1,372		4.000			10/20/42		1,339
	148,601		4.000			08/20/43		144,947
	1,931		4.000			03/20/44		1,882
	2,383		4.000			05/20/44		2,322
	164,790		4.000			11/20/44		160,575
	744,150		4.000			06/20/45		725,118
	164,438		4.000			01/20/46		160,130
	1,117,875		3.500			04/20/47		1,055,497
	659,254		3.500			12/20/47		621,301
	114,288		4.500			02/20/48		113,662
	59,775		5.000			08/20/48		60,026
	497,300		5.000			10/20/48		499,388
	278,904		5.000			11/20/48		280,075
	435,354		5.000			12/20/48		437,046
	597,132		5.000			01/20/49		599,453
	743,328		4.000			02/20/49		717,813
	377,791		5.000			03/20/49		379,260
	1,935,689		3.000			11/20/49		1,762,608
	1,246,477		3.000			02/20/50		1,134,329
	410,895		3.000			03/20/50		374,721
	132,330		3.500			01/20/51		123,827
	506,757		3.500			02/20/51		475,785
	564,341		2.500			11/20/51		489,668
	836,141		3.000			12/20/51		759,091
	322,008		2.500			12/20/51		279,199
	966,879		2.500			01/20/52		835,014
	937,515		3.500			02/20/53		875,102
	3,000,000		2.000			TBA-30yr	(e)	2,540,736
	3,000,000		2.500			TBA-30yr	(e)	2,627,906
	1,000,000		5.000			TBA-30yr	(e)	993,928
	1,000,000		5.500			TBA-30yr	(e)	1,006,204
								21,154,620
Uniform Mortgage-Backed Security – 30.8%
	649		4.500			07/01/36		647
	743		4.500			04/01/39		740
	3,631		4.500			05/01/39		3,624
	1,561		4.000			08/01/39		1,517
	7,246		4.500			08/01/39		7,232
	124,112		4.500			12/01/39		123,891
	7,205		4.500			01/01/41		7,175
	7,083		4.500			05/01/41		7,042
	41,853		4.500			08/01/41		41,780
	64,645		4.500			08/01/42		64,523
	6,135		3.000			11/01/42		5,644
	10,665		3.000			12/01/42		9,881
	7,388		3.000			12/01/42		6,787
	6,769		3.000			12/01/42		6,239
	17,061		3.000			12/01/42		15,748
	15,476		3.000			12/01/42		14,411
	20,841		3.000			12/01/42		19,274
	6,682		3.000			12/01/42		6,171

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	29,949		3.000	%	01/01/43	$     27,713
	7,771		3.000		01/01/43	7,203
	3,451		3.000		01/01/43	3,190
	21,234		3.000		01/01/43	19,503
	4,534		3.000		01/01/43	4,186
	57,337		3.000		01/01/43	53,067
	16,710		3.000		01/01/43	15,370
	6,207		3.000		01/01/43	5,705
	11,585		3.000		01/01/43	10,797
	15,831		3.000		01/01/43	14,536
	11,125		3.000		01/01/43	10,232
	3,343		3.000		01/01/43	3,158
	6,489		3.000		01/01/43	5,962
	19,163		3.000		01/01/43	17,623
	39,717		3.000		02/01/43	36,670
	8,682		3.000		03/01/43	7,974
	22,211		3.000		03/01/43	20,590
	15,035		3.000		03/01/43	13,884
	174,430		3.000		03/01/43	160,393
	57,111		3.000		03/01/43	52,540
	34,755		3.000		04/01/43	32,060
	14,384		3.000		04/01/43	13,199
	23,246		3.000		04/01/43	21,376
	81,721		3.000		04/01/43	75,157
	65,743		3.000		04/01/43	60,439
	28,142		3.000		04/01/43	25,899
	213,464		3.000		04/01/43	196,321
	11,535		3.000		05/01/43	10,623
	28,528		3.000		05/01/43	26,223
	19,615		3.000		05/01/43	17,973
	105,743		3.000		05/01/43	97,196
	118,490		3.000		05/01/43	108,968
	10,492		3.000		05/01/43	9,630
	32,647		3.000		06/01/43	29,957
	22,599		3.000		06/01/43	20,771
	15,828		3.000		07/01/43	14,531
	441,025		3.000		07/01/43	405,196
	396,055		4.500		10/01/44	393,020
	266,301		4.000		12/01/44	257,035
	449,282		4.500		04/01/45	448,773
	55,911		4.500		05/01/45	55,778
	203,757		4.500		06/01/45	202,197
	540,798		4.000		08/01/45	522,762
	181,548		4.000		11/01/45	175,208
	31,808		4.000		03/01/46	30,643
	27,468		4.000		03/01/46	26,508
	4,496		4.500		05/01/46	4,460
	32,814		4.000		06/01/46	31,612
	49,483		4.500		08/01/46	49,071
	9,741		4.000		08/01/46	9,384
	72,161		4.000		10/01/46	69,517
	11,437		4.000		10/01/46	11,018
	16,398		4.500		06/01/47	16,293
	537,479		4.500		11/01/47	532,336
	190,297		4.000		12/01/47	183,831
	178,120		4.000		01/01/48	172,013
	140,229		4.000		02/01/48	135,421
	392,034		4.000		02/01/48	378,347

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	133,949		4.000	%		02/01/48		$    129,733
	461,602		4.000			03/01/48		445,342
	282,515		4.000			06/01/48		272,651
	262,692		4.000			06/01/48		253,521
	172,405		4.000			08/01/48		166,278
	764,980		5.000			11/01/48		774,568
	955,255		4.500			01/01/49		940,742
	268,098		4.500			03/01/49		264,025
	665,477		4.500			04/01/49		654,181
	47,393		3.500			07/01/49		44,258
	459,771		3.500			07/01/49		429,358
	325,707		3.500			08/01/49		304,161
	1,127,004		3.000			09/01/49		1,018,603
	1,667,646		4.500			03/01/50		1,651,725
	2,649,200		2.500			09/01/50		2,297,636
	2,858,445		2.000			10/01/50		2,351,395
	2,858,563		2.000			11/01/50		2,350,605
	971,126		2.500			11/01/50		839,217
	1,866,783		2.500			02/01/51		1,596,519
	2,656,369		2.500			05/01/51		2,296,383
	6,128		4.500			05/01/51		6,006
	819,814		2.000			05/01/51		671,809
	4,496,407		2.000			12/01/51		3,678,092
	2,856,623		2.000			02/01/52		2,336,073
	208,251		4.500			04/01/52		201,917
	41,372		5.000			05/01/52		41,503
	510,713		5.000			06/01/52		512,327
	902,131		5.000			07/01/52		903,290
	23,728		5.000			07/01/52		23,789
	1,194,230		5.000			07/01/52		1,198,003
	27,431		5.000			08/01/52		27,500
	926,230		5.500			09/01/52		942,789
	353,075		6.000			11/01/52		363,974
	722,542		6.000			11/01/52		744,847
	194,145		6.000			12/01/52		200,867
	978,516		4.500			05/01/53		961,202
	2,000,000		3.500			TBA-30yr	(e)	1,835,938
	1,000,000		7.000			TBA-30yr	(e)	1,031,055
								40,465,250
TOTAL FEDERAL AGENCIES								$ 64,063,035
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $75,737,901)								$ 72,801,868
Agency Debentures – 29.2%
Sovereign – 29.2%
Federal Farm Credit Banks Funding Corp.
$	2,180,000		3.430	%		12/06/28		$  2,116,584
	720,000		5.270			05/01/29		760,421
Federal Home Loan Banks
	3,620,000		3.500			06/11/32		3,364,356
Federal National Mortgage Association
	10,263,000		0.875			08/05/30		8,371,734
	4,000,000		6.625			11/15/30		4,599,760

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – (continued)
Sovereign – (continued)
Tennessee Valley Authority
$	20,150,000		0.750	%	05/15/25	$ 19,109,655
TOTAL AGENCY DEBENTURES (Cost $41,308,416)						$ 38,322,510
Asset-Backed Securities(a)(b)(c) – 2.1%
Collateralized Loan Obligations – 0.7%
Towd Point Mortgage Trust Series 2017-4, Class A2
$	1,030,153		3.000	%	06/25/57	$    934,747
Student Loan – 1.4%
ECMC Group Student Loan Trust Series 2018-2A, Class A (30 day USD SOFR Average + 0.914%)
	849,575		6.252		09/25/68	829,883
Scholar Funding Trust Series 2013-A, Class A (30 day USD SOFR Average + 0.764%)
	978,078		6.103		01/30/45	960,763
						1,790,646
TOTAL ASSET-BACKED SECURITIES (Cost $2,866,238)						$  2,725,393
Municipal Debt Obligations – 1.6%
New Jersey – 1.6%
New Jersey Economic Development Authority RB Taxable Series A
$	2,000,000		7.425	%	02/15/29	$  2,161,158
(Cost $2,000,000)
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $2,000,000)						$  2,161,158
Sovereign Debt Obligations(f) – 0.5%
United States Dollar – 0.5%
Israel Government AID Bonds
$	700,000		5.500	%	04/26/24	$    700,294
(Cost $707,355)
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $707,355)						$    700,294
U.S. Treasury Obligations – 18.4%
U.S. Treasury Bonds
$	1,890,000		3.875	%	08/15/40	$  1,843,931
	840,000		4.750		02/15/41	908,906
	1,046,700		2.250		05/15/41	798,763
	900,000		3.125		11/15/41	783,422
	320,000		4.750		11/15/43	343,850
	3,830,000		3.625		02/15/44	3,513,427
	7,740,000		3.375		05/15/44	6,832,969
	3,320,000		3.125		08/15/44	2,814,219

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
U.S. Treasury Bonds – (continued)
$	2,380,000		2.875	%	11/15/46	$  1,908,834
	310,000		4.125		08/15/53	314,214
U.S. Treasury Inflation-Indexed Bonds
	300,167		1.500		02/15/53	273,212
U.S. Treasury Notes
	600,000		4.375		08/15/26	604,172
	620,000		0.750		08/31/26	568,559
	1,730,000		3.750		12/31/28	1,722,490
	1,020,000		3.500		04/30/30	997,289
U.S. Treasury STRIPS Coupon(g)
	4,000		0.000		11/15/35	2,461
TOTAL U.S. TREASURY OBLIGATIONS (Cost $28,591,424)						$ 24,230,718
Shares		Dividend Rate				Value
Investment Company(h) – 0.4%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	477,260		5.248%			$    477,260
(Cost $477,260)
TOTAL INVESTMENTS – 107.6% (Cost $151,688,594)						$141,419,201
LIABILITIES IN EXCESS OF  OTHER ASSETS – (7.6)%						(9,928,429)
NET ASSETS – 100.0%						$131,490,772

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 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 December 31, 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 $10,035,767 which represents approximately 7.7% of net assets as of December 31, 2023.
(f)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $700,294, which represents approximately 1% of the Fund’s net assets as of December 31, 2023
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	Represents an affiliated Issuer.

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At December 31, 2023, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount		Value
Government National Mortgage Association		3.500	%		TBA - 30yr		01/22/24	$	(2,000,000)	$	(1,862,876)
Government National Mortgage Association		4.000			TBA - 30yr		01/22/24		(1,000,000)		(955,331)
Uniform Mortgage-Backed Security		2.000			TBA - 30yr		01/16/24		(1,000,000)		(817,672)
Uniform Mortgage-Backed Security		4.500			TBA - 30yr		01/16/24		(6,000,000)		(5,820,935)
Uniform Mortgage-Backed Security		5.000			TBA - 30yr		01/16/24		(3,000,000)		(2,969,998)
Uniform Mortgage-Backed Security		4.000			TBA - 30yr		01/16/24		(1,000,000)		(946,406)
(PROCEEDS RECEIVABLE: $(13,186,680))										$	(13,373,218)

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

FUTURES CONTRACTS — At December 31, 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	17	03/19/24	$	1,919,140		$	4,708
2 Year U.S. Treasury Notes	52	03/28/24		10,707,531			65,077
5 Year U.S. Treasury Notes	91	03/28/24		9,898,383			175,210
Total						$	244,995
Short position contracts:
20 Year U.S. Treasury Bonds	(8)	03/19/24		(999,500	)		(36,189	)
Ultra 10-Year U.S. Treasury Note	(21)	03/19/24		(2,478,328	)		(111,261	)
Ultra Long U.S. Treasury Bonds	(19)	03/19/24		(2,538,281	)		(116,140	)
Total						$	(263,590	)
TOTAL FUTURES CONTRACTS						$	(18,595	)

SWAP CONTRACTS — At December 31, 2023, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund(a)	Termination Date		Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
12M SOFR	4.430%		12/31/24	$	10		$	(86	)	$	(1	)	$	(85	)
3.490%	12M SOFR		05/31/27		10			(94	)		(25	)		(69	)
12M SOFR	3.730		11/28/27		1,890	(b)		21,711			6,897			14,814
2.680	12M SOFR		07/28/32		2,240	(b)		56,478			13,760			42,718
12M SOFR	4.306		10/05/33		3,520	(b)		126,504			(465	)		126,969
12M SOFR	2.910		07/28/37		5,690	(b)		(124,467	)		(93,958	)		(30,509	)
12M SOFR	3.391		05/10/38		6,590	(b)		(39,603	)		(41,815	)		2,212
2.080	12M SOFR		07/28/47		5,870	(b)		133,388			75,407			57,981
2.564	12M SOFR		05/11/53		5,610	(b)		59,633			35,339			24,294
3.613	12M SOFR		11/15/53		1,880	(b)		(81,133	)		(12,478	)		(68,655	)
3.512	12M SOFR		11/29/53		600	(b)		(21,656	)		(10,229	)		(11,427	)
TOTAL							$	130,675		$	(27,568	)	$	158,243

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2023.

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
RB	— Revenue Bond
REMICS	— Real Estate Mortgage Investment Conduits
RFUCC1 yr.	— 1 year Refinitiv USD IBOR Consumer Cash Fallbacks Term
RFUCC6 mo.	— 6 month Refinitiv USD IBOR Consumer Cash Fallbacks Term
SOFR	— Secured Overnight Financing Rate
STRIPS	— Separate Trading of Registered Interest and Principal of Securities
USD	— US. Dollar
Abbreviation:
SOFR	— Secured Overnight Financing Rate

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 98.7%
U.S. Treasury Inflation-Indexed Bonds
$	11,644,230		2.125	%	02/15/40	$ 11,973,430
	11,902,963		1.000		02/15/48	9,628,577
	13,128,864		1.000		02/15/49	10,597,598
	13,797,350		1.500		02/15/53	12,558,342
U.S. Treasury Inflation-Indexed Notes
	30,535,303		0.375		07/15/25	29,591,565
	36,448,409		0.125		07/15/26	34,736,988
	24,984,830		0.125		10/15/26	23,730,362
	61,022,385		1.625		10/15/27	60,567,403
	7,762,519		0.250		07/15/29	7,181,645
	43,601,056		0.125		01/15/30	39,549,144
	4,200,070		0.125		07/15/30	3,796,594
	599		0.125		07/15/31	533
	7,922,673		0.625		07/15/32	7,247,190
	2,231,064		1.125		01/15/33	2,113,348

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
U.S. Treasury Inflation-Indexed Notes – (continued)
$	31,984,128		1.375	%	07/15/33	$ 31,041,631
TOTAL U.S. TREASURY OBLIGATIONS (Cost $288,146,940)						$284,314,350
TOTAL INVESTMENTS – 98.7% (Cost $288,146,940)						$284,314,350
OTHER ASSETS IN EXCESS OF  LIABILITIES – 1.3%						3,786,669
NET ASSETS – 100.0%						$288,101,019

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 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	167	03/19/24	$	18,852,734		$	286,797
5 Year U.S. Treasury Notes	84	03/28/24		9,136,969			57,393
Total						$	344,190
Short position contracts:
20 Year U.S. Treasury Bonds	(49)	03/19/24		(6,121,937	)		(215,672	)
Ultra 10-Year U.S. Treasury Note	(9)	03/19/24		(1,062,141	)		(47,835	)
Ultra Long U.S. Treasury Bonds	(65)	03/19/24		(8,683,594	)		(486,672	)
Total						$	(750,179	)
TOTAL FUTURES CONTRACTS						$	(405,989	)

SWAP CONTRACTS — At December 31, 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		02/20/24	$	13,700		$	1,379,202		$	3		$	1,379,199
2.103(a)	1T CPI-U		12/14/24		10,000			1,094,194			18			1,094,176
4.430(b)	12M SOFR(b)		12/31/24		10			91			(27	)		118
2.007(a)	1T CPI-U		02/07/26		6,300			704,266			25			704,241
12M SOFR(b)	3.490%(b)		05/31/27		10			(199	)		(26	)		(173	)
12M SOFR(b)	3.730(b)		11/28/27		8,410	(c)		96,609			40,846			55,763
12M SOFR(a)	2.103		02/07/29		6,300			(721,931	)		48			(721,979	)
2.680(b)	12M SOFR(b)		07/28/32		9,220	(c)		232,468			66,686			165,782
12M SOFR(b)	4.306(b)		10/05/33		15,440	(c)		554,894			38			554,856
12M SOFR(b)	2.910(b)		07/28/37		25,130	(c)		(549,711	)		(445,134	)		(104,577	)
12M SOFR(b)	3.391(b)		05/10/38		29,390	(c)		(176,622	)		(254,218	)		77,596
2.080(b)	12M SOFR(b)		07/28/47		25,380	(c)		576,728			320,869			255,859
2.564(b)	12M SOFR(b)		05/11/53		25,010	(c)		265,849			225,213			40,636
3.613(b)	12M SOFR(b)		11/15/53		8,240			(355,604	)		(54,658	)		(300,946	)
3.512(b)	12M SOFR(b)		11/29/53		2,670	(c)		(96,369	)		(48,078	)		(48,291	)
TOTAL							$	3,003,865		$	(148,395	)	$	3,152,260

(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 December 31, 2023.

Currency Abbreviations:
USD	— U.S. Dollar
Abbreviation:
SOFR	— Secured Overnight Financing Rate

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 56.0%
Aerospace & Defense(a) – 1.8%
Boeing Co.
$	10,068,000		4.875	%	05/01/25	$   10,022,291
	5,400,000		2.600		10/30/25	5,161,914
Howmet Aerospace, Inc.
	290,000		5.125		10/01/24	289,063
	1,265,000		6.875		05/01/25	1,283,026
RTX Corp.
	6,820,000		5.750		11/08/26	7,004,345
						23,760,639
Agriculture(a) – 0.6%
BAT International Finance PLC
	8,000,000		1.668		03/25/26	7,430,000
Airlines(a)(b) – 0.2%
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.
	3,030,000		8.000		09/20/25	2,168,207
Automotive – 2.2%
Ford Motor Credit Co. LLC(a)
	5,639,000		2.300		02/10/25	5,423,985
	250,000		4.687		06/09/25	245,430
General Motors Financial Co., Inc.(a)
	8,800,000		1.500		06/10/26	8,068,192
Goodyear Tire & Rubber Co.(a)
	3,235,000		9.500		05/31/25	3,291,936
Hyundai Capital America(b)
	2,350,000		5.800		06/26/25	2,363,583
Volkswagen Group of America Finance LLC(b)
	2,955,000		3.350		05/13/25	2,877,254
	5,800,000		3.950		06/06/25	5,686,610
ZF North America Capital, Inc.(b)
	900,000		4.750		04/29/25	888,579
						28,845,569
Banks – 22.9%
Bancodo Brasil SA
	3,350,000		4.750		03/20/24	3,328,862
Banco Santander SA
	1,600,000		2.746		05/28/25	1,544,480
Bank of America Corp.
	23,950,000		3.950		04/21/25	23,549,316
(Secured Overnight Financing Rate + 0.910%)
	10,079,000		0.981	(a)(c)	09/25/25	9,729,964
(Secured Overnight Financing Rate + 1.990%)
	7,000,000		6.204	(a)(c)	11/10/28	7,309,890
(Secured Overnight Financing Rate + 2.040%)
	7,000,000		4.948	(a)(c)	07/22/28	6,993,910
Bank of New York Mellon Corp.(a)(c) (Secured Overnight Financing Rate + 1.026%)
	4,600,000		4.947		04/26/27	4,599,080
Barclays PLC(a)(c) (Secured Overnight Financing Rate + 2.714%)
	3,600,000		2.852		05/07/26	3,475,080
BNP Paribas SA(b)
	10,000,000		4.375		09/28/25	9,781,100
(Secured Overnight Financing Rate + 2.074%)
	3,275,000		2.219	(a)(c)	06/09/26	3,126,741
BPCE SA(a)(b)(c) (Secured Overnight Financing Rate + 1.520%)
	3,675,000		1.652		10/06/26	3,420,764

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Canadian Imperial Bank of Commerce
$	3,860,000		5.615	%	07/17/26	$    3,933,996
Citigroup, Inc.
	1,800,000		4.600		03/09/26	1,777,050
(Secured Overnight Financing Rate + 0.694%)
	15,075,000		2.014	(a)(c)	01/25/26	14,484,964
(Secured Overnight Financing Rate + 1.280%)
	7,000,000		3.070	(a)(c)	02/24/28	6,596,590
(Secured Overnight Financing Rate + 1.887%)
	7,000,000		4.658	(a)(c)	05/24/28	6,956,040
(Secured Overnight Financing Rate + 2.842%)
	14,275,000		3.106	(a)(c)	04/08/26	13,880,011
Credit Agricole SA
	5,700,000		4.375		03/17/25	5,609,256
Credit Suisse AG
	11,225,000		3.700		02/21/25	10,994,102
	675,000		2.950		04/09/25	654,048
Fifth Third Bancorp(a)
	690,000		2.375		01/28/25	667,575
First Horizon Corp.(a)
	1,500,000		4.000		05/26/25	1,455,990
First-Citizens Bank & Trust Co.(a)(c) (3 mo. USD Term SOFR + 1.715%)
	1,050,000		2.969		09/27/25	1,024,674
HSBC Holdings PLC(a)(c) (Secured Overnight Financing Rate + 1.538%)
	8,675,000		1.645		04/18/26	8,244,893
ING Groep NV(b)
	5,000,000		4.625		01/06/26	4,969,800
(1 yr. CMT + 1.100%)
	4,750,000		1.400	(a)(c)	07/01/26	4,469,038
JPMorgan Chase & Co.(a)(c)
(3 mo. USD Term SOFR + 1.585%)
	22,175,000		2.005		03/13/26	21,303,966
(Secured Overnight Financing Rate + 0.605%)
	3,446,000		1.561		12/10/25	3,317,843
(Secured Overnight Financing Rate + 0.800%)
	9,200,000		1.045		11/19/26	8,519,016
(Secured Overnight Financing Rate + 1.850%)
	6,360,000		2.083		04/22/26	6,095,042
Lloyds Banking Group PLC
	1,525,000		4.500		11/04/24	1,505,267
Macquarie Group Ltd.(a)(b)(c) (Secured Overnight Financing Rate +1.069%)
	2,100,000		1.340		01/12/27	1,929,102
Mitsubishi UFJ Financial Group, Inc.
	1,279,000		1.412		07/17/25	1,207,964
Morgan Stanley(a)(c)
(Secured Overnight Financing Rate + 0.509%)
	4,109,000		0.791		01/22/25	4,096,920
(Secured Overnight Financing Rate + 0.525%)
	2,200,000		0.790		05/30/25	2,150,500
(Secured Overnight Financing Rate + 0.720%)
	4,025,000		0.985		12/10/26	3,704,369
(Secured Overnight Financing Rate + 0.745%)
	2,125,000		0.864		10/21/25	2,041,551
(Secured Overnight Financing Rate + 1.990%)
	20,275,000		2.188		04/28/26	19,472,515

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Santander Holdings USA, Inc.(a)(c) (Secured Overnight Financing Rate Index + 1.380%)
$	4,171,000		4.260	%	06/09/25	$    4,117,194
Santander U.K. Group Holdings PLC(a)(c) (Secured Overnight Financing Rate + 0.787%)
	9,700,000		1.089		03/15/25	9,590,487
UBS Group AG(a)(b)(c) (Secured Overnight Financing Rate + 2.044%)
	9,600,000		2.193		06/05/26	9,134,880
Wells Fargo & Co.(a)(c)
(Secured Overnight Financing Rate + 1.510%)
	7,000,000		3.526		03/24/28	6,680,450
(Secured Overnight Financing Rate + 1.560%)
	9,910,000		4.540		08/15/26	9,812,089
(Secured Overnight Financing Rate + 1.980%)
	7,000,000		4.808		07/25/28	6,953,100
(Secured Overnight Financing Rate + 2.000%)
	7,200,000		2.188		04/30/26	6,900,840
Westpac New Zealand Ltd.(b)
	2,265,000		4.902		02/15/28	2,262,373
						293,372,682
Building Materials(b) – 0.2%
Carrier Global Corp.
	1,805,000		5.800		11/30/25	1,830,017
JELD-WEN, Inc.(a)
	125,000		4.875		12/15/27	119,845
Summit Materials LLC/Summit Materials Finance Corp.(a)
	115,000		6.500		03/15/27	115,228
						2,065,090
Chemicals(a) – 0.6%
International Flavors & Fragrances, Inc.(b)
	5,225,000		1.230		10/01/25	4,836,155
OCI NV(b)
	1,043,000		4.625		10/15/25	1,016,310
Sasol Financing USA LLC
	450,000		5.875		03/27/24	446,490
SNF Group SACA(b)
	1,650,000		3.125		03/15/27	1,502,556
						7,801,511
Commercial Services – 0.3%
Global Payments, Inc.(a)
	3,175,000		1.200		03/01/26	2,917,444
Prime Security Services Borrower LLC/Prime Finance, Inc.(b)
	987,000		5.250		04/15/24	983,861
						3,901,305
Computers(a) – 0.8%
Dell International LLC/EMC Corp.
	9,665,000		5.850		07/15/25	9,764,550
NetApp, Inc.
	1,300,000		1.875		06/22/25	1,236,703
						11,001,253

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – 3.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
$	5,925,000		3.500	%	01/15/25	$    5,795,598
	640,000		6.500		07/15/25	649,523
Air Lease Corp.(a)
	1,500,000		2.300		02/01/25	1,447,335
	1,100,000		3.375		07/01/25	1,065,372
	5,175,000		1.875		08/15/26	4,765,554
Aviation Capital Group LLC(a)(b)
	1,725,000		1.950		01/30/26	1,598,040
Avolon Holdings Funding Ltd.(a)(b)
	2,075,000		2.875		02/15/25	2,003,786
Capital One Financial Corp.(a)
	4,491,000		3.200		02/05/25	4,383,979
Nomura Holdings, Inc.
	2,695,000		5.099		07/03/25	2,678,210
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.(a)(b)
	10,460,000		2.875		10/15/26	9,695,897
Synchrony Financial(a)
	4,260,000		4.875		06/13/25	4,186,132
						38,269,426
Electrical(a) – 1.8%
Avangrid, Inc.
	1,375,000		3.200		04/15/25	1,336,981
DTE Energy Co.
	2,375,000		1.050		06/01/25	2,238,390
Enel Finance International NV(b)
	7,875,000		1.375		07/12/26	7,178,929
Entergy Corp.
	2,800,000		0.900		09/15/25	2,607,108
NRG Energy, Inc.(b)
	4,525,000		3.750		06/15/24	4,468,030
Vistra Operations Co. LLC(b)
	2,325,000		3.550		07/15/24	2,289,846
	2,965,000		5.000		07/31/27	2,887,110
						23,006,394
Electronics(b) – 0.2%
Sensata Technologies BV
	3,000,000		5.000		10/01/25	3,003,360
Energy-Alternate Sources(a)(b) – 0.0%
Greenko Dutch BV
	185,000		3.850		03/29/26	172,513
Greenko Wind Projects Mauritius Ltd.
	200,000		5.500		04/06/25	196,000
						368,513
Engineering & Construction(a) – 0.2%
AECOM
	2,750,000		5.125		03/15/27	2,730,888
Entertainment – 0.8%
Caesars Entertainment, Inc.(a)(b)
	1,895,000		6.250		07/01/25	1,894,242
Six Flags Theme Parks, Inc.(a)(b)
	1,125,000		7.000		07/01/25	1,131,131

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Entertainment – (continued)
Warnermedia Holdings, Inc.
$	6,900,000		3.638	%	03/15/25	$    6,754,824
						9,780,197
Environmental(a)(b) – 1.0%
GFL Environmental, Inc.
	3,880,000		3.750		08/01/25	3,786,764
	4,860,000		5.125		12/15/26	4,790,356
Veralto Corp.
	3,650,000		5.500		09/18/26	3,710,809
						12,287,929
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	3,433,436
	110,000		7.500		03/15/26	112,081
Performance Food Group, Inc.
	3,020,000		6.875		05/01/25	3,035,281
						6,580,798
Gaming(a) – 0.3%
MGM Resorts International
	3,511,000		5.750		06/15/25	3,503,592
Gas(a) – 0.7%
NiSource, Inc.
	10,050,000		0.950		08/15/25	9,394,740
Healthcare Providers & Services – 2.1%
Centene Corp.(a)
	1,900,000		4.250		12/15/27	1,835,134
	8,410,000		2.450		07/15/28	7,511,728
HCA, Inc.
	7,810,000		5.375		02/01/25	7,806,798
	6,000,000		5.875	(a)	02/15/26	6,055,860
	3,650,000		5.625	(a)	09/01/28	3,735,410
						26,944,930
Housewares(a) – 0.2%
Newell Brands, Inc.
	2,770,000		4.875		06/01/25	2,724,434
Insurance(b) – 0.3%
Athene Global Funding
	305,000		1.450		01/08/26	280,859
Equitable Financial Life Global Funding
	1,550,000		1.400		07/07/25	1,460,162
Great-West Lifeco U.S. Finance 2020 LP(a)
	2,000,000		0.904		08/12/25	1,857,100
						3,598,121
Internet(a)(b) – 0.9%
Gen Digital, Inc.
	3,110,000		6.750		09/30/27	3,163,337
Netflix, Inc.
	2,189,000		3.625		06/15/25	2,150,058

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet(a)(b) – (continued)
Prosus NV
$	7,030,000		3.257	%	01/19/27	$    6,461,009
						11,774,404
Investment Companies – 0.5%
Blackstone Private Credit Fund
	6,000,000		4.700		03/24/25	5,895,660
Iron/Steel – 0.0%
POSCO(b)
	310,000		5.750		01/17/28	317,288
Steel Dynamics, Inc.(a)
	345,000		2.400		06/15/25	330,465
						647,753
Leisure Time(a)(b) – 0.2%
NCL Corp. Ltd.
	2,245,000		5.875		02/15/27	2,218,127
Lodging(a) – 0.2%
MGM Resorts International
	2,040,000		6.750		05/01/25	2,048,731
Machinery-Diversified(a)(b)(d) – 0.1%
Husky III Holding Ltd.
	1,104,000		13.000		02/15/25	1,101,361
Media – 1.2%
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	8,925,000		4.908		07/23/25	8,841,730
(3 mo. USD Term SOFR + 1.912%)
	1,275,000		7.289	(c)	02/01/24	1,275,000
DISH DBS Corp.
	5,065,000		5.875		11/15/24	4,772,091
						14,888,821
Mining(a)(b) – 0.3%
Glencore Funding LLC
	4,200,000		1.625		09/01/25	3,969,966
Miscellaneous Manufacturing(a) – 1.0%
Amsted Industries, Inc.(b)
	2,754,000		5.625		07/01/27	2,761,877
Hillenbrand, Inc.
	890,000		5.750		06/15/25	888,469
Teledyne Technologies, Inc.
	9,375,000		1.600		04/01/26	8,695,406
						12,345,752
Multi-National(a)(b) – 0.1%
African Export-Import Bank
	1,050,000		2.634		05/17/26	969,696
	1,130,000		3.798		05/17/31	957,878
						1,927,574
Office & Business Equipment(a)(b) – 0.3%
Xerox Holdings Corp.
	4,495,000		5.000		08/15/25	4,405,145

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services(a) – 0.9%
Canadian Natural Resources Ltd.
$	1,875,000		2.050	%	07/15/25	$    1,786,988
EQT Corp.
	2,625,000		6.125		02/01/25	2,633,872
Petroleos Mexicanos
	210,000		6.875		10/16/25	206,508
QatarEnergy
	2,160,000		1.375		09/12/26	1,979,942
Saudi Arabian Oil Co.
	2,130,000		1.625		11/24/25	2,000,869
Sunoco LP/Sunoco Finance Corp.(b)
	2,300,000		7.000		09/15/28	2,374,336
USA Compression Partners LP/USA Compression Finance Corp.
	120,000		6.875		04/01/26	119,734
						11,102,249
Packaging(a) – 0.5%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b)
	1,165,000		6.000		06/15/27	1,159,804
Berry Global, Inc.
	3,200,000		1.570		01/15/26	2,975,744
Silgan Holdings, Inc.(b)
	1,925,000		1.400		04/01/26	1,760,316
						5,895,864
Pharmaceuticals(a) – 0.9%
Herbalife Nutrition Ltd./HLF Financing, Inc.(b)
	7,435,000		7.875		09/01/25	7,376,189
Perrigo Finance Unlimited Co.
	1,184,000		3.900		12/15/24	1,149,344
PRA Health Sciences, Inc.(b)
	3,144,000		2.875		07/15/26	2,941,810
						11,467,343
Pipelines – 2.4%
Cheniere Energy Partners LP
	2,835,000		4.500		10/01/29	2,708,077
DCP Midstream Operating LP(a)
	4,645,000		5.375		07/15/25	4,649,970
	2,690,000		5.625		07/15/27	2,757,896
Kinetik Holdings LP(a)(b)
	1,700,000		6.625		12/15/28	1,735,734
MPLX LP(a)
	8,300,000		1.750		03/01/26	7,765,148
NGPL PipeCo LLC(a)(b)
	410,000		4.875		08/15/27	401,242
NuStar Logistics LP(a)
	7,500,000		5.750		10/01/25	7,482,450
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(a)
	2,720,000		6.875		01/15/29	2,809,298
						30,309,815

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate(a) – 0.0%
Sunac China Holdings Ltd.(b)
$	12,187		6.000	%(d)	09/30/26	$        1,462
	12,187		6.250	(d)	09/30/27	1,249
	24,374		6.500	(d)	09/30/27	2,133
	14,949		0.000	(e)	09/30/28	3,364
	36,562		6.750	(d)	09/30/28	2,834
	36,562		7.000	(d)	09/30/29	2,651
	17,177		7.250	(d)	09/30/30	1,159
	21,739		1.000	(d)	09/30/32	1,630
Zhenro Properties Group Ltd.(f)
	200,000		6.700		08/04/26	1,000
						17,482
Real Estate Investment Trust(a) – 1.8%
American Tower Corp.
	1,150,000		2.400		03/15/25	1,112,361
	1,400,000		1.300		09/15/25	1,312,024
Crown Castle, Inc.
	1,750,000		1.350		07/15/25	1,652,437
MPT Operating Partnership LP/MPT Finance Corp.
	7,785,000		5.250		08/01/26	6,958,856
Retail Opportunity Investments Partnership LP
	3,250,000		6.750		10/15/28	3,417,472
VICI Properties LP/VICI Note Co., Inc.(b)
	3,830,000		5.625		05/01/24	3,821,038
	4,590,000		3.500		02/15/25	4,470,063
WP Carey, Inc.
	230,000		4.000		02/01/25	226,587
						22,970,838
Retailing(a) – 0.5%
Murphy Oil USA, Inc.
	3,670,000		5.625		05/01/27	3,658,036
Penske Automotive Group, Inc.
	3,310,000		3.500		09/01/25	3,212,024
						6,870,060
Semiconductors(a) – 0.2%
NXP BV/NXP Funding LLC/NXP USA, Inc.
	250,000		2.700		05/01/25	240,902
Skyworks Solutions, Inc.
	2,425,000		1.800		06/01/26	2,259,300
						2,500,202
Software – 0.9%
Fair Isaac Corp.(a)(b)
	2,705,000		5.250		05/15/26	2,686,471
Infor, Inc.(a)(b)
	1,075,000		1.750		07/15/25	1,014,725
Oracle Corp.
	1,825,000		2.500	(a)	04/01/25	1,767,695
	3,575,000		5.800		11/10/25	3,633,558
PTC, Inc.(a)(b)
	2,085,000		3.625		02/15/25	2,035,648
						11,138,097
Telecommunication Services – 1.9%
Telecom Italia SpA(b)
	5,615,000		5.303		05/30/24	5,586,925

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
T-Mobile USA, Inc.(a)
$	18,761,000		3.500	%	04/15/25	$   18,372,835
						23,959,760
Toys/Games/Hobbies(a)(b) – 0.2%
Mattel, Inc.
	2,815,000		5.875		12/15/27	2,812,635
Trucking & Leasing(a)(b) – 0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	4,950,000		1.200		11/15/25	4,589,393
TOTAL CORPORATE OBLIGATIONS (Cost $745,576,840)						$  717,396,610
Mortgage-Backed Obligations – 17.7%
Collateralized Mortgage Obligations – 2.6%
Interest Only(g) – 0.5%
Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 30 day USD SOFR Average + 5.986%)
$	337,836		0.647	%(c)	05/15/45	$       36,704
Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI
	596,876		4.000		09/25/50	117,725
Federal Home Loan Mortgage Corp. REMICS Series 5020, Class IH
	1,559,106		3.000		08/25/50	255,935
Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 30 day USD SOFR Average + 5.886%)
	235,326		0.547	(c)	05/15/46	26,663
Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%)
	204,531		0.597	(c)	03/15/44	20,810
Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI
	3,681,633		4.000		08/25/50	715,582
Federal National Mortgage Association REMICS Series 2020-60, Class NI
	554,321		4.000		09/25/50	109,332
Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 30 day USD SOFR Average + 6.036%)
	319,912		0.698	(c)	02/25/46	37,267
Federal National Mortgage Association REMICS Series 2017-31, Class SG (30 day USD SOFR Average + 5.986%)
	392,940		0.648	(c)	05/25/47	45,997
Federal National Mortgage Association REMICS Series 2018-17, Class CS (-1X 30 day USD SOFR Average + 3.336%)
	1,548,434		0.000	(c)	03/25/48	27,856
Federal National Mortgage Association REMICS Series 2020-49, Class IO
	348,155		4.000		07/25/50	69,806
Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 30 day USD SOFR Average + 5.986%)
	2,569,889		0.648	(c)	07/25/50	294,717
Federal National Mortgage Association REMICS Series 2020-62, Class GI
	2,677,161		4.000		06/25/48	517,151

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
Federal National Mortgage Association REMICS Series 2010- 135, Class AS (-1X 30 day USD SOFR Average + 5.836%)
$	63,319		0.498	%(c)	12/25/40	$        5,118
Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%)
	153,307		0.628	(a)(c)	10/20/43	7,956
Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%)
	139,477		0.188	(a)(c)	07/20/47	12,338
Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%)
	318,210		0.728	(a)(c)	09/20/48	34,304
Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%)
	312,397		0.578	(a)(c)	01/20/49	30,772
Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%)
	141,477		0.628	(a)(c)	06/20/49	13,596
Government National Mortgage Association REMICS Series 2020-78, Class DI
	1,392,859		4.000	(a)	06/20/50	269,274
Government National Mortgage Association REMICS Series 2020-146, Class KI
	3,760,221		2.500	(a)	10/20/50	510,700
Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%)
	224,239		0.578	(a)(c)	08/20/43	24,334
Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%)
	82,920		0.128	(a)(c)	11/20/44	6,987
Government National Mortgage Association REMICS Series 2015-123, Class SP (1 mo. USD Term SOFR + 6.136%)
	145,075		0.778	(a)(c)	09/20/45	16,438
Government National Mortgage Association REMICS Series 2016-27, Class IA
	80,738		4.000	(a)	06/20/45	10,186
Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%)
	296,055		0.728	(a)(c)	09/20/48	31,439
Government National Mortgage Association REMICS Series 2019-110, Class PS (-1X 1 mo. USD Term SOFR + 5.936%)
	3,085,156		0.578	(a)(c)	09/20/49	356,104
Government National Mortgage Association REMICS Series 2019-153, Class EI
	7,101,804		4.000	(a)	12/20/49	1,319,053
Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%)
	7,948,444		0.578	(a)(c)	04/20/50	925,777

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
Government National Mortgage Association REMICS Series 2020-61, Class GI
$	1,806,656		5.000	%(a)	05/20/50	$      351,157
						6,201,078
Sequential Fixed Rate – 0.3%
Federal National Mortgage Association REMICS Series 2012- 111, Class B
	9,478		7.000		10/25/42	10,278
Federal National Mortgage Association REMICS Series 2012- 153, Class B
	31,805		7.000		07/25/42	34,739
Verus Securitization Trust Series 2022-1, Class A1
	4,215,288		2.724	(a)(b)(h)	01/25/67	3,783,322
						3,828,339
Sequential Floating Rate(a)(b) – 1.8%
Angel Oak Mortgage Trust Series 2021-6, Class A1
	818,665		1.458	(c)	09/25/66	656,854
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA3, Class B1 (30 day USD SOFR Average + 5.214%)
	408,788		10.552	(c)	06/25/50	448,050
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA5, Class B1 (30 day USD SOFR Average + 4.800%)
	3,231,000		10.137	(c)	10/25/50	3,618,714
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA1, Class M2 (30 day USD SOFR Average + 1.800%)
	180,094		7.137	(c)	01/25/51	181,431
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-HQA2, Class M2 (30 day USD SOFR Average + 2.050%)
	1,150,000		7.387	(c)	12/25/33	1,138,865
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA6, Class B1 (30 day USD SOFR Average + 3.400%)
	2,046,000		8.737	(c)	10/25/41	2,085,535
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA5, Class M2 (30 day USD SOFR Average + 2.800%)
	491,812		8.137	(c)	10/25/50	498,968
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA3, Class M1A (30 day USD SOFR Average + 2.000%)
	1,684,869		7.337	(c)	04/25/42	1,700,991
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M1A (30 day USD SOFR Average + 1.000%)
	1,566,871		6.337	(c)	01/25/42	1,561,733
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2020-HQA5, Class M2 (30 day USD SOFR Average + 2.600%)
	1,954,430		7.937	(c)	11/25/50	1,988,629

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(a)(b) – (continued)
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2023-HQA2, Class M1B (30 Day USD SOFR Average + 3.350%)
$	1,074,000		8.687	%(c)	06/25/43	$    1,132,448
Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R01, Class 1B1 (30 day USD SOFR Average + 3.100%)
	2,311,000		8.437	(c)	10/25/41	2,341,268
Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (30 day USD SOFR Average + 3.900%)
	298,099		9.237	(c)	04/25/43	319,122
Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R05, Class 1M2 (30 day USD SOFR Average + 3.100%)
	560,000		8.437	(c)	06/25/43	584,673
GCAT Trust Series 2022-NQM4, Class A1
	474,998		5.269	(h)	08/25/67	477,636
JP Morgan Mortgage Trust Series 2021-LTV2, Class A1
	4,373,484		2.520	(c)	05/25/52	3,552,145
New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	79,519		3.750	(c)	05/28/52	75,025
OBX Trust Series 2022-NQM7, Class A1
	473,214		5.110	(h)	08/25/62	472,659
						22,834,746
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$   32,864,163
Commercial Mortgage-Backed Securities – 3.5%
Sequential Fixed Rate – 2.0%
Bank Series 2023-BNK46, Class A4
$	4,100,000		5.745	%(a)	08/15/56	$    4,324,417
Bank5 Series 2023-5YR4, Class A3
	1,500,000		6.500	(a)	12/15/56	1,585,855
BBCMS Mortgage Trust Series 2023-C19, Class A5
	2,900,000		5.451	(a)	04/15/56	2,996,984
BBCMS Mortgage Trust Series 2023-C19, Class ASB
	800,000		5.700	(a)	04/15/56	816,859
BMO Mortgage Trust Series 2022-C3, Class A5
	575,000		5.313	(a)	09/15/54	585,794
BMO Mortgage Trust Series 2023-C7, Class A5
	5,000,000		6.160	(a)	12/15/56	5,425,693
BX Trust Series 2022-CLS, Class A
	3,900,000		5.760	(b)	10/13/27	3,888,695
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	1,500,000		3.000	(a)(b)	09/15/50	1,036,385
Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4
	740,000		3.102	(a)	12/15/72	663,706
MSWF Commercial Mortgage Trust Series 2023-2, Class A2
	3,150,000		6.890	(a)	12/15/56	3,297,972
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D
	900,000		3.250	(a)(b)	01/15/60	689,080
						25,311,440

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(c) – 1.5%
Bank5 Series 2023-5YR1, Class A3
$	3,610,000		6.260	%(a)	04/15/56	$  3,743,657
Bank5 Series 2023-5YR4, Class AS
	821,000		7.274	(a)	12/15/56	857,899
BBCMS Mortgage Trust Series 2023-C22, Class A5
	2,850,000		6.804	(a)	11/15/56	3,250,277
BBCMS Mortgage Trust Series 2023-5C23, Class A3
	4,150,000		6.675	(a)	12/15/56	4,424,766
BBCMS Mortgage Trust Series 2023-5C23, Class AS
	1,450,000		7.703	(a)	12/15/56	1,546,606
BX Commercial Mortgage Trust Series 2023-VLT2, Class A (1 mo. USD Term SOFR + 2.281%)
	1,500,000		7.643	(b)	06/15/40	1,496,363
BX Commercial Mortgage Trust Series 2023-VLT3, Class A
	2,675,000		7.302	(b)	11/15/28	2,672,061
Citigroup Commercial Mortgage Trust Series 2015-P1, Class C
	1,949,000		4.369	(a)	09/15/48	1,762,161
						19,753,790
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 45,065,230
Federal Agencies – 11.6%
Government National Mortgage Association – 3.1%
$	1,211,024		4.500	%	08/20/47	$  1,205,151
	195,800		5.000		03/20/48	197,619
	1,873,668		4.000		05/20/48	1,813,453
	670,789		4.500		06/20/48	662,085
	677,481		4.500		07/20/48	668,268
	1,035,841		4.500		09/20/48	1,021,753
	720,515		4.500		10/20/48	710,266
	897,681		4.500		12/20/48	884,912
	2,197,705		4.500		01/20/49	2,165,756
	678,749		4.500		02/20/49	668,670
	915,035		4.500		03/20/49	901,732
	487,652		4.500		10/20/49	480,715
	878,719		5.000		12/20/49	885,687
	55,299		5.000		02/20/50	55,812
	4,766,195		3.000		11/20/51	4,290,875
	5,000,000		5.000		TBA-30yr(i)	1,987,856
	9,000,000		6.000		TBA-30yr(i)	9,147,178
	11,000,000		6.500		TBA-30yr(i)	11,258,146
						39,005,934
Uniform Mortgage-Backed Security – 8.5%
	2,315		5.000		03/01/25	2,295
	4,356		5.000		11/01/26	4,324
	4,499		5.000		07/01/27	4,471
	11,184,645		4.000		12/01/44	10,795,474
	8,734,562		4.000		08/01/45	8,443,259
	9,020,070		4.000		08/01/45	8,722,064
	74,824		4.500		07/01/47	74,015
	4,864,595		4.000		01/01/49	4,691,716
	46,898		4.500		03/01/50	46,101
	4,695,914		6.000		11/01/52	4,870,231
	4,428,156		6.000		11/01/52	4,580,080
	1,880,676		5.500		12/01/52	1,920,175
	5,417,707		6.000		12/01/52	5,586,650

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	931,553		6.000	%	01/01/53	$    960,602
	2,772,340		6.000		01/01/53	2,839,731
	954,458		5.500		04/01/53	968,837
	947,050		6.000		04/01/53	979,838
	940,828		6.000		04/01/53	970,166
	954,819		6.000		04/01/53	980,118
	2,955,080		6.500		09/01/53	3,043,575
	6,932,001		6.500		11/01/53	7,206,745
	5,000,000		3.500		TBA-30yr(i)	4,589,844
	22,000,000		4.500		TBA-30yr(i)	970,156
	8,000,000		6.500		TBA-30yr(i)	8,196,244
	8,000,000		7.000		TBA-30yr(i)	8,250,943
	19,000,000		7.000		TBA-30yr(i)	19,590,051
						109,287,705
TOTAL FEDERAL AGENCIES						$148,293,639
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $227,240,059)						$226,223,032
Asset-Backed Securities(a) – 12.8%
Automotive – 2.7%
Bank of America Auto Trust Series 2023-2A, Class A2(b)
$	2,500,000		5.850	%	08/17/26	$  2,514,565
Ford Credit Floorplan Master Owner Trust A Series 2019-4, Class A
	3,750,000		2.440		09/15/26	3,670,740
GMF Floorplan Owner Revolving Trust Series 2019-2, Class A(b)
	2,785,000		2.900		04/15/26	2,762,510
Nissan Auto Receivables Owner Trust Series 2023-A, Class A2A
	3,585,097		5.340		02/17/26	3,580,203
Santander Drive Auto Receivables Trust Series 2023-6, Class A2
	4,200,000		6.080		05/17/27	4,214,816
Tesla Auto Lease Trust Series 2021-B, Class A3(b)
	8,697,945		0.600		09/22/25	8,572,811
Toyota Auto Receivables Owner Trust Series 2021-D, Class A3
	6,791,160		0.710		04/15/26	6,592,230
World Omni Auto Receivables Trust Series 2023-B, Class A2A
	3,089,320		5.250		11/16/26	3,083,543
						34,991,418
Collateralized Loan Obligations – 8.9%
37 Capital CLO 1 Ltd. Series 2021-1A, Class A(b)(c) (3 mo. USD Term SOFR + 1.462%)
	3,700,000		6.856		10/15/34	3,681,992
AMMC CLO XI Ltd. Series 2012-11A, Class A1R2(b)(c) (3 mo. USD Term SOFR + 1.272%)
	2,936,833		6.662		04/30/31	2,936,698
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR(b)(c) (3 mo. USD Term SOFR + 1.462%)
	7,600,000		6.877		07/20/34	7,581,144
Atlas Senior Loan Fund XVII Ltd. Series 2021-17A, Class A(b)(c) (3 mo. USD Term SOFR + 1.462%)
	8,200,000		6.877		10/20/34	8,199,672

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Collateralized Loan Obligations – (continued)
Bain Capital Credit CLO Ltd. Series 2023-3A, Class A(b)(c) (3 mo. USD Term SOFR + 1.800%)
$	3,600,000		7.165	%	07/24/36	$    3,621,582
Cathedral Lake VII Ltd. Series 2021-7RA, Class D(b)(c) (3 mo. USD Term SOFR + 4.542%)
	750,000		9.944		01/15/32	740,113
CIFC Funding Ltd. Series 2018-2A, Class A1(b)(c) (3 mo. USD Term SOFR + 1.302%)
	2,810,128		6.717		04/20/31	2,809,971
	2,025,000		0.000		01/20/37	2,025,000
CQS U.S. CLO Ltd. Series 2021-1A, Class A(b)(c) (3 mo. USD Term SOFR + 1.482%)
	4,500,000		6.897		01/20/35	4,477,617
Crown City CLO I Series 2020-1A, Class A1AR(b)(c) (3 mo. USD Term SOFR + 1.452%)
	2,500,000		6.867		07/20/34	2,491,082
Halsey Point CLO I Ltd. Series 2019-1A, Class A1A1(b)(c) (3 mo. USD Term SOFR + 1.612%)
	3,500,000		7.027		01/20/33	3,495,765
HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A(b)(c) (3 mo. USD Term SOFR + 1.712%)
	5,775,000		7.102		11/30/32	5,777,264
Helios Issuer LLC Series 2023-GRID1, Class 1A(b)
	368,940		5.750		12/20/50	376,640
Invesco CLO Ltd. Series 2021-2A, Class A(b)(c) (3 mo. USD Term SOFR + 1.382%)
	4,300,000		6.776		07/15/34	4,290,871
Jamestown CLO XVI Ltd. Series 2021-16A, Class A(b)(c) (3 mo. USD Term SOFR + 1.462%)
	3,000,000		6.840		07/25/34	2,994,297
LCM 26 Ltd. Series 26-A, Class A1(b)(c) (3 mo. USD Term SOFR + 1.332%)
	6,194,973		6.747		01/20/31	6,194,701
Marble Point CLO XVII Ltd. Series 2020-1A, Class A(b)(c) (3 mo. USD Term SOFR + 1.562%)
	6,000,000		6.977		04/20/33	5,994,024
MJX Venture Management II LLC Series 2017-28RR, Class A1(b)(c) (3 mo. USD Term SOFR + 1.542%)
	3,641,938		6.954		07/22/30	3,627,054
Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R(b)(c) (3 mo. USD Term SOFR + 1.362%)
	2,376,919		6.749		12/21/29	2,376,843
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR(b)(c) (3 mo. USD Term SOFR + 1.362%)
	10,600,000		6.729		05/20/32	10,558,660
Pikes Peak CLO 3 Series 2019-3A, Class ARR(b)(c) (3 mo. USD Term SOFR + 1.462%)
	4,000,000		6.840		10/25/34	3,995,496
RRX 3 Ltd. Series 2021-3A, Class A2(b)(c) (3 mo. USD Term SOFR + 2.012%)
	3,000,000		7.406		04/15/34	3,000,000
Sycamore Tree CLO Ltd. Series 2023-2A, Class A(b)(c) (3 mo.
USD Term SOFR + 2.330%)
	2,200,000		7.746		04/20/35	2,203,080
TCW CLO Ltd. Series 2022-1A, Class A1(b)(c) (3 mo. USD Term SOFR + 1.340%)
	7,900,000		6.752		04/22/33	7,860,824

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Collateralized Loan Obligations – (continued)
TICP CLO XIV Ltd. Series 2019-14A, Class A1R(b)(c) (3 mo. USD Term SOFR + 1.342%)
$	8,000,000		6.757	%	10/20/32	$    7,991,056
Venture 36 CLO Ltd. Series 2019-36A, Class D(b)(c) (3 mo. USD Term SOFR + 4.412%)
	2,500,000		9.827		04/20/32	2,348,782
Zais CLO 13 Ltd. Series 2019-13A, Class A1A(b)(c) (3 mo. USD Term SOFR + 1.752%)
	3,000,000		7.146		07/15/32	2,991,153
						114,641,381
Credit Card – 1.1%
Barclays Dryrock Issuance Trust Series 2023-1, Class A
	7,300,000		4.720		02/15/29	7,290,035
(30 day USD SOFR Average + 0.900%)
	2,425,000		6.227	(c)	08/15/28	2,428,271
Discover Card Execution Note Trust Series 2023-A1, Class A
	3,800,000		4.310		03/15/28	3,769,779
						13,488,085
Student Loan – 0.1%
Edsouth Indenture No. 5 LLC Series 2014-1, Class A(b)(c) (30 day USD SOFR Average + 0.814%)
	187,714		6.152		02/25/39	185,485
Illinois Student Assistance Commission Series 2010-1, Class A3(c) (90 day USD SOFR Average + 1.162%)
	574,380		6.496		07/25/45	574,384
PHEAA Student Loan Trust Series 2012-1A, Class A1(b)(c) (30 day USD SOFR Average + 0.664%)
	16,169		6.002		05/25/57	16,083
(30 day USD SOFR Average + 1.264%)
	576,062		6.602		09/25/65	576,939
						1,352,891
TOTAL ASSET-BACKED SECURITIES (Cost $164,902,626)						$  164,473,775
Sovereign Debt Obligations – 3.8%
Euro(b) – 0.0%
Indonesia Government International Bonds
EUR	250,000		2.150	%	07/18/24	$       272,505
Sovereign – 0.0%
Export-Import Bank of Korea
$	720,000		5.000		01/11/28	732,974
United States Dollar – 3.8%
Airport Authority(a)(b)
	660,000		4.750		01/12/28	666,164
Chile Government International Bonds
	2,060,000		3.125		01/21/26	1,993,694
Indonesia Government International Bonds (a)
	8,750,000		4.150		09/20/27	8,599,609
	6,030,000		4.550		01/11/28	6,011,156
Korea Hydro & Nuclear Power Co. Ltd.(b)
	3,950,000		4.250		07/27/27	3,883,522

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
United States Dollar – (continued)
Mexico Government International Bonds(a)
$	1,940,000		5.400	%	02/09/28	$    1,985,469
Panama Government International Bonds(a)
	2,010,000		3.750		03/16/25	1,950,956
Peru Government International Bonds(a)
	2,120,000		2.392		01/23/26	2,012,675
Perusahaan Penerbit SBSN Indonesia III
	3,530,000		2.300	(b)	06/23/25	3,392,330
	4,310,000		2.300		06/23/25	4,141,910
	7,550,000		1.500	(b)	06/09/26	6,969,594
Philippines Government International Bonds
	2,000,000		3.229		03/29/27	1,914,375
Qatar Government International Bonds (b)
	1,840,000		3.375		03/14/24	1,827,635
	690,000		3.400		04/16/25	676,117
Romania Government International Bonds(b)
	1,500,000		3.000		02/27/27	1,395,000
Saudi Government International Bonds(b)
	800,000		2.900		10/22/25	771,750
						48,191,956
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $50,581,017)						$   49,197,435
Shares		Description				Value
Common Stocks – 0.0%
Real Estate Management & Development – 0.0%
	10,465		Sunac China Holdings Ltd.			$        2,012
	22,377		Sunac Services Holdings Ltd.			5,367
						7,379
TOTAL COMMON STOCKS (Cost $57,971)						$        7,379
Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 10.3%
U.S. Treasury Notes
$	3,000,000		3.000	%	06/30/24	$    2,968,125
	13,770,000		4.250		12/31/24	13,699,536
	492,000		0.750		04/30/26	455,215
	65,360,000		0.750		05/31/26	60,340,557
	42,270,000		0.750		08/31/26	38,762,911
	850,000		2.875		08/15/28	813,410
	15,440,000		3.750		12/31/28	15,372,978
TOTAL U.S. TREASURY OBLIGATIONS (Cost $132,444,373)						$  132,412,732

Shares		Dividend Rate				Value
Investment Company(j) – 0.4%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	5,140,006		5.248%			$    5,140,006
(Cost $5,140,006)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 101.0% (Cost $1,325,942,892)						$1,294,850,969
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 0.9%
Certificates of Deposit – 0.6%
Credit Industriel et Commercial
$	5,204,000		5.280	%	12/12/24	$    5,211,290
Wells Fargo Bank NA
	2,901,000		5.230		12/13/24	2,903,106
						8,114,396
Commercial Paper(b)(e) – 0.3%
HSBC USA, Inc.
	1,939,000		0.000		09/09/24	1,864,099
Toronto-Dominion Bank
	2,028,000		0.000		12/12/24	1,931,109
						3,795,208
TOTAL SHORT-TERM INVESTMENTS (Cost $11,891,181)						$   11,909,604
TOTAL INVESTMENTS – 101.9% (Cost $1,337,834,073)						$1,306,760,573
LIABILITIES IN EXCESS OF  OTHER ASSETS – (1.9)%						(24,334,421)
NET ASSETS – 100.0%						$1,282,426,152

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2023.
(d)	Pay-in-kind securities.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	Security is currently in default and/or non-income producing.
(g)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(h)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2023.
(i)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $63,990,418 which represents approximately 5.0% of net assets as of December 31, 2023.
(j)	Represents an affiliated Issuer.

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 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	AUD	586,000		JPY	54,971,546		03/21/24	$	5,426
	AUD	9,820,980		USD	6,561,357		03/20/24		147,353
	CAD	10,588,301		USD	7,895,718		03/20/24		103,928
	CHF	6,332,364		USD	7,274,314		03/20/24		317,651
	CNH	10,967,249		USD	1,546,000		03/20/24		1,771
	EUR	4,419,898		GBP	3,820,018		03/20/24		24,062
	EUR	357,000		PLN	1,546,167		03/20/24		2,871
	EUR	4,090,988		USD	4,472,001		03/20/24		58,886
	GBP	3,244,289		USD	4,109,219		03/20/24		27,742
	ILS	796,239		USD	216,617		03/20/24		3,848
	JPY	1,874,981,364		USD	13,031,921		03/21/24		436,761
	KRW	1,010,104,570		USD	769,000		03/20/24		14,659
	MXN	2,421,000		USD	136,875		03/20/24		3,836
	NOK	37,563,345		USD	3,536,600		03/20/24		167,197
	NZD	3,358,914		USD	2,091,277		03/20/24		32,482
	PLN	9,879,724		USD	2,445,787		03/20/24		62,328
	SEK	66,369,992		USD	6,483,282		03/20/24		118,001
	SGD	3,284,553		USD	2,453,495		03/20/24		44,535
	TWD	47,982,837		USD	1,540,113		03/13/24		48,653
	ZAR	7,096,815		USD	380,407		03/20/24		4,832
TOTAL								$	1,626,822

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	CNH	5,682,705	USD	803,641		03/20/24	$	(1,660	)
	EUR	714,978	AUD	1,172,349		03/20/24		(8,972	)
	EUR	704,000	CHF	661,148		03/20/24		(12,960	)
	EUR	1,848,803	NOK	21,961,298		03/20/24		(117,811	)
	EUR	617,000	SEK	6,958,421		03/20/24		(8,752	)
	GBP	2,217,836	EUR	2,579,176		03/20/24		(28,435	)
	GBP	925,843	USD	1,184,125		03/20/24		(3,536	)
	NZD	585,372	AUD	543,357		03/20/24		(1,051	)
	SEK	25,762,871	USD	2,574,485		03/20/24		(12,062	)
	TRY	11,481,680	USD	362,312		03/20/24		(972	)
	USD	9,369,852	CAD	12,622,351		03/20/24		(166,557	)
	USD	6,921,442	CHF	5,965,284		03/20/24		(230,424	)
	USD	4,731,845	CNH	33,820,577		03/20/24		(41,140	)
	USD	599,824	CZK	13,583,621		03/20/24		(6,298	)
	USD	9,499,383	EUR	8,779,565		03/20/24		(224,238	)
	USD	6,640,770	GBP	5,276,578		03/20/24		(87,668	)
	USD	646,156	ILS	2,389,771		03/20/24		(15,528	)

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 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)	USD	1,633,032		JPY	239,400,821		02/13/24	$	(76,458	)
	USD	11,378,122		JPY	1,593,799,544		03/21/24		(70,728	)
	USD	636,111		KRW	831,648,156		03/20/24		(9,098	)
	USD	233,894		MXN	4,143,785		03/20/24		(6,947	)
	USD	1,768,971		NOK	19,372,974		03/20/24		(141,231	)
	USD	4,474,920		NZD	7,287,436		03/20/24		(132,745	)
	USD	773,000		PLN	3,046,816		03/20/24		(479	)
	USD	6,665,334		SEK	69,695,527		03/20/24		(266,713	)
	USD	774,000		SGD	1,027,154		03/20/24		(7,190	)
	USD	1,163,863		ZAR	22,390,342		03/20/24		(51,560	)
TOTAL								$	(1,731,213	)

FORWARD SALES CONTRACTS — At December 31, 2023, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount		Value
Government National Mortgage Association		3.000	%		TBA - 30yr		01/01/24	$	8,000,000	$	(3,623,873)
Government National Mortgage Association		4.000			TBA - 30yr		01/01/24		(1,000,000)		(955,331)
Government National Mortgage Association		4.500			TBA - 30yr		01/01/24		(9,000,000)		(8,786,415)
Uniform Mortgage-Backed Security		4.000			TBA - 30yr		01/01/24		1,000,000		(31,231,391)
Uniform Mortgage-Backed Security		5.500			TBA - 30yr		01/01/24		11,000,000		(2,009,845)
(PROCEEDS RECEIVABLE: $(45,417,383))										$	(46,606,855)

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

FUTURES CONTRACTS — At December 31, 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	03/26/24	$	130,843		$	9,176
2 Year U.S. Treasury Notes	1,493	03/28/24		307,429,695			2,469,111
30 Year German Euro-Buxl	2	03/07/24		312,904			20,000
5 Year German Euro-Bund	3	03/07/24		454,452			11,521
5 Year U.S. Treasury Notes	103	03/28/24		11,203,664			7,062
Total						$	2,516,870
Short position contracts:
10 Year U.S. Treasury Notes	(142)	03/19/24		(16,030,469	)		(13,324	)
20 Year U.S. Treasury Bonds	(69)	03/19/24		(8,620,688	)		(253,416	)
5 Year German Euro-Bobl	(176)	03/07/24		(23,175,535	)		(317,244	)
5 Year German Euro-Oat	(5)	03/07/24		(725,902	)		191
Ultra 10-Year U.S. Treasury Note	(141)	03/19/24		(16,640,203	)		(749,417	)
Ultra Long U.S. Treasury Bonds	(2)	03/19/24		(267,188	)		388
Total						$	(1,332,822	)
TOTAL FUTURES CONTRACTS						$	1,184,048

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At December 31, 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)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M EURO(b)	3.720%(c)		03/18/25	EUR	89,120	$	684,999		$	(128,614	)	$	813,613
1.250%(d)	12M CHFOR(d)		03/20/26	CHF	86,660		(394,728	)		(435,550	)		40,822
3.000(d)	12M EURO(d)		03/20/26	EUR	129,370		(1,862,590	)		(1,736,568	)		(126,022	)
3M STIBOR(b)	3.500(d)		03/20/26	SEK	780,450		1,252,405			805,551			446,854
12M CDOR(e)	3.750(e)		03/20/26	CAD	47,020		105,381			(60,250	)		165,631
3.750(b)	3M AUDOR(b)		03/20/26	AUD	75,510		40,826			329,614			(288,788	)
12M SOFR(d)	4.000(d)		03/20/26	$	23,500		80,396			25,682			54,714
6M NIBOR(e)	4.250(d)		03/20/26	NOK	469,660		454,202			351,013			103,189
12M GBP(d)	5.250(d)		03/20/26	GBP	69,440		2,442,843			1,751,015			691,828
12M JYOR(d)	0.500(d)		08/02/26	JPY	2,938,160		66,440			16,387			50,053
12M SOFR(d)	3.350(d)		10/06/27	$	102,530		480,640			(8,982	)		489,622
6M EURO(e)	3.000(d)		10/20/27	EUR	37,950		711,690			(383,235	)		1,094,925
12M SOFR(d)	3.730(d)		11/28/27	$	17,290		198,618			63,096			135,522
12M EURO(d)	2.673(d)		04/22/28	EUR	42,460		1,081,433			93,663			987,770
2.852(d)	3M EURO(b)		04/22/28		42,460		(1,058,507	)		(77,472	)		(981,035	)
0.500(d)	12M JYOR(d)		08/03/28	JPY	6,120,010		131,615			(72,044	)		203,659
12M SOFR(d)	3.696(d)		09/22/28	$	70,430		697,081			(180,741	)		877,822
12M EURO(d)	2.500(d)		10/19/28	EUR	22,690		426,515			158,628			267,887
1.250(d)	12M CHFOR(d)		03/20/29	CHF	3,910		(47,925	)		(41,392	)		(6,533	)
2.750(d)	12M EURO(d)		03/20/29	EUR	4,200		(141,383	)		(86,735	)		(54,648	)
6M NIBOR(e)	3.750(d)		03/20/29	NOK	91,290		166,547			144,089			22,458
12M SOFR(d)	4.250(d)		03/20/29	$	26,780		998,273			849,766			148,507
12M GBP(d)	4.750(d)		03/20/29	GBP	9,300		788,316			455,105			333,211
4.000(e)	6M AUDOR(e)		03/20/29	AUD	10,220		(27,305	)		119,901			(147,206	)
0.500(d)	12M JYOR(d)		03/21/29	JPY	15,944,000		64,828			1,188,846			(1,124,018	)
2.680(d)	12M SOFR(d)		07/28/32	$	20,480		516,370			13,394			502,976
12M JYOR(d)	1.250(d)		08/02/33	JPY	1,260,400		20,721			(2,554	)		23,275
1.250(d)	12M JYOR(d)		08/03/33		1,665,000		(27,175	)		(91,267	)		64,092
12M SOFR(d)	4.306(d)		10/05/33	$	35,380		1,271,511			3,329			1,268,182
6M EURO(e)	3.000(d)		11/10/33	EUR	27,070		566,420			255,247			311,173
12M CHFOR(d)	1.500(d)		03/20/34	CHF	4,390		166,887			157,474			9,413
3.250(e)	12M CDOR(e)		03/20/34	CAD	1,610		(22,374	)		4,762			(27,136	)
12M EURO(d)	2.750(d)		03/20/34	EUR	4,740		231,645			135,892			95,753
6M EURO(e)	3.000(d)		03/20/34		4,280		225,959			214,869			11,090
3.000(d)	3M STIBOR(b)		03/20/34	SEK	119,890		(723,470	)		(433,997	)		(289,473	)
6M AUDOR(e)	4.250(e)		03/20/34	AUD	4,250		15,924			(98,826	)		114,750
12M GBP(d)	4.250(d)		03/20/34	GBP	390		41,718			21,069			20,649
12M SOFR(d)	4.250(d)		03/20/34	$	3,490		242,802			222,012			20,790

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 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)
3M NZDOR(b)	4.750%(e)		03/20/34	NZD	7,260	$	238,899		$	8,395		$	230,504
3.750%(d)	6M NIBOR(e)		03/20/34	NOK	16,120		(62,380	)		(42,628	)		(19,752	)
1.000(d)	12M JYOR(d)		03/21/34	JPY	1,078,000		(84,638	)		60,451			(145,089	)
3.240(d)	12M SOFR(d)		10/06/35	$	23,540		152,377			(269,002	)		421,379
3.781(d)	12M SOFR(d)		09/22/36		15,880		(500,139	)		258,771			(758,910	)
12M SOFR(d)	2.910(d)		07/28/37		51,150		(1,118,891	)		(393,355	)		(725,536	)
6M EURO(e)	2.152(d)		08/09/37	EUR	24,870		(609,270	)		(1,409,065	)		799,795
12M SOFR(d)	3.391(d)		05/10/38	$	61,370		(368,809	)		(542,937	)		174,128
12M JYOR(d)	1.500(d)		08/03/38	JPY	1,806,000		(94,264	)		(137,051	)		42,787
1.451(d)	6M EURO(e)		08/10/42	EUR	63,600		2,321,598			241,189			2,080,409
2.080(d)	12M SOFR(d)		07/28/47	$	51,020		1,159,363			495,588			663,775
6M EURO(e)	1.051(d)		08/11/47	EUR	37,230		(1,150,535	)		(1,368,432	)		217,897
2.564(d)	12M SOFR(d)		05/11/53	$	52,230		555,189			427,164			128,025
2.000(d)	6M EURO(e)		05/17/53	EUR	10,580		36,659			42,583			(5,924	)
2.500(d)	6M EURO(e)		11/10/53		12,030		(577,668	)		(477,291	)		(100,377	)
3.613(d)	12M SOFR(d)		11/15/53	$	18,880		(814,781	)		(125,329	)		(689,452	)
3.512(d)	12M SOFR(d)		11/29/53		5,450		(196,708	)		(81,542	)		(115,166	)
2.500(d)	6M EURO(e)		03/20/54	EUR	3,420		(156,017	)		(100,687	)		(55,330	)
TOTAL						$	8,597,533		$	128,999		$	8,468,534

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2023.

(b) Payments made quarterly.

(c) Payments made at maturity.

(d) Payments made annually.

(e) Payments made semi-annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Paid by the Fund(a)		Credit Spread at December 31, 2023(b)		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CMBX.NA.AAA.16		0.500%		0.766%	MS & Co. Int. PLC		04/17/65	$	11,000	$	(197,043	)	$	(209,678	)	$	12,635
TOTAL										$	(197,043	)	$	(209,678	)	$	12,635

(a) Payments made monthly.

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at December 31, 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%		0.606%		06/20/26	$	3,475	$	33,255	$	31,825	$	1,430
AT&T, Inc., 3.800%, 02/15/27		1.000		0.563		12/20/25		10,000		86,037		42,282		43,755
CDX.NA.IG Index 32		1.000		0.086		06/20/24		225		1,050		396		654
CDX.NA.IG Index 40		1.000		0.507		06/20/28		19,049		389,362		276,307		113,055
General Electric Co. 6.750%, 03/15/32		1.000		0.285		06/20/26		5,225		89,957		35,140		54,817
TOTAL									$	599,661	$	385,950	$	213,711

(a) Payments made quarterly.

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 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)
Purchased option contracts
Calls
3M IRS	MS & Co. Int. PLC		3.425	%		03/13/2024	48,690,000	$	48,690,000		$	18,813		$	52,452		$	(33,639	)
3M IRS	MS & Co. Int. PLC		3.800			03/13/2024	97,380,000		97,380,000			7,805			28,610			(20,805	)
							146,070,000	$	146,070,000		$	26,618		$	81,062		$	(54,444	)
Puts
3M IRS	Citibank NA		4.050			02/05/2024	25,810,000		25,810,000			182			5,062			(4,880	)
3M IRS	Citibank NA		3.700			02/05/2024	25,810,000		25,810,000			1,584			29,842			(28,258	)
3M IRS	Citibank NA		3.750			02/05/2024	25,810,000		25,810,000			1,157			22,915			(21,758	)
3M IRS	Citibank NA		4.000			02/05/2024	25,810,000		25,810,000			245			6,395			(6,150	)
							103,240,000	$	103,240,000		$	3,168		$	64,214		$	(61,046	)
Total purchased option contracts							249,310,000	$	249,310,000		$	29,786		$	145,276		$	(115,490	)
Written option contracts
Calls
6M IRS	Citibank NA		3.720			03/14/2024	(50,340,000)		(50,340,000	)		(393,572	)		(114,392	)		(279,180	)
6M IRS	Citibank NA		3.744			03/14/2024	(50,340,000)		(50,340,000	)		(405,887	)		(111,360	)		(294,527	)
3M IRS	MS & Co. Int. PLC		3.650			03/13/2024	(146,070,000)		(146,070,000	)		(22,028	)		(69,936	)		47,908
							(246,750,000)	$	(246,750,000	)	$	(821,487	)	$	(295,688	)	$	(525,799	)
Puts
3M IRS	Citibank NA		3.900			02/05/2024	(51,620,000)		(51,620,000	)		(906	)		(20,250	)		19,344
3M IRS	Citibank NA		3.850			02/05/2024	(51,620,000)		(51,620,000	)		(1,236	)		(27,632	)		26,396
6M IRS	Citibank NA		3.720			03/14/2024	(50,340,000)		(50,340,000	)		(5,652	)		(114,392	)		108,740
6M IRS	Citibank NA		3.744			03/14/2024	(50,340,000)		(50,340,000	)		(5,113	)		(111,360	)		106,247
							(203,920,000)	$	(203,920,000	)	$	(12,907	)	$	(273,634	)	$	260,727
Total written option contracts							(450,670,000)	$	(450,670,000	)	$	(834,394	)	$	(569,322	)	$	(265,072	)
TOTAL							(201,360,000)	$	(201,360,000	)	$	(804,608	)	$	(424,046	)	$	(380,562	)

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
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
IO	— Interest Only Stripped Security
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
REMICS	— Real Estate Mortgage Investment Conduits
SOFR	— Secured Overnight Financing Rate
STACR	— Structured Agency Credit Risk
USD	— US. Dollar

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
3M IRS	— 3 Months Interest Rate Swaptions
6M IRS	— 6 Months Interest Rate Swaptions
AUDOR	— Australian Dollar Offered Rate
CDOR	— Canadian Dollar Offered Rate
CDX.NA.IG Ind 32	— CDX North America Investment Grade Index 32
CDX.NA.IG Ind 40	— CDX North America Investment Grade Index 40
CHFOR	— Swiss Franc Offered Rate
EURO	— Euro Offered Rate
JYOR	— Japanese Yen 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 Financing Rate
STIBOR	— Stockholm Interbank Offered Rate

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 37.8%
Collateralized Mortgage Obligations – 0.2%
Sequential Fixed Rate – 0.2%
Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z
$	64,298		7.000	%(a)	07/15/27	$     65,740
Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z
	60,637		6.500	(a)	12/15/27	61,863
Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT
	40,698		6.500		02/15/36	42,842
Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA
	235,533		5.000		02/15/34	238,936
Federal Home Loan Mortgage Corp. REMICS Series 3530, Class DB
	29,721		4.000		05/15/24	29,587
Federal National Mortgage Association REMICS Series 2012- 111, Class B
	144,542		7.000		10/25/42	156,738
Federal National Mortgage Association REMICS Series 2012- 153, Class B
	512,057		7.000		07/25/42	559,302
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$  1,155,008
Federal Agencies – 37.6%
Adjustable Rate Federal Home Loan Mortgage Corp.(b) – 0.2%
(RFUCC1 yr. Treasury + 1.840%)
$	114,979		5.626	%	11/01/34	$    116,540
(1 yr. CMT + 2.250%)
	246,153		5.503		06/01/35	248,185
(RFUCC1 yr. Treasury + 2.330%)
	25,185		5.515		05/01/36	25,806
(RFUCC6 mo. Treasury + 2.057%)
	11,700		7.806		10/01/36	11,878
(RFUCC1 yr. Treasury + 1.780%)
	76,226		5.681		06/01/42	77,426
(RFUCC1 yr. Treasury + 1.638%)
	622,414		5.838		11/01/44	630,179
						1,110,014
Adjustable Rate Federal National Mortgage Association – 0.5%
(11th District Cost of Funds - Consumer+ 1.695%)(b)
	3,614		4.709		08/01/29	3,579
(RFUCC1 yr. Treasury + 1.755%)(b)
	21,662		6.005		07/01/32	21,952
(RFUCC1 yr. Treasury + 1.800%)(b)
	208,853		5.384		05/01/33	212,532
(RFUCC6 mo. Treasury + 2.250%)(b)
	32,091		5.625		08/01/33	32,611
(11th District Cost of Funds - Consumer+ 1.254%)(b)
	227,409		4.590		08/01/33	227,258
(1 yr. CMT + 2.286%)(b)
	99,351		4.426		02/01/34	100,772
(RFUCC1 yr. Treasury + 1.695%)(b)
	24,050		5.445		05/01/34	24,473
(RFUCC1 yr. Treasury + 1.720%)(b)
	214,854		4.728		05/01/34	218,389

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Federal National Mortgage Association – (continued)
(RFUCC1 yr. Treasury + 1.720%)(b) – (continued)
$	22,168		4.220	%	03/01/35	$     22,592
	31,546		5.095		04/01/35	32,196
(1 yr. CMT + 2.220%)(b)
	129,857		5.970		06/01/34	131,492
(RFUCC1 yr. Treasury + 1.685%)(b)
	32,757		5.935		10/01/34	33,235
(RFUCC1 yr. Treasury + 1.627%)(b)
	64,332		5.877		10/01/34	65,115
(RFUCC1 yr. Treasury + 1.597%)(b)
	68,232		4.317		03/01/35	69,262
(RFUCC1 yr. Treasury + 1.325%)(b)
	80,278		4.075		04/01/35	80,852
(RFUCC1 yr. Treasury + 1.423%)(b)
	58,772		4.234		05/01/35	59,426
(1 yr. CMT + 2.095%)(b)
	47,782		6.143		10/01/35	48,226
(RFUCC1 yr. Treasury + 1.726%)(b)
	165,198		4.248		03/01/36	168,670
(RFUCC1 yr. Treasury + 1.950%)(b)
	363,362		4.950		04/01/36	372,582
(RFUCC1 yr. Treasury + 1.911%)(b)
	146,487		6.160		06/01/36	149,741
(1 yr. MTA + 2.193%)(b)
	268,231		7.126		07/01/36	272,652
	58,530		6.185		11/01/36	59,621
(RFUCC1 yr. Treasury + 1.712%)(b)
	272,969		5.290		07/01/37	278,202
						2,685,430
Adjustable Rate Government National Mortgage Association – 0.3%
(1 yr. CMT + 1.500%)(b)
	52,418		3.875		05/20/34	51,992
	130,785		3.625		07/20/34	128,638
	121,664		3.625		08/20/34	119,681
	760,470		3.625		09/20/34	748,084
	108,291		2.750		10/20/34	106,524
	117,785		2.750		12/20/34	115,878
						1,270,797
Federal Home Loan Mortgage Corp. – 0.5%
	3,593		7.500		01/01/31	3,804
	11,764		4.500		07/01/33	11,680
	332,274		4.500		08/01/33	329,904
	665,157		4.500		09/01/33	660,410
	59,645		4.500		10/01/33	59,220
	1,771		4.500		04/01/34	1,760
	1,419		4.500		04/01/35	1,411
	1,105		4.500		07/01/35	1,099
	2,570		4.500		08/01/35	2,555
	14,936		4.500		09/01/35	14,847
	3,597		4.500		10/01/35	3,577
	604		4.500		12/01/35	600
	474		4.500		05/01/36	471
	43,690		4.500		01/01/38	43,447
	585		4.500		04/01/38	585
	314		4.500		05/01/38	313
	2,771		4.500		06/01/38	2,756

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Home Loan Mortgage Corp. – (continued)
$	69,528		4.500	%	09/01/38	$     69,417
	1,467		4.500		01/01/39	1,462
	35,613		4.500		02/01/39	35,528
	18,671		4.500		03/01/39	18,618
	3,721		4.500		04/01/39	3,710
	98,709		4.500		05/01/39	98,435
	314,840		4.500		06/01/39	313,960
	11,479		4.500		07/01/39	11,480
	13,855		4.500		08/01/39	13,816
	19,117		4.500		09/01/39	19,063
	3,565		4.500		10/01/39	3,555
	6,595		4.500		11/01/39	6,575
	7,433		4.500		12/01/39	7,425
	12,409		4.500		01/01/40	12,373
	3,047		4.500		02/01/40	3,038
	9,068		4.500		04/01/40	9,041
	13,459		4.500		05/01/40	13,417
	17,042		4.500		06/01/40	16,989
	11,615		4.500		07/01/40	11,579
	12,110		4.500		08/01/40	12,073
	7,395		4.500		09/01/40	7,371
	3,376		4.500		10/01/40	3,366
	4,048		4.500		02/01/41	4,029
	12,051		4.500		03/01/41	11,996
	22,929		4.500		04/01/41	22,825
	24,976		4.500		05/01/41	24,862
	43,989		4.500		06/01/41	43,789
	4,102		4.500		07/01/41	4,083
	128,059		4.500		08/01/41	127,480
	132,349		4.500		09/01/41	131,930
	7,900		4.500		12/01/41	7,864
	103,511		4.500		03/01/42	103,039
						2,312,627
Federal National Mortgage Association – 0.0%
	82,161		7.500		10/01/37	87,631
Government National Mortgage Association – 11.4%
	951		6.500		01/15/32	973
	3,051		6.500		02/15/32	3,150
	2,409		6.500		08/15/34	2,523
	8,129		6.500		05/15/35	8,533
	2,157		6.500		06/15/35	2,252
	6,345		6.500		07/15/35	6,662
	2,401		6.500		08/15/35	2,525
	4,839		6.500		09/15/35	5,088
	8,111		6.500		11/15/35	8,546
	5,305		6.500		12/15/35	5,578
	15,598		6.500		01/15/36	16,366
	20,409		6.500		02/15/36	21,492
	9,177		6.500		03/15/36	9,634
	29,111		6.500		04/15/36	30,603
	40,530		6.500		05/15/36	42,646
	34,486		6.500		06/15/36	36,213
	108,246		6.500		07/15/36	114,191
	113,622		6.500		08/15/36	119,992
	242,068		6.500		09/15/36	255,886
	88,507		6.500		10/15/36	93,338

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Government National Mortgage Association – (continued)
$	122,502		6.500	%	11/15/36	$   129,962
	49,102		6.500		12/15/36	51,841
	22,247		6.500		01/15/37	23,459
	13,247		6.500		02/15/37	14,017
	8,493		6.500		03/15/37	8,956
	12,305		6.500		04/15/37	13,014
	4,609		6.500		05/15/37	4,742
	4,903		6.500		08/15/37	5,184
	23,053		6.500		09/15/37	24,392
	36,871		6.500		10/15/37	39,639
	15,502		6.500		11/15/37	16,354
	12,357		6.500		05/15/38	13,102
	31,308		6.000		11/15/38	32,858
	2,215		6.500		01/15/39	2,303
	3,583		6.500		02/15/39	3,753
	2,192,482		4.500		08/20/47	2,181,848
	48,327		4.500		02/20/48	48,063
	114,410		4.500		05/20/48	113,069
	587,172		4.500		09/20/48	579,186
	4,267,654		5.000		09/20/48	4,285,574
	162,933		5.000		10/20/48	163,618
	3,398		5.000		11/20/48	3,413
	1,600,341		4.500		12/20/48	1,577,577
	3,733,498		5.000		12/20/48	3,748,009
	322,559		4.500		01/20/49	317,870
	1,902,048		5.000		01/20/49	1,909,441
	27,792		5.000		03/20/49	27,900
	978,776		4.000		04/20/49	945,180
	12,170		5.000		05/20/49	12,221
	464,837		5.000		06/20/49	466,644
	67,162		5.000		11/20/49	67,654
	690,935		5.000		12/20/49	696,415
	199,436		5.000		07/20/50	201,289
	527,009		4.000		01/20/51	505,543
	454,765		2.500		09/20/51	393,028
	900,479		2.500		10/20/51	781,890
	4,106,722		3.000		11/20/51	3,728,292
	564,341		2.500		11/20/51	489,668
	5,852,987		3.000		12/20/51	5,313,640
	2,200,583		2.500		12/20/51	1,907,589
	966,879		2.500		01/20/52	835,014
	2,822,839		4.500		09/20/52	2,754,528
	3,344,692		4.500		10/20/52	3,263,752
	3,000,000		2.000		TBA-30yr(c)	2,540,736
	5,000,000		3.000		TBA-30yr(c)	4,529,842
	3,000,000		5.000		TBA-30yr(c)	2,981,784
	2,000,000		5.500		TBA-30yr(c)	2,012,407
	6,000,000		6.000		TBA-30yr(c)	6,098,119
	2,000,000		6.500		TBA-30yr(c)	2,046,936
						58,697,506
Uniform Mortgage-Backed Security – 24.7%
	133,049		4.500		11/01/36	132,291
	41,457		4.500		02/01/39	41,321
	54,993		4.500		04/01/39	54,777
	2,834		4.500		08/01/39	2,829
	167,410		4.500		08/01/41	167,119
	97,243		4.500		10/01/41	96,711

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	2,929,312		4.000	%	12/01/44	$  2,827,386
	2,221,057		4.000		08/01/45	2,146,983
	3,280,025		4.000		08/01/45	3,171,660
	330,448		4.500		06/01/48	326,047
	1,644,335		4.500		07/01/48	1,622,435
	296,270		4.500		07/01/48	292,325
	316,180		4.500		07/01/48	311,970
	334,285		4.500		08/01/48	329,728
	260,211		4.500		08/01/48	256,664
	164,562		4.500		09/01/48	162,319
	2,370,903		4.500		10/01/48	2,348,959
	215,521		4.500		10/01/48	212,516
	212,115		4.500		01/01/49	208,892
	963,348		4.500		01/01/49	949,916
	1,621,532		4.000		01/01/49	1,563,906
	264,378		4.500		03/01/49	260,361
	137,757		5.000		07/01/49	138,428
	408,741		4.000		03/01/50	392,937
	504,256		4.500		05/01/50	493,258
	2,858,445		2.000		10/01/50	2,351,395
	2,858,563		2.000		11/01/50	2,350,605
	11,200,698		2.500		02/01/51	9,579,117
	14,829,503		2.000		05/01/51	12,152,255
	2,285,177		4.500		06/01/52	2,232,605
	11,457,947		4.500		06/01/52	11,226,573
	1,804,263		5.000		07/01/52	1,806,580
	5,306,071		5.000		08/01/52	5,311,228
	3,704,922		5.500		09/01/52	3,771,156
	1,876,587		6.000		11/01/52	1,946,248
	1,767,541		6.000		11/01/52	1,828,183
	1,805,902		6.000		12/01/52	1,862,217
	924,113		6.000		01/01/53	946,577
	1,837,834		5.500		04/01/53	1,848,866
	2,000,000		2.000		TBA-30yr(c)	1,635,344
	4,000,000		3.000		TBA-30yr(c)	3,540,625
	4,000,000		3.500		TBA-30yr(c)	3,671,875
	28,000,000		5.500		TBA-30yr(c)	23,113,215
	1,000,000		6.000		TBA-30yr(c)	1,015,938
	6,000,000		6.500		TBA-30yr(c)	6,147,183
	4,000,000		7.000		TBA-30yr(c)	4,125,471
	6,000,000		7.000		TBA-30yr(c)	6,186,332
						127,161,326
TOTAL FEDERAL AGENCIES						$193,325,331
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $199,554,896)						$194,480,339
Agency Debentures – 16.4%
Sovereign – 16.4%
Federal Home Loan Banks
$	13,950,000		3.500	%	06/11/32	$ 12,964,851
Federal National Mortgage Association
	5,200,000		6.250		05/15/29	5,768,776
	16,080,000		7.125		01/15/30	18,702,809

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – (continued)
Sovereign – (continued)
Tennessee Valley Authority
$	49,850,000		0.750	%	05/15/25	$ 47,276,244
TOTAL AGENCY DEBENTURES (Cost $89,842,157)						$ 84,712,680
U.S. Treasury Obligations – 55.3%
U.S. Treasury Bonds
$	980,000		4.750	%	11/15/43	$  1,053,041
	410,000		3.375		05/15/44	361,953
	10,000		3.000		11/15/45	8,239
	200,000		2.875		11/15/46	160,406
	600,500		4.000		11/15/52	593,838
U.S. Treasury Inflation-Indexed Bonds
	1,852,757		1.500		02/15/53	1,686,379
U.S. Treasury Notes
	11,965,000		4.375		10/31/24	11,913,588
	27,195,000		0.750		11/15/24	26,242,113
	19,070,000		4.250		12/31/24	18,972,415
	29,330,000		1.125		01/15/25	28,256,476
	32,950,000		3.875		03/31/25	32,660,400
	31,947,300		2.750		05/15/25	31,183,560
	22,230,000		0.250		10/31/25	20,651,323
	11,750,000		0.375		11/30/25	10,911,895
	6,942,000		0.750		03/31/26	6,443,044
	11,760,000		0.750		05/31/26	10,856,869
	9,960,000		0.625		07/31/26	9,123,516
	4,200,000		1.375		08/31/26	3,916,172
	5,940,000		1.125		10/31/26	5,480,578
	12,630,000		2.250		11/15/27	11,875,160
	11,010,000		1.125		02/29/28	9,844,488
	11,340,000		1.250		03/31/28	10,171,448
	11,090,000		1.250		04/30/28	9,929,016
	5,680,000		1.250		05/31/28	5,075,169
	5,220,000		3.750		12/31/28	5,197,341
	2,210,000		1.750		01/31/29	1,994,352
	5,630,000		2.625		02/15/29	5,303,196
	4,910,000		3.500		04/30/30	4,800,676
TOTAL U.S. TREASURY OBLIGATIONS (Cost $289,582,005)						$284,666,651
Shares		Dividend Rate				Value
Investment Company(d) – 0.1%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	725,165		5.248%			$    725,165
(Cost $725,165)

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(e) – 2.3%
U.S. Treasury Obligations – 2.3%
U.S. Cash Management Bills
$	3,886,600		0.000	%	02/15/24	$  3,869,565
U.S. Treasury Bills
	3,914,500		0.000		03/21/24	3,869,942
	3,946,000		0.000		04/23/24	3,882,115
U.S. Treasury Bills - WI Post Auction
	360,400		0.000		01/30/24	359,291
TOTAL SHORT-TERM INVESTMENTS (Cost $11,978,136)						$ 11,980,913
TOTAL INVESTMENTS – 111.9% (Cost $591,682,359)						$576,565,748
OTHER ASSETS IN EXCESS OF  LIABILITIES – (11.9)%						(61,390,643)
NET ASSETS – 100.0%						$515,175,105

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with "Call" features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 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 $69,645,807 which represents approximately 13.6% of net assets as of December 31, 2023.
(d)	Represents an affiliated Issuer.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At December 31, 2023, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount		Value
Government National Mortgage Association		2.500	%		TBA - 30yr		01/22/24	$	(1,000,000)	$	(875,969)
Government National Mortgage Association		4.500			TBA - 30yr		01/22/24		(11,000,000)		(10,738,951)
Uniform Mortgage-Backed Security		2.500			TBA - 30yr		01/16/24		37,000,000		(2,555,156)
Uniform Mortgage-Backed Security		4.500			TBA - 30yr		01/16/24		(22,000,000)		(21,343,428)
Uniform Mortgage-Backed Security		5.000			TBA - 30yr		01/16/24		3,000,000		(6,929,996)
Uniform Mortgage-Backed Security		4.000			TBA - 30yr		01/16/24		(1,000,000)		(946,406)
(PROCEEDS RECEIVABLE: $(43,319,023))										$	(43,389,906)

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

FUTURES CONTRACTS — At December 31, 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	1,165	03/28/24	$	239,889,882		$	2,187,008
Short position contracts:
10 Year U.S. Treasury Notes	(324)	03/19/24		(36,576,562	)		(1,112,437	)
20 Year U.S. Treasury Bonds	(105)	03/19/24		(13,118,438	)		(894,871	)
5 Year U.S. Treasury Notes	(595)	03/28/24		(64,720,196	)		(1,212,891	)
Ultra 10-Year U.S. Treasury Note	(239)	03/19/24		(28,205,734	)		(1,266,033	)
Ultra Long U.S. Treasury Bonds	(97)	03/19/24		(12,958,594	)		(940,798	)
Total						$	(5,427,030	)
TOTAL FUTURES CONTRACTS						$	(3,240,022	)

SWAP CONTRACTS — At December 31, 2023, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund(a)	Termination Date		Notional Amount (000s)(b)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
12M SOFR	3.730%		11/28/27	$	5,760	$	66,168		$	21,020		$	45,148
2.680%	12M SOFR		07/28/32		7,390		186,327			100,850			85,477
12M SOFR	4.306		10/05/33		10,620		381,669			(1,421	)		383,090
12M SOFR	2.910		07/28/37		18,070		(395,276	)		(245,527	)		(149,749	)
12M SOFR	3.391		05/10/38		19,000		(114,182	)		(177,825	)		63,643
2.080	12M SOFR		07/28/47		17,930		407,436			292,031			115,405
2.564	12M SOFR		05/11/53		16,170		171,882			145,509			26,373
3.613	12M SOFR		11/15/53		5,670		(244,693	)		(37,649	)		(207,044	)
3.512	12M SOFR		11/29/53		1,830		(66,051	)		(31,260	)		(34,791	)
TOTAL						$	393,280		$	65,728		$	327,552

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2023.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
MTA	— Monthly Treasury Average
REMICS	— Real Estate Mortgage Investment Conduits
RFUCC1 yr.	— 1 year Refinitiv USD IBOR Consumer Cash Fallbacks Term
RFUCC6 mo.	— 6 month Refinitiv USD IBOR Consumer Cash Fallbacks Term
Abbreviation:
SOFR	— Secured Overnight Financing Rate

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 49.1%
Agriculture(a) – 0.2%
BAT Capital Corp.
$	3,286,000		3.222	%	08/15/24	$    3,233,818
Automotive – 3.8%
American Honda Finance Corp.(b)
	4,554,000		6.156		04/23/25	4,564,884
	4,839,000		6.227		10/03/25	4,844,516
Daimler Truck Finance North America LLC(c)
	6,812,000		5.600		08/08/25	6,857,572
General Motors Co.(a)
	3,529,000		6.125		10/01/25	3,574,595
General Motors Financial Co., Inc.(b) (Secured Overnight Financing Rate + 0.760%)
	264,000		6.177		03/08/24	263,916
Hyundai Capital America(c)
	4,435,000		5.800		06/26/25	4,460,634
	10,452,000		6.250		11/03/25	10,609,721
	10,089,000		6.709	(b)	11/03/25	10,103,831
Toyota Motor Credit Corp.(b)
	2,829,000		5.900		12/09/24	2,830,613
Volkswagen Group of America Finance LLC(c)
	5,000,000		3.350		05/13/25	4,868,450
	19,205,000		5.800		09/12/25	19,375,924
						72,354,656
Banks – 33.7%
Banco Santander SA
	2,600,000		3.892		05/24/24	2,583,724
(1 yr. CMT + 0.450%)
	8,000,000		5.742	(a)(b)	06/30/24	8,003,920
(Secured Overnight Financing Rate + 1.240%)
	16,200,000		6.643	(b)	05/24/24	16,248,762
Bank of America Corp.(a)(b)
(Secured Overnight Financing Rate + 0.650%)
	13,000,000		1.530		12/06/25	12,495,080
(Secured Overnight Financing Rate + 0.660%)
	12,210,000		6.053		02/04/25	12,194,982
(Secured Overnight Financing Rate + 0.670%)
	5,304,000		1.843		02/04/25	5,283,792
(Secured Overnight Financing Rate + 0.690%)
	7,289,000		0.976		04/22/25	7,171,866
Bank of America NA(a)(b) (Secured Overnight Financing Rate + 1.020%)
	9,020,000		6.422		08/18/26	9,056,531
Bank of Montreal
	5,883,000		5.920		09/25/25	5,974,834
	9,755,000		6.578	(b)	12/11/26	9,758,219
(Secured Overnight Financing Rate + 0.950%)
	4,939,000		6.381	(b)	09/25/25	4,943,050
Bank of Nova Scotia
	5,973,000		0.700		04/15/24	5,889,139
	22,263,000		5.450		06/12/25	22,363,629
Banque Federative du Credit Mutuel SA(c)
	6,113,000		4.524		07/13/25	6,057,983
(Secured Overnight Financing Rate Index + 0.410%)
	10,105,000		5.799	(b)	02/04/25	10,050,231
BPCE SA
	5,190,000		4.000		04/15/24	5,164,932

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
BPCE SA – (continued)
$	1,703,000		1.625	%(c)	01/14/25	$    1,639,836
(Secured Overnight Financing Rate + 0.570%)
	9,800,000		5.938	(b)(c)	01/14/25	9,765,406
(Secured Overnight Financing Rate + 0.960%)
	16,142,000		6.391	(b)(c)	09/25/25	16,150,878
Canadian Imperial Bank of Commerce(b) (Secured Overnight Financing Rate + 1.220%)
	12,651,000		6.656		10/02/26	12,669,850
Citibank NA(a)(b)
	10,176,000		6.475		12/04/26	10,191,976
Citigroup, Inc.(a)(b)
(3 mo. USD Term SOFR + 1.158%)
	19,114,000		3.352		04/24/25	18,972,748
(Secured Overnight Financing Rate + 0.694%)
	5,000,000		6.075		01/25/26	4,971,800
(Secured Overnight Financing Rate + 1.528%)
	3,350,000		6.956		03/17/26	3,362,864
Cooperatieve Rabobank UA
	3,007,000		5.500		07/18/25	3,037,130
(Secured Overnight Financing Rate Index + 0.090%)
	3,844,000		6.261	(b)	10/05/26	3,841,463
Credit Suisse AG
	10,297,000		3.625		09/09/24	10,147,385
Deutsche Bank AG
	2,032,000		4.162		05/13/25	2,004,263
DNB Bank ASA(a)(b)(c) (1 yr. CMT + 0.330%)
	5,616,000		0.856		09/30/25	5,423,933
Federation des Caisses Desjardins du Quebec(c)
	10,697,000		4.400		08/23/25	10,560,185
HSBC Holdings PLC(a)(b)
(3 mo. USD Term SOFR + 1.402%)
	17,828,000		2.633		11/07/25	17,380,339
(Secured Overnight Financing Rate + 0.708%)
	5,257,000		0.976		05/24/25	5,152,596
HSBC USA, Inc.
	7,633,000		5.625		03/17/25	7,674,905
ING Groep NV(a)(b) (Secured Overnight Financing Rate Index + 1.640%)
	9,973,000		7.076		03/28/26	10,032,240
Intesa Sanpaolo SpA
	5,003,000		5.250		01/12/24	5,001,999
	7,829,000		3.250	(c)	09/23/24	7,692,384
	5,646,000		7.000	(c)	11/21/25	5,785,738
JPMorgan Chase & Co.(a)(b) (Secured Overnight Financing Rate + 0.605%)
	34,810,000		1.561		12/10/25	33,515,416
JPMorgan Chase Bank NA(a)(b)
	9,839,000		6.417		12/08/26	9,872,453
Lloyds Banking Group PLC
	7,054,000		3.900		03/12/24	7,028,394
(1 yr. CMT + 3.500%)
	6,045,000		3.870	(a)(b)	07/09/25	5,989,084
Macquarie Bank Ltd.(b)(c)
	6,000,000		6.616		12/07/26	6,023,340
(Secured Overnight Financing Rate + 1.240%)
	6,867,000		6.663		06/15/26	6,903,601
Mitsubishi UFJ Financial Group, Inc.
	2,268,000		1.412		07/17/25	2,142,035

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Mitsubishi UFJ Financial Group, Inc. – (continued)
(1 yr. CMT + 0.450%)
$	17,942,000		0.962	%(a)(b)	10/11/25	$   17,303,624
(Secured Overnight Financing Rate + 0.940%)
	7,419,000		6.339	(a)(b)	02/20/26	7,419,445
Mizuho Bank Ltd.(b) (Secured Overnight Financing Rate + 0.560%)
	4,379,000		5.960		05/16/24	4,383,977
Morgan Stanley(a)(b)
(Secured Overnight Financing Rate + 0.560%)
	14,868,000		1.164		10/21/25	14,315,802
(Secured Overnight Financing Rate + 0.745%)
	6,399,000		0.864		10/21/25	6,147,711
Morgan Stanley Bank NA(a)(b)
	12,535,000		6.548		10/30/26	12,611,338
(Secured Overnight Financing Rate + 0.780%)
	6,408,000		6.153		07/16/25	6,415,690
NatWest Markets PLC(c)
	3,419,000		0.800		08/12/24	3,319,610
Nordea Bank Abp(c)
	7,075,000		4.750		09/22/25	7,045,426
Norinchukin Bank(b)
	14,301,000		5.810		04/24/24	14,296,567
PNC Bank NA(a)
	9,022,000		3.300		10/30/24	8,862,220
Royal Bank of Canada(b) (Secured Overnight Financing Rate Index + 1.080%)
	3,782,000		6.455		07/20/26	3,785,895
Skandinaviska Enskilda Banken AB(c)
	5,410,000		0.850		09/02/25	5,056,078
Standard Chartered PLC(a)(b)(c) (1 yr. CMT + 0.780%)
	5,570,000		0.991		01/12/25	5,561,923
State Street Corp.(a)(b)
(Secured Overnight Financing Rate + 0.940%)
	6,878,000		2.354		11/01/25	6,702,886
(Secured Overnight Financing Rate Index + 0.845%)
	4,891,000		6.234		08/03/26	4,878,919
Sumitomo Mitsui Financial Group, Inc.
	7,906,000		1.474		07/08/25	7,482,397
Sumitomo Mitsui Trust Bank Ltd.(c)
	2,091,000		1.050		09/12/25	1,951,008
Svenska Handelsbanken AB(c)
	7,178,000		3.650		06/10/25	7,042,551
(Secured Overnight Financing Rate Index + 1.250%)
	8,929,000		6.673	(b)	06/15/26	9,009,450
Swedbank AB(c)
	6,520,000		0.850		03/18/24	6,454,604
(Secured Overnight Financing Rate Index + 1.380%)
	10,240,000		6.803	(b)	06/15/26	10,359,706
Toronto-Dominion Bank
	12,771,000		4.285		09/13/24	12,664,873
	4,445,000		1.250		12/13/24	4,281,557
(Secured Overnight Financing Rate + 1.080%)
	10,259,000		6.449	(b)	07/17/26	10,263,411
U.S. Bancorp(a)
	3,427,000		3.700		01/30/24	3,421,140
	3,515,000		3.375		02/05/24	3,506,318
UBS AG
	9,772,000		5.800		09/11/25	9,887,212

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
UBS AG – (continued)
(Secured Overnight Financing Rate + 0.470%)
$	6,993,000		5.838	%(a)(b)(c)	01/13/25	$    6,972,371
(Secured Overnight Financing Rate + 0.930%)
	6,776,000		6.348	(b)	09/11/25	6,785,961
UBS Group AG(c)
	4,058,000		4.125		09/24/25	3,968,034
Wells Fargo & Co.
	4,711,000		4.480		01/16/24	4,707,797
Wells Fargo Bank NA(a)(b)
	10,613,000		6.488		12/11/26	10,670,098
(Secured Overnight Financing Rate + 1.060%)
	6,115,000		6.453		08/07/26	6,142,089
						639,852,603
Diversified Financial Services – 3.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	22,027,000		1.650		10/29/24	21,255,835
American Express Co.(a)
	2,738,000		2.500		07/30/24	2,691,290
	18,810,000		6.734	(b)	10/30/26	18,907,624
Charles Schwab Corp.(a)
	4,707,000		0.750		03/18/24	4,658,047
(Secured Overnight Financing Rate Index + 0.520%)
	5,422,000		5.916	(b)	05/13/26	5,323,753
LeasePlan Corp. NV(c)
	6,081,000		2.875		10/24/24	5,926,847
Nuveen Finance LLC(c)
	2,214,000		4.125		11/01/24	2,182,760
						60,946,156
Electrical – 2.0%
Avangrid, Inc.(a)
	9,292,000		3.150		12/01/24	9,080,607
CenterPoint Energy, Inc.(a)(b) (Secured Overnight Financing Rate Index + 0.650%)
	5,826,000		6.046		05/13/24	5,826,524
Eversource Energy(a)
	949,000		2.900		10/01/24	930,343
National Rural Utilities Cooperative Finance Corp.(b)
	13,206,000		6.093		05/07/25	13,224,752
NextEra Energy Capital Holdings, Inc.
	10,099,000		4.255		09/01/24	10,011,038
						39,073,264
Food & Drug Retailing(a) – 0.1%
Tyson Foods, Inc.
	1,728,000		3.950		08/15/24	1,707,955
Healthcare Providers & Services(b) – 0.2%
Baxter International, Inc. (Secured Overnight Financing Rate Index + 0.440%)
	4,000,000		5.853		11/29/24	3,989,880
Insurance(c) – 3.2%
Equitable Financial Life Global Funding
	5,395,000		5.500		12/02/25	5,397,590
Great-West Lifeco U.S. Finance 2020 LP(a)
	4,978,000		0.904		08/12/25	4,622,322

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance(c) – (continued)
Guardian Life Global Funding
$	5,590,000		0.875	%	12/10/25	$    5,170,079
Jackson National Life Global Funding(b) (Secured Overnight Financing Rate + 1.150%)
	13,724,000		6.586		06/28/24	13,737,998
MassMutual Global Funding II(b) (Secured Overnight Financing Rate + 0.980%)
	4,744,000		6.346		07/10/26	4,743,858
Pacific Life Global Funding II(b)
(Secured Overnight Financing Rate Index + 0.860%)
	4,986,000		6.284		06/16/25	4,988,244
(Secured Overnight Financing Rate Index + 1.050%)
	11,324,000		6.433		07/28/26	11,346,761
Principal Life Global Funding II(b) (Secured Overnight Financing Rate + 0.900%)
	8,184,000		6.311		08/28/25	8,178,517
Protective Life Global Funding
	2,987,000		1.170		07/15/25	2,816,412
						61,001,781
Mining(a)(c) – 0.3%
Glencore Funding LLC
	6,501,000		4.125		03/12/24	6,472,136
Oil Field Services(a) – 0.2%
Marathon Petroleum Corp.
	4,242,000		3.625		09/15/24	4,176,716
Pipelines – 0.8%
Enbridge, Inc.
	6,382,000		2.150		02/16/24	6,350,345
MPLX LP(a)
	3,025,000		4.875		12/01/24	3,006,124
Williams Cos., Inc.(a)
	2,229,000		4.300		03/04/24	2,222,714
	3,083,000		4.550		06/24/24	3,066,568
						14,645,751
Retailing(a) – 0.2%
AutoZone, Inc.
	3,596,000		3.125		04/18/24	3,567,160
Savings & Loans(c) – 0.7%
Nationwide Building Society
	4,311,000		0.550		01/22/24	4,299,102
	8,455,000		3.900		07/21/25	8,289,958
						12,589,060
Semiconductors – 0.1%
Microchip Technology, Inc.
	2,505,000		0.972		02/15/24	2,490,020
Telecommunication Services – 0.4%
Bell Telephone Co. of Canada or Bell Canada
	7,221,000		0.750		03/17/24	7,146,263
TOTAL CORPORATE OBLIGATIONS (Cost $929,269,875)						$  933,247,219

Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – 5.3%
Sovereign – 5.3%
Federal Farm Credit Banks Funding Corp.
$	958,000		5.545	%(b)	07/30/25	$      956,822
Federal Home Loan Banks(a)
	18,550,000		5.340		04/23/24	18,542,951
	10,780,000		5.540		04/24/24	10,767,388
	10,725,000		5.330		04/26/24	10,719,959
	15,625,000		5.300		05/22/24	15,613,750
	13,270,000		5.360		06/11/24	13,261,507
	8,295,000		5.375		06/11/24	8,281,313
	5,860,000		5.490		07/15/24	5,858,945
	5,880,000		5.520		07/15/24	5,879,471
Federal Home Loan Mortgage Corp.(a)
	5,383,000		5.400		06/11/24	5,380,793
	5,383,000		5.380		06/12/24	5,377,563
TOTAL AGENCY DEBENTURES (Cost $100,709,000)						$  100,640,462
Municipal Debt Obligations(d) – 0.6%
New Jersey – 0.6%
New Jersey Economic Development Authority RB Series B
$	12,171,000		0.000	%	02/15/24	$   12,097,611
(Cost $12,087,851)
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $12,087,851)						$   12,097,611
U.S. Treasury Obligations – 8.7%
U.S. Treasury Floating Rate Notes(b)
(3 mo. Treasury money market yield + 0.125%)
$	46,587,300		5.456	%	07/31/25	$   46,514,109
(3 mo. Treasury money market yield + 0.170%)
	20,327,100		5.486		10/31/25	20,293,985
U.S. Treasury Notes
	491,800		3.250		08/31/24	485,902
	34,986,100		4.625		06/30/25	35,070,832
	25,234,900		4.750		07/31/25	25,351,217
	17,180,500		5.000		10/31/25	17,377,808
	18,939,400		4.875		11/30/25	19,138,412
TOTAL U.S. TREASURY OBLIGATIONS (Cost $163,515,222)						$  164,232,265
Shares					Dividend Rate	Value
Investment Company(e) – 4.5%
Goldman Sachs Financial Square Government Fund - Institutional Shares
	86,224,657				5.248%	$   86,224,657
(Cost $86,224,657)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 68.2% (Cost $1,291,806,605)						$1,296,442,214

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 32.1%
Certificates of Deposit – 17.2%
Banco Santander SA(b) (Secured Overnight Financing Rate + 0.490%)
$	5,000,000		5.890	%	02/09/24	$    5,002,428
Bank of Nova Scotia(b) (Secured Overnight Financing Rate + 0.420%)
	3,513,000		5.820		01/26/24	3,513,708
Bayerische Landesbank
	5,200,000		5.300		01/25/24	5,198,568
	2,428,000		5.820		03/08/24	2,428,453
	7,300,000		6.000		09/25/24	7,336,959
BNP Paribas SA
	9,499,000		5.430		02/16/24	9,496,443
(Secured Overnight Financing Rate + 0.270%)
	4,001,000		5.670	(b)	03/08/24	4,002,152
(Secured Overnight Financing Rate + 0.570%)
	10,099,000		5.970	(b)	10/24/24	10,114,534
Canada Imperial Bank of Commerce
	13,857,000		5.950		09/19/24	13,917,927
Collateralized Commercial Paper FLEX Co. LLC(a)(c)
	8,467,000		5.750		06/03/24	8,474,727
Cooperatieve Rabobank UA
	4,336,000		5.750		03/07/24	4,337,932
	11,600,000		5.750		06/17/24	11,609,231
	6,284,000		5.800		11/12/24	6,315,126
	1,636,000		5.500		12/16/24	1,640,132
Credit Agricole Corporate & Investment Bank
	8,638,000		5.740		02/08/24	8,641,412
Deutsche Bank AG
	8,664,000		5.800		12/12/24	8,695,154
HSBC Bank USA NA
	3,954,000		5.980		09/25/24	3,971,129
ING U.S. Funding LLC(b)(c) (Secured Overnight Financing Rate + 0.590%)
	7,000,000		5.910		04/24/24	7,008,590
JP Morgan Securities LLC(a)(b)(c) (Secured Overnight Financing Rate + 0.660%)
	2,485,000		5.970		08/02/24	2,487,316
Landesbank Baden-Wuerttemberg
	8,620,000		5.220		01/17/24	8,618,147
	6,200,000		5.990		09/25/24	6,229,148
Lloyds Bank Corporate Markets PLC
	9,981,000		6.050		10/07/24	10,037,098
(Secured Overnight Financing Rate + 0.670%)
	22,019,000		6.070	(b)	08/14/24	22,072,244
Macquarie Bank Ltd.(b)(c) (Secured Overnight Financing Rate + 0.600%)
	10,793,000		5.910		11/07/24	10,803,477
Mizuho Bank Ltd.(b) (Secured Overnight Financing Rate + 0.450%)
	10,660,000		5.850		01/24/24	10,662,673
National Bank of Kuwait SAKP
	2,897,000		5.750		01/19/24	2,896,999
	12,962,000		5.850		02/16/24	12,966,336
Natixis SA
	3,100,000		5.990		09/17/24	3,112,227
Nordea Bank Abp(b)
(Secured Overnight Financing Rate + 0.450%)
	17,543,000		5.760	(c)	01/18/24	17,546,522

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
Nordea Bank Abp(b) – (continued)
(Secured Overnight Financing Rate + 0.570%)
$	6,959,000		5.970	%	08/14/24	$    6,973,479
Norinchukin Bank
	8,606,000		5.700		01/22/24	8,607,407
Old Line Funding LLC(a)(b)(c) (Secured Overnight Financing Rate + 0.430%)
	1,375,000		5.740		06/10/24	1,375,803
Royal Bank of Canada(b) (Fed Funds Rate + 0.700%)
	4,222,000		6.030		04/04/24	4,227,435
Standard Chartered Bank
	5,582,000		6.070		07/23/24	5,598,009
Sumitomo Mitsui Banking Corp.(b)
(Secured Overnight Financing Rate + 0.700%)
	11,990,000		6.100		07/12/24	12,013,861
(Secured Overnight Financing Rate + 0.700%)
	14,446,000		6.100		08/14/24	14,472,853
Svenska Handelsbanken AB(b) (Secured Overnight Financing Rate + 0.550%)
	15,000,000		5.950		11/05/24	15,021,646
Swedbank AB
	6,010,000		5.930		08/15/24	6,030,455
Thunder Bay Funding LLC(a)(b)(c) (Secured Overnight Financing Rate + 0.430%)
	1,889,000		5.740		06/10/24	1,889,586
Toronto-Dominion Bank
	960,000		5.510		04/03/24	960,927
	6,932,000		5.820		05/23/24	6,936,641
Wells Fargo Bank NA(b) (Secured Overnight Financing Rate + 0.650%)
	6,265,000		6.050		08/20/24	6,277,316
Westpac Banking Corp.
	7,354,000		5.400		02/20/24	7,352,332
						326,874,542
Commercial Paper – 13.5%
Alimentation Couche-Tard, Inc.(c)(d)
	9,999,000		0.000		01/08/24	9,983,662
	1,600,000		0.000		01/16/24	1,595,535
American Electric Power Co., Inc.(c)(d)
	4,536,000		0.000		02/12/24	4,504,135
American Honda Finance Corp.(d)
	3,819,000		0.000		02/13/24	3,791,468
AT&T, Inc.(c)(d)
	3,911,000		0.000		02/26/24	3,875,307
Australia & New Zealand Banking Group Ltd.(c)(d)
	11,036,000		0.000		02/02/24	10,978,723
	7,639,000		0.000		08/02/24	7,403,646
Bay Square Funding LLC(c)(d)
	6,313,000		0.000		09/19/24	6,074,218
Bayer Corp.(c)(d)
	8,600,000		0.000		07/08/24	8,321,736
	9,400,000		0.000		07/09/24	9,094,238
	1,500,000		0.000		08/12/24	1,442,543
BofA Securities, Inc.(d)
	1,650,000		0.000		08/26/24	1,592,829
DNB Bank ASA(c)(d)
	9,820,000		0.000		07/31/24	9,520,362

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
Entergy Corp.(c)(d)
$	6,576,000		0.000	%	01/18/24	$    6,555,770
General Motors Financial Co., Inc.(c)(d)
	3,552,000		0.000		01/18/24	3,540,743
	1,835,000		0.000		01/24/24	1,827,411
Glencore Funding Llc(c)(d)
	8,780,000		0.000		01/18/24	8,752,571
Glencore Funding LLC(c)(d)
	7,771,000		0.000		02/01/24	7,729,284
Gotham Funding Corp.(c)(d)
	9,695,000		0.000		03/01/24	9,602,212
HSBC USA, Inc.(c)(d)
	5,060,000		0.000		05/24/24	4,947,423
	6,904,000		0.000		06/27/24	6,713,834
	2,705,000		0.000		09/09/24	2,600,509
LMA-Americas LLC(c)(d)
	1,687,000		0.000		02/13/24	1,675,216
LVMH Moet Hennessy Louis Vuitton, Inc.(c)(d)
	3,418,000		0.000		06/06/24	3,339,087
Marriott International, Inc.(c)(d)
	8,679,000		0.000		01/22/24	8,646,471
National Australia Bank Ltd.(c)(d)
	7,624,000		0.000		04/15/24	7,499,256
National Bank of Canada(c)(d)
	5,214,000		0.000		11/06/24	4,987,003
NatWest Markets PLC(c)(d)
	9,094,000		0.000		02/09/24	9,034,904
Old Line Funding LLC(c)(d)
	1,657,000		0.000		12/06/24	1,573,025
	9,534,000		0.000	(c)(d)	01/24/24	9,497,060
Ridgefield Funding Co. LLC(c)(d)
	4,145,000		0.000		03/13/24	4,097,980
Royal Bank Of Canada(c)(d)
	2,113,000		0.000		10/16/24	2,026,622
Societe Generale SA(c)(d)
	11,006,000		0.000		02/09/24	10,936,875
	7,637,000		0.000		12/09/24	7,271,352
Standard Chartered Bank(d)
	1,954,000		0.000	(c)	04/01/24	1,926,465
	18,859,000		0.000		09/05/24	18,938,758
Telus Corp.(c)(d)
	3,791,000		0.000		06/06/24	3,697,174
TELUS Corp.(c)(d)
	3,000,000		0.000		01/17/24	2,991,263
Victory Receivables Corp.(c)(d)
	4,901,000		0.000		02/09/24	4,870,112

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper – (continued)
Victory Receivables Corp.(c)(d) – (continued)
$	12,014,000		0.000	%	02/14/24	$   11,929,087
Westpac Banking Corp.(c)(d)
	5,765,000		0.000		07/11/24	5,602,479
	5,839,000		0.000		09/12/24	5,628,656
						256,617,004
U.S. Treasury Obligations – 1.4%
U.S. Treasury Bills(d)
	13,000		0.000		03/14/24	12,865
	718,000		0.000		03/21/24	709,827
	846,300		0.000		04/02/24	835,192
	5,374,100		0.000		04/04/24	5,302,077
	529,200		0.000		04/09/24	521,740
	233,600		0.000		04/16/24	230,060
	505,900		0.000		04/23/24	497,710
	507,100		0.000		04/30/24	498,377
	1,270,400		0.000		05/02/24	1,248,386
	280,200		0.000		05/09/24	275,090
	1,151,500		0.000		05/16/24	1,129,466
	14,196,500		0.000		05/23/24	13,911,163
TOTAL SHORT-TERM INVESTMENTS (Cost $607,918,258)						$  608,663,499
TOTAL INVESTMENTS – 100.3% (Cost $1,899,724,863)						$1,905,105,713
LIABILITIES IN EXCESS OF  OTHER ASSETS – (0.3)%						(4,863,556)
NET ASSETS – 100.0%						$1,900,242,157

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2023.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(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)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

Investment Abbreviations:
BofA Securities	— Bank of America Securities LLC
CMT	— Constant Maturity Treasury Indexes
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
RB	— Revenue Bond
SOFR	— Secured Overnight Financing Rate
USD	— US.Dollar

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 122.4%
Collateralized Mortgage Obligations – 11.1%
Interest Only(a) – 1.0%
Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 30 day USD SOFR Average + 5.986%)
$	101,351		0.647	%(b)	05/15/45	$     11,011
Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI
	158,389		4.000		09/25/50	31,240
Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 30 day USD SOFR Average + 5.886%)
	455,945		0.547	(b)	05/15/46	51,659
Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 30 day USD SOFR Average + 5.936%)
	102,266		0.597	(b)	03/15/44	10,405
Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI
	519,760		4.000		08/25/50	101,023
Federal Home Loan Mortgage Corp. REMICS Series 4456
	58,674		4.500		10/15/44	11,932
Federal National Mortgage Association REMICS Series 2017- 104, Class SB (-1X 30 day USD SOFR Average + 6.036%)
	298,696		0.698	(b)	01/25/48	32,528
Federal National Mortgage Association REMICS Series 2020-60, Class NI
	147,097		4.000		09/25/50	29,013
Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 30 day USD SOFR Average + 6.036%)
	239,420		0.698	(b)	02/25/48	25,435
Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 30 day USD SOFR Average + 6.656%)
	160,425		1.318	(b)	04/25/37	15,866
Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 30 day USD SOFR Average + 6.186%)
	203,886		0.848	(b)	03/25/38	16,592
Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%)
	143,725		0.628	(b)(c)	10/20/43	7,459
Government National Mortgage Association REMICS Series 2015-129, Class IC
	212,012		4.500	(c)	09/16/45	38,896
Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%)
	505,604		0.188	(b)(c)	07/20/47	44,724
Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%)
	1,108,290		0.228	(b)(c)	01/20/48	102,501
Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%)
	454,300		0.728	(b)(c)	05/20/48	49,636
Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%)
	621,570		0.728	(b)(c)	09/20/48	65,249

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)
$	159,891		0.578	%(b)(c)	01/20/49	$     16,171
Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%)
	239,673		0.578	(b)(c)	01/20/49	23,608
Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%)
	156,439		0.628	(b)(c)	06/20/49	15,034
Government National Mortgage Association REMICS Series 2019-151, Class NI
	1,245,748		3.500	(c)	10/20/49	196,341
Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)
	631,883		0.578	(b)(c)	02/20/50	72,828
Government National Mortgage Association REMICS Series 2020-78, Class DI
	634,841		4.000	(c)	06/20/50	122,730
Government National Mortgage Association REMICS Series 2020-146, Class KI
	1,517,282		2.500	(c)	10/20/50	206,072
Government National Mortgage Association REMICS Series 2020-146, Class IM
	1,116,719		2.500	(c)	10/20/50	149,240
Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%)
	561,730		0.578	(b)(c)	08/20/43	60,959
Government National Mortgage Association REMICS Series 2015-111, Class IM
	299,414		4.000	(c)	08/20/45	45,591
Government National Mortgage Association REMICS Series 2016-27, Class IA
	169,551		4.000	(c)	06/20/45	21,391
Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%)
	448,244		0.628	(b)(c)	09/20/49	42,439
Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%)
	467,695		0.628	(b)(c)	09/20/49	47,754
Government National Mortgage Association REMICS Series 2019-153, Class EI
	1,055,947		4.000	(c)	12/20/49	196,126
Government National Mortgage Association REMICS Series 2016-138, Class DI
	71,810		4.000	(c)	10/20/46	12,870
Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%)
	166,270		0.778	(b)(c)	02/20/40	17,216

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
Government National Mortgage Association REMICS Series 2014-11, Class KI
$	18,178		4.500	%(c)	12/20/42	$        559
Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%)
	231,135		0.778	(b)(c)	08/20/45	25,895
Government National Mortgage Association REMICS Series 2015-90, Class PI
	10,785		3.500	(c)	04/20/45	949
Government National Mortgage Association REMICS Series 2015-83, Class PI
	20,991		3.500	(c)	06/20/45	2,889
Government National Mortgage Association REMICS Series 2015-72, Class JI
	9,290		3.500	(c)	05/20/45	966
Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%)
	106,616		0.728	(b)(c)	01/20/46	11,328
						1,934,125
Regular Floater(b) – 3.9%
Federal National Mortgage Association REMICS Series 2017-96, Class FA (30 day USD SOFR Average + 0.514%)
	1,015,376		5.852		12/25/57	974,862
Government National Mortgage Association REMICS Series 2017-182, Class FN (1 mo. USD Term SOFR + 0.414%)
	1,131,117		5.773	(c)	12/16/47	1,099,323
Government National Mortgage Association REMICS Series 2021-98, Class FM (30 day USD SOFR Average + 0.750%)
	991,713		2.500	(c)	06/20/51	840,241
Government National Mortgage Association REMICS Series 2021-97, Class FA (30 day USD SOFR Average + 0.400%)
	2,696,212		3.000	(c)	06/20/51	2,350,993
Government National Mortgage Association REMICS Series 2021-122, Class FA (30 day USD SOFR Average + 0.400%)
	2,629,232		3.000	(c)	07/20/51	2,277,715
						7,543,134
Sequential Fixed Rate – 4.2%
Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N
	8,362		6.500	(c)	03/15/28	8,548
Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM
	292,232		4.000	(c)(d)	12/15/50	277,061
Federal Home Loan Mortgage Corp. REMICS Series 5181, Class TA
	1,336,020		2.500		06/25/48	1,155,140
Federal Home Loan Mortgage Corp. REMICS Series 5195, Class CA
	1,039,590		2.500		12/25/47	919,459

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
Federal National Mortgage Association REMICS Series 2011-99, Class DB
$	176,675		5.000	%	10/25/41	$    178,326
Federal National Mortgage Association REMICS Series 2012-111, Class B
	28,435		7.000		10/25/42	30,834
Federal National Mortgage Association REMICS Series 2012-153, Class B
	108,136		7.000		07/25/42	118,114
Federal National Mortgage Association REMICS Series 2011-52, Class GB
	167,958		5.000		06/25/41	171,063
Federal National Mortgage Association REMICS Series 2000-16, Class ZG
	48,900		8.500		06/25/30	51,910
Federal National Mortgage Association REMICS Series 2017-87, Class EA
	1,720,056		3.000		04/25/44	1,574,432
Federal National Mortgage Association REMICS Series 2005-59, Class KZ
	347,766		5.500		07/25/35	359,416
Federal National Mortgage Association REMICS Series 2021-96, Class AH
	1,600,589		2.500		03/25/49	1,408,130
Government National Mortgage Association REMICS Series 2021-135, Class A
	2,297,793		2.000	(c)	08/20/51	1,926,497
						8,178,930
Sequential Floating Rate(b)(c) – 2.0%
Bear Stearns ALT-A Trust Series 2005-5, Class 21A1
	81,309		5.417		07/25/35	76,306
CSMC Trust Series 2021-NQMB, Class A1
	92,709		1.841	(e)	10/25/66	79,385
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (30 day USD SOFR Average + 1.650%)
	74,883		6.987	(e)	01/25/34	75,182
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2020-DNA5, Class M2 (30 day USD SOFR Average + 2.800%)
	51,974		8.137	(e)	10/25/50	52,730
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA3, Class M1A (30 day USD SOFR Average + 2.000%)
	181,919		7.337	(e)	04/25/42	183,660
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-DNA1, Class M1A (30 day USD SOFR Average + 1.000%)
	231,470		6.337	(e)	01/25/42	230,710
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1, Class M1B (30 day USD SOFR Average + 3.500%)
	286,000		8.837	(e)	03/25/42	296,443
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2023-HQA2, Class M1B (30 Day USD SOFR Average + 3.350%)
	220,000		8.687	(e)	06/25/43	231,973

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b)(c) – (continued)
Federal National Mortgage Association Connecticut Avenue Securities Series 2020-R01, Class 1M2 (30 day USD SOFR Average + 2.164%)
$	21,741		7.502	%(e)	01/25/40	$     22,010
Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R01, Class 1M2 (30 day USD SOFR Average + 1.550%)
	162,000		6.887	(e)	10/25/41	162,032
Federal National Mortgage Association Connecticut Avenue Securities Series 2021-R03, Class 1M2 (30 day USD SOFR Average + 1.650%)
	142,000		6.987	(e)	12/25/41	140,162
Federal National Mortgage Association Connecticut Avenue Securities Series 2019-R01, Class 2M2 (30 day USD SOFR Average + 2.564%)
	10,997		7.902	(e)	07/25/31	11,041
Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M1 (30 day USD SOFR Average + 1.900%)
	79,057		7.237	(e)	04/25/42	79,537
Federal National Mortgage Association Connecticut Avenue Securities Series 2022-R05, Class 2M2 (30 day USD SOFR Average + 3.000%)
	94,000		8.337	(e)	04/25/42	96,254
Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R03, Class 2M2 (30 day USD SOFR Average + 3.900%)
	124,000		9.237	(e)	04/25/43	132,745
Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R05, Class 1M2 (30 day USD SOFR Average + 3.100%)
	90,000		8.437	(e)	06/25/43	93,965
Federal National Mortgage Association Connecticut Avenue Securities Series 2023-R06, Class 1M2 (30 day USD SOFR Average + 2.700%)
	80,000		8.037	(e)	07/25/43	82,387
HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%)
	14,120		5.950		01/19/36	14,110
Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%)
	7,488		6.190		10/25/34	7,168
JP Morgan Mortgage Trust Series 2021-6, Class A3
	410,825		2.500	(e)	10/25/51	336,299
JP Morgan Mortgage Trust Series 2021-LTV2, Class A1
	522,411		2.520	(e)	05/25/52	424,302
JP Morgan Mortgage Trust Series 2022-LTV1, Class A2
	758,436		3.520	(e)	07/25/52	643,694
New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	70,684		3.750	(e)	05/28/52	66,689
Towd Point Mortgage Trust Series 2016-4, Class M1
	100,000		3.250	(e)	07/25/56	96,233
Verus Securitization Trust Series 2021-8, Class A1
	75,430		1.824	(e)	11/25/66	64,614
Verus Securitization Trust Series 2019-INV3, Class A1
	52,441		3.692	(e)	11/25/59	50,434

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b)(c) – (continued)
Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1
$	25,765		3.500	%(e)	07/25/49	$     23,169
						3,773,234
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 21,429,423
Commercial Mortgage-Backed Securities – 5.6%
Sequential Fixed Rate – 2.8%
3650R Commercial Mortgage Trust Series 2021-PF1, Class AS
$	400,000		2.778	%(b)	11/15/54	$    323,144
Bank Series 2023-BNK46, Class A4
	650,000		5.745	(c)	08/15/56	685,578
Benchmark Mortgage Trust Series 2023-B39, Class A5
	425,000		5.754	(c)	07/15/56	446,593
Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
	1,900,000		3.006	(c)	01/15/53	1,686,952
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	400,000		3.000	(c)(e)	09/15/50	276,369
DOLP Trust Series 2021-NYC, Class A
	400,000		2.956	(e)	05/10/41	329,414
GS Mortgage Securities Trust Series 2017-GS7, Class A4
	350,000		3.430	(c)	08/10/50	323,185
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D
	150,000		3.060	(c)(e)	10/15/48	109,948
Morgan Stanley Capital I Trust Series 2018-L1, Class A3
	750,000		4.139	(c)	10/15/51	716,557
Morgan Stanley Capital I Trust Series 2019-H7, Class A4
	500,000		3.261	(c)	07/15/52	450,595
						5,348,335
Sequential Floating Rate(b) – 2.8%
Bank Series 2022-BNK40, Class A4
	550,000		3.394	(c)	03/15/64	490,787
Bank Series 2018-BN10, Class AS
	420,000		3.898	(c)	02/15/61	395,209
Bank5 Series 2023-5YR3, Class AS
	250,000		7.315	(c)	09/15/56	263,097
BBCMS Mortgage Trust Series 2023-C21, Class AS
	275,000		6.296	(c)	09/15/56	284,627
BBCMS Mortgage Trust Series 2023-C22, Class A5
	425,000		6.804	(c)	11/15/56	484,690
BX Commercial Mortgage Trust Series 2023-VLT2, Class A (1mo. USD Term SOFR + 2.281%)
	200,000		7.643	(e)	06/15/40	199,515
Citigroup Commercial Mortgage Trust Series 2023-PRM3, Class A
	400,000		6.360	(e)	07/10/28	410,807
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2
	800,000		3.500	(c)	07/25/32	744,890
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2
	1,166,000		3.900	(c)	12/25/30	1,116,570

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%)
$	249,406		6.000	%(c)	11/25/29	$    248,634
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2
	800,000		3.820	(c)	12/25/32	760,744
						5,399,570
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$10,747,905
Federal Agencies – 105.7%
Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%
(1 yr. CMT + 2.250%)(b)
$	6,628		5.159	%	04/01/33	$      6,686
	4,290		6.319		09/01/33	4,317
	5,082		6.375		11/01/34	5,117
	4,183		4.637		02/01/35	4,226
	12,386		5.503		06/01/35	12,489
(1 yr. CMT + 2.107%)(b)
	3,012		6.208		10/01/34	3,032
						35,867
Adjustable Rate Federal National Mortgage Association(b) – 0.1%
(11th District Cost of Funds - Consumer + 1.350%)
	2,005		4.364		07/01/27	1,976
(11th District Cost of Funds - Consumer + 1.218%)
	2,036		5.461		11/01/27	1,996
(1 yr. MTA + 1.125%)
	4,652		6.054		06/01/32	4,605
(11th District Cost of Funds - Consumer + 1.250%)
	4,634		4.140		08/01/32	4,492
(11th District Cost of Funds - Consumer + 1.324%)
	3,676		4.214		05/01/33	3,563
(1 yr. CMT + 2.268%)
	32,131		5.828		06/01/33	32,495
(RFUCC6 mo. Treasury + 1.412%)
	1,612		5.047		06/01/33	1,616
(1 yr. CMT + 2.128%)
	971		5.132		07/01/33	981
(11th District Cost of Funds - Consumer + 1.254%)
	30,941		4.223		08/01/33	30,097
(RFUCC1 yr. Treasury + 1.644%)
	11,246		5.365		12/01/33	11,357
(1 yr. CMT + 2.300%)
	344		5.622		04/01/34	348
(RFUCC1 yr. Treasury + 1.670%)
	4,568		5.920		11/01/34	4,630
(1 yr. CMT + 2.194%)
	5,401		4.857		02/01/35	5,474
(RFUCC1 yr. Treasury + 1.619%)
	11,833		4.050		03/01/35	12,030
(RFUCC1 yr. Treasury + 1.810%)
	5,881		4.536		04/01/35	5,992
(RFUCC1 yr. Treasury + 2.240%)
	11,748		4.916		05/01/35	12,083

Principal Amount		Interest Rate		Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Federal National Mortgage Association(b) – (continued)
(11th District Cost of Funds - Consumer + 1.300%)
$	1,744		4.314	11/01/35	$      1,687
(11th District Cost of Funds - Consumer + 1.259%)
	5,577		4.792	12/01/37	5,487
(1 yr. MTA + 1.150%)
	1,348		6.079	01/01/38	1,338
(1 yr. MTA + 1.175%)
	2,913		6.104	11/01/40	2,889
					145,136
Adjustable Rate Government National Mortgage Association – 0.1%
(1 yr. CMT + 1.500%)(b)
	43		3.625	03/20/24	43
	822		3.875	04/20/24	819
	126		3.875	05/20/24	126
	1,301		3.875	06/20/24	1,294
	382		4.000	06/20/24	380
	416		3.625	07/20/24	413
	736		4.000	07/20/24	732
	1,051		3.625	08/20/24	1,042
	740		4.000	08/20/24	735
	552		3.625	09/20/24	547
	836		3.000	11/20/24	828
	351		3.000	12/20/24	348
	886		3.500	12/20/24	879
	601		3.625	01/20/25	595
	546		3.625	02/20/25	541
	2,227		4.000	05/20/25	2,203
	2,561		4.000	07/20/25	2,528
	1,482		3.625	02/20/26	1,463
	70		3.625	07/20/26	68
	4,609		3.625	01/20/27	4,545
	1,248		3.625	02/20/27	1,230
	14,263		3.875	04/20/27	14,058
	1,343		3.875	05/20/27	1,324
	2,787		3.875	06/20/27	2,747
	841		2.750	11/20/27	823
	2,425		2.750	12/20/27	2,374
	5,919		3.625	01/20/28	5,840
	2,098		3.625	02/20/28	2,070
	1,854		3.625	03/20/28	1,830
	11,776		3.625	07/20/29	11,541
	4,567		3.625	08/20/29	4,476
	1,158		3.625	09/20/29	1,135
	6,044		2.750	10/20/29	5,921
	7,701		2.750	11/20/29	7,545
	1,437		2.750	12/20/29	1,408
	2,477		3.625	01/20/30	2,448
	691		3.625	02/20/30	683
	4,949		3.625	03/20/30	4,894
	6,397		3.875	04/20/30	6,322
	9,922		3.875	05/20/30	9,806
	8,099		4.000	05/20/30	8,015
	1,840		3.875	06/20/30	1,819
	15,813		4.000	07/20/30	15,593
	3,140		4.000	09/20/30	3,097

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Government National Mortgage Association – (continued)
(1 yr. CMT + 1.500%)(b) – (continued)
$	5,461		2.750	%	10/20/30	$       5,355
						142,483
Federal Home Loan Mortgage Corp. – 7.3%
	1,125,000		4.450		12/01/32	1,101,747
	27,211		5.000		10/01/33	27,458
	1,271		5.000		07/01/35	1,284
	638		4.500		08/01/35	634
	2,272		4.500		09/01/35	2,259
	766		4.500		10/01/35	762
	31,348		5.000		12/01/35	31,903
	11,426		4.500		01/01/38	11,361
	511		4.500		06/01/38	508
	18,970		4.500		09/01/38	18,940
	91		4.500		01/01/39	91
	9,316		4.500		02/01/39	9,293
	3,452		4.500		03/01/39	3,442
	882		4.500		04/01/39	879
	26,780		4.500		05/01/39	26,704
	69,240		5.000		05/01/39	70,520
	85,670		4.500		06/01/39	85,431
	118,979		5.000		07/01/39	121,350
	2,415		4.500		07/01/39	2,417
	1,896		4.500		08/01/39	1,891
	4,186		4.500		09/01/39	4,174
	973		4.500		10/01/39	970
	667		4.500		11/01/39	665
	883		4.500		12/01/39	884
	3,013		4.500		01/01/40	3,004
	1,967		4.500		04/01/40	1,961
	2,954		4.500		05/01/40	2,946
	4,384		4.500		06/01/40	4,370
	7,413		4.000		06/01/40	7,216
	1,602		4.500		07/01/40	1,597
	444		4.500		08/01/40	442
	2,247		5.000		08/01/40	2,294
	48,376		4.000		02/01/41	47,030
	15,569		4.500		02/01/41	15,497
	3,288		4.500		03/01/41	3,273
	5,218		4.500		04/01/41	5,194
	6,415		4.500		05/01/41	6,385
	11,433		4.500		06/01/41	11,380
	871		5.000		06/01/41	889
	34,229		4.500		08/01/41	34,074
	34,749		4.500		09/01/41	34,640
	26,151		4.000		10/01/41	25,314
	4,101		4.000		11/01/41	3,974
	2,155		4.500		12/01/41	2,146
	28,242		4.500		03/01/42	28,113
	230,262		4.000		03/01/42	223,547
	12,361		3.000		05/01/42	11,264
	180,223		3.500		06/01/42	170,312
	323,991		4.500		06/01/42	323,861
	52,074		3.000		08/01/42	47,874
	43,810		3.500		08/01/42	41,197
	122,280		3.500		10/01/42	114,938
	21,692		3.000		10/01/42	19,988

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Home Loan Mortgage Corp. – (continued)
$	65,265		3.500	%	11/01/42	$     61,354
	335,546		3.000		11/01/42	309,644
	575,215		3.000		12/01/42	530,787
	1,032,605		3.000		01/01/43	954,956
	91,806		3.000		02/01/43	84,532
	467,893		4.000		08/01/43	455,315
	217,794		4.000		01/01/44	211,486
	266,792		3.500		02/01/44	250,706
	269,005		3.500		06/01/44	254,584
	5,090		4.000		11/01/44	4,953
	36,815		3.500		02/01/45	34,834
	60,357		3.500		03/01/45	57,109
	7,391		3.500		08/01/45	6,938
	9,026		3.500		09/01/45	8,472
	18,582		3.500		11/01/45	17,443
	1,461,267		3.500		03/01/46	1,374,217
	233,953		3.500		05/01/46	219,870
	271,712		3.500		06/01/46	254,969
	119,230		3.500		07/01/46	111,883
	18,807		3.500		10/01/46	17,648
	15,710		3.500		12/01/46	14,742
	6,411,425		3.000		05/01/47	5,837,699
	189,419		3.500		12/01/47	177,865
						13,972,293
Federal National Mortgage Association – 6.4%
	850		7.000		08/01/31	894
	49,715		3.500		07/01/42	46,647
	47,977		3.500		08/01/42	45,057
	32,859		3.500		09/01/42	30,869
	4,080		3.500		10/01/42	3,830
	7,959		3.500		11/01/42	7,475
	4,408		3.500		01/01/43	4,136
	106,423		3.500		02/01/43	99,837
	11,040		3.500		05/01/43	10,367
	451,164		3.500		07/01/43	422,962
	225,585		3.500		01/01/44	211,666
	10,805		3.500		12/01/44	10,100
	195,796		4.000		03/01/45	189,389
	93,343		4.000		04/01/45	90,288
	1,067,733		4.500		06/01/51	1,034,174
	2,535,825		4.000		07/01/56	2,355,950
	1,388,583		3.500		08/01/56	1,266,788
	2,567,469		3.500		10/01/56	2,349,493
	1,712,395		4.000		02/01/57	1,610,335
	2,892,409		3.500		09/01/62	2,600,933
						12,391,190
Government National Mortgage Association – 33.5%
	669		6.000		04/15/26	669
	140		6.500		01/15/32	144
	452		6.500		02/15/32	467
	137,511		5.500		04/15/33	141,462
	3,270		5.000		11/15/33	3,288
	374		6.500		08/15/34	392
	488		6.500		02/15/36	515
	1,101		6.500		03/15/36	1,156

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Government National Mortgage Association – (continued)
$	1,747		6.500	%	04/15/36	$      1,835
	5,422		6.500		05/15/36	5,706
	2,586		6.500		06/15/36	2,708
	14,131		6.500		07/15/36	14,919
	15,050		6.500		08/15/36	15,903
	32,100		6.500		09/15/36	33,955
	13,180		6.500		10/15/36	13,900
	19,710		6.500		11/15/36	20,911
	7,898		6.500		12/15/36	8,338
	3,572		6.500		01/15/37	3,766
	1,360		6.500		03/15/37	1,434
	1,982		6.500		04/15/37	2,097
	742		6.500		05/15/37	764
	790		6.500		08/15/37	835
	3,714		6.500		09/15/37	3,930
	5,940		6.500		10/15/37	6,386
	2,494		6.500		11/15/37	2,631
	1,979		6.500		05/15/38	2,098
	574		6.500		02/15/39	601
	125,319		5.000		01/20/40	127,280
	118,271		4.500		05/15/40	118,249
	91,872		5.000		07/15/40	93,309
	135,787		3.500		09/15/42	128,870
	132,329		3.500		02/15/45	125,322
	27,071		4.000		05/20/45	26,379
	19,652		4.000		07/20/45	19,149
	34,501		4.000		10/20/45	33,597
	106,632		4.000		01/20/46	103,838
	445,263		4.500		03/20/46	444,217
	875,808		4.500		02/20/47	869,947
	179,622		4.500		03/20/47	179,031
	1,413,226		3.500		04/20/47	1,334,368
	999,626		4.500		05/20/47	995,403
	172,118		4.500		06/20/47	171,498
	1,406,901		4.000		06/20/47	1,366,083
	49,801		4.500		07/20/47	49,560
	491,168		4.500		08/20/47	488,786
	404,125		3.500		12/20/47	380,860
	910,553		3.500		01/20/48	858,133
	540,299		4.500		09/20/48	532,951
	1,303,796		5.000		11/20/48	1,309,271
	645,607		4.500		12/20/48	636,423
	538,633		5.000		12/20/48	540,726
	94,113		4.500		01/20/49	92,745
	743,328		4.000		02/20/49	717,813
	306,033		4.500		02/20/49	301,488
	454,178		4.500		03/20/49	447,576
	1,342,353		4.000		04/20/49	1,296,276
	534,749		4.000		05/20/49	515,892
	391,084		3.500		07/20/49	367,499
	874,128		3.500		09/20/49	821,108
	325,318		4.500		10/20/49	320,691
	203,995		3.500		12/20/49	191,574
	645,434		3.500		12/20/50	603,961
	263,504		4.000		01/20/51	252,772
	1,269,986		3.500		02/20/51	1,192,367
	972,576		3.000		07/20/51	876,192
	791,582		2.500		09/20/51	684,119

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Government National Mortgage Association – (continued)
$	564,341		2.500	%	11/20/51	$    489,668
	953,239		3.000		11/20/51	858,175
	737,421		2.500		12/20/51	638,087
	2,801,779		2.500		02/20/53	2,455,458
	9,000,000		2.000		TBA-30yr(f)	7,622,209
	6,000,000		2.500		TBA-30yr(f)	5,255,813
	6,000,000		3.000		TBA-30yr(f)	5,435,810
	12,000,000		5.000		TBA-30yr(f)	11,927,135
	5,000,000		5.500		TBA-30yr(f)	5,031,019
	3,000,000		6.000		TBA-30yr(f)	3,049,059
	2,000,000		6.500		TBA-30yr(f)	2,046,936
						64,715,502
Uniform Mortgage-Backed Security – 58.3%
	3,604,141		1.500		05/01/32	3,301,526
	667,973		1.500		07/01/35	583,152
	157,829		1.500		08/01/35	137,788
	1,083,971		1.500		09/01/35	946,326
	1,606,330		1.500		10/01/35	1,402,355
	735,904		1.500		11/01/35	642,458
	797,438		1.500		12/01/35	696,177
	433,137		1.500		02/01/36	378,935
	112,956		4.500		07/01/36	112,313
	865,791		1.500		10/01/36	762,237
	7,566		4.500		12/01/36	7,523
	83,484		4.500		02/01/39	83,155
	2,529		4.500		03/01/39	2,525
	3,199		4.500		05/01/39	3,195
	1,556		4.500		07/01/39	1,554
	1,638		4.000		08/01/39	1,593
	3,754		4.500		09/01/39	3,740
	6,586		4.500		10/01/39	6,560
	15,209		4.500		02/01/40	15,186
	2,759		4.500		03/01/40	2,748
	1,771		4.500		04/01/40	1,764
	33,719		4.500		04/01/40	33,576
	15,599		4.500		06/01/40	15,574
	2,611		4.500		09/01/40	2,607
	73,939		4.500		09/01/40	73,625
	3,818		4.500		12/01/40	3,802
	30,435		4.500		01/01/41	30,306
	6,390		4.500		04/01/41	6,353
	4,360		4.500		04/01/41	4,335
	15,565		4.500		06/01/41	15,476
	16,900		4.500		07/01/41	16,803
	19,825		4.500		08/01/41	19,790
	49,448		4.500		08/01/41	49,354
	10,895		4.500		08/01/41	10,833
	59,725		4.500		09/01/41	59,385
	8,696		4.500		09/01/41	8,646
	33,042		4.500		10/01/41	32,854
	60,099		3.500		10/01/41	56,900
	15,616		3.500		11/01/41	14,792
	43,625		4.500		11/01/41	43,377
	37,837		4.500		12/01/41	37,622
	12,930		4.500		01/01/42	12,856
	39,129		3.500		01/01/42	37,077
	18,444		3.500		01/01/42	17,467

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	18,657		4.500	%	01/01/42	$     18,551
	6,389		3.500		02/01/42	6,028
	206,363		4.000		03/01/42	200,103
	2,429		4.500		03/01/42	2,440
	47,986		4.000		04/01/42	46,531
	5,474		4.500		04/01/42	5,449
	6,097		3.500		05/01/42	5,776
	23,099		3.500		06/01/42	21,856
	14,606		3.500		09/01/42	13,866
	48,052		3.000		09/01/42	44,281
	102,557		3.500		10/01/42	96,833
	13,835		3.500		10/01/42	13,078
	3,980		3.000		12/01/42	3,657
	7,310		3.000		12/01/42	6,747
	8,930		3.000		12/01/42	8,258
	239,495		3.000		12/01/42	220,377
	42,455		3.500		12/01/42	40,128
	12,832		3.000		01/01/43	11,874
	9,098		3.000		01/01/43	8,356
	24,566		3.000		01/01/43	22,737
	10,325		3.000		01/01/43	9,495
	21,398		3.000		02/01/43	19,757
	23,950		3.500		02/01/43	22,547
	137,478		3.500		02/01/43	129,751
	51,044		3.000		03/01/43	47,320
	7,711		3.000		03/01/43	7,121
	400,878		3.000		03/01/43	368,618
	131,254		3.000		03/01/43	120,749
	125,100		3.500		03/01/43	118,107
	170,619		3.500		03/01/43	161,162
	14,403		3.500		03/01/43	13,526
	21,913		3.500		03/01/43	20,581
	5,642		3.000		03/01/43	5,188
	195,781		3.500		03/01/43	183,869
	14,891		3.000		04/01/43	13,736
	6,163		3.000		04/01/43	5,655
	9,960		3.000		04/01/43	9,159
	35,014		3.000		04/01/43	32,201
	28,168		3.000		04/01/43	25,895
	64,675		3.000		04/01/43	59,522
	490,586		3.000		04/01/43	451,187
	185,637		3.500		04/01/43	174,342
	322,134		3.500		04/01/43	302,535
	26,509		3.000		05/01/43	24,414
	65,562		3.000		05/01/43	60,266
	243,021		3.000		05/01/43	223,378
	272,315		3.000		05/01/43	250,433
	24,112		3.000		05/01/43	22,131
	240,323		2.500		05/01/43	212,475
	4,704		3.500		05/01/43	4,418
	147,083		3.000		05/01/43	135,041
	39,366		3.500		05/01/43	37,145
	14,374		3.500		05/01/43	13,500
	40,538		3.500		05/01/43	38,072
	16,744		3.000		06/01/43	15,365
	11,591		3.000		06/01/43	10,653
	221,025		3.500		06/01/43	207,568
	210,540		3.500		06/01/43	198,607

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	319,194		3.500	%	07/01/43	$    299,773
	8,118		3.000		07/01/43	7,453
	226,195		3.000		07/01/43	207,819
	225,463		3.500		07/01/43	212,703
	44,406		3.500		07/01/43	41,704
	225,191		3.500		07/01/43	211,489
	53,428		3.500		07/01/43	50,177
	164,407		3.500		07/01/43	154,404
	33,719		3.500		07/01/43	31,668
	80,251		3.500		07/01/43	75,368
	55,593		3.500		07/01/43	52,210
	66,710		3.500		07/01/43	62,970
	22,470		3.500		07/01/43	21,102
	9,692		3.500		08/01/43	9,102
	37,479		3.500		08/01/43	35,199
	58,536		3.500		08/01/43	54,974
	46,190		3.500		08/01/43	43,379
	26,298		3.500		08/01/43	24,774
	165,730		3.500		08/01/43	155,646
	103,850		3.500		08/01/43	97,531
	197,548		3.500		08/01/43	185,528
	22,159		3.500		09/01/43	20,901
	41,462		3.500		01/01/44	38,978
	19,414		3.500		08/01/44	18,164
	13,884		3.500		09/01/44	13,072
	11,936		3.500		09/01/44	11,210
	60,291		3.500		10/01/44	57,094
	22,150		5.000		12/01/44	22,528
	15,432		3.500		01/01/45	14,584
	161,563		4.000		02/01/45	157,033
	12,170		3.500		03/01/45	11,382
	16,851		3.500		03/01/45	15,926
	47,060		3.500		03/01/45	44,477
	35,334		3.500		04/01/45	33,129
	470,593		3.500		05/01/45	445,640
	815,029		4.500		06/01/45	808,788
	48,807		3.500		07/01/45	45,761
	181,548		4.000		11/01/45	175,208
	7,709		3.500		11/01/45	7,228
	152,845		3.500		01/01/46	143,307
	54,936		4.000		03/01/46	53,017
	390,910		3.500		03/01/46	370,182
	12,101		3.500		03/01/46	11,342
	63,303		3.500		04/01/46	59,946
	306,827		3.500		05/01/46	288,161
	65,629		4.000		06/01/46	63,225
	146,502		4.500		06/01/46	145,329
	75,552		3.000		07/01/46	68,201
	202,768		4.000		07/01/46	195,340
	114,532		3.000		07/01/46	103,389
	19,482		4.000		08/01/46	18,769
	104,273		3.000		08/01/46	94,128
	45,567		3.000		09/01/46	41,134
	392,637		3.000		09/01/46	354,436
	121,253		3.000		10/01/46	109,456
	22,873		4.000		10/01/46	22,035
	16,309		3.000		10/01/46	14,723
	120,995		3.000		11/01/46	109,223

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	335,535		3.000	%	11/01/46	$    302,836
	101,227		3.000		11/01/46	91,377
	12,169		3.000		11/01/46	10,985
	82,755		3.000		12/01/46	74,703
	76,831		3.000		12/01/46	69,356
	94,390		3.000		12/01/46	85,206
	227,287		3.000		01/01/47	205,174
	19,324		3.000		01/01/47	17,444
	146,929		3.000		01/01/47	132,634
	624,963		3.000		01/01/47	564,159
	534,898		4.500		02/01/47	530,802
	49,902		3.000		02/01/47	45,047
	11,645		3.000		04/01/47	10,512
	98,283		3.000		04/01/47	88,720
	24,895		3.000		04/01/47	22,473
	324,367		3.500		06/01/47	302,010
	145,750		4.500		11/01/47	144,310
	5,018		4.500		02/01/48	4,956
	4,669		4.500		05/01/48	4,609
	260,559		4.500		05/01/48	258,473
	415,643		3.500		06/01/48	386,995
	233,020		4.500		07/01/48	229,844
	2,003		4.500		08/01/48	1,975
	9,871		4.500		08/01/48	9,740
	386,746		4.500		08/01/48	381,475
	413,402		4.500		08/01/48	407,767
	331,871		4.500		09/01/48	327,347
	6,544		4.500		10/01/48	6,489
	1,214,875		5.000		11/01/48	1,230,103
	40,111		4.500		11/01/48	39,552
	517,815		4.500		11/01/48	510,027
	270,679		4.500		12/01/48	266,904
	77,975		4.500		02/01/49	76,791
	235,231		4.500		02/01/49	231,658
	3,161		4.500		02/01/49	3,114
	2,953		4.500		02/01/49	2,908
	3,760		4.500		05/01/49	3,696
	324,726		3.500		07/01/49	303,347
	344,545		3.500		07/01/49	321,861
	440,682		3.500		08/01/49	411,531
	1,690,507		3.000		09/01/49	1,527,905
	5,433		4.500		11/01/49	5,340
	364,620		4.500		01/01/50	359,593
	48,093		4.500		02/01/50	47,363
	7,570		4.500		02/01/50	7,441
	621,427		3.000		03/01/50	558,010
	3,951,727		4.500		03/01/50	3,913,998
	440,007		4.500		04/01/50	431,706
	418,853		4.500		09/01/50	411,743
	3,532,267		2.500		09/01/50	3,063,515
	340,126		3.000		10/01/50	304,913
	687,667		3.000		10/01/50	620,127
	682,210		3.000		10/01/50	611,581
	525,065		3.000		10/01/50	473,495
	3,837,404		2.000		10/01/50	3,156,700
	971,126		2.500		11/01/50	839,217
	3,822,188		2.000		12/01/50	3,142,996
	964,325		2.500		01/01/51	822,634

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	4,586,238		2.000	%	02/01/51	$  3,767,008
	11,510,928		2.000		05/01/51	9,432,800
	3,541,826		2.500		05/01/51	3,061,845
	4,422,133		2.500		05/01/51	3,796,675
	1,912,277		2.500		07/01/51	1,650,107
	2,437,019		2.500		07/01/51	2,095,455
	1,913,128		2.500		07/01/51	1,647,097
	1,962,564		2.500		07/01/51	1,687,498
	1,718,075		2.500		09/01/51	1,482,024
	1,813,278		2.000		11/01/51	1,485,434
	2,541,679		2.500		12/01/51	2,188,896
	2,631,344		2.500		12/01/51	2,261,182
	30,847		2.000		02/01/52	25,491
	706,149		6.000		11/01/52	727,949
	950,289		4.500		05/01/53	933,475
	113,448		6.500		05/01/53	116,810
	284,523		6.500		05/01/53	292,243
	372,149		6.500		05/01/53	383,294
	852,107		6.500		06/01/53	877,358
	327,299		6.500		07/01/53	337,101
	1,261,622		6.500		08/01/53	1,299,009
	278,373		6.500		09/01/53	285,970
	189,002		6.500		09/01/53	194,159
	157,865		6.500		09/01/53	162,543
	949,143		6.500		09/01/53	974,897
	423,976		6.500		10/01/53	436,672
	689,353		6.500		10/01/53	709,997
	1,908,227		6.500		10/01/53	1,965,372
	452,234		6.500		10/01/53	465,777
	762,273		6.500		10/01/53	785,100
	750,543		6.500		10/01/53	773,020
	990,286		6.500		11/01/53	1,029,535
	371,834		6.500		11/01/53	382,969
	999,285		6.500		12/01/53	1,029,211
	3,000,000		2.000		TBA-30yr(f)	2,453,015
	2,000,000		2.500		TBA-30yr(f)	1,703,438
	4,000,000		2.000		TBA-30yr(f)	3,584,750
	1,000,000		5.500		TBA-30yr(f)	1,004,922
	2,000,000		6.000		TBA-30yr(f)	2,031,876
	2,000,000		7.000		TBA-30yr(f)	2,062,736
	2,000,000		7.000		TBA-30yr(f)	2,062,111
						112,554,062
TOTAL FEDERAL AGENCIES						$ 203,956,533
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $245,358,120)						$ 236,133,861
Asset-Backed Securities(c) – 3.7%
Automotive – 0.2%
GM Financial Consumer Automobile Receivables Trust Series 2023-1, Class A2A
$	279,335		5.190	%	03/16/26	$    278,738

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(c) – (continued)
Automotive – (continued)
Nissan Auto Receivables Owner Trust Series 2023-B, Class A3
$	150,000		5.930	%	03/15/28	$    153,626
						432,364
Collateralized Loan Obligations(e) – 3.2%
Apidos CLO XXXV Ltd. Series 2021-35A, Class D(b) (3 mo. USD Term SOFR + 2.912%)
	750,000		8.327		04/20/34	729,558
Battalion CLO XII Ltd. Series 2018-12A, Class A1(b) (3 mo. USD Term SOFR + 1.332%)
	769,052		6.701		05/17/31	768,287
CIFC Funding Ltd. Series 2023-3A, Class D(b) (3 mo. USD Term SOFR + 4.250%)
	500,000		0.000		01/20/37	500,000
Helios Issuer LLC Series 2023-GRID1, Class 1A
	98,384		5.750		12/20/50	100,437
Pikes Peak CLO Ltd. Series 2023-12A, Class A(b) (3 mo. USD Term SOFR + 2.100%)
	1,200,000		7.516		04/20/36	1,206,754
Shackleton CLO Ltd. Series 2019-14A, Class A1R(b) (3 mo. USD Term SOFR + 1.462%)
	1,250,000		6.877		07/20/34	1,244,745
TCW CLO Ltd. Series 2023-1A, Class A1N(b) (3 mo. USD Term SOFR + 2.070%)
	700,000		7.460		04/28/36	704,624
Zais CLO 15 Ltd. Series 2020-15A, Class A1R(b) (3 mo. USD Term SOFR + 1.612%)
	925,000		7.002		07/28/32	916,528
						6,170,933
Credit Card – 0.3%
Discover Card Execution Note Trust Series 2023-A1, Class A
	600,000		4.310		03/15/28	595,228
TOTAL ASSET-BACKED SECURITIES (Cost $7,170,358)						$  7,198,525
U.S. Treasury Obligations – 1.5%
U.S. Treasury Bonds
$	340,000		4.750	%	11/15/43	$    365,341
	480,000		4.125		08/15/53	486,525
U.S. Treasury Inflation-Indexed Bonds
	175,960		1.500		02/15/53	160,159
U.S. Treasury Notes
	1,840,000		4.375		11/30/28	1,883,125
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,803,653)						$  2,895,150

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(g) – 0.7%
U.S. Treasury Obligations – 0.7%
U.S. Treasury Bills
$	1,400,000		0.000	%	01/16/24	$  1,397,139
(Cost $1,396,926)
TOTAL SHORT-TERM INVESTMENTS (Cost $1,396,926)						$  1,397,139
TOTAL INVESTMENTS – 128.3% (Cost $256,729,057)						$247,624,675
OTHER ASSETS IN EXCESS OF  LIABILITIES – (28.3)%						(54,629,706)
NET ASSETS – 100.0%						$192,994,969

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2023.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2023.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $55,270,829 which represents approximately 28.8% of net assets as of December 31, 2023.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At December 31, 2023, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount		Value
Government National Mortgage Association		3.500	%		TBA - 30yr		01/22/24	$	(1,000,000)	$	(931,438)
Government National Mortgage Association		4.000			TBA - 30yr		01/22/24		(1,000,000)		(955,331)
Uniform Mortgage-Backed Security		1.500			TBA - 15yr		01/18/24		(2,000,000)		(1,741,740)
Uniform Mortgage-Backed Security		3.000			TBA - 30yr		01/16/24		(3,000,000)		(2,655,469)
Uniform Mortgage-Backed Security		3.500			TBA - 30yr		01/16/24		(1,000,000)		(917,969)
Uniform Mortgage-Backed Security		4.500			TBA - 30yr		01/16/24		(9,000,000)		(8,731,402)
Uniform Mortgage-Backed Security		5.000			TBA - 30yr		01/16/24		(10,000,000)		(9,899,995)
Uniform Mortgage-Backed Security		6.500			TBA - 30yr		01/16/24		(8,000,000)		(8,196,244)
(PROCEEDS RECEIVABLE: $(33,537,129))										$	(34,029,588)

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

FUTURES CONTRACTS — At December 31, 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	37	03/19/24	$	4,176,953		$	780
20 Year U.S. Treasury Bonds	6	03/19/24		749,625			7,949
5 Year U.S. Treasury Notes	41	03/28/24		4,459,711			(1,053	)
Total						$	7,676
Short position contracts:
2 Year U.S. Treasury Notes	(19)	03/28/24		(3,912,367	)		(2,955	)
Ultra 10-Year U.S. Treasury Note	(28)	03/19/24		(3,304,437	)		(148,395	)
Ultra Long U.S. Treasury Bonds	(21)	03/19/24		(2,805,469	)		(158,306	)
Total						$	(309,656	)
TOTAL FUTURES CONTRACTS						$	(301,980	)

SWAP CONTRACTS — At December 31, 2023, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund(a)	Termination Date	Notional Amount (000s)(b)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
12M SOFR	3.731%	11/28/27	$	1,990	$	22,860		$	7,262		$	15,598
2.680%	12M SOFR	07/28/32		2,430		61,269			29,990			31,279
12M SOFR	4.306	10/05/33		4,030		144,833			(333	)		145,166
12M SOFR	2.910	07/28/37		5,910		(129,279	)		(90,718	)		(38,561	)
12M SOFR	3.391	05/10/38		6,350		(38,161	)		(44,277	)		6,116
2.080	12M SOFR	07/28/47		5,920		134,524			101,403			33,121
2.564	12M SOFR	05/11/53		5,400		57,400			28,630			28,770
3.614	12M SOFR	11/15/53		2,150		(92,785	)		(14,245	)		(78,540	)

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund(a)	Payments Received by Fund(a)	Termination Date		Notional Amount (000s)(b)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3.513%	12M SOFR		11/29/53	$	630	$	(22,739	)	$	(9,426	)	$	(13,313	)
TOTAL						$	137,922		$	8,286		$	129,636

(a) Payments made annually.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2023.

Investment Abbreviations:
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
LLC	— Limited Liability Company
MTA	— Monthly Treasury Average
PI	— Private Investment
REMICS	— Real Estate Mortgage Investment Conduits
RFUCC1 yr.	— 1 year Refinitiv USD IBOR Consumer Cash Fallbacks Term
RFUCC6 mo.	— 6 month Refinitiv USD IBOR Consumer Cash Fallbacks Term
SOFR	— Secured Overnight Financing Rate
STACR	— Structured Agency Credit Risk
USD	— US. Dollar

Abbreviation:
SOFR	— Secured Overnight Financing Rate

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 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.

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Schedule of Investments (continued)

December 31, 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)

December 31, 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)

December 31, 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)

December 31, 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, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

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

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 December 31, 2023:

ENHANCED INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	332,142,602	$	—
Asset-Backed Securities		—		122,080,514		—
Mortgage-Backed Obligations		—		20,536,632		—
Agency Debentures		—		6,375,621		—
Sovereign Debt Obligations		—		6,220,827		—
Municipal Debt Obligations		—		677,269		—
Investment Companies		11,123,252		—		—
Short-term Investments		21,360,675		5,510,417		—
Total	$	32,483,927	$	493,543,882	$	—
Derivative Type
Assets
Interest Rate Swap Contracts(a)	$	—	$	88,931	$	—

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

ENHANCED INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities
Futures Contracts(a)	$	(294,094	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(110,480	)		—
Total	$	(294,094	)	$	(110,480	)	$	—

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

GOVERNMENT INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	72,801,868		$	—
Agency Debentures		—			38,322,510			—
U.S. Treasury Obligations		24,230,718			—			—
Asset-Backed Securities		—			2,725,393			—
Municipal Debt Obligations		—			2,161,158			—
Sovereign Debt Obligations		—			700,294			—
Investment Companies		477,260			—			—
Total	$	24,707,978		$	116,711,223		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(13,373,218	)	$	—
Derivative Type
Assets(a)
Futures Contracts	$	244,995		$	—		$	—
Interest Rate Swap Contracts		—			268,988			—
Total	$	244,995		$	268,988		$	—
Liabilities(a)
Futures Contracts	$	(263,590	)	$	—		$	—
Interest Rate Swap Contracts		—			(110,745	)		—
Total	$	(263,590	)	$	(110,745	)	$	—

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 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	$	284,314,350		$	—		$	—
Total	$	284,314,350		$	—		$	—
Derivative Type
Assets
Futures Contracts(a)	$	344,190		$	—		$	—
Interest Rate Swap Contracts(a)		—			4,328,226			—
Total	$	344,190		$	4,328,226		$	—
Liabilities
Futures Contracts(a)	$	(750,179	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(1,175,966	)		—
Total	$	(750,179	)	$	(1,175,966	)	$	—

(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	$	—	$	717,396,610		$	—
Mortgage-Backed Obligations		—		226,223,032			—
Asset-Backed Securities		—		164,473,775			—
U.S. Treasury Obligations		132,412,732		—			—
Sovereign Debt Obligations		—		49,197,435			—
Common Stock and/or Other Equity Investments(a)
Asia		—		7,379			—
Investment Companies		5,140,006		—			—
Short-term Investments		—		11,909,604			—
Total	$	137,552,738	$	1,169,207,835		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(46,606,855	)	$	—

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SHORT DURATION BOND (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	1,626,822		$	—
Futures Contracts(b)		2,517,449			—			—
Interest Rate Swap Contracts(b)		—			14,128,929			—
Credit Default Swap Contracts(b)		—			226,346			—
Purchased Option Contracts		—			29,786			—
Total	$	2,517,449		$	16,011,883		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(1,731,213	)	$	—
Futures Contracts(b)		(1,333,401	)		—			—
Interest Rate Swap Contracts(b)		—			(5,660,395	)		—
Written Option Contracts		—			(834,394	)		—
Total	$	(1,333,401	)	$	(8,226,002	)	$	—

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

(b) 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	$	284,666,651	$	—		$	—
Mortgage-Backed Obligations		—		194,480,339			—
Agency Debentures		—		84,712,680			—
Investment Companies		725,165		—			—
Short-term Investments		11,980,913		—			—
Total	$	297,372,729	$	279,193,019		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(43,389,906	)	$	—
Derivative Type
Assets
Futures Contracts(a)	$	2,187,008	$	—		$	—
Interest Rate Swap Contracts(a)		—		719,136			—
Total	$	2,187,008	$	719,136		$	—

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SHORT DURATION GOVERNMENT (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities
Futures Contracts(a)	$	(5,427,030	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(391,584	)		—
Total	$	(5,427,030	)	$	(391,584	)	$	—

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

SHORT-TERM CONSERVATIVE INCOME
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	933,247,219		$	—
U.S. Treasury Obligations		164,232,265		—			—
Agency Debentures		—		100,640,462			—
Municipal Debt Obligations		—		12,097,611			—
Investment Companies		86,224,657		—			—
Short-term Investments		24,673,576		583,989,923			—
Total	$	275,130,498	$	1,629,975,215		$	—
U.S. MORTGAGES
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—	$	236,133,861		$	—
Asset-Backed Securities		—		7,198,525			—
U.S. Treasury Obligations		2,895,150		—			—
Short-term Investments		1,397,139		—			—
Total	$	4,292,289	$	243,332,386		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(34,029,588	)	$	—
Derivative Type
Assets(a)
Futures Contracts	$	8,729	$	—		$	—
Interest Rate Swap Contracts		—		260,050			—
Total	$	8,729	$	260,050		$	—

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

U.S. MORTGAGES (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities(a)
Futures Contracts	$	(310,709	)	$	—		$	—
Interest Rate Swap Contracts		—			(130,414	)		—
Total	$	(310,709	)	$	(130,414	)	$	—

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

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

Asset-Backed Securities Risk — Asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Collateralized Loan Obligations Risk — The Fund may invest in collateralized loan obligations (“CLOs”) and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In addition to the normal risks associated with loan-and credit-related securities discussed elsewhere in the Prospectus (e.g., loan-related investments risk, interest rate risk and default risk), investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO’s manager may perform poorly.

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, (“SOFR”), a term SOFR rate published by CME Group Benchmark Administration Limited (CBA) calculated using certain derivatives markets (“Term SOFR”), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in 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. 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. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. 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 a 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.

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, 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 a Fund has unsettled or open transactions defaults.

Mortgage-Backed and Other Asset-Backed Securities Risk — Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Portfolio Turnover Rate Risk — A high rate of portfolio turnover may involve correspondingly greater expenses which must be borne by the Funds’ and its shareholders, and is also likely to result in short-term capital gains taxable to shareholders.