GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

Schedule of Investments

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 92.6%
Australia(a) – 0.6%
Santos Finance Ltd. (BBB-/NR)
$	200,000		4.125	%	09/14/27	$   190,364
Brazil – 4.9%
B3 SA - Brasil Bolsa Balcao (NR/Ba1)
	210,000		4.125		09/20/31	182,803
Banco do Brasil SA (B-/NR) (10 yr. CMT + 4.398%)
	500,000		6.250	(a)(b)	04/15/24	485,840
Guara Norte SARL (NR/Baa3)
	171,358		5.198		06/15/34	156,275
Petrobras Global Finance BV (BB/Ba1)
	400,000		6.500	(a)	07/03/33	403,625
Sitios Latinoamerica SAB de CV (BB+/Baa3)
	460,000		5.375	(a)	04/04/32	424,566
Vale Overseas Ltd. (BBB-/Baa3)
	50,000		6.125	(a)	06/12/33	51,550
						1,704,659
British Indian Ocean Territory – 0.9%
Gohl Capital Ltd. (NR/Baa2)
	310,000		4.250		01/24/27	296,244
Burundi – 0.7%
Eastern & Southern African Trade & Development Bank (NR/Baa3)
	240,000		4.875		05/23/24	236,750
Cayman Islands – 1.1%
DP World Crescent Ltd. (NR/Baa2)
	400,000		3.875		07/18/29	378,448
Chile – 4.3%
Banco Santander Chile (A-/A2)
	400,000		2.700	(a)	01/10/25	386,932
Cia Cervecerias Unidas SA (BBB/NR)
	210,000		3.350	(a)	01/19/32	179,896
GNL Quintero SA (BBB+/Baa2)
	353,000		4.634		07/31/29	344,727
Interchile SA (NR/Baa1)
	250,000		4.500	(a)	06/30/56	204,297
Inversiones CMPC SA (BBB/Baa3)
	200,000		4.375		04/04/27	193,687
	230,000		3.000	(a)	04/06/31	195,069
						1,504,608
China(a) – 1.0%
Meituan (BBB/Baa3)
	200,000		3.050		10/28/30	168,556
Prosus NV (BBB/Baa3)
	200,000		4.193		01/19/32	171,750
						340,306
Colombia – 6.7%
Banco de Bogota SA (NR/Ba2)
	670,000		6.250		05/12/26	655,930
Ecopetrol SA (BB+/Baa3)
	860,000		8.625	(a)	01/19/29	916,975

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Colombia – (continued)
Empresas Publicas de Medellin ESP (NR/Baa3)
$	290,000		4.250	%(a)	07/18/29	$   246,686
Geopark Ltd. (B+/NR)
	200,000		5.500	(a)	01/17/27	176,178
Oleoducto Central SA (BB+/Baa3)
	350,000		4.000	(a)	07/14/27	323,711
					2,319,480
Cyprus – 0.5%
MHP SE (D/NR)
	200,000		7.750		05/10/24	188,000
Czech Republic(a)(b) – 1.3%
Ceska sporitelna AS (BBB+/NR) (3 mo. EUR EURIBOR + 2.350%)
EUR	400,000		5.737		03/08/28	452,182
Dominican Republic(a) – 1.1%
Aeropuertos Dominicanos Siglo XXI SA (BB/Ba3)
$	400,000		6.750		03/30/29	396,920
Free Of Tax – 1.0%
African Export-Import Bank (NR/Baa1)
	200,000		2.634	(a)	05/17/26	184,704
Eastern & Southern African Trade & Development Bank (NR/Baa3)
	200,000		4.125		06/30/28	172,224
						356,928
Ghana(a) – 1.1%
Kosmos Energy Ltd. (B/B3u)
	400,000		7.125		04/04/26	380,750
Guatemala(a) – 2.7%
Banco Industrial SA (NR/B1) (5 yr. CMT + 4.442%)
	200,000		4.875	(b)	01/29/31	186,826
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2)
	400,000		5.250		04/27/29	374,616
CT Trust (NR/Ba1)
	200,000		5.125		02/03/32	173,686
Energuate Trust (NR/Ba2)
	220,000		5.875		05/03/27	207,286
						942,414
Hong Kong(a) – 1.2%
CAS Capital No. 1 Ltd. (BB/Ba2) (5 yr. CMT + 3.642%)
	200,000		4.000	(b)	07/12/26	172,125
Melco Resorts Finance Ltd. (BB-/Ba3)
	260,000		5.625		07/17/27	243,831
						415,956
Hungary(a)(b) – 1.2%
OTP Bank Nyrt (NR/Ba2) (-5 yr. EURIBOR ICE Swap + 3.200%)
EUR	200,000		2.875		07/15/29	212,009

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Hungary(a)(b) – (continued)
OTP Bank Nyrt (BBB-/Baa3)
$	200,000		7.500	%	05/25/27	$   205,920
						417,929
India(a) – 1.5%
Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3)
	200,000		4.200		08/04/27	178,875
JSW Hydro Energy Ltd. (NR/Ba1)
	161,000		4.125		05/18/31	139,788
JSW Infrastructure Ltd. (NR/Ba1)
	200,000		4.950		01/21/29	184,250
						502,913
Israel – 1.5%
Teva Pharmaceutical Finance Netherlands III BV (BB-/Ba2)
	200,000		7.125	(a)	01/31/25	201,572
	150,000		3.150		10/01/26	138,822
	200,000		4.750	(a)	05/09/27	191,994
						532,388
Jordan – 0.7%
Hikma Finance USA LLC (BBB-/WR)
	250,000		3.250		07/09/25	238,672
Kazakhstan(a) – 0.5%
Tengizchevroil Finance Co. International Ltd. (BB+/Baa2)
	200,000		2.625		08/15/25	187,686
Luxembourg – 1.3%
MHP Lux SA (CC/NR)
	200,000		6.950		04/03/26	154,000
Rede D’or Finance SARL (BB/NR)
	320,000		4.500	(a)	01/22/30	285,146
						439,146
Macau(a) – 4.1%
MGM China Holdings Ltd. (B+/B1)
	200,000		4.750		02/01/27	189,750
Sands China Ltd. (BBB-/Baa2)
	560,000		4.300		01/08/26	537,775
	260,000		2.550		03/08/27	235,463
	200,000		5.650		08/08/28	197,300
Wynn Macau Ltd. (BB-/B1)
	270,000		5.500		10/01/27	253,209
						1,413,497
Malaysia(a) – 0.5%
GENM Capital Labuan Ltd. (BBB-/NR)
	200,000		3.882		04/19/31	170,313
Mauritius(a) – 0.6%
Axian Telecom (B/NR)
	240,000		7.375		02/16/27	223,125
Mexico – 7.5%
Banco Mercantil del Norte SA (BB-/Ba2) (5 yr. CMT + 4.967%)
	230,000		6.750	(a)(b)	09/27/24	226,660

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mexico – (continued)
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa1)
$	230,000		5.375	%	04/17/25	$   228,351
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa3)
	200,000		7.525	(a)(b)	10/01/28	208,928
BBVA Bancomer SA (BB/NR) (5 yr. CMT + 2.650%)
	200,000		5.125	(a)(b)	01/18/33	180,416
Bimbo Bakeries USA, Inc. (BBB+/Baa1)
	200,000		6.050	(a)(c)	01/15/29	209,500
	200,000		6.400	(a)(c)	01/15/34	221,374
Cemex SAB de CV (B+/NR) (5 yr. CMT + 5.157%)
	340,000		9.125	(a)(b)	03/14/28	360,740
Cemex SAB de CV (BB+/NR)
	200,000		3.875	(a)	07/11/31	177,648
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 (NR/Ba1)
	400,000		4.375	(a)	07/22/31	301,375
Mexico City Airport Trust (BBB/Baa3)
	330,000		4.250	(a)	10/31/26	317,800
	200,000		5.500	(a)	07/31/47	171,836
						2,604,628
Mongolia(a) – 0.4%
Mongolian Mining Corp. (NR/NR)
	10,000		0.000		04/01/24	9,352
Mongolian Mining Corp./Energy Resources LLC (NR/B3)
	125,000		12.500		09/13/26	127,810
						137,162
Morocco – 1.5%
OCP SA (BB+/NR)
	320,000		4.500		10/22/25	311,200
OCP SA (BB+/NR)
	260,000		5.125	(a)	06/23/51	196,706
						507,906
Netherlands – 5.1%
Metinvest BV (CCC+/NR)
	300,000		8.500	(a)	04/23/26	208,500
Minejesa Capital BV (NR/Baa3)
	200,000		4.625		08/10/30	189,560
MV24 Capital BV (BB+/NR)
	322,544		6.748		06/01/34	300,514
NE Property BV (BBB/NR)
EUR	330,000		1.875	(a)	10/09/26	331,367
Prosus NV (BBB/Baa3)
$	200,000		3.257	(a)	01/19/27	183,813
	400,000		3.680	(a)	01/21/30	347,750
Vivo Energy Investments BV (BB+/Baa3)
	210,000		5.125	(a)	09/24/27	195,956
						1,757,460

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Nigeria – 2.7%
Access Bank PLC (NR/Caa1)
$	370,000		6.125	%	09/21/26	$   331,728
IHS Holding Ltd. (B+/NR)
	280,000		5.625	(a)	11/29/26	241,850
SEPLAT Energy PLC (B/Caa1)
	400,000		7.750	(a)	04/01/26	367,000
						940,578
Norway(a) – 0.9%
DNO ASA (NR/NR)
	150,000		8.375		05/29/24	149,100
	190,000		7.875		09/09/26	178,695
						327,795
Panama(a) – 2.3%
Aeropuerto Internacional de Tocumen SA (BBB/Baa3)
	200,000		4.000		08/11/41	150,640
	200,000		5.125		08/11/61	150,014
AES Panama Generation Holdings SRL (NR/Baa3)
	392,838		4.375		05/31/30	329,002
Telecomunicaciones Digitales SA (NR/Ba1)
	200,000		4.500		01/30/30	173,000
						802,656
Paraguay(a) – 1.4%
Banco Continental SAECA (NR/Ba1)
	300,000		2.750		12/10/25	279,567
Telefonica Celular del Paraguay SA (NR/Ba1)
	200,000		5.875		04/15/27	195,084
						474,651
Peru – 3.7%
Consorcio Transmantaro SA (NR/Baa3)
	240,000		4.700		04/16/34	225,150
Hunt Oil Co. of Peru LLC Sucursal Del Peru (NR/Ba1)
	400,000		8.550	(a)(c)	09/18/33	432,532
InRetail Consumer (BB+/Baa3)
	400,000		3.250	(a)	03/22/28	355,875
SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (NR/Ba1)
	320,000		3.500	(a)	08/02/28	275,002
						1,288,559
Romania(a)(b) – 1.7%
Banca Comerciala Romana SA (NR/Baa2) (3 mo. EUR EURIBOR + 4.539%)
EUR	200,000		7.625		05/19/27	232,382
Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 5.580%)
	320,000		8.875		04/27/27	370,927
						603,309
Singapore – 1.0%
LLPL Capital Pte. Ltd. (NR/Baa3)
$	362,070		6.875		02/04/39	347,814

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
South Africa – 5.4%
Absa Group Ltd. (NR/B2) (5 yr. CMT + 5.411%)
$	240,000		6.375	%(a)(b)	05/27/26	$   226,500
Bidvest Group U.K. PLC (NR/Ba2)
	230,000		3.625	(a)	09/23/26	212,463
Eskom Holdings SOC Ltd. (B/B2)
	200,000		7.125		02/11/25	199,813
Eskom Holdings SOC Ltd. (BB-/Ba2)(d)
	200,000		4.314		07/23/27	186,834
MTN Mauritius Investments Ltd. (BB-/Ba2)
	320,000		6.500		10/13/26	322,400
Sasol Financing USA LLC (BB+/Ba1)
	290,000		8.750	(a)	05/03/29	295,350
Stillwater Mining Co. (BB-/NR)
	240,000		4.000	(a)	11/16/26	212,400
Transnet SOC Ltd. (BB-/Ba3)
	220,000		8.250		02/06/28	220,962
						1,876,722
Thailand(a)(b) – 0.5%
Muang Thai Life Assurance PCL (NR/NR) (1 yr. CMT + 2.400%)
	200,000		3.552		01/27/37	183,384
Turkey – 5.8%
Anadolu Efes Biracilik Ve Malt Sanayii AS (BB+/NR)
	520,000		3.375	(a)	06/29/28	442,325
Coca-Cola Icecek AS (BB+/NR)
	400,000		4.500	(a)	01/20/29	366,375
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (NR/B3)
	268,946		9.500	(a)	07/10/36	243,648
Mersin Uluslararasi Liman Isletmeciligi AS (B+/NR)
	500,000		8.250	(a)(c)	11/15/28	521,975
Yapi ve Kredi Bankasi AS (NR/B3)
	400,000		9.250	(c)	10/16/28	423,000
						1,997,323
Ukraine – 0.5%
Metinvest BV (CCC+/NR)
EUR	220,000		5.625		06/17/25	189,438
United Arab Emirates – 2.8%
Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2)
$	688,047		2.160		03/31/34	596,450
NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%)
	400,000		4.500	(a)(b)	08/27/25	382,625
						979,075
United Kingdom(a) – 0.6%
Endeavour Mining PLC (BB-/NR)
	220,000		5.000		10/14/26	202,331
United States(a) – 3.2%
ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Partners (BB-/Ba3)
	400,000		4.050		04/27/26	360,956
GCC SAB de CV (BBB-/NR)
	400,000		3.614		04/20/32	346,204

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
United States(a) – (continued)
Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR)
$	200,000		4.625	%	04/16/29	$   173,960
Sagicor Financial Co. Ltd. (BBB/NR)
	230,000		5.300		05/13/28	220,800
						1,101,920
Uzbekistan – 2.0%
Ipoteka-Bank ATIB (BB-/NR)
	400,000		5.500		11/19/25	369,875
Uzbek Industrial & Construction Bank ATB (BB-/NR)
	330,000		5.750		12/02/24	318,244
						688,119
Venezuela(e) – 1.9%
Petroleos de Venezuela SA (NR/NR)
	9,280,000		0.000		10/28/22	670,944
Vietnam(a) – 0.7%
Mong Duong Finance Holdings BV (NR/Ba2)
	249,018		5.125		05/07/29	230,964
TOTAL CORPORATE OBLIGATIONS (Cost $33,147,020)						$32,142,416
Sovereign Debt Obligations – 5.9%
Hungary – 0.6%
Hungary Government International Bonds (BBB-/Baa2)
$	200,000		6.125	%	05/22/28	$   208,032
Morocco – 1.0%
Morocco Government International Bonds (BB+/Ba1u)
	310,000		6.500		09/08/33	326,759
Poland(c)(d) – 1.0%
Bank Gospodarstwa Krajowego (NR/A2)
	340,000		6.250		10/31/28	358,632
Romania – 0.8%
Romania Government International Bonds (BBB-/Baa3)
	300,000		3.000		02/27/27	279,000

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Russia(e) – 0.8%
Russia Federal Bonds - OFZ (NR/NR)
RUB	41,225,000		4.500	%	07/16/25	$   177,834
Russia Federal Bonds - OFZ (NR/WR)
	23,825,000		7.050		01/19/28	91,429
						269,263
Uzbekistan – 1.7%
National Bank of Uzbekistan (BB-/NR)
$	200,000		4.850		10/21/25	185,250
Republic of Uzbekistan International Bonds (BB-/NR)
	400,000		7.850	(c)	10/12/28	417,750
						603,000
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $2,487,468)						$ 2,044,686
TOTAL INVESTMENTS – 98.5% (Cost $35,634,488)						$34,187,102
OTHER ASSETS IN EXCESS OF  LIABILITIES – 1.5 %						525,315
NET ASSETS – 100.0%						$34,712,417

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)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $545,466, which represents approximately 2% of the Fund’s net assets as of December 31, 2023.
(e)	Security is currently in default and/or non-income producing.

GOLDMAN SACHS EMERGING MARKETS CREDIT 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
JPMorgan Securities, Inc.	COP	5,690,041,629	USD	1,373,401		01/03/24	$	94,010
	COP	497,041,828	USD	118,689		02/07/24		8,553
	COP	769,213,762	USD	186,512		02/09/24		10,336
	COP	1,003,057,442	USD	228,628		02/16/24		27,741
	EUR	9,110,580	USD	9,804,467		02/23/24		274,749
	MXN	6,063,668	USD	336,600		02/07/24		18,190
	MXN	4,761,566	USD	264,780		03/08/24		12,514
	USD	20,254	EUR	17,105		02/23/24		1,331
	USD	8,521	MXN	144,507		02/07/24		66
TOTAL							$	447,490

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	EUR	17,105	USD	20,254		02/23/24	$	(1,331	)
	MXN	144,507	USD	8,521		02/07/24		(66	)
	USD	1,373,401	COP	5,690,041,629		01/03/24		(94,010	)
	USD	118,689	COP	497,041,828		02/07/24		(8,553	)
	USD	186,512	COP	769,213,762		02/09/24		(10,336	)
	USD	228,628	COP	1,003,057,442		02/16/24		(27,741	)
	USD	1,753,835	EUR	1,603,589		02/14/24		(19,655	)
	USD	9,804,467	EUR	9,110,580		02/23/24		(274,749	)
	USD	336,600	MXN	6,063,668		02/07/24		(18,190	)
	USD	264,780	MXN	4,761,566		03/08/24		(12,514	)
TOTAL							$	(467,145	)

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	12	03/19/24	$	1,354,687		$	12,263
2 Year U.S. Treasury Notes	4	03/28/24		823,656			6,419
20 Year U.S. Treasury Bonds	9	03/19/24		1,124,438			72,342
Ultra Long U.S. Treasury Bonds	6	03/19/24		801,563			41,129
Total						$	132,153
Short position contracts:
5 Year U.S. Treasury Notes	(18)	03/28/24		(1,957,922	)		(21,407	)
Ultra 10-Year U.S. Treasury Note	(2)	03/19/24		(236,031	)		434
Total						$	(20,973	)
TOTAL FUTURES CONTRACTS						$	111,180

GOLDMAN SACHS EMERGING MARKETS CREDIT 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)
3.250%(b)	6M EURO(c)		03/20/26		EUR 210	$	(3,020	)	$	(1,598	)	$	(1,422	)
3.000(b)	6M EURO(c)		03/20/29		120		(3,996	)		(3,172	)		(824	)
3.000(b)	6M EURO(c)		03/20/31		100		(4,348	)		(3,569	)		(779	)
6M EURO(c)	3.000%(b)		03/20/34		140		7,391			7,028			363
3.000(b)	6M EURO(c)		03/20/39		110		(7,092	)		(5,672	)		(1,420	)
TOTAL						$	(11,065	)	$	(6,983	)	$	(4,082	)

(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 annually.

(c) Payments made semi-annually.

WRITTEN OPTIONS CONTRACTS — At December 31, 2023, the Fund had the following purchased and written options:

Currency Abbreviations:
COP	— Colombia Peso
EUR	— Euro
MXN	— Mexican Peso
RUB	— Russian Ruble
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
EURIBOR	— Euro Interbank Offered Rate
ICE	— Inter-Continental Exchange
LLC	— Limited Liability Company
MTN	— Medium Term Note
NR	— Not Rated
PLC	— Public Limited Company
WR	— Withdrawn Rating
Abbreviation:
EURO	— Euro Offered Rate

   

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 69.9%
Angola – 1.6%
Angola Government International Bonds (B-/B3)
$	1,470,000		8.000	%	11/26/29	$  1,304,625
	1,200,000		8.750	(a)	04/14/32	1,057,500
	1,140,000		9.125		11/26/49	930,525
Angola Government International Bonds (NR/B3)
	327,000		9.500		11/12/25	321,686
	660,000		8.250		05/09/28	607,200
	2,160,000		8.250	(a)	05/09/28	1,987,200
	860,000		9.375		05/08/48	715,950
						6,924,686
Argentina(b) – 0.9%
Argentina Republic Government International Bonds (CCC-/NR)
EUR	120,088		0.500		07/09/29	43,601
$	49,348		1.000		07/09/29	19,546
	1,054,677		0.750	(c)	07/09/30	421,132
	3,935,877		3.625	(c)	07/09/35	1,332,216
	2,130,000		4.250	(c)	01/09/38	840,541
	3,604,455		3.500	(c)	07/09/41	1,221,009
						3,878,045
Azerbaijan – 0.6%
Republic of Azerbaijan International Bonds (NR/Ba1u)
	3,280,000		3.500		09/01/32	2,839,250
Bahrain – 2.4%
Bahrain Government International Bonds (B+/B2u)
	1,510,000		7.375	(a)	05/14/30	1,571,816
	1,320,000		5.625	(a)	09/30/31	1,238,325
	680,000		5.450		09/16/32	623,263
	820,000		5.450	(a)	09/16/32	751,581
Bahrain Government International Bonds (B+/NR)
	1,950,000		4.250	(a)	01/25/28	1,835,437
	2,390,000		6.750		09/20/29	2,424,356
	1,230,000		5.250		01/25/33	1,092,778
CBB International Sukuk Programme Co. WLL (B+/B2u)
	890,000		3.950	(a)	09/16/27	842,997
						10,380,553
Benin(a) – 0.3%
Benin Government International Bonds (B+/NR)
EUR	1,420,000		4.875		01/19/32	1,276,132
Bermuda(b) – 0.2%
Bermuda Government International Bonds (A+/A2)
$	700,000		2.375		08/20/30	598,850
	580,000		3.375		08/20/50	404,295
						1,003,145
Brazil – 1.5%
Brazil Government International Bonds (BB/NR)
	920,000		6.250		03/18/31	954,022
Brazil Government International Bonds (BB/Ba2)
	1,635,000		3.875		06/12/30	1,493,981
	1,660,000		6.000		10/20/33	1,657,261

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Brazil – (continued)
Brazil Government International Bonds (BB/Ba2) – (continued)
$	3,350,000		4.750	%(b)	01/14/50	$  2,571,125
						6,676,389
Chile(b) – 1.8%
Chile Government International Bonds (A/A2)
	960,000		3.500		01/31/34	854,700
	1,240,000		4.340		03/07/42	1,104,762
	390,000		3.500		01/25/50	295,791
	1,420,000		4.000		01/31/52	1,165,731
	280,000		5.330		01/05/54	278,338
	2,840,000		3.100		01/22/61	1,893,925
	3,500,000		3.250		09/21/71	2,339,531
						7,932,778
Colombia(b) – 3.8%
Colombia Government International Bonds (BB+/Baa2)
	1,650,000		4.500		03/15/29	1,540,172
	2,790,000		3.000		01/30/30	2,346,216
	3,890,000		3.125		04/15/31	3,161,841
	1,300,000		3.250		04/22/32	1,033,094
	1,010,000		8.000		04/20/33	1,102,478
	1,750,000		7.500		02/02/34	1,843,516
	420,000		8.000		11/14/35	458,981
	920,000		5.625		02/26/44	771,075
	1,660,000		5.000		06/15/45	1,281,312
	1,290,000		4.125		05/15/51	855,028
	840,000		8.750		11/14/53	964,687
	2,320,000		3.875		02/15/61	1,440,575
						16,798,975
Costa Rica – 1.4%
Costa Rica Government International Bonds (BB-/B1)
	880,000		6.125		02/19/31	899,525
	3,833,000		6.550	(a)(b)	04/03/34	3,969,072
	470,000		5.625		04/30/43	428,405
	470,000		7.000		04/04/44	489,975
	460,000		7.300	(a)(b)	11/13/54	498,594
						6,285,571
Dominican Republic – 2.9%
Dominican Republic International Bonds (BB/Ba3)
	450,000		6.875		01/29/26	457,515
	1,310,000		5.950		01/25/27	1,312,725
	940,000		5.500	(a)(b)	02/22/29	918,756
	300,000		5.500	(b)	02/22/29	293,220
	2,900,000		4.500	(a)	01/30/30	2,664,375
	830,000		4.500		01/30/30	762,562
	2,020,000		7.050	(a)(b)	02/03/31	2,118,879
	199,000		6.850		01/27/45	197,906
	1,700,000		6.500	(a)	02/15/48	1,618,400
	360,000		6.400	(a)	06/05/49	338,400
	2,330,000		5.875		01/30/60	2,013,120
						12,695,858

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Ecuador – 1.1%
Ecuador Government International Bonds (B-/NR)
$	1,462,360		0.000	%(a)(d)	07/31/30	$    414,579
	1,620,000		0.000	(d)	07/31/30	459,270
	2,180,000		6.000	(c)	07/31/30	1,009,340
	6,008,455		3.500	(a)(c)	07/31/35	2,129,997
	3,160,000		2.500	(c)	07/31/40	995,400
						5,008,586
Egypt – 1.0%
Egypt Government International Bonds (B-/Caa1)
	200,000		8.750		09/30/51	125,938
	1,720,000		7.500		02/16/61	1,000,287
Egypt Government International Bonds (B-/Caa1u)
	510,000		7.053		01/15/32	348,234
	2,530,000		8.700		03/01/49	1,577,297
	1,870,000		8.875	(a)	05/29/50	1,186,866
Egypt Government International Bonds (NR/Caa1)
	210,000		8.500		01/31/47	130,331
						4,368,953
El Salvador – 1.2%
El Salvador Government International Bonds (B-/Caa3u)
	1,368,000		5.875		01/30/25	1,281,217
	580,000		6.375		01/18/27	509,313
	30,000		8.625		02/28/29	26,728
	710,000		8.250		04/10/32	598,175
	610,000		7.650		06/15/35	473,322
	1,100,000		7.625		02/01/41	820,875
	830,000		7.125	(b)	01/20/50	585,928
	1,210,000		9.500	(a)(b)	07/15/52	1,003,922
						5,299,480
Ghana(e) – 0.9%
Ghana Government International Bonds (D/Ca)
	796,000		6.375		02/11/27	352,479
	960,000		7.750		04/07/29	412,800
	800,000		7.625		05/16/29	344,000
	560,000		8.125	(a)	03/26/32	243,600
	664,000		8.625		04/07/34	285,520
	810,000		7.875		02/11/35	351,337
	490,000		8.875		05/07/42	207,637
	304,000		8.875	(a)	05/07/42	128,820
	210,000		8.627	(a)	06/16/49	88,725
	379,000		8.627		06/16/49	160,128
	440,000		8.950		03/26/51	188,925
Ghana Government International Bonds (NR/Caa3)
	1,970,000		10.750		10/14/30	1,236,175
						4,000,146
Guatemala – 2.1%
Guatemala Government Bonds (BB/Ba1)
	2,760,000		4.375	(a)	06/05/27	2,641,320
	1,330,000		5.250	(a)(b)	08/10/29	1,302,070
	730,000		5.250	(b)	08/10/29	714,670
	1,270,000		4.900	(b)	06/01/30	1,221,105

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Guatemala – (continued)
Guatemala Government Bonds (BB/Ba1) – (continued)
$	430,000		7.050	%(b)	10/04/32	$    456,875
	350,000		7.050	(a)(b)	10/04/32	371,875
	1,090,000		6.125	(a)(b)	06/01/50	1,031,140
Guatemala Government Bonds (BB/NR)
	1,640,000		4.650	(b)	10/07/41	1,336,600
						9,075,655
Honduras(a)(b) – 0.1%
Honduras Government International Bonds (BB-/B1)
	710,000		5.625		06/24/30	631,900
Hungary – 3.6%
Hungary Government International Bonds (BBB-/Baa2)
	2,840,000		6.125	(a)	05/22/28	2,954,054
	1,020,000		6.125		05/22/28	1,060,963
	1,670,000		5.250		06/16/29	1,679,235
	1,870,000		5.250	(a)	06/16/29	1,880,341
	1,770,000		2.125		09/22/31	1,426,744
	2,580,000		6.250	(a)	09/22/32	2,753,170
	630,000		5.500	(a)	06/16/34	638,253
	2,560,000		3.125		09/21/51	1,729,613
	580,000		6.750	(a)	09/25/52	649,153
Magyar Export-Import Bank Zrt (BBB-/NR)(f)
	790,000		6.125	(a)(b)	12/04/27	803,707
						15,575,233
Indonesia – 1.7%
Indonesia Government International Bonds (BBB/Baa2)
	2,030,000		4.650	(b)	09/20/32	2,026,828
EUR	870,000		1.100		03/12/33	756,574
$	350,000		4.625		04/15/43	342,125
	910,000		3.050		03/12/51	693,022
	420,000		5.650	(b)	01/11/53	459,113
	1,950,000		3.200	(b)	09/23/61	1,408,266
	1,490,000		3.350		03/12/71	1,086,303
Perusahaan Penerbit SBSN Indonesia III (BBB/Baa2)
	572,000		3.800	(a)	06/23/50	473,866
						7,246,097
Iraq(b) – 0.3%
Iraq International Bonds (NR/NR)
	1,524,375		5.800		01/15/28	1,422,432
Ivory Coast – 0.6%
Ivory Coast Government International Bonds (BB-/Ba3)
EUR	680,000		5.250		03/22/30	672,333
$	1,900,000		6.125		06/15/33	1,744,438
						2,416,771
Jamaica – 0.3%
Jamaica Government International Bonds (BB-/B1)
	1,140,000		7.875		07/28/45	1,392,510
Jordan – 1.0%
Jordan Government International Bonds (B+/B1)
	1,455,000		5.750		01/31/27	1,427,264
	480,000		7.500	(a)	01/13/29	485,400

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Jordan – (continued)
Jordan Government International Bonds (B+/B1) – (continued)
$	800,000		5.850	%(a)	07/07/30	$    741,750
	1,940,000		5.850		07/07/30	1,798,744
						4,453,158
Kenya – 0.5%
Republic of Kenya Government International Bonds (B/B3u)
	510,000		7.000	(a)	05/22/27	478,125
	240,000		7.250		02/28/28	219,600
	400,000		7.250	(a)	02/28/28	366,000
	490,000		8.000	(a)	05/22/32	442,225
	820,000		8.250		02/28/48	678,550
						2,184,500
Lebanon(e) – 0.2%
Lebanon Government International Bonds (D/NR)
	2,710,000		8.250		04/12/21	158,366
	2,020,000		6.650		04/22/24	118,675
	3,060,000		6.200		02/26/25	180,731
	130,000		6.600		11/27/26	7,678
	710,000		6.850		03/23/27	41,934
	750,000		6.650		11/03/28	44,531
	4,664,000		6.850		05/25/29	278,674
	654,000		6.650		02/26/30	39,036
	1,520,000		7.050		11/02/35	90,725
Lebanon Government International Bonds (D/WR)
	310,000		6.100		10/04/22	18,213
Lebanon Government International Bonds (NR/NR)
	233,000		6.750		11/29/27	13,907
						992,470
Macedonia(a) – 0.3%
North Macedonia Government International Bonds (BB-/NR)
EUR	1,040,000		2.750		01/18/25	1,120,232
	320,000		6.960	(b)	03/13/27	368,218
						1,488,450
Maldives(a) – 0.1%
Maldives Sukuk Issuance Ltd. (NR/Caa1)
$	600,000		9.875		04/08/26	480,563
Mexico(b) – 2.6%
Mexico Government International Bonds (BBB/Baa2)
	3,520,000		2.659		05/24/31	2,968,900
	710,000		4.875		05/19/33	683,819
EUR	560,000		2.250		08/12/36	484,381
$	1,240,000		4.280		08/14/41	1,023,000
EUR	1,110,000		2.125		10/25/51	736,959
$	1,250,000		6.338		05/04/53	1,272,656
	5,119,000		3.771		05/24/61	3,460,124
	1,400,000		3.750		04/19/71	931,000
						11,560,839
Mongolia(a) – 0.4%
Mongolia Government International Bonds (B/B3u)
	280,000		5.125		04/07/26	271,863
	460,000		3.500		07/07/27	410,837

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Mongolia(a) – (continued)
Mongolia Government International Bonds (B/B3u) – (continued)
$	720,000		8.650	%	01/19/28	$    757,800
	200,000		7.875		06/05/29	204,522
						1,645,022
Morocco – 1.7%
Morocco Government International Bonds (BB+/Ba1u)
	920,000		2.375	(a)	12/15/27	822,825
	1,230,000		2.375		12/15/27	1,100,081
	1,230,000		5.950	(a)	03/08/28	1,259,981
	270,000		5.950		03/08/28	276,581
EUR	710,000		1.500	(a)	11/27/31	624,105
$	690,000		3.000	(a)	12/15/32	566,878
	1,390,000		6.500	(a)	09/08/33	1,465,147
	1,230,000		4.000		12/15/50	882,910
Morocco Government International Bonds (BB+/NR)
	510,000		5.500		12/11/42	462,506
						7,461,014
Nigeria – 2.4%
Nigeria Government International Bonds (B-/Caa1)
	3,335,000		6.500		11/28/27	3,041,103
	630,000		6.125	(a)	09/28/28	557,550
	2,080,000		6.125		09/28/28	1,840,800
	1,518,000		7.143		02/23/30	1,364,777
	1,320,000		7.875		02/16/32	1,183,462
	1,050,000		7.696	(a)	02/23/38	859,687
	680,000		7.625		11/28/47	537,751
	1,215,000		8.250		09/28/51	995,541
						10,380,671
Oman – 3.7%
Oman Government International Bonds (NR/Ba1)
	550,000		6.750		01/17/48	574,234
Oman Government International Bonds (BB+/Ba1)
	1,430,000		4.750		06/15/26	1,411,231
	700,000		5.375		03/08/27	703,938
	1,500,000		6.500		03/08/47	1,528,125
Oman Government International Bonds (NR/Ba1)
	1,740,000		6.750	(a)	10/28/27	1,835,156
	3,960,000		5.625		01/17/28	4,029,300
	2,880,000		6.000		08/01/29	2,980,800
	200,000		6.250		01/25/31	210,063
	1,390,000		7.375	(a)	10/28/32	1,575,478
	1,420,000		6.750	(a)	01/17/48	1,482,569
						16,330,894
Pakistan – 1.0%
Pakistan Government International Bonds (CCC+/Caa3)
	1,438,000		8.250		04/15/24	1,358,910
	500,000		7.875		03/31/36	313,180
Pakistan Government International Bonds (NR/Caa3)
	1,630,000		7.375		04/08/31	987,678
	2,010,000		8.875		04/08/51	1,206,000

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Pakistan – (continued)
Pakistan Water & Power Development Authority (CCC+/NR)
$	940,000		7.500	%	06/04/31	$    488,800
						4,354,568
Panama – 2.0%
Panama Government International Bonds (BBB/Baa3)
	470,000		6.875	(b)	01/31/36	468,531
	1,190,000		4.500	(b)	04/16/50	824,075
	460,000		6.853	(b)	03/28/54	429,525
	1,990,000		4.500	(b)	04/01/56	1,334,544
	3,101,000		3.870	(b)	07/23/60	1,851,879
	1,950,000		4.500	(b)	01/19/63	1,274,203
Panama Notas del Tesoro (BBB/Baa3)
	2,560,000		3.750		04/17/26	2,432,000
						8,614,757
Paraguay – 1.5%
Paraguay Government International Bonds (BB/Ba1)
	469,000		5.000	(a)	04/15/26	463,766
	2,190,000		4.700	(a)	03/27/27	2,155,097
	340,000		4.950	(a)(b)	04/28/31	331,840
	3,229,000		2.739	(a)(b)	01/29/33	2,647,780
	1,000,000		5.400	(b)	03/30/50	891,500
						6,489,983
Peru(b) – 1.5%
Peru Government International Bonds (BBB/Baa1)
	360,000		2.783		01/23/31	312,863
EUR	580,000		1.250		03/11/33	501,258
$	950,000		3.000		01/15/34	799,781
	2,600,000		2.780		12/01/60	1,617,688
	900,000		3.600		01/15/72	633,600
	4,520,000		3.230		07/28/21(g)	2,809,462
						6,674,652
Philippines – 0.4%
Philippines Government International Bonds (BBB+/Baa2)
	1,870,000		3.200		07/06/46	1,435,809
	330,000		5.950		10/13/47	366,816
						1,802,625
Poland – 1.3%
Bank Gospodarstwa Krajowego (NR/A2)(f)
	1,380,000		6.250	(a)	10/31/28	1,455,624
Bank Gospodarstwa Krajowego (NR/A2)(f)
	1,420,000		5.375	(a)	05/22/33	1,437,963
Republic of Poland Government International Bonds (A-/A2)
	1,310,000		5.750	(b)	11/16/32	1,413,713
	1,430,000		5.500	(b)	04/04/53	1,487,786
						5,795,086
Qatar – 0.6%
Qatar Government International Bonds (AA/Aa3)
	1,790,000		4.400		04/16/50	1,651,400

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Qatar – (continued)
Qatar Government International Bonds (AA/Aa3) – (continued)
$	830,000		4.400	%(a)	04/16/50	$    765,733
						2,417,133
Romania – 2.0%
Romania Government International Bonds (BBB-/Baa3)
	1,520,000		3.000	(a)	02/27/27	1,413,600
	2,400,000		6.625	(a)	02/17/28	2,478,336
	920,000		6.625		02/17/28	949,928
EUR	1,130,000		1.750	(a)	07/13/30	1,007,576
$	1,050,000		3.000	(a)	02/14/31	892,678
EUR	700,000		2.124	(a)	07/16/31	614,294
$	20,000		3.625	(a)	03/27/32	17,266
EUR	140,000		3.375		01/28/50	104,948
$	530,000		4.000		02/14/51	381,833
	740,000		7.625	(a)	01/17/53	826,817
						8,687,276
Russia – 0.8%
Egypt Government International Bonds (B-/Caa1)
	2,740,000		7.300		09/30/33	1,804,119
Egypt Government International Bonds (B-/Caa1u)
	700,000		7.625	(a)	05/29/32	484,531
	1,850,000		8.875		05/29/50	1,174,172
						3,462,822
Saudi Arabia – 1.9%
Saudi Government International Bonds (NR/A1)
	1,050,000		5.500	(a)	10/25/32	1,116,609
	1,360,000		5.000	(a)	01/18/53	1,277,975
	200,000		3.750		01/21/55	151,750
	1,770,000		3.750	(a)	01/21/55	1,342,988
	5,100,000		4.500	(a)	04/22/60	4,403,531
						8,292,853
Senegal – 0.3%
Senegal Government International Bonds (B+/Ba3)
EUR	1,080,000		4.750		03/13/28	1,099,120
Serbia – 1.5%
Serbia International Bonds (BB+/Ba2)
$	1,800,000		6.250	(a)	05/26/28	1,839,978
EUR	1,170,000		1.000	(a)	09/23/28	1,090,335
$	1,190,000		2.125		12/01/30	951,500
EUR	520,000		1.650		03/03/33	423,882
$	880,000		6.500	(a)	09/26/33	900,143
EUR	290,000		2.050		09/23/36	222,335
Serbia International Bonds (NR/Ba2)
	930,000		3.125		05/15/27	980,997
						6,409,170
South Africa – 2.9%
Republic of South Africa Government International Bonds (BB-/Ba2)
$	1,190,000		4.300		10/12/28	1,111,162
	3,890,000		4.850		09/30/29	3,642,012
	1,500,000		5.875		04/20/32	1,420,800

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
South Africa – (continued)
Republic of South Africa Government International Bonds (BB-/Ba2) – (continued)
$	530,000		6.250	%	03/08/41	$    470,706
	940,000		5.375		07/24/44	748,475
	430,000		5.000		10/12/46	316,588
	3,040,000		5.750		09/30/49	2,424,339
	890,000		7.300		04/20/52	841,050
Republic of South Africa Government International Bonds (NR/Ba2)
	280,000		4.850		09/27/27	274,313
	1,850,000		5.650		09/27/47	1,475,375
						12,724,820
Sri Lanka(e) – 0.9%
Sri Lanka Government International Bonds (D/Ca)
	690,000		6.125		06/03/25	351,976
	1,890,000		6.850	(a)	11/03/25	963,309
	1,150,000		6.200		05/11/27	576,438
	327,000		6.750		04/18/28	164,011
	470,000		6.750	(a)	04/18/28	235,734
	490,000		7.550		03/28/30	245,153
	3,010,000		7.550	(a)	03/28/30	1,505,941
						4,042,562
Trinidad and Tobago(a)(b) – 0.3%
Trinidad & Tobago Government International Bonds (BBB-/Ba2)
	1,560,000		4.500		06/26/30	1,503,060
Tunisia – 0.4%
Tunisian Republic (NR/Caa2)
	1,890,000		5.750		01/30/25	1,539,759
Turkey – 3.2%
Hazine Mustesarligi Varlik Kiralama AS (NR/B3)
	1,000,000		8.509	(a)	01/14/29	1,060,500
Hazine Mustesarligi Varlik Kiralama AS (NR/B3)
	2,130,000		5.125		06/22/26	2,058,112
Turkiye Government International Bonds (NR/B3)
	2,480,000		5.250		03/13/30	2,275,400
	2,200,000		5.950		01/15/31	2,068,440
	880,000		5.875		06/26/31	820,600
	2,670,000		6.500		09/20/33	2,549,850
	1,750,000		6.000		01/14/41	1,481,463
	780,000		4.875		04/16/43	569,478
	1,470,000		5.750		05/11/47	1,146,600
						14,030,443
Ukraine – 1.0%
Ukraine Government International Bonds (CCC/Cau)
	2,600,000		7.750		09/01/27	694,200
	1,490,000		7.750		09/01/29	404,163
Ukraine Government International Bonds (CCC/NR)
	400,000		8.994		02/01/26	117,200
EUR	1,380,000		6.750		06/20/28	358,011
$	910,000		6.876		05/21/31	206,172
EUR	1,460,000		4.375	(a)	01/27/32	323,965
	970,000		4.375		01/27/32	215,237
$	2,620,000		7.375		09/25/34	609,150

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Ukraine – (continued)
Ukraine Government International Bonds (CCC/NR) – (continued)
$	873,000		7.253	%(a)	03/15/35	$    202,536
	3,120,000		7.253		03/15/35	723,840
	1,108,000		7.750	(b)(e)(h)	08/01/41	492,838
						4,347,312
United Arab Emirates – 0.6%
Emirate of Dubai Government International Bonds (NR/NR)
	2,160,000		3.900		09/09/50	1,616,625
Finance Department Government of Sharjah (BBB-/Ba1)
	490,000		3.625	(a)	03/10/33	416,041
	841,000		4.000	(a)	07/28/50	559,265
						2,591,931
Uruguay – 1.1%
Uruguay Government International Bonds (BBB+/Baa2)
	2,575,920		5.750	(b)	10/28/34	2,788,433
	1,850,000		4.975		04/20/55	1,804,675
						4,593,108
Uzbekistan – 1.2%
National Bank of Uzbekistan (BB-/NR)
	1,560,000		4.850		10/21/25	1,444,950
Republic of Uzbekistan International Bonds (BB-/NR)
	940,000		7.850	(a)	10/12/28	981,713
Republic of Uzbekistan International Bonds (BB-/NR)
	1,120,000		5.375		02/20/29	1,061,200
	270,000		5.375	(a)	02/20/29	255,825
	600,000		3.700	(a)	11/25/30	503,625
	1,000,000		3.700		11/25/30	839,375
						5,086,688
Vietnam(b)(f) – 0.1%
Viet Nam Debt & Asset Trading Corp. (NR/NR)
	280,000		1.000		10/10/25	244,286
Zambia(e) – 0.2%
Zambia Government International Bonds (D/NR)
	520,000		8.500		04/14/24	322,400
	600,000		8.970		07/30/27	369,750
						692,150
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $335,622,159)						$305,602,890
Corporate Obligations – 23.7%
Australia(b) – 0.2%
Santos Finance Ltd. (BBB-/NR)
$	680,000		5.250	%	03/13/29	$    666,896
Bermuda(a)(b) – 0.3%
Tengizchevroil Finance Co. International Ltd. (BB+/Baa2)
	1,280,000		2.625		08/15/25	1,201,190

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Brazil(b) – 0.4%
Banco do Brasil SA (B-/NR) (10 yr. CMT + 4.398%)
$	1,370,000		6.250	%(h)	04/15/24	$   1,331,201
BRF SA (NR/Ba3)
	420,000		4.875		01/24/30	367,664
						1,698,865
British Virgin Islands – 0.1%
Easy Tactic Ltd. (NR/NR)
	425,650		7.500	(b)(i)	07/11/28	17,026
SF Holding Investment 2021 Ltd. (A-/A3)
	390,000		2.375		11/17/26	361,472
						378,498
Burundi – 0.8%
Eastern & Southern African Trade & Development Bank (NR/Baa3)
	3,740,000		4.875		05/23/24	3,689,360
Cayman Islands(d)(j) – 0.0%
Meituan (NR/Baa3)
	200,000		0.000		04/27/27	182,500
Chile – 0.6%
Empresa de los Ferrocarriles del Estado (A/NR)
	600,000		3.068	(a)(b)	08/18/50	362,862
Empresa de Transporte de Pasajeros Metro SA (NR/A3)
	830,000		3.650	(a)(b)	05/07/30	761,899
GNL Quintero SA (BBB+/Baa2)
	748,360		4.634		07/31/29	730,820
Inversiones CMPC SA (BBB/Baa3)
	200,000		3.850	(b)	01/13/30	184,313
	540,000		6.125	(a)(b)	06/23/33	558,056
						2,597,950
China(b) – 0.3%
China Aoyuan Group Ltd. (NR/NR)
	370,000		5.980	(e)	08/18/25	3,700
Fantasia Holdings Group Co. Ltd. (NR/NR)
	340,000		10.875	(e)	03/02/24	7,650
Fantasia Holdings Group Co. Ltd. (NR/WR)
	200,000		11.875	(e)	06/01/23	4,500
Meituan (BBB/Baa3)
	450,000		3.050		10/28/30	379,251
Prosus NV (BBB/Baa3)
	420,000		4.193		01/19/32	360,675
Redsun Properties Group Ltd. (NR/Caa3u)
	220,000		9.700	(e)	04/16/23	1,100
Shimao Group Holdings Ltd. (NR/NR)
	310,000		5.600	(e)	07/15/26	10,850
	1,020,000		5.200	(e)	01/16/27	35,700
	550,000		4.600	(e)	07/13/30	19,250
	400,000		3.450	(e)	01/11/31	14,000
Sunac China Holdings Ltd. (NR/NR)
	122,441		6.000	(a)(i)	09/30/26	14,693
	122,441		6.250	(a)(i)	09/30/27	12,550
	244,883		6.500	(a)(i)	09/30/27	21,427

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
China(b) – (continued)
Sunac China Holdings Ltd. (NR/NR) – (continued)
$	150,190		0.000	%(a)(d)	09/30/28	$     33,793
	367,327		6.750	(a)(i)	09/30/28	28,468
	367,327		7.000	(a)(i)	09/30/29	26,631
	172,562		7.250	(a)(i)	09/30/30	11,648
	218,407		1.000	(a)(i)	09/30/32	16,381
Yuzhou Group Holdings Co. Ltd. (NR/Cu)
	1,060,000		7.375	(e)	01/13/26	60,950
	410,000		6.350	(e)	01/13/27	23,575
(5 yr. CMT + 8.527%)
	2,020,000		5.375	(e)	03/29/24	20,200
Yuzhou Group Holdings Co. Ltd. (NR/WR)
	480,000		6.000	(e)	10/25/23	27,600
						1,134,592
Colombia – 0.7%
Banco de Bogota SA (NR/Ba2)
	350,000		6.250	(a)	05/12/26	342,650
Ecopetrol SA (BB+/Baa3)
	470,000		8.625	(b)	01/19/29	501,137
	250,000		6.875	(b)	04/29/30	246,250
	2,070,000		4.625	(b)	11/02/31	1,751,091
	380,000		8.875	(b)	01/13/33	411,944
						3,253,072
Cyprus – 0.1%
MHP SE (D/NR)
	430,000		7.750		05/10/24	404,200
Dominican Republic(a)(b) – 0.4%
Aeropuertos Dominicanos Siglo XXI SA (BB/Ba3)
	1,690,000		6.750		03/30/29	1,676,987
Free Of Tax(a)(b) – 0.4%
African Export-Import Bank (NR/Baa1)
	1,462,000		2.634		05/17/26	1,350,186
	650,000		3.798		05/17/31	550,992
						1,901,178
Hong Kong – 0.3%
CNAC HK Finbridge Co. Ltd. (NR/Baa2)
	1,353,000		3.875		06/19/29	1,267,599
India – 0.5%
Adani Electricity Mumbai Ltd. (BBB-/Baa3)
	262,000		3.949		02/12/30	213,776
Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3)
	370,000		4.200	(b)	08/04/27	330,919
	270,000		4.375		07/03/29	232,115
Reliance Industries Ltd. (BBB+/Baa2)
	1,480,000		2.875	(a)	01/12/32	1,266,998
						2,043,808
Indonesia – 1.3%
Bank Negara Indonesia Persero Tbk. PT (NR/Ba3) (5 yr. CMT + 3.466%)
	278,000		4.300	(b)(h)	03/24/27	245,422

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Indonesia – (continued)
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2)
$	380,000		6.530	%	11/15/28	$    398,881
	490,000		5.450	(b)	05/15/30	492,297
	560,000		5.800	(a)(b)	05/15/50	539,175
Pertamina Geothermal Energy PT (NR/Baa3)
	330,000		5.150	(a)(b)	04/27/28	330,619
Pertamina Persero PT (NR/Baa2)
	690,000		3.650		07/30/29	648,816
Pertamina Persero PT (BBB/Baa2)
	690,000		6.500		05/27/41	756,412
	1,500,000		6.000		05/03/42	1,564,219
Pertamina Persero PT (NR/Baa2)
	620,000		4.150	(b)	02/25/60	490,575
						5,466,416
Ivory Coast(a)(f) – 0.4%
Brazil Minas SPE via State of Minas Gerais (BB/NR)
	1,750,000		5.333		02/15/28	1,720,162
Kazakhstan – 0.9%
KazMunayGas National Co. JSC (BB+/Baa2)
	2,522,000		4.750		04/19/27	2,456,050
KazMunayGas National Co. JSC (NR/Baa2)
	1,840,000		3.500	(a)(b)	04/14/33	1,527,775
						3,983,825
Luxembourg(b) – 0.1%
Rede D’or Finance SARL (BB/NR)
	256,000		4.500	(a)	01/22/30	228,117
	302,000		4.500		01/22/30	269,106
						497,223
Macau(b) – 0.1%
Sands China Ltd. (BBB-/Baa2)
	450,000		5.650		08/08/28	443,925
Malaysia – 1.2%
GENM Capital Labuan Ltd. (BBB-/NR)
	740,000		3.882	(a)(b)	04/19/31	630,156
Khazanah Global Sukuk Bhd. (A-/A3)
	640,000		4.687		06/01/28	642,234
Petronas Capital Ltd. (A-/A2)
	920,000		3.500	(b)	04/21/30	860,310
	3,590,000		4.550	(a)(b)	04/21/50	3,301,939
						5,434,639
Mauritius(a)(b) – 0.1%
India Airport Infra (NR/B1)
	250,000		6.250		10/25/25	245,938
India Green Power Holdings (NR/Ba3)
	420,000		4.000		02/22/27	384,300
						630,238

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Mexico – 3.7%
Banco Mercantil del Norte SA (BB-/Ba2)
(5 yr. CMT + 4.643%)
$	790,000		5.875	%(a)(b)(h)	01/24/27	$    723,150
(5 yr. CMT + 4.967%)
	719,000		6.750	(a)(b)(h)	09/27/24	708,560
BBVA Bancomer SA (BB/NR) (5 yr. CMT + 2.650%)
	550,000		5.125	(a)(b)(h)	01/18/33	496,144
Bimbo Bakeries USA, Inc. (BBB+/Baa1)
	1,260,000		6.050	(a)(b)	01/15/29	1,319,850
	940,000		6.400	(a)(b)	01/15/34	1,040,458
Cemex SAB de CV (B+/NR) (5 yr. CMT + 5.157%)
	760,000		9.125	(a)(b)(h)	03/14/28	806,360
Cemex SAB de CV (BB+/NR)
	400,000		5.450	(b)	11/19/29	393,420
Mexico City Airport Trust (BBB/Baa3)
	980,000		4.250	(a)(b)	10/31/26	943,769
	1,510,000		3.875	(a)(b)	04/30/28	1,414,342
	280,000		5.500	(a)(b)	10/31/46	240,120
	722,000		5.500	(b)	10/31/46	619,166
	1,109,000		5.500	(b)	07/31/47	952,831
Petroleos Mexicanos (BBB/B1)
	604,000		6.490	(b)	01/23/27	563,351
	460,000		5.350		02/12/28	398,015
	654,000		5.950	(b)	01/28/31	518,949
	370,000		6.700	(b)	02/16/32	306,175
	290,000		5.625		01/23/46	175,595
	2,570,000		6.750		09/21/47	1,681,422
	1,600,000		6.350		02/12/48	1,014,864
	833,000		7.690	(b)	01/23/50	592,471
	2,213,000		6.950	(b)	01/28/60	1,455,047
						16,364,059
Morocco(b) – 0.2%
OCP SA (BB+/NR)
	1,180,000		5.125		06/23/51	892,744
Netherlands – 0.7%
IHS Netherlands Holdco BV (B+/B3)
	200,000		8.000	(a)(b)	09/18/27	177,313
Minejesa Capital BV (NR/Baa3)
	370,000		4.625		08/10/30	350,686
MV24 Capital BV (BB+/NR)
	814,424		6.748	(a)	06/01/34	758,799
NE Property BV (BBB/NR)
EUR	530,000		1.875	(b)	10/09/26	532,195
	450,000		3.375	(b)	07/14/27	467,040
Prosus NV (BBB/Baa3)
$	310,000		3.257	(a)(b)	01/19/27	284,909
	480,000		3.680	(b)	01/21/30	417,300
						2,988,242
Panama(a) – 1.0%
Aeropuerto Internacional de Tocumen SA (BBB/Baa3)
	940,000		4.000	(b)	08/11/41	708,008
	2,130,000		5.125	(b)	08/11/61	1,597,649

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Panama(a) – (continued)
Autoridad del Canal de Panama (A-/A3)
$	380,000		4.950	%	07/29/35	$    341,715
Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2)
	1,970,000		2.375	(b)	09/14/25	1,849,751
						4,497,123
Peru(a) – 0.2%
Atlantica Transmision Sur SA (BBB/NR)
	710,556		6.875		04/30/43	703,578
Qatar(a)(b) – 0.6%
QatarEnergy (AA/Aa3)
	3,837,000		3.300		07/12/51	2,795,638
South Africa – 1.7%
Eskom Holdings SOC Ltd. (B/B2)
	1,760,000		7.125		02/11/25	1,758,350
Eskom Holdings SOC Ltd. (BB-/Ba2)(f)
	2,350,000		4.314		07/23/27	2,195,299
	720,000		6.350		08/10/28	699,075
Transnet SOC Ltd. (BB-/Ba3)
	1,660,000		8.250	(a)	02/06/28	1,667,263
	1,090,000		8.250		02/06/28	1,094,769
						7,414,756
Thailand(b) – 0.2%
PTT Treasury Center Co. Ltd. (BBB+/Baa1)
	430,000		3.700	(a)	07/16/70	315,732
PTTEP Treasury Center Co. Ltd. (NR/Baa1)
	478,000		2.587		06/10/27	443,034
						758,766
Turkey(b)(h) – 0.4%
Yapi ve Kredi Bankasi AS (NR/Caa3u) (5 yr. USD Swap + 11.245%)
	1,700,000		13.875		01/15/24	1,702,656
Ukraine(e)(f) – 0.0%
NPC Ukrenergo (NR/Ca)
	346,000		6.875		11/09/28	90,998
United Arab Emirates – 1.4%
Abu Dhabi Crude Oil Pipeline LLC (AA/NR)
	2,880,000		4.600	(a)	11/02/47	2,634,300
DP World Crescent Ltd. (NR/Baa2)
	1,260,000		3.750	(b)	01/30/30	1,182,762
DP World Ltd. (NR/Baa2)
	970,000		4.700	(b)	09/30/49	819,233
Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2)
	433,214		2.160	(a)	03/31/34	375,543
NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%)
	1,140,000		4.500	(a)(b)(h)	08/27/25	1,090,481
						6,102,319
United Kingdom – 0.4%
CK Hutchison International 20 Ltd. (A/A2)
	540,000		2.500	(b)	05/08/30	470,794

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
United Kingdom – (continued)
CK Hutchison International 23 Ltd. (A/A2)
$	210,000		4.875	%(b)	04/21/33	$    210,048
IHS Holding Ltd. (B+/NR)
	480,000		5.625	(a)(b)	11/29/26	414,600
	400,000		6.250	(a)(b)	11/29/28	321,000
Prudential Funding Asia PLC (A-/A3) (5 yr. CMT + 1.517%)
	310,000		2.950	(b)(h)	11/03/33	271,786
Ukraine Railways Via Rail Capital Markets PLC (NR/NR)
	410,000		8.250		07/09/26	221,400
						1,909,628
United States(b) – 0.8%
Kosmos Energy Ltd. (B/B3u)
	730,000		7.750	(a)	05/01/27	680,725
Sasol Financing USA LLC (BB+/Ba1)
	2,780,000		5.875		03/27/24	2,758,316
						3,439,041
Venezuela(e) – 3.2%
Petroleos de Venezuela SA (NR/NR)
	130,320,000		0.000		10/28/22	9,422,136
	21,600,000		6.000		05/16/24	2,335,500
	77,934		6.000		11/15/26	8,451
	17,520,000		5.375		04/12/27	1,787,741
	1,650,000		5.375		04/12/27	168,366
	2,180,000		5.500		04/12/37	226,856
						13,949,050
TOTAL CORPORATE OBLIGATIONS (Cost $155,925,570)						$103,881,721

Shares		Description	Value
	Common Stocks – 0.0%
	China – 0.0%
	105,132	Sunac China Holdings Ltd. Real Estate Management & Development	$     20,212
	224,816	Sunac Services Holdings Ltd. Real Estate Management & Development	53,924
			74,136
	TOTAL COMMON STOCKS (Cost $526,846)		$     74,136

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Shares	Dividend Rate	Value
Investment Company(k) – 1.7%
Goldman Sachs Financial Square Government Fund — Institutional Shares
7,239,289	5.248%	$  7,239,289
(Cost $ 7,239,289)
TOTAL INVESTMENTS – 95.3% (Cost $ 499,313,864)		$416,798,036
OTHER ASSETS IN EXCESS OF  LIABILITIES – 4.7%		20,723,245
NET ASSETS – 100.0%		$437,521,281

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2023.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)	Security is currently in default and/or non-income producing.
(f)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $8,647,114, which represents approximately 2% of the Fund’s net assets as of December 31, 2023.
(g)	Actual maturity date is July 28, 2121.
(h)	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.
(i)	Pay-in-kind securities.
(j)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on December 31, 2023.
(k)	Represents an affiliated Issuer.

   

GOLDMAN SACHS EMERGING MARKETS DEBT 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
JPMorgan Securities, Inc.	AUD	656,000	JPY	61,538,113		03/21/24	$	6,075
	AUD	3,142,196	USD	2,068,822		03/20/24		77,612
	CAD	3,616,804	USD	2,683,005		03/20/24		49,554
	CHF	296,222	EUR	315,000		01/15/24		4,820
	CHF	1,802,645	EUR	1,917,069		01/25/24		30,643
	CHF	653,699	USD	750,084		03/20/24		33,644
	CNH	12,363,828	USD	1,743,000		03/20/24		1,866
	COP	2,877,225,625	USD	696,311		02/07/24		40,258
	COP	1,888,786,561	USD	458,342		02/09/24		25,013
	COP	5,089,590,028	USD	1,167,472		02/16/24		133,365
	COP	3,479,989,792	USD	840,300		05/10/24		34,796
	EUR	1,169,439	CZK	28,770,409		01/25/24		7,033
	EUR	326,632	GBP	283,076		01/25/24		95
	EUR	400,000	PLN	1,732,400		03/20/24		3,216
	EUR	2,385,658	SEK	26,437,154		01/25/24		12,460
	EUR	3,225,141	USD	3,550,880		01/02/24		9,788
	EUR	5,133,034	USD	5,625,555		01/18/24		45,355
	EUR	13,930,660	USD	15,145,043		02/23/24		266,726
	EUR	4,011,018	USD	4,396,041		02/26/24		41,922
	EUR	62,009,371	USD	67,239,797		03/20/24		1,437,364
	EUR	18,929,482	USD	20,394,389		04/05/24		583,630
	GBP	347,557	EUR	400,680		01/15/24		445
	GBP	833,417	USD	1,008,146		01/10/24		54,229
	GBP	2,863,480	USD	3,597,711		02/09/24		53,031
	GBP	1,021,362	USD	1,297,647		03/20/24		4,744
	ILS	1,936,069	USD	521,893		02/22/24		13,583
	ILS	892,753	USD	242,873		03/20/24		4,314
	JPY	14,155,788	USD	96,568		02/13/24		4,515
	JPY	246,754,369	USD	1,714,589		03/21/24		57,939
	KRW	1,151,811,378	USD	876,868		03/20/24		16,730
	MXN	25,376,031	USD	1,402,871		02/07/24		81,894
	MXN	11,400,754	USD	623,074		03/08/24		40,858
	MXN	3,216,259	USD	181,653		03/20/24		5,279
	MXN	26,821,605	USD	1,452,862		04/10/24		100,819
	NOK	10,998,310	USD	1,004,643		03/20/24		79,805
	NZD	2,082,233	AUD	1,926,000		01/25/24		2,794
	NZD	4,619,874	USD	2,843,223		03/07/24		77,818
	NZD	701,159	USD	441,000		03/20/24		2,325
	PLN	53,765,328	USD	13,299,470		03/20/24		349,658
	SEK	37,316,339	EUR	3,339,519		01/25/24		13,206
	SEK	12,643,644	USD	1,221,558		03/20/24		36,002
	SGD	455,336	USD	344,680		01/16/24		612
	SGD	2,963,375	USD	2,235,603		01/25/24		12,650
	SGD	4,042,786	USD	3,019,880		03/20/24		54,816
	TWD	56,807,227	USD	1,823,351		03/13/24		57,601
	USD	16,433	COP	58,790,667		02/16/24		1,407
	USD	300,106	COP	1,179,718,612		05/10/24		3,449
	USD	1,368,717	EUR	1,233,842		01/18/24		5,584
	USD	647,357	EUR	580,264		02/23/24		5,400
	USD	16,903	EUR	14,704		02/26/24		634
	USD	19,361	EUR	16,596		04/05/24		970
	USD	32,446	MXN	550,220		02/07/24		252
	USD	10,774,724	PLN	42,339,710		03/08/24		24,039
	ZAR	60,978,526	USD	3,321,200		01/18/24		6,935
	ZAR	8,016,239	USD	429,738		03/20/24		5,409
TOTAL							$	4,024,981

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	5,120,823	NZD	5,532,511		01/25/24	$	(5,089	)
	CHF	1,114,117	EUR	1,203,881		01/25/24		(2,110	)
	CNH	6,445,288	USD	911,484		03/20/24		(1,882	)
	CZK	13,012,755	EUR	528,948		01/25/24		(3,198	)
	EUR	1,219,386	CHF	1,145,970		01/25/24		(18,734	)
	EUR	782,000	CHF	734,400		03/20/24		(14,395	)
	EUR	328,028	CZK	8,115,253		01/25/24		(44	)
	EUR	1,581,333	GBP	1,372,385		01/25/24		(1,989	)
	EUR	797,000	NOK	9,464,853		03/20/24		(50,547	)
	EUR	688,000	SEK	7,759,147		03/20/24		(9,759	)
	EUR	411,712	USD	456,757		02/26/24		(1,221	)
	GBP	274,767	EUR	317,997		01/25/24		(1,144	)
	GBP	124,996	USD	159,921		02/09/24		(560	)
	GBP	1,048,661	USD	1,340,827		03/20/24		(3,624	)
	NZD	2,044,652	AUD	1,897,902		01/25/24		(1,800	)
	NZD	654,299	AUD	607,336		03/20/24		(1,174	)
	SEK	14,305,200	EUR	1,296,758		01/25/24		(13,233	)
	SGD	483,103	USD	367,328		01/25/24		(807	)
	TRY	13,500,892	USD	426,030		03/20/24		(1,143	)
	USD	852,263	CAD	1,138,705		03/20/24		(8,048	)
	USD	5,187,736	CNH	37,079,113		03/20/24		(45,116	)
	USD	1,828,507	COP	7,527,464,515		02/09/24		(97,833	)
	USD	916,467	COP	3,957,984,841		02/16/24		(95,146	)
	USD	1,810,352	COP	7,468,650,656		05/10/24		(67,751	)
	USD	1,063,117	CZK	24,075,351		03/20/24		(11,162	)
	USD	3,526,125	EUR	3,224,505		01/02/24		(33,841	)
	USD	2,860,399	EUR	2,595,740		01/18/24		(7,341	)
	USD	83,499,430	EUR	76,935,855		02/14/24		(1,587,840	)
	USD	17,409,234	EUR	16,183,101		02/23/24		(494,451	)
	USD	1,654,245	EUR	1,504,939		02/26/24		(10,885	)
	USD	870,431	EUR	795,882		03/20/24		(11,030	)
	USD	18,757,573	EUR	17,470,255		04/05/24		(603,302	)
	USD	986,361	GBP	813,206		01/10/24		(50,252	)
	USD	3,752,442	GBP	2,986,294		02/09/24		(54,882	)
	USD	3,918,647	GBP	3,108,639		03/20/24		(45,338	)
	USD	130,120	HKD	1,015,539		02/28/24		(112	)
	USD	24,592	HUF	8,783,252		03/20/24		(502	)
	USD	757,146	ILS	2,800,258		03/20/24		(18,195	)
	USD	1,298,036	JPY	183,649,196		03/21/24		(21,184	)
	USD	552,342	KRW	722,469,031		03/13/24		(7,950	)
	USD	431,490	KRW	562,309,216		03/20/24		(4,760	)
	USD	1,398,069	MXN	24,825,811		02/07/24		(54,501	)
	USD	644,082	MXN	11,400,754		03/08/24		(19,851	)
	USD	199,637	MXN	3,536,879		03/20/24		(5,930	)
	USD	1,507,159	MXN	26,821,605		04/10/24		(46,522	)
	USD	5,943,629	NZD	9,688,242		03/20/24		(182,008	)
	USD	871,000	PLN	3,433,078		03/20/24		(538	)
	USD	172,274	SEK	1,740,699		01/30/24		(537	)
	USD	1,305,268	SGD	1,727,497		01/25/24		(5,349	)
	USD	881,000	SGD	1,169,029		03/20/24		(8,092	)
	USD	4,785,959	ZAR	92,176,551		03/20/24		(217,691	)
TOTAL							$	(3,950,393	)

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	145	03/19/24	$	16,369,141	$	(3,582	)
2 Year U.S. Treasury Notes	117	03/28/24		24,091,945		189,964
20 Year U.S. Treasury Bonds	71	03/19/24		8,870,562		489,775
5 Year U.S. Treasury Notes	21	03/28/24		2,284,242		(2,085	)
Ultra 10-Year U.S. Treasury Note	45	03/19/24		5,310,703		210,300
Total					$	884,372

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Ultra Long U.S. Treasury Bonds	(19)	03/19/24	$	(2,538,281	)	$	3,687
TOTAL FUTURES CONTRACTS						$	888,059

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)
1M BID Average(a)	11.814%(a)	01/02/24	BRL	21,053		$	(59,438	)	$	(35,194	)	$	(24,244	)
1M BID Average(a)	12.300(a)	01/02/24		6,140			(3,921	)		(22,484	)		18,563
1M BID Average(a)	13.950(a)	01/02/24		42,280			58,236			(121,790	)		180,026
12.795%(a)	1M BID Avg(a)	01/02/24		30,650			34,682			—			34,682
1M BID Average(a)	12.060(a)	01/02/25		64,020			15,462			1,404,238			(1,388,776	)
1M BID Average(a)	12.063(a)	01/02/25		58,420			123,798			1,276,332			(1,152,534	)
10.950(a)	1M BID Average(a)	01/02/25		3,600			17,725			(66,915	)		84,640
12.713(a)	1M BID Average(a)	01/02/25		21,300			(80,909	)		(559,857	)		478,948
13.300(a)	1M BID Avg(a)	01/02/25		27,000			(150,937	)		(775,081	)		624,144
1M BID Average(a)	10.850(a)	01/02/26		113,500			248,483			50,983			197,500
1M BID Average(a)	12.915(a)	01/02/26		9,670			95,502			44,153			51,349
9.500(a)	Mexico Interbank TIIE 28 Days(a)	03/18/26	MXN	97,890	(b)		(19,081	)		(2,569	)		(16,512	)
4M CNRR(c)	2.000(c)	03/20/26	CNY	80,940	(b)		(2,699	)		(25,753	)		23,054
3M KWCDC(c)	3.750(c)	03/20/26	KRW	16,934,740	(b)		158,199			9,524			148,675
3.250(d)	6M EURO(e)	03/20/26	EUR	4,480	(b)		(64,421	)		(34,086	)		(30,335	)
3M JIBAR(c)	8.000(c)	03/20/26	ZAR	171,710	(b)		57,156			58,589			(1,433	)
11.230(a)	1M BID Average(a)	01/04/27	BRL	9,930			(33,547	)		22,293			(55,840	)
10.286(a)	1M BID Average(a)	01/04/27		34,400			(64,131	)		—			(64,131	)
13.030(a)	1M BID Average(a)	01/04/27		5,821			(81,259	)		—			(81,259	)
1M BID Average(a)	8.495(a)	01/04/27		10,300			(152,821	)		(186,600	)		33,779
12M SOFR(d)	3.350(d)	10/06/27	$	57,950	(b)		271,658			(180,050	)		451,708
12M SOFR(d)	3.696(d)	09/22/28		38,250	(b)		378,579			(95,120	)		473,699
11.500(a)	1M BID Average(a)	01/02/29	BRL	30,880			(283,941	)		(110,052	)		(173,889	)
4M CNRR(c)	2.500(c)	03/20/29	CNY	32,270	(b)		45,247			10,302			34,945
3M KWCDC(c)	3.750(c)	03/20/29	KRW	17,239,750	(b)		493,923			111,505			382,418
8.500(c)	3M JIBAR(c)	03/20/29	ZAR	98,890	(b)		(94,570	)		(97,458	)		2,888
3.000(d)	6M EURO(e)	03/20/29	EUR	5,300	(b)		(176,493	)		(140,116	)		(36,377	)
3.000(d)	6M EURO(e)	03/20/31		910	(b)		(39,569	)		(32,483	)		(7,086	)
12M SOFR(d)	3.500(d)	12/20/33	$	950			2,027			4,875			(2,848	)
9.000(a)	Mexico Interbank TIIE 28 Days(a)	03/08/34	MXN	39,070	(b)		(98,238	)		(76,829	)		(21,409	)

GOLDMAN SACHS EMERGING MARKETS DEBT 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)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
4.250%(d)	12M SOFR(d)		03/20/34	$	1,670	(b)	$	(116,182	)	$	(106,803	)	$	(9,379	)
6M EURO(e)	3.000%(d)		03/20/34	EUR	210	(b)		11,087			10,543			544
3M KWCDC(c)	3.750(c)		03/20/34	KRW	1,113,890	(b)		59,609			43,302			16,307
6M WIBOR(e)	5.000(d)		03/20/34	PLN	11,910	(b)		135,302			129,176			6,126
3M JIBAR(c)	9.500(c)		03/20/34	ZAR	53,830	(b)		63,846			34,695			29,151
3.240(d)	12M SOFR(d)		10/06/35	$	13,300	(b)		86,093			(199,439	)		285,532
3.781(d)	12M SOFR(d)		09/22/36		8,630	(b)		(271,801	)		136,649			(408,450	)
3.000(d)	6M EURO(e)		03/20/39	EUR	1,540	(b)		(99,292	)		(79,405	)		(19,887	)
TOTAL							$	463,364		$	399,075		$	64,289

(a) Payments made at monthly.

(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 quarterly.

(d) Payments made annually.

(e) Payments made semi-annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at December 31, 2023(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.5%, 10/28/2027		(1.000)%	0.595%		12/20/28	$	2,420	$	(44,956	)	$	(26,185	)	$	(18,771	)
Republic of Colombia, 10.375%, 12082		(1.000)	1.549		12/20/28		7,230		174,089			392,380			(218,291	)
Republic of South Africa, 5.875%, 9/16/2025		(1.000)	2.018		12/20/28		4,260		189,182			289,097			(99,915	)
Protection Sold:
Federative Republic of Brazil, 4.25%, 1/7/2025		1.000	1.311		12/20/28		6,611		(89,423	)		(238,474	)		149,051
Republic of Indonesia, 4.125%, 1/15/2025		1.000	0.701		12/20/28		5,680		78,099			7,278			70,821
Republic of the Philippines, 10.625%, 3/16/2025		1.000	0.624		12/20/28		4,410		76,165			18,763			57,402
United Mexican States, 4.150%, 03/28/27		1.000	0.880		12/20/28		4,640		26,626			(53,137	)		79,763
TOTAL								$	409,782		$	389,722		$	20,060

(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 EMERGING MARKETS DEBT 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 OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Rate			Expiration Date	Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call USD/Put COP	Barclays Bank PLC		4,200.000	%	02/14/2024	1,111,000	$	1,111,000		$	6,671		$	54,695		$	(48,024	)
Call USD/Put MXN	BofA Securities LLC		17.875		02/05/2024	1,108,000		1,108,000			4,210			38,270			(34,060	)
Call EUR/Put USD	Deutsche Bank AG (London)		1.107		01/16/2024	6,401,000		6,401,000			37,438			38,304			(866	)
Call USD/Put COP	MS & Co. Int. PLC		4,300.000		02/07/2024	1,101,000		1,101,000			3,175			49,380			(46,205	)
Call USD/Put COP	UBS AG (London)		4,232.000		05/08/2024	930,000		930,000			18,404			42,687			(24,283	)
						10,651,000	$	10,651,000		$	69,898		$	223,336		$	(153,438	)
Puts
Put USD/Call COP	Barclays Bank PLC		4,200.000		02/14/2024	1,111,000		1,111,000			88,519			43,496			45,023
Put USD/Call MXN	BofA Securities LLC		17.875		02/05/2024	1,108,000		1,108,000			56,538			38,270			18,268
Put EUR/Call USD	Capital Securities Corp.		1.091		01/16/2024	6,429,955		6,429,955			14,090			35,565			(21,475	)
Put EUR/Call USD	Capital Securities Corp.		1.083		02/22/2024	5,063,000		5,063,000			17,724			35,968			(18,244	)
Put GBP/Call USD	HSBC Bank PLC		1.198		02/07/2024	3,000,000		3,000,000			489			23,080			(22,591	)
Put EUR/Call USD	MS & Co. Int. PLC		1.082		02/21/2024	7,816,000		7,816,000			25,566			107,731			(82,165	)
Put USD/Call COP	MS & Co. Int. PLC		4,300.000		02/07/2024	1,101,000		1,101,000			113,752			49,380			64,372
Put EUR/Call USD	UBS AG (London)		1.060		04/03/2024	6,239,937		6,239,937			14,680			141,916			(127,236	)
Put USD/Call COP	UBS AG (London)		4,232.000		05/08/2024	930,000		930,000			77,440			42,687			34,753
						32,798,892	$	32,798,892		$	408,798		$	518,093		$	(109,295	)
Total purchased option contracts						43,449,892	$	43,449,892		$	478,696		$	741,429		$	(262,733	)
Written option contracts
Calls
Call EUR/Put SEK	Barclays Bank PLC		11.275		01/10/2024	(1,122,000)		(1,122,000	)		(1,276	)		(9,964	)		8,688
Call EUR/Put CZK	BofA Securities LLC		24.320		01/02/2024	(1,116,000)		(1,116,000	)		(18,330	)		(6,713	)		(11,617	)
Call EUR/Put GBP	Capital Securities Corp.		0.858		01/04/2024	(1,113,000)		(1,113,000	)		(11,935	)		(6,777	)		(5,158	)
Call EUR/Put USD	Capital Securities Corp.		1.107		01/16/2024	(6,401,000)		(6,401,000	)		(37,438	)		(22,225	)		(15,213	)
Call AUD/Put NZD	Citibank NA		1.074		01/12/2024	(1,832,000)		(1,832,000	)		(7,555	)		(6,587	)		(968	)
Call AUD/Put NZD	Citibank NA		1.079		01/18/2024	(1,835,000)		(1,835,000	)		(5,246	)		(6,624	)		1,378
Call EUR/Put SEK	Deutsche Bank AG (London)		11.125		01/25/2024	(1,125,000)		(1,125,000	)		(9,521	)		(10,588	)		1,067
Call EUR/Put CHF	HSBC Bank PLC		0.942		01/25/2024	(1,125,000)		(1,125,000	)		(2,427	)		(8,114	)		5,687
Call AUD/Put NZD	JPMorgan Securities, Inc.		1.071		01/04/2024	(1,819,000)		(1,819,000	)		(8,743	)		(5,972	)		(2,771	)
Call USD/Put SGD	JPMorgan Securities, Inc.		1.322		01/25/2024	(1,235,000)		(1,235,000	)		(5,045	)		(6,432	)		1,387
Call AUD/Put NZD	MS & Co. Int. PLC		1.081		01/25/2024	(1,821,000)		(1,821,000	)		(5,197	)		(6,833	)		1,636
Call EUR/Put CHF	MS & Co. Int. PLC		0.947		01/04/2024	(1,113,000)		(1,113,000	)		(86	)		(7,283	)		7,197
Call EUR/Put SEK	MS & Co. Int. PLC		11.080		01/29/2024	(1,117,000)		(1,117,000	)		(12,747	)		(10,601	)		(2,146	)
Call USD/Put MXN	MS & Co. Int. PLC		17.875		02/05/2024	(1,108,000)		(1,108,000	)		(4,210	)		(39,899	)		35,689
Call USD/Put SGD	MS & Co. Int. PLC		1.340		01/12/2024	(1,201,000)		(1,201,000	)		(519	)		(6,458	)		5,939
Call EUR/Put CHF	UBS AG (London)		0.948		01/18/2024	(1,130,000)		(1,130,000	)		(928	)		(7,311	)		6,383
Call EUR/Put CZK	UBS AG (London)		24.650		01/25/2024	(1,125,000)		(1,125,000	)		(8,851	)		(7,279	)		(1,572	)
Call EUR/Put SEK	UBS AG (London)		11.300		01/04/2024	(1,113,000)		(1,113,000	)		(216	)		(9,707	)		9,491
Call USD/Put SGD	UBS AG (London)		1.327		01/17/2024	(1,231,000)		(1,231,000	)		(2,856	)		(6,173	)		3,317
						(29,682,000)	$	(29,682,000	)	$	(143,126	)	$	(191,540	)	$	48,414

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

Description	Counterparty	Exercise Rate			Expiration Date	Number of Contracts	Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts
Put EUR/Call SEK	Barclays Bank PLC		11.275	%	01/10/2024	(1,122,000)	$	(1,122,000	)	$	(18,659	)	$	(9,964	)	$	(8,695	)
Put EUR/Call CZK	BofA Securities LLC		24.320		01/02/2024	(1,116,000)		(1,116,000	)		(11	)		(6,713	)		6,702
Put EUR/Call GBP	Capital Securities Corp.		0.858		01/04/2024	(1,113,000)		(1,113,000	)		(134	)		(6,777	)		6,643
Put AUD/Call NZD	Citibank NA		1.074		01/12/2024	(1,832,000)		(1,832,000	)		(2,263	)		(6,587	)		4,324
Put AUD/Call NZD	Citibank NA		1.079		01/18/2024	(1,835,000)		(1,835,000	)		(5,527	)		(6,624	)		1,097
Put EUR/Call SEK	Deutsche Bank AG (London)		11.125		01/25/2024	(1,125,000)		(1,125,000	)		(10,231	)		(10,588	)		357
Put EUR/Call CHF	HSBC Bank PLC		0.942		01/25/2024	(1,125,000)		(1,125,000	)		(21,294	)		(8,114	)		(13,180	)
Put AUD/Call NZD	JPMorgan Securities, Inc.		1.071		01/04/2024	(1,819,000)		(1,819,000	)		(368	)		(5,972	)		5,604
Put USD/Call SGD	JPMorgan Securities, Inc.		1.322		01/25/2024	(1,235,000)		(1,235,000	)		(8,807	)		(6,432	)		(2,375	)
Put AUD/Call NZD	MS & Co. Int. PLC		1.081		01/25/2024	(1,821,000)		(1,821,000	)		(7,549	)		(6,833	)		(716	)
Put EUR/Call CHF	MS & Co. Int. PLC		0.947		01/04/2024	(1,113,000)		(1,113,000	)		(24,339	)		(7,283	)		(17,056	)
Put EUR/Call SEK	MS & Co. Int. PLC		11.080		01/29/2024	(1,117,000)		(1,117,000	)		(8,478	)		(10,601	)		2,123
Put USD/Call MXN	MS & Co. Int. PLC		17.875		02/05/2024	(1,108,000)		(1,108,000	)		(56,538	)		(39,899	)		(16,639	)
Put USD/Call SGD	MS & Co. Int. PLC		1.340		01/12/2024	(1,201,000)		(1,201,000	)		(19,883	)		(6,458	)		(13,425	)
Put EUR/Call CHF	UBS AG (London)		0.948		01/18/2024	(1,130,000)		(1,130,000	)		(27,357	)		(7,311	)		(20,046	)
Put EUR/Call CZK	UBS AG (London)		24.650		01/25/2024	(1,125,000)		(1,125,000	)		(4,781	)		(7,279	)		2,498
Put EUR/Call SEK	UBS AG (London)		11.300		01/04/2024	(1,113,000)		(1,113,000	)		(20,224	)		(9,707	)		(10,517	)
Put EUR/Call USD	UBS AG (London)		1.082		02/21/2024	(7,816,000)		(7,816,000	)		(25,566	)		(266,174	)		240,608
Put USD/Call SGD	UBS AG (London)		1.327		01/17/2024	(1,231,000)		(1,231,000	)		(10,705	)		(6,173	)		(4,532	)
						(31,097,000)	$	(31,097,000	)	$	(272,714	)	$	(435,489	)	$	162,775
Total written option contracts						(60,779,000)	$	(60,779,000	)	$	(415,840	)	$	(627,029	)	$	211,189
TOTAL						(17,329,108)	$	(17,329,108	)	$	62,856		$	114,400		$	(51,544	)

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazil Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CNH	— Chinese Yuan Renminbi Offshore
CNY	— Chinese Yuan Renminbi
COP	— Colombia Peso
CZK	— Czech Republic Koruna
EUR	— Euro
GBP	— British Pound
HKD	— Hong Kong Dollar
HUF	— Hungarian Forint
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:
CMT	— Constant Maturity Treasury Indexes
LLC	— Limited Liability Company
NR	— Not Rated
PLC	— Public Limited Company
USD	— US. Dollar
WR	— Withdrawn Rating

Abbreviations:
1M BID Avg	— 1 Month Brazilian Interbank Deposit Average
BofA Securities	— Bank of America Securities LLC
EURO	— Euro Offered Rate
JIBAR	— Johannesburg Interbank Agreed Rate
KWCDC	— South Korean Won Certificate of Deposit
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
SOFR	— Secured Overnight Financing Rate
TIIE	— La Tasa de Interbank Equilibrium Interest Rate
USD	— US. Dollar
WIBOR	— Warsaw Interbank Offered Rate

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 87.5%
Advertising(a)(b) – 0.3%
Outfront Media Capital LLC/Outfront Media Capital Corp.
$	2,539,000		4.250	%	01/15/29	$    2,289,111
Summer BC Bidco B LLC
	2,676,000		5.500		10/31/26	2,511,239
						4,800,350
Aerospace & Defense – 2.5%
Howmet Aerospace, Inc.(a)
	289,000		6.875		05/01/25	293,118
	3,040,000		3.000		01/15/29	2,777,131
Moog, Inc.(a)(b)
	4,712,000		4.250		12/15/27	4,469,568
Rolls-Royce PLC
GBP	2,415,000		3.375		06/18/26	2,921,226
Spirit AeroSystems, Inc.(a)(b)
$	2,462,000		9.375		11/30/29	2,695,693
TransDigm, Inc.(a)
	1,000,000		6.250	(b)	03/15/26	998,810
	1,200,000		7.500		03/15/27	1,206,456
	5,323,000		5.500		11/15/27	5,225,376
	2,584,000		6.750	(b)	08/15/28	2,651,778
	3,570,000		4.625		01/15/29	3,347,303
	8,868,000		4.875		05/01/29	8,303,641
	5,250,000		6.875	(b)	12/15/30	5,405,610
Triumph Group, Inc.(a)(b)
	5,947,000		9.000		03/15/28	6,320,353
						46,616,063
Airlines – 1.1%
American Airlines, Inc.(a)(b)
	7,750,000		7.250		02/15/28	7,872,295
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b)
	1,975,000		5.500		04/20/26	1,959,003
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.(a)(b)
	7,091,852		5.750		01/20/26	6,695,488
United Airlines Holdings, Inc.
	2,875,000		5.000		02/01/24	2,875,862
VistaJet Malta Finance PLC/Vista Management Holding, Inc.(a)(b)(c)
	1,585,000		9.500		06/01/28	1,340,942
						20,743,590
Apparel(a) – 0.2%
Tapestry, Inc.
	4,340,000		7.350		11/27/28	4,554,873
Auto Parts & Equipment(a)(b) – 0.3%
Clarios Global LP/Clarios U.S. Finance Co.
	5,010,000		6.750		05/15/28	5,158,046
Automotive(a) – 3.1%
Adient Global Holdings Ltd.(b)
	2,789,000		7.000		04/15/28	2,891,747
Allison Transmission, Inc.(b)
	3,128,000		3.750		01/30/31	2,761,680

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Automotive(a) – (continued)
Clarios Global LP/Clarios U.S. Finance Co.(b)
$	4,111,000		8.500	%	05/15/27	$    4,139,736
Dana Financing Luxembourg SARL(b)
EUR	1,175,000		3.000		07/15/29	1,145,065
Dana, Inc.
$	4,853,000		5.375		11/15/27	4,821,310
	2,260,000		5.625		06/15/28	2,239,976
	1,205,000		4.250		09/01/30	1,078,138
Dealer Tire LLC/DT Issuer LLC(b)
	5,849,000		8.000		02/01/28	5,799,167
Dornoch Debt Merger Sub, Inc.(b)
	2,046,000		6.625		10/15/29	1,842,648
Ford Motor Credit Co. LLC
	1,350,000		4.687		06/09/25	1,325,322
	3,020,000		3.375		11/13/25	2,888,962
	1,560,000		6.950		03/06/26	1,598,376
	5,425,000		4.950		05/28/27	5,296,536
	2,803,000		3.815		11/02/27	2,615,395
	2,315,000		2.900		02/16/28	2,077,828
General Motors Financial Co., Inc.
	1,915,000		2.350		01/08/31	1,583,705
IHO Verwaltungs GmbH(b)(d)
	900,000		6.000		05/15/27	882,126
EUR	970,000		8.750		05/15/28	1,167,431
$	2,985,000		6.375		05/15/29	2,926,016
(PIK 5.500%, Cash 4.750%)
	3,960,000		4.750		09/15/26	3,791,264
Nissan Motor Acceptance Co. LLC(b)
	2,669,000		2.000		03/09/26	2,454,573
ZF North America Capital, Inc.(b)
	2,085,000		6.875		04/14/28	2,167,608
						57,494,609
Banks – 2.0%
Bank of America Corp.(a)(e) (5 yr. CMT + 1.200%)
	5,198,000		2.482		09/21/36	4,124,249
Bank of New York Mellon Corp.(a)(e) (5 yr. CMT + 4.358%)
	1,550,000		4.700		09/20/25	1,513,792
Barclays PLC(a)(e) (5 yr. CMT + 5.672%)
	2,472,000		8.000		06/15/24	2,455,166
Citigroup, Inc.(a)(e) (3 mo. USD Term SOFR + 3.685%)
	2,430,000		6.300		05/15/24	2,407,717
Comerica, Inc.(a)(e) (5 yr. CMT + 5.291%)
	1,550,000		5.625		07/01/25	1,459,961
Credit Suisse AG
	2,135,000		7.950		01/09/25	2,181,394
Danske Bank AS(a)(b)(e) (1 yr. CMT + 2.100%)
	2,135,000		6.466		01/09/26	2,150,543
Deutsche Bank AG(a)(e) (Secured Overnight Financing Rate + 2.757%)
	2,225,000		3.729		01/14/32	1,865,151
Intesa Sanpaolo SpA(b)
	2,350,000		5.017		06/26/24	2,325,254

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley(a)(e) (Secured Overnight Financing Rate + 1.360%)
$	3,575,000		2.484	%	09/16/36	$    2,837,728
PNC Financial Services Group, Inc.(a)(e) (5 yr. CMT + 3.238%)
	4,462,000		6.200		09/15/27	4,358,615
Toronto-Dominion Bank(a)(e) (5 yr. CMT + 4.075%)
	1,475,000		8.125		10/31/82	1,539,339
UBS Group AG(a)(b)(e) (5 yr. CMT + 4.745%)
	1,000,000		9.250		11/13/28	1,077,500
UniCredit SpA(a)(b)(e) (5 yr. CMT + 4.750%)
	3,415,000		5.459		06/30/35	3,206,822
Wells Fargo & Co.(a)(e)
	1,550,000		5.875		06/15/25	1,534,593
(5 yr. CMT + 3.606%)
	2,040,000		7.625		09/15/28	2,138,450
						37,176,274
Beverages(a)(b) – 0.2%
Primo Water Holdings, Inc.
	3,300,000		4.375		04/30/29	3,046,395
Building Materials(a) – 2.1%
Builders FirstSource, Inc.(b)
	5,180,000		5.000		03/01/30	5,004,087
Carrier Global Corp.
	1,910,000		3.377		04/05/40	1,538,601
CP Atlas Buyer, Inc.(b)(c)
	7,292,000		7.000		12/01/28	6,360,957
Emerald Debt Merger Sub LLC(b)
	4,030,000		6.625		12/15/30	4,138,971
James Hardie International Finance DAC(b)
	5,125,000		5.000		01/15/28	4,981,141
Masonite International Corp.(b)
	3,999,000		5.375		02/01/28	3,866,233
	1,241,000		3.500		02/15/30	1,074,880
Smyrna Ready Mix Concrete LLC(b)
	6,780,000		6.000		11/01/28	6,693,419
	3,000,000		8.875		11/15/31	3,157,170
Standard Industries, Inc.(b)
	1,880,000		5.000		02/15/27	1,833,282
	1,230,000		4.750		01/15/28	1,184,552
						39,833,293
Capital Goods(a)(b) – 0.1%
Cirsa Finance International SARL
EUR	2,040,000		10.375		11/30/27	2,454,744
Chemicals(a)(b) – 3.4%
Ashland, Inc.(c)
$	2,340,000		3.375		09/01/31	2,022,181
Avient Corp.
	2,660,000		7.125		08/01/30	2,758,367
Axalta Coating Systems LLC
	2,760,000		3.375		02/15/29	2,482,316

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals(a)(b) – (continued)
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV
$	3,205,000		4.750	%	06/15/27	$    3,111,895
Chemours Co.
	2,911,000		5.750		11/15/28	2,773,310
	4,022,000		4.625		11/15/29	3,530,592
Herens Holdco SARL
	4,229,000		4.750		05/15/28	3,457,715
Ingevity Corp.
	2,946,000		3.875		11/01/28	2,647,128
Minerals Technologies, Inc.
	3,421,000		5.000		07/01/28	3,280,055
Olympus Water U.S. Holding Corp.
EUR	750,000		3.875		10/01/28	759,772
$	6,830,000		4.250		10/01/28	6,175,003
	4,045,000		9.750		11/15/28	4,312,496
	658,000		6.250	(c)	10/01/29	587,166
Polar U.S. Borrower LLC/Schenectady International Group, Inc.
	2,544,000		6.750		05/15/26	814,080
SCIL IV LLC/SCIL USA Holdings LLC
	2,834,000		5.375		11/01/26	2,716,417
SNF Group SACA
	2,760,000		3.125		03/15/27	2,513,366
	3,870,000		3.375		03/15/30	3,307,109
Tronox, Inc.
	3,156,000		4.625		03/15/29	2,793,975
Valvoline, Inc.
	2,095,000		4.250		02/15/30	2,083,540
	1,946,000		3.625		06/15/31	1,660,814
Vibrantz Technologies, Inc.
	2,910,000		9.000		02/15/30	2,289,559
WR Grace Holdings LLC
	2,893,000		4.875		06/15/27	2,787,203
	1,914,000		5.625		08/15/29	1,690,483
	2,610,000		7.375		03/01/31	2,611,514
						63,166,056
Commercial Services – 4.3%
ADT Security Corp.(a)(b)
	4,551,000		4.125		08/01/29	4,208,355
Allied Universal Holdco LLC/Allied Universal Finance Corp.(a)(b)
	1,885,000		9.750		07/15/27	1,846,056
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL(a)(b)
	1,474,000		4.625		06/01/28	1,349,123
	2,626,000		4.625		06/01/28	2,408,515
APi Group DE, Inc.(a)(b)
	6,373,000		4.125		07/15/29	5,828,618
	2,159,000		4.750		10/15/29	2,024,797
APX Group, Inc.(a)(b)
	1,525,000		6.750		02/15/27	1,526,220
	10,145,000		5.750		07/15/29	9,470,865
Autostrade per l’Italia SpA(a)
EUR	2,690,000		2.000		12/04/28	2,727,572

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Commercial Services – (continued)
BCP V Modular Services Finance II PLC(a)(b)
EUR	1,780,000		4.750	%	11/30/28	$    1,818,676
Block, Inc.(a)
$	2,689,000		2.750		06/01/26	2,532,177
Brink’s Co.(a)(b)
	4,033,000		4.625		10/15/27	3,875,068
Garda World Security Corp.(a)(b)
	2,397,000		7.750		02/15/28	2,492,257
Gartner, Inc.(a)(b)
	2,202,000		3.625		06/15/29	1,991,621
Herc Holdings, Inc.(a)(b)
	3,019,000		5.500		07/15/27	2,983,617
MPH Acquisition Holdings LLC(a)(b)(c)
	9,127,000		5.750		11/01/28	7,532,513
NESCO Holdings II, Inc.(a)(b)
	1,618,000		5.500		04/15/29	1,499,012
Paysafe Finance PLC/Paysafe Holdings U.S. Corp.(a)(b)(c)
	3,400,000		4.000		06/15/29	3,005,634
Prime Security Services Borrower LLC/Prime Finance, Inc.(b)
	290,000		5.250		04/15/24	289,078
	4,553,000		3.375	(a)	08/31/27	4,215,258
	2,953,000		6.250	(a)	01/15/28	2,924,504
PROG Holdings, Inc.(a)(b)
	5,520,000		6.000		11/15/29	5,146,572
Q-Park Holding I BV(a)
EUR	769,000		1.500		03/01/25	830,736
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.(a)(b)
$	2,701,000		4.625		11/01/26	2,618,241
TriNet Group, Inc.(a)(b)
	3,191,000		3.500		03/01/29	2,859,998
	1,225,000		7.125		08/15/31	1,263,048
Verisure Holding AB(a)(b)
EUR	650,000		3.250		02/15/27	688,843
Verisure Midholding AB(a)(b)
	725,000		5.250		02/15/29	762,699
						80,719,673
Computers(a) – 1.2%
Ahead DB Holdings LLC(b)
$	2,695,000		6.625		05/01/28	2,369,714
Crowdstrike Holdings, Inc.
	6,771,000		3.000		02/15/29	6,102,431
KBR, Inc.(b)
	2,613,000		4.750		09/30/28	2,425,779
McAfee Corp.(b)
	3,170,000		7.375		02/15/30	2,902,357
Science Applications International Corp.(b)
	2,354,000		4.875		04/01/28	2,251,530
Seagate HDD Cayman
	1,270,000		8.250	(b)	12/15/29	1,369,263
	2,561,220		9.625		12/01/32	2,928,345
Virtusa Corp.(b)(c)
	2,960,000		7.125		12/15/28	2,544,120
						22,893,539

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Cosmetics & Personal Care(a)(b) – 0.1%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC
$	1,845,000		6.625	%	07/15/30	$    1,895,996
Distribution & Wholesale(a)(b) – 1.0%
American Builders & Contractors Supply Co., Inc.
	10,439,000		3.875		11/15/29	9,304,385
BCPE Empire Holdings, Inc.
	4,392,000		7.625		05/01/27	4,244,956
H&E Equipment Services, Inc.
	6,180,000		3.875		12/15/28	5,612,614
						19,161,955
Diversified Financial Services – 4.6%
AerCap Holdings NV(a)(e) (5 yr. CMT + 4.535%)
	5,253,000		5.875		10/10/79	5,192,801
Ally Financial, Inc.(a)
	2,606,000		5.750		11/20/25	2,599,772
(5 yr. CMT + 3.868%)
	6,075,000		4.700	(e)	05/15/26	4,582,737
American Express Co.(a)(e) (5 yr. CMT + 2.854%)
	525,000		3.550		09/15/26	449,977
Capital One Financial Corp.(a)(e) (5 yr. CMT + 3.157%)
	2,085,000		3.950		09/01/26	1,675,131
Castlelake Aviation Finance DAC(a)(b)
	7,400,000		5.000		04/15/27	6,945,862
Charles Schwab Corp.(a)(e) (3 mo. USD LIBOR + 2.575%)
	3,305,000		5.000		12/01/27	2,786,445
Global Aircraft Leasing Co. Ltd.(a)(b)(d) (PIK 7.250%, Cash 6.500%)
	7,924,559		6.500		09/15/24	7,461,527
Icahn Enterprises LP/Icahn Enterprises Finance Corp.(a)
	2,555,000		4.750		09/15/24	2,539,236
Jane Street Group/JSG Finance, Inc.(a)(b)
	2,731,000		4.500		11/15/29	2,545,019
Jefferies Finance LLC/JFIN Co.-Issuer Corp.(a)(b)
	3,928,000		5.000		08/15/28	3,558,729
Macquarie Airfinance Holdings Ltd.(a)(b)
	4,326,000		8.375		05/01/28	4,528,111
Navient Corp.
	2,880,000		6.750		06/15/26	2,925,821
	2,815,000		5.000	(a)	03/15/27	2,718,474
	4,060,000		5.500	(a)	03/15/29	3,745,715
NFP Corp.(a)(b)
	4,924,000		6.875		08/15/28	5,008,545
OneMain Finance Corp.
	5,646,000		6.875		03/15/25	5,692,692
	2,793,000		7.125		03/15/26	2,846,151
	1,458,000		3.500	(a)	01/15/27	1,352,747
	690,000		9.000	(a)	01/15/29	729,758
	3,380,000		7.875	(a)	03/15/30	3,485,557
	2,254,000		4.000	(a)	09/15/30	1,928,680
United Wholesale Mortgage LLC(a)(b)
	3,641,000		5.500		04/15/29	3,446,024

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
VistaJet Malta Finance PLC/Vista Management Holding, Inc.(a)(b)(c)
$	7,319,000		7.875	%	05/01/27	$    6,336,351
	3,035,000		6.375		02/01/30	2,120,676
						87,202,538
Electrical – 0.6%
Duke Energy Corp.(b)
	2,045,000		4.125		04/15/26	2,050,112
Edison International(a)(e) (5 yr. CMT + 4.698%)
	4,285,000		5.375		03/15/26	4,076,021
NextEra Energy Operating Partners LP(a)(b)
	2,185,000		7.250		01/15/29	2,289,290
Pike Corp.(a)(b)
	2,442,000		5.500		09/01/28	2,326,200
						10,741,623
Electronics(b) – 1.1%
Atkore, Inc.(a)
	2,593,000		4.250		06/01/31	2,338,264
Coherent Corp.(a)
	2,689,000		5.000		12/15/29	2,555,384
Imola Merger Corp.(a)
	4,151,000		4.750		05/15/29	3,939,299
Sensata Technologies BV
	2,469,000		5.000		10/01/25	2,471,765
	1,135,000		4.000	(a)	04/15/29	1,055,584
	3,139,000		5.875	(a)	09/01/30	3,123,776
Sensata Technologies, Inc.(a)
	3,389,000		4.375		02/15/30	3,155,328
	1,519,000		3.750		02/15/31	1,338,603
						19,978,003
Engineering & Construction(a)(b) – 0.8%
Dycom Industries, Inc.
	4,674,000		4.500		04/15/29	4,328,825
Global Infrastructure Solutions, Inc.
	8,148,000		5.625		06/01/29	7,488,664
	3,693,000		7.500		04/15/32	3,419,533
						15,237,022
Entertainment(a) – 3.7%
Allen Media LLC/Allen Media Co.-Issuer, Inc.(b)
	9,832,000		10.500		02/15/28	5,229,149
Banijay Entertainment SASU(b)
	2,610,000		8.125		05/01/29	2,689,214
Banijay Group SAS(b)
EUR	1,275,000		6.500		03/01/26	1,404,609
Boyne USA, Inc.(b)
$	3,628,000		4.750		05/15/29	3,420,551
Caesars Entertainment, Inc.(b)
	2,588,000		8.125		07/01/27	2,652,389
	2,050,000		7.000		02/15/30	2,107,585
Cinemark USA, Inc.(b)
	2,760,000		5.875		03/15/26	2,711,562

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Entertainment(a) – (continued)
Cinemark USA, Inc.(b) – (continued)
$	1,925,000		5.250	%(c)	07/15/28	$    1,766,861
Everi Holdings, Inc.(b)
	3,190,000		5.000		07/15/29	2,907,111
International Game Technology PLC
	2,511,000		4.125	(b)	04/15/26	2,438,733
EUR	2,364,000		2.375		04/15/28	2,423,325
$	3,131,000		5.250	(b)	01/15/29	3,060,678
Light & Wonder International, Inc.(b)
	1,500,000		7.500		09/01/31	1,566,855
Live Nation Entertainment, Inc.(b)
	4,941,000		3.750		01/15/28	4,634,114
Motion Bondco DAC(b)(c)
	2,235,000		6.625		11/15/27	2,072,895
Penn Entertainment, Inc.(b)
	2,900,000		5.625		01/15/27	2,818,104
	1,580,000		4.125		07/01/29	1,355,529
Pinewood Finance Co. Ltd.
GBP	2,125,000		3.250	(b)	09/30/25	2,628,944
	2,265,000		3.250		09/30/25	2,802,145
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.(b)
$	4,764,000		5.625		09/01/29	3,773,326
Resorts World Las Vegas LLC/RWLV Capital, Inc.
	3,500,000		8.450	(b)	07/27/30	3,599,575
	900,000		8.450		07/27/30	925,605
SeaWorld Parks & Entertainment, Inc.(b)
	5,450,000		5.250		08/15/29	5,110,738
WMG Acquisition Corp.(b)
	1,655,000		3.750		12/01/29	1,514,606
	1,200,000		3.875		07/15/30	1,086,108
	2,922,000		3.000		02/15/31	2,519,085
						69,219,396
Environmental(a)(b) – 0.5%
GFL Environmental, Inc.
	2,216,000		4.000		08/01/28	2,044,792
	3,460,000		3.500		09/01/28	3,183,131
	3,235,000		4.375		08/15/29	2,984,384
	720,000		6.750		01/15/31	741,809
						8,954,116
Food & Drug Retailing – 2.0%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC(a)(b)
	272,000		4.625		01/15/27	263,720
	3,744,000		3.500		03/15/29	3,398,654
Boparan Finance PLC(a)
GBP	2,673,000		7.625		11/30/25	3,032,354
Chobani LLC/Chobani Finance Corp., Inc.(a)(b)
$	2,363,000		7.500		04/15/25	2,361,535
Iceland Bondco PLC(a)(b)
GBP	1,105,000		10.875		12/15/27	1,469,687
New Albertsons LP
$	3,100,000		7.450		08/01/29	3,235,780

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
Performance Food Group, Inc.(a)(b)
$	1,500,000		5.500	%	10/15/27	$    1,479,060
	6,255,000		4.250		08/01/29	5,739,338
Post Holdings, Inc.(a)(b)
	2,456,000		5.750		03/01/27	2,449,639
	268,000		5.625		01/15/28	265,253
	4,673,000		5.500		12/15/29	4,513,043
	3,980,000		4.625		04/15/30	3,675,729
Sigma Holdco BV(a)(b)(c)
	4,900,000		7.875		05/15/26	4,388,538
U.S. Foods, Inc.(a)(b)
	1,600,000		6.875		09/15/28	1,650,224
						37,922,554
Forest Products & Paper(a) – 0.1%
Mercer International, Inc.
	2,248,000		5.500		01/15/26	2,161,137
Gaming(a) – 1.0%
Las Vegas Sands Corp.
	6,859,000		3.200		08/08/24	6,725,867
Melco Resorts Finance Ltd.(b)
	2,395,000		4.875		06/06/25	2,325,396
MGM Resorts International
	5,355,000		5.500		04/15/27	5,312,374
Sands China Ltd.
	2,315,000		5.375		08/08/25	2,277,381
Wynn Macau Ltd.(b)
	2,072,000		4.875		10/01/24	2,043,510
						18,684,528
Gas(a) – 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
	3,536,000		5.750		05/20/27	3,439,255
Hand/Machine Tools(b) – 0.1%
Regal Rexnord Corp.
	2,165,000		6.050		02/15/26	2,188,101
Healthcare Providers & Services(a) – 2.9%
Catalent Pharma Solutions, Inc.(b)
	2,000,000		5.000		07/15/27	1,938,200
	5,539,000		3.500	(c)	04/01/30	4,837,984
Centene Corp.
	12,000		4.625		12/15/29	11,529
	2,570,000		3.375		02/15/30	2,306,138
	4,574,000		2.500		03/01/31	3,811,148
	911,000		2.625		08/01/31	759,665
CHS/Community Health Systems, Inc.(b)
	989,000		8.000		03/15/26	986,943
	4,919,000		5.625		03/15/27	4,570,440
IQVIA, Inc.(b)
	2,880,000		6.250		02/01/29	3,007,526
Laboratoire Eimer Selas(b)
EUR	600,000		5.000		02/01/29	536,520
LifePoint Health, Inc.(b)
$	2,530,000		11.000		10/15/30	2,668,770

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services(a) – (continued)
Medline Borrower LP(b)
$	5,341,000		3.875	%	04/01/29	$    4,830,934
	3,648,000		5.250		10/01/29	3,445,062
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.(b)
	8,661,000		9.750		12/01/26	8,634,671
Tenet Healthcare Corp.
	850,000		6.250		02/01/27	852,593
	4,097,000		4.625		06/15/28	3,904,933
	3,270,000		4.250		06/01/29	3,044,501
	1,592,000		6.125		06/15/30	1,609,735
	2,465,000		6.750	(b)	05/15/31	2,523,149
						54,280,441
Holding Companies-Diversified(a)(b) – 0.1%
Benteler International AG
EUR	1,745,000		9.375		05/15/28	2,056,425
Home Builders(a)(b) – 0.5%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC
$	1,645,000		5.000		06/15/29	1,469,594
	1,031,000		4.875		02/15/30	909,579
LGI Homes, Inc.
	2,141,000		4.000		07/15/29	1,854,042
Thor Industries, Inc.
	5,925,000		4.000		10/15/29	5,287,529
						9,520,744
Household Products(a) – 0.2%
Central Garden & Pet Co.
	2,307,000		4.125		10/15/30	2,099,416
	1,000,000		4.125	(b)	04/30/31	885,510
						2,984,926
Housewares(a) – 0.1%
Newell Brands, Inc.
	1,282,000		4.875		06/01/25	1,260,911
	1,745,000		6.500		04/01/46	1,441,667
						2,702,578
Insurance(a) – 0.9%
Acrisure LLC/Acrisure Finance, Inc.(b)
	7,413,000		4.250		02/15/29	6,755,171
	1,140,000		6.000		08/01/29	1,036,579
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(b)
	2,884,000		6.750		10/15/27	2,874,137
	2,355,000		6.750		04/15/28	2,411,096
USI, Inc.(b)
	1,260,000		7.500		01/15/32	1,289,887
Voya Financial, Inc.(e) (5 yr. CMT + 3.358%)
	2,597,000		7.748		09/15/28	2,691,401
						17,058,271

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Internet(a)(b) – 1.7%
ANGI Group LLC(c)
$	3,624,000		3.875	%	08/15/28	$    3,060,504
Cars.com, Inc.
	3,260,000		6.375		11/01/28	3,146,422
Gen Digital, Inc.
	6,145,000		6.750		09/30/27	6,250,387
ION Trading Technologies SARL
	2,087,000		5.750		05/15/28	1,847,767
Match Group Holdings II LLC
	2,774,000		5.000		12/15/27	2,708,284
	2,033,000		4.625		06/01/28	1,949,586
	2,459,000		5.625		02/15/29	2,398,533
	2,269,000		3.625		10/01/31	1,960,303
Uber Technologies, Inc.
	474,000		8.000		11/01/26	482,650
	712,000		6.250		01/15/28	716,436
	2,990,000		4.500		08/15/29	2,852,071
Ziff Davis, Inc.
	4,653,000		4.625		10/15/30	4,248,701
						31,621,644
Iron/Steel(a)(b) – 0.1%
Cleveland-Cliffs, Inc.
	2,425,000		6.750		04/15/30	2,457,956
Leisure Time(a) – 2.6%
Acushnet Co.(b)
	325,000		7.375		10/15/28	339,475
Carnival Corp.(b)
	1,034,000		7.625		03/01/26	1,051,723
	6,593,000		5.750		03/01/27	6,424,681
	1,327,000		9.875		08/01/27	1,393,231
	3,890,000		4.000		08/01/28	3,615,055
	2,571,000		7.000		08/15/29	2,681,527
MajorDrive Holdings IV LLC(b)
	7,388,000		6.375		06/01/29	6,419,285
NCL Corp. Ltd.(b)
	5,222,000		5.875		03/15/26	5,103,147
	310,000		7.750		02/15/29	311,175
Pinnacle Bidco PLC(b)
GBP	2,783,000		10.000		10/11/28	3,683,321
Royal Caribbean Cruises Ltd.(b)
$	4,540,000		4.250		07/01/26	4,385,004
	3,280,000		5.500		08/31/26	3,251,989
	4,553,000		5.375		07/15/27	4,483,749
	2,565,000		11.625		08/15/27	2,799,851
TUI Cruises GmbH
EUR	575,000		6.500	(b)	05/15/26	625,650
	2,011,000		6.500		05/15/26	2,188,142
						48,757,005
Lodging(a) – 2.0%
Hilton Domestic Operating Co., Inc.
$	900,000		5.750	(b)	05/01/28	900,864
	1,922,000		4.875		01/15/30	1,862,610

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Lodging(a) – (continued)
Hilton Domestic Operating Co., Inc. – (continued)
$	1,460,000		4.000	%(b)	05/01/31	$    1,336,148
	2,295,000		3.625	(b)	02/15/32	1,998,348
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc.(b)
	6,370,000		5.000		06/01/29	5,878,809
	2,913,000		4.875		07/01/31	2,568,247
Marriott Ownership Resorts, Inc.
	2,864,000		4.750		01/15/28	2,631,730
	2,585,000		4.500	(b)(c)	06/15/29	2,286,096
MGM Resorts International
	1,200,000		4.625		09/01/26	1,170,564
	4,046,000		4.750		10/15/28	3,849,284
Travel & Leisure Co.
	4,860,000		6.625	(b)	07/31/26	4,915,550
	2,397,000		6.000		04/01/27	2,385,111
	2,610,000		4.500	(b)	12/01/29	2,337,229
	3,287,000		4.625	(b)	03/01/30	2,940,254
						37,060,844
Machinery - Construction & Mining(a)(b) – 0.5%
BWX Technologies, Inc.
	4,375,000		4.125		04/15/29	4,054,050
Vertiv Group Corp.
	5,321,000		4.125		11/15/28	4,970,612
						9,024,662
Machinery-Diversified(a)(b) – 1.2%
Chart Industries, Inc.
	5,937,000		7.500		01/01/30	6,214,080
Husky III Holding Ltd.(c)(d)
	7,133,000		13.000		02/15/25	7,115,952
Mueller Water Products, Inc.
	3,183,000		4.000		06/15/29	2,916,583
Titan Acquisition Ltd./Titan Co.-Borrower LLC
	2,414,000		7.750		04/15/26	2,428,846
TK Elevator Holdco GmbH(c)
	4,552,000		7.625		07/15/28	4,495,054
						23,170,515
Media – 5.9%
Altice Financing SA(a)(b)
	4,111,000		5.000		01/15/28	3,738,214
Altice Finco SA(a)
EUR	3,265,000		4.750		01/15/28	2,986,748
Audacy Capital Corp.(a)(b)(f)
$	3,855,000		6.500		05/01/27	67,887
CCO Holdings LLC/CCO Holdings Capital Corp.(a)
	4,244,000		5.500	(b)	05/01/26	4,215,438
	4,554,000		5.125	(b)	05/01/27	4,406,359
	2,731,000		4.750	(b)	03/01/30	2,498,155
	6,131,000		4.500	(b)	08/15/30	5,537,274
	15,352,000		4.250	(b)	02/01/31	13,412,275
	2,804,000		4.500		05/01/32	2,403,981
CSC Holdings LLC
	10,000		5.250		06/01/24	9,802

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media – (continued)
CSC Holdings LLC – (continued)
$	5,055,000		5.500	%(a)(b)	04/15/27	$    4,615,367
	2,306,000		4.625	(a)(b)	12/01/30	1,382,770
Cumulus Media New Holdings, Inc.(a)(b)
	1,742,000		6.750		07/01/26	1,176,669
Diamond Sports Group LLC/Diamond Sports Finance Co.(a)(b)(f)
	4,800,000		5.375		08/15/26	241,488
	3,812,000		6.625		08/15/27	175,886
Directv Financing LLC/Directv Financing Co.-Obligor, Inc.(a)(b)
	5,330,000		5.875		08/15/27	5,004,817
DISH DBS Corp.(a)(b)
	5,216,000		5.250		12/01/26	4,481,900
DISH Network Corp.(a)(b)
	1,718,000		11.750		11/15/27	1,792,149
iHeartCommunications, Inc.(a)
	1,690,000		6.375		05/01/26	1,438,612
	8,945,000		8.375	(c)	05/01/27	5,804,589
	2,599,000		4.750	(b)	01/15/28	1,999,619
Nexstar Media, Inc.(a)(b)
	2,744,000		5.625		07/15/27	2,664,671
Sinclair Television Group, Inc.(a)(b)
	3,102,000		4.125		12/01/30	2,187,220
Sirius XM Radio, Inc.(a)(b)
	4,676,000		3.125		09/01/26	4,419,942
	7,384,000		5.000		08/01/27	7,153,102
	850,000		4.000		07/15/28	788,018
UPC Holding BV(a)(b)
	3,025,000		5.500		01/15/28	2,853,089
Urban One, Inc.(a)(b)
	13,042,000		7.375		02/01/28	11,076,701
Virgin Media Secured Finance PLC(a)(b)
	2,150,000		5.500		05/15/29	2,073,352
Virgin Media Vendor Financing Notes IV DAC(a)(b)
	1,850,000		5.000		07/15/28	1,740,757
VZ Secured Financing BV(a)(b)
	2,320,000		5.000		01/15/32	1,988,124
Ziggo Bond Co. BV(a)
EUR	2,175,000		3.375	(b)	02/28/30	2,022,920
	1,725,000		3.375		02/28/30	1,604,385
$	1,725,000		5.125	(b)	02/28/30	1,442,997
Ziggo BV(a)(b)
	2,492,000		4.875		01/15/30	2,217,531
						111,622,808
Metal Fabricate & Hardware(a)(b) – 0.2%
Roller Bearing Co. of America, Inc.
	4,824,000		4.375		10/15/29	4,478,216
Mining(a)(b) – 0.4%
FMG Resources August 2006 Pty. Ltd.
	2,785,000		5.875		04/15/30	2,761,356
Novelis Corp.
	4,432,000		4.750		01/30/30	4,175,653
						6,937,009

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing(a) – 0.5%
Amsted Industries, Inc.(b)
$	3,272,000		5.625	%	07/01/27	$    3,281,358
	1,951,000		4.625		05/15/30	1,785,770
Hillenbrand, Inc.
	4,364,000		3.750		03/01/31	3,790,046
						8,857,174
Office & Business Equipment(a)(b) – 0.1%
Xerox Holdings Corp.
	2,775,000		5.000		08/15/25	2,719,528
Oil Field Services – 8.0%
Aethon United BR LP/Aethon United Finance Corp.(a)(b)
	4,989,000		8.250		02/15/26	5,025,170
Archrock Partners LP/Archrock Partners Finance Corp.(a)(b)
	2,599,000		6.250		04/01/28	2,563,056
Ascent Resources Utica Holdings LLC/ARU Finance Corp.(a)(b)
	4,209,000		7.000		11/01/26	4,233,370
Callon Petroleum Co.(a)(b)(c)
	3,470,000		7.500		06/15/30	3,507,094
Chord Energy Corp.(a)(b)
	6,155,000		6.375		06/01/26	6,168,541
Civitas Resources, Inc.(a)(b)
	6,281,000		5.000		10/15/26	6,101,552
	2,496,000		8.375		07/01/28	2,610,492
CNX Resources Corp.(a)(b)
	375,000		7.250		03/14/27	377,685
	2,915,000		7.375		01/15/31	2,945,170
Continental Resources, Inc.(a)
	2,470,000		4.375		01/15/28	2,391,059
Crescent Energy Finance LLC(a)(b)
	4,178,000		9.250		02/15/28	4,335,678
CrownRock LP/CrownRock Finance, Inc.(a)(b)
	5,831,000		5.625		10/15/25	5,819,105
	1,035,000		5.000		05/01/29	1,011,526
Matador Resources Co.(a)
	2,610,000		5.875		09/15/26	2,589,120
	3,288,000		6.875	(b)	04/15/28	3,348,039
Nabors Industries Ltd.(a)(b)
	2,591,000		7.250		01/15/26	2,482,178
Nabors Industries, Inc.(a)(b)
	6,530,000		7.375		05/15/27	6,405,277
	2,850,000		9.125		01/31/30	2,873,455
Noble Finance II LLC(a)(b)
	4,342,000		8.000		04/15/30	4,531,528
Northern Oil & Gas, Inc.(a)(b)
	2,559,000		8.125		03/01/28	2,592,165
	4,070,000		8.750		06/15/31	4,253,069
Occidental Petroleum Corp.
	1,071,000		5.875	(a)	09/01/25	1,078,658
	775,000		5.500	(a)	12/01/25	776,845
	2,533,000		6.450		09/15/36	2,686,702
	5,832,000		4.400	(a)	04/15/46	4,776,525
Permian Resources Operating LLC(a)(b)
	4,260,000		6.875		04/01/27	4,264,942

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
Permian Resources Operating LLC(a)(b) – (continued)
$	3,385,000		9.875	%	07/15/31	$    3,760,904
	2,588,000		7.000		01/15/32	2,669,186
Range Resources Corp.(a)(b)
	2,660,000		4.750		02/15/30	2,463,612
Sitio Royalties Operating Partnership LP/Sitio Finance Corp.(a)(b)
	3,163,000		7.875		11/01/28	3,271,396
SM Energy Co.(a)
	2,537,000		6.750		09/15/26	2,538,674
	875,000		6.500		07/15/28	874,694
Southwestern Energy Co.(a)
	6,438,000		5.375		02/01/29	6,268,616
	3,670,000		5.375		03/15/30	3,576,378
	525,000		4.750		02/01/32	487,163
Sunoco LP/Sunoco Finance Corp.(a)
	2,925,000		7.000	(b)	09/15/28	3,019,536
	4,425,000		4.500		04/30/30	4,098,346
TechnipFMC PLC(a)(b)
	1,240,000		6.500		02/01/26	1,238,661
Transocean Poseidon Ltd.(a)(b)
	2,328,750		6.875		02/01/27	2,326,095
Transocean Titan Financing Ltd.(a)(b)
	415,000		8.375		02/01/28	429,463
Transocean, Inc.(a)(b)
	5,014,000		11.500		01/30/27	5,243,390
	4,274,050		8.750		02/15/30	4,470,699
USA Compression Partners LP/USA Compression Finance Corp.(a)
	8,764,000		6.875		04/01/26	8,744,544
Viper Energy, Inc.(a)(b)
	4,200,000		7.375		11/01/31	4,371,066
						149,600,424
Packaging(a) – 2.3%
ARD Finance SA(d) (PIK 5.750%, Cash 5.000%)
EUR	2,294,375		5.000		06/30/27	1,264,209
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
	1,545,000		3.000		09/01/29	1,373,505
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.(b)
$	2,038,000		5.250	(c)	08/15/27	1,583,669
	3,349,000		5.250		08/15/27	2,586,868
Ball Corp.
	4,036,000		6.875		03/15/28	4,178,269
	3,620,000		6.000		06/15/29	3,694,681
	2,925,000		2.875		08/15/30	2,508,129
Berry Global, Inc.(b)
	2,300,000		5.500		04/15/28	2,328,520
Crown Americas LLC
	1,625,000		5.250		04/01/30	1,598,935
Crown Americas LLC/Crown Americas Capital Corp. VI
	2,709,000		4.750		02/01/26	2,687,518
Kleopatra Finco SARL
EUR	1,986,000		4.250		03/01/26	1,810,762
Kleopatra Holdings 2 SCA
	2,825,000		6.500	(b)	09/01/26	1,658,690
	1,900,000		6.500		09/01/26	1,115,579

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Packaging(a) – (continued)
LABL, Inc.(b)
$	2,337,000		6.750	%	07/15/26	$    2,278,505
	4,030,000		10.500		07/15/27	3,861,304
Mauser Packaging Solutions Holding Co.(b)
	3,625,000		7.875		08/15/26	3,694,781
Sealed Air Corp./Sealed Air Corp. U.S.(b)
	2,265,000		7.250		02/15/31	2,403,346
TriMas Corp.(b)
	2,865,000		4.125		04/15/29	2,584,029
						43,211,299
Pharmaceuticals – 2.3%
Bausch Health Cos., Inc.(b)
	3,055,000		6.125	(a)(c)	02/01/27	2,061,636
	1,766,000		4.875	(a)	06/01/28	1,065,110
	2,823,000		11.000	(c)	09/30/28	2,056,443
	804,000		14.000	(a)	10/15/30	448,648
Cheplapharm Arzneimittel GmbH(a)(b)
	4,494,000		5.500		01/15/28	4,266,514
Herbalife Nutrition Ltd./HLF Financing, Inc.(a)(b)
	6,871,000		7.875		09/01/25	6,816,650
Jazz Securities DAC(a)(b)
	5,605,000		4.375		01/15/29	5,220,609
Organon & Co./Organon Foreign Debt Co.-Issuer BV(a)(b)
	7,500,000		4.125		04/30/28	6,903,075
	5,380,000		5.125		04/30/31	4,586,127
Perrigo Finance Unlimited Co.(a)
	1,363,000		3.900		12/15/24	1,323,105
	1,218,000		4.375		03/15/26	1,179,864
	6,986,000		4.650		06/15/30	6,352,859
Prestige Brands, Inc.(a)(b)
	2,014,000		3.750		04/01/31	1,767,950
						44,048,590
Pipelines(a) – 5.0%
Antero Midstream Partners LP/Antero Midstream Finance Corp.(b)
	1,800,000		5.750		03/01/27	1,787,850
Buckeye Partners LP
	600,000		4.350		10/15/24	588,072
	3,545,000		3.950		12/01/26	3,362,007
Cheniere Energy Partners LP
	4,394,000		4.000		03/01/31	3,996,695
Cheniere Energy, Inc.
	2,464,000		4.625		10/15/28	2,405,012
CNX Midstream Partners LP(b)
	2,751,000		4.750		04/15/30	2,437,441
DT Midstream, Inc.(b)
	3,150,000		4.375		06/15/31	2,844,639
EnLink Midstream LLC
	2,429,000		5.375		06/01/29	2,376,388
	2,350,000		6.500	(b)	09/01/30	2,398,434
EQM Midstream Partners LP(b)
	3,400,000		7.500		06/01/27	3,509,446

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines(a) – (continued)
Genesis Energy LP/Genesis Energy Finance Corp.
$	7,319,000		8.000	%	01/15/27	$    7,448,400
	1,470,000		8.875		04/15/30	1,521,421
Global Partners LP/GLP Finance Corp.
	912,000		7.000		08/01/27	891,653
	1,383,000		6.875		01/15/29	1,340,431
Hess Midstream Operations LP(b)
	807,000		5.500		10/15/30	785,235
Howard Midstream Energy Partners LLC(b)
	6,901,000		6.750		01/15/27	6,857,800
	1,875,000		8.875		07/15/28	1,974,750
Kinetik Holdings LP(b)
	3,525,000		6.625		12/15/28	3,599,095
	4,315,000		5.875		06/15/30	4,230,555
Northriver Midstream Finance LP(b)
	2,700,000		5.625		02/15/26	2,629,827
NuStar Logistics LP
	3,321,000		5.750		10/01/25	3,313,229
	1,000,000		6.000		06/01/26	997,190
	4,206,000		5.625		04/28/27	4,184,970
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.(b)
	5,370,000		12.000		10/15/26	5,233,333
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(b)
	3,675,000		6.000		09/01/31	3,404,924
Venture Global Calcasieu Pass LLC(b)
	2,815,000		4.125		08/15/31	2,487,193
Venture Global LNG, Inc.(b)
	3,770,000		8.125		06/01/28	3,807,474
	5,180,000		9.500		02/01/29	5,476,555
	3,453,000		9.875		02/01/32	3,595,851
Western Midstream Operating LP
	4,746,000		4.050		02/01/30	4,444,392
						93,930,262
Real Estate – 0.6%
Cushman & Wakefield U.S. Borrower LLC(a)(b)
	2,303,000		6.750		05/15/28	2,290,287
	1,120,000		8.875		09/01/31	1,184,915
Kennedy-Wilson, Inc.(a)
	2,735,000		4.750		03/01/29	2,282,248
	3,501,000		4.750		02/01/30	2,818,130
	1,514,000		5.000		03/01/31	1,207,430
Redfin Corp.(c)
	2,115,000		0.500		04/01/27	1,357,619
						11,140,629
Real Estate Investment Trust(a) – 1.2%
CTR Partnership LP/CareTrust Capital Corp.(b)
	1,045,000		3.875		06/30/28	956,959
HAT Holdings I LLC/HAT Holdings II LLC(b)
	1,220,000		8.000		06/15/27	1,270,313
Iron Mountain, Inc.(b)
	2,425,000		7.000		02/15/29	2,500,126
GBP	2,225,000		3.692		06/05/28	1,939,011

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trust(a) – (continued)
MPT Operating Partnership LP/MPT Finance Corp.
$	2,044,000		4.625	%	08/01/29	$    1,482,636
	4,565,000		3.500		03/15/31	2,860,064
SBA Communications Corp.
	5,127,000		3.125		02/01/29	4,614,864
Service Properties Trust
	3,253,000		4.500		03/15/25	3,182,703
	1,493,000		7.500		09/15/25	1,512,558
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC(b)
	2,190,000		10.500		02/15/28	2,221,426
						22,540,660
Retailing – 5.1%
1011778 BC ULC/New Red Finance, Inc.(a)(b)
	2,583,000		3.875		01/15/28	2,441,607
	2,755,000		4.375		01/15/28	2,631,851
	4,166,000		4.000		10/15/30	3,748,233
Arko Corp.(a)(b)
	12,229,000		5.125		11/15/29	10,609,636
Asbury Automotive Group, Inc.(a)
	573,000		4.500		03/01/28	546,184
	3,456,000		4.625	(b)	11/15/29	3,203,263
	185,000		4.750		03/01/30	172,688
	1,014,000		5.000	(b)	02/15/32	923,835
Beacon Roofing Supply, Inc.(a)(b)
	3,600,000		4.125		05/15/29	3,280,644
Carvana Co.(a)(b)(d)
	288,000		12.000	(c)	12/01/28	244,356
	432,000		13.000		06/01/30	363,468
	511,000		14.000		06/01/31	436,813
Cheesecake Factory, Inc.
	1,728,000		0.375		06/15/26	1,490,400
eG Global Finance PLC(a)(b)
	3,970,000		12.000		11/30/28	4,227,057
Group 1 Automotive, Inc.(a)(b)
	2,208,000		4.000		08/15/28	2,048,273
GYP Holdings III Corp.(a)(b)(c)
	7,192,000		4.625		05/01/29	6,573,416
Ken Garff Automotive LLC(a)(b)
	6,491,000		4.875		09/15/28	6,162,231
LCM Investments Holdings II LLC(a)(b)
	5,325,000		4.875		05/01/29	4,957,735
Lithia Motors, Inc.(a)(b)
	1,258,000		3.875		06/01/29	1,140,654
	853,000		4.375		01/15/31	776,511
Macy’s Retail Holdings LLC(a)(b)(c)
	1,715,000		5.875		04/01/29	1,648,784
Maryland Bidco Ltd.(a)(d)
GBP	1,071,000		10.000		01/26/28	1,150,726
Murphy Oil USA, Inc.(a)(b)
$	3,341,000		3.750		02/15/31	2,927,351
Nordstrom, Inc.(a)(c)
	1,795,000		4.375		04/01/30	1,563,230

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing – (continued)
Penske Automotive Group, Inc.(a)
$	3,707,000		3.500	%	09/01/25	$    3,597,273
	3,469,000		3.750		06/15/29	3,101,529
Sonic Automotive, Inc.(a)(b)
	4,457,000		4.625	(c)	11/15/29	4,055,558
	2,092,000		4.875		11/15/31	1,863,386
SRS Distribution, Inc.(a)(b)
	2,238,000		6.125		07/01/29	2,123,123
	1,814,000		6.000		12/01/29	1,707,881
Staples, Inc.(a)(b)
	2,435,000		7.500		04/15/26	2,271,611
Stonegate Pub Co. Financing 2019 PLC(a)(b)
GBP	1,750,000		8.250		07/31/25	2,182,367
Suburban Propane Partners LP/Suburban Energy Finance Corp.(a)
$	2,121,000		5.875		03/01/27	2,117,034
	3,272,000		5.000	(b)	06/01/31	2,992,768
Walgreens Boots Alliance, Inc.(a)
	2,900,000		3.450		06/01/26	2,757,291
Yum! Brands, Inc.(a)
	4,248,000		3.625		03/15/31	3,830,846
						95,869,613
Semiconductors(a) – 0.8%
Amkor Technology, Inc.(b)
	4,563,000		6.625		09/15/27	4,603,885
ams-OSRAM AG(b)
	3,075,000		12.250		03/30/29	3,341,941
Broadcom, Inc.(b)
	3,590,000		3.137		11/15/35	2,948,431
Entegris Escrow Corp.(b)
	3,240,000		4.750		04/15/29	3,120,606
Micron Technology, Inc.
	1,940,000		2.703		04/15/32	1,628,397
						15,643,260
Software(a) – 1.8%
AthenaHealth Group, Inc.(b)
	5,574,000		6.500		02/15/30	5,057,903
Camelot Finance SA(b)
	650,000		4.500		11/01/26	634,712
Castle U.S. Holding Corp.(b)
	2,900,000		9.500		02/15/28	1,493,036
Cloud Software Group, Inc.(b)
	2,910,000		6.500		03/31/29	2,774,627
Concentrix Corp.
	2,660,000		6.650		08/02/26	2,726,207
Elastic NV(b)
	3,315,000		4.125		07/15/29	3,045,723
MSCI, Inc.(b)
	1,770,000		3.625		09/01/30	1,601,850
Open Text Corp.(b)
	2,350,000		6.900		12/01/27	2,446,538
	5,890,000		3.875		02/15/28	5,463,800
	2,995,000		3.875		12/01/29	2,687,174

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software(a) – (continued)
Oracle Corp.
$	1,955,000		3.600	%	04/01/40	$    1,563,453
ROBLOX Corp.(b)
	1,769,000		3.875		05/01/30	1,577,382
TeamSystem SpA(b)
EUR	1,075,000		3.500		02/15/28	1,099,354
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.(b)
$	2,060,000		3.875		02/01/29	1,866,978
						34,038,737
Telecommunication Services – 2.6%
Altice France Holding SA(a)(b)
	6,581,000		10.500		05/15/27	4,248,101
Altice France SA(a)(b)
	4,710,000		8.125		02/01/27	4,329,950
AT&T, Inc.(a)
	1,947,000		3.500		06/01/41	1,547,417
Frontier Communications Holdings LLC(a)(b)
	6,489,000		5.875		10/15/27	6,263,183
	4,745,000		6.000	(c)	01/15/30	4,041,981
Level 3 Financing, Inc.(a)(b)
	2,814,000		4.250		07/01/28	1,398,051
	1,124,000		3.625		01/15/29	472,249
	900,000		3.875	(c)	11/15/29	762,615
Lorca Telecom Bondco SA(a)
EUR	2,555,000		4.000	(b)	09/18/27	2,750,275
	2,580,000		4.000		09/18/27	2,777,186
Nokia of America Corp.
$	5,200,000		6.450		03/15/29	5,105,152
Sprint LLC(a)
	4,762,000		7.625		02/15/25	4,846,383
	3,081,000		7.625		03/01/26	3,217,765
Telecom Italia Capital SA
	2,040,000		6.000		09/30/34	1,946,956
	3,746,000		7.200		07/18/36	3,773,795
Vmed O2 U.K. Financing I PLC(a)(b)
	2,654,000		4.250		01/31/31	2,325,966
						49,807,025
Telecommunications(a)(b)(c) – 0.0%
Level 3 Financing, Inc.
	528,000		10.500		05/15/30	515,270
Toys/Games/Hobbies(a)(b) – 0.3%
Mattel, Inc.
	1,714,000		3.375		04/01/26	1,632,157
	5,107,000		3.750		04/01/29	4,668,717
						6,300,874
Transportation(a)(b) – 0.4%
Rand Parent LLC(c)
	5,312,000		8.500		02/15/30	5,080,662
XPO, Inc.
	1,480,000		7.125		02/01/32	1,526,428
						6,607,090

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Transportation Services(a)(b) – 0.1%
SMBC Aviation Capital Finance DAC
$	2,385,000		5.450	%	05/03/28	$    2,398,118
Trucking & Leasing(a)(b) – 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	2,300,000		5.550		05/01/28	2,336,432
Water(a)(b) – 0.4%
Solaris Midstream Holdings LLC
	7,280,000		7.625		04/01/26	7,398,882
TOTAL CORPORATE OBLIGATIONS (Cost $1,714,393,779)						$1,646,141,640
Bank Loans – 3.9%
Airlines(e) – 0.4%
Air Canada (3 mo. USD Term SOFR + 3.500%)
$	2,310,965		9.139	%	08/11/28	$    2,314,569
United Airlines, Inc. (1 mo. USD Term SOFR + 3.750%)
	4,184,033		9.220		04/21/28	4,193,322
						6,507,891
Automotive - Distributors(e) – 0.1%
SRAM LLC (1 mo. USD Term SOFR + 2.750%)
	2,213,548		8.220		05/18/28	2,206,642
Banks(e) – 0.2%
Nouryon Finance BV (3 mo. USD Term SOFR + 4.000%)
	3,834,284		9.467		04/03/28	3,845,059
Building & Construction(e) – 0.1%
KKR Apple Bidco LLC (1 mo. USD Term SOFR + 2.750%)
	2,419,605		8.220		09/22/28	2,414,476
Capital Goods - Others(e) – 0.1%
RC Buyer, Inc. (3 mo. USD Term SOFR + 3.250%)
	2,492,625		8.895		07/28/28	2,473,930
Commercial Services(e) – 0.1%
Prime Security Services Borrower LLC (3 mo. USD Term SOFR + 2.500%)
	1,075,000		7.827		10/14/30	1,077,516
Consumer Cyclical Services – 0.1%
Hertz Corp.(e)
(1 mo. USD Term SOFR + 3.250%)
	1,763,835		8.720		06/30/28	1,756,674
(1 mo. USD Term SOFR + 3.250%)
	340,938		8.720		06/30/28	339,554
						2,096,228
Diversified Financial Services(g) – 0.2%
NEXUS Buyer LLC
	3,850,000		0.000		12/13/28	3,813,926
Diversified Manufacturing(e) – 0.2%
Vertical U.S. Newco, Inc. (6 mo. USD Term SOFR + 3.500%)
	4,071,499		9.381		07/30/27	4,076,589

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans – (continued)
Entertainment(e) – 0.4%
Cinemark USA, Inc. (1 mo. USD Term SOFR + 3.750%) (1 mo. USD Term SOFR + 3.750%)–(3 mo. USD Term SOFR + 3.750%)
$	3,845,937		0.000	%	05/24/30	$   3,842,091
SeaWorld Parks & Entertainment, Inc. (1 mo. USD Term SOFR + 3.000%)
	3,850,758		8.470		08/25/28	3,853,646
						7,695,737
Health Care(e) – 0.2%
Jazz Financing Lux SARL (1 mo. USD Term SOFR + 3.500%)
	3,791,744		8.970		05/05/28	3,809,110
Health Care Services(e) – 0.2%
LifePoint Health, Inc. (3 mo. USD Term SOFR + 5.500%)
	3,386,339		11.168		11/16/28	3,371,947
Household & Leisure(e) – 0.1%
Knight Health Holdings LLC (1 mo. USD Term SOFR + 5.250%)
	3,135,968		10.720		12/23/28	846,711
Machinery(e) – 0.1%
Project Castle, Inc. (3 mo. USD Term SOFR + 5.500%)
	1,797,114		10.830		06/01/29	1,585,953
Media(e) – 0.2%
CSC Holdings LLC (1 mo. USD Term SOFR + 4.500%)
	4,538,568		9.862		01/18/28	4,376,904
Media - Cable(e) – 0.3%
DirecTV Financing LLC (3 mo. USD Term SOFR + 5.000%)
	5,626,199		10.650		08/02/27	5,619,897
Media - Non Cable(e) – 0.2%
Entercom Media Corp. (3 mo. USD Term SOFR + 2.500%)
	1,775,000		8.145		11/18/24	847,562
iHeartCommunications, Inc. (1 mo. USD Term SOFR + 3.000%)
	4,100,000		8.470		05/01/26	3,524,155
						4,371,717
Pharmaceuticals(e) – 0.1%
Gainwell Acquisition Corp. (3 mo. USD Term SOFR + 4.000%)
	2,144,724		9.448		10/01/27	2,080,382
Retailers(e) – 0.1%
Restoration Hardware, Inc. (1 mo. USD Term SOFR + 2.500%)
	2,627		7.970		10/20/28	2,550
Staples, Inc. (1 mo. USD LIBOR + 5.000%)
	2,387,500		10.467		04/16/26	2,255,280
						2,257,830
Technology(e) – 0.2%
Uber Technologies, Inc. (3 mo. USD Term SOFR + 2.750%)
	3,084,417		8.135		03/03/30	3,091,820
Technology - Software(e) – 0.3%
Camelot U.S. Acquisition LLC (1 mo. USD Term SOFR + 3.000%)
	2,095,030		8.470		10/30/26	2,096,077

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans – (continued)
Technology - Software(e) – (continued)
Loyalty Ventures, Inc.(f)
$	1,766,359		0.000	%	11/03/27	$       15,456
Peraton Corp. (1 mo. USD Term SOFR + 3.750%)
	2,189,482		9.206		02/01/28	2,192,219
Physician Partners LLC (3 mo. USD Term SOFR + 4.000%)
	2,308,875		9.533		12/26/28	2,176,115
						6,479,867
TOTAL BANK LOANS (Cost $79,273,561)						$   74,100,132
Shares		Description				Value
Common Stocks – 0.6%
Automobile Components – 0.0%
	1,229		Lear Corp.			$      173,547
Chemicals – 0.0%
	411		LyondellBasell Industries NV Class A			30,521
Commerical Services & Supplies – 0.0%
	7,179,000		Reorganized ISA SA			—
Communications Equipment – 0.3%
	229,679		Intelsat SA			6,531,611
Diversified Telecommunication Services – 0.0%
	4,500		Holdco New Ord			32,121
Energy Equipment & Services – 0.1%
	33,272		Noble Corp. PLC			1,602,380
Oil, Gas & Consumable Fuels – 0.2%
	127,001		Summit Midstream Partners LP			2,274,588
	18,791		Valaris Ltd.			1,288,499
						3,563,087
TOTAL COMMON STOCKS (Cost $22,735,172)						$   11,933,267
Units		Expiration Date				Value
Warrants – 0.0%
Intelsat SA
	6,089		02/17/27			$        2,027
Noble Corp. PLC
	4,596		02/04/28			127,084
(Cost $11,490)
TOTAL WARRANTS (Cost $3,316,784)						$      129,111
Shares		Description				Value
Exchange Traded Funds – 1.2%
	410,023		iShares Broad USD High Yield Corporate Bond ETF			$   14,904,336
	92,231		iShares iBoxx $ High Yield Corporate Bond ETF			7,137,757
TOTAL EXCHANGE TRADED FUNDS (Cost $21,786,917)						$   22,042,093

Shares		Dividend Rate				Value
Investment Company(h) – 4.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	75,117,087				5.248%	$   75,117,087
(Cost $75,117,087)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 97.2% (Cost $1,916,623,300)						$1,829,463,330
Securities Lending Reinvestment Vehicle(h) – 2.9%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	54,331,760				5.248%	$   54,331,760
(Cost $54,331,760)
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments(b)(i) – 0.1%
Commercial Paper – 0.1%
Alimentation Couche-Tard, Inc.
$	1,281,000		0.000	%	01/16/24	$    1,277,425
(Cost $1,277,947)
TOTAL SHORT-TERM INVESTMENTS (Cost $1,277,947)						$    1,277,425
TOTAL INVESTMENTS – 100.2% (Cost $1,972,233,007)						$1,885,072,515
LIABILITIES IN EXCESS OF  OTHER ASSETS – (0.2)%						(3,727,918)
NET ASSETS – 100.0%						$1,881,344,597

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)	All or a portion of security is on loan.
(d)	Pay-in-kind securities.
(e)	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.
(f)	Security is currently in default and/or non-income producing.
(g)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(h)	Represents an affiliated Issuer.
(i)	Issued with a zero coupon. Income is recognized through the accretion of discount.

GOLDMAN SACHS HIGH YIELD 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
UBS AG (London)	GBP	2,051,000	USD	2,600,945		01/10/24	$	13,511

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
BofA Securities LLC	USD	19,791,323	GBP	16,276,496		01/10/24	$	(956,691	)
Citibank NA	USD	1,436,507	GBP	1,157,955		01/10/24		(39,563	)
State Street Bank and Trust	USD	46,986,578	EUR	43,290,799		02/14/24		(890,917	)
TOTAL							$	(1,887,171	)

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	185	03/19/24	$	20,884,766		$	(22,125	)
2 Year U.S. Treasury Notes	445	03/28/24		91,631,757			653,768
20 Year U.S. Treasury Bonds	90	03/19/24		11,244,375			519,330
5 Year U.S. Treasury Notes	46	03/28/24		5,003,578			(4,393	)
Ultra 10-Year U.S. Treasury Note	197	03/19/24		23,249,078			39,657
Total						$	1,186,237
Short position contracts:
5 Year German Euro-Bobl	(111)	03/07/24		(14,616,388	)		(203,589	)
Ultra Long U.S. Treasury Bonds	(41)	03/19/24		(5,477,344	)		7,957
Total						$	(195,632	)
TOTAL FUTURES CONTRACTS						$	990,605

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	3.350%		10/06/27	$	95,890	$	449,513		$	(17,253	)	$	466,766
12M SOFR	3.696		09/22/28		79,160		783,487			(170,585	)		954,072
3.240%	12M SOFR		10/06/35		22,860		147,975			(249,174	)		397,149
3.782	12M SOFR		09/22/36		18,680		(588,325	)		292,297			(880,622	)
TOTAL						$	792,650		$	(144,715	)	$	937,365

(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 HIGH YIELD FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at December 31, 2023(b)	Termination Date	Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.HY Index 34	5.000%	1.740%	06/20/25	$	45,880	$	2,188,767	$	883,476	$	1,305,291

(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.

Currency Abbreviations:
EUR	— Euro
GBP	— British Pound
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
ETF	— Exchange Traded Fund
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PIK	— Payment in kind
PLC	— Public Limited Company
SOFR	— Secured Overnight Financing Rate
USD	— US. Dollar

Abbreviations:
BofA Securities	— Bank of America Securities LLC
CDX.NA.HY Index 34	— CDX North America High Yield Index 34
SOFR	— Secured Overnight Financing Rate

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – 84.8%
Aerospace & Defense(b) – 2.3%
ADS Tactical, Inc. (B+/B3) (1 mo. USD Term SOFR + 5.750%)
$	10,726,219		11.220	%	03/19/26	$   10,583,239
Brown Group Holding LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%)
	10,989,075		8.206		06/07/28	10,993,031
Castlelake Aviation Ltd. (BB/Ba3) (3 mo. USD Term SOFR + 2.750%)
	7,223,528		8.396		10/22/26	7,230,535
Propulsion (BC) Finco SARL (B/B2) (3 mo. USD Term SOFR + 3.750%)
	9,038,099		9.098		09/14/29	9,039,726
Spirit Aerosystems, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 4.250%)
	8,023,438		9.633		01/15/27	8,040,126
						45,886,657
Airlines(b) – 1.6%
Air Canada (BB+/Ba1) (3 mo. USD Term SOFR + 3.500%)
	9,384,421		9.139		08/11/28	9,399,060
American Airlines, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 1.750%)
	5,753,559		7.110		01/29/27	5,696,024
American Airlines, Inc. (NR/Ba1) (3 mo. USD Term SOFR + 4.750%)
	4,702,500		10.427		04/20/28	4,824,483
United Airlines, Inc. (BB/Ba1) (1 mo. USD Term SOFR + 3.750%)
	12,071,687		9.220		04/21/28	12,098,486
						32,018,053
Automotive(b) – 1.4%
Belron Luxembourg SARL (BBB-/Ba2) (3 mo. EUR EURIBOR + 2.425%)
EUR	1,595,000		6.381		04/13/28	1,761,082
Clarios Global LP (B+/Ba3) (1 mo. USD Term SOFR + 3.750%)
$	5,336,625		9.106		05/06/30	5,343,296
First Brands Group LLC (B-/Caa1) (3 mo. USD Term SOFR + 8.500%)
	3,850,000		14.381		03/30/28	3,633,438
First Brands Group LLC (B+/B1) (6 mo. USD Term SOFR + 5.000%)
	8,004,587		10.881	%	03/30/27	7,926,163
Holley Purchaser, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.750%)
	5,986,160		9.220		11/17/28	5,756,710
Phinia, Inc. (BB+/Ba1) (1 mo. USD Term SOFR + 4.000%)
	3,840,375		9.456		07/03/28	3,854,776
						28,275,465
Automotive - Distributors(b) – 2.0%
American Axle & Manufacturing, Inc. (BB+/Ba1) ((1 mo. USD Term SOFR + 3.500%)–(3 mo. USD Term SOFR + 3.500%))
	8,762,917		0.000		12/13/29	8,784,825
DexKo Global, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.750%)
	6,855,227		9.360		10/04/28	6,805,732

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Automotive - Distributors(b) – (continued)
RealTruck Group, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%)
$	4,909,936		8.970	%	01/31/28	$    4,834,224
SRAM LLC (BB-/B1) (1 mo. USD Term SOFR + 2.750%)
	10,520,181		8.220		05/18/28	10,487,358
Wand NewCo 3, Inc. (B/B1) (1 mo. USD Term SOFR + 2.750%)
	7,921,194		8.220		02/05/26	7,938,066
						38,850,205
Automotive - Parts(b) – 2.1%
Adient U.S. LLC (BBB-/Ba3) (1 mo. USD Term SOFR + 3.250%)
	7,984,703		8.606		04/10/28	8,006,341
Autokiniton U.S. Holdings, Inc. (B/B2) (1 mo. USD Term SOFR +4.500%)
	5,491,307		9.970		04/06/28	5,508,001
Belron Finance U.S. LLC (BBB-/Ba2) (3 mo. USD Term SOFR + 2.500%)
	6,186,904		8.067		04/13/28	6,189,998
Gates Global LLC (B+/Ba3) (1 mo. USD Term SOFR + 2.500%)
	4,044,720		7.956		03/31/27	4,047,268
Mavis Tire Express Services Corp. (B-/B2) (1 mo. USD Term SOFR + 4.000%)
	9,935,740		9.470		05/04/28	9,941,403
Wheel Pros LLC (NR/NR) (1 mo. USD Term SOFR + 4.500%)
	7,927,827		9.970		05/11/28	5,879,831
Wheel Pros LLC (CCC/Caa3) (1 mo. USD Term SOFR + 4.500%)
	1,406,058		9.970		05/11/28	1,033,453
Wheel Pros LLC (NR/NR) (1 mo. USD Term SOFR + 8.875%)
	1,673,744		14.345		02/10/28	1,792,580
						42,398,875
Banks(b) – 0.4%
Nouryon Finance BV (B+/B2) (3 mo. USD Term SOFR + 4.000%)
	7,422,813		9.467		04/03/28	7,443,672
Building & Construction(b) – 1.3%
DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.750%)
	4,653,204		9.220		03/31/28	4,603,368
DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2) (1 mo. USD Term SOFR + 6.750%)
	600,000		12.220		03/30/29	538,998
Energize HoldCo LLC (B/B2) (1 mo. USD Term SOFR + 3.750%)
	3,789,135		9.220		12/08/28	3,777,616
Energize HoldCo LLC (CCC+/Caa2) (1 mo. USD Term SOFR + 6.750%)
	7,450,000		12.220	(c)	12/07/29	6,965,750
KKR Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.750%)
	10,754,129		8.220		09/22/28	10,731,330
						26,617,062

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Building & Construction Materials(b) – 0.1%
Rockwood Service Corp. (B/B2)
$	1,994,710		0.000	%	01/23/27	$    1,998,201
Building Materials(b) – 3.5%
Associated Materials, Inc. (B/B3) (1 mo. USD Term SOFR + 6.000%)
	9,252,458		11.356		03/08/29	7,957,114
Chamberlain Group, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%)
	9,349,804		8.706		11/03/28	9,318,108
Cornerstone Building Brands, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%)
	5,016,199		8.712		04/12/28	5,005,765
CP Atlas Buyer, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.750%)
	5,689,701		9.206		11/23/27	5,586,319
Icebox Holdco III, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.500%)
	7,426,292		9.110		12/22/28	7,363,168
Icebox Holdco III, Inc. (CCC/Caa2) (3 mo. USD Term SOFR + 6.750%)
	1,525,000		12.360		12/21/29	1,380,125
Jeld-Wen, Inc. (BB+/Ba2) (1 mo. USD Term SOFR + 2.250%)
	1,988,257		7.720		07/28/28	1,990,742
LBM Acquisition LLC (B-/B3) (1 mo. USD Term SOFR + 3.750%)
	8,234,551		9.206		12/17/27	8,126,514
Oscar AcquisitionCo LLC (B/B1) (3 mo. USD Term SOFR + 4.500%)
	7,276,578		9.948		04/29/29	7,194,717
Quikrete Holdings, Inc. (BB-/Ba2) (1 mo. USD Term SOFR + 2.625%)
	1,979,176		8.095		02/01/27	1,988,458
Solis IV BV (B/B1) (3 mo. USD Term SOFR + 3.500%)
	6,560,759		8.880		02/26/29	6,526,315
Vector WP Holdco, Inc. (B/B2) (1 mo. USD Term SOFR + 5.000%)
	6,737,500		10.470		10/12/28	6,670,125
						69,107,470
Capital Goods - Others(b) – 1.6%
AI Aqua Merger Sub, Inc. (B/B3) ((1 mo. USD Term SOFR + 3.750%)–(3 mo. USD Term SOFR + 3.750%))
	4,164,430		0.000		07/31/28	4,162,098
ASP Unifrax Holdings, Inc. (CCC+/B2) (3 mo. USD Term SOFR +3.750%)
	5,725,117		9.248		12/12/25	5,323,329
Ceridian HCM Holding, Inc. (B+/Ba3) (1 mo. USD Term SOFR +2.500%)
	4,945,999		7.970		04/30/25	4,947,779
Engineered Machinery Holdings, Inc. (B-/B1)
(3 mo. EUR EURIBOR + 3.750%)
EUR	3,342,090		7.675		05/21/28	3,555,756
(3 mo. USD Term SOFR + 3.500%)
$	4,041,208		9.110		05/19/28	4,007,101
Engineered Machinery Holdings, Inc. (CCC+/Caa1)
(3 mo. USD Term SOFR + 6.000%)
	500,000		11.610		05/21/29	467,500
(3 mo. USD Term SOFR + 6.500%)
	2,000,000		12.110		05/21/29	1,875,000

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Capital Goods - Others(b) – (continued)
GHX Ultimate Parent Corp. (B-/B2) (3 mo. USD Term SOFR + 4.750%)
$	1,716,375		10.116	%	06/30/27	$    1,717,096
RC Buyer, Inc. (B-/B1) (3 mo. USD Term SOFR + 3.250%)
	4,146,863		8.895		07/28/28	4,115,762
Team Health Holdings, Inc. (CCC/Caa3) (3 mo. USD Term SOFR + 5.250%)
	2,718,829		10.633		03/02/27	2,058,153
						32,229,574
Chemicals(b) – 5.3%
Albaugh LLC (BB/Ba2) (3 mo. USD Term SOFR + 3.750%)
	6,809,673		9.133		04/06/29	6,537,286
Arthur U.S. Finco, Inc. (NR/NR) (3 mo. USD Term SOFR + 5.250%)
	2,275,000		10.621		12/14/29	2,081,625
Ascend Performance Materials Operations LLC (B+/Ba3) (3 mo. USD Term SOFR + 4.750%)
	5,976,739		10.318		08/27/26	5,733,187
Consolidated Energy Finance SA (BB-/Ba3) (1 mo. USD Term SOFR + 2.500%)
	7,150,676		7.956		05/07/25	6,918,279
Cyanco Intermediate 2 Corp. (B/B2) (1 mo. USD Term SOFR + 4.750%)
	4,987,500		10.106		07/10/28	4,995,829
Illuminate Buyer LLC (B+/B1) (1 mo. USD Term SOFR + 3.500%)
	11,134,740		8.970		06/30/27	11,140,307
INEOS Enterprises Holdings U.S. Finco LLC (BB/Ba3) (3 mo. USD Term SOFR + 3.750%)
	10,451,019		9.238		07/08/30	10,437,955
INEOS Styrolution U.S. Holding LLC (BB/WR) (1 mo. USD Term SOFR + 2.750%)
	8,741,877		8.220		01/29/26	8,737,507
LSF11 A5 Holdco LLC (B/B1) (1 mo. USD Term SOFR + 3.500%)
	11,138,292		8.970		10/15/28	11,145,309
Momentive Performance Materials, Inc. (B/Ba3) (1 mo. USD Term SOFR + 4.500%)
	5,016,545		9.856		03/29/28	4,837,856
Polar U.S. Borrower LLC (CCC/Caa1) (3 mo. USD Term SOFR + 4.750%)
	8,057,598		10.244		10/15/25	5,454,994
PQ Corp. (BB-/B1) (3 mo. USD Term SOFR + 2.500%)
	5,116,298		7.983		06/09/28	5,118,243
Trident TPI Holdings, Inc. (B-/B2)
(3 mo. USD Term SOFR + 4.000%)
	4,519,142		9.610		09/15/28	4,497,495
(3 mo. USD Term SOFR + 4.500%)
	3,099,229		9.848		09/15/28	3,097,772
(3 mo. USD Term SOFR + 5.250%)
	1,859,055		10.598		09/15/28	1,861,844
Trinseo Materials Operating SCA (B-/B1) (3 mo. USD Term SOFR + 2.500%)
	4,947,813		8.150		05/03/28	3,847,469

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Chemicals(b) – (continued)
W.R. Grace & Co.-Conn. (B-/B1) (3 mo. USD Term SOFR + 3.750%)
$	8,386,764		9.360	%	09/22/28	$    8,400,266
						104,843,223
Coal(b) – 0.3%
Oxbow Carbon LLC (BB-/B1) (1 mo. USD Term SOFR + 4.000%)
	5,198,875		9.456		05/10/30	5,185,878
Commercial Services – 7.0%
Albion Financing 3 SARL (BB-/B1) (3 mo. USD Term SOFR + 5.250%)
	8,085,000		10.924	(b)	08/17/26	8,115,319
Allied Universal Holdco LLC (B/B3) (1 mo. EUR EURIBOR + 3.750%)
EUR	659,813		7.593	(b)	05/12/28	704,953
(1 mo. USD Term SOFR + 3.750%)
$	10,912,455		9.206	(b)	05/12/28	10,853,965
Amentum Government Services Holdings LLC (B/B2) (1 mo. USD Term SOFR + 4.000%)
	8,432,260		9.358	(b)	02/15/29	8,419,612
Ankura Consulting Group LLC (B-/B2) (1 mo. USD Term SOFR + 4.500%)
	5,802,310		9.970	(b)	03/17/28	5,787,804
Ankura Consulting Group LLC (CCC/Caa2) (3 mo. USD Term SOFR + 8.000%)
	5,650,000		13.416	(b)	03/19/29	5,042,625
Anticimex International AB (B/B2) (3 mo. USD Term SOFR + 3.150%)
	6,419,000		8.495	(b)	11/16/28	6,397,625
APi Group DE, Inc. (BB-/Ba1) (1 mo. USD Term SOFR + 2.500%)
	11,683,126		7.970	(b)	01/03/29	11,683,126
Conservice Midco LLC (B/B2) (1 mo. USD Term SOFR + 4.250%)
	6,270,565		9.706	(b)	05/13/27	6,273,199
Da Vinci Purchaser Corp. (B-/B2) (1 mo. USD Term SOFR + 4.000%)
	9,308,661		9.470	(b)	01/08/27	9,317,411
Element Materials Technology Group U.S. Holdings, Inc. (B/B1) (3 mo. USD Term SOFR + 4.250%)
	5,607,518		9.698	%(b)	07/06/29	5,544,434
Fleet U.S. Bidco, Inc. (B+/B1) (1 mo. USD LIBOR + 3.000%)
	1,994,792		8.470	(b)	10/07/26	1,994,792
Garda World Security Corp. (B/B2) (3 mo. USD Term SOFR + 4.250%)
	1,600,000		9.725	(b)	10/30/26	1,600,256
(3 mo. USD Term SOFR + 4.250%)
	10,615,625		9.625	(b)	02/01/29	10,613,714
Holding Socotec (B/B2) (3 mo. EUR EURIBOR + 3.500%)
EUR	1,025,000		7.425	(b)	06/02/28	1,118,117
(3 mo. USD Term SOFR + 4.035%)
$	8,291,976		9.822	(b)	06/30/28	8,188,326
R1 RCM, Inc. (B+/Ba3)
	1,873,093		0.000	(d)	06/21/29	1,871,333

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Commercial Services – (continued)
Thevelia (U.S.) LLC (B+/B1) (3 mo. USD Term SOFR + 4.000%)
$	7,475,527		9.498	%(b)	06/18/29	$    7,469,322
Travelport Finance (Luxembourg) SARL (C/NR) (3 mo. USD Term SOFR + 8.500%)
	1,310,555		13.860	(b)	05/29/26	546,069
Vaco Holdings LLC (B/B3) (3 mo. USD Term SOFR + 5.000%)
	7,040,281		10.434	(b)	01/21/29	6,925,876
Verisure Holding AB (B+/B1) (3 mo. EUR EURIBOR + 3.000%)
EUR	12,040,000		6.925	(b)	03/27/28	13,169,277
Verscend Holding Corp. (B+/B2) (1 mo. USD Term SOFR + 4.000%)
$	7,616,694		9.470	(b)	08/27/25	7,623,016
						139,260,171
Construction Machinery(b) – 0.4%
Brookfield WEC Holdings, Inc. (B/B1) (1 mo. USD Term SOFR + 2.750%)
	6,932,134		8.220		08/01/25	6,945,443
Consumer Cyclical Services(b) – 2.7%
APX Group, Inc. (BB/Ba2) ((3 mo. U.S. (Fed) Prime Rate + 2.250%)–(3 mo. USD Term SOFR + 3.250%))
	12,525,502		0.000		07/10/28	12,515,731
Asurion LLC (B+/Ba3) (1 mo. USD Term SOFR + 3.250%)
	3,395,232		8.720		12/23/26	3,383,926
FCG Acquisitions, Inc. (B-/B2) (1 mo. USD Term SOFR + 4.750%)
	4,486,612		10.106		03/31/28	4,474,947
Hertz Corp. (BB+/Ba3) (1 mo. USD Term SOFR + 3.250%)
	12,764,371		8.720	%	06/30/28	12,712,548
IRB Holding Corp. (B+/B2) (1 mo. USD Term SOFR + 3.000%)
	5,794,736		8.456		12/15/27	5,798,851
Stats Intermediate Holdings LLC (B-/B2) (3 mo. USD Term SOFR + 5.250%)
	8,725,473		10.881		07/10/26	8,434,653
Windsor Holdings III LLC (B+/B2) (1 mo. USD Term SOFR + 4.500%)
	5,710,590		9.848		08/01/30	5,740,913
						53,061,569
Consumer Products(b) – 0.5%
Kronos Acquisition Holdings, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.750%)
	10,855,116		9.360		12/22/26	10,835,468
Distributors(b) – 0.4%
UGI Energy Services LLC (NR/Ba3) (1 mo. USD Term SOFR + 3.250%)
	8,055,309		8.706		02/22/30	8,060,867
Diversified Financial Services – 2.4%
AllSpring Buyer LLC (BB-/Ba2) (3 mo. USD Term SOFR + 4.000%)
	4,034,037		9.375	(b)	11/01/28	4,012,617
DRW Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.750%)
	10,202,096		9.220	(b)	03/01/28	10,176,591

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Diversified Financial Services – (continued)
Edelman Financial Center LLC (B/B2) (1 mo. USD Term SOFR +3.500%)
$	10,282,118		8.970	%(b)	04/07/28	$   10,288,596
Focus Financial Partners LLC (B+/B1) (1 mo. USD Term SOFR + 3.250%)
	5,816,103		8.606	(b)	06/30/28	5,820,930
(1 mo. USD Term SOFR + 3.500%)
	1,720,688		8.856	(b)	06/30/28	1,722,838
NEXUS Buyer LLC (B-/B2)
	4,375,000		0.000	(d)	12/13/28	4,334,006
Syncapay, Inc. (B/B2) (1 mo. USD Term SOFR + 6.500%)
	4,299,736		11.856	(b)	12/10/27	4,295,436
VFH Parent LLC (B+/Ba3) (1 mo. USD Term SOFR + 3.000%)
	7,675,555		8.456	(b)	01/13/29	7,681,312
						48,332,326
Diversified Manufacturing(b) – 4.3%
Anvil International LLC (B-/B3) (3 mo. USD Term SOFR + 5.000%)
	6,733,643		10.483		05/28/26	6,487,865
Apex Tool Group LLC (CCC+/B3) (1 mo. USD Term SOFR + 5.250%)
	11,530,452		10.707		02/08/29	10,085,917
CeramTec AcquiCo GmbH (B/B2) (3 mo. EUR EURIBOR + 3.500%)
EUR	7,950,000		7.455		03/16/29	8,691,097
Crosby U.S. Acquisition Corp. (B/B3) (1 mo. USD Term SOFR + 4.750%)
$	5,496,724		10.207		06/26/26	5,499,033
Dynacast International LLC (NR/NR) (3 mo. USD Term SOFR + 4.500%)
	7,863,660		9.988		07/22/25	7,234,567
Fluid-Flow Products, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.750%)
	7,085,773		9.220		03/31/28	7,082,230
MKS Instruments, Inc. (BB/Ba1) (1 mo. USD Term SOFR + 2.500%)
	5,678,125		7.848		08/17/29	5,685,223
Pelican Products, Inc. (B-/B2) (3 mo. USD Term SOFR + 4.250%)
	7,203,000		9.601		12/29/28	6,638,789
Titan Acquisition Ltd. (B-/B2) (1 mo. USD Term SOFR + 3.000%)
	8,853,766		8.470		03/28/25	8,835,350
Vertical U.S. Newco, Inc. (B+/B1) (6 mo. USD Term SOFR + 3.500%)
	13,752,936		9.381		07/30/27	13,770,127
Victory Buyer LLC (CCC+/B3) (3 mo. USD Term SOFR + 3.750%)
	6,254,104		9.391		11/19/28	5,919,510
						85,929,708
Electric(b) – 0.5%
Calpine Corp. (BB+/Ba2) (1 mo. USD Term SOFR + 2.500%)
	3,097,187		7.970		12/16/27	3,101,306

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Electric(b) – (continued)
Pike Corp. (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%)
$	6,105,822		8.470	%	01/21/28	$    6,118,522
						9,219,828
Energy(b) – 1.6%
Delek U.S. Holdings, Inc. (BB+/B1) (1 mo. USD Term SOFR + 3.500%)
	12,915,890		8.956		11/19/29	12,921,960
Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.250%)
	11,198,610		8.710		10/05/28	11,215,183
Parkway Generation LLC (B+/B1) (3 mo. USD Term SOFR + 4.750%)
	8,768,368		10.395	%	02/18/29	8,416,056
						32,553,199
Entertainment(b) – 3.9%
Alterra Mountain Co. (B+/B1) (1 mo. USD Term SOFR + 3.500%)
	12,746,407		8.970		08/17/28	12,746,407
Arcis Golf LLC (NR/B2) (1 mo. USD Term SOFR + 3.750%) ((1 mo. USD Term SOFR + 3.250%)–(1 mo. USD Term SOFR + 4.500%))
	4,966,327		9.220		11/24/28	4,974,621
Cinemark USA, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%) ((1 mo. USD Term SOFR + 3.750%)–(3 mo. USD Term SOFR + 3.750%))
	6,922,687		0.000		05/24/30	6,915,765
Fender Musical Instruments Corp. (B-/B3) (1 mo. USD Term SOFR + 4.000%)
	8,403,865		9.456		12/01/28	8,214,778
GVC Holdings (Gibraltar) Ltd. (BB/Ba1) (3 mo. USD Term SOFR + 3.500%)
	5,981,230		8.948		10/31/29	5,987,450
GVC Holdings (Gibraltar) Ltd. (BB/NR) (3 mo. USD Term SOFR + 2.500%)
	2,011,021		7.948		03/29/27	2,013,897
Luna III SARL (BB-/B1) (6 mo. EUR EURIBOR + 4.175%)
EUR	12,050,000		8.246		10/23/28	13,330,934
Motion Finco SARL (B+/B2) (3 mo. USD Term SOFR + 3.250%)
$	9,859,726		8.860	%	11/12/26	9,859,726
Playtika Holding Corp. (BB+/Ba2) (1 mo. USD Term SOFR + 2.750%)
	8,482,031		8.220		03/13/28	8,464,388
SeaWorld Parks & Entertainment, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.000%)
	4,913,520		8.470		08/25/28	4,917,205
						77,425,171
Environmental(b) – 0.1%
Covanta Holding Corp. (BB/Ba2) (1 mo. USD Term SOFR + 3.000%)
	4,186		8.360		11/30/28	4,187
EnergySolutions, LLC (B/B2) (1 mo. USD Term SOFR + 4.000%)
	2,319,187		9.356		09/20/30	2,314,549
						2,318,736

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Food & Beverages(b) – 1.3%
Chef’s Warehouse Leasing Co. LLC (BB-/B2) (1 mo. USD Term SOFR + 4.750%)
$	3,222,917		10.206	%	08/23/29	$    3,213,506
Chobani LLC (B-/B1) (1 mo. USD Term SOFR + 3.500%)
	5,937,582		8.970		10/25/27	5,940,550
Froneri International Ltd. (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%)
	5,333,547		7.706		01/29/27	5,335,681
Sunshine Investments BV (B+/B2) (3 mo. USD Term SOFR + 4.250%)
	10,231,949		9.630		07/12/29	10,222,332
						24,712,069
Gaming(b) – 0.3%
Scientific Games International, Inc. (BB/Ba3) (1 mo. USD Term SOFR + 3.000%)
	4,962,217		8.465		04/14/29	4,969,958
Health Care(b) – 1.4%
Global Medical Response, Inc. (CCC+/Caa2) (3 mo. USD Term SOFR + 4.250%)
	8,799,861		9.895		03/14/25	6,852,891
Jazz Financing Lux SARL (BB-/Ba2) (1 mo. USD Term SOFR + 3.500%)
	13,627,997		8.970		05/05/28	13,690,413
Matrix Medical Network of Arizona LLC (B-/B3) (1 mo. USD Term SOFR + 4.750%)
	2,973,209		10.220		02/17/25	2,913,745
Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 4.750%)
	5,118,294		10.395		02/28/28	5,035,122
						28,492,171
Health Care - Services(b) – 2.7%
Accelerated Health Systems LLC (B-/Caa1) (3 mo. USD Term SOFR + 4.250%)
	12,066,250		9.748		02/15/29	10,086,661
Biogroup-LCD (B/B2) (3 mo. EUR EURIBOR + 3.250%)
EUR	3,875,000		7.216		02/09/28	4,072,815
Envision Healthcare Corp. (NR/WR) (3 mo. USD LIBOR + 3.750%)
$	10,106,997		0.000		10/10/25	101,070
Help At Home, Inc. (B-/B1) (1 mo. USD Term SOFR + 5.000%)
	12,161,447		10.460	%	10/29/27	12,038,736
Lonza Group AG (B-/B2) (3 mo. USD Term SOFR + 3.925%)
	6,008,241		9.373		07/03/28	5,425,441
NAPA Management Services Corp. (B-/B3) (1 mo. USD Term SOFR + 5.250%)
	6,582,750		10.706		02/23/29	6,016,370
Summit Behavioral Healthcare LLC (B-/B3) (3 mo. USD Term SOFR + 4.750%)
	8,369,204		10.400		11/24/28	8,348,281
U.S. Radiology Specialists, Inc. (B-/B3) (3 mo. USD Term SOFR + 5.250%)
	7,922,183		10.748		12/15/27	7,829,732
						53,919,106

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Health Care Products(b) – 0.7%
Iris BidCo GmbH (NR/B3) (3 mo. EUR EURIBOR + 5.000%)
EUR	8,525,000		8.948	%	06/29/28	$    9,049,692
Medline Borrower LP (B+/B1) (1 mo. USD Term SOFR + 3.000%)
$	5,057,740		8.470		10/23/28	5,078,274
						14,127,966
Health Care Services(b) – 0.6%
CAB (NR/NR) (3 mo. EUR EURIBOR + 3.500%)
EUR	1,350,000		7.466		02/09/28	1,423,268
LifePoint Health, Inc. (B/B2) (3 mo. USD Term SOFR + 5.500%)
$	10,478,783		11.168		11/16/28	10,434,248
						11,857,516
Home Construction(b) – 0.7%
Core & Main LP (B+/B1) ((1 mo. USD Term SOFR + 2.500%)–(2 mo. USD Term SOFR + 2.500%))
	5,872,971		0.000		07/27/28	5,865,630
SRS Distribution, Inc. (B-/B3) (3 mo. USD LIBOR + 3.500%)
	7,000,000		4.250		06/02/28	6,991,250
						12,856,880
Household & Leisure(b) – 0.1%
Knight Health Holdings LLC (B-/B3) (1 mo. USD Term SOFR + 5.250%)
	5,022,448		10.720		12/23/28	1,356,061
Insurance(b) – 2.1%
Acrisure LLC (B/B2) (3 mo. USD LIBOR + 3.500%)
	8,104,472		9.150		02/15/27	8,076,998
Alliant Holdings Intermediate LLC (B/B2) (3 mo. USD Term SOFR + 3.500%)
	4,876,514		8.865		11/06/30	4,892,363
AssuredPartners, Inc. (B/B2) (1 mo. USD Term SOFR + 3.500%)
	5,358,139		8.970		02/12/27	5,366,873
OneDigital Borrower LLC (B/B3) (1 mo. USD Term SOFR + 4.250%)
	3,938,443		9.706		11/16/27	3,931,078
Sedgwick Claims Management Services, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.750%)
	11,175,852		9.106		02/24/28	11,202,227
USI, Inc. (NR/NR) (3 mo. USD Term SOFR + 3.000%)
	7,218,033		8.348		11/22/29	7,223,663
						40,693,202
Lodging(b) – 0.9%
Caesars Entertainment Corp. (B+/Ba3) (1 mo. USD Term SOFR + 3.250%)
	5,309,875		8.706		02/06/30	5,317,362
Hilton Grand Vacations Borrower LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.750%)
	11,611,835		8.220		08/02/28	11,611,835
						16,929,197
Machinery(b) – 1.2%
Chart Industries, Inc. (B+/Ba3) (1 mo. USD Term SOFR + 3.250%)
	6,390,186		8.698		03/15/30	6,395,489

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Machinery(b) – (continued)
Project Castle, Inc. (B-/Caa1) (3 mo. USD Term SOFR + 5.500%)
$	7,174,781		10.830	%	06/01/29	$    6,331,745
SPX Flow, Inc. (B-/B2) (1 mo. USD Term SOFR + 4.500%)
	9,417,649		9.956		04/05/29	9,439,875
TK Elevator Topco GmbH (B+/B1) (6 mo. EUR EURIBOR + 3.625%)
EUR	1,605,000		7.597		07/30/27	1,767,729
						23,934,838
Media(b) – 0.4%
Cogeco Communications Finance (USA), LP (BB/B1) (1 mo. USD Term SOFR + 3.250%)
$	4,375,000		8.606		09/18/30	4,301,194
Zacapa SARL (B/B2) (3 mo. USD Term SOFR + 4.000%)
	4,458,024		9.348		03/22/29	4,441,306
						8,742,500
Media - Cable(b) – 2.3%
Altice Financing SA (B/B3) (3 mo. USD Term SOFR + 5.000%)
	10,777,185		10.394		10/31/27	10,703,145
Altice France SA (B/B2) (3 mo. USD Term SOFR + 5.500%)
	12,388,985		10.894		08/15/28	11,093,345
DirecTV Financing LLC (BB/Ba3) (3 mo. USD Term SOFR + 5.000%)
	3,052,745		10.650		08/02/27	3,049,326
Gray Television, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.000%)
	1,965,042		8.467		12/01/28	1,948,457
Virgin Media Bristol LLC (BB-/Ba3)
(1 mo. USD Term SOFR + 2.500%)
	10,583,080		7.976		01/31/28	10,528,683
(1 mo. USD Term SOFR + 3.250%)
	8,300,000		8.726		01/31/29	8,272,610
						45,595,566
Media - Non Cable(b) – 1.8%
CMG Media Corp. (B+/B1) (3 mo. USD Term SOFR + 3.500%)
	6,231,145		8.948		12/17/26	5,748,231
Diamond Sports Group LLC (NR/WR) (1 mo. USD Term SOFR + 5.250%)
	2,687,115		5.637		08/24/26	106,141
Entercom Media Corp. (D/Ca) (3 mo. USD Term SOFR + 2.500%)
	8,622,098		8.145		11/18/24	4,117,052
Getty Images, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 4.500%)
	7,987,403		9.948		02/19/26	8,015,359
iHeartCommunications, Inc. (B+/Caa1)
(1 mo. USD Term SOFR + 3.000%)
	1,258,982		8.470		05/01/26	1,082,158
(1 mo. USD Term SOFR + 3.250%)
	6,777,591		8.720		05/01/26	5,773,694
NEP/NCP Holdco, Inc. (CCC/Caa3) (1 mo. USD Term SOFR + 7.000%)
	3,200,000		12.470		10/19/26	2,544,000
Taboola.com Ltd. (BB-/B1) (1 mo. USD Term SOFR + 4.000%)
	4,142,739		9.470		09/01/28	4,122,026

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Media - Non Cable(b) – (continued)
Voyage Digital Ltd. (BB-/Ba3) (3 mo. USD Term SOFR + 4.000%)
$	4,560,908		9.367	%(c)	05/11/29	$    4,549,505
						36,058,166
Metals & Mining(b) – 0.4%
Arsenal AIC Parent LLC (B+/Ba3) (1 mo. USD Term SOFR + 4.500%)
	2,568,563		9.856		08/18/30	2,575,780
PMHC II, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.250%)
	5,937,245		9.807		04/23/29	5,665,141
						8,240,921
Midstream(b) – 0.6%
AL GCX Holdings LLC (B+/Ba3) (1 mo. USD Term SOFR + 3.500%)
	4,633,466		8.945		05/17/29	4,634,625
AL NGPL Holdings LLC (B+/Ba3) (3 mo. USD Term SOFR + 3.750%)
	7,456,629		9.210		04/13/28	7,452,005
						12,086,630
Non Captive(b) – 0.6%
Avolon TLB Borrower 1 (U.S.) LLC (BBB-/Baa2) (1 mo. USD Term SOFR + 2.000%)
	2,443,875		7.358		06/22/28	2,447,638
Howden Group Holdings Ltd. (B/B2) (1 mo. USD Term SOFR + 4.000%)
	1,246,860		9.356		04/18/30	1,248,156
Hyperion Insurance Group Ltd. (B/B2) (1 mo. USD LIBOR + 3.250%)
	7,921,444		8.750		11/12/27	7,928,653
						11,624,447
Oil Field Services(b) – 0.4%
BANGL LLC (BB-/B2) (1 mo. USD Term SOFR + 4.500%)
	5,536,125		9.855		02/01/29	5,537,841
ChampionX Corp. (BBB/Ba1) (1 mo. USD Term SOFR + 2.750%)
	1,971,621		8.206		06/07/29	1,975,939
						7,513,780
Packaging(b) – 3.7%
Berlin Packaging LLC (B-/B2) ((1 mo. USD Term SOFR + 3.250%)–(3 mo. USD Term SOFR + 3.250%))
	8,798,843		0.000		03/11/28	8,759,601
Canister International Group, Inc. (B/B2) (1 mo. USD Term SOFR + 4.750%)
	3,285,094		10.206		12/21/26	3,289,890
Charter NEX U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 3.750%)
	10,931,864		9.220		12/01/27	10,969,469
Clydesdale Acquisition Holdings, Inc. (B/B2) (1 mo. USD Term SOFR + 4.175%)
	10,238,193		9.631		04/13/29	10,272,286

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Packaging(b) – (continued)
Klockner-Pentaplast of America, Inc. (B-/B3) (6 mo. USD Term SOFR + 4.725%)
$	4,149,343		10.476	%	02/12/26	$    3,892,623
LABL, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%)
	9,463,773		10.456		10/29/28	9,056,169
Pretium Packaging LLC (B/B2) (1 mo. USD Term SOFR + 5.000%)
	690,540		10.353		10/02/28	675,438
Pretium PKG Holdings, Inc. (CCC-/Ca) (1 mo. USD Term SOFR + 4.000%)
	2,755,574		9.327		10/02/28	2,166,184
Proampac PG Borrower LLC (B-/B3) (3 mo. USD Term SOFR + 4.500%)
	11,320,751		9.887		09/15/28	11,324,260
Tosca Services LLC (CCC+/Caa1) (3 mo. USD Term SOFR + 3.500%)
	10,579,943		9.145		08/18/27	8,819,123
TricorBraun Holdings, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.250%)
	5,015,122		8.720		03/03/28	4,979,064
						74,204,107
Paper(b) – 0.4%
Pregis TopCo Corp. (B-/B2) (1 mo. USD Term SOFR + 3.750%)
	7,062,135		9.106		07/31/26	7,072,093
Pharmaceuticals – 1.4%
Amneal Pharmaceuticals LLC (B/B2) ((1 mo. USD LIBOR + 3.000%)–(1 mo. USD LIBOR + 7.000%))
	4,100,000		0.000	(d)	05/04/28	4,023,125
Covetrus, Inc. (B-/B1) (3 mo. USD Term SOFR + 5.000%)
	12,803,250		10.348	(b)	10/13/29	12,779,308
Gainwell Acquisition Corp. (B/B2) (3 mo. USD Term SOFR + 4.000%)
	6,530,989		9.448	(b)	10/01/27	6,335,059
Organon & Co. (BB/Ba2) (1 mo. USD Term SOFR + 3.000%)
	4,837,603		8.472	(b)	06/02/28	4,840,651
						27,978,143
Pipelines(b) – 1.2%
CQP Holdco LP (BB/WR) ((1 mo. USD LIBOR + 3.000%)–(3 mo. USD Term SOFR + 3.000%))
	—		0.000		06/05/28	—
CQP Holdco LP (NR/B1) (3 mo. USD Term SOFR + 3.000%)
	12,902,317		8.348		12/31/30	12,918,445
Medallion Midland Acquisition LLC (NR/NR) (3 mo. USD Term SOFR + 3.500%)
	6,422,776		8.864		10/18/28	6,441,145
NorthRiver Midstream Finance LP (BB/Ba3) (3 mo. USD Term SOFR + 3.000%)
	3,880,720		8.330		08/16/30	3,885,571
						23,245,161
Real Estate Investment Trust(b) – 0.2%
Forest City Enterprises LP (B-/Caa1) (1 mo. USD Term SOFR + 3.500%)
	4,348,084		8.970		12/08/25	4,112,548

Principal Amount			Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Restaurants(b) – 0.3%
1011778 BC Unlimited Liability Co. (BB+/Ba2) (1 mo. USD Term SOFR + 2.250%)
$	5,100,000			7.606	%	09/20/30	$    5,098,164
Retailers(b) – 3.5%
AppLovin Corp. (BB/Ba3) (1 mo. USD Term SOFR + 3.100%)
	7,162,277			8.556		10/25/28	7,162,277
(1 mo. USD Term SOFR + 3.100%)
	13,585,096			8.456		08/16/30	13,585,096
BCPE Empire Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR +
	4.750	%)
	7,751,237			10.106		12/11/28	7,764,802
Constellation Automotive Ltd. (NR/B2) (6 mo. EUR EURIBOR + 4.000%)
EUR	4,653,879			8.026		07/28/28	4,913,701
Constellation Automotive Ltd. (NR/Caa2) (6 mo. Sterling Overnight Index Average + 7.500%)
GBP	700,000			12.684		07/27/29	637,802
Dealer Tire Financial LLC (B-/B1) (1 mo. USD Term SOFR + 4.500%)
$	9,427,269			9.856		12/14/27	9,444,993
Harbor Freight Tools USA, Inc. (BB-/B2) (1 mo. USD Term SOFR + 2.750%)
	9,071,694			8.220		10/19/27	9,053,097
Restoration Hardware, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.500%)
	3,119,567			7.970		10/20/28	3,028,319
Shutterfly, Inc. (CCC+/Caa2) (3 mo. USD Term SOFR + 1.000%)
	4,652,825			6.348		10/01/27	3,338,402
Shutterfly, Inc. (NR/NR) (1 mo. USD Term SOFR + 6.000%)
	913,641			11.356		10/01/27	909,831
Staples, Inc. (B-/B3) (1 mo. USD LIBOR + 5.000%)
	6,234,298			10.467		04/16/26	5,889,042
TruGreen LP (B-/B3) (1 mo. USD Term SOFR + 4.000%)
	2,523,612			9.456		11/02/27	2,432,762
TruGreen LP (CCC/Caa3) (3 mo. USD Term SOFR + 8.500%)
	2,200,000			14.145		11/02/28	1,628,000
							69,788,124
Software(b) – 0.2%
ZoomInfo LLC (NR/WR) (1 mo. USD Term SOFR + 2.750%)
	4,669,169			7.606		02/28/30	4,684,731
Technology(b) – 0.7%
Ingram Micro, Inc. (NR/B1) (3 mo. USD Term SOFR + 3.000%)
	6,436,473			8.610		06/30/28	6,452,564
Tempo Acquisition LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.750%)
	1,972,244			8.106		08/31/28	1,979,285
Ultra Clean Holdings, Inc. (B+/B1) (1 mo. USD Term SOFR +
	3.750	%)
	6,064,918			9.220		08/27/25	6,069,952
							14,501,801
Technology - Hardware(b) – 1.0%
CommScope, Inc. (CCC+/B2) (1 mo. USD Term SOFR + 3.250%)
	6,657,617			8.720		04/06/26	5,933,601

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Technology - Hardware(b) – (continued)
Entegris, Inc. (BB/Baa3) (3 mo. USD Term SOFR + 2.500%)
$	1,732,146		7.848	%	07/06/29	$    1,737,914
II-VI, Inc. (BB-/Ba2) (1 mo. USD Term SOFR + 2.750%)
	11,760,862		8.220		07/02/29	11,780,503
MKS Instruments, Inc. (BB/Ba1) (1 mo. EUR EURIBOR + 3.000%)
EUR	790,000		6.843		08/17/29	869,216
						20,321,234
Technology - Software(b) – 2.3%
Castle U.S. Holding Corp. (CCC+/B3) (3 mo. USD Term SOFR + 3.750%)
$	7,158,747		9.400		01/29/27	5,018,782
DCert Buyer, Inc. (B-/B2) (1 mo. USD Term SOFR + 4.000%)
	6,893,778		9.356		10/16/26	6,821,738
DCert Buyer, Inc. (CCC/Caa2) (1 mo. USD Term SOFR + 7.000%)
	1,700,000		12.356		02/19/29	1,540,268
Isolved, Inc. (B/B2) (3 mo. USD Term SOFR + 4.000%)
	3,995,582		9.484		10/14/30	3,995,582
Loyalty Ventures, Inc. (NR/WR) ((3 mo. U.S. (Fed) Prime Rate + 0.000%)–(3 mo. U.S. (Fed) Prime Rate + 5.500%))
	11,629,469		0.000		11/03/27	101,758
Peraton Corp. (B/B1) (1 mo. USD Term SOFR + 3.750%)
	11,341,764		9.206		02/01/28	11,355,941
Physician Partners LLC (B+/B2) (3 mo. USD Term SOFR + 4.000%)
	7,306,378		9.533		12/26/28	6,886,262
Virtusa Corp. (B/B1) (1 mo. USD Term SOFR + 3.750%)
	9,512,675		9.220		02/11/28	9,516,670
						45,237,001
Technology - Software/Services(b) – 2.7%
Ahead DB Holdings LLC (B+/B1) (3 mo. USD Term SOFR + 3.750%)
	9,832,585		9.198		10/18/27	9,774,180
Atlas Purchaser, Inc. (CCC/Caa3) (3 mo. USD Term SOFR + 9.000%)
	1,225,000		14.642		05/07/29	396,079
CentralSquare Technologies LLC (B-/Caa1) (3 mo. USD Term SOFR + 3.750%)
	9,537,483		9.248		08/29/25	9,179,828
Magenta Buyer LLC (CCC+/B2) (3 mo. USD Term SOFR + 5.000%)
	4,198,313		10.645		07/27/28	2,949,315
McAfee LLC (B-/B2) (1 mo. USD Term SOFR + 3.750%)
	8,531,125		9.203		03/01/29	8,472,516
Peraton Corp. (NR/NR) (3 mo. USD Term SOFR + 7.750%)
	5,411,236		13.222		02/01/29	5,370,651
Physician Partners LLC (B+/B2) (3 mo. USD Term SOFR + 5.500%)
	2,900,000		10.883	(c)	12/23/28	2,755,000
Quartz Acquireco LLC (B/B1) (1 mo. USD Term SOFR + 3.500%)
	2,468,813		8.856		06/28/30	2,474,984

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Technology - Software/Services(b) – (continued)
Severin Acquisition LLC (B/B2) (3 mo. USD Term SOFR + 3.250%)
$	4,936,354		8.633	%	08/01/27	$    4,951,805
World Wide Technology Holding Co. LLC (BB/Ba3) (1 mo. USD Term SOFR + 3.250%)
	6,227,937		8.707		03/01/30	6,247,431
						52,571,789
Telecommunications(b) – 1.5%
Adevinta ASA (BB-/Ba2)
(3 mo. EUR EURIBOR + 2.500%)
EUR	176,867		6.425		06/26/28	195,120
(3 mo. USD Term SOFR + 2.750%)
$	2,726,992		8.362		06/26/28	2,728,356
Barracuda Networks, Inc. (B/B2) (3 mo. USD Term SOFR + 4.500%)
	4,396,692		9.883		08/15/29	4,281,279
Buzz Finco LLC (B/B1)
(1 mo. USD Term SOFR + 2.750%)
	3,765,809		8.206		01/29/27	3,770,516
(1 mo. USD Term SOFR + 3.250%)
	267,727		8.706		01/29/27	267,840
Endure Digital, Inc. (B/B2) (6 mo. USD Term SOFR + 3.500%)
	3,078,313		9.422		02/10/28	3,004,249
Lorca Holdco Ltd. (NR/B1) (6 mo. EUR EURIBOR + 3.700%)
EUR	4,875,000		7.604		09/17/27	5,346,883
Magenta Buyer LLC (CCC-/Caa2) (3 mo. USD Term SOFR + 8.250%)
$	1,300,000		13.895		07/27/29	494,000
MKS Instruments, Inc. (BB/Ba1) (1 mo. USD Term SOFR + 2.500%)
	4,072,031		7.956		08/17/27	4,055,051
MLN U.S. HoldCo LLC (NR/NR) (3 mo. USD Term SOFR + 9.250%)
	2,674,726		14.722		10/18/27	234,038
PUG LLC (B-/B3) (1 mo. USD Term SOFR + 3.500%)
	4,542,504		8.970		02/12/27	4,461,102
						28,838,434
Textiles(b) – 0.3%
Fanatics Commerce Intermediate Holdco LLC (BB-/B1) (1 mo. USD Term SOFR + 3.250%)
	5,110,000		8.720		11/24/28	5,078,063
New Trojan Parent, Inc. (C/C) (1 mo. USD Term SOFR + 7.250%)
	1,100,000		12.720		01/05/29	110,000
New Trojan Parent, Inc. (CCC-/Caa3) (1 mo. USD Term SOFR + 3.250%)
	6,466,706		8.720		01/06/28	1,676,752
						6,864,815
Transportation Services(b) – 1.2%
Dynasty Acquisition Co., Inc. (B-/B3) (1 mo. USD Term SOFR + 4.000%)
	5,964,677		9.356		08/24/28	5,976,546

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Bank Loans(a) – (continued)
Transportation Services(b) – (continued)
Kenan Advantage Group, Inc. (B/B2) (1 mo. USD Term SOFR + 3.750%)
$	5,899,993		9.220	%	03/24/26	$    5,862,470
LaserShip, Inc. (CCC+/B3) (3 mo. USD Term SOFR + 4.500%)
	2,494,440		10.396		05/07/28	2,284,483
MH Sub I LLC (B/B1) (1 mo. USD Term SOFR + 4.250%)
	7,799,962		9.606		05/03/28	7,655,897
MH Sub I LLC (B/Caa1) (1 mo. USD Term SOFR + 6.250%)
	2,400,000		11.606		02/23/29	2,227,704
						24,007,100
TOTAL BANK LOANS (Cost $1,750,271,822)						$1,681,033,040
Corporate Obligations(e) – 5.9%
Aerospace & Defense – 0.1%
Spirit AeroSystems, Inc. (CCC+/Caa1)
$	2,790,000		4.600	%	06/15/28	$    2,462,928
Automotive – 0.7%
Dornoch Debt Merger Sub, Inc. (CCC/Caa2)
	5,970,000		6.625	(f)	10/15/29	5,376,642
Ford Motor Credit Co. LLC (BBB-/Ba1)
	650,000		4.687		06/09/25	638,118
	4,677,000		4.950		05/28/27	4,566,248
	3,600,000		7.350		11/04/27	3,793,032
						14,374,040
Banks(f) – 0.2%
Freedom Mortgage Corp. (B/B2)
	3,120,000		6.625		01/15/27	2,973,048
Chemicals(f) – 0.4%
Axalta Coating Systems Dutch Holding B BV (BB-/B1)
	1,525,000		7.250		02/15/31	1,604,208
Olympus Water U.S. Holding Corp. (B-/B3)
	4,160,000		9.750		11/15/28	4,435,101
Polar U.S. Borrower LLC/Schenectady International Group, Inc. (CCC-/Caa3)
	8,835,000		6.750		05/15/26	2,827,200
						8,866,509
Commercial Services(f) – 0.3%
APX Group, Inc. (B/Ba3)
	1,928,000		5.750		07/15/29	1,799,884
Paysafe Finance PLC/Paysafe Holdings U.S. Corp. (B/B2)
	3,450,000		4.000	(g)	06/15/29	3,049,835
Verisure Midholding AB (B-/B3)
EUR	1,075,000		5.250		02/15/29	1,130,898
						5,980,617
Diversified Financial Services(f) – 0.7%
LPL Holdings, Inc. (BBB-/Baa3)
$	2,489,000		4.000		03/15/29	2,289,756
United Wholesale Mortgage LLC (NR/Ba3)
	3,330,000		5.500		04/15/29	3,151,678

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations(e) – (continued)
Diversified Financial Services(f) – (continued)
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B-/B3)
$	6,805,000		7.875	%(g)	05/01/27	$    5,891,361
	2,965,000		6.375	(g)	02/01/30	2,071,764
						13,404,559
Healthcare Providers & Services(f) – 0.5%
CHS/Community Health Systems, Inc. (CCC-/Caa3)
	1,125,000		6.125		04/01/30	724,140
Medline Borrower LP (B+/B1)
	10,100,000		3.875		04/01/29	9,135,450
						9,859,590
Internet(f) – 0.2%
ANGI Group LLC (B/B2)
	1,055,000		3.875		08/15/28	890,958
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3)
	1,942,000		3.500		03/01/29	1,759,763
Match Group Holdings II LLC (BB/Ba3)
	665,000		3.625		10/01/31	574,527
						3,225,248
Leisure Time(f) – 0.3%
Carnival Corp. (BB-/B3)
	960,000		5.750		03/01/27	935,491
Carnival Corp. (BB+/Ba2)
	1,290,000		7.000		08/15/29	1,345,457
MajorDrive Holdings IV LLC (CCC+/Caa2)
	2,543,000		6.375		06/01/29	2,209,562
Royal Caribbean Cruises Ltd. (BB-/B1)
	1,860,000		5.500		04/01/28	1,835,448
						6,325,958
Lodging(f) – 0.2%
Travel & Leisure Co. (BB-/Ba3)
	4,332,000		4.500		12/01/29	3,879,263
Machinery - Construction & Mining(f) – 0.4%
Vertiv Group Corp. (BB/Ba3)
	8,450,000		4.125		11/15/28	7,893,568
Media – 0.3%
Cumulus Media New Holdings, Inc. (B/B3)
	4,100,000		6.750	(f)	07/01/26	2,769,427
Diamond Sports Group LLC/Diamond Sports Finance Co. (NR/WR)
	2,350,000		5.375	(f)(h)	08/15/26	118,229
	3,225,000		6.625	(f)(h)	08/15/27	148,801
iHeartCommunications, Inc. (B+/Caa1)
	3,100,000		6.375		05/01/26	2,638,875
iHeartCommunications, Inc. (CCC+/Caa3)
	1		8.375		05/01/27	1
						5,675,333
Miscellaneous Manufacturing – 0.0%
Hillenbrand, Inc. (BB+/Ba1)
	922,000		3.750		03/01/31	800,739

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations(e) – (continued)
Oil Field Services – 0.3%
Noble Finance II LLC (BB-/B2)
$	800,000		8.000	%(f)	04/15/30	$      834,920
Sitio Royalties Operating Partnership LP/Sitio Finance Corp. (B/B3)
	1,720,000		7.875	(f)	11/01/28	1,778,944
Sunoco LP/Sunoco Finance Corp. (BB/Ba3)
	2,070,000		7.000	(f)	09/15/28	2,136,902
	1,425,000		4.500		04/30/30	1,319,807
						6,070,573
Packaging(f) – 0.1%
LABL, Inc. (B-/B3)
	2,005,000		5.875		11/01/28	1,817,773
Pipelines(f) – 0.1%
ITT Holdings LLC (B-/B3)
	2,305,000		6.500		08/01/29	2,037,735
Real Estate(f)(g) – 0.1%
Realogy Group LLC/Realogy Co.-Issuer Corp. (CCC+/B3)
	2,885,000		5.250		04/15/30	2,152,989
Retailing(f) – 0.2%
LCM Investments Holdings II LLC (B+/B2)
	2,285,000		4.875		05/01/29	2,127,404
Specialty Building Products Holdings LLC/SBP Finance Corp.
	(B/B3)
	855,000		6.375		09/30/26	845,971
						2,973,375
Software(f) – 0.7%
AthenaHealth Group, Inc. (CCC/Caa2)
	8,970,000		6.500		02/15/30	8,139,468
Castle U.S. Holding Corp. (CCC-/Caa2)
	7,910,000		9.500		02/15/28	4,072,384
Rackspace Technology Global, Inc. (CCC+/B3)
	3,380,000		3.500		02/15/28	1,353,115
						13,564,967
Transportation(f)(g) – 0.1%
Rand Parent LLC (BB/Ba1)
	2,705,000		8.500		02/15/30	2,587,197
TOTAL CORPORATE OBLIGATIONS (Cost $140,277,706)						$  116,926,009
Asset-Backed Securities(b)(e)(f) – 1.5%
Collateralized Loan Obligations – 1.5%
Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3 mo. USD Term SOFR + 4.062%)
$	5,400,000		9.464	%	04/17/33	$    5,263,385
ICG U.S. CLO Ltd. Series 2015-2RA, Class C (NR/Baa3) (3 mo. USD Term SOFR + 3.762%)
	2,100,000		9.156		01/16/33	2,052,429
Race Point VIII CLO Ltd. Series 2013-8A, Class DR2 (BBB-/NR) (3 mo. USD Term SOFR + 3.762%)
	3,235,000		9.129		02/20/30	3,235,534

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(b)(e)(f) – (continued)
Collateralized Loan Obligations – (continued)
TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.932%)
$	4,900,000		9.322	%	08/16/34	$    4,820,051
THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.982%)
	4,000,000		9.377		04/18/36	3,881,676
Tikehau U.S. CLO I Ltd. Series 2021-1A, Class E (NR/Ba3) (3 mo. USD Term SOFR + 7.172%)
	5,000,000		12.567		01/18/35	4,416,725
Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 4.072%)
	7,000,000		9.487		10/20/34	6,486,704
TOTAL ASSET-BACKED SECURITIES (Cost $31,221,997)						$   30,156,504
Shares		Description				Value
Common Stocks – 0.4%
Aerospace & Defense – 0.2%
	199,380		Swissport Ltd.			$    3,705,037
Media – 0.2%
	162,749		Bright Pattern Holdco			1,628
	579,399		Clear Channel Outdoor Holdings, Inc.			1,054,506
	591,024		National CineMedia, Inc.			2,446,839
						3,502,973
Specialty Retail – 0.0%
	9,541		Neiman Marcus Group Ltd. LLC			954,100
TOTAL COMMON STOCKS (Cost $14,904,778)						$    8,162,110
Units		Expiration Date				Value
Warrants – 0.1%
Aspect Software, Inc. (NR/NR)
	162,749					$        1,627
Cineworld Group PLC (NR/NR)
	50,868					887,032
Noble Corp. PLC (NR/NR)
	6,346		02/04/28			175,474
(Cost $15,866)
TOTAL WARRANTS (Cost $785,878)						$    1,064,133

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Shares		Description	Value
	Exchange Traded Funds – 2.3%
	12,481	Eaton Vance Floating-Rate Income Trust (NR/NR)(g)	$      156,637
	529,943	Invesco Senior Income Trust (NR/NR)(g)	2,172,766
	781,076	Invesco Senior Loan ETF (NR/NR)(g)	16,543,190
	66,678	iShares iBoxx $ High Yield Corporate Bond ETF (NR/NR)	5,160,210
	146,959	Nuveen Credit Strategies Income Fund (NR/NR)(g)	767,126
	811,390	Nuveen Floating Rate Income Fund (NR/NR)	6,669,626
	311,694	SPDR Blackstone Senior Loan ETF (NR/NR)	13,069,329
	TOTAL EXCHANGE TRADED FUNDS (Cost $45,461,962)		$   44,538,884
Shares		Dividend Rate	Value
	Investment Company(i) – 2.5%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	49,302,399	5.248%	$   49,302,399
	(Cost $49,302,399)
	Securities Lending Reinvestment Vehicle(i) – 1.4%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	27,463,313	5.248%	$   27,463,313
	(Cost $27,463,313)
	TOTAL INVESTMENTS – 98.9% (Cost $2,059,689,855)		$1,958,646,392
	OTHER ASSETS IN EXCESS OF  LIABILITIES – 1.1%		$   22,772,109
	NET ASSETS – 100.0%		$1,981,418,501

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on December 31, 2023. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2023.
(c)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(d)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	All or a portion of security is on loan.
(h)	Security is currently in default and/or non-income producing.
(i)	Represents an affiliated Issuer.

   

GOLDMAN SACHS HIGH YIELD FLOATING RATE 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 LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	USD	74,733,769	EUR	68,855,506		02/14/24	$	(1,417,034	)

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:
5 Year U.S. Treasury Notes	(713)	03/28/24	$	(77,555,461	)	$	(1,210,844	)
Ultra 10-Year U.S. Treasury Note	(59)	03/19/24		(6,962,922	)		(312,522	)
TOTAL FUTURES CONTRACTS						$	(1,523,366	)

Currency Abbreviations:
EUR	— Euro
GBP	— British Pound
USD	— U.S. Dollar
Investment Abbreviations:
CLO	— Collateralized Loan Obligation
ETF	— Exchange Traded Fund
EURIBOR	— Euro Interbank Offered Rate
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
SOFR	— Secured Overnight Financing Rate
USD	— US. Dollar

Abbreviation:
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 92.1%
Aerospace & Defense – 1.8%
Boeing Co.(a)
$	1,150,000		2.196	%	02/04/26	$  1,086,727
	1,950,000		3.450		11/01/28	1,836,276
	1,375,000		3.250		02/01/35	1,160,954
	500,000		3.550		03/01/38	406,605
	1,306,000		3.375		06/15/46	959,714
	575,000		3.625		03/01/48	425,316
	900,000		3.850		11/01/48	698,220
Northrop Grumman Corp.
	75,000		4.750		06/01/43	71,809
RTX Corp.
	1,975,000		4.125	(a)	11/16/28	1,929,338
	2,425,000		6.100	(a)	03/15/34	2,629,476
	695,000		4.875		10/15/40	663,218
						11,867,653
Agriculture(a) – 0.8%
Altria Group, Inc.
	975,000		4.800		02/14/29	972,982
BAT Capital Corp.
	875,000		3.215		09/06/26	837,296
	200,000		3.557		08/15/27	191,014
	1,350,000		2.259		03/25/28	1,207,656
	1,000,000		6.343		08/02/30	1,050,830
Philip Morris International, Inc.
	550,000		5.625		11/17/29	576,917
						4,836,695
Automotive(a) – 2.3%
General Motors Co.
	2,925,000		6.800		10/01/27	3,102,840
	950,000		6.600		04/01/36	1,015,465
General Motors Financial Co., Inc.
	4,365,000		5.250		03/01/26	4,368,710
	2,575,000		1.500		06/10/26	2,360,863
	400,000		2.700		08/20/27	368,908
	775,000		3.850		01/05/28	740,939
Hyundai Capital America(b)
	1,450,000		5.600		03/30/28	1,470,909
	1,350,000		6.200		09/21/30	1,421,361
						14,849,995
Banks – 23.4%
Banco Santander SA
	1,600,000		6.921		08/08/33	1,706,800
(1 yr. CMT + 1.600%)
	400,000		3.225	(a)(c)	11/22/32	334,752
Bank of America Corp.(a)(c)
(3 mo. USD Term SOFR + 1.252%)
	275,000		2.496		02/13/31	236,346
(3 mo. USD Term SOFR + 1.302%)
	2,863,000		3.419		12/20/28	2,695,400
(3 mo. USD Term SOFR + 1.332%)
	5,356,000		3.970		03/05/29	5,115,516
(3 mo. USD Term SOFR + 1.572%)
	1,950,000		4.271		07/23/29	1,881,730

Principal Amount			Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Bank of America Corp.(a)(c) – (continued)
(5 yr. CMT + 1.200%)
$	1,025,000			2.482	%	09/21/36	$    813,266
(Secured Overnight Financing Rate + 1.330%)
	1,825,000			2.972		02/04/33	1,550,812
(Secured Overnight Financing Rate + 1.570%)
	6,115,000			5.819		09/15/29	6,312,270
(Secured Overnight Financing Rate + 1.630%)
	1,210,000			5.202		04/25/29	1,217,381
(Secured Overnight Financing Rate + 1.830%)
	8,215,000			4.571		04/27/33	7,835,960
Bank of New York Mellon Corp.(a)(c) (Secured Overnight Financing Rate Index + 2.074%)
	525,000			5.834		10/25/33	556,820
Barclays PLC
	425,000			5.200		05/12/26	422,085
	1,850,000			4.836	(a)	05/09/28	1,804,027
BNP Paribas SA(a)(b)(c) (1 yr. CMT + 1.500%)
	1,680,000			5.335		06/12/29	1,703,789
(5 yr. USD Secured Overnight Financing Rate ICE Swap Rate +
	4.149	%)
	1,950,000			6.625		03/25/24	1,942,765
(Secured Overnight Financing Rate + 1.004%)
	4,225,000			1.323		01/13/27	3,896,802
(Secured Overnight Financing Rate + 1.507%)
	370,000			3.052		01/13/31	325,352
BPCE SA(b)
	1,350,000			4.625		09/12/28	1,320,799
(Secured Overnight Financing Rate + 1.730%)
	1,050,000			3.116	(a)(c)	10/19/32	855,320
(Secured Overnight Financing Rate + 2.865%)
	1,690,000			5.748	(a)(c)	07/19/33	1,698,332
Citigroup, Inc.
	925,000			4.750		05/18/46	829,586
(3 mo. USD Term SOFR + 1.825%)
	6,098,000			3.887	(a)(c)	01/10/28	5,899,571
(Secured Overnight Financing Rate + 0.765%)
	600,000			1.122	(a)(c)	01/28/27	551,490
(Secured Overnight Financing Rate + 1.351%)
	800,000			3.057	(a)(c)	01/25/33	682,752
(Secured Overnight Financing Rate + 1.422%)
	1,025,000			2.976	(a)(c)	11/05/30	913,706
(Secured Overnight Financing Rate + 2.338%)
	1,645,000			6.270	(a)(c)	11/17/33	1,760,726
(Secured Overnight Financing Rate + 3.914%)
	675,000			4.412	(a)(c)	03/31/31	646,367
Credit Agricole SA
	1,950,000			4.375		03/17/25	1,918,956
	725,000			5.514	(b)	07/05/33	751,818
(5 yr. USD Swap + 4.319%)
	500,000			6.875	(a)(b)(c)	09/23/24	496,895
Discover Bank(a)
	1,500,000			4.650		09/13/28	1,430,115
First-Citizens Bank & Trust Co.(a)(c) (3 mo. USD Term SOFR + 1.715%)
	2,550,000			2.969		09/27/25	2,488,494
HSBC Bank USA NA
	800,000			5.625		08/15/35	795,408

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
HSBC Holdings PLC
$	600,000		7.625	%	05/17/32	$    673,680
(3 mo. USD Term SOFR + 1.609%)
	1,875,000		4.292	(a)(c)	09/12/26	1,835,700
(Secured Overnight Financing Rate + 1.929%)
	925,000		2.099	(a)(c)	06/04/26	880,693
(Secured Overnight Financing Rate + 2.870%)
	216,000		5.402	(a)(c)	08/11/33	217,030
Huntington Bancshares, Inc.(a)
	675,000		2.625		08/06/24	661,925
(Secured Overnight Financing Rate + 2.020%)
	1,085,000		6.208	(c)	08/21/29	1,118,559
ING Groep NV(a)(c) (Secured Overnight Financing Rate + 1.005%)
	1,725,000		1.726		04/01/27	1,596,091
JPMorgan Chase & Co.(a)(c)
(3 mo. USD Term SOFR + 1.622%)
	875,000		3.882		07/24/38	775,775
(3 mo. USD Term SOFR + 2.515%)
	3,650,000		2.956		05/13/31	3,210,649
(Secured Overnight Financing Rate + 1.260%)
	825,000		2.963		01/25/33	706,448
(Secured Overnight Financing Rate + 1.800%)
	11,324,000		4.586		04/26/33	10,918,827
(Secured Overnight Financing Rate + 2.040%)
	400,000		2.522		04/22/31	346,164
(Secured Overnight Financing Rate + 2.080%)
	2,355,000		4.912		07/25/33	2,328,836
KeyCorp(a)(c) (Secured Overnight Financing Rate Index + 1.250%)
	2,775,000		3.878		05/23/25	2,713,034
Lloyds Banking Group PLC
	1,575,000		4.582		12/10/25	1,542,791
(1 yr. CMT + 0.850%)
	350,000		1.627	(a)(c)	05/11/27	320,803
Macquarie Group Ltd.(a)(b)(c)
(3 mo. USD LIBOR + 1.372%)
	1,900,000		3.763		11/28/28	1,779,483
(Secured Overnight Financing Rate + 1.069%)
	2,200,000		1.340		01/12/27	2,020,964
Morgan Stanley
	3,350,000		4.350		09/08/26	3,289,733
	2,720,000		3.971	(a)(c)	07/22/38	2,384,733
(Secured Overnight Financing Rate + 1.143%)
	650,000		2.699	(a)(c)	01/22/31	569,381
(Secured Overnight Financing Rate + 1.200%)
	500,000		2.511	(a)(c)	10/20/32	414,690
(Secured Overnight Financing Rate + 1.290%)
	972,000		2.943	(a)(c)	01/21/33	826,151
(Secured Overnight Financing Rate + 1.360%)
	725,000		2.484	(a)(c)	09/16/36	575,483
(Secured Overnight Financing Rate + 1.590%)
	1,645,000		5.164	(a)(c)	04/20/29	1,652,682
(Secured Overnight Financing Rate + 1.610%)
	625,000		4.210	(a)(c)	04/20/28	610,625
(Secured Overnight Financing Rate + 1.630%)
	6,385,000		5.449	(a)(c)	07/20/29	6,505,804

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Morgan Stanley – (continued)
(Secured Overnight Financing Rate + 2.076%)
$	2,831,000		4.889	%(a)(c)	07/20/33	$  2,760,989
Santander U.K. Group Holdings PLC(a)(c)
(3 mo. USD LIBOR + 1.400%)
	325,000		3.823		11/03/28	305,399
(Secured Overnight Financing Rate + 1.220%)
	550,000		2.469		01/11/28	501,265
Shinhan Bank Co. Ltd.(b)
	260,000		4.500		04/12/28	257,616
Sumitomo Mitsui Financial Group, Inc.
	1,555,000		5.808		09/14/33	1,655,904
Truist Financial Corp.(a)(c) (Secured Overnight Financing Rate + 2.050%)
	700,000		6.047		06/08/27	712,558
U.S. Bancorp(a)(c) (Secured Overnight Financing Rate + 2.020%)
	1,260,000		5.775		06/12/29	1,294,171
UBS Group AG(a)(b)
	7,097,000		4.282		01/09/28	6,861,593
(5 yr. CMT + 4.758%)
	405,000		9.250	(c)	11/13/33	449,011
(Secured Overnight Financing Rate + 1.560%)
	3,071,000		2.593	(c)	09/11/25	3,004,636
(Secured Overnight Financing Rate + 3.340%)
	1,300,000		6.373	(c)	07/15/26	1,316,835
(Secured Overnight Financing Rate + 5.020%)
	1,875,000		9.016	(c)	11/15/33	2,306,175
(Secured Overnight Financing Rate Index + 0.980%)
	4,925,000		1.305	(c)	02/02/27	4,512,580
Wells Fargo & Co.(a)(c)
(3 mo. USD Term SOFR + 1.572%)
	2,573,000		3.584		05/22/28	2,451,606
(Secured Overnight Financing Rate + 1.510%)
	1,325,000		3.526		03/24/28	1,264,514
(Secured Overnight Financing Rate + 1.980%)
	1,135,000		4.808		07/25/28	1,127,396
(Secured Overnight Financing Rate + 2.100%)
	3,403,000		4.897		07/25/33	3,317,312
Wells Fargo Bank NA
	824,000		5.950		08/26/36	851,472
Westpac Banking Corp.(a)(c)
(5 yr. CMT + 1.350%)
	375,000		2.894		02/04/30	361,376
(5 yr. CMT + 2.000%)
	1,300,000		4.110		07/24/34	1,191,632
(5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 2.236%)
	125,000		4.322		11/23/31	120,229
						150,493,211
Beverages – 2.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	6,400,000		4.700		02/01/36	6,387,456
Anheuser-Busch InBev Finance, Inc.(a)
	600,000		4.700		02/01/36	599,808
Anheuser-Busch InBev Worldwide, Inc.
	655,000		8.200		01/15/39	874,949
	175,000		5.450	(a)	01/23/39	184,639

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Beverages – (continued)
Bacardi Ltd.(a)(b)
$	2,275,000		4.700	%	05/15/28	$  2,229,727
	700,000		5.300		05/15/48	669,711
Bacardi Ltd./Bacardi-Martini BV(a)(b)
	1,475,000		5.900		06/15/43	1,493,880
Constellation Brands, Inc.(a)
	450,000		4.350		05/09/27	446,404
	350,000		4.650		11/15/28	350,585
	775,000		2.250		08/01/31	651,907
	1,256,000		4.750		05/09/32	1,252,383
	50,000		4.500		05/09/47	44,549
JDE Peet’s NV(a)(b)
	1,970,000		2.250		09/24/31	1,577,694
Keurig Dr Pepper, Inc.(a)
	325,000		4.500		11/15/45	294,674
						17,058,366
Biotechnology(a) – 2.3%
Amgen, Inc.
	980,000		5.150		03/02/28	1,002,021
	2,065,000		5.250		03/02/30	2,123,501
	5,000,000		4.200		03/01/33	4,757,450
	1,773,000		5.250		03/02/33	1,817,236
	175,000		4.400		05/01/45	155,570
	2,923,000		5.650		03/02/53	3,081,368
CSL Finance PLC(b)
	300,000		4.625		04/27/42	285,258
Royalty Pharma PLC
	2,050,000		1.750		09/02/27	1,840,203
						15,062,607
Building Materials(a) – 0.5%
Carrier Global Corp.(b)
	2,205,000		5.900		03/15/34	2,386,582
Fortune Brands Innovations, Inc.
	672,000		4.000		03/25/32	626,438
						3,013,020
Chemicals(a) – 0.9%
Celanese U.S. Holdings LLC
	715,000		6.350		11/15/28	749,713
	1,250,000		6.550		11/15/30	1,323,487
DuPont de Nemours, Inc.
	125,000		5.319		11/15/38	128,326
Huntsman International LLC
	1,050,000		4.500		05/01/29	1,013,145
International Flavors & Fragrances, Inc.(b)
	1,075,000		3.268		11/15/40	772,807
LYB International Finance BV
	725,000		4.875		03/15/44	670,495
Sherwin-Williams Co.
	475,000		3.450		06/01/27	458,817
	475,000		4.000		12/15/42	397,661
						5,514,451

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Coal(a) – 0.1%
Teck Resources Ltd.
$	692,000		3.900	%	07/15/30	$    643,525
Commercial Services – 0.4%
Ashtead Capital, Inc.(a)(b)
	925,000		1.500		08/12/26	838,873
	525,000		2.450		08/12/31	427,340
DP World Ltd.
	360,000		5.625		09/25/48	344,444
Global Payments, Inc.(a)
	1,150,000		4.450		06/01/28	1,119,721
						2,730,378
Computers – 0.9%
Dell International LLC/EMC Corp.(a)
	1,075,000		6.020		06/15/26	1,100,101
	375,000		4.900		10/01/26	375,608
	1,599,000		5.300		10/01/29	1,647,386
	225,000		6.200		07/15/30	241,497
Dell, Inc.
	2,075,000		7.100		04/15/28	2,237,244
Hewlett Packard Enterprise Co.(a)
	341,000		6.200		10/15/35	374,404
	80,000		6.350		10/15/45	86,395
						6,062,635
Diversified Financial Services – 4.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	5,485,000		6.500		07/15/25	5,566,617
	725,000		6.450	(b)	04/15/27	750,774
	850,000		4.625		10/15/27	835,099
	775,000		3.000		10/29/28	707,498
Air Lease Corp.(a)
	2,150,000		3.375		07/01/25	2,082,318
	3,525,000		2.875		01/15/26	3,360,453
	1,475,000		3.750		06/01/26	1,425,160
	325,000		3.625		04/01/27	310,557
Ally Financial, Inc.
	950,000		4.625		03/30/25	937,650
	1,335,000		4.750	(a)	06/09/27	1,286,927
	1,575,000		2.200	(a)	11/02/28	1,346,908
Aviation Capital Group LLC(a)(b)
	2,675,000		1.950		01/30/26	2,478,120
Avolon Holdings Funding Ltd.(a)(b)
	750,000		3.950		07/01/24	740,460
	3,750,000		4.250		04/15/26	3,626,925
	1,450,000		3.250		02/15/27	1,342,903
Charles Schwab Corp.(a)(c) (5 yr. CMT + 4.971%)
	583,000		5.375		06/01/25	575,246
Discover Financial Services(a)
	800,000		4.100		02/09/27	767,872
(Secured Overnight Financing Rate Index + 3.370%)
	1,260,000		7.964	(c)	11/02/34	1,401,662
Nomura Holdings, Inc.
	2,375,000		1.653		07/14/26	2,171,177
						31,714,326

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical – 3.9%
American Electric Power Co., Inc.(a)
$	350,000		2.300	%	03/01/30	$    299,201
Berkshire Hathaway Energy Co.
	767,000		6.125		04/01/36	831,229
	500,000		2.850	(a)	05/15/51	338,640
CMS Energy Corp.(a)
	500,000		4.875		03/01/44	475,180
Dominion Energy, Inc.(a)
	2,325,000		3.375		04/01/30	2,142,301
DTE Energy Co.(a)
	4,736,000		4.875		06/01/28	4,776,398
Duke Energy Corp.(a)
	400,000		4.800		12/15/45	366,240
Duquesne Light Holdings, Inc.(a)(b)
	1,075,000		2.532		10/01/30	894,744
Emera U.S. Finance LP(a)
	575,000		3.550		06/15/26	553,645
NextEra Energy Capital Holdings, Inc.(a)
	3,050,000		1.875		01/15/27	2,805,390
	2,055,000		1.900		06/15/28	1,823,792
Pacific Gas & Electric Co.(a)
	250,000		2.950		03/01/26	236,865
	675,000		2.100		08/01/27	608,735
Progress Energy, Inc.
	1,400,000		7.000		10/30/31	1,581,608
Public Service Electric & Gas Co.(a)
	975,000		3.950		05/01/42	841,562
Sempra(a)
	1,125,000		3.800		02/01/38	963,326
Southern California Edison Co.(a)
	1,325,000		4.200		03/01/29	1,298,738
	275,000		4.050		03/15/42	231,960
Southern Co.(a)
	900,000		4.400		07/01/46	793,575
Vistra Operations Co. LLC(a)(b)
	975,000		4.300		07/15/29	916,744
Xcel Energy, Inc.(a)
	2,380,000		3.350		12/01/26	2,293,677
						25,073,550
Engineering & Construction(a) – 0.2%
Mexico City Airport Trust
	240,000		3.875	(b)	04/30/28	224,796
	800,000		5.500		07/31/47	687,344
	220,000		5.500	(b)	07/31/47	189,020
						1,101,160
Entertainment(a) – 1.1%
Warnermedia Holdings, Inc.
	6,050,000		4.279		03/15/32	5,534,963
	1,776,000		5.050		03/15/42	1,565,864
						7,100,827
Environmental(a)(b) – 0.4%
Veralto Corp.
	775,000		5.500		09/18/26	787,912

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Environmental(a)(b) – (continued)
Veralto Corp. – (continued)
$	1,600,000		5.450	%	09/18/33	$  1,660,000
						2,447,912
Food & Drug Retailing(a) – 1.4%
Grupo Bimbo SAB de CV
	1,070,000		4.700		11/10/47	946,950
J M Smucker Co.
	5,855,000		6.200		11/15/33	6,386,693
Sysco Corp.
	1,250,000		3.300		07/15/26	1,207,500
	150,000		6.600		04/01/40	169,036
	75,000		4.450		03/15/48	66,068
						8,776,247
Gas(a) – 0.1%
NiSource, Inc.
	850,000		3.600		05/01/30	793,042
Health Care Products(a) – 0.9%
GE HealthCare Technologies, Inc.
	4,900,000		5.650		11/15/27	5,073,068
	625,000		5.857		03/15/30	657,100
						5,730,168
Healthcare Providers & Services – 3.4%
Baxter International, Inc.(a)
	375,000		1.915		02/01/27	343,691
Centene Corp.(a)
	950,000		4.250		12/15/27	917,567
CommonSpirit Health
	150,000		4.350		11/01/42	129,374
	510,000		6.461	(a)	11/01/52	597,223
HCA, Inc.(a)
	4,800,000		5.250		06/15/26	4,824,432
	4,030,000		3.500		09/01/30	3,655,452
	1,145,000		5.500		06/01/33	1,164,419
IQVIA, Inc.(a)(b)
	1,140,000		6.250		02/01/29	1,190,479
Novant Health, Inc.(a)
	710,000		3.168		11/01/51	496,673
Quest Diagnostics, Inc.(a)
	615,000		6.400		11/30/33	683,148
Revvity, Inc.(a)
	1,200,000		3.300		09/15/29	1,088,832
STERIS Irish FinCo UnLtd Co.(a)
	218,000		2.700		03/15/31	187,447
UnitedHealth Group, Inc.
	1,100,000		5.800		03/15/36	1,203,389
	1,425,000		2.750	(a)	05/15/40	1,080,378
	371,000		4.750	(a)	05/15/52	356,776
	766,000		5.050	(a)	04/15/53	774,855
	2,625,000		6.050	(a)	02/15/63	3,035,366
						21,729,501
Home Builders(a) – 0.1%
Lennar Corp.
	525,000		4.750		11/29/27	525,047

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Insurance – 1.3%
American International Group, Inc.
$	700,000		6.250	%	05/01/36	$    744,793
	598,000		4.500	(a)	07/16/44	540,556
	200,000		4.800	(a)	07/10/45	188,724
Arch Capital Finance LLC(a)
	400,000		4.011		12/15/26	388,540
Arch Capital Group Ltd.
	595,000		7.350		05/01/34	681,281
Great-West Lifeco Finance 2018 LP(a)(b)
	459,000		4.047		05/17/28	446,680
Hartford Financial Services Group, Inc.
	200,000		6.625		04/15/42	207,434
MetLife, Inc.
	625,000		6.375		06/15/34	701,681
	475,000		4.721		12/15/44	446,510
Principal Financial Group, Inc.
	150,000		6.050		10/15/36	161,135
Prudential Financial, Inc.
	1,850,000		5.700		12/14/36	2,001,737
Teachers Insurance & Annuity Association of America(b)
	890,000		4.900		09/15/44	843,960
Willis North America, Inc.(a)
	1,200,000		2.950		09/15/29	1,075,956
						8,428,987
Internet – 1.4%
Expedia Group, Inc.(a)
	2,125,000		3.250		02/15/30	1,948,752
	196,000		2.950		03/15/31	173,082
Netflix, Inc.
	1,265,000		4.875		04/15/28	1,280,446
	4,565,000		4.875	(a)(b)	06/15/30	4,616,356
Prosus NV(a)
	200,000		3.680	(b)	01/21/30	173,875
	200,000		3.680		01/21/30	173,875
	580,000		3.061		07/13/31	466,175
						8,832,561
Investment Companies(a) – 0.4%
Blackstone Private Credit Fund
	2,425,000		2.625		12/15/26	2,197,341
	125,000		3.250		03/15/27	114,571
JAB Holdings BV(b)
	700,000		2.200		11/23/30	562,156
						2,874,068
Iron/Steel – 0.5%
ArcelorMittal SA
	950,000		4.550		03/11/26	935,855
POSCO(b)
	240,000		5.750		01/17/28	245,642
Steel Dynamics, Inc.(a)
	1,950,000		1.650		10/15/27	1,737,372
						2,918,869

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Lodging(a) – 0.5%
Marriott International, Inc.
$	543,000		4.000	%	04/15/28	$    525,743
	1,350,000		5.550		10/15/28	1,392,295
	675,000		4.650		12/01/28	672,010
	525,000		4.900		04/15/29	528,376
						3,118,424
Machinery - Construction & Mining(a)(b) – 0.1%
Weir Group PLC
	925,000		2.200		05/13/26	859,029
Machinery-Diversified(a) – 0.5%
Ingersoll Rand, Inc.
	465,000		5.700		08/14/33	491,989
Nordson Corp.
	2,075,000		5.800		09/15/33	2,205,102
Otis Worldwide Corp.
	325,000		3.112		02/15/40	260,497
						2,957,588
Media – 3.3%
Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	6,750,000		4.908		07/23/25	6,687,022
	1,050,000		3.750		02/15/28	992,050
	5,125,000		4.200		03/15/28	4,924,817
	625,000		6.384		10/23/35	634,569
	300,000		6.484		10/23/45	294,726
Comcast Corp.
	150,000		3.250	(a)	11/01/39	121,850
	475,000		3.750	(a)	04/01/40	408,681
	75,000		4.750		03/01/44	71,222
Discovery Communications LLC(a)
	3,125,000		4.900		03/11/26	3,117,687
Fox Corp.(a)
	225,000		5.476		01/25/39	219,425
Time Warner Cable Enterprises LLC
	1,600,000		8.375		07/15/33	1,860,128
Time Warner Cable LLC(a)
	675,000		5.875		11/15/40	614,014
Walt Disney Co.
	1,400,000		6.400		12/15/35	1,604,162
						21,550,353
Mining(b) – 0.6%
Glencore Finance Canada Ltd.
	525,000		5.550		10/25/42	510,489
Glencore Funding LLC(a)
	1,075,000		4.000		03/27/27	1,044,223
	925,000		2.850		04/27/31	797,914
	725,000		2.625		09/23/31	615,844
Newmont Corp./Newcrest Finance Pty. Ltd.(a)
	950,000		3.250		05/13/30	855,550
						3,824,020
Miscellaneous Manufacturing – 0.3%
GE Capital International Funding Co. Unlimited Co.
	860,000		4.418		11/15/35	835,008

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Miscellaneous Manufacturing – (continued)
General Electric Co.
$	1,294,000		5.875	%	01/14/38	$  1,424,461
						2,259,469
Multi-National(a)(b) – 0.0%
African Export-Import Bank
	200,000		3.798		05/17/31	169,536
Oil Field Services – 2.4%
Aker BP ASA(a)(b)
	1,043,000		2.000		07/15/26	961,396
Canadian Natural Resources Ltd.(a)
	1,400,000		3.850		06/01/27	1,359,750
Continental Resources, Inc.(a)
	625,000		4.375		01/15/28	605,025
	925,000		5.750	(b)	01/15/31	920,236
Diamondback Energy, Inc.(a)
	1,550,000		6.250		03/15/33	1,659,399
Marathon Oil Corp.
	900,000		6.800		03/15/32	974,565
Marathon Petroleum Corp.(a)
	2,095,000		3.800		04/01/28	2,002,841
Occidental Petroleum Corp.(a)
	2,500,000		8.875		07/15/30	2,924,200
Ovintiv, Inc.
	800,000		5.375	(a)	01/01/26	800,336
	1,025,000		8.125		09/15/30	1,156,846
Pertamina Persero PT(a)
	370,000		4.175		01/21/50	304,672
QatarEnergy(a)(b)
	200,000		3.125		07/12/41	153,520
Reliance Industries Ltd.(b)
	890,000		3.625		01/12/52	648,116
Saudi Arabian Oil Co.
	1,100,000		3.500		04/16/29	1,039,156
Shell International Finance BV
	225,000		6.375		12/15/38	258,903
						15,768,961
Packaging(a) – 0.4%
Berry Global, Inc.
	1,800,000		1.570		01/15/26	1,673,856
	1,225,000		1.650		01/15/27	1,104,166
						2,778,022
Pharmaceuticals(a) – 3.6%
AbbVie, Inc.
	2,475,000		4.550		03/15/35	2,429,435
	2,850,000		4.500		05/14/35	2,787,414
	350,000		4.050		11/21/39	316,533
	200,000		4.875		11/14/48	195,580
Becton Dickinson & Co.
	439,000		4.685		12/15/44	411,154
Bristol-Myers Squibb Co.
	970,000		6.250		11/15/53	1,111,222
Cigna Group
	2,350,000		2.400		03/15/30	2,058,906
	1,581,000		4.800		08/15/38	1,531,499

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals(a) – (continued)
Cigna Group – (continued)
$	175,000		4.800	%	07/15/46	$    164,637
	1,675,000		4.900		12/15/48	1,594,617
CVS Health Corp.
	2,925,000		3.000		08/15/26	2,797,412
	1,125,000		4.875		07/20/35	1,105,965
	3,811,000		4.780		03/25/38	3,602,576
Perrigo Finance Unlimited Co.
	1,425,000		4.375		03/15/26	1,380,383
Pfizer Investment Enterprises Pte. Ltd.
	1,425,000		5.300		05/19/53	1,457,376
						22,944,709
Pipelines – 5.2%
Abu Dhabi Crude Oil Pipeline LLC(b)
	490,000		4.600		11/02/47	448,197
Columbia Pipelines Operating Co. LLC(a)(b)
	1,010,000		6.036		11/15/33	1,058,823
Enbridge, Inc.(a)
	2,025,000		1.600		10/04/26	1,854,495
	940,000		6.200		11/15/30	1,006,054
	939,000		5.700		03/08/33	976,551
Energy Transfer LP(a)
	550,000		5.950		12/01/25	556,248
	2,922,000		3.900		07/15/26	2,840,505
	525,000		4.200		04/15/27	510,290
	300,000		5.500		06/01/27	303,987
	354,000		4.950		05/15/28	352,626
	650,000		7.375	(b)	02/01/31	682,981
	1,472,000		6.550		12/01/33	1,598,783
	456,000		5.150		03/15/45	418,576
Enterprise Products Operating LLC
	2,200,000		6.875		03/01/33	2,531,144
Galaxy Pipeline Assets Bidco Ltd.(b)
	200,000		2.625		03/31/36	164,750
Kinder Morgan Energy Partners LP
	1,100,000		7.750		03/15/32	1,250,601
	650,000		6.550		09/15/40	686,472
MPLX LP(a)
	1,750,000		2.650		08/15/30	1,511,720
	950,000		4.500		04/15/38	845,871
	520,000		5.500		02/15/49	503,729
ONEOK, Inc.(a)
	1,668,000		5.550		11/01/26	1,697,190
	2,245,000		4.550		07/15/28	2,216,848
Plains All American Pipeline LP/PAA Finance Corp.(a)
	1,917,000		4.650		10/15/25	1,896,047
Sabine Pass Liquefaction LLC(a)
	900,000		5.000		03/15/27	903,825
Targa Resources Partners LP/Targa Resources Partners Finance Corp.(a)
	775,000		4.875		02/01/31	752,440
Valero Energy Partners LP(a)
	675,000		4.500		03/15/28	663,768
Western Midstream Operating LP(a)
	2,307,000		5.450		04/01/44	2,090,926
Williams Cos., Inc.(a)
	2,000,000		4.650		08/15/32	1,954,280

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines – (continued)
Williams Cos., Inc.(a) – (continued)
$	950,000		5.650	%	03/15/33	$    993,225
						33,270,952
Real Estate(a) – 0.3%
CBRE Services, Inc.
	1,760,000		5.950		08/15/34	1,852,048
Real Estate Investment Trust(a) – 3.8%
Agree LP
	295,000		4.800		10/01/32	278,908
American Homes 4 Rent LP
	225,000		2.375		07/15/31	185,661
American Tower Corp.
	2,475,000		3.375		10/15/26	2,373,673
Crown Castle, Inc.
	3,025,000		4.000		03/01/27	2,928,109
	100,000		2.900		04/01/41	71,503
Digital Realty Trust LP
	425,000		3.700		08/15/27	410,185
Essex Portfolio LP
	2,375,000		3.000		01/15/30	2,116,410
GLP Capital LP/GLP Financing II, Inc.
	2,886,000		5.375		04/15/26	2,872,926
	830,000		6.750		12/01/33	895,437
Healthcare Realty Holdings LP
	875,000		2.050		03/15/31	677,600
Highwoods Realty LP
	1,585,000		7.650		02/01/34	1,713,274
Invitation Homes Operating Partnership LP
	600,000		2.300		11/15/28	534,234
	1,505,000		5.450		08/15/30	1,518,094
Kimco Realty OP LLC
	2,125,000		3.800		04/01/27	2,041,232
NNN REIT, Inc.
	1,300,000		3.600		12/15/26	1,242,657
	870,000		5.600		10/15/33	899,467
Retail Opportunity Investments Partnership LP
	1,575,000		6.750		10/15/28	1,656,160
Simon Property Group LP
	850,000		2.250		01/15/32	706,393
Spirit Realty LP
	1,125,000		4.000		07/15/29	1,067,119
WP Carey, Inc.
	50,000		2.400		02/01/31	42,267
						24,231,309
Retailing(a) – 1.8%
7-Eleven, Inc.(b)
	1,280,000		2.500		02/10/41	881,472
AutoNation, Inc.
	702,000		4.500		10/01/25	687,749
	1,425,000		4.750		06/01/30	1,375,253
	25,000		2.400		08/01/31	20,140
CK Hutchison International 23 Ltd.(b)
	220,000		4.750		04/21/28	220,343
Lowe’s Cos., Inc.
	875,000		1.700		09/15/28	774,200
	3,850,000		3.750		04/01/32	3,600,713

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Retailing(a) – (continued)
Lowe’s Cos., Inc. – (continued)
$	300,000		5.000	%	04/15/33	$    306,426
	1,950,000		4.250		04/01/52	1,652,976
O’Reilly Automotive, Inc.
	1,120,000		5.750		11/20/26	1,146,779
Tractor Supply Co.
	680,000		5.250		05/15/33	697,802
Walgreens Boots Alliance, Inc.
	243,000		4.100		04/15/50	176,394
						11,540,247
Savings & Loans(a)(b)(c) – 0.4%
Nationwide Building Society (3 mo. USD LIBOR + 1.855%)
	2,525,000		3.960		07/18/30	2,356,658
Semiconductors(a) – 2.9%
Broadcom Corp./Broadcom Cayman Finance Ltd.
	1,225,000		3.875		01/15/27	1,195,477
Broadcom, Inc.
	1,175,000		3.459		09/15/26	1,135,473
	2,130,000		2.600	(b)	02/15/33	1,753,650
	1,025,000		3.419	(b)	04/15/33	900,422
	4,499,000		3.469	(b)	04/15/34	3,915,975
	3,289,000		3.137	(b)	11/15/35	2,701,223
	1,764,000		3.187	(b)	11/15/36	1,431,574
Marvell Technology, Inc.
	660,000		5.950		09/15/33	700,577
Micron Technology, Inc.
	450,000		4.975		02/06/26	450,333
	1,100,000		6.750		11/01/29	1,188,792
NXP BV/NXP Funding LLC/NXP USA, Inc.
	1,050,000		3.875		06/18/26	1,023,089
	525,000		4.400		06/01/27	518,663
	730,000		4.300		06/18/29	709,312
	1,125,000		3.400		05/01/30	1,033,672
						18,658,232
Software(a) – 3.4%
Black Knight InfoServ LLC(b)
	350,000		3.625		09/01/28	333,333
Fiserv, Inc.
	2,575,000		3.200		07/01/26	2,478,566
MSCI, Inc.(b)
	1,945,000		3.875		02/15/31	1,774,112
	1,280,000		3.250		08/15/33	1,071,142
Oracle Corp.
	1,267,000		2.800		04/01/27	1,195,275
	2,062,000		2.950		04/01/30	1,861,058
	825,000		4.650		05/06/30	820,925
	3,200,000		2.875		03/25/31	2,833,856
	1,100,000		6.250		11/09/32	1,196,173
	837,000		4.900		02/06/33	833,041
	1,200,000		3.600		04/01/40	959,664
	1,500,000		4.000		11/15/47	1,192,230
	2,775,000		6.900		11/09/52	3,252,522
VMware LLC
	1,075,000		1.800		08/15/28	943,442

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software(a) – (continued)
Workday, Inc.
$	1,375,000		3.800	%	04/01/32	$  1,281,266
						22,026,605
Telecommunication Services(a) – 5.9%
AT&T, Inc.
	6,017,000		3.800		02/15/27	5,871,569
	3,925,000		4.250		03/01/27	3,883,042
	875,000		2.250		02/01/32	723,975
	1,350,000		4.500		05/15/35	1,280,488
	175,000		4.900		08/15/37	169,414
	925,000		4.850		03/01/39	884,633
	75,000		4.350		06/15/45	64,888
	886,000		4.750		05/15/46	803,292
	775,000		5.150		11/15/46	746,705
Rogers Communications, Inc.
	3,328,000		3.800		03/15/32	3,065,188
	300,000		4.500		03/15/42	265,305
T-Mobile USA, Inc.
	3,298,000		3.750		04/15/27	3,200,379
	425,000		4.750		02/01/28	423,347
	2,212,000		3.875		04/15/30	2,100,051
	1,055,000		2.875		02/15/31	929,086
	6,275,000		3.500		04/15/31	5,739,742
	1,975,000		5.200		01/15/33	2,023,486
	700,000		5.050		07/15/33	706,041
Verizon Communications, Inc.
	476,000		4.016		12/03/29	460,539
	475,000		3.150		03/22/30	434,506
	1,950,000		1.750		01/20/31	1,604,850
	2,800,000		2.550		03/21/31	2,414,776
						37,795,302
Transportation – 0.3%
Burlington Northern Santa Fe LLC
	425,000		6.150		05/01/37	477,266
	1,225,000		5.750	(a)	05/01/40	1,336,573
Union Pacific Corp.(a)
	275,000		3.550		08/15/39	236,363
						2,050,202
Trucking & Leasing(a)(b) – 0.4%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	2,075,000		4.400		07/01/27	2,022,669
	525,000		5.875		11/15/27	536,807
						2,559,476
TOTAL CORPORATE OBLIGATIONS (Cost $606,578,818)						$592,749,943
Sovereign Debt Obligations – 1.6%
Euro – 0.3%
Mexico Government International Bonds(a)
EUR	130,000		1.350	%	09/18/27	$    133,973
	1,152,000		1.450		10/25/33	988,684

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – (continued)
Euro – (continued)
Peru Government International Bonds(a)
EUR	100,000		1.250	%	03/11/33	$      86,424
Philippines Government International Bonds
	450,000		0.700		02/03/29	432,410
Romania Government International Bonds (b)
	90,000		2.124		07/16/31	78,981
	70,000		2.000		01/28/32	59,521
						1,779,993
Sovereign – 0.2%
Mexico Government International Bonds(a)
$	1,399,000		3.771		05/24/61	945,637
	440,000		3.750		04/19/71	292,600
						1,238,237
United States Dollar – 1.1%
Chile Government International Bonds
	150,000		3.625		10/30/42	121,183
	200,000		3.500	(a)	01/25/50	151,687
Export-Import Bank of Korea
	390,000		5.125		01/11/33	405,530
Hungary Government International Bonds
	830,000		6.125		05/22/28	863,333
Indonesia Government International Bonds(b)
	350,000		4.350		01/08/27	347,484
Mexico Government International Bonds(a)
	2,540,000		3.250		04/16/30	2,295,525
	802,000		3.500		02/12/34	678,442
Panama Government International Bonds(a)
	380,000		2.252		09/29/32	277,281
	650,000		6.853		03/28/54	606,937
	200,000		3.870		07/23/60	119,438
	390,000		4.500		01/19/63	254,841
Peru Government International Bonds(a)
	430,000		2.780		12/01/60	267,541
Philippines Government International Bonds
	210,000		2.650		12/10/45	148,444
Romania Government International Bonds
	160,000		3.000	(b)	02/27/27	148,800
	560,000		6.125		01/22/44	550,816
						7,237,282
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $12,249,049)						$ 10,255,512
Municipal Debt Obligations – 0.5%
California – 0.1%
California State GO Bonds Build America Taxable Series 2009
$	455,000		7.300	%	10/01/39	$    550,092
Illinois – 0.4%
Illinois State GO Bonds Build America Series 2010
	1,500,000		6.630		02/01/35	1,571,071
Illinois State GO Bonds Taxable-Pension Series 2003
	1,000,000		5.100		06/01/33	989,440
						2,560,511

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

Principal Amount			Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Pennsylvania – 0.0%
Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A
$		335,000		2.991	%	06/01/42	$    258,746
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $3,278,015)							$  3,369,349
	Shares		Dividend Rate				Value
Investment Company(d) – 1.1%
Goldman Sachs Financial Square Government Fund — Institutional Shares
		6,898,348		5.248%			$  6,898,348
(Cost $6,898,348)
TOTAL INVESTMENTS – 95.3% (Cost $629,004,230)							$613,273,152
OTHER ASSETS IN EXCESS OF  LIABILITIES – 4.7%							30,246,119
NET ASSETS – 100.0%							$643,519,271

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)	Represents an affiliated Issuer.

   

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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	NZD	98,245	USD	60,200		03/20/24	$	1,918
State Street Bank and Trust	GBP	15,761	USD	19,829		03/20/24		268
SEK		778,990	USD	74,477		03/20/24		3,003
TOTAL							$	5,189

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Barclays Bank PLC	USD	56,032	CHF	48,834		03/20/24	$	(2,516	)
State Street Bank and Trust	USD	1,631,944	EUR	1,503,581		02/14/24		(30,943	)
USD		196,786	JPY	28,300,663		03/21/24		(6,508	)
TOTAL							$	(39,967	)

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	92	03/19/24	$	10,385,938		$	(3,074	)
20 Year U.S. Treasury Bonds	201	03/19/24		25,112,438			1,756,380
Ultra Long U.S. Treasury Bonds	463	03/19/24		61,853,906			4,838,633
Total						$	6,591,939
Short position contracts:
2 Year U.S. Treasury Notes	(75)	03/28/24		(15,443,555	)		(84,689	)
5 Year U.S. Treasury Notes	(54)	03/28/24		(5,873,766	)		(4,752	)
Ultra 10-Year U.S. Treasury Note	(266)	03/19/24		(31,392,156	)		(855,927	)
Total						$	(945,368	)
TOTAL FUTURES CONTRACTS						$	5,646,571

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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)
12M SOFR(b)	3.730%(b)		11/28/27	$	5,950	$	68,350		$	21,713		$	46,637
2.680%(b)	12M SOFR(b)		07/28/32		7,520		189,605			69,102			120,503
12M SOFR(b)	4.306(b)		10/05/33		10,170		365,497			(809	)		366,306
3.000(b)	6M EURO(c)		03/20/34	EUR	1,060		(55,962	)		(52,214	)		(3,748	)
12M SOFR(b)	2.910(b)		07/28/37	$	18,320		(400,745	)		(214,114	)		(186,631	)
12M SOFR(b)	3.391(b)		05/10/38		19,730		(118,569	)		(172,834	)		54,265
2.080(b)	12M SOFR(b)		07/28/47		18,180		413,116			309,005			104,111
2.564(b)	12M SOFR(b)		05/11/53		16,790		178,473			136,262			42,211
3.613(b)	12M SOFR(b)		11/15/53		5,430		(234,336	)		(36,010	)		(198,326	)
3.512(b)	12M SOFR(b)		11/29/53		1,890		(68,216	)		(32,470	)		(35,746	)
TOTAL						$	337,213		$	27,631		$	309,582

(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 annually.

(c) Payments made semi-annually.

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	$	2,375	$	22,728	$	21,751		$	977
CDX.NA.IG Index 34		1.000	0.220	06/20/25		158,575		1,826,710		718,905			1,107,805
CDX.NA.IG Index 39		1.000	0.477	12/20/27		58,850		1,147,118		391,679			755,439
CDX.NA.IG Index 40		1.000	0.507	06/20/28		141,194		2,886,319		1,773,268			1,113,051
CDX.NA.IG Index 41		1.000	0.565	12/20/28		6,075		120,400		59,264			61,136
General Electric Co. 6.750%, 03/15/32		1.000	0.285	06/20/26		3,550		61,119		25,240			35,879
Nordstrom, Inc., 6.950%, 03/15/28		1.000	0.729	12/20/24		1,125		3,269		(7,098	)		10,367
Nordstrom, Inc., 6.950%, 03/15/28		1.000	0.549	06/20/24		1,825		4,502		(829	)		5,331
Republic of Indonesia, 5.875%, 01/15/25		1.000	0.701	12/20/28		1,990		27,362		13,034			14,328
Republic of Peru, 8.750%, 11/21/33		1.000	0.701	12/20/28		1,980		27,425		15,233			12,192
Republic of the Philippines, 10.625%, 03/16/25		1.000	0.624	12/20/28		1,730		29,882		13,430			16,452
The Boeing Co., 2.600%, 10/30/25		1.000	0.225	06/20/24		1,750		7,005		3,557			3,448
United Mexican States, 4.15%, 3/28/2027		1.000	0.880	12/20/28		2,000		11,480		(20,993	)		32,473
TOTAL							$	6,175,319	$	3,006,441		$	3,168,878

(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 INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
CHF	— Swiss Franc
EUR	— Euro
GBP	— British Pound
JPY	— Japanese Yen
NZD	— New Zealand Dollar
SEK	— Swedish Krona
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
GO	— General Obligation
ICE	— Inter-Continental Exchange
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
MSCI	— Morgan Stanley Capital International
PLC	— Public Limited Company
RB	— Revenue Bond
REIT	— Real Estate Investment Trust
SOFR	— Secured Overnight Financing Rate
USD	— US.Dollar

Abbreviations:
EURO	— Euro Offered Rate
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
SOFR	— Secured Overnight Financing Rate

GOLDMAN SACHS SINGLE SECTOR 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:

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under the Valuation Procedures and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 Fund’s 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.

i. Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). The Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. The Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in the Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

ii. 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.

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.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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

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

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 and GSAMI believes that such quotations do not accurately reflect fair value, the fair value of a Funds’ investments may be determined under the Valuation Procedures. GSAM and GSAMI, consistent with their 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:

EMERGING MARKETS CREDIT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	32,142,416		$	—
Sovereign Debt Obligations		—			2,044,686			—
Total	$	—		$	34,187,102		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	447,490		$	—
Futures Contracts		132,587			—			—
Interest Rate Swap Contracts		—			363			—
Total	$	132,587		$	447,853		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(467,145	)	$	—
Futures Contracts		(21,407	)		—			—
Interest Rate Swap Contracts		—			(4,445	)		—
Total	$	(21,407	)	$	(471,590	)	$	—

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	305,602,890		$	—
Corporate Obligations		—			103,881,721			—
Common Stock and/or Other Equity Investments(b)
Asia		—			74,136			—
Investment Companies		7,239,289			—			—
Total	$	7,239,289		$	409,558,747		$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	4,024,981		$	—
Futures Contracts(a)		893,726			—			—
Interest Rate Swap Contracts(a)		—			3,558,678			—
Credit Default Swap Contracts(a)		—			357,037			—
Purchased Option Contracts		—			478,696			—
Total	$	893,726		$	8,419,392		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(3,950,393	)	$	—
Futures Contracts(a)		(5,667	)		—			—
Interest Rate Swap Contracts(a)		—			(3,494,389	)		—
Credit Default Swap Contracts(a)		—			(336,977	)		—
Written Option Contracts		—			(415,840	)		—
Total	$	(5,667	)	$	(8,197,599	)	$	—
HIGH YIELD
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,646,141,640		$	—
Bank Loans		—			74,100,132			—
Securities Lending Reinvestment Vehicle		54,331,760			—			—
Common Stock and/or Other Equity Investments(b)
Europe		30,521			6,563,732			—
North America		4,050,515			1,288,499			—
Warrants		—			129,111			—
Exchange Traded Funds		22,042,093			—			—
Investment Companies		75,117,087			—			—
Short-term Investments		—			1,277,425			—
Total	$	155,571,976		$	1,729,500,539		$	—

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

HIGH YIELD (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	13,511		$	—
Futures Contracts		1,220,712			—			—
Interest Rate Swap Contracts		—			1,817,987			—
Credit Default Swap Contracts		—			1,305,291			—
Total	$	1,220,712		$	3,136,789		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,887,171	)	$	—
Futures Contracts		(230,107	)		—			—
Interest Rate Swap Contracts		—			(880,622	)		—
Total	$	(230,107	)	$	(2,767,793	)	$	—
HIGH YIELD FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	1,666,762,785		$	14,270,255
Corporate Obligations		—			116,926,009			—
Asset-Backed Securities		—			30,156,504			—
Securities Lending Reinvestment Vehicle		27,463,313			—			—
Common Stock and/or Other Equity Investments(b)
Europe		—			3,705,037			—
North America		3,501,345			954,100			1,628
Warrants		—			1,062,506			1,627
Exchange Traded Funds		44,538,884			—			—
Investment Companies		49,302,399			—			—
Total	$	124,805,941		$	1,819,566,941		$	14,273,510
Derivative Type
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(1,417,034	)	$	—
Futures Contracts		(1,523,366	)		—			—
Total	$	(1,523,366	)	$	(1,417,034	)	$	—

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

INVESTMENT GRADE CREDIT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	592,749,943		$	—
Sovereign Debt Obligations		—			10,255,512			—
Municipal Debt Obligations		—			3,369,349			—
Investment Companies		6,898,348			—			—
Total	$	6,898,348		$	606,374,804		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	5,189		$	—
Futures Contracts		6,595,013			—			—
Interest Rate Swap Contracts		—			734,033			—
Credit Default Swap Contracts		—			3,168,878			—
Total	$	6,595,013		$	3,908,100		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(39,967	)	$	—
Futures Contracts		(948,442	)		—			—
Interest Rate Swap Contracts		—			(424,451	)		—
Total	$	(948,442	)	$	(464,418	)	$	—

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

(b) 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.

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

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

Derivatives Risk — The Funds’ use of derivatives and other similar instruments (collectively referred to in this paragraph as “derivatives”) may result in loss, including due to adverse market movements. Derivatives, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Funds. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not, or lacks the capacity or authority to, fulfill its contractual obligations, liquidity risk, which includes the risk that the Funds will not be able to exit the derivative when it is advantageous to do so, and risks arising from margin requirements, which include the risk that the Funds will be required to pay additional margin or set aside additional collateral to maintain open derivative positions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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 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.

Foreign Custody Risk — The Funds invest Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy.

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.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund.

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.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

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.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, the Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting the Fund to the creditworthiness of that lender as well. Investors in loans, such as the Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2023 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund’s redemption obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

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

Non-Diversification Risk — Local Emerging Markets Debt Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Non-Investment Grade Fixed Income Securities Risk — Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Fund may purchase the securities of issuers that are in default.