Goldman Sachs High Yield Instl (GSHIX) NPORT-P Goldman Sachs Inflation Protected Securities Fund (Dec 2024 report)

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 50.0%
Aerospace & Defense – 1.1%
BAE Systems Holdings, Inc.(a)(b)
$	1,503,000		3.850	%	12/15/25	$  1,489,202
General Electric Co.(c) (3 mo. USD Term SOFR + 0.642%)
	1,249,000		5.196		05/05/26	1,249,637
RTX Corp.(a)
	3,040,000		5.750		11/08/26	3,094,538
TransDigm, Inc.(a)
	790,000		5.500		11/15/27	777,502
						6,610,879
Automotive – 2.5%
Dana Financing Luxembourg SARL(a)(b)
	703,000		5.750		04/15/25	701,123
General Motors Financial Co., Inc.
	5,415,000		3.800		04/07/25	5,397,022
	1,489,000		4.300	(a)	07/13/25	1,483,833
(Secured Overnight Financing Rate + 1.050%)
	1,250,000		5.687	(c)	07/15/27	1,251,400
Goodyear Tire & Rubber Co.(a)
	831,000		9.500		05/31/25	835,629
Hyundai Capital America(b)
	980,000		5.800		06/26/25	983,596
Volkswagen Group of America Finance LLC(b)
	2,775,000		3.950		06/06/25	2,760,931
	1,500,000		5.800		09/12/25	1,508,970
						14,922,504
Banks – 14.9%
Banco Santander SA
	3,400,000		5.147		08/18/25	3,406,256
Bank of America Corp.
	2,500,000		4.000		01/22/25	2,498,675
Bank of Montreal(a)
	4,440,000		4.700		09/14/27	4,436,848
Bank of New York Mellon Corp.(a)(c) (Secured Overnight Financing Rate + 1.026%)
	1,910,000		4.947		04/26/27	1,917,545
Bank of Nova Scotia
	945,000		3.450		04/11/25	941,494
Banque Federative du Credit Mutuel SA(b)
	4,045,000		4.935		01/26/26	4,053,697
BNP Paribas SA(a)(b)(c) (Secured Overnight Financing Rate + 1.228%)
	4,345,000		2.591		01/20/28	4,129,140
Canadian Imperial Bank of Commerce
	2,980,000		5.615		07/17/26	3,019,515
(Secured Overnight Financing Rate + 0.930%)
	1,265,000		4.508	(a)(c)	09/11/27	1,258,903
	800,000		5.353	(a)(c)	09/11/27	802,960
(Secured Overnight Financing Rate + 0.940%)
	2,456,000		5.338	(c)	06/28/27	2,469,680
Citibank NA(a)(c) (Secured Overnight Financing Rate + 0.712%)
	1,344,000		4.876		11/19/27	1,344,484

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Citigroup, Inc.(a)(c) (Secured Overnight Financing Rate + 1.546%)
$	4,460,000		5.610	%	09/29/26	$  4,482,880
Citizens Bank NA(a)
	900,000		2.250		04/28/25	891,837
Deutsche Bank AG
	2,105,000		4.162		05/13/25	2,099,169
HSBC Holdings PLC(a)(c) (Secured Overnight Financing Rate + 1.430%)
	1,320,000		2.999		03/10/26	1,314,443
JPMorgan Chase & Co.(a)(c) (Secured Overnight Financing Rate + 1.190%)
	2,630,000		5.040		01/23/28	2,638,600
Macquarie Bank Ltd.(b)(c) (Secured Overnight Financing Rate + 0.920%)
	985,000		5.405		07/02/27	990,890
Manufacturers & Traders Trust Co.(a)
	3,955,000		4.650		01/27/26	3,945,310
Morgan Stanley(a)(c)
(Secured Overnight Financing Rate + 1.295%)
	952,000		5.050		01/28/27	954,942
(Secured Overnight Financing Rate + 1.669%)
	1,590,000		4.679		07/17/26	1,588,156
PNC Financial Services Group, Inc.(a)(c) (Secured Overnight Financing Rate + 1.322%)
	1,810,000		5.812		06/12/26	1,817,023
Royal Bank of Canada
	3,111,000		4.950		04/25/25	3,111,436
Societe Generale SA(b)
	4,885,000		4.351		06/13/25	4,868,293
(1 yr. CMT + 1.050%)
	2,175,000		2.226	(a)(c)	01/21/26	2,171,041
(Secured Overnight Financing Rate + 1.100%)
	2,034,000		5.578	(c)	02/19/27	2,033,837
Standard Chartered Bank(c) (Secured Overnight Financing Rate + 0.650%)
	2,157,000		5.318		10/08/26	2,157,647
Sumitomo Mitsui Financial Group, Inc.
	725,000		0.948		01/12/26	697,682
	2,552,000		2.632		07/14/26	2,474,368
Sumitomo Mitsui Trust Bank Ltd.(b)
	2,680,000		5.200		03/07/27	2,703,584
(Secured Overnight Financing Rate + 0.980%)
	2,594,000		5.482	(c)	09/10/27	2,616,905
Toronto-Dominion Bank
	520,000		3.766		06/06/25	518,029
	1,810,000		4.693		09/15/27	1,805,566
UBS AG
	1,605,000		7.950		01/09/25	1,605,963
	4,995,000		3.700		02/21/25	4,985,659
UBS Group AG(b)
	1,036,000		4.125		09/24/25	1,030,830
Wells Fargo & Co.(a)(c)
(3 mo. USD Term SOFR + 1.012%)
	719,000		2.164		02/11/26	716,785

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(Secured Overnight Financing Rate + 1.560%)
$	2,390,000		4.540	%	08/15/26	$  2,384,838
Westpac New Zealand Ltd. (b)
	1,175,000		4.902		02/15/28	1,171,087
						88,055,997
Biotechnology – 0.8%
Amgen, Inc.
	4,900,000		5.250		03/02/25	4,901,715
Building Materials(a)(b) – 0.1%
Standard Industries, Inc.
	805,000		4.750		01/15/28	771,866
Commercial Services(a) – 0.9%
Brink’s Co.(b)
	385,000		6.500		06/15/29	389,077
Global Payments, Inc.
	525,000		1.200		03/01/26	503,165
Quanta Services, Inc.
	4,414,000		4.750		08/09/27	4,406,585
						5,298,827
Diversified Financial Services – 5.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	709,000		6.500		07/15/25	714,091
	1,209,000		2.450		10/29/26	1,157,726
Air Lease Corp.(a)
	3,177,000		2.300		02/01/25	3,169,788
	764,000		3.375		07/01/25	758,071
American Express Co.(a)(c)
(Secured Overnight Financing Rate + 0.999%)
	2,965,000		4.990		05/01/26	2,966,097
(Secured Overnight Financing Rate + 1.350%)
	2,282,000		5.903		10/30/26	2,297,746
Aviation Capital Group LLC(a)(b)
	550,000		1.950		01/30/26	532,356
Avolon Holdings Funding Ltd.(a)(b)
	675,000		2.875		02/15/25	672,826
Charles Schwab Corp.(a)
	736,000		3.850		05/21/25	733,608
Citigroup Global Markets Holdings, Inc.(a)
	2,864,000		4.800		12/19/25	2,865,547
Macquarie Airfinance Holdings Ltd.(a)(b)
	110,000		6.400		03/26/29	113,271
Merrill Lynch BV(b)(c) (Secured Overnight Financing Rate + 0.450%)
	3,500,000		5.028		04/30/25	3,507,942
Nasdaq, Inc.
	4,000,000		5.650		06/28/25	4,015,280
Nomura Holdings, Inc.
	1,390,000		5.099		07/03/25	1,390,723
Synchrony Financial(a)
	3,085,000		4.875		06/13/25	3,080,157

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
United Wholesale Mortgage LLC(a)(b)
$	1,460,000		5.500	%	11/15/25	$  1,453,065
						29,428,294
Electrical – 3.4%
Avangrid, Inc.(a)
	650,000		3.200		04/15/25	646,549
Berkshire Hathaway Energy Co.(a)
	650,000		4.050		04/15/25	648,550
CenterPoint Energy, Inc.
	2,165,000		5.250		08/10/26	2,181,411
Dominion Energy, Inc.(a)
	2,025,000		1.450		04/15/26	1,942,198
DTE Energy Co.(a)
	575,000		1.050		06/01/25	566,019
Enel Finance International NV(a)(b)
	2,575,000		1.625		07/12/26	2,452,584
FirstEnergy Corp.(a)
	400,000		2.050		03/01/25	397,600
NextEra Energy Capital Holdings, Inc.
	1,960,000		6.051		03/01/25	1,963,410
	2,370,000		4.450		06/20/25	2,365,663
	2,630,000		4.625	(a)	07/15/27	2,626,292
Public Service Enterprise Group, Inc.(a)
	675,000		0.800		08/15/25	658,476
Southern Power Co.(a)
	500,000		0.900		01/15/26	480,195
Xcel Energy, Inc.(a)
	3,325,000		1.750		03/15/27	3,112,632
						20,041,579
Electrical Components & Equipment(a)(b) – 0.1%
WESCO Distribution, Inc.
	620,000		6.375		03/15/29	627,285
Entertainment(a)(b) – 0.1%
Six Flags Theme Parks, Inc.
	334,000		7.000		07/01/25	334,210
Environmental(a) – 1.2%
GFL Environmental, Inc.(b)
	1,415,000		3.750		08/01/25	1,400,694
Veralto Corp.
	1,273,000		5.500		09/18/26	1,288,047
Waste Management, Inc.
	625,000		0.750		11/15/25	605,000
	4,050,000		4.500		03/15/28	4,027,442
						7,321,183
Food & Drug Retailing – 1.7%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/
Albertsons LLC(a)(b)
	1,430,000		3.250		03/15/26	1,394,464
Campbell’s Co.
	1,580,000		5.200		03/19/27	1,594,994

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
General Mills, Inc.(a)
$	2,550,000		4.700	%	01/30/27	$  2,549,133
J.M. Smucker Co.(a)
	813,000		5.900		11/15/28	842,301
Mondelez International Holdings Netherlands BV(b)
	3,250,000		4.250		09/15/25	3,240,705
Mondelez International, Inc.(a)
	525,000		1.500		05/04/25	519,073
						10,140,670
Gas(a) – 0.4%
AmeriGas Partners LP/AmeriGas Finance Corp.
	1,290,000		5.875		08/20/26	1,245,817
East Ohio Gas Co.(b)
	250,000		1.300		06/15/25	245,495
NiSource, Inc.
	1,025,000		0.950		08/15/25	1,000,421
						2,491,733
Healthcare Providers & Services – 1.7%
HCA, Inc.(a)
	1,500,000		5.625		09/01/28	1,519,275
PeaceHealth Obligated Group(a)
	17,000		1.375		11/15/25	16,473
Thermo Fisher Scientific, Inc.(a)
	2,760,000		5.000		12/05/26	2,785,199
UPMC
	5,550,000		3.600		04/03/25	5,532,448
						9,853,395
Insurance(b) – 0.7%
Athene Global Funding
	375,000		2.500		01/14/25	374,678
	106,000		1.450		01/08/26	102,430
Corebridge Global Funding(c) (Secured Overnight Financing Rate + 1.300%)
	2,621,000		5.698		09/25/26	2,646,764
Equitable Financial Life Global Funding
	700,000		1.400		07/07/25	688,177
Great-West Lifeco U.S. Finance 2020 LP(a)
	425,000		0.904		08/12/25	414,638
						4,226,687
Internet(a)(b) – 0.4%
Prosus NV
	2,260,000		3.257		01/19/27	2,155,475
Iron/Steel – 0.3%
Nucor Corp.
	730,000		3.950		05/23/25	726,752
Steel Dynamics, Inc.(a)
	1,240,000		2.400		06/15/25	1,225,281
						1,952,033

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Leisure Time(a)(b) – 0.2%
Carnival Corp.
$	905,000		5.750	%	03/01/27	$    902,023
Lodging(a) – 0.3%
Marriott International, Inc.
	1,530,000		5.450		09/15/26	1,549,477
Machinery-Diversified(a) – 1.4%
Ingersoll Rand, Inc.
	5,220,000		5.197		06/15/27	5,279,665
Otis Worldwide Corp.
	3,255,000		2.056		04/05/25	3,230,685
						8,510,350
Mining(a)(b) – 0.1%
Glencore Funding LLC
	675,000		1.625		09/01/25	660,575
Miscellaneous Manufacturing(a) – 0.2%
Amsted Industries, Inc.(b)
	522,000		5.625		07/01/27	516,984
Hillenbrand, Inc.
	484,000		6.250		02/15/29	484,203
						1,001,187
Office & Business Equipment(a)(b) – 0.1%
Xerox Holdings Corp.
	463,000		5.000		08/15/25	460,486
Oil Field Services – 1.7%
Canadian Natural Resources Ltd.(a)
	825,000		2.050		07/15/25	812,435
Pioneer Natural Resources Co.
	2,825,000		5.100		03/29/26	2,843,673
QatarEnergy(a)(b)
	2,520,000		1.375		09/12/26	2,374,596
SA Global Sukuk Ltd.(a)
	2,520,000		1.602		06/17/26	2,397,150
Sunoco LP(a)(b)
	750,000		7.000		05/01/29	769,650
Sunoco LP/Sunoco Finance Corp.(a)(b)
	760,000		7.000		09/15/28	777,085
						9,974,589
Packaging(a) – 0.2%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b)
	557,000		6.000		06/15/27	552,527
Berry Global, Inc.
	550,000		1.570		01/15/26	530,794
						1,083,321
Pharmaceuticals – 3.0%
AbbVie, Inc.(a)
	7,400,000		4.800		03/15/27	7,443,216
Cardinal Health, Inc.
	4,792,000		4.700		11/15/26	4,785,675

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
CVS Health Corp.(a)
$	4,015,000		5.000	%	02/20/26	$  4,011,868
PRA Health Sciences, Inc.(a)(b)
	1,435,000		2.875		07/15/26	1,380,743
						17,621,502
Pipelines(a) – 1.4%
Hess Midstream Operations LP(b)
	300,000		6.500		06/01/29	303,468
Kinetik Holdings LP(b)
	705,000		6.625		12/15/28	720,242
NuStar Logistics LP
	285,000		5.750		10/01/25	284,806
	1,360,000		6.000		06/01/26	1,360,857
ONEOK, Inc.
	2,645,000		4.250		09/24/27	2,606,991
Williams Cos., Inc.
	3,090,000		5.300		08/15/28	3,119,386
						8,395,750
Real Estate Investment Trust – 0.7%
Crown Castle, Inc.(a)
	700,000		1.350		07/15/25	686,742
VICI Properties LP
	3,715,000		4.375		05/15/25	3,704,672
						4,391,414
Retailing(a) – 1.3%
1011778 BC ULC/New Red Finance, Inc.(b)
	1,130,000		6.125		06/15/29	1,134,012
7-Eleven, Inc.(b)
	400,000		0.950		02/10/26	382,668
Genuine Parts Co.
	1,375,000		1.750		02/01/25	1,371,123
Murphy Oil USA, Inc.
	1,535,000		5.625		05/01/27	1,521,323
O’Reilly Automotive, Inc.
	1,965,000		5.750		11/20/26	1,998,994
Penske Automotive Group, Inc.
	1,515,000		3.500		09/01/25	1,493,820
						7,901,940
Semiconductors(a) – 1.3%
Broadcom, Inc.
	5,210,000		5.050		07/12/27	5,260,589
Intel Corp.
	2,300,000		4.875		02/10/28	2,287,534
NXP BV/NXP Funding LLC/NXP USA, Inc.
	275,000		2.700		05/01/25	272,866
						7,820,989
Software – 0.8%
Cadence Design Systems, Inc.
	520,000		4.200		09/10/27	514,051

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software – (continued)
Fidelity National Information Services, Inc.(a)
$	1,050,000		1.150	%	03/01/26	$  1,007,150
Oracle Corp.
	1,400,000		2.500	(a)	04/01/25	1,391,390
	1,900,000		5.800		11/10/25	1,918,221
						4,830,812
Telecommunication Services(a) – 1.7%
T-Mobile USA, Inc.
	8,800,000		3.500		04/15/25	8,761,104
	1,550,000		3.750		04/15/27	1,514,304
						10,275,408
Trucking & Leasing(a)(b) – 0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,025,000		1.200		11/15/25	992,302
	705,000		5.350		01/12/27	709,921
						1,702,223
TOTAL CORPORATE OBLIGATIONS (Cost $296,828,447)						$296,216,378
Asset-Backed Securities(a) – 17.1%
Automotive – 3.8%
Exeter Automobile Receivables Trust Series 2024-2A, Class A3
$	800,000		5.630	%	10/15/26	$    801,627
Ford Credit Auto Owner Trust Series 2020-1, Class A(b)
	6,835,000		2.040		08/15/31	6,814,658
Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class A
	3,200,000		1.060		09/15/27	3,123,034
Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3(b)
	2,100,000		5.410		05/17/27	2,124,520
Hyundai Auto Receivables Trust Series 2022-C, Class A3
	2,330,521		5.390		06/15/27	2,342,167
Hyundai Auto Receivables Trust Series 2024-B, Class A3
	325,000		4.840		03/15/29	326,931
Tesla Auto Lease Trust Series 2023-B, Class A3(b)
	1,550,000		6.130		09/21/26	1,561,251
Toyota Auto Receivables Owner Trust Series 2021-D, Class A3
	641,173		0.710		04/15/26	636,557
Toyota Auto Receivables Owner Trust Series 2022-D, Class A3
	1,870,403		5.300		09/15/27	1,881,308
Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A
	2,650,000		4.650		11/22/27	2,654,068
						22,266,121
Collateralized Loan Obligations(c) – 8.7%
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR(b) (3mo. USD Term SOFR + 1.462%)
	1,300,000		6.079		07/20/34	1,302,820

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Collateralized Loan Obligations(c) – (continued)
Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1(b) (3mo. USD Term SOFR + 1.412%)
$	4,000,000		6.068	%	04/15/34	$  4,007,996
Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1(b) (3 mo. USD Term SOFR + 1.402%)
	5,000,000		6.033		01/22/35	5,005,960
BSPDF Issuer Ltd. Series 2021-FL1, Class A(b) (1 mo. USD Term SOFR + 1.314%)
	227,334		5.712		10/15/36	224,987
CarVal CLO XI C Ltd. Series 2024-3A, Class A1(b) (3 mo. USD Term SOFR + 1.390%)
	1,500,000		5.961		10/20/37	1,507,271
CBAM Ltd. Series 2017-2A, Class AR(b) (3 mo. USD Term SOFR + 1.452%)
	5,000,000		6.099		07/17/34	5,007,175
Cedar Funding VII CLO Ltd. Series 2018-7A, Class AR(b) (3 mo. USD Term SOFR + 1.080%)
	2,549,764		5.697		01/20/31	2,551,592
Clover CLO LLC Series 2021-1A, Class A(b) (3 mo. USD Term SOFR + 1.362%)
	2,100,000		5.993		04/22/34	2,105,775
Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%)
EUR	1,900,000		3.984		11/20/34	1,961,582
Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R(b) (3 mo. USD Term SOFR + 1.360%)
$	2,750,000		6.007		07/16/37	2,754,125
Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2(b) (3 mo. USD Term SOFR + 1.530%)
	1,000,000		6.186		04/15/37	1,007,836
Mountain View CLO XVI Ltd. Series 2022-1A, Class A1R(b) (3 mo. USD Term SOFR + 1.460%)
	1,575,000		6.116		04/15/34	1,579,878
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR(b) (3 mo. USD Term SOFR + 1.362%)
	4,805,436		5.883		05/20/32	4,811,669
OCP CLO Ltd. Series 2014-5A, Class A1R(b) (3 mo. USD Term SOFR + 1.342%)
	1,013,472		5.959		04/26/31	1,014,403
Octagon 54 Ltd. Series 2021-1A, Class A1(b) (3 mo. USD Term SOFR + 1.382%)
	1,000,000		6.038		07/15/34	1,001,645
OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2(b) (3 mo. USD Term SOFR + 1.320%)
	1,500,000		5.831		01/20/38	1,511,326
Pikes Peak CLO 2 Series 2018-2A, Class ARR(b) (3 mo. USD Term SOFR + 1.220%)
	6,700,000		5.852		10/11/34	6,717,340
Trinitas CLO VI Ltd. Series 2017-6A, Class ARRR(b) (3 mo. USD Term SOFR + 1.330%)
	900,000		5.956		01/25/34	902,966
Trysail CLO Ltd. Series 2021-1A, Class A1(b) (3 mo. USD Term SOFR + 1.300%)
	1,296,330		5.917		07/20/32	1,298,263

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Collateralized Loan Obligations(c) – (continued)
Wellfleet CLO Ltd. Series 2021-3A, Class A(b) (3 mo. USD Term SOFR + 1.452%)
$	5,000,000		6.108	%	01/15/35	$  5,002,370
Zais CLO 15 Ltd. Series 2020-15A, Class A1RR(b) (3 mo. USD Term SOFR + 1.490%)
	475,000		6.107		07/28/37	475,831
					51,752,810
Credit Card – 1.4%
Barclays Dryrock Issuance Trust Series 2022-1, Class A
	2,350,000		3.070		02/15/28	2,340,084
Citibank Credit Card Issuance Trust Series 2023-A1, Class A1
	5,990,000		5.230		12/08/27	6,031,283
						8,371,367
Student Loan(c) – 3.2%
Access Group, Inc. Series 2013-1, Class A(b) (1 mo. USD Term SOFR + 0.614%)
	210,025		5.183		02/25/36	208,645
Balboa Bay Loan Funding Ltd. Series 2023-1A, Class AR(b) (3 mo. USD Term SOFR + 1.420%)
	2,350,000		6.037		04/20/36	2,353,631
Contego CLO VII DAC Series 7X, Class A (3 mo. EUR EURIBOR + 0.930%)
EUR	2,148,425		4.068		05/14/32	2,225,445
Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R(b) (3 mo. USD Term SOFR + 1.830%)
$	2,100,000		6.486		01/15/37	2,113,862
ECMC Group Student Loan Trust Series 2017-1A, Class A(b) (1 mo. USD Term SOFR + 1.314%)
	1,026,975		5.883		12/27/66	1,035,517
Elmwood CLO 27 Ltd. Series 2024-3A, Class A(b) (3 mo. USD Term SOFR + 1.520%)
	1,875,000		6.152		04/18/37	1,880,503
Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%)
	379,786		6.345		07/25/45	380,579
Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%)
	502,408		5.233		03/25/51	497,604
Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R(b) (3 mo. USD Term SOFR + 1.200%)
	2,232,983		5.817		01/20/32	2,235,785
Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%)
	81,759		6.395		04/25/38	80,009
Navient Student Loan Trust Series 2017-2A, Class A(b) (1 mo. USD Term SOFR + 1.164%)
	1,523,787		5.733		12/27/66	1,530,047
Nelnet Student Loan Trust Series 2012-3A, Class A(b) (1 mo. USD Term SOFR + 0.814%)
	1,174,229		5.383		03/26/40	1,168,121
Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R(b) (3 mo. USD Term SOFR + 1.530%)
	1,500,000		6.147		04/20/38	1,509,652

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Student Loan(c) – (continued)
PHEAA Student Loan Trust Series 2014-3A, Class A(b) (1 mo. USD Term SOFR + 0.704%)
$	1,545,733		5.273	%	08/25/40	$  1,536,383
Rhode Island Student Loan Authority Series 2012-1, Class A1 (1mo. USD Term SOFR + 1.014%)
	267,865		5.550		07/01/31	265,838
						19,021,621
TOTAL ASSET-BACKED SECURITIES (Cost $101,769,333)						$101,411,919
Mortgage-Backed Obligations – 5.3%
Collateralized Mortgage Obligations – 0.3%
Regular Floater(c) – 0.1%
Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%)
$	238,158		5.312	%(a)	09/15/37	$    236,707
Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%)
	26,415		5.562		06/15/39	26,620
Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%)
	30,798		5.012		04/15/37	29,950
Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%)
	74,801		5.112		05/15/36	74,077
Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%)
	36,999		5.083		09/25/43	36,488
Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%)
	115,261		5.183		08/25/36	114,094
Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%)
	208,231		5.833		09/25/39	211,026
Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%)
	135,267		5.523		04/25/48	135,349
						864,311
Sequential Fixed Rate – 0.0%
Federal Home Loan Mortgage Corp. REMICS Series 4248, Class LM
	161,533		6.500		05/15/41	167,661
Sequential Floating Rate(a)(b)(c) – 0.2%
Federal National Mortgage Association Connecticut Avenue
Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%)
	442,000		6.219		12/25/41	446,499
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%)
	198,944		6.469		04/25/42	200,235

Principal Amount			Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(a)(b)(c) – (continued)
Federal National Mortgage Association Connecticut Avenue
Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%)
$	122,772			8.469	%	04/25/43	$    132,014
Verus Securitization Trust Series 2021-8, Class A1
	166,070			1.824		11/25/66	148,357
							927,105
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							1,959,077
Commercial Mortgage-Backed Securities – 4.1%
Sequential Fixed Rate(a) – 1.0%
Bank Series 2019-BN17, Class A4
$	1,450,000			3.714	%	04/15/52	$  1,372,520
Bank5 Series 2024-5YR11, Class A3
	1,000,000			5.893		11/15/57	1,032,257
Benchmark Mortgage Trust Series 2024-V5, Class A3
	2,050,000			5.805		01/10/57	2,101,169
BMO Mortgage Trust Series 2024-5C3, Class A3
	950,000			5.739		02/15/57	968,894
CSAIL Commercial Mortgage Trust Series 2015-C2, Class A4
	514,000			3.504		06/15/57	511,203
CSAIL Commercial Mortgage Trust Series 2015-C1, Class A4
	55,245			3.505		04/15/50	54,960
							6,041,003
Sequential Floating Rate(c) – 3.1%
Bank5 Series 2024-5YR12, Class A3
	1,100,000			5.902	(a)	12/15/57	1,134,507
BBCMS Mortgage Trust Series 2023-5C23, Class A3
	1,350,000			6.675	(a)	12/15/56	1,421,952
BX Commercial Mortgage Trust Series 2024-XL4, Class A (1mo. USD Term SOFR + 1.442%)
	1,798,218			5.839	(b)	02/15/39	1,806,143
BX Commercial Mortgage Trust Series 2024-XL5, Class A (1mo. USD Term SOFR + 1.392%)
	2,148,517			5.789	(b)	03/15/41	2,157,845
BX Trust Series 2021-ARIA, Class A (1 mo. USD Term SOFR +
	1.014	%)
	1,100,000			5.411	(b)	10/15/36	1,097,024
BX Trust Series 2021-MFM1, Class A (1 mo. USD Term SOFR + 0.814%)
	38,100			5.212	(b)	01/15/34	38,046
BX Trust Series 2021-BXMF, Class A (1 mo. USD Term SOFR +
	0.750	%)
	565,618			5.147	(b)	10/15/26	562,770
BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR +
	1.642	%)
	1,200,000			6.039	(b)	02/15/41	1,201,452
ELP Commercial Mortgage Trust Series 2021-ELP, Class A (1mo. USD Term SOFR + 0.815%)
	3,695,698			5.214	(b)	11/15/38	3,693,474

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(c) – (continued)
EQUS Mortgage Trust Series 2021-EQAZ, Class A (1 mo. USD Term SOFR + 1.019%)
$	549,989		5.417	%(a)(b)	10/15/38	$    548,783
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF58, Class A (1 mo. USD Term SOFR + 0.614%)
	510,447		5.280	(a)	01/25/26	510,258
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF60, Class A (1 mo. USD Term SOFR + 0.604%)
	263,942		5.270	(a)	02/25/26	263,521
JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-NINE, Class A
	1,575,000		2.854	(b)	09/06/38	1,514,240
ONE Mortgage Trust Series 2021-PARK, Class A (1 mo. USD Term SOFR + 0.814%)
	919,000		5.212	(b)	03/15/36	908,538
STWD Trust Series 2021-FLWR, Class A (1 mo. USD Term SOFR + 0.691%)
	1,300,000		5.088	(b)	07/15/36	1,296,031
						18,154,584
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 24,195,587
Federal Agencies – 0.9%
Government National Mortgage Association – 0.0%
$	286		7.000	%	04/15/26	$        286
Uniform Mortgage-Backed Security – 0.9%
	4,784,760		6.500		06/01/54	4,921,653
TOTAL FEDERAL AGENCIES						$  4,921,939
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $31,011,333)						$ 31,076,603
Sovereign Debt Obligations – 0.4%
United States Dollar – 0.4%
Saudi Government International Bonds
$	2,320,000		3.250	%	10/26/26	$  2,253,010
(Cost $2,382,651)
Municipal Debt Obligations – 0.3%
California – 0.1%
Los Angeles Unified School District CA GO Bonds Taxable Series QRR
$	685,000		4.850	%	01/01/25	$    685,000
Rhode Island(a)(c) – 0.0%
Rhode Island Student Loan Authority RB Taxable Series 2014-1 (1 mo. USD Term SOFR + 0.700%)
	5,425		5.497		10/02/28	5,424

Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – (continued)
Texas(a) – 0.2%
San Antonio GO Bonds Taxable Series 2023
$	1,330,000		5.635	%	02/01/26	$  1,330,834
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $2,021,231)						$  2,021,258
U.S. Treasury Obligations – 9.2%
U.S. Treasury Bills(d)
$	8,368,600		0.000	%	01/28/25	$  8,343,155
	533,600		0.000		01/30/25	531,845
	17,235,500		0.000		02/06/25	17,164,875
	630,400		0.000		02/11/25	627,458
	138,700		0.000		02/13/25	138,016
	251,200		0.000		02/18/25	249,822
	4,017,200		0.000		03/18/25	3,982,345
	574,300		0.000		04/03/25	568,174
	2,297,300		0.000		04/15/25	2,269,857
	955,400		0.000		04/29/25	942,414
	7,500,000		0.000		05/15/25	7,385,195
U.S. Treasury Floating Rate Notes(c) (3 mo. Treasury money market yield + 0.200%)
	11,913,000		4.476		01/31/25	11,913,813
TOTAL U.S. TREASURY OBLIGATIONS (Cost $54,096,331)						$54,116,969

Shares	Dividend Rate	Value
Investment Company(e) – 3.3%
Goldman Sachs Financial Square Government Fund — Institutional Shares
19,751,454	4.392%	$ 19,751,454
(Cost $19,751,454)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 85.6% (Cost $507,860,780)		$506,847,591

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 12.0%
Certificates of Deposit – 3.2%
Kookmin Bank(c) (Secured Overnight Financing Rate + 0.600%)
$	4,208,000		5.060	%	03/20/25	$  4,211,365
Lloyds Bank Corporate Markets PLC(c) (Secured Overnight Financing Rate + 0.270%)
	2,934,000		4.730		08/18/25	2,934,272
Macquarie Bank Ltd.(b)(c) (Secured Overnight Financing Rate + 0.400%)
	2,151,000		4.710		06/24/25	2,152,222
National Bank of Kuwait
	5,893,000		4.860		05/16/25	5,894,539

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
(Secured Overnight Financing Rate + 0.630%)
$	3,500,000		5.090	%(c)	12/12/25	$  3,499,993
						18,692,391
Commercial Paper(d) – 8.8%
American Electric Power Co., Inc.(b)
	2,971,000		0.000		06/27/25	2,903,700
Ascension Health Alliance
	401,000		0.000		01/28/25	399,580
Bank of Nova Scotia(b)
	6,014,000		0.000		01/22/25	5,997,905
Canadian Imperial Bank of Commerce(b)
	6,421,000		0.000		01/23/25	6,403,117
CommonSpirit Health
	1,307,000		0.000		02/12/25	1,298,981
	1,253,000		0.000		02/20/25	1,243,800
	1,320,000		0.000		03/05/25	1,307,716
Duke Energy Corp.(b)
	3,247,000		0.000		01/03/25	3,245,803
	3,000,000		0.000		01/14/25	2,994,796
eBay, Inc.(b)
	1,358,000		0.000		01/30/25	1,352,828
Entergy Corp.(b)
	2,982,000		0.000		02/20/25	2,962,732
General Motors Financial Co., Inc.(b)
	809,000		0.000		02/03/25	805,465
	648,000		0.000		03/10/25	642,225
Intesa Sanpaolo Funding LLC
	2,489,000		0.000		01/09/25	2,486,053
	2,690,000		0.000		04/04/25	2,655,953
Penske Truck Leasing Co. LP
	2,779,000		0.000		05/27/25	2,725,786
Societe Generale SA(b)
	6,412,000		0.000		03/03/25	6,362,787

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(d) – (continued)
TELUS Corp.(b)
$	1,168,000		0.000	%	04/14/25	$  1,152,479
	3,260,000		0.000		06/06/25	3,194,667
Volkswagen Financial Services(b)
	2,000,000		0.000		01/09/25	1,997,756
						52,134,129
TOTAL SHORT-TERM INVESTMENTS (Cost $70,815,088)						$ 70,826,520
TOTAL INVESTMENTS – 97.6% (Cost $578,675,868)						$577,674,111
OTHER ASSETS IN EXCESS OF  LIABILITIES – 2.4%						14,260,455
NET ASSETS – 100.0%						$591,934,566

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, 2024.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)	Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2024, 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
BNP Paribas SA	USD	4,402,526	EUR	4,058,657		01/16/25	$	195,623

FUTURES CONTRACTS — At December 31, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes	779	03/31/25	$	160,169,704	$	(7,782	)

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
5 Year U.S. Treasury Notes	(237)	03/31/25	$	(25,194,211	)	$	187,965
TOTAL FUTURES CONTRACTS						$	180,183

SWAP CONTRACTS — At December 31, 2024, 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)		3.250%(b)		03/19/26	$	92,940	$	(759,413	)	$	(834,235	)	$	74,822
3.000%(c)		12M SOFR(c)		03/19/28		46,180		1,336,098			1,206,254			129,844
3.695(b)		12M SOFR(c)		05/31/29		9,500		120,221			11,697			108,524
TOTAL							$	696,906		$	383,716		$	313,190

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2024.

(b) Payments made at maturity.

(c) Payments made annually.

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 66.7%
Collateralized Mortgage Obligations – 2.8%
Sequential Fixed Rate – 1.4%
Arroyo Mortgage Trust Series 2022-1, Class A1A
$	162,418		2.495	%(a)(b)(c)	12/25/56	$    153,028
Federal Home Loan Mortgage Corp. REMICS Series 2329, Class ZA
	73,032		6.500		06/15/31	74,855
Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT
	33,690		6.500		02/15/36	34,899
Federal National Mortgage Association REMICS Series 2011-99, Class DB
	169,326		5.000		10/25/41	168,160
Federal National Mortgage Association REMICS Series 2012- 111, Class B
	25,186		7.000		10/25/42	26,644
Federal National Mortgage Association REMICS Series 2012- 153, Class B
	107,093		7.000		07/25/42	114,188
Federal National Mortgage Association REMICS Series 2011-52, Class GB
	181,503		5.000		06/25/41	180,408
Government National Mortgage Association REMICS Series 2021-135, Class A
	1,158,880		2.000	(a)	08/20/51	918,393
						1,670,575
Sequential Floating Rate(a)(d) – 1.4%
Angel Oak Mortgage Trust Series 2021-6, Class A1
	327		1.458	(b)	09/25/66	270
Angel Oak Mortgage Trust Series 2020-3, Class M1
	150,000		3.809	(b)	04/25/65	137,924
CSMC Trust Series 2022-NQM1, Class A1
	1,535		2.265	(b)	11/25/66	1,354
JP Morgan Mortgage Trust Series 2021-LTV2, Class A1
	473,019		2.520	(b)	05/25/52	400,017
JP Morgan Mortgage Trust Series 2024-VIS1, Class A1
	224,962		5.990	(b)	07/25/64	226,151
JP Morgan Mortgage Trust Series 2024-3, Class A4
	362,528		3.000	(b)	05/25/54	321,166
JP Morgan Mortgage Trust Series 2024-4, Class A5A
	125,000		6.000	(b)	10/25/54	124,374
JP Morgan Mortgage Trust Series 2024-5, Class A6
	133,082		6.000	(b)	11/25/54	133,547
Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6 mo. USD Term SOFR + 1.148%)
	24,573		5.482		11/25/29	23,726
OBX Trust Series 2022-J2, Class A1
	215,584		3.500	(b)	08/25/52	187,441
Verus Securitization Trust Series 2021-8, Class A1
	63,534		1.824	(b)	11/25/66	56,758
						1,612,728
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						3,283,303

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 7.8%
Regular Floater(b)(d) – 0.5%
BFLD Commercial Mortgage Trust Series 2024-UNIV, Class A (1 mo. USD Term SOFR + 1.493%)
$	450,000		5.890	%	11/15/41	$   449,974
WCORE Commercial Mortgage Trust Series 2024-CORE, Class A (1 mo. USD Term SOFR + 1.492%)
	150,000		5.889		11/15/41	150,105
						600,079
Sequential Fixed Rate – 3.6%
Bank Series 2019-BN24, Class A3
	600,000		2.960	(a)	11/15/62	541,838
Bank Series 2020-BN29, Class A4
	600,000		1.997	(a)	11/15/53	493,758
Bank Series 2024-BNK47, Class A5
	200,000		5.716	(a)	06/15/57	206,515
Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3, Class A4
	150,000		3.574	(a)	02/15/50	145,626
Bank5 Series 2024-5YR10, Class A3
	200,000		5.302	(a)	10/15/57	201,118
Bank5 Series 2024-5YR11, Class A3
	200,000		5.893	(a)	11/15/57	206,451
BBCMS Mortgage Trust Series 2024-C24, Class A5
	175,000		5.419	(a)	02/15/57	176,299
BBCMS Mortgage Trust Series 2024-C24, Class AS
	125,000		5.867	(a)	02/15/57	127,980
BMO Mortgage Trust Series 2023-C7, Class A5
	300,000		6.160	(a)	12/15/56	317,729
JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A
	125,000		3.024	(b)	01/05/39	115,201
Morgan Stanley Capital I Trust Series 2021-L7, Class A5
	250,000		2.574	(a)	10/15/54	211,557
One Bryant Park Trust Series 2019-OBP, Class A
	230,000		2.516	(b)	09/15/54	202,016
ROCK Trust Series 2024-CNTR, Class A
	450,000		5.388	(b)	11/13/41	448,904
Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5
	500,000		2.626	(a)	04/15/54	425,552
Wells Fargo Commercial Mortgage Trust Series 2024-C63, Class A5
	300,000		5.309	(a)	08/15/57	301,117
						4,121,661
Sequential Floating Rate(d) – 3.7%
Bank Series 2021-BN37, Class A5
	600,000		2.618	(a)	11/15/64	507,996
Bank Series 2021-BN31, Class AS
	250,000		2.211	(a)	02/15/54	206,004
Benchmark Mortgage Trust Series 2022-B37, Class A5
	100,000		5.750	(a)	11/15/55	103,667
BLP Commercial Mortgage Trust Series 2024-IND2, Class A (1mo. USD Term SOFR + 1.342%)
	215,612		5.739	(b)	03/15/41	215,618
BMO Mortgage Trust Series 2023-C4, Class A5
	225,000		5.117	(a)	02/15/56	222,574

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(d) – (continued)
BPR Trust Series 2024-PMDW, Class A
$	150,000		5.358	%(b)	11/05/41	$    149,767
BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%)
	203,544		5.789	(b)	03/15/41	204,427
BX Commercial Mortgage Trust Series 2024-WPT, Class A (1mo. USD Term SOFR + 1.541%)
	225,000		5.938	(b)	03/15/34	224,320
BX Commercial Mortgage Trust Series 2024-VLT5, Class A
	200,000		5.410	(b)	11/13/46	198,683
BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%)
	425,000		6.039	(b)	02/15/41	425,514
BX Trust Series 2024-PAT, Class A (1 mo. USD Term SOFR + 2.090%)
	150,000		6.487	(b)	03/15/41	150,351
DC Trust Series 2024-HLTN, Class A
	150,000		5.727	(b)	04/13/40	151,070
JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A
	250,000		5.797	(b)	10/05/39	253,203
MSWF Commercial Mortgage Trust Series 2023-2, Class A5
	200,000		6.014	(a)	12/15/56	210,666
NXPT Commercial Mortgage Trust Series 2024-STOR, Class A
	300,000		4.312	(b)	11/05/41	286,246
SCG Mortgage Trust Series 2024-MSP, Class A (1 mo. USD Term SOFR + 1.741%)
	200,000		6.138	(b)	04/15/41	199,573
TYSN Mortgage Trust Series 2023-CRNR, Class A
	280,000		6.580	(b)	12/10/33	292,527
Wells Fargo Commercial Mortgage Trust Series 2024-MGP, Class A12 (1 mo. USD Term SOFR + 1.691%)
	300,000		6.088	(b)	08/15/41	299,105
						4,301,311
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$  9,023,051
Federal Agencies – 56.1%
Adjustable Rate Federal Home Loan Mortgage Corp. – 0.1%
(1 yr. CMT + 2.250%)
$	85,846		7.258	%	09/01/33	$     87,053
Adjustable Rate Federal National Mortgage Association – 0.4%
(RFUCC 1 yr. Treasury + 1.670%)(d)
	11,860		6.170		11/01/32	12,025
	102,414		6.878		10/01/33	104,203
(RFUCC 6 mo. Treasury + 1.413%)(d)
	171,356		6.038		05/01/33	172,402
(1 yr. CMT + 2.164%)(d)
	2,421		6.987		06/01/33	2,451
(1 yr. CMT + 2.192%)(d)
	72,533		6.341		02/01/35	73,664
(RFUCC 1 yr. Treasury + 1.389%)(d)
	66,725		6.889		09/01/35	67,661
						432,406

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Government National Mortgage Association – 0.2%
(1 yr. CMT + 1.500%)(d)
$	23		4.625	%	01/20/25	$         23
	49		4.625		02/20/25	49
	814		5.000		05/20/25	811
	1,348		5.000		07/20/25	1,344
	1,676		4.625		02/20/26	1,671
	74		4.625		07/20/26	73
	6,508		4.625		01/20/27	6,501
	1,554		4.625		02/20/27	1,553
	19,752		4.875		04/20/27	19,723
	1,476		4.875		05/20/27	1,474
	4,075		4.875		06/20/27	4,070
	1,295		3.750		11/20/27	1,292
	15		4.000		11/20/27	15
	4,072		3.750		12/20/27	4,062
	9,564		4.625		01/20/28	9,572
	3,423		4.625		02/20/28	3,427
	3,103		4.625		03/20/28	3,107
	21,167		4.625		07/20/29	21,151
	7,837		4.625		08/20/29	7,833
	2,114		4.625		09/20/29	2,112
	10,058		3.750		10/20/29	10,067
	13,700		3.750		11/20/29	13,714
	2,332		3.750		12/20/29	2,334
	4,463		4.625		01/20/30	4,481
	1,175		4.625		02/20/30	1,180
	8,374		4.625		03/20/30	8,408
	11,294		4.875		04/20/30	11,326
	19,514		4.875		05/20/30	19,574
	14,565		5.000		05/20/30	14,614
	3,651		4.875		06/20/30	3,661
	29,335		5.000		07/20/30	29,403
	5,663		5.000		09/20/30	5,678
	8,845		3.750		10/20/30	8,865
	20,087		4.625		03/20/32	20,216
						243,384
Federal Home Loan Mortgage Corp. – 0.3%
	8,408		6.500		07/01/28	8,461
	55,073		4.500		03/01/29	54,769
	5,112		5.000		08/01/33	5,124
	767		5.000		09/01/33	768
	1,911		5.000		10/01/33	1,916
	1,170		5.000		11/01/34	1,171
	44,055		5.000		12/01/34	44,108
	3,033		5.000		07/01/35	3,036
	2		5.000		11/01/35	2
	6,549		5.000		12/01/35	6,559
	12,203		5.000		02/01/37	12,170
	795		5.000		03/01/38	792
	29,903		5.000		07/01/39	29,905
	4,792		4.000		06/01/40	4,535
	1,999		5.000		08/01/40	1,997
	558		4.500		11/01/40	543
	32,337		4.000		02/01/41	30,601
	2,012		5.000		06/01/41	2,012
	63,715		5.000		07/01/41	63,213
	2,922		4.000		11/01/41	2,756

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Home Loan Mortgage Corp. – (continued)
$	3,531		3.000	%	05/01/42	$      3,131
	4,923		3.000		08/01/42	4,366
	6,590		3.000		01/01/43	5,851
	28,708		3.000		02/01/43	25,471
						313,257
Federal National Mortgage Association – 0.1%
	1,059		6.500		11/01/28	1,072
	17,849		7.000		07/01/31	18,750
	160,524		5.500		07/01/33	163,102
						182,924
Government National Mortgage Association – 19.4%
	2,896		7.000		12/15/27	2,906
	2,829		6.500		08/15/28	2,858
	15,333		6.000		01/15/29	15,544
	34,624		7.000		10/15/29	35,405
	8,380		5.500		11/15/32	8,506
	267,128		5.500		12/15/32	271,900
	3,345		5.500		01/15/33	3,378
	15,838		5.500		02/15/33	16,115
	15,734		5.500		03/15/33	15,998
	17,583		5.500		07/15/33	17,792
	7,759		5.500		08/15/33	7,872
	3,159		5.500		09/15/33	3,197
	8,040		5.500		04/15/34	8,151
	6,781		5.500		05/15/34	6,873
	102,750		5.500		06/15/34	104,875
	74,333		5.500		09/15/34	75,913
	70,956		5.500		12/15/34	72,518
	61,569		5.500		01/15/35	62,919
	19,316		5.000		03/15/38	19,408
	2,285		4.000		02/20/41	2,160
	3,669		4.000		11/20/41	3,462
	613		4.000		01/20/42	579
	1,970		4.000		04/20/42	1,858
	1,224		4.000		10/20/42	1,153
	133,392		4.000		08/20/43	125,420
	1,742		4.000		03/20/44	1,636
	2,154		4.000		05/20/44	2,023
	149,003		4.000		11/20/44	139,788
	669,264		4.000		06/20/45	624,937
	148,657		4.000		01/20/46	138,579
	100,690		4.500		02/20/48	96,717
	52,654		5.000		08/20/48	51,816
	442,953		5.000		10/20/48	435,355
	247,788		5.000		11/20/48	243,537
	385,232		5.000		12/20/48	378,624
	531,784		5.000		01/20/49	522,495
	665,019		4.000		02/20/49	617,648
	340,261		5.000		03/20/49	334,424
	1,758,821		3.000		11/20/49	1,535,520
	1,129,311		3.000		02/20/50	986,575
	372,170		3.000		03/20/50	324,623
	118,993		3.500		01/20/51	107,127
	510,406		2.500		11/20/51	423,448
	759,450		3.000		12/20/51	658,437

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Government National Mortgage Association – (continued)
$	294,275		2.500	%	12/20/51	$    244,139
	855,698		3.500		02/20/53	769,631
	6,000,000		2.000		TBA-30yr(e)	4,791,941
	4,000,000		2.500		TBA-30yr(e)	3,335,603
	1,000,000		4.500		TBA-30yr(e)	944,837
	3,000,000		6.000		TBA-30yr(e)	3,018,516
	1,000,000		6.500		TBA-30yr(e)	1,016,641
						22,631,377
Uniform Mortgage-Backed Security – 35.6%
	611		4.500		07/01/36	596
	658		4.500		04/01/39	640
	3,255		4.500		05/01/39	3,171
	1,324		4.000		08/01/39	1,251
	6,503		4.500		08/01/39	6,336
	106,660		4.500		12/01/39	103,893
	6,553		4.500		01/01/41	6,358
	6,530		4.500		05/01/41	6,321
	31,949		4.500		08/01/41	31,023
	62,041		4.500		08/01/42	60,134
	5,872		3.000		11/01/42	5,223
	73,998		3.000		12/01/42	66,399
	189,066		3.000		01/01/43	168,998
	34,873		3.000		02/01/43	31,167
	244,645		3.000		03/01/43	217,843
	413,040		3.000		04/01/43	367,298
	260,713		3.000		05/01/43	231,622
	50,275		3.000		06/01/43	44,594
	408,788		3.000		07/01/43	362,804
	341,937		4.500		10/01/44	329,457
	406,695		4.500		04/01/45	392,797
	48,475		4.500		05/01/45	46,803
	187,004		4.500		06/01/45	180,175
	163,491		4.000		11/01/45	152,628
	55,734		4.000		03/01/46	51,940
	4,195		4.500		05/01/46	4,028
	29,951		4.000		06/01/46	27,875
	47,197		4.500		08/01/46	45,319
	9,131		4.000		08/01/46	8,498
	74,082		4.000		10/01/46	68,946
	16,028		4.500		06/01/47	15,401
	489,041		4.500		11/01/47	468,508
	170,013		4.000		12/01/47	158,394
	159,416		4.000		01/01/48	148,422
	598,188		4.000		02/01/48	556,713
	417,418		4.000		03/01/48	388,369
	484,960		4.000		06/01/48	451,362
	150,710		4.000		08/01/48	140,128
	669,487		5.000		11/01/48	659,487
	865,289		4.500		01/01/49	824,633
	241,901		4.500		03/01/49	230,535
	649,152		4.500		04/01/49	619,004
	43,427		3.500		07/01/49	39,072
	1,023,201		3.000		09/01/49	886,715
	1,496,605		4.500		03/01/50	1,429,742
	2,413,382		2.500		09/01/50	2,001,986
	2,678,022		2.000		10/01/50	2,101,503
	2,676,933		2.000		11/01/50	2,099,818

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	898,589		2.500	%	11/01/50	$    743,165
	1,735,549		2.500		02/01/51	1,424,549
	2,457,195		2.500		05/01/51	2,031,419
	5,963		4.500		05/01/51	5,677
	768,319		2.000		05/01/51	601,184
	4,243,288		2.000		12/01/51	3,318,398
	2,631,095		2.000		02/01/52	2,056,791
	204,936		4.500		04/01/52	193,166
	838,910		5.500		09/01/52	836,290
	958,235		6.000		11/01/52	973,313
	172,348		6.000		12/01/52	175,490
	886,805		4.500		05/01/53	844,029
	952,575		6.500		06/01/54	987,747
	1,000,000		2.500		TBA-30yr(e)	813,281
	4,000,000		3.000		TBA-30yr(e)	3,393,124
	2,000,000		5.000		TBA-30yr(e)	1,928,828
	3,000,000		5.500		TBA-30yr(e)	2,958,633
	1,000,000		6.000		TBA-30yr(e)	1,004,453
	1,000,000		6.500		TBA-30yr(e)	1,021,016
						41,554,482
TOTAL FEDERAL AGENCIES						$ 65,444,883
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $81,829,854)						$ 77,751,237
Agency Debentures – 23.7%
Sovereign – 3.8%
Federal National Mortgage Association
$	4,000,000		6.625	%	11/15/30	$  4,436,320
United States Dollar – 19.9%
Federal Home Loan Banks
	3,620,000		3.500		06/11/32	3,338,400
Tennessee Valley Authority
	20,150,000		0.750		05/15/25	19,882,408
						23,220,808
TOTAL AGENCY DEBENTURES (Cost $28,652,484)						$ 27,657,128
Asset-Backed Securities(a)(b) – 2.4%
Automotive(c) – 0.3%
Ford Credit Auto Owner Trust Series 2024-1, Class A
$	325,000		4.870	%	08/15/36	$    326,030
Collateralized Loan Obligations(d) – 0.8%
Towd Point Mortgage Trust Series 2017-4, Class A2
	1,030,153		3.000		06/25/57	943,354
Student Loan(d) – 1.3%
ECMC Group Student Loan Trust Series 2018-2A, Class A (1 mo. USD Term SOFR + 0.914%)
	729,879		5.483		09/25/68	720,629

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a)(b) – (continued)
Student Loan(d) – (continued)
Scholar Funding Trust Series 2013-A, Class A (1 mo. USD Term SOFR + 0.764%)
$	806,394		5.313	%	01/30/45	$    801,135
						1,521,764
TOTAL ASSET-BACKED SECURITIES (Cost $2,900,723)						$  2,791,148
Municipal Debt Obligations – 1.8%
New Jersey – 1.8%
New Jersey Economic Development Authority RB Taxable Series A
$	2,000,000		7.425	%	02/15/29	$  2,115,352
(Cost $2,000,000)
U.S. Treasury Obligations – 25.0%
U.S. Treasury Bonds
$	1,630,000		3.625	%	02/15/44	$  1,375,567
	4,100,000		3.375		05/15/44	3,324,203
	1,770,000		3.125		08/15/44	1,374,516
	2,380,000		2.875		11/15/46	1,729,962
	680,000		3.125		05/15/48	510,000
	680,000		3.000		08/15/48	497,144
	720,000		2.375		11/15/49	458,100
	3,400,000		4.000		11/15/52	2,964,906
	13,000		4.250		08/15/54	11,895
U.S. Treasury Inflation-Indexed Bonds
	967,382		1.500		02/15/53	774,926
U.S. Treasury Notes
	1,060,000		0.875		06/30/26	1,008,698
	287,600		3.625		03/31/30	277,219
	692,800		0.625		05/15/30	568,691
	8,085,300		3.750		05/31/30	7,827,581
	1,380,000		3.750		06/30/30	1,335,258
	2,410,000		4.375		05/15/34	2,374,603
U.S. Treasury STRIPS Coupon(f)
	1,791,200		0.000		11/15/29	1,437,015
	440,000		0.000		08/15/30	339,871
	440,000		0.000		11/15/30	335,311
	440,000		0.000		11/15/31	318,722
	440,000		0.000		08/15/33	292,908
TOTAL U.S. TREASURY OBLIGATIONS (Cost $32,707,294)						$ 29,137,096

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Shares	Dividend Rate	Value
Investment Company(g) – 0.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
4	4.392%		$          4
(Cost $4)
TOTAL INVESTMENTS – 119.6% (Cost $148,090,359)			$139,451,965
LIABILITIES IN EXCESS OF  OTHER ASSETS – (19.6)%			(22,867,903	)
NET ASSETS – 100.0%			$116,584,062

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)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2024.
(d)	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, 2024.
(e)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $24,226,873 which represents approximately 20.9% of net assets as of December 31, 2024.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At December 31, 2024, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount		Value
Government National Mortgage Association		3.000	%		TBA - 30yr		01/15/25	$	(3,000,000)	$	(2,598,733)
Government National Mortgage Association		4.000			TBA - 30yr		01/15/25		(1,000,000)		(920,228)
Government National Mortgage Association		5.000			TBA - 30yr		01/15/25		(2,000,000)		(1,939,758)
Uniform Mortgage-Backed Security		2.000			TBA - 30yr		01/15/25		(9,000,000)		(6,991,874)
Uniform Mortgage-Backed Security		4.500			TBA - 30yr		01/15/25		(4,000,000)		(3,759,374)
Uniform Mortgage-Backed Security		4.000			TBA - 30yr		01/14/25		(1,000,000)		(913,125)
(PROCEEDS RECEIVED: $(17,543,145))										$	(17,123,092)

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

FUTURES CONTRACTS — At December 31, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes	92	03/31/25	$	18,916,063	$	3,141
20 Year U.S. Treasury Bonds	3	03/20/25		341,531		1,213
5 Year U.S. Treasury Notes	57	03/31/25		6,059,367		(43,564	)
Total					$	(39,210	)

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
10 Year U.S. Treasury Notes	(36)	03/20/25	$	(3,915,000	)	$	20,584
Ultra Long U.S. Treasury Bonds	(4)	03/20/25		(475,625	)		783
Total						$	21,367
TOTAL FUTURES CONTRACTS						$	(17,843	)

SWAP CONTRACTS — At December 31, 2024, 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)
12M FEDL(a)	4.396%(a)		03/19/25	$	77,670	(b)	$	8,295	$	2,627		$	5,668
3.490%(c)	12M SOFR(c)		05/31/27		10			232		(17	)		249
3.695(c)	12M SOFR(a)		05/31/29		2,710	(b)		34,294		2,655			31,639
TOTAL							$	42,821	$	5,265		$	37,556

(a) Payments made at maturity.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2024.

(c) Payments made annually.

PURCHASED OPTIONS CONTRACTS — At December 31, 2024, the Fund had the following purchased options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate	Expiration Date	Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contract Calls
3M IRS	MS & Co. Int. PLC	3.500%	02/24/2025		1,140,000	$	1,140,000	$	1,204	$	4,036	$	(2,832	)

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
RB	— Revenue Bond
REMICS	— Real Estate Mortgage Investment Conduits
RFUCC	— Refinitive USD IBOR Consumer Cash Fallbacks 1 year
SOFR	— Secured Overnight Financing Rate
STRIPS	— Separate Trading of Registered Interest and Principal of Securities

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Abbreviations:
3M IRS	— 3 Months Interest Rate Swaptions
SOFR	— Secured Overnight Financing Rate

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – 96.2%
U.S. Treasury Inflation-Indexed Bonds
$	20,625,620		1.500	%		02/15/53	$  16,522,250
	23,995,142		2.125			02/15/54	22,220,814
U.S. Treasury Inflation-Indexed Notes
	27,818,075		0.125			07/15/26	27,162,829
	14,410,504		0.125			04/15/27	13,811,568
	32,854,367		1.250			04/15/28	32,016,324
	79,956,959		2.125			04/15/29	80,081,891
	7,533,807		1.625			10/15/29	7,408,734
	10,623,034		0.125			07/15/31	9,355,740
	16,338,268		1.375			07/15/33	15,291,597
	20,098,814		1.875			07/15/34	19,484,073
U.S. Treasury Notes
	3,340,000		4.500			12/31/31	3,343,653
TOTAL U.S. TREASURY OBLIGATIONS (Cost $251,183,108)							$  246,699,473

Shares	Dividend Rate	Value
Investment Company(a) – 2.1%
Goldman Sachs Financial Square Government Fund — Institutional Shares
5,217,166	4.392%	$   5,217,166
(Cost $5,217,166)
TOTAL INVESTMENTS – 98.3% (Cost $256,400,274)		$ 251,916,639
OTHER ASSETS IN EXCESS OF  LIABILITIES – 1.7%		4,437,005
NET ASSETS – 100.0%		$ 256,353,644

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At December 31, 2024, 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	228	03/20/25	$	24,795,000		$	(341,435	)
2 Year U.S. Treasury Notes	45	03/31/25		9,252,422			(965	)
5 Year U.S. Treasury Notes	92	03/31/25		9,780,031			(60,380	)
Ultra 10-Year U.S. Treasury Notes	10	03/20/25		1,113,125			(18,687	)
Total						$	(421,467	)
Short position contracts:
20 Year U.S. Treasury Bonds	(1)	03/20/25		(113,844	)		141
Ultra Long U.S. Treasury Bonds	(138)	03/20/25		(16,409,062	)		672,967
Total						$	673,108
TOTAL FUTURES CONTRACTS						$	251,641

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At December 31, 2024, 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)
12M FEDL(a)	4.396%(a)		03/19/25	$	164,170	(b)	$	17,534		$	6,448		$	11,086
2.007%(a)	12M 1T CPI-U(a)		02/07/26		6,300			811,513			13			811,500
12M SOFR(c)	3.490(c)		05/31/27		10			(259	)		(18	)		(241	)
12M 1T CPI-U(a)	2.103(a)		02/07/29		6,300			(792,259	)		39			(792,298	)
3.695(c)	12M SOFR(c)		05/31/29		10,530	(b)		133,255			10,417			122,838
12M SOFR(c)	3.944(c)		12/13/39		7,980	(b)		(71,836	)		(27,202	)		(44,634	)
3.356(c)	12M SOFR(c)		12/13/54		4,010	(b)		61,096			28,745			32,351
TOTAL							$	159,044		$	18,442		$	140,602

(a) Payments made at maturity.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2024.

(c) Payments made annually.

PURCHASED OPTIONS CONTRACTS — At December 31, 2024, the Fund had the following purchased options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate	Expiration Date	Number of Contracts	Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contract Calls
3M IRS	MS & Co. Int. PLC	3.500%	02/24/2025	2,280,000	$	2,280,000	$	2,408	$	8,071	$	(5,663	)

Currency Abbreviations:
USD	— U.S. Dollar
Abbreviations:
3M IRS	— 3 Months Interest Rate Swaptions
CPI	— Consumer Price Index
CPI U	— Consumer Price Index For All Urban Consumers
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
SOFR	— Secured Overnight Financing Rate

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 56.5%
Aerospace & Defense(a) – 1.7%
Boeing Co.
$	5,400,000		2.600	%	10/30/25	$    5,293,188
	8,071,000		2.700		02/01/27	7,694,811
	7,420,000		5.150		05/01/30	7,322,798
TransDigm, Inc.
	1,900,000		5.500		11/15/27	1,869,942
						22,180,739
Agriculture(a) – 0.6%
BAT International Finance PLC
	8,000,000		1.668		03/25/26	7,700,000
Automotive – 1.6%
General Motors Financial Co., Inc.(a)
	8,800,000		1.500		06/10/26	8,387,016
Goodyear Tire & Rubber Co.(a)
	2,022,000		9.500		05/31/25	2,033,263
Volkswagen Group of America Finance LLC (b)
	2,955,000		3.350		05/13/25	2,936,797
	5,800,000		3.950		06/06/25	5,770,594
ZF North America Capital, Inc.(b)
	900,000		4.750		04/29/25	896,031
						20,023,701
Banks – 19.9%
Banco Santander SA
	1,600,000		2.746		05/28/25	1,586,384
Bank of America Corp.(a)(c)
(5 yr. CMT + 2.760%)
	1,690,000		4.375		01/27/27	1,629,802
(5 yr. CMT + 3.231%)
	1,595,000		6.125		04/27/27	1,607,010
(Secured Overnight Financing Rate + 1.990%)
	7,000,000		6.204		11/10/28	7,247,940
(Secured Overnight Financing Rate + 2.040%)
	7,000,000		4.948		07/22/28	7,013,720
Bank of New York Mellon Corp.(a)(c) (5 yr. CMT + 3.352%)
	1,680,000		3.700		03/20/26	1,625,954
Barclays PLC(a)(c)
(5 yr. CMT + 5.867%)
	1,640,000		6.125		12/15/25	1,638,081
(Secured Overnight Financing Rate + 1.490%)
	3,115,000		5.674		03/12/28	3,151,913
(Secured Overnight Financing Rate + 2.210%)
	2,445,000		5.829		05/09/27	2,470,941
(Secured Overnight Financing Rate + 2.714%)
	3,600,000		2.852		05/07/26	3,572,748
BNP Paribas SA (b)
	10,000,000		4.375		09/28/25	9,921,800
(Secured Overnight Financing Rate + 2.074%)
	3,275,000		2.219	(a)(c)	06/09/26	3,232,589
BPCE SA(a)(b)(c) (Secured Overnight Financing Rate + 1.520%)
	3,675,000		1.652		10/06/26	3,578,384
Canadian Imperial Bank of Commerce(a)(c) (Secured Overnight Financing Rate + 0.930%)
	3,060,000		4.508		09/11/27	3,045,251
Citigroup, Inc.
	1,800,000		4.600		03/09/26	1,795,068

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(3 mo. USD Term SOFR + 4.779%)
$	1,610,000		6.250	%(a)(c)	08/15/26	$    1,612,447
(5 yr. CMT + 3.209%)
	1,555,000		7.375	(a)(c)	05/15/28	1,606,906
(5 yr. CMT + 3.597%)
	4,865,000		4.000	(a)(c)	12/10/25	4,739,288
(Secured Overnight Financing Rate + 1.280%)
	7,000,000		3.070	(a)(c)	02/24/28	6,730,570
(Secured Overnight Financing Rate + 1.887%)
	7,000,000		4.658	(a)(c)	05/24/28	6,951,490
(Secured Overnight Financing Rate + 2.842%)
	885,000		3.106	(a)(c)	04/08/26	880,628
Citizens Financial Group, Inc.(a)(c) (5 yr. CMT + 5.313%)
	4,165,000		5.650		10/06/25	4,137,553
Comerica, Inc.(a)(c) (5 yr. CMT + 5.291%)
	2,237,000		5.625		07/01/25	2,220,290
Credit Agricole SA
	5,700,000		4.375		03/17/25	5,685,351
(5 yr. USD Swap + 6.185%)
	2,410,000		8.125	(a)(b)(c)	12/23/25	2,456,393
Deutsche Bank AG(a)(c)
(5 yr. USD ICE Swap + 5.003%)
	1,600,000		7.500		04/30/25	1,596,064
(Secured Overnight Financing Rate + 1.594%)
	3,135,000		5.706		02/08/28	3,167,855
First Horizon Corp.(a)
	1,500,000		4.000		05/26/25	1,491,135
HSBC Holdings PLC(a)(c)
(Secured Overnight Financing Rate + 1.538%)
	8,675,000		1.645		04/18/26	8,587,556
(Secured Overnight Financing Rate + 3.350%)
	2,945,000		7.390		11/03/28	3,120,610
ING Groep NV
	5,000,000		4.625	(b)	01/06/26	4,999,800
(1 yr. CMT + 1.100%)
	4,750,000		1.400	(a)(b)(c)	07/01/26	4,666,542
(5 yr. USD Swap + 4.446%)
	2,440,000		6.500	(a)(c)	04/16/25	2,435,925
JPMorgan Chase & Co.(a)(c)
(3 mo. USD Term SOFR + 1.585%)
	22,175,000		2.005		03/13/26	22,044,611
(5 yr. CMT + 2.850%)
	1,690,000		3.650		06/01/26	1,641,244
(Secured Overnight Financing Rate + 0.800%)
	9,200,000		1.045		11/19/26	8,905,324
(Secured Overnight Financing Rate + 1.850%)
	6,360,000		2.083		04/22/26	6,305,686
KeyBank NA
	2,515,000		4.150		08/08/25	2,500,740
M&T Bank Corp.(a)(c) (5 yr. CMT + 2.679%)
	3,599,000		3.500		09/01/26	3,389,502
Macquarie Group Ltd.(a)(b)(c) (Secured Overnight Financing Rate +1.069%)
	2,100,000		1.340		01/12/27	2,023,392
Morgan Stanley(a)(c)
(Secured Overnight Financing Rate + 0.720%)
	4,025,000		0.985		12/10/26	3,881,791

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
(Secured Overnight Financing Rate + 1.215%)
$	5,000,000		5.042	%	07/19/30	$    4,979,350
(Secured Overnight Financing Rate + 1.990%)
	20,275,000		2.188		04/28/26	20,092,930
NatWest Group PLC(a)(c) (5 yr. USD Swap + 5.720%)
	2,445,000		8.000		08/10/25	2,468,081
PNC Financial Services Group, Inc.(a)(c) (5 yr. CMT + 3.238%)
	1,610,000		6.200		09/15/27	1,619,644
Societe Generale SA(a)(b)(c) (1 yr. CMT + 1.500%)
	3,155,000		5.519		01/19/28	3,161,373
Truist Financial Corp. (a)(c) (5 yr. CMT + 4.605%)
	3,200,000		4.950		09/01/25	3,168,096
UBS Group AG(a)(b)(c) (Secured Overnight Financing Rate + 2.044%)
	9,600,000		2.193		06/05/26	9,484,224
Wells Fargo & Co.(a)(c)
(5 yr. CMT + 3.453%)
	1,685,000		3.900		03/15/26	1,632,512
(5 yr. CMT + 3.606%)
	1,515,000		7.625		09/15/28	1,607,173
(Secured Overnight Financing Rate + 1.510%)
	7,000,000		3.526		03/24/28	6,791,890
(Secured Overnight Financing Rate + 1.560%)
	9,910,000		4.540		08/15/26	9,888,594
(Secured Overnight Financing Rate + 1.980%)
	7,000,000		4.808		07/25/28	6,973,260
(Secured Overnight Financing Rate + 2.000%)
	7,200,000		2.188		04/30/26	7,134,264
Westpac New Zealand Ltd.(b)
	2,265,000		4.902		02/15/28	2,257,458
						252,155,127
Beverages(a)(b) – 0.3%
JDE Peet’s NV
	4,230,000		2.250		09/24/31	3,420,293
Building Materials(a)(b) – 0.2%
JELD-WEN, Inc.
	125,000		4.875		12/15/27	118,182
Standard Industries, Inc.
	1,940,000		4.750		01/15/28	1,860,150
Summit Materials LLC/Summit Materials Finance Corp.
	115,000		6.500		03/15/27	115,007
						2,093,339
Chemicals(a) – 0.8%
Celanese U.S. Holdings LLC
	3,665,000		6.165		07/15/27	3,721,734
International Flavors & Fragrances, Inc.(b)
	5,225,000		1.230		10/01/25	5,079,849
SNF Group SACA(b)
	1,650,000		3.125		03/15/27	1,556,495
						10,358,078
Commercial Services(a) – 1.3%
Brink’s Co.(b)
	915,000		6.500		06/15/29	924,690

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Commercial Services(a) – (continued)
DP World Crescent Ltd.
$	2,060,000		3.750	%	01/30/30	$    1,925,456
Global Payments, Inc.
	3,175,000		1.200		03/01/26	3,042,952
Quanta Services, Inc.
	10,660,000		4.750		08/09/27	10,642,091
						16,535,189
Computers(a) – 0.1%
NetApp, Inc.
	1,300,000		1.875		06/22/25	1,280,279
Diversified Financial Services – 4.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	640,000		6.500		07/15/25	644,595
	5,000,000		6.150		09/30/30	5,218,050
Air Lease Corp.(a)
	3,954,000		2.300		02/01/25	3,945,024
	1,100,000		3.375		07/01/25	1,091,464
	5,175,000		1.875		08/15/26	4,934,414
Ally Financial, Inc.(a)(c) (7 yr. CMT + 3.481%)
	3,740,000		4.700		05/15/28	3,260,420
American Express Co.(a)(c) (5 yr. CMT + 2.854%)
	1,725,000		3.550		09/15/26	1,648,203
Aviation Capital Group LLC(a)(b)
	1,725,000		1.950		01/30/26	1,669,662
Avolon Holdings Funding Ltd.(a)(b)
	2,075,000		2.875		02/15/25	2,068,319
Charles Schwab Corp.(a)(c) (5 yr. CMT + 4.971%)
	4,735,000		5.375		06/01/25	4,714,166
Macquarie Airfinance Holdings Ltd.(a)(b)
	260,000		6.400		03/26/29	267,732
Merrill Lynch BV(b)(c) (Secured Overnight Financing Rate + 0.450%)
	8,100,000		5.028		04/30/25	8,118,381
Nasdaq, Inc.
	1,040,000		5.650		06/28/25	1,043,973
Nomura Holdings, Inc.
	2,695,000		5.099		07/03/25	2,696,401
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(a)(b)
	10,460,000		2.875		10/15/26	9,906,875
Synchrony Financial(a)
	4,260,000		4.875		06/13/25	4,253,312
						55,480,991
Electrical(a) – 1.5%
Avangrid, Inc.
	1,375,000		3.200		04/15/25	1,367,699
DTE Energy Co.
	1,150,000		1.050		06/01/25	1,132,037
Emera, Inc.(c) (3 mo. USD LIBOR + 5.440%)
	3,105,000		6.750		06/15/76	3,119,625
Enel Finance International NV(b)
	7,875,000		1.625		07/12/26	7,500,622
Entergy Corp.
	2,800,000		0.900		09/15/25	2,722,972

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Electrical(a) – (continued)
Vistra Operations Co. LLC(b)
$	2,965,000		5.000	%	07/31/27	$    2,908,368
						18,751,323
Electrical Components & Equipment(a)(b) – 0.1%
WESCO Distribution, Inc.
	1,485,000		6.375		03/15/29	1,502,449
Energy-Alternate Sources(a)(b) – 0.0%
Greenko Dutch BV
	179,000		3.850		03/29/26	173,854
Greenko Wind Projects Mauritius Ltd.
	200,000		5.500		04/06/25	199,292
						373,146
Engineering & Construction(a) – 0.4%
AECOM
	2,750,000		5.125		03/15/27	2,720,273
MasTec, Inc.
	754,000		5.900		06/15/29	766,803
Mexico City Airport Trust
	2,040,000		3.875		04/30/28	1,911,235
						5,398,311
Entertainment(a)(b) – 0.3%
Caesars Entertainment, Inc.
	3,500,000		4.625		10/15/29	3,278,940
Six Flags Theme Parks, Inc.
	616,000		7.000		07/01/25	616,388
						3,895,328
Environmental(a) – 2.0%
GFL Environmental, Inc.(b)
	3,880,000		3.750		08/01/25	3,840,773
	4,860,000		5.125		12/15/26	4,831,423
Veralto Corp.
	6,710,000		5.500		09/18/26	6,789,312
Waste Management, Inc.
	9,867,000		4.500		03/15/28	9,812,041
						25,273,549
Food & Drug Retailing – 0.6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC(a)(b)
	3,630,000		3.250		03/15/26	3,539,794
	110,000		7.500		03/15/26	110,392
Campbell’s Co.
	3,700,000		5.200		03/19/27	3,735,113
						7,385,299
Gas(a) – 0.8%
NiSource, Inc.
	10,050,000		0.950		08/15/25	9,809,001
Healthcare Providers & Services – 2.6%
Centene Corp.(a)
	1,900,000		4.250		12/15/27	1,839,314
	8,410,000		2.450		07/15/28	7,578,587

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
GE HealthCare Technologies, Inc.(a)
$	6,150,000		5.650	%	11/15/27	$    6,303,381
HCA, Inc.
	7,810,000		5.375		02/01/25	7,805,080
	6,000,000		5.875	(a)	02/15/26	6,030,300
	3,650,000		5.625	(a)	09/01/28	3,696,903
						33,253,565
Insurance(b) – 0.5%
Athene Global Funding
	305,000		1.450		01/08/26	294,728
Equitable Financial Life Global Funding
	1,550,000		1.400		07/07/25	1,523,820
Great-West Lifeco U.S. Finance 2020 LP(a)
	2,000,000		0.904		08/12/25	1,951,240
QBE Insurance Group Ltd.(a)(c) (5 yr. CMT + 5.513%)
	3,000,000		5.875		05/12/25	2,999,790
						6,769,578
Internet – 1.4%
Gen Digital, Inc.(a)(b)
	3,110,000		6.750		09/30/27	3,152,949
Netflix, Inc.(b)
	6,025,000		5.375		11/15/29	6,139,053
Prosus NV(a)(b)
	7,030,000		3.257		01/19/27	6,704,863
Uber Technologies, Inc.(a)
	1,600,000		4.300		01/15/30	1,548,592
						17,545,457
Investment Companies – 0.7%
Blackstone Private Credit Fund
	6,000,000		4.700		03/24/25	5,990,280
Blue Owl Credit Income Corp.(a)
	3,355,000		3.125		09/23/26	3,220,699
						9,210,979
Iron/Steel – 0.0%
POSCO(b)
	310,000		5.750		01/17/28	314,898
Steel Dynamics, Inc.(a)
	345,000		2.400		06/15/25	340,905
						655,803
Leisure Time(a)(b) – 0.3%
Carnival Corp.
	2,280,000		5.750		03/01/27	2,272,499
Royal Caribbean Cruises Ltd.
	1,825,000		5.625		09/30/31	1,794,759
						4,067,258
Machinery-Diversified(a) – 1.4%
Ingersoll Rand, Inc.
	17,330,000		5.197		06/15/27	17,528,082

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Media(a) – 0.2%
Charter Communications Operating LLC/Charter Communications Operating Capital
$	2,911,000		4.908	%	07/23/25	$    2,906,925
Mining(a)(b) – 0.7%
Glencore Funding LLC
	4,200,000		1.625		09/01/25	4,110,246
	5,000,000		5.371		04/04/29	5,039,250
						9,149,496
Miscellaneous Manufacturing(a) – 1.0%
Amsted Industries, Inc.(b)
	2,754,000		5.625		07/01/27	2,727,534
Hillenbrand, Inc.
	1,191,000		6.250		02/15/29	1,191,500
Teledyne Technologies, Inc.
	9,375,000		1.600		04/01/26	9,006,938
						12,925,972
Multi-National(a)(b) – 0.1%
African Export-Import Bank
	1,050,000		2.634		05/17/26	1,000,545
Office & Business Equipment(a)(b) – 0.1%
Xerox Holdings Corp.
	1,501,000		5.000		08/15/25	1,492,850
Oil Field Services – 0.9%
Canadian Natural Resources Ltd.(a)
	1,875,000		2.050		07/15/25	1,846,444
Pertamina Persero PT(a)
	2,630,000		3.100		01/21/30	2,373,575
Petroleos Mexicanos
	210,000		6.875	(a)	10/16/25	209,055
	200,000		6.500		01/23/29	186,142
	300,000		8.750	(a)	06/02/29	300,188
QatarEnergy(a)
	2,160,000		1.375		09/12/26	2,035,368
Saudi Arabian Oil Co.(a)
	2,130,000		1.625		11/24/25	2,070,759
Sunoco LP(a)(b)
	1,740,000		7.000		05/01/29	1,785,588
						10,807,119
Packaging(a) – 0.5%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC(b)
	1,165,000		6.000		06/15/27	1,155,645
Berry Global, Inc.
	3,200,000		1.570		01/15/26	3,088,256
Silgan Holdings, Inc.(b)
	1,925,000		1.400		04/01/26	1,835,757
						6,079,658
Pharmaceuticals – 1.1%
Cardinal Health, Inc.
	10,569,000		4.700		11/15/26	10,555,049

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
PRA Health Sciences, Inc.(a)(b)
$	3,144,000		2.875	%	07/15/26	$    3,025,125
						13,580,174
Pipelines(a) – 2.5%
Cheniere Energy Partners LP
	2,835,000		4.500		10/01/29	2,744,705
DCP Midstream Operating LP
	2,690,000		5.625		07/15/27	2,726,961
Hess Midstream Operations LP(b)
	710,000		6.500		06/01/29	718,208
MPLX LP
	8,300,000		1.750		03/01/26	8,016,306
NGPL PipeCo LLC(b)
	410,000		4.875		08/15/27	406,982
NuStar Logistics LP
	7,500,000		5.750		10/01/25	7,494,900
ONEOK, Inc.
	6,405,000		4.250		09/24/27	6,312,960
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	2,720,000		6.875		01/15/29	2,780,955
Venture Global LNG, Inc.(b)
	30,000		7.000		01/15/30	30,458
						31,232,435
Real Estate Investment Trust(a) – 0.7%
American Tower Corp.
	1,150,000		2.400		03/15/25	1,143,606
	1,400,000		1.300		09/15/25	1,365,784
Crown Castle, Inc.
	1,750,000		1.350		07/15/25	1,716,855
Retail Opportunity Investments Partnership LP
	3,250,000		6.750		10/15/28	3,446,787
Starwood Property Trust, Inc.(b)
	1,425,000		6.500		07/01/30	1,426,397
						9,099,429
Retailing(a) – 0.8%
1011778 BC ULC/New Red Finance, Inc.(b)
	2,705,000		6.125		06/15/29	2,714,603
Murphy Oil USA, Inc.
	3,670,000		5.625		05/01/27	3,637,300
Penske Automotive Group, Inc.
	3,310,000		3.500		09/01/25	3,263,726
						9,615,629
Semiconductors(a) – 1.0%
Broadcom, Inc.
	9,815,000		5.050		07/12/27	9,910,304
Skyworks Solutions, Inc.
	2,425,000		1.800		06/01/26	2,322,568
						12,232,872
Software – 1.5%
Cadence Design Systems, Inc.
	1,255,000		4.200		09/10/27	1,240,643

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Software – (continued)
Cadence Design Systems, Inc. – (continued)
$	4,400,000		4.300	%(a)	09/10/29	$    4,312,836
Fair Isaac Corp.(a)(b)
	2,705,000		5.250		05/15/26	2,694,559
Infor, Inc.(a)(b)
	1,075,000		1.750		07/15/25	1,052,833
Oracle Corp.
	3,575,000		5.800		11/10/25	3,609,284
	6,300,000		2.950	(a)	04/01/30	5,687,955
						18,598,110
Telecommunication Services(a) – 0.8%
T-Mobile USA, Inc.
	7,145,000		3.500		04/15/25	7,113,419
	3,725,000		3.750		04/15/27	3,639,213
						10,752,632
Toys/Games/Hobbies(a)(b) – 0.2%
Mattel, Inc.
	2,815,000		5.875		12/15/27	2,822,798
Trucking & Leasing(a)(b) – 0.9%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	4,950,000		1.200		11/15/25	4,792,095
	1,690,000		5.350		01/12/27	1,701,796
	5,000,000		3.350		11/01/29	4,626,800
						11,120,691
TOTAL CORPORATE OBLIGATIONS (Cost $722,534,248)						$  716,064,199
Asset-Backed Securities(a) – 16.7%
Automotive – 3.5%
Bank of America Auto Trust Series 2023-2A, Class A2(b)
$	1,138,081		5.850	%	08/17/26	$    1,141,361
Exeter Automobile Receivables Trust Series 2024-2A, Class A3
	1,900,000		5.630		10/15/26	1,903,863
Ford Credit Auto Lease Trust Series 2024-A, Class A2A
	3,950,964		5.240		07/15/26	3,958,666
Ford Credit Auto Lease Trust Series 2024-B, Class A3
	6,100,000		4.990		12/15/27	6,139,946
Ford Credit Auto Owner Trust Series 2024-1, Class A(b)(d)
	3,200,000		4.870		08/15/36	3,210,138
Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A(b)
	2,900,000		4.770		03/15/27	2,907,586
Hyundai Auto Receivables Trust Series 2024-B, Class A3
	5,825,000		4.840		03/15/29	5,859,601
Nissan Auto Lease Trust Series 2024-A, Class A2A
	5,122,230		5.110		10/15/26	5,135,514
Nissan Auto Receivables Owner Trust Series 2023-A, Class A2A
	375,973		5.340		02/17/26	376,133
Tesla Auto Lease Trust Series 2023-B, Class A3(b)
	3,800,000		6.130		09/21/26	3,827,582
Toyota Auto Receivables Owner Trust Series 2021-D, Class A3
	1,619,805		0.710		04/15/26	1,608,144

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Automotive – (continued)
Toyota Auto Receivables Owner Trust Series 2024-C, Class A3
$	4,225,000		4.880	%	03/15/29	$    4,254,391
World Omni Auto Receivables Trust Series 2023-B, Class A2A
	352,647		5.250		11/16/26	352,788
World Omni Auto Receivables Trust Series 2024-B, Class A2A
	3,215,955		5.480		09/15/27	3,231,478
						43,907,191
Collateralized Loan Obligations – 8.0%
37 Capital CLO 4 Ltd. Series 2023-2A, Class D(b)(c) (3 mo. USD Term SOFR + 5.500%)
	1,900,000		10.156		01/15/34	1,912,479
37 Capital CLO III Ltd. Series 2023-1A, Class D(b)(c) (3 mo. USD Term SOFR + 6.360%)
	2,950,000		11.016		04/15/36	3,010,440
AMMC CLO XI Ltd. Series 2012-11A, Class A1R2(b)(c) (3 mo. USD Term SOFR + 1.272%)
	968,837		5.861		04/30/31	969,650
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR(b)(c) (3 mo. USD Term SOFR + 1.462%)
	7,600,000		6.079		07/20/34	7,616,484
Atlas Senior Loan Fund XVII Ltd. Series 2021-17A, Class A(b)(c) (3 mo. USD Term SOFR + 1.462%)
	8,200,000		6.079		10/20/34	8,210,340
Barings CLO Ltd. Series 2023-1A, Class A(b)(c) (3 mo. USD Term SOFR + 1.750%)
	4,800,000		6.367		04/20/36	4,825,296
Bryant Park Funding Ltd. Series 2023-21A, Class A1(b)(c) (3 mo. USD Term SOFR + 2.050%)
	3,600,000		6.682		10/18/36	3,631,666
CIFC Funding Ltd. Series 2023-3A, Class E(b)(c) (3 mo. USD Term SOFR + 7.650%)
	2,025,000		12.267		01/20/37	2,071,421
Crown City CLO I Series 2020-1A, Class A1AR(b)(c) (3 mo. USD Term SOFR + 1.452%)
	2,500,000		6.069		07/20/34	2,502,775
Crown City CLO V Series 2023-5A, Class A1R(b)(c) (3 mo. USD Term SOFR + 1.600%)
	1,100,000		6.217		04/20/37	1,107,644
Dunedin Park CLO DAC Series 1X, Class AR(c) (3 mo. EUR EURIBOR + 0.980%)
EUR	4,750,000		3.984		11/20/34	4,903,956
Generate CLO 15 Ltd. Series 2024-15A, Class A(b)(c) (3 mo. USD Term SOFR + 1.570%)
$	3,700,000		6.187		07/20/37	3,731,572
Halseypoint CLO 6 Ltd. Series 2022-6A, Class D(b)(c) (3 mo. USD Term SOFR + 5.690%)
	1,200,000		10.307		10/20/34	1,204,543
Jamestown CLO XVI Ltd. Series 2021-16A, Class AR(b)(c) (3 mo. USD Term SOFR + 1.120%)
	3,000,000		5.583		07/25/34	3,000,654
LCM 26 Ltd. Series 26A, Class A1(b)(c) (3 mo. USD Term SOFR + 1.332%)
	2,435,496		5.949		01/20/31	2,437,878
MJX Venture Management II LLC Series 2017-28RR, Class A1(b)(c) (3 mo. USD Term SOFR + 1.542%)
	1,999,958		6.159		07/22/30	2,001,392

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Collateralized Loan Obligations – (continued)
Mountain View CLO XVI Ltd. Series 2022-1A, Class A1R(b)(c) (3 mo. USD Term SOFR + 1.460%)
$	3,700,000		6.116	%	04/15/34	$    3,711,459
Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R(b)(c) (3 mo. USD Term SOFR + 1.362%)
	1,126,334		5.979		12/21/29	1,127,965
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR(b)(c) (3 mo. USD Term SOFR + 1.362%)
	10,187,524		5.883		05/20/32	10,200,738
Palmer Square Loan Funding Ltd. Series 2024-3A, Class C(b)(c) (3 mo. USD Term SOFR + 2.950%)
	3,200,000		7.472		08/08/32	3,211,424
Pikes Peak CLO 3 Series 2019-3A, Class ARR(b)(c) (3 mo. USD Term SOFR + 1.462%)
	4,000,000		6.088		10/25/34	4,004,144
RR 29 Ltd. Series 2024-29RA, Class A2R(b)(c) (3 mo. USD Term SOFR + 1.700%)
	3,000,000		6.356		07/15/39	3,008,631
Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A(b)
	345,207		5.750		12/20/50	352,072
Sycamore Tree CLO Ltd. Series 2023-2A, Class AR(b)(c) (3 mo. USD Term SOFR + 1.680%)
	2,200,000		6.297		01/20/37	2,218,150
TCW CLO Ltd. Series 2022-1A, Class A1(b)(c) (3 mo. USD Term SOFR + 1.340%)
	7,900,000		5.972		04/22/33	7,906,225
TICP CLO XIV Ltd. Series 2019-14A, Class A1R(b)(c) (3 mo. USD Term SOFR + 1.342%)
	8,000,000		5.959		10/20/32	8,014,264
Venture 36 CLO Ltd. Series 2019-36A, Class D(b)(c) (3 mo. USD Term SOFR + 4.412%)
	2,500,000		9.029		04/20/32	2,501,052
Zais CLO 13 Ltd. Series 2019-13A, Class A1AR(b)(c) (3 mo. USD Term SOFR + 1.300%)
	2,706,243		5.956		07/15/32	2,707,780
						102,102,094
Credit Card – 1.4%
American Express Credit Account Master Trust Series 2024-3, Class A
	4,500,000		4.650		07/15/29	4,511,202
Barclays Dryrock Issuance Trust Series 2023-1, Class A
	7,300,000		4.720		02/15/29	7,321,155
Barclays Dryrock Issuance Trust Series 2023-2, Class A(c) (1 mo. USD Term SOFR + 0.900%)
	2,425,000		5.498		08/15/28	2,435,431
Discover Card Execution Note Trust Series 2023-A1, Class A
	3,800,000		4.310		03/15/28	3,794,270
						18,062,058
Student Loan(c) – 3.8%
Apidos CLO XV Ltd. Series 2013-15A, Class A1RR(b) (3 mo. USD Term SOFR + 1.272%)
	2,466,144		5.889		04/20/31	2,469,030
Bain Capital Credit CLO Ltd. Series 2023-3A, Class A(b) (3 mo. USD Term SOFR + 1.800%)
	3,600,000		6.435		07/24/36	3,629,164

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Student Loan(c) – (continued)
CIFC Falcon Ltd. Series 2019-FAL, Class A(b) (3 mo. USD Term SOFR + 1.262%)
$	4,000,000		5.879	%	01/20/33	$    4,001,188
Diameter Capital CLO 4 Ltd. Series 2022-4A, Class A1R(b) (3mo. USD Term SOFR + 1.830%)
	5,500,000		6.486		01/15/37	5,536,305
Elmwood CLO 27 Ltd. Series 2024-3A, Class A(b) (3 mo. USD Term SOFR + 1.520%)
	4,500,000		6.152		04/18/37	4,513,207
Flatiron CLO 20 Ltd. Series 2020-1A, Class AR(b) (3 mo. USD Term SOFR + 1.380%)
	3,700,000		5.901		05/20/36	3,709,883
Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%)
	277,536		6.345		07/25/45	278,115
Katayma CLO II Ltd. Series 2024-2A, Class B(b) (3 mo. USD Term SOFR + 2.150%)
	2,500,000		6.767		04/20/37	2,524,473
Marble Point CLO XIV Ltd. Series 2018-2A, Class A12R(b) (3mo. USD Term SOFR + 1.200%)
	5,805,756		5.817		01/20/32	5,813,042
Neuberger Berman Loan Advisers CLO 39 Ltd. Series 2020-39A, Class A1R(b) (3 mo. USD Term SOFR + 1.530%)
	3,500,000		6.147		04/20/38	3,522,523
Palmer Square Loan Funding Ltd. Series 2022-3A, Class A1BR(b) (3 mo. USD Term SOFR + 1.400%)
	5,025,000		6.056		04/15/31	5,027,512
Parallel Ltd. Series 2023-1A, Class A1(b) (3 mo. USD Term SOFR + 2.200%)
	3,000,000		6.817		07/20/36	3,021,861
PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1 mo. USD Term SOFR + 1.264%)
	390,038		5.833		09/25/65	391,218
RRE 2 Loan Management DAC Series 2X, Class A2R (3 mo. EUR EURIBOR + 1.450%)
EUR	3,500,000		4.634		07/15/35	3,606,944
						48,044,465
TOTAL ASSET-BACKED SECURITIES (Cost $211,576,996)						$  212,115,808
Mortgage-Backed Obligations – 16.3%
Collateralized Mortgage Obligations – 2.4%
Interest Only(e) – 0.4%
Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%)
$	308,658		1.388	%(c)	05/15/45	$       29,402
Federal Home Loan Mortgage Corp. REMICS Series 5020, Class IH
	1,406,023		3.000		08/25/50	245,736
Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%)
	213,987		1.288	(c)	05/15/46	20,833
Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%)
	185,444		1.338	(c)	03/15/44	15,835

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(e) – (continued)
Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI
$	3,308,647		4.000	%	08/25/50	$      695,057
Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%)
	289,359		1.467	(c)	02/25/46	29,992
Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%)
	358,487		1.417	(c)	05/25/47	38,199
Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%)
	2,284,495		1.417	(c)	07/25/50	244,301
Federal National Mortgage Association REMICS Series 2020-62, Class GI
	2,409,023		4.000		06/25/48	487,911
Federal National Mortgage Association REMICS Series 2010- 135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%)
	56,346		1.267	(c)	12/25/40	4,053
Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%)
	125,746		1.615	(a)(c)	10/20/43	5,814
Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%)
	127,225		1.175	(a)(c)	07/20/47	11,156
Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%)
	282,196		1.715	(a)(c)	09/20/48	30,876
Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%)
	283,386		1.565	(a)(c)	01/20/49	29,406
Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%)
	125,002		1.615	(a)(c)	06/20/49	12,902
Government National Mortgage Association REMICS Series 2020-78, Class DI
	1,273,027		4.000	(a)	06/20/50	278,103
Government National Mortgage Association REMICS Series 2020-146, Class KI
	3,473,460		2.500	(a)	10/20/50	512,629
Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%)
	201,523		1.565	(a)(c)	08/20/43	18,600
Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%)
	75,235		1.115	(a)(c)	11/20/44	6,041
Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%)
	130,264		1.765	(a)(c)	09/20/45	14,501

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(e) – (continued)
Government National Mortgage Association REMICS Series 2016-27, Class IA
$	69,865		4.000	%(a)	06/20/45	$       10,044
Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%)
	271,272		1.715	(a)(c)	09/20/48	29,966
Government National Mortgage Association REMICS Series 2019-153, Class EI
	6,460,479		4.000	(a)	12/20/49	1,393,929
Government National Mortgage Association REMICS Series 2020-55, Class AS (-1X 1 mo. USD Term SOFR + 5.936%)
	7,196,948		1.565	(a)(c)	04/20/50	809,858
Government National Mortgage Association REMICS Series 2020-61, Class GI
	1,603,824		5.000	(a)	05/20/50	386,625
						5,361,769
Sequential Fixed Rate – 0.3%
Federal National Mortgage Association REMICS Series 2012- 111, Class B
	8,395		7.000		10/25/42	8,881
Federal National Mortgage Association REMICS Series 2012- 153, Class B
	28,182		7.000		07/25/42	30,049
OBX Trust Series 2024-NQM17, Class A1
	1,240,331		5.610	(a)(b)(d)	11/25/64	1,242,132
Verus Securitization Trust Series 2023-INV2, Class A2
	1,700,500		6.928	(a)(b)(d)	08/25/68	1,720,905
						3,001,967
Sequential Floating Rate(a)(c) – 1.7%
Angel Oak Mortgage Trust Series 2021-6, Class A1
	740,435		1.458	(b)	09/25/66	611,470
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA1, Class M2 (1 mo. USD Term SOFR + 1.800%)
	136,844		6.369	(b)	01/25/51	138,600
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2024-HQA2, Class A1 (1 mo. USD Term SOFR + 1.250%)
	6,138,333		5.819	(b)	08/25/44	6,160,682
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%)
	298,099		8.469	(b)	04/25/43	320,540
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%)
	560,000		7.660	(b)	06/25/43	590,189
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%)
	950,000		6.219	(b)	05/25/44	955,651

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(a)(c) – (continued)
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M1 (1 mo. USD Term SOFR + 1.000%)
$	1,241,490		5.569	%(b)	07/25/44	$    1,240,726
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R05, Class 2M2 (1 mo. USD Term SOFR + 1.700%)
	1,800,000		6.269	(b)	07/25/44	1,807,847
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%)
	3,425,000		6.169	(b)	09/25/44	3,446,320
GCAT Trust Series 2024-INV4, Class A6
	2,528,753		5.500	(b)	12/25/54	2,513,055
Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%)
	4,382,065		1.895		09/20/53	294,111
JP Morgan Mortgage Trust Series 2021-LTV2, Class A1
	3,996,826		2.520	(b)	05/25/52	3,379,991
New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	68,851		3.750	(b)	05/28/52	64,400
						21,523,582
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						29,887,318
Commercial Mortgage-Backed Securities – 6.5%
Regular Floater(b)(c) – 0.4%
KSL Commercial Mortgage Trust Series 2024-HT2, Class B (1mo. USD Term SOFR + 2.042%)
$	2,580,000		6.614	%	12/15/39	$    2,575,970
TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%)
	1,750,000		6.530		11/15/29	1,751,385
TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%)
	950,000		7.327		11/15/29	949,270
						5,276,625
Sequential Fixed Rate – 3.4%
1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2
	3,800,000		3.901	(b)	08/10/35	3,751,306
Bank Series 2023-BNK46, Class A4
	4,100,000		5.745	(a)	08/15/56	4,233,693
Bank5 Series 2023-5YR4, Class A3
	1,298,420		6.500	(a)	12/15/56	1,356,405
Bank5 Series 2024-5YR7, Class A3
	2,350,000		5.769	(a)	06/15/57	2,406,865
Bank5 Series 2024-5YR11, Class A3
	2,450,000		5.893	(a)	11/15/57	2,529,030
Bank5 Series 2024-5YR11, Class AS
	1,075,000		6.139	(a)	11/15/57	1,101,915
BBCMS Mortgage Trust Series 2023-C19, Class A5
	2,900,000		5.451	(a)	04/15/56	2,931,096
BBCMS Mortgage Trust Series 2023-C19, Class ASB
	800,000		5.700	(a)	04/15/56	821,412

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
BMO Mortgage Trust Series 2023-C7, Class A5
$	5,000,000		6.160	%(a)	12/15/56	$    5,295,486
BX Trust Series 2022-CLS, Class A
	3,900,000		5.760	(b)	10/13/27	3,909,170
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	1,500,000		3.000	(a)(b)	09/15/50	858,690
Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4
	740,000		3.102	(a)	12/15/72	674,042
JP Morgan Chase Commercial Mortgage Securities Trust Series 2021-410T, Class A
	1,250,000		2.287	(b)	03/05/42	1,101,771
MSWF Commercial Mortgage Trust Series 2023-2, Class A2
	3,150,000		6.890	(a)	12/15/56	3,300,791
ROCK Trust Series 2024-CNTR, Class A
	4,300,000		5.388	(b)	11/13/41	4,289,529
ROCK Trust Series 2024-CNTR, Class D
	3,250,000		7.109	(b)	11/13/41	3,313,531
Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D
	900,000		3.250	(a)(b)	01/15/60	736,124
						42,610,856
Sequential Floating Rate – 2.7%
Bank5 Series 2023-5YR1, Class A3
	3,610,000		6.260	(a)(c)	04/15/56	3,732,350
Bank5 Series 2024-5YR10, Class AS
	900,000		5.637	(a)	10/15/57	903,648
BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%)
	1,225,000		5.317	(b)(c)	03/15/37	1,158,322
BBCMS Mortgage Trust Series 2023-C22, Class A5
	2,850,000		6.804	(a)(c)	11/15/56	3,160,442
BBCMS Mortgage Trust Series 2023-5C23, Class AS
	1,450,000		7.455	(a)(c)	12/15/56	1,553,258
BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%)
	1,150,000		5.566	(b)(c)	03/15/37	1,024,412
BX Commercial Mortgage Trust Series 2023-VLT3, Class A (1mo. USD Term SOFR + 1.940%)
	2,675,000		6.337	(b)(c)	11/15/28	2,668,370
BX Commercial Mortgage Trust Series 2024-XL4, Class A (1mo. USD Term SOFR + 1.442%)
	4,471,243		5.839	(b)(c)	02/15/39	4,490,951
BX Commercial Mortgage Trust Series 2024-XL5, Class A (1mo. USD Term SOFR + 1.392%)
	1,944,974		5.789	(b)(c)	03/15/41	1,953,418
BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%)
	3,500,000		6.238	(b)(c)	04/15/26	3,508,589
Citigroup Commercial Mortgage Trust Series 2015-P1, Class C
	1,949,000		4.369	(a)(c)	09/15/48	1,875,768
COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%)
	3,750,000		6.238	(b)(c)	06/15/41	3,736,676
Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A
	3,150,000		5.308	(b)(c)	07/15/35	3,156,320

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B
$	1,950,000		5.743	%(b)(c)	07/15/35	$    1,953,476
						34,876,000
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$   82,763,481
Federal Agencies – 7.4%
Government National Mortgage Association – 2.2%
$	1,092,253		4.500	%	08/20/47	$    1,050,863
	170,080		5.000		03/20/48	168,658
	1,692,344		4.000		05/20/48	1,573,911
	603,281		4.500		06/20/48	576,839
	610,834		4.500		07/20/48	583,488
	934,822		4.500		09/20/48	892,678
	648,022		4.500		10/20/48	618,808
	809,153		4.500		12/20/48	772,169
	1,977,300		4.500		01/20/49	1,886,924
	613,956		4.500		02/20/49	585,702
	825,537		4.500		03/20/49	787,804
	434,339		4.500		10/20/49	414,758
	822,438		5.000		12/20/49	807,300
	49,942		5.000		02/20/50	49,473
	4,397,415		3.000		11/20/51	3,777,826
	2,000,000		6.000		TBA-30yr(f)	2,012,344
	3,000,000		6.500		TBA-30yr(f)	3,049,922
	8,000,000		7.000		TBA-30yr(f)	8,196,875
						27,806,342
Uniform Mortgage-Backed Security – 5.2%
	203		5.000		03/01/25	203
	1,283		5.000		11/01/26	1,281
	2,974		5.000		07/01/27	2,970
	62,223		4.500		07/01/47	59,552
	38,857		4.500		03/01/50	36,920
	8,055,422		6.000		11/01/52	8,208,770
	1,759,943		5.500		12/01/52	1,757,745
	4,801,124		6.000		12/01/52	4,878,170
	3,241,454		6.000		01/01/53	3,288,965
	877,513		5.500		04/01/53	873,675
	2,586,225		6.000		04/01/53	2,629,391
	2,518,563		6.500		09/01/53	2,593,257
	6,149,469		6.500		11/01/53	6,353,463
	2,628,815		6.500		12/01/53	2,721,770
	15,000,000		5.000		TBA-30yr(f)	14,466,210
	18,000,000		6.000		TBA-30yr(f)	18,080,156
						65,952,498
TOTAL FEDERAL AGENCIES						$   93,758,840
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $207,297,331)						$  206,409,639

Principal Amount		Interest Rate			Maturity Date	Value
Sovereign Debt Obligations – 2.1%
United States Dollar – 2.1%
Hungary Government International Bonds
$	3,630,000		5.250	%	06/16/29	$    3,571,012
Indonesia Government International Bonds(a)
	6,030,000		4.550		01/11/28	5,932,012
Korea Hydro & Nuclear Power Co. Ltd.(b)
	3,950,000		4.250		07/27/27	3,894,581
Mexico Government International Bonds(a)
	2,860,000		3.250		04/16/30	2,489,630
Panama Government International Bonds(a)
	2,010,000		3.750		03/16/25	1,993,438
Peru Government International Bonds(a)
	2,120,000		2.392		01/23/26	2,058,223
Qatar Government International Bonds(b)
	690,000		3.400		04/16/25	686,766
Republic of Poland Government International Bonds(a)
	2,600,000		4.625		03/18/29	2,574,754
Romania Government International Bonds
	1,500,000		3.000	(b)	02/27/27	1,413,113
	1,700,000		5.875		01/30/29	1,655,375
Saudi Government International Bonds(b)
	800,000		2.900		10/22/25	786,248
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $27,447,105)						$    27,055,152
Shares		Description				Value
Common Stocks(b) – 0.0%
Real Estate Management & Development – 0.0%
	22,377		Sunac Services Holdings Ltd.			$        4,740
TOTAL COMMON STOCKS (Cost $42,587)						$        4,740
Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 4.3%
U.S. Treasury Notes
$	16,170,000		1.250	%	11/30/26	$   15,286,966
	9,400,000		0.500		06/30/27	8,570,156
	15,370,000		1.250		03/31/28	13,961,484
	850,000		2.875		08/15/28	808,762
	15,580,000		4.500		12/31/31	15,597,041
TOTAL U.S. TREASURY OBLIGATIONS (Cost $54,142,089)						$   54,224,409

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Shares	Dividend Rate	Value
Investment Company(g) – 3.8%
Goldman Sachs Financial Square Government Fund — Institutional Shares
47,430,009	4.392%	$   47,430,009
(Cost $ 47,430,009)
TOTAL INVESTMENTS – 99.7% (Cost $1,270,470,365)		$1,263,303,956
OTHER ASSETS IN EXCESS OF  LIABILITIES – 0.3%		3,738,354
NET ASSETS – 100.0%		$1,267,042,310

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, 2024.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2024.
(e)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(f)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $45,805,507 which represents approximately 3.5% of net assets as of December 31, 2024.
(g)	Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At December 31, 2024, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	CAD	1,349,284	USD	941,000		03/19/25	$	434
	EUR	706,000	GBP	585,087		03/19/25		1,847
	GBP	117,207	USD	146,552		03/19/25		92
	TRY	12,843,456	USD	334,097		03/19/25		2,391
	USD	703,338	AUD	1,048,843		03/19/25		54,078
	USD	376,902	BRL	2,198,480		01/03/25		21,249
	USD	210,312	BRL	1,282,278		02/04/25		4,100
	USD	2,783,057	CAD	3,934,118		03/19/25		38,112
	USD	6,322,390	CHF	5,428,055		03/19/25		287,914
	USD	260,892	CLP	253,079,646		03/19/25		6,664
	USD	2,550,105	CNH	17,765,071		03/19/25		124,347
	USD	449,812	CNH	3,248,790		06/18/25		3,954
	USD	943,815	COP	4,152,137,160		03/19/25		11,458
	USD	3,396,310	CZK	80,470,456		03/19/25		84,050
	USD	9,298,532	EUR	8,570,471		01/16/25		415,016
	USD	6,475,936	EUR	6,146,361		03/19/25		86,861
	USD	4,518,982	GBP	3,553,553		03/19/25		72,951
	USD	1,150,312	HUF	450,960,639		03/19/25		19,572
	USD	82,705	ILS	294,143		03/19/25		1,629
	USD	4,257,016	INR	362,627,884		03/19/25		54,016
	USD	750,545	INR	64,482,076		06/18/25		7,890
	USD	1,334,702	JPY	197,920,961		03/19/25		65,155
	USD	2,228,550	KRW	3,177,015,767		03/19/25		71,712
	USD	1,666,658	MXN	34,035,904		03/19/25		55,683
	USD	1,388,208	NOK	15,332,305		03/19/25		41,575
	USD	2,744,327	NZD	4,622,988		03/19/25		155,406
	USD	3,181,412	PLN	12,702,056		03/19/25		115,215
	USD	1,649,982	SEK	17,728,631		03/19/25		40,663
	USD	1,208,032	TWD	39,046,616		03/19/25		17,684

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)		USD	267,706		ZAR	4,815,765		03/19/25	$	14,352
TOTAL									$	1,876,070

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	4,315,471		USD	2,780,185		03/19/25	$	(108,802	)
	BRL	2,180,758		USD	356,739		01/03/25		(3,953	)
	BRL	1,440,793		USD	234,382		03/19/25		(4,316	)
	CAD	2,724,677		USD	1,978,469		03/19/25		(77,385	)
	CHF	663,843		EUR	719,421		03/19/25		(9,824	)
	CHF	3,964,812		USD	4,537,802		03/19/25		(130,041	)
	CHF	369,084		USD	424,271		06/18/25		(9,576	)
	CLP	343,830,966		USD	380,151		03/19/25		(34,760	)
	CNH	23,118,657		USD	3,194,560		03/19/25		(37,788	)
	COP	401,889,161		USD	93,603		03/19/25		(3,359	)
	CZK	42,715,920		USD	1,881,030		03/19/25		(122,792	)
	EUR	3,735,600		USD	4,082,310		03/19/25		(199,195	)
	GBP	1,489,934		USD	1,884,840		03/19/25		(20,707	)
	HUF	439,575,545		USD	1,170,911		03/19/25		(68,718	)
	ILS	1,803,613		USD	505,620		03/19/25		(8,480	)
	INR	190,905,061		USD	2,245,000		01/13/25		(18,533	)
	INR	171,051,295		USD	2,003,149		03/19/25		(20,597	)
	JPY	560,366,264		USD	3,726,375		03/19/25		(131,955	)
	KRW	758,644,357		USD	572,876		03/19/25		(57,841	)
	MXN	3,680,654		USD	179,551		03/19/25		(5,340	)
	NOK	36,489,612		USD	3,274,910		03/19/25		(70,037	)
	NZD	2,451,704		AUD	2,229,000		03/18/25		(6,852	)
	NZD	820,028		USD	474,654		03/19/25		(15,430	)
	PLN	9,864,216		USD	2,409,402		03/19/25		(28,243	)
	SEK	33,224,185		USD	3,065,354		03/19/25		(49,423	)
	SGD	2,762,479		USD	2,094,184		03/19/25		(64,890	)
	TWD	39,530,990		USD	1,251,256		03/19/25		(46,142	)
	USD	146,427		BRL	917,032		03/19/25		(5	)
	USD	703,133		CAD	1,009,260		03/19/25		(1,056	)
	USD	223,177		CNH	1,635,993		03/19/25		(212	)
	USD	412,958		ILS	1,527,929		03/19/25		(8,193	)
	USD	175,666		JPY	27,406,987		03/19/25		(134	)
	USD	1,692,969		NOK	19,343,856		03/19/25		(5,997	)
TOTAL								$	(1,370,576	)

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At December 31, 2024, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount		Value
Government National Mortgage Association		4.000	%	TBA - 30yr		01/20/25	$	(1,000,000)	$	(920,228)
Government National Mortgage Association		4.500		TBA - 30yr		01/20/25		(5,000,000)		(4,724,186)
Government National Mortgage Association		5.000		TBA - 30yr		01/20/25		(1,000,000)		(969,879)
Uniform Mortgage-Backed Security		5.500		TBA - 30yr		01/01/25		(2,000,000)		(1,972,422)
Uniform Mortgage-Backed Security		6.500		TBA - 30yr		02/01/25		(9,000,000)		(9,181,406)
(PROCEEDS RECEIVED: $(17,822,871))									$	(17,768,121)

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

FUTURES CONTRACTS — At December 31, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.K. Long Gilt	1	03/27/25	$	115,688		$	(2,518	)
2 Year U.S. Treasury Notes	3,015	03/31/25		619,912,269			9,653
30 Year German Euro-Buxl	4	03/06/25		549,746			(35,349	)
5 Year German Euro-Bund	4	03/06/25		552,895			(14,466	)
5 Year U.S. Treasury Notes	96	03/31/25		10,205,250			29,082
French 10 Year Government Bonds	3	03/06/25		383,471			(8,457	)
Ice 3M Sonia Index	234	03/17/26		70,244,440			(128,769	)
Total						$	(150,824	)
Short position contracts:
10 Year U.S. Treasury Notes	(488)	03/20/25		(53,070,000	)		702,775
20 Year U.S. Treasury Bonds	(59)	03/20/25		(6,716,781	)		159,962
Ultra 10-Year U.S. Treasury Notes	(203)	03/20/25		(22,596,438	)		393,728
Ultra Long U.S. Treasury Bonds	(29)	03/20/25		(3,448,281	)		5,676
Total						$	1,262,141
TOTAL FUTURES CONTRACTS						$	1,111,317

SWAP CONTRACTS — At December 31, 2024, 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 FEDL(b)	4.395%(b)	03/19/25	$	764,000	$	81,595		$	27,477		$	54,118
0.250%(c)	12M CHFOR(c)	03/19/27	CHF	28,940		(169,788	)		(105,008	)		(64,780	)
2.500(c)	12M EURO(c)	03/19/27	EUR	42,950		(523,329	)		(576,789	)		53,460
4.000(c)	12M GBP(c)	03/19/27	GBP	3,260		14,207			3,153			11,054
0.750(c)	12M JYOR(c)	03/19/27	JPY	2,727,000		(18,862	)		(25,919	)		7,057
3.500(c)	12M SOFR(c)	03/19/27	$	4,480		46,365			38,355			8,010

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3.000%(c)	12M SOFR(c)	03/19/27	$	87,320	$	1,729,434		$	1,623,080		$	106,354
3M STIBOR(d)	2.000%(c)	03/19/27	SEK	222,220		(133,784	)		2,189			(135,973	)
6M EURO(e)	2.500(c)	03/19/27	EUR	5,070		39,891			44,490			(4,599	)
12M CDOR(e)	3.000(e)	03/19/27	CAD	6,710		29,721			22,215			7,506
12M SOFR(c)	3.000(c)	03/19/27	$	6,780		(134,283	)		(126,373	)		(7,910	)
4.250(d)	3M AUDOR(d)	03/19/27	AUD	9,850		(57,131	)		(56,143	)		(988	)
6M NIBOR(e)	4.000(c)	03/19/27	NOK	572,580		(212,853	)		113,428			(326,281	)
12M GBP(c)	4.250(c)	03/19/27	GBP	75,110		110,194			521,011			(410,817	)
12M GBP(c)	3.500(c)	08/31/27		49,056		(264,742	)		(1,052,900	)		788,158
3M EURO(d)	2.143(b)	11/20/27	EUR	245,190		(1,245	)		177,366			(178,611	)
2.180(b)	6M EURO(e)	11/20/27		245,190		12,725			(168,411	)		181,136
12M GBP(b)	3.500(b)	12/04/27	GBP	24,536		(121,462	)		(59,613	)		(61,849	)
6M EURO(e)	2.500(c)	05/14/28	EUR	28,093		179,387			(221,397	)		400,784
3.695(c)	12M SOFR(c)	05/31/29	$	25,620		324,216			25,456			298,760
3.500(c)	12M GBP(c)	08/31/29	GBP	45,435		351,985			(776,286	)		1,128,271
2.457(e)	12M CDOR(e)	09/13/29	CAD	38,380		113,446			(12,332	)		125,778
12M SOFR(c)	3.038(c)	09/13/29	$	28,720		(471,686	)		26,586			(498,272	)
3.500(c)	12M GBP(c)	12/06/29	GBP	22,740		173,639			74,563			99,076
0.750(c)	12M JYOR(c)	03/19/30	JPY	8,522,000		191,129			124,536			66,593
3.000(c)	12M SOFR(c)	03/19/30	$	10,120		461,883			402,733			59,150
3M STIBOR(d)	2.250(c)	03/19/30	SEK	211,190		(233,435	)		149,304			(382,739	)
6M EURO(e)	2.750(c)	03/19/30	EUR	15,960		416,141			553,926			(137,785	)
12M GBP(c)	3.750(c)	03/19/30	GBP	140		(2,008	)		13			(2,021	)
3M NZDOR(d)	4.000(e)	03/19/30	NZD	13,010		167,291			124,864			42,427
6M AUDOR(e)	4.250(e)	03/19/30	AUD	16,690		103,712			125,508			(21,796	)
12M CDOR(e)	2.801(e)	09/11/31	CAD	40,420		(101,052	)		16,251			(117,303	)
3.215(c)	12M SOFR(c)	09/12/31	$	30,480		412,239			(24,970	)		437,209
3.250(c)	12M SOFR(c)	03/19/32		3,600		170,967			136,653			34,314
6M EURO(e)	3.000(c)	11/10/33	EUR	18,910		477,418			198,856			278,562
1.295(c)	12M JYOR(c)	08/02/34	JPY	1,319,920		(8,912	)		(95,236	)		86,324
12M GBP(c)	3.500(c)	08/28/34	GBP	9,155		(240,358	)		(292,355	)		51,997
6M EURO(e)	2.500(c)	11/08/34	EUR	29,945		20,100			114,518			(94,418	)
12M GBP(c)	3.500(c)	12/04/34	GBP	4,658		(126,085	)		(82,286	)		(43,799	)
2.750(e)	12M CDOR(e)	03/19/35	CAD	2,390		29,072			36,430			(7,358	)
0.500(c)	12M CHFOR(c)	03/19/35	CHF	4,380		(56,094	)		(91,483	)		35,389
3M STIBOR(d)	2.500(c)	03/19/35	SEK	54,910		(95,755	)		107,760			(203,515	)
12M SOFR(c)	3.250(c)	03/19/35	$	1,750		(116,000	)		(91,408	)		(24,592	)
12M GBP(c)	3.750(c)	03/19/35	GBP	2,120		(65,814	)		(2,985	)		(62,829	)
3M NZDOR(d)	4.250(e)	03/19/35	NZD	12,430		186,547			180,245			6,302
6M AUDOR(e)	4.500(e)	03/19/35	AUD	5,590		45,144			71,794			(26,650	)
2.750(c)	6M EURO(e)	03/19/35	EUR	5,710		(210,534	)		(316,604	)		106,070
3.750(c)	6M NIBOR(e)	03/19/35	NOK	26,980		51,299			(26,873	)		78,172
6M EURO(e)	2.152(c)	08/09/37	EUR	13,120		(224,750	)		(1,438,733	)		1,213,983
6M EURO(e)	3.000(c)	01/25/39		17,950		293,370			90,375			202,995
12M SOFR(c)	3.944(c)	12/13/39	$	19,520		(175,719	)		(55,603	)		(120,116	)
1.451(c)	6M EURO(e)	08/10/42	EUR	33,220		1,128,637			(2,791,621	)		3,920,258
2.500(c)	6M EURO(e)	01/25/44		42,650		(375,446	)		(67,445	)		(308,001	)
12M JYOR(c)	2.160(c)	08/02/44	JPY	1,584,280		(139,500	)		(104,202	)		(35,298	)
2.500(c)	6M EURO(e)	11/08/44	EUR	19,199		(171,897	)		(267,975	)		96,078
6M EURO(e)	1.051(c)	08/11/47		19,400		(511,508	)		(1,797,735	)		1,286,227
6M EURO(e)	2.000(c)	01/25/49		25,100		195,605			9,003			186,602
2.000(c)	6M EURO(e)	05/17/53		7,530		(68,474	)		(66,816	)		(1,658	)
2.500(c)	6M EURO(e)	11/10/53		9,210		(552,807	)		(522,759	)		(30,048	)

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund	Termination Date		Notional Amount (000s)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3.356%(c)	12M SOFR(c)		12/13/54	$	9,800	$	149,312		$	60,907		$	88,405
2.500(c)	6M EURO(e)		03/19/55	EUR	7,080		(562,124	)		(825,266	)		263,142
TOTAL						$	1,559,234		$	(6,940,481	)	$	8,499,715

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2024.

(b) Payments made at maturity.

(c) Payments made annually.

(d) Payments made quarterly.

(e) Payments made semi-annually.

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at December 31, 2024(b)		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CMBX.NA.BBB.17	3.000%		4.865%			12/15/56	$	3,100	$	(332,098	)	$	(422,317	)	$	90,219

(a) Payments made monthly.

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at December 31, 2024(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%		0.343%		06/20/26	$	3,475	$	33,854	$	18,897	$	14,957
AT&T, Inc., 3.800%, 02/15/27	1.000		0.307		12/20/25		10,000		69,540		20,759		48,781
CDX.NA.IG Index 40	1.000		0.332		06/20/28		19,049		417,752		214,341		203,411
CDX.NA.IG Index 42	1.000		0.445		06/20/29		136,199		3,112,852		2,344,059		768,793
TOTAL								$	3,633,998	$	2,598,056	$	1,035,942

(a) Payments made quarterly.

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At December 31, 2024, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3M IRS	MS & Co. Int. PLC		3.500	%		02/24/2025		11,340,000	$	11,340,000		$	11,978		$	40,143		$	(28,165	)
3Y IRS	Deutsche Bank AG (London)		1.950			05/11/2026		6,780,000		6,780,000			70,000			88,873			(18,873	)
3Y IRS	Deutsche Bank AG (London)		2.050			05/13/2026		6,730,000		6,730,000			81,837			92,009			(10,172	)
3Y IRS	Deutsche Bank AG (London)		2.000			11/11/2026		6,850,000		6,850,000			90,001			109,931			(19,930	)
Total purchased option contracts								31,700,000	$	31,700,000		$	253,816		$	330,956		$	(77,140	)
Written option contracts
Calls
3Y IRS	Deutsche Bank AG (London)		2.065			05/11/2026		(2,000,000)		(2,000,000	)		(66,038	)		(89,641	)		23,603
3Y IRS	Deutsche Bank AG (London)		2.105			05/13/2026		(1,980,000)		(1,980,000	)		(70,374	)		(89,773	)		19,399
3Y IRS	Deutsche Bank AG (London)		2.085			11/11/2026		(2,010,000)		(2,010,000	)		(86,024	)		(111,247	)		25,223
Total written option contracts								(5,990,000)	$	(5,990,000	)	$	(222,436	)	$	(290,661	)	$	68,225
TOTAL								25,710,000	$	25,710,000		$	31,380		$	40,295		$	(8,915	)

Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazil Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
CNH	— Chinese Yuan Renminbi Offshore
COP	— Colombia Peso
CZK	— Czech Republic Koruna
EUR	— Euro
GBP	— British Pound
HUF	— Hungarian Forint
ILS	— Israeli Shekel
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PLN	— Polish Zloty
SEK	— Swedish Krona
SGD	— Singapore Dollar
TRY	— Turkish Lira
TWD	— Taiwan Dollar
USD	— U.S. Dollar
ZAR	— South African Rand

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Investment Abbreviations:
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
EURIBOR	— Euro Interbank Offered Rate
ICE	— Inter-Continental Exchange
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
REMICS	— Real Estate Mortgage Investment Conduits
SOFR	— Secured Overnight Financing Rate
STACR	— Structured Agency Credit Risk
Abbreviations:
3M IRS	— 3 Months Interest Rate Swaptions
3Y IRS	— 3 Year Interest Rate Swaptions
AUDOR	— Australian Dollar Offered Rate
CDOR	— Canadian Dollar Offered Rate
CDX.NA.IG Ind 40	— CDX North America Investment Grade Index 40
CDX.NA.IG Ind 42	— CDX North America Investment Grade Index 42
CHFOR	— Swiss Franc Offered Rate
CMBX	— Commercial Mortgage Backed Securities Index
EURO	— Euro Offered Rate
JYOR	— Japanese Yen Offered Rate
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
NIBOR	— Norwegian Interbank Offered Rate
NZDOR	— New Zealand Dollar Offered Rate
SOFR	— Secured Overnight Financing Rate
STIBOR	— Stockholm Interbank Offered Rate

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 34.8%
Collateralized Mortgage Obligations – 0.2%
Sequential Fixed Rate – 0.2%
Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z
$	33,658		7.000	%(a)	07/15/27	$     34,375
Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z
	39,180		6.500	(a)	12/15/27	39,921
Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT
	33,691		6.500		02/15/36	34,899
Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA
	198,748		5.000		02/15/34	198,419
Federal National Mortgage Association REMICS Series 2012- 111, Class B
	128,029		7.000		10/25/42	135,442
Federal National Mortgage Association REMICS Series 2012-153, Class B
	453,737		7.000		07/25/42	483,795
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						926,851
Federal Agencies – 34.6%
Adjustable Rate Federal Home Loan Mortgage Corp.(b) – 0.2%
(RFUCC 1 yr. Treasury + 1.840%)
$	73,155		7.274	%	11/01/34	$     74,399
(1 yr. CMT + 2.250%)
	207,611		6.973		06/01/35	210,372
(RFUCC 1 yr. Treasury + 2.330%)
	23,819		7.516		05/01/36	24,428
(RFUCC 6 mo. Treasury + 2.057%)
	11,157		7.682		10/01/36	11,323
(RFUCC 1 yr. Treasury + 1.787%)
	69,290		7.398		06/01/42	70,702
(RFUCC 1 yr. Treasury + 1.642%)
	461,968		7.144		11/01/44	470,685
						861,909
Adjustable Rate Federal National Mortgage Association – 0.5%
(11th District Cost of Funds - Consumer + 1.695%)(b)
	2,181		4.908		08/01/29	2,167
(RFUCC 1 yr. Treasury + 1.755%)(b)
	19,767		7.630		07/01/32	20,111
(RFUCC 1 yr. Treasury + 1.800%)(b)
	178,936		7.373		05/01/33	182,090
(11th District Cost of Funds - Consumer + 1.254%)(b)
	204,999		4.591		08/01/33	205,402
(1 yr. CMT + 2.287%)(b)
	74,541		6.429		02/01/34	75,712
(RFUCC 1 yr. Treasury + 1.695%)(b)
	4,422		7.445		05/01/34	4,500
(RFUCC 1 yr. Treasury + 1.720%)(b)
	176,952		6.681		05/01/34	180,081
	15,116		6.220		03/01/35	15,424
	17,884		7.095		04/01/35	18,224
(1 yr. CMT + 2.220%)(b)
	121,037		7.345		06/01/34	122,997

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Federal National Mortgage Association – (continued)
(RFUCC 1 yr. Treasury + 1.685%)(b)
$	30,066		7.185	%	10/01/34	$     30,664
(RFUCC 1 yr. Treasury + 1.621%)(b)
	58,261		6.671		10/01/34	59,288
(RFUCC 1 yr. Treasury + 1.686%)(b)
	39,580		6.389		03/01/35	40,301
(RFUCC 1 yr. Treasury + 1.325%)(b)
	75,267		6.075		04/01/35	76,016
(RFUCC 1 yr. Treasury + 1.423%)(b)
	54,151		6.226		05/01/35	54,940
(1 yr. CMT + 2.095%)(b)
	45,044		6.634		10/01/35	45,738
(RFUCC 1 yr. Treasury + 1.687%)(b)
	121,920		6.215		03/01/36	124,426
(RFUCC 1 yr. Treasury + 1.950%)(b)
	342,569		6.950		04/01/36	350,924
(RFUCC 1 yr. Treasury + 1.985%)(b)
	80,324		7.985		06/01/36	82,356
(1 yr. MTA + 2.198%)(b)
	238,904		7.134		07/01/36	243,827
(RFUCC 1 yr. Treasury + 1.935%)(b)
	45,670		6.816		11/01/36	46,778
	3,335		6.560		11/01/36	3,412
(RFUCC 1 yr. Treasury + 1.712%)(b)
	254,792		7.160		07/01/37	260,811
						2,246,189
Adjustable Rate Government National Mortgage Association – 0.2%
(1 yr. CMT + 1.500%)(b)
	35,657		4.875		05/20/34	35,905
	104,055		4.625		07/20/34	104,505
	103,492		4.625		08/20/34	103,952
	651,906		4.625		09/20/34	654,816
	91,729		3.750		10/20/34	92,395
	102,011		3.750		12/20/34	102,770
						1,094,343
Federal Home Loan Mortgage Corp. – 0.4%
	3,165		7.500		01/01/31	3,332
	10,468		4.500		07/01/33	10,323
	271,433		4.500		08/01/33	267,663
	554,147		4.500		09/01/33	546,447
	47,808		4.500		10/01/33	47,142
	1,613		4.500		04/01/34	1,591
	1,276		4.500		04/01/35	1,256
	1,013		4.500		07/01/35	998
	2,195		4.500		08/01/35	2,162
	10,040		4.500		09/01/35	9,892
	3,001		4.500		10/01/35	2,955
	514		4.500		12/01/35	506
	409		4.500		05/01/36	403
	36,568		4.500		01/01/38	36,011
	544		4.500		04/01/38	529
	294		4.500		05/01/38	286
	2,309		4.500		06/01/38	2,274
	60,975		4.500		09/01/38	59,349
	1,284		4.500		01/01/39	1,251

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Home Loan Mortgage Corp. – (continued)
$	31,079		4.500	%	02/01/39	$     30,267
	17,001		4.500		03/01/39	16,558
	3,491		4.500		04/01/39	3,400
	88,160		4.500		05/01/39	85,864
	272,789		4.500		06/01/39	265,679
	10,768		4.500		07/01/39	10,487
	12,651		4.500		08/01/39	12,323
	17,022		4.500		09/01/39	16,577
	3,182		4.500		10/01/39	3,099
	5,738		4.500		11/01/39	5,588
	6,881		4.500		12/01/39	6,702
	10,774		4.500		01/01/40	10,493
	2,828		4.500		02/01/40	2,751
	7,000		4.500		04/01/40	6,804
	11,927		4.500		05/01/40	11,586
	14,503		4.500		06/01/40	14,088
	11,010		4.500		07/01/40	10,696
	10,046		4.500		08/01/40	9,760
	7,009		4.500		09/01/40	6,810
	2,946		4.500		10/01/40	2,862
	3,786		4.500		02/01/41	3,670
	11,179		4.500		03/01/41	10,834
	21,535		4.500		04/01/41	20,870
	22,004		4.500		05/01/41	21,325
	39,167		4.500		06/01/41	37,958
	3,394		4.500		07/01/41	3,290
	106,968		4.500		08/01/41	103,675
	112,187		4.500		09/01/41	108,977
	7,066		4.500		12/01/41	6,848
	99,178		4.500		03/01/42	96,118
						1,940,329
Federal National Mortgage Association – 0.0%
	77,481		7.500		10/01/37	81,441
Government National Mortgage Association – 10.9%
	860		6.500		01/15/32	876
	2,548		6.500		02/15/32	2,615
	1,971		6.500		08/15/34	2,053
	7,587		6.500		05/15/35	7,770
	1,285		6.500		06/15/35	1,317
	5,916		6.500		07/15/35	6,060
	2,234		6.500		08/15/35	2,289
	4,378		6.500		09/15/35	4,486
	7,596		6.500		11/15/35	7,787
	2,574		6.500		12/15/35	2,635
	13,292		6.500		01/15/36	13,609
	14,969		6.500		02/15/36	15,355
	8,480		6.500		03/15/36	8,689
	27,108		6.500		04/15/36	27,932
	30,620		6.500		05/15/36	31,398
	26,868		6.500		06/15/36	27,558
	95,394		6.500		07/15/36	98,673
	96,560		6.500		08/15/36	99,844
	214,533		6.500		09/15/36	222,370
	77,172		6.500		10/15/36	79,808
	112,996		6.500		11/15/36	117,929
	38,704		6.500		12/15/36	39,849

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Government National Mortgage Association – (continued)
$	15,570		6.500	%	01/15/37	$     15,978
	12,608		6.500		02/15/37	12,975
	7,915		6.500		03/15/37	8,116
	11,691		6.500		04/15/37	12,029
	4,383		6.500		05/15/37	4,597
	19,754		6.500		09/15/37	20,332
	28,381		6.500		10/15/37	30,298
	14,763		6.500		11/15/37	15,232
	8,053		6.500		05/15/38	8,292
	29,661		6.000		11/15/38	30,399
	1,991		6.500		01/15/39	2,032
	3,308		6.500		02/15/39	3,386
	1,977,455		4.500		08/20/47	1,902,521
	42,578		4.500		02/20/48	40,898
	103,161		4.500		05/20/48	98,704
	529,909		4.500		09/20/48	506,020
	3,831,563		5.000		09/20/48	3,770,625
	145,128		5.000		10/20/48	142,638
	3,019		5.000		11/20/48	2,967
	1,442,518		4.500		12/20/48	1,376,585
	3,303,664		5.000		12/20/48	3,246,992
	290,210		4.500		01/20/49	276,945
	1,693,895		5.000		01/20/49	1,664,308
	25,031		5.000		03/20/49	24,601
	880,207		4.000		04/20/49	816,683
	10,782		5.000		05/20/49	10,597
	391,410		5.000		06/20/49	384,695
	59,705		5.000		11/20/49	58,868
	646,682		5.000		12/20/49	634,779
	174,123		5.000		07/20/50	172,488
	476,555		4.000		01/20/51	440,860
	414,269		2.500		09/20/51	343,302
	815,666		2.500		10/20/51	676,955
	3,726,583		3.000		11/20/51	3,233,248
	510,406		2.500		11/20/51	423,448
	5,316,149		3.000		12/20/51	4,609,060
	1,111,055		2.500		12/20/51	924,316
	2,564,485		4.500		09/20/52	2,432,685
	3,058,505		4.500		10/20/52	2,901,315
	9,000,000		2.500		TBA-30yr(c)	7,505,106
	11,000,000		5.500		TBA-30yr(c)	10,901,537
						50,508,314
Uniform Mortgage-Backed Security – 22.4%
	125,261		4.500		11/01/36	121,239
	36,724		4.500		02/01/39	35,713
	51,808		4.500		04/01/39	50,391
	2,704		4.500		08/01/39	2,629
	127,795		4.500		08/01/41	124,092
	93,262		4.500		10/01/41	90,267
	2,949,981		4.000		08/01/45	2,767,172
	298,145		4.500		06/01/48	284,230
	2,013,235		4.500		07/01/48	1,919,272
	511,502		4.500		08/01/48	487,629
	136,066		4.500		09/01/48	129,715
	2,323,683		4.500		10/01/48	2,225,181
	1,057,922		4.500		01/01/49	1,008,485
	1,474,045		4.000		01/01/49	1,369,620

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	243,105		4.500	%	03/01/49	$    231,606
	135,274		5.000		07/01/49	132,722
	372,154		4.000		03/01/50	344,743
	471,176		4.500		05/01/50	448,486
	2,678,022		2.000		10/01/50	2,101,503
	2,676,933		2.000		11/01/50	2,099,818
	10,413,294		2.500		02/01/51	8,547,295
	13,898,015		2.000		05/01/51	10,874,726
	12,579,617		4.500		06/01/52	11,954,478
	3,355,641		5.500		09/01/52	3,345,158
	3,217,293		6.000		11/01/52	3,278,541
	1,600,375		6.000		12/01/52	1,626,057
	801,101		6.000		01/01/53	812,454
	1,644,319		5.500		04/01/53	1,633,016
	876,271		6.500		12/01/53	907,256
	5,716,372		6.500		06/01/54	5,927,436
	3,000,000		4.000		TBA-30yr(c)	2,739,375
	7,000,000		5.500		TBA-30yr(c)	6,903,476
	12,000,000		6.000		TBA-30yr(c)	12,053,437
	17,000,000		6.500		TBA-30yr(c)	17,357,265
						103,934,483
TOTAL FEDERAL AGENCIES						$160,667,008
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $169,707,303)						$161,593,859
Agency Debentures – 12.9%
United States Dollar – 12.9%
Federal Farm Credit Banks Funding Corp. (Federal Reserve Bank Prime Loan Rate - 3.060%)
$	2,925,000		4.440	%(b)	03/24/26	$  2,923,274
Federal Home Loan Banks
	13,950,000		3.500		06/11/32	12,864,830
Tennessee Valley Authority
	44,850,000		0.750		05/15/25	44,254,392
TOTAL AGENCY DEBENTURES (Cost $61,966,783)						$ 60,042,496
U.S. Treasury Obligations – 61.8%
U.S. Treasury Bonds
$	410,000		3.375	%	05/15/44	$    332,420
	10,000		3.000		11/15/45	7,522
	200,000		2.875		11/15/46	145,375
	59,500		4.000		11/15/52	51,886
U.S. Treasury Inflation-Indexed Bonds
	2,885,155		1.500		02/15/53	2,311,167
U.S. Treasury Notes
	1,817,000		3.875		03/31/25	1,814,871
	12,000		0.750		03/31/26	11,494
	40,660,000		0.750		04/30/26	38,835,065
	43,990,000		3.625		05/15/26	43,630,863

Principal Amount		Interest Rate	Maturity Date	Value
U.S. Treasury Obligations – (continued)
U.S. Treasury Notes – (continued)
$	38,860,000	0.750%	05/31/26		$ 37,011,114
	22,170,000	0.875	06/30/26		21,097,007
	56,560,000	0.625	07/31/26		53,455,828
	4,200,000	1.375	08/31/26		4,008,211
	5,940,000	1.125	10/31/26		5,616,084
	12,630,000	2.250	11/15/27		11,942,257
	11,010,000	1.125	02/29/28		9,988,995
	1,670,000	1.250	03/31/28		1,516,960
	11,090,000	1.250	04/30/28		10,044,248
	5,680,000	1.250	05/31/28		5,130,637
	2,210,000	1.750	01/31/29		1,995,906
	5,630,000	2.625	02/15/29		5,264,490
	4,910,000	3.500	04/30/30		4,699,791
	10,070,000	0.625	05/15/30		8,266,054
	2,700,000	3.750	05/31/30		2,613,937
	3,950,000	3.750	06/30/30		3,821,934
	8,925,200	0.625	08/15/30		7,252,422
	4,650,000	4.500	12/31/31		4,655,086
	1,690,000	4.375	05/15/34		1,665,178
TOTAL U.S. TREASURY OBLIGATIONS (Cost $291,233,652)					$287,186,802
Shares		Dividend Rate		Value
Investment Company(d) – 1.4%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	6,654,391	4.392%			$  6,654,391
(Cost $6,654,391)
TOTAL INVESTMENTS – 110.9% (Cost $529,562,129)					$515,477,548
OTHER ASSETS IN EXCESS OF  LIABILITIES – (10.9)%					(50,633,821	)
NET ASSETS – 100.0%					$464,843,727

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, 2024.
(c)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $57,460,196 which represents approximately 12.4% of net assets as of December 31, 2024.
(d)	Represents an affiliated issuer.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At December 31, 2024, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount		Value
Government National Mortgage Association		3.000	%	TBA - 30yr		01/15/25	$	(9,000,000)	$	(7,796,200)
Government National Mortgage Association		4.500		TBA - 30yr		01/21/25		(10,000,000)		(9,448,373)
Government National Mortgage Association		5.000		TBA - 30yr		01/15/25		(10,000,000)		(9,698,789)
Uniform Mortgage-Backed Security		2.000		TBA - 30yr		01/15/25		(18,000,000)		(13,983,748)
Uniform Mortgage-Backed Security		2.500		TBA - 30yr		01/15/25		(10,000,000)		(8,132,811)
Uniform Mortgage-Backed Security		4.500		TBA - 30yr		01/15/25		(20,000,000)		(18,796,872)
(PROCEEDS RECEIVED: $(69,358,438))									$	(67,856,793)

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

FUTURES CONTRACTS — At December 31, 2024, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		953		03/31/25	$	195,945,735		$	12,030
Short position contracts:
10 Year U.S. Treasury Notes		(314	)	03/20/25		(34,147,500	)		456,548
20 Year U.S. Treasury Bonds		(47	)	03/20/25		(5,350,656	)		173,903
5 Year U.S. Treasury Notes		(158	)	03/31/25		(16,796,141	)		98,373
Ultra 10-Year U.S. Treasury Notes		(208	)	03/20/25		(23,153,000	)		403,405
Ultra Long U.S. Treasury Bonds		(41	)	03/20/25		(4,875,156	)		166,583
Total								$	1,298,812
TOTAL FUTURES CONTRACTS								$	1,310,842

SWAP CONTRACTS — At December 31, 2024, 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 FEDL(b)	4.396(b)		03/19/25	$	232,930	$	24,877		$	8,491		$	16,386
3.695%(c)	12M SOFR(c)		05/31/29		7,980		100,985			7,878			93,107
12M SOFR(c)	3.944%(c)		12/13/39		5,360		(48,250	)		(22,712	)		(25,538	)
3.355(c)	12M SOFR(c)		12/13/54		2,710		41,289			22,948			18,341
TOTAL						$	118,901		$	16,605		$	102,296

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2024.

(b) Payments made at maturity.

(c) Payments made annually.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
MTA	— Monthly Treasury Average
REMICS	— Real Estate Mortgage Investment Conduits
RFUCC	— Refinitive USD IBOR Consumer Cash Fallbacks 1 year
Abbreviation:
SOFR	— Secured Overnight Financing Rate

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 55.8%
Aerospace & Defense(a)(b) – 0.8%
BAE Systems Holdings, Inc.
$	15,375,000		3.850	%	12/15/25	$   15,233,857
Agriculture(a) – 0.3%
Philip Morris International, Inc.
	6,023,000		2.750		02/25/26	5,895,433
Automotive – 5.7%
American Honda Finance Corp.(c)
(Secured Overnight Financing Rate + 0.710%)
	4,730,000		5.369		01/09/26	4,738,277
(Secured Overnight Financing Rate + 0.720%)
	5,045,000		5.528		10/05/26	5,050,903
BMW U.S. Capital LLC(b)
	4,950,000		4.650		08/13/26	4,951,683
(Secured Overnight Financing Rate + 0.800%)
	6,368,000		5.294	(c)	08/13/26	6,391,880
General Motors Co.(a)
	3,467,000		6.125		10/01/25	3,493,765
General Motors Financial Co., Inc.
	4,000,000		2.750	(a)	06/20/25	3,959,800
(Secured Overnight Financing Rate + 1.050%)
	8,337,000		5.687	(c)	07/15/27	8,346,337
Hyundai Capital America(b)(c)
(Secured Overnight Financing Rate + 1.030%)
	13,073,000		5.426		09/24/27	13,092,871
(Secured Overnight Financing Rate + 1.500%)
	13,476,000		6.176		01/08/27	13,620,867
Mercedes-Benz Finance North America LLC(b)
	10,600,000		4.875		07/31/26	10,630,528
PACCAR Financial Corp.
	2,407,000		1.800		02/06/25	2,400,068
Volkswagen Group of America Finance LLC(b)
	3,163,000		5.400		03/20/26	3,174,482
	8,500,000		4.900		08/14/26	8,469,315
(Secured Overnight Financing Rate + 0.830%)
	9,796,000		5.227	(c)	03/20/26	9,786,792
(Secured Overnight Financing Rate + 1.060%)
	7,343,000		5.546	(c)	08/14/26	7,357,833
						105,465,401
Banks – 33.1%
Banco Santander SA
	5,600,000		5.147		08/18/25	5,610,304
Bank of America Corp.(a)(c) (3 mo. USD Term SOFR + 1.072%)
	3,982,000		3.366		01/23/26	3,977,341
Bank of America NA(a)(c) (Secured Overnight Financing Rate + 1.020%)
	8,020,000		5.502		08/18/26	8,084,000
Bank of Montreal(c)
(Secured Overnight Financing Rate + 0.880%)
	9,634,000		5.310	(a)	09/10/27	9,670,802
(Secured Overnight Financing Rate + 1.160%)
	9,755,000		5.583		12/11/26	9,853,038
Bank of Nova Scotia
	22,263,000		5.450		06/12/25	22,333,128
	4,152,000		1.300		09/15/26	3,926,837
Banque Federative du Credit Mutuel SA(b)
	6,113,000		4.524		07/13/25	6,106,215

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
Banque Federative du Credit Mutuel SA(b) – (continued)
$	5,769,000		4.935	%	01/26/26	$    5,781,403
	1,542,000		5.896		07/13/26	1,564,344
(Secured Overnight Financing Rate + 0.410%)
	4,984,000		4.948	(c)	02/04/25	4,984,150
(Secured Overnight Financing Rate + 1.130%)
	9,494,000		5.718	(c)	01/23/27	9,558,464
(Secured Overnight Financing Rate + 1.400%)
	7,345,000		6.046	(c)	07/13/26	7,424,840
BPCE SA (b)
	2,000,000		2.375		01/14/25	1,998,340
	9,417,000		1.000		01/20/26	9,051,150
	9,369,000		5.100		01/26/26	9,372,560
(Secured Overnight Financing Rate + 0.960%)
	8,995,000		5.357	(c)	09/25/25	9,025,313
Canadian Imperial Bank of Commerce (c)
(Secured Overnight Financing Rate + 0.930%)
	8,110,000		5.353	(a)	09/11/27	8,140,007
(Secured Overnight Financing Rate + 1.220%)
	12,651,000		5.614		10/02/26	12,778,269
Citibank NA (a)
	10,956,000		4.929		08/06/26	11,000,153
(Secured Overnight Financing Rate + 0.712%)
	6,600,000		5.192	(c)	11/19/27	6,607,062
(Secured Overnight Financing Rate + 1.060%)
	9,176,000		5.502	(c)	12/04/26	9,257,391
Citigroup, Inc.(a)(c)
(Secured Overnight Financing Rate + 0.694%)
	4,117,000		2.014		01/25/26	4,106,460
(Secured Overnight Financing Rate + 1.528%)
	4,350,000		5.928		03/17/26	4,359,352
Credit Agricole SA(b)
	5,973,000		5.589		07/05/26	6,040,375
(Secured Overnight Financing Rate + 0.870%)
	10,000,000		5.293	(c)	03/11/27	10,033,100
Deutsche Bank AG(a)(c) (Secured Overnight Financing Rate + 3.190%)
	8,610,000		6.119		07/14/26	8,658,819
Federation des Caisses Desjardins du Quebec(b)
	5,015,000		4.400		08/23/25	5,004,870
(Secured Overnight Financing Rate + 1.094%)
	1,575,000		5.278	(a)(c)	01/23/26	1,575,016
HSBC Holdings PLC(a)(c) (Secured Overnight Financing Rate + 1.929%)
	8,257,000		2.099		06/04/26	8,157,008
HSBC USA, Inc.
	5,133,000		5.625		03/17/25	5,142,239
(Secured Overnight Financing Rate + 0.960%)
	11,023,000		5.402	(c)	03/04/27	11,071,611
ING Groep NV
	9,048,000		4.625	(b)	01/06/26	9,047,638
(1 yr. CMT + 1.100%)
	8,732,000		1.400	(a)(b)(c)	07/01/26	8,578,579
(Secured Overnight Financing Rate + 1.640%)
	2,352,000		3.869	(a)(c)	03/28/26	2,345,579
	9,973,000		6.038	(a)(c)	03/28/26	10,001,622
Intesa Sanpaolo SpA(b)
	11,359,000		7.000		11/21/25	11,552,671

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
JPMorgan Chase & Co.(a)(c) (3 mo. USD Term SOFR + 1.585%)
$	3,709,000		2.005	%	03/13/26	$    3,687,191
JPMorgan Chase Bank NA(a)(c) (Secured Overnight Financing Rate + 1.000%)
	8,839,000		5.433		12/08/26	8,932,782
KeyBank NA
	5,000,000		4.150		08/08/25	4,971,650
Lloyds Banking Group PLC(a)(c) (1 yr. CMT + 1.750%)
	1,600,000		4.716		08/11/26	1,596,768
Macquarie Bank Ltd.(b)(c)
(Secured Overnight Financing Rate + 0.920%)
	6,871,000		5.405		07/02/27	6,912,089
(Secured Overnight Financing Rate + 1.200%)
	6,000,000		5.700		12/07/26	6,062,700
(Secured Overnight Financing Rate + 1.240%)
	6,867,000		5.727		06/15/26	6,925,575
Mitsubishi UFJ Financial Group, Inc.
	6,731,000		1.412		07/17/25	6,610,313
(Secured Overnight Financing Rate + 0.940%)
	11,406,000		5.469	(a)(c)	02/20/26	11,413,984
Mizuho Financial Group, Inc.
	5,455,000		2.839		09/13/26	5,295,496
Morgan Stanley(a)(c)
	6,344,000		2.630		02/18/26	6,324,524
(Secured Overnight Financing Rate + 0.950%)
	2,054,000		5.431		02/18/26	2,055,766
Morgan Stanley Bank NA(a)(c)
(Secured Overnight Financing Rate + 0.685%)
	7,224,000		5.306		10/15/27	7,226,384
(Secured Overnight Financing Rate + 1.165%)
	12,535,000		5.728		10/30/26	12,671,506
National Bank of Canada(a)(c) (Secured Overnight Financing Rate +0.900%)
	5,728,000		5.298		03/25/27	5,741,346
National Securities Clearing Corp.(b)
	10,738,000		5.150		06/26/26	10,830,025
NatWest Markets PLC(b)(c) (Secured Overnight Financing Rate + 0.900%)
	14,800,000		5.382		05/17/27	14,854,464
PNC Bank NA(a)
	4,967,000		3.250		06/01/25	4,935,162
Royal Bank of Canada(a)(c) (Secured Overnight Financing Rate + 0.720%)
	4,388,000		5.334		10/18/27	4,391,642
Skandinaviska Enskilda Banken AB(b)
	4,552,000		1.200		09/09/26	4,303,188
(Secured Overnight Financing Rate + 0.890%)
	10,253,000		5.328	(c)	03/05/27	10,291,961
Societe Generale SA(b)(c)
(1 yr. CMT + 1.050%)
	16,068,000		2.226	(a)	01/21/26	16,038,756
(Secured Overnight Financing Rate + 1.100%)
	7,186,000		5.578		02/19/27	7,185,425
Standard Chartered Bank(c) (Secured Overnight Financing Rate + 0.650%)
	11,099,000		5.318		10/08/26	11,102,330
Standard Chartered PLC(a)(b)(c) (3 mo. USD LIBOR + 1.209%)
	15,892,000		2.819		01/30/26	15,859,898

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Banks – (continued)
State Street Corp.(a)(c) (Secured Overnight Financing Rate + 0.845%)
$	4,891,000		5.384	%	08/03/26	$    4,919,955
Sumitomo Mitsui Financial Group, Inc.
	5,000,000		3.784		03/09/26	4,948,200
	14,272,000		5.880		07/13/26	14,514,624
	7,434,000		2.632		07/14/26	7,207,858
Sumitomo Mitsui Trust Bank Ltd.(b)(c) (Secured Overnight Financing Rate + 0.980%)
	15,148,000		5.482		09/10/27	15,281,757
Toronto-Dominion Bank
	2,708,000		5.532		07/17/26	2,739,765
(Secured Overnight Financing Rate + 0.480%)
	13,035,000		4.947	(c)	08/29/25	13,060,679
(Secured Overnight Financing Rate + 0.620%)
	4,636,000		5.031	(c)	12/17/26	4,639,338
(Secured Overnight Financing Rate + 1.080%)
	10,259,000		5.700	(c)	07/17/26	10,337,584
UBS AG
	15,005,000		7.950		01/09/25	15,014,003
	4,000,000		3.700		02/21/25	3,992,520
UBS Group AG
	3,976,000		3.750		03/26/25	3,964,112
	5,006,000		4.125	(b)	04/15/26	4,957,191
Wells Fargo & Co.(a)(c)
(3 mo. USD Term SOFR + 1.012%)
	6,062,000		2.164		02/11/26	6,043,329
(Secured Overnight Financing Rate + 1.320%)
	2,334,000		5.898		04/25/26	2,340,559
(Secured Overnight Financing Rate + 1.560%)
	5,014,000		4.540		08/15/26	5,003,170
Wells Fargo Bank NA(a)(c)
(Secured Overnight Financing Rate + 1.060%)
	6,115,000		5.571		08/07/26	6,167,711
(Secured Overnight Financing Rate + 1.070%)
	10,613,000		5.493		12/11/26	10,718,493
						613,851,823
Beverages(c) – 0.4%
Keurig Dr. Pepper, Inc. (Secured Overnight Financing Rate + 0.880%)
	7,500,000		5.294		03/15/27	7,560,075
Diversified Financial Services – 6.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	12,727,000		6.500		07/15/25	12,818,380
	10,106,000		2.450		10/29/26	9,677,405
Air Lease Corp.(a)
	8,663,000		2.300		02/01/25	8,643,335
	8,195,000		3.375		07/01/25	8,131,407
	3,734,000		1.875		08/15/26	3,560,406
American Express Co.(a)(c)
(Secured Overnight Financing Rate + 0.999%)
	14,567,000		4.990		05/01/26	14,572,390
(Secured Overnight Financing Rate + 1.350%)
	13,810,000		5.903		10/30/26	13,905,289
Charles Schwab Corp.(a)
	15,155,000		3.850		05/21/25	15,105,746

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
(Secured Overnight Financing Rate + 0.520%)
$	5,422,000		5.014	%(c)	05/13/26	$    5,417,229
Citigroup Global Markets Holdings, Inc.(a)
	9,586,000		4.800		12/19/25	9,591,176
Merrill Lynch BV(b)(c) (Secured Overnight Financing Rate + 0.450%)
	13,000,000		5.028		04/30/25	13,029,499
						114,452,262
Electrical(c) – 1.5%
National Rural Utilities Cooperative Finance Corp.
(Secured Overnight Financing Rate + 0.400%)
	21,198,000		4.891		12/03/25	21,181,677
(Secured Overnight Financing Rate + 0.800%)
	7,000,000		5.330		02/05/27	7,049,490
						28,231,167
Healthcare Providers & Services – 1.4%
PeaceHealth Obligated Group(a)
	53,000		1.375		11/15/25	51,356
UPMC
	25,960,000		3.600		04/03/25	25,877,903
						25,929,259
Insurance(b) – 3.6%
Corebridge Global Funding
	13,789,000		5.350		06/24/26	13,912,963
(Secured Overnight Financing Rate + 1.300%)
	10,000,000		5.698	(c)	09/25/26	10,098,300
Equitable Financial Life Global Funding
	5,318,000		5.500		12/02/25	5,358,364
	20,374,000		1.000		01/09/26	19,618,328
Great-West Lifeco U.S. Finance 2020 LP(a)
	6,257,000		0.904		08/12/25	6,104,454
New York Life Global Funding(c) (Secured Overnight Financing Rate + 0.580%)
	2,499,000		5.035		08/28/26	2,505,248
Pacific Life Global Funding II(c) (Secured Overnight Financing Rate + 1.050%)
	8,324,000		5.623		07/28/26	8,398,666
Protective Life Global Funding
	1,392,000		5.366		01/06/26	1,400,310
						67,396,633
Machinery-Diversified(c) – 0.5%
John Deere Capital Corp. (Secured Overnight Financing Rate + 0.680%)
	9,000,000		5.337		07/15/27	9,032,580
Media(a) – 0.2%
Comcast Corp.
	3,421,000		3.150		03/01/26	3,368,898
Mining – 0.5%
Newmont Corp./Newcrest Finance Pty. Ltd.
	10,150,000		5.300		03/15/26	10,212,727

Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Pipelines(a) – 0.1%
MPLX LP
$	2,000,000		4.875	%	06/01/25	$    1,998,500
Retailing – 0.6%
Dollar General Corp.(a)
	1,983,000		4.150		11/01/25	1,969,754
Home Depot, Inc.
	8,328,000		5.150		06/25/26	8,411,280
						10,381,034
Savings & Loans(b) – 0.5%
Nationwide Building Society
	8,455,000		3.900		07/21/25	8,422,195
Software(a) – 0.1%
Oracle Corp.
	2,774,000		2.500		04/01/25	2,756,940
Telecommunication Services(a)(b) – 0.3%
NTT Finance Corp.
	5,697,000		1.162		04/03/26	5,454,137
TOTAL CORPORATE OBLIGATIONS (Cost $1,031,157,118)						$1,035,642,921
Asset-Backed Securities(a) – 9.5%
Automotive – 7.7%
BMW Vehicle Lease Trust Series 2023-2, Class A4
$	10,800,000		5.980	%	02/25/27	$   10,968,865
BMW Vehicle Owner Trust Series 2023-A, Class A3
	7,820,000		5.470		02/25/28	7,892,663
Chase Auto Owner Trust Series 2024-5A, Class A2(b)
	8,000,000		4.400		11/26/27	7,992,470
Drive Auto Receivables Trust Series 2024-2, Class A2
	4,375,000		4.940		12/15/27	4,380,743
Exeter Automobile Receivables Trust Series 2024-5A, Class A2
	7,050,000		4.790		04/15/27	7,051,127
Exeter Automobile Receivables Trust Series 2024-5A, Class A3
	5,600,000		4.450		03/15/28	5,580,339
Ford Credit Auto Owner Trust Series 2020-2, Class A(b)
	4,775,000		1.060		04/15/33	4,646,997
GM Financial Automobile Leasing Trust Series 2023-3, Class A3
	10,050,000		5.380		11/20/26	10,101,342
GM Financial Automobile Leasing Trust Series 2024-3, Class A3
	8,225,000		4.210		10/20/27	8,177,966
Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A(b)
	4,650,000		4.770		03/15/27	4,662,164
Hyundai Auto Receivables Trust Series 2023-A, Class A3
	8,799,793		4.580		04/15/27	8,802,880
Mercedes-Benz Auto Lease Trust Series 2024-B, Class A2A
	8,000,000		4.570		12/15/26	8,001,003
Santander Drive Auto Receivables Trust Series 2023-4, Class A3
	4,000,000		5.730		04/17/28	4,025,873
Santander Drive Auto Receivables Trust Series 2024-5, Class A2
	9,425,000		4.880		09/15/27	9,441,508
Tesla Auto Lease Trust Series 2023-B, Class A3(b)
	6,000,000		6.130		09/21/26	6,043,551

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(a) – (continued)
Automotive – (continued)
Toyota Lease Owner Trust Series 2024-A, Class A3(b)
$	9,000,000		5.250	%	04/20/27	$    9,074,067
Toyota Lease Owner Trust Series 2024-B, Class A2A(b)
	8,000,000		4.310		02/22/27	7,989,079
Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A
	8,850,000		4.650		11/22/27	8,863,585
World Omni Auto Receivables Trust Series 2023-B, Class A3
	9,000,000		4.660		05/15/28	9,009,499
						142,705,721
Collateralized Loan Obligations(b)(c) – 0.4%
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%)
	4,000,000		5.611		10/20/35	4,000,176
Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%)
	4,500,000		5.661		10/20/37	4,500,815
						8,500,991
Credit Card – 1.4%
American Express Credit Account Master Trust Series 2022-3, Class A
	7,762,000		3.750		08/15/27	7,728,906
Capital One Multi-Asset Execution Trust Series 2022-A2, Class A
	10,771,000		3.490		05/15/27	10,730,372
Discover Card Execution Note Trust Series 2022-A4, Class A
	6,770,000		5.030		10/15/27	6,801,175
						25,260,453
TOTAL ASSET-BACKED SECURITIES (Cost $176,620,622)						$  176,467,165
Municipal Debt Obligations – 1.0%
California – 0.3%
Los Angeles Unified School District CA GO Bonds Taxable Series QRR
$	2,620,000		4.850	%	01/01/25	$    2,620,000
Riverside County RB Taxable Series 2020(a)
	2,560,000		2.667		02/15/25	2,554,315
						5,174,315
New Jersey(a) – 0.4%
New Jersey Transportation Trust Fund Authority RB (Refunding) Taxable Series-BB
	8,500,000		5.093		06/15/25	8,518,052
Texas(a) – 0.3%
San Antonio GO Bonds Taxable Series 2023
	5,065,000		5.635		02/01/26	5,068,175
TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $18,741,873)						$   18,760,542

Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 5.3%
U.S. Treasury Notes
$	21,307,700		4.750	%	07/31/25	$   21,363,466
	7,772,200		5.000		08/31/25	7,808,936
	29,029,500		5.000		10/31/25	29,198,461
	29,816,900		4.250		01/31/26	29,820,394
	9,785,000		4.875		05/31/26	9,867,179
TOTAL U.S. TREASURY OBLIGATIONS (Cost $97,547,119)						$   98,058,436
Shares		Dividend Rate				Value
Investment Company(d) – 4.1%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	75,013,310		4.392%			$   75,013,310
(Cost $75,013,310)
Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – 22.6%
Certificates of Deposit – 15.9%
ASB Bank Ltd.(b)(c) (Secured Overnight Financing Rate + 0.370%)
$	5,192,000		4.680	%	05/08/25	$    5,195,052
Bank of Nova Scotia(c)
(Secured Overnight Financing Rate + 0.350%)
	1,403,000		4.810		04/04/25	1,403,464
(Secured Overnight Financing Rate + 0.510%)
	589,000		4.970		01/03/25	589,022
Bayerische Landesbank
	4,100,000		5.210		01/10/25	4,100,685
(Secured Overnight Financing Rate + 0.450%)
	21,321,000		4.910	(c)	04/14/25	21,334,694
BNP Paribas SA
	10,260,000		5.290		02/21/25	10,270,189
	5,000,000		4.770		05/27/25	5,004,152
	3,061,000		4.390		10/07/25	3,056,445
Canadian Imperial Bank of Commerce(b)(c) (Secured Overnight Financing Rate + 0.300%)
	2,788,000		5.650		03/05/25	2,788,917
Collateralized Commercial Paper FLEX Co. LLC(a)(b)(c)
(Secured Overnight Financing Rate + 0.400%)
	12,896,000		4.930		05/20/25	12,904,117
	9,029,000		4.930		12/02/25	9,028,590
(Secured Overnight Financing Rate + 0.450%)
	11,372,000		4.980		12/10/25	11,372,703
Credit Agricole Corporate & Investment Bank SA
	5,918,000		4.640		11/13/25	5,922,614
(Secured Overnight Financing Rate + 0.590%)
	7,965,000		5.050	(c)	08/28/25	7,982,013
Deutsche Bank AG
	5,300,000		4.630		11/06/25	5,301,064
(Secured Overnight Financing Rate + 0.390%)
	3,138,000		4.850	(c)	11/21/25	3,138,536

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
(Secured Overnight Financing Rate + 0.400%)
$	8,681,000		4.860	%(c)	05/22/25	$    8,686,909
	9,500,000		5.052	(c)	10/10/25	9,504,366
HSBC Bank PLC(b)(c) (Secured Overnight Financing Rate + 0.360%)
	4,858,000		4.670		06/04/25	4,861,475
Kookmin Bank
	8,406,000		4.780		11/28/25	8,408,621
(Secured Overnight Financing Rate + 0.600%)
	11,456,000		5.060	(c)	01/08/25	11,457,136
	6,902,000		5.060	(c)	03/20/25	6,907,519
(Secured Overnight Financing Rate + 0.650%)
	12,398,000		5.110	(c)	01/29/25	12,402,816
Macquarie Bank Ltd.(b)(c)
(Secured Overnight Financing Rate + 0.400%)
	6,452,000		4.710		06/24/25	6,455,665
(Secured Overnight Financing Rate + 0.430%)
	5,619,000		4.740		01/13/26	5,619,106
Mitsubishi UFJ Trust & Banking Corp.(c) (Secured Overnight Financing Rate + 0.400%)
	10,015,000		4.860		05/01/25	10,022,470
National Bank of Kuwait
	10,025,000		4.860		05/16/25	10,027,617
(Secured Overnight Financing Rate + 0.630%)
	19,000,000		5.090	(c)	12/12/25	18,999,962
Norddeutsche Landesbank-Girozentrale
	17,734,000		5.550		01/10/25	17,738,500
Skandinaviska Enskilda Banken AB(c) (Secured Overnight Financing Rate + 0.280%)
	4,699,000		4.740		02/14/25	4,699,781
Standard Chartered Bank
	9,418,000		4.650		11/20/25	9,429,382
(Secured Overnight Financing Rate + 0.400%)
	136,000		4.860	(c)	10/06/25	136,098
Sumitomo Mitsui Banking Corp.(c) (Secured Overnight Financing Rate + 0.240%)
	4,982,000		4.700		02/13/25	4,982,596
Svenska Handelsbanken AB(c)
(Secured Overnight Financing Rate + 0.320%)
	4,605,000		4.630	(b)	06/09/25	4,607,577
(Secured Overnight Financing Rate + 0.340%)
	2,012,000		4.800		06/20/25	2,013,244
Toyota Motor Credit Corp.(c) (Secured Overnight Financing Rate + 0.300%)
	9,045,000		4.610		06/23/25	9,047,775
Well Fargo
	20,000,000		5.260		04/30/25	20,000,000
						295,400,872
Commercial Paper(e) – 6.7%
American Electric Power Co., Inc.(b)
	9,424,000		0.000		06/27/25	9,210,526
Barclays Bank PLC(b)
	3,331,000		0.000		04/10/25	3,289,452
BPCE SA(b)
	5,951,000		0.000		11/06/25	5,727,231

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investments – (continued)
Commercial Paper(e) – (continued)
CommonSpirit Health
$	4,123,000		0.000	%	02/12/25	$    4,097,705
	3,955,000		0.000		02/20/25	3,925,960
	4,164,000		0.000		03/05/25	4,125,250
Enel Finance America LLC(b)
	7,000,000		0.000		01/08/25	6,993,025
Entergy Corp.(b)
	3,329,000		0.000		02/20/25	3,307,490
Glencore Funding LLC(b)
	1,959,000		0.000		01/10/25	1,956,537
	6,915,000		0.000		03/20/25	6,844,413
Hannover Funding Co. LLC(b)
	10,000,000		0.000		03/04/25	9,919,115
	18,616,000		0.000		06/06/25	18,242,732
HSBC USA, Inc.(b)
	3,412,000		0.000		06/27/25	3,335,093
Intesa Sanpaolo Funding LLC
	10,147,000		0.000		04/04/25	10,018,570
Lime Funding LLC(b)
	5,447,000		0.000		03/21/25	5,392,651
Penske Truck Leasing Co. LP
	3,881,000		0.000		02/03/25	3,863,797
Podium Funding Trust
	4,586,000		0.000		08/29/25	4,450,620
Pure Grove Funding(b)
	13,084,000		0.000		11/24/25	12,558,587
TELUS Corp.(b)
	3,574,000		0.000		03/12/25	3,541,531
	3,713,000		0.000		04/14/25	3,663,658
						124,463,943
TOTAL SHORT-TERM INVESTMENTS (Cost $419,682,916)						$  419,864,815
TOTAL INVESTMENTS – 98.3% (Cost $1,818,762,958)						$1,823,807,189
OTHER ASSETS IN EXCESS OF  LIABILITIES – 1.7%						30,783,439
NET ASSETS – 100.0%						$1,854,590,628

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, 2024.
(d)	Represents an affiliated issuer.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

Investment Abbreviations:
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
GO	— General Obligation
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
RB	— Revenue Bond
SOFR	— Secured Overnight Financing Rate

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 135.0%
Collateralized Mortgage Obligations – 9.8%
Interest Only(a) – 1.0%
Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%)
$	92,598		1.388	%(b)	05/15/45	$      8,820
Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI
	142,518		4.000		09/25/50	30,269
Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%)
	414,601		1.288	(b)	05/15/46	40,363
Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%)
	92,722		1.338	(b)	03/15/44	7,917
Federal Home Loan Mortgage Corp. REMICS Series 4998, Class GI
	467,103		4.000		08/25/50	98,126
Federal Home Loan Mortgage Corp. REMICS Series 4456
	53,088		4.500		10/15/44	10,701
Federal National Mortgage Association REMICS Series 2017-104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%)
	269,497		1.467	(b)	01/25/48	28,361
Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 1 mo. USD Term SOFR + 6.036%)
	217,212		1.467	(b)	02/25/48	22,193
Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%)
	137,369		2.087	(b)	04/25/37	11,350
Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%)
	171,194		1.617	(b)	03/25/38	11,061
Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%)
	117,887		1.615	(b)(c)	10/20/43	5,450
Government National Mortgage Association REMICS Series 2015-129, Class IC
	191,208		4.500	(c)	09/16/45	36,450
Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%)
	461,192		1.175	(b)(c)	07/20/47	40,440
Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%)
	995,834		1.215	(b)(c)	01/20/48	90,802
Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%)
	398,350		1.715	(b)(c)	05/20/48	43,888
Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%)
	552,642		1.715	(b)(c)	09/20/48	61,714
Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)
	145,616		1.565	(b)(c)	01/20/49	14,970

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%)
$	217,416		1.565	%(b)(c)	01/20/49	$     22,561
Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%)
	138,222		1.615	(b)(c)	06/20/49	14,267
Government National Mortgage Association REMICS Series 2019-151, Class NI
	1,123,913		3.500	(c)	10/20/49	202,881
Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)
	570,646		1.565	(b)(c)	02/20/50	63,397
Government National Mortgage Association REMICS Series 2020-78, Class DI
	580,223		4.000	(c)	06/20/50	126,754
Government National Mortgage Association REMICS Series 2020-146, Class KI
	1,401,572		2.500	(c)	10/20/50	206,850
Government National Mortgage Association REMICS Series 2020-146, Class IM
	1,022,197		2.500	(c)	10/20/50	149,061
Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%)
	504,824		1.565	(b)(c)	08/20/43	46,595
Government National Mortgage Association REMICS Series 2015-111, Class IM
	265,559		4.000	(c)	08/20/45	46,125
Government National Mortgage Association REMICS Series 2016-27, Class IA
	146,716		4.000	(c)	06/20/45	21,092
Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%)
	402,144		1.615	(b)(c)	09/20/49	39,269
Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%)
	423,621		1.615	(b)(c)	09/20/49	46,338
Government National Mortgage Association REMICS Series 2019-153, Class EI
	960,590		4.000	(c)	12/20/49	207,259
Government National Mortgage Association REMICS Series 2016-138, Class DI
	64,698		4.000	(c)	10/20/46	13,126
Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%)
	148,927		1.765	(b)(c)	02/20/40	14,560
Government National Mortgage Association REMICS Series 2014-11, Class KI
	7,313		4.500	(c)	12/20/42	103

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%)
$	208,408		1.765	%(b)(c)	08/20/45	$     22,825
Government National Mortgage Association REMICS Series 2015-90, Class PI
	9,459		3.500	(c)	04/20/45	851
Government National Mortgage Association REMICS Series 2015-83, Class PI
	18,623		3.500	(c)	06/20/45	2,619
Government National Mortgage Association REMICS Series 2015-72, Class JI
	8,066		3.500	(c)	05/20/45	915
Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%)
	96,388		1.715	(b)(c)	01/20/46	10,323
						1,820,646
Regular Floater(b) – 3.3%
Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%)
	941,254		5.083		12/25/57	921,997
Government National Mortgage Association REMICS Series 2017-182, Class FN (1 mo. USD Term SOFR + 0.414%)
	1,032,815		4.812	(c)	12/16/47	1,005,336
Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%)
	904,555		2.500	(c)	06/20/51	740,776
Government National Mortgage Association REMICS Series 2021-97, Class FA (1 mo. USD Term SOFR + 0.400%)
	1,321,722		3.000	(c)	06/20/51	1,107,041
Government National Mortgage Association REMICS Series 2021-122, Class FA (1 mo. USD Term SOFR + 0.400%)
	2,376,886		3.000	(c)	07/20/51	1,984,459
						5,759,609
Sequential Fixed Rate – 2.3%
Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N
	5,599		6.500	(c)	03/15/28	5,713
Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM
	276,655		4.000	(c)(d)	12/15/50	256,821
Federal National Mortgage Association REMICS Series 2011-99, Class DB
	148,592		5.000		10/25/41	147,569
Federal National Mortgage Association REMICS Series 2012-111, Class B
	25,186		7.000		10/25/42	26,644
Federal National Mortgage Association REMICS Series 2012-153, Class B
	95,820		7.000		07/25/42	102,168
Federal National Mortgage Association REMICS Series 2011-52, Class GB
	145,202		5.000		06/25/41	144,327

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
Federal National Mortgage Association REMICS Series 2000-16, Class ZG
$	37,792		8.500	%	06/25/30	$     39,955
Federal National Mortgage Association REMICS Series 2017-87, Class EA
	1,544,225		3.000		04/25/44	1,363,933
Federal National Mortgage Association REMICS Series 2005-59, Class KZ
	285,853		5.500		07/25/35	290,779
Government National Mortgage Association REMICS Series 2021-135, Class A
	2,082,362		2.000	(c)	08/20/51	1,650,238
						4,028,147
Sequential Floating Rate(b)(c) – 3.2%
Bear Stearns ALT-A Trust Series 2005-5, Class 21A1
	77,368		6.115		07/25/35	75,533
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%)
	51,548		6.219	(e)	01/25/34	51,924
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2022-HQA1, Class M1B (1 mo. USD Term SOFR + 3.500%)
	286,000		8.069	(e)	03/25/42	299,038
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%)
	127,575		6.119	(e)	10/25/41	128,290
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M1 (1 mo. USD Term SOFR + 1.900%)
	47,843		6.469	(e)	04/25/42	48,153
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%)
	94,000		7.569	(e)	04/25/42	97,405
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R03, Class 2M2 (1 mo. USD Term SOFR + 3.900%)
	124,000		8.469	(e)	04/25/43	133,335
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2023-R05, Class 1M2 (1 mo. USD Term SOFR + 3.100%)
	90,000		7.660	(e)	06/25/43	94,852
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%)
	125,000		6.369	(e)	01/25/44	125,912
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%)
	150,000		6.510	(e)	03/25/44	151,568
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%)
	225,000		6.169	(e)	09/25/44	226,401

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b)(c) – (continued)
Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%)
$	441,213		1.515	%	05/20/53	$     24,070
Government National Mortgage Association REMICS Series 2023-101, Class FH (1 mo. USD Term SOFR + 1.000%)
	2,819,228		5.605		07/20/53	2,816,147
Government National Mortgage Association REMICS Series 2023-133, Class HS (-1X 1 mo. USD Term SOFR + 6.500%)
	1,195,109		1.895		09/20/53	80,212
HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%)
	12,486		4.633		01/19/36	13,857
Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%)
	4,972		5.173		10/25/34	4,786
JP Morgan Mortgage Trust Series 2021-6, Class A3
	385,886		2.500	(e)	10/25/51	309,342
JP Morgan Mortgage Trust Series 2022-LTV1, Class A2
	699,282		3.519	(e)	07/25/52	611,778
New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	61,200		3.750	(e)	05/28/52	57,244
Towd Point Mortgage Trust Series 2016-4, Class M1
	81,997		3.250	(e)	07/25/56	80,674
Verus Securitization Trust Series 2021-8, Class A1
	63,534		1.824	(e)	11/25/66	56,758
Verus Securitization Trust Series 2019-INV3, Class A1
	33,326		3.692	(e)	11/25/59	32,931
Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1
	23,689		3.500	(e)	07/25/49	20,998
						5,541,208
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						17,149,610
Commercial Mortgage-Backed Securities – 7.8%
Sequential Fixed Rate – 2.7%
Benchmark Mortgage Trust Series 2023-B39, Class A5
$	425,000		5.754	%(c)	07/15/56	$    439,138
BMO Mortgage Trust Series 2024-5C6, Class A3
	250,000		5.316	(c)	09/15/57	250,990
Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
	1,300,000		3.006	(c)	01/15/53	1,172,597
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	400,000		3.000	(c)(e)	09/15/50	228,984
COMM Mortgage Trust Series 2015-3BP, Class A
	300,000		3.178	(c)(e)	02/10/35	294,280
COMM Mortgage Trust Series 2024-277P, Class A
	375,000		6.338	(e)	08/10/44	386,160
DOLP Trust Series 2021-NYC, Class A
	400,000		2.956	(e)	05/10/41	342,730
GS Mortgage Securities Trust Series 2017-GS7, Class A4
	350,000		3.430	(c)	08/10/50	333,210

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-OPO, Class A
$	300,000		3.024	%(e)	01/05/39	$    276,483
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D
	150,000		3.060	(c)(e)	10/15/48	130,714
Morgan Stanley Capital I Trust Series 2021-L7, Class A5
	200,000		2.574	(c)	10/15/54	169,246
ROCK Trust Series 2024-CNTR, Class A
	800,000		5.388	(e)	11/13/41	798,052
						4,822,584
Sequential Floating Rate – 5.1%
3650R Commercial Mortgage Trust Series 2021-PF1, Class AS
	400,000		2.778	(b)	11/15/54	331,043
Bank Series 2021-BN37, Class A5
	200,000		2.618	(b)(c)	11/15/64	169,332
Bank Series 2022-BNK40, Class A4
	550,000		3.393	(b)(c)	03/15/64	489,021
Bank Series 2018-BN10, Class AS
	420,000		3.898	(b)(c)	02/15/61	401,646
BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%)
	175,000		5.317	(b)(e)	03/15/37	165,474
BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%)
	125,000		5.566	(b)(e)	03/15/37	111,349
BBCMS Mortgage Trust Series 2024-5C25, Class C
	250,000		6.643	(b)(c)	03/15/57	255,448
BBCMS Mortgage Trust Series 2024-C26, Class C
	250,000		6.000	(b)(c)	05/15/57	247,443
Benchmark Mortgage Trust Series 2022-B32, Class A5
	500,000		3.002	(b)	01/15/55	424,839
BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%)
	294,008		5.789	(b)(e)	03/15/41	295,284
BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%)
	450,000		6.039	(b)(e)	02/15/41	450,545
COMM Mortgage Trust Series 2024-WCL1, Class A (1 mo. USD Term SOFR + 1.841%)
	550,000		6.238	(b)(e)	06/15/41	548,046
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2
	800,000		3.500	(b)(c)	07/25/32	729,608
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2
	1,166,000		3.900	(b)(c)	12/25/30	1,101,113
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%)
	217,697		5.341	(b)(c)	11/25/29	217,615
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2
	800,000		3.820	(b)(c)	12/25/32	745,430
JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.107%)
	317,291		5.504	(b)(e)	04/15/37	306,869

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
Morgan Stanley Capital I Trust Series 2018-L1, Class AS
$	375,000		4.637	%(b)(c)	10/15/51	$    364,257
MSWF Commercial Mortgage Trust Series 2023-2, Class A5
	300,000		6.014	(b)(c)	12/15/56	315,999
NXPT Commercial Mortgage Trust Series 2024-STOR, Class A
	450,000		4.312	(b)(e)	11/05/41	429,369
ROCK Trust Series 2024-CNTR, Class C
	250,000		6.471	(e)	11/13/41	252,624
TYSN Mortgage Trust Series 2023-CRNR, Class A
	350,000		6.580	(b)(e)	12/10/33	365,658
Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B
	275,000		5.743	(b)(e)	07/15/35	275,490
						8,993,502
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 13,816,086
Federal Agencies – 117.4%
Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%
(1 yr. CMT + 2.250%)(b)
$	3,718		7.091	%	04/01/33	$      3,758
	3,411		7.306		09/01/33	3,461
	4,504		6.437		11/01/34	4,562
	3,666		6.481		02/01/35	3,715
	10,447		6.973		06/01/35	10,586
(1 yr. CMT + 2.107%)(b)
	2,463		6.932		10/01/34	2,496
						28,578
Adjustable Rate Federal National Mortgage Association – 0.1%
(11th District Cost of Funds - Consumer + 1.350%)(b)
	1,372		4.563		07/01/27	1,357
(1 yr. MTA + 1.150%)(b)
	1,028		6.077		11/01/27	1,008
	1,004		6.077		01/01/38	999
(1 yr. MTA + 1.125%)(b)
	4,324		6.052		06/01/32	4,296
(11th District Cost of Funds - Consumer + 1.250%)(b)
	4,185		4.524		08/01/32	4,070
(11th District Cost of Funds - Consumer + 1.326%)(b)
	3,273		4.600		05/01/33	3,184
(1 yr. CMT + 2.256%)(b)
	24,128		7.354		06/01/33	24,484
(RFUCC 6 mo. Treasury + 1.412%)(b)
	1,420		6.518		06/01/33	1,428
(1 yr. CMT + 2.048%)(b)
	561		6.572		07/01/33	568
(11th District Cost of Funds - Consumer + 1.254%)(b)
	22,927		4.513		08/01/33	22,399
(RFUCC 1 yr. Treasury + 1.645%)(b)
	10,327		6.188		12/01/33	10,472
(1 yr. CMT + 2.305%)(b)
	289		7.056		04/01/34	293
(RFUCC 1 yr. Treasury + 1.670%)(b)
	3,744		6.837		11/01/34	3,812
(1 yr. CMT + 2.192%)(b)
	4,481		6.341		02/01/35	4,551

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Federal National Mortgage Association – (continued)
(RFUCC 1 yr. Treasury + 1.619%)(b)
$	9,444		6.058	%	03/01/35	$      9,662
(RFUCC 1 yr. Treasury + 1.810%)(b)
	5,123		6.538		04/01/35	5,228
(RFUCC 1 yr. Treasury + 2.289%)(b)
	10,103		6.902		05/01/35	10,380
(11th District Cost of Funds - Consumer + 1.300%)(b)
	32		4.513		11/01/35	32
(11th District Cost of Funds - Consumer + 1.245%)(b)
	3,235		5.081		12/01/37	3,195
(1 yr. MTA + 1.175%)(b)
	2,461		6.102		11/01/40	2,449
						113,867
Adjustable Rate Government National Mortgage Association – 0.1%
(1 yr. CMT + 1.500%)(b)
	10		4.625	%	01/20/25	10
	21		4.625		02/20/25	21
	351		5.000		05/20/25	350
	599		5.000		07/20/25	597
	724		4.625		02/20/26	722
	33		4.625		07/20/26	33
	2,810		4.625		01/20/27	2,807
	671		4.625		02/20/27	670
	8,529		4.875		04/20/27	8,517
	637		4.875		05/20/27	637
	1,760		4.875		06/20/27	1,757
	559		3.750		11/20/27	558
	1,758		3.750		12/20/27	1,754
	4,130		4.625		01/20/28	4,133
	1,521		4.625		02/20/28	1,523
	1,340		4.625		03/20/28	1,342
	9,408		4.625		07/20/29	9,400
	3,483		4.625		08/20/29	3,481
	939		4.625		09/20/29	939
	4,343		3.750		10/20/29	4,348
	5,916		3.750		11/20/29	5,922
	1,007		3.750		12/20/29	1,008
	1,984		4.625		01/20/30	1,992
	522		4.625		02/20/30	524
	3,722		4.625		03/20/30	3,737
	4,877		4.875		04/20/30	4,891
	8,427		4.875		05/20/30	8,453
	6,290		5.000		05/20/30	6,310
	1,576		4.875		06/20/30	1,581
	13,038		5.000		07/20/30	13,068
	2,517		5.000		09/20/30	2,523
	3,820		3.750		10/20/30	3,828
						97,436
Federal Home Loan Mortgage Corp. – 6.4%
	1,125,000		4.450		12/01/32	1,089,013
	23,504		5.000		10/01/33	23,558
	1,080		5.000		07/01/35	1,081
	542		4.500		08/01/35	534
	1,224		4.500		09/01/35	1,205
	631		4.500		10/01/35	622

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Home Loan Mortgage Corp. – (continued)
$	27,834		5.000	%	12/01/35	$     27,875
	9,537		4.500		01/01/38	9,395
	418		4.500		06/01/38	412
	16,637		4.500		09/01/38	16,193
	87		4.500		01/01/39	84
	8,127		4.500		02/01/39	7,915
	3,080		4.500		03/01/39	3,000
	836		4.500		04/01/39	815
	23,932		4.500		05/01/39	23,309
	62,814		5.000		05/01/39	62,689
	74,223		4.500		06/01/39	72,289
	106,160		5.000		07/01/39	106,169
	2,295		4.500		07/01/39	2,235
	1,689		4.500		08/01/39	1,645
	3,767		4.500		09/01/39	3,669
	868		4.500		10/01/39	845
	581		4.500		11/01/39	566
	846		4.500		12/01/39	824
	2,611		4.500		01/01/40	2,543
	1,464		4.500		04/01/40	1,422
	2,614		4.500		05/01/40	2,539
	3,725		4.500		06/01/40	3,619
	6,390		4.000		06/01/40	6,046
	1,532		4.500		07/01/40	1,489
	212		4.500		08/01/40	206
	1,454		5.000		08/01/40	1,445
	43,116		4.000		02/01/41	40,802
	13,799		4.500		02/01/41	13,373
	3,050		4.500		03/01/41	2,956
	4,967		4.500		04/01/41	4,813
	5,621		4.500		05/01/41	5,448
	10,163		4.500		06/01/41	9,850
	824		5.000		06/01/41	824
	28,554		4.500		08/01/41	27,673
	29,303		4.500		09/01/41	28,467
	21,953		4.000		10/01/41	20,730
	3,896		4.000		11/01/41	3,674
	1,928		4.500		12/01/41	1,868
	27,060		4.500		03/01/42	26,225
	208,774		4.000		03/01/42	196,736
	10,278		3.000		05/01/42	9,114
	163,899		3.500		06/01/42	150,421
	278,369		4.500		06/01/42	270,876
	45,592		3.000		08/01/42	40,646
	35,615		3.500		08/01/42	32,454
	114,759		3.500		10/01/42	104,483
	20,411		3.000		10/01/42	18,157
	60,525		3.500		11/01/42	55,125
	296,495		3.000		11/01/42	264,794
	508,475		3.000		12/01/42	454,255
	911,165		3.000		01/01/43	816,531
	83,559		3.000		02/01/43	74,138
	412,747		4.000		08/01/43	389,544
	182,093		4.000		01/01/44	171,882
	241,129		3.500		02/01/44	219,314
	238,208		3.500		06/01/44	219,025
	4,860		4.000		11/01/44	4,573
	29,495		3.500		02/01/45	26,795

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Federal Home Loan Mortgage Corp. – (continued)
$	48,718		3.500	%	03/01/45	$     44,257
	6,434		3.500		08/01/45	5,818
	8,551		3.500		09/01/45	7,734
	16,740		3.500		11/01/45	15,123
	129,411		3.500		03/01/46	117,047
	216,841		3.500		05/01/46	196,003
	246,619		3.500		06/01/46	222,803
	112,239		3.500		07/01/46	101,401
	18,151		3.500		10/01/46	16,392
	15,258		3.500		12/01/46	13,779
	5,856,755		3.000		05/01/47	5,117,264
	171,391		3.500		12/01/47	154,947
						11,193,385
Federal National Mortgage Association – 3.1%
	763		7.000		08/01/31	802
	45,665		3.500		07/01/42	41,468
	44,523		3.500		08/01/42	40,511
	26,790		3.500		09/01/42	24,396
	3,516		3.500		10/01/42	3,199
	7,097		3.500		11/01/42	6,458
	4,048		3.500		01/01/43	3,677
	94,916		3.500		02/01/43	86,196
	10,427		3.500		05/01/43	9,494
	409,750		3.500		07/01/43	371,539
	203,314		3.500		01/01/44	184,696
	7,854		3.500		12/01/44	7,077
	178,056		4.000		03/01/45	165,442
	82,983		4.000		04/01/45	77,104
	975,973		4.500		06/01/51	936,388
	2,351,025		4.000		07/01/56	2,139,664
	1,561,904		4.000		02/01/57	1,418,936
						5,517,047
Government National Mortgage Association – 37.8%
	238		6.000		04/15/26	238
	127		6.500		01/15/32	129
	378		6.500		02/15/32	388
	110,269		5.500		04/15/33	112,302
	2,897		5.000		11/15/33	2,886
	306		6.500		08/15/34	319
	460		6.500		02/15/36	472
	1,016		6.500		03/15/36	1,042
	1,646		6.500		04/15/36	1,709
	4,158		6.500		05/15/36	4,265
	2,087		6.500		06/15/36	2,137
	12,289		6.500		07/15/36	12,738
	12,578		6.500		08/15/36	13,025
	28,259		6.500		09/15/36	29,354
	11,445		6.500		10/15/36	11,842
	18,182		6.500		11/15/36	18,978
	6,225		6.500		12/15/36	6,409
	2,501		6.500		01/15/37	2,566
	1,268		6.500		03/15/37	1,300
	1,883		6.500		04/15/37	1,938
	706		6.500		05/15/37	741
	3,182		6.500		09/15/37	3,276

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Government National Mortgage Association – (continued)
$	4,572		6.500	%	10/15/37	$      4,881
	2,375		6.500		11/15/37	2,450
	1,290		6.500		05/15/38	1,328
	530		6.500		02/15/39	542
	112,575		5.000		01/20/40	112,504
	110,433		4.500		05/15/40	107,441
	88,367		5.000		07/15/40	87,839
	120,538		3.500		09/15/42	110,356
	127,913		3.500		02/15/45	116,034
	24,534		4.000		05/20/45	22,909
	17,766		4.000		07/20/45	16,590
	31,219		4.000		10/20/45	29,151
	96,399		4.000		01/20/46	89,863
	396,444		4.500		03/20/46	383,032
	805,938		4.500		02/20/47	777,800
	161,315		4.500		03/20/47	155,555
	907,404		4.500		05/20/47	873,019
	154,681		4.500		06/20/47	148,820
	44,619		4.500		07/20/47	42,928
	442,997		4.500		08/20/47	426,210
	487,608		4.500		09/20/48	465,625
	1,158,339		5.000		11/20/48	1,138,468
	581,938		4.500		12/20/48	555,339
	476,621		5.000		12/20/48	468,445
	84,675		4.500		01/20/49	80,805
	276,819		4.500		02/20/49	264,080
	409,756		4.500		03/20/49	391,027
	289,752		4.500		10/20/49	276,690
	579,129		3.500		12/20/50	521,506
	884,079		3.000		07/20/51	760,895
	717,112		2.500		09/20/51	593,851
	510,406		2.500		11/20/51	423,448
	879,483		3.000		11/20/51	755,565
	667,791		2.500		12/20/51	553,319
	3,004,383		4.500		10/20/52	2,849,974
	11,000,000		2.000		TBA-30yr(f)	8,785,225
	9,000,000		2.500		TBA-30yr(f)	7,505,106
	4,000,000		3.000		TBA-30yr(f)	3,464,978
	5,000,000		3.500		TBA-30yr(f)	4,464,816
	10,000,000		4.000		TBA-30yr(f)	9,202,280
	4,000,000		5.500		TBA-30yr(f)	3,964,195
	13,000,000		6.000		TBA-30yr(f)	13,080,235
	2,000,000		6.500		TBA-30yr(f)	2,033,281
						66,336,459
Uniform Mortgage-Backed Security – 69.9%
	589,933		1.500		07/01/35	511,418
	138,808		1.500		08/01/35	120,334
	953,154		1.500		09/01/35	825,967
	1,420,487		1.500		10/01/35	1,230,447
	650,681		1.500		11/01/35	563,403
	715,149		1.500		12/01/35	618,976
	384,932		1.500		02/01/36	335,771
	96,647		4.500		07/01/36	93,543
	741,301		1.500		10/01/36	644,101
	5,064		4.500		12/01/36	4,901
	70,216		4.500		02/01/39	68,295
	2,127		4.500		03/01/39	2,071

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	3,025		4.500	%	05/01/39	$      2,945
	1,468		4.500		07/01/39	1,428
	1,390		4.000		08/01/39	1,313
	3,144		4.500		09/01/39	3,058
	5,974		4.500		10/01/39	5,811
	13,261		4.500		02/01/40	12,909
	2,481		4.500		03/01/40	2,413
	31,586		4.500		04/01/40	30,645
	13,405		4.500		06/01/40	13,034
	67,756		4.500		09/01/40	65,745
	3,274		4.500		12/01/40	3,177
	29,097		4.500		01/01/41	28,231
	9,781		4.500		04/01/41	9,466
	14,816		4.500		06/01/41	14,341
	15,272		4.500		07/01/41	14,782
	59,816		4.500		08/01/41	57,987
	63,534		4.500		09/01/41	61,493
	31,590		4.500		10/01/41	30,575
	55,193		3.500		10/01/41	50,789
	12,512		3.500		11/01/41	11,509
	41,028		4.500		11/01/41	39,710
	35,480		4.500		12/01/41	34,341
	29,095		4.500		01/01/42	28,162
	46,865		3.500		01/01/42	43,165
	6,142		3.500		02/01/42	5,622
	184,332		4.000		03/01/42	173,464
	2,348		4.500		03/01/42	2,273
	44,031		4.000		04/01/42	41,435
	4,657		4.500		04/01/42	4,507
	5,783		3.500		05/01/42	5,278
	20,144		3.500		06/01/42	18,511
	12,530		3.500		09/01/42	11,578
	42,868		3.000		09/01/42	38,098
	107,429		3.500		10/01/42	98,493
	224,669		3.000		12/01/42	199,472
	37,740		3.500		12/01/42	34,648
	50,374		3.000		01/01/43	45,027
	18,789		3.000		02/01/43	16,792
	143,590		3.500		02/01/43	131,423
	526,226		3.000		03/01/43	468,464
	296,460		3.500		03/01/43	271,504
	581,329		3.000		04/01/43	516,879
	695,216		3.000		05/01/43	617,587
	199,366		2.500		05/01/43	170,462
	89,135		3.500		05/01/43	81,355
	25,785		3.000		06/01/43	22,872
	385,500		3.500		06/01/43	352,006
	209,661		3.000		07/01/43	186,077
	285,354		3.500		07/01/43	261,100
	24,674		3.500		08/01/43	22,516
	19,659		3.500		09/01/43	17,988
	36,433		3.500		01/01/44	33,362
	18,052		3.500		08/01/44	16,323
	23,409		3.500		09/01/44	21,342
	53,984		3.500		10/01/44	49,228
	21,325		5.000		12/01/44	21,095
	11,566		3.500		01/01/45	10,493
	133,623		4.000		02/01/45	125,201

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	66,614		3.500	%	03/01/45	$     60,387
	31,215		3.500		04/01/45	28,212
	424,602		3.500		05/01/45	387,065
	748,014		4.500		06/01/45	720,699
	44,341		3.500		07/01/45	40,047
	163,491		4.000		11/01/45	152,628
	7,179		3.500		11/01/45	6,477
	141,112		3.500		01/01/46	127,447
	49,753		4.000		03/01/46	46,443
	357,664		3.500		03/01/46	325,505
	57,565		3.500		04/01/46	52,368
	283,465		3.500		05/01/46	255,925
	59,903		4.000		06/01/46	55,750
	138,034		4.500		06/01/46	132,540
	174,181		3.000		07/01/46	151,340
	185,956		4.000		07/01/46	173,065
	18,263		4.000		08/01/46	16,997
	95,956		3.000		08/01/46	83,373
	419,090		3.000		09/01/46	364,133
	126,746		3.000		10/01/46	110,125
	21,136		4.000		10/01/46	19,670
	527,051		3.000		11/01/46	457,813
	233,049		3.000		12/01/46	202,488
	927,318		3.000		01/01/47	805,716
	482,375		4.500		02/01/47	464,760
	45,642		3.000		02/01/47	39,657
	128,124		3.000		04/01/47	111,400
	289,858		3.500		06/01/47	260,545
	136,096		4.500		11/01/47	130,339
	4,576		4.500		02/01/48	4,369
	239,391		4.500		05/01/48	229,320
	380,272		3.500		06/01/48	341,815
	208,218		4.500		07/01/48	198,500
	719,954		4.500		08/01/48	686,354
	302,292		4.500		09/01/48	288,183
	5,914		4.500		10/01/48	5,666
	1,063,222		5.000		11/01/48	1,047,341
	501,593		4.500		11/01/48	478,632
	249,372		4.500		12/01/48	237,733
	294,118		4.500		02/01/49	280,299
	3,290		4.500		05/01/49	3,138
	1,534,801		3.000		09/01/49	1,330,073
	5,015		4.500		11/01/49	4,782
	321,939		4.500		01/01/50	306,913
	50,242		4.500		02/01/50	47,885
	569,372		3.000		03/01/50	491,756
	3,546,421		4.500		03/01/50	3,387,978
	400,220		4.500		04/01/50	381,041
	1,993,274		2.000		09/01/50	1,564,785
	373,489		4.500		09/01/50	356,143
	3,217,842		2.500		09/01/50	2,669,314
	2,045,501		3.000		10/01/50	1,766,269
	3,578,772		2.000		10/01/50	2,808,342
	898,589		2.500		11/01/50	743,165
	3,540,444		2.000		12/01/50	2,777,166
	908,193		2.500		01/01/51	747,174
	4,300,634		2.000		02/01/51	3,369,464
	10,809,120		2.000		05/01/51	8,457,770

Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	7,359,574		2.500	%	05/01/51	$  6,065,527
	7,601,865		2.500		07/01/51	6,280,364
	1,571,467		2.500		09/01/51	1,298,186
	1,705,840		2.000		11/01/51	1,333,705
	4,715,383		2.500		12/01/51	3,884,943
	1,295,109		2.000		01/01/52	1,017,816
	28,427		2.000		02/01/52	22,404
	2,163,015		2.000		03/01/52	1,701,248
	3,301,501		2.000		04/01/52	2,596,686
	625,227		6.000		11/01/52	635,065
	861,224		4.500		05/01/53	819,682
	1,095,874		6.500		08/01/53	1,128,717
	630,834		6.500		10/01/53	649,543
	5,693,536		6.500		11/01/53	5,873,302
	2,909,176		2.500		01/01/54	2,374,470
	4,607,012		6.000		04/01/54	4,675,194
	2,847,485		6.500		06/01/54	2,943,416
	1,940,224		6.500		08/01/54	2,006,558
	971,932		6.500		09/01/54	1,007,591
	952,772		6.000		09/01/54	957,670
	2,936,672		5.500		10/01/54	2,897,872
	1,994,522		5.000		12/01/54	1,944,007
	5,000,000		2.000		TBA-30yr(f)	4,415,624
	4,000,000		3.500		TBA-30yr(f)	3,534,374
	10,000,000		5.500		TBA-30yr(f)	10,002,383
	2,000,000		6.000		TBA-30yr(f)	2,032,500
						122,571,862
TOTAL FEDERAL AGENCIES						$205,858,634
TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $248,688,764)						$236,824,330
Asset-Backed Securities(c)(e) – 1.7%
Collateralized Loan Obligations – 1.4%
Apidos CLO XXXV Ltd. Series 2021-35A, Class D(b) (3 mo. USD Term SOFR + 2.912%)
$	750,000		7.529	%	04/20/34	$    750,926
BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class B(b) (3 mo. USD Term SOFR + 1.962%)
	500,000		6.483		11/20/34	500,985
CIFC Funding Ltd. Series 2023-3A, Class D(b) (3 mo. USD Term SOFR + 4.250%)
	500,000		8.867		01/20/37	512,275
Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A
	92,055		5.750		12/20/50	93,886
Voya Euro CLO VIII DAC Series 8A, Class B(b) (-1X 3 mo. EUR EURIBOR + 1.950%)
EUR	500,000		0.000		01/15/39	517,925
						2,375,997

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities(c)(e) – (continued)
Student Loan(b) – 0.3%
Sycamore Tree CLO Ltd. Series 2023-2A, Class DR (3 mo. USD Term SOFR + 4.500%)
$	600,000		9.117	%	01/20/37	$    614,281
TOTAL ASSET-BACKED SECURITIES (Cost $2,920,811)						$  2,990,278
U.S. Treasury Obligations – 1.7%
U.S. Treasury Inflation-Indexed Bonds
$	1,019,414		1.500	%	02/15/53	$    816,607
U.S. Treasury Notes
	556,200		4.375		11/30/28	556,547
	1,620,000		4.500		12/31/31	1,621,772
TOTAL U.S. TREASURY OBLIGATIONS (Cost $3,073,734)						$  2,994,926

Shares	Dividend Rate	Value
Investment Company(g) – 1.6%
Goldman Sachs Financial Square Government Fund — Institutional Shares
2,768,742	4.392%		$  2,768,742
(Cost $2,768,742)
TOTAL INVESTMENTS – 140.0% (Cost $257,452,051)			$245,578,276
LIABILITIES IN EXCESS OF OTHER  ASSETS – (40.0)%			(70,205,719	)
NET ASSETS – 100.0%			$175,372,557

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 31, 2024.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on December 31, 2024.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $72,484,997 which represents approximately 41.4% of net assets as of December 31, 2024.
(g)	Represents an affiliated issuer.

Currency Abbreviations:
EUR	Euro

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At December 31, 2024, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount		Value
Government National Mortgage Association		4.500	%		TBA - 30yr		01/21/25	$	(2,000,000)	$	(1,889,675)
Uniform Mortgage-Backed Security		2.000			TBA - 30yr		01/15/25		(7,000,000)		(5,438,124)
Uniform Mortgage-Backed Security		2.500			TBA - 30yr		01/15/25		(4,000,000)		(3,253,124)
Uniform Mortgage-Backed Security		1.500			TBA - 15yr		01/15/25		(2,000,000)		(1,714,979)
Uniform Mortgage-Backed Security		4.500			TBA - 30yr		01/15/25		(14,000,000)		(13,157,811)
Uniform Mortgage-Backed Security		5.000			TBA - 30yr		01/15/25		(6,000,000)		(5,786,484)
Uniform Mortgage-Backed Security		4.000			TBA - 30yr		01/14/25		(5,000,000)		(4,565,625)
Uniform Mortgage-Backed Security		6.000			TBA - 30yr		01/15/25		(2,000,000)		(2,008,906)
Uniform Mortgage-Backed Security		6.500			TBA - 30yr		02/15/25		(5,000,000)		(5,100,781)
(PROCEEDS RECEIVED: $(43,919,961))										$	(42,915,509)

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At December 31, 2024, the Fund had the following futures contracts:

Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
20 Year U.S. Treasury Bonds	11	03/20/25	$	1,252,281		$	(4,272	)
5 Year U.S. Treasury Notes	26	03/31/25		2,763,922			(756	)
Total						$	(5,028	)
Short position contracts:
10 Year U.S. Treasury Notes	(62)	03/20/25		(6,742,500	)		7,338
2 Year U.S. Treasury Notes	(27)	03/31/25		(5,551,453	)		(9,619	)
Ultra Long U.S. Treasury Bonds	(12)	03/20/25		(1,426,875	)		53,851
Total						$	51,570
TOTAL FUTURES CONTRACTS						$	46,542

SWAP CONTRACTS — At December 31, 2024, 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 FEDL(b)		4.395%(b)		03/19/25	$	82,990	$	8,864		$	3,057		$	5,807
3.695%(c)		12M SOFR(c)		05/31/29		2,870		36,319			2,786			33,533
2.457(d)		12M CDOR(d)		09/13/29	CAD	4,340		12,828			(1,398	)		14,226
12M SOFR(c)		3.038(c)		09/13/29	$	3,230		(53,048	)		2,992			(56,040	)
12M CDOR(d)		2.801(d)		09/11/31	CAD	4,580		(11,451	)		1,850			(13,301	)
3.215(c)		12M SOFR(c)		09/12/31	$	3,440		46,526			(2,823	)		49,349
TOTAL							$	40,038		$	6,464		$	33,574

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to December 31, 2024.

(b) Payments made at maturity.

(c) Payments made annually.

(d) Payments made semi-annually.

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at December 31, 2024(b)	Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CMBX.NA.BBB.17	3.000%	4.865%	JPMorgan Securities, Inc.		12/15/56	$	700	$	(73,240	)	$	(88,078	)	$	14,838

(a) Payments made monthly.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED OPTIONS CONTRACTS — At December 31, 2024, the Fund had the following purchased options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty		Exercise Rate		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contract
Calls
3M IRS		MS & Co. Int. PLC		3.500%		02/24/2025		1,180,000	$	1,180,000	$	1,246	$	4,177	$	(2,931	)

Investment Abbreviations:
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
EURIBOR	— Euro Interbank Offered Rate
LLC	— Limited Liability Company
MTA	— Monthly Treasury Average
PI	— Private Investment
REMICS	— Real Estate Mortgage Investment Conduits
RFUCC	— Refinitive USD IBOR Consumer Cash Fallbacks 1 year
SOFR	— Secured Overnight Financing Rate
STACR	— Structured Agency Credit Risk
Abbreviations:
3M IRS	— 3 Months Interest Rate Swaptions
CDOR	— Canadian Dollar Offered Rate
CMBX	— Commercial Mortgage Backed Securities Index
MS & Co. Int. PLC	— Morgan Stanley & Co. International PLC
SOFR	— Secured Overnight Financing Rate

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2024 (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 GSAM as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the “Valuation Designee”). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include exchange-traded funds (“ETFs”) and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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

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

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

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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

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

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Schedule of Investments (continued)

December 31, 2024 (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

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

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

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

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of December 31, 2024:

ENHANCED INCOME FUND
Investment Type	Level 1			Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	296,216,378	$	—
Asset-Backed Securities		—			101,411,919		—
U.S. Treasury Obligations		54,116,969			—		—
Mortgage-Backed Obligations		—			31,076,603		—
Sovereign Debt Obligations		—			2,253,010		—
Municipal Debt Obligations		—			2,021,258		—
Investment Company		19,751,454			—		—
Short-term Investments		—			70,826,520		—
Total	$	73,868,423		$	503,805,688	$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	195,623	$	—
Futures Contracts		187,965			—		—
Interest Rate Swap Contracts		—			313,190		—
Total	$	187,965		$	508,813	$	—
Liabilities(a)
Futures Contracts	$	(7,782	)	$	—	$	—

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

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NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

GOVERNMENT INCOME FUND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	77,751,237		$	—
U.S. Treasury Obligations		29,137,096			—			—
Agency Debentures		—			27,657,128			—
Asset-Backed Securities		—			2,791,148			—
Municipal Debt Obligations		—			2,115,352			—
Investment Company		4			—			—
Total	$	29,137,100		$	110,314,865		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(17,123,092	)	$	—
Derivative Type
Assets
Futures Contracts(a)	$	25,721		$	—		$	—
Interest Rate Swap Contracts(a)		—			37,556			—
Purchased Option Contracts		—			1,204			—
Total	$	25,721		$	38,760		$	—
Liabilities(a)
Futures Contracts	$	(43,564	)	$	—		$	—
(a)  Amount shown represents unrealized gain (loss) at period end.
INFLATION PROTECTED SECURITIES FUND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	246,699,473		$	—		$	—
Investment Company		5,217,166			—			—
Total	$	251,916,639		$	—		$	—
Derivative Type
Assets
Futures Contracts(a)	$	673,108		$	—		$	—
Interest Rate Swap Contracts(a)		—			977,775			—
Purchased Option Contracts		—			2,408			—
Total	$	673,108		$	980,183		$	—

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NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

INFLATION PROTECTED SECURITIES FUND (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities(a)
Futures Contracts	$	(421,467	)	$	—		$	—
Interest Rate Swap Contracts		—			(837,173	)		—
Total	$	(421,467	)	$	(837,173	)	$	—
(a)  Amount shown represents unrealized gain (loss) at period end.
SHORT DURATION BOND FUND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	716,064,199		$	—
Asset-Backed Securities		—			212,115,808			—
Mortgage-Backed Obligations		—			206,409,639			—
U.S. Treasury Obligations		54,224,409			—			—
Sovereign Debt Obligations		—			27,055,152			—
Common Stock and/or Other Equity Investments(a)
Asia		—			4,740			—
Investment Company		47,430,009			—			—
Total	$	101,654,418		$	1,161,649,538		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(17,768,121	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(b)	$	—		$	1,876,070		$	—
Futures Contracts(b)		1,300,876			—			—
Interest Rate Swap Contracts(b)		—			11,809,721			—
Credit Default Swap Contracts(b)		—			1,126,161			—
Purchased Option Contracts		—			253,816			—
Total	$	1,300,876		$	15,065,768		$	—

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NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SHORT DURATION BOND FUND (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities
Forward Foreign Currency Exchange Contracts(b)	$	—		$	(1,370,576	)	$	—
Futures Contracts(b)		(189,559	)		—			—
Interest Rate Swap Contracts(b)		—			(3,310,006	)		—
Written Option Contracts		—			(222,436	)		—
Total	$	(189,559	)	$	(4,903,018	)	$	—
(a)  Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund utilizes fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification. (b) Amount shown represents unrealized gain (loss) at period end.
SHORT DURATION GOVERNMENT FUND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	287,186,802		$	—		$	—
Mortgage-Backed Obligations		—			161,593,859			—
Agency Debentures		—			60,042,496			—
Investment Company		6,654,391			—			—
Total	$	293,841,193		$	221,636,355		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(67,856,793	)	$	—
Derivative Type
Assets(a)
Futures Contracts	$	1,310,842		$	—		$	—
Interest Rate Swap Contracts		—			127,834			—
Total	$	1,310,842		$	127,834		$	—
Liabilities(a)
Interest Rate Swap Contracts	$	—		$	(25,538	)	$	—

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

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December 31, 2024 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

SHORT-TERM CONSERVATIVE INCOME FUND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,035,642,921		$	—
Asset-Backed Securities		—			176,467,165			—
U.S. Treasury Obligations		98,058,436			—			—
Municipal Debt Obligations		—			18,760,542			—
Investment Company		75,013,310			—			—
Short-term Investments		—			419,864,815			—
Total	$	173,071,746		$	1,650,735,443		$	—
U.S. MORTGAGES FUND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	236,824,330		$	—
U.S. Treasury Obligations		2,994,926			—			—
Asset-Backed Securities		—			2,990,278			—
Investment Company		2,768,742			—			—
Total	$	5,763,668		$	239,814,608		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(42,915,509	)	$	—
Derivative Type
Assets
Futures Contracts(a)	$	61,189		$	—		$	—
Interest Rate Swap Contracts(a)		—			102,915			—
Credit Default Swap Contracts(a)		—			14,838			—
Purchased Option Contracts		—			1,246			—
Total	$	61,189		$	118,999		$	—
Liabilities(a)
Futures Contracts	$	(14,647	)	$	—		$	—
Interest Rate Swap Contracts		—			(69,341	)		—
Total	$	(14,647	)	$	(69,341	)	$	—

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

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

Asset-Backed Securities Risk — Asset-backed securities are subject to credit/default, interest rate and certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Funds to

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reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

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

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

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semi-annually) 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

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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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of a Fund’s investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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

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

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

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NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

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

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