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GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

Schedule of Investments

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – 93.5%
Angola^(a)(b)– 0.8%
Azule Energy Finance PLC (NR/B2)
$	200,000		8.125	%	01/23/30	$ 197,000

Argentina^(a)– 2.2%
Pluspetrol SA (NR/B3)
	110,000		8.500	^(b)	05/30/32	110,921
Tecpetrol SA (NR/B3)
	30,000		7.625	^(b)	01/22/33	30,405
Telecom Argentina SA (NR/NR)
	90,000		9.250	^(b)	05/28/33	91,586
Vista Energy Argentina SAU (NR/Caa1)
	30,000		7.625		12/10/35	29,034
YPF SA (NR/NR)
	90,000		8.250	^(b)	01/17/34	90,522
	10,000		8.250		01/17/34	10,058
YPF SA (NR/Caa1)
	190,000		9.500	^(b)	01/17/31	199,025

						561,551

Brazil – 6.2%
Acu Petroleo Luxembourg SARL (BB/Ba1)
	230,661		7.500	^(a)	07/13/35	230,661
Braskem Netherlands Finance BV (BB/NR)
	200,000		4.500	^(a)	01/10/28	171,740
Guara Norte SARL (NR/Baa3)
	153,658		5.198		06/15/34	144,947
Petrobras Global Finance BV (BB/Ba1)
	130,000		6.000	^(a)	01/13/35	125,856
Raizen Fuels Finance SA (BBB/NR)
	200,000		6.950	^(a)(b)	03/05/54	185,300
Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%)
	270,193		9.500	^(a)(c)	06/30/31	264,958
Sitios Latinoamerica SAB de CV (NR/Baa3)
	260,000		5.375	^(a)	04/04/32	254,540
Suzano Austria GmbH (BBB-/NR)^(a)
	10,000		3.750		01/15/31	9,329
	20,000		3.125		01/15/32	17,550
Vale Overseas Ltd. (BBB-/Baa2)
	230,000		6.400	^(a)	06/28/54	224,827

						1,629,708

Canada^(a)(b)– 0.8%
St. Mary’s Cement, Inc. (BBB/Baa3)
	200,000		5.750		04/02/34	202,100

Chile^(a)– 3.9%
AES Andes SA (BBB-/Baa3)
	200,000		6.300		03/15/29	204,691
ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (BB-/Ba3)
	200,000		7.875	^(b)	02/03/30	202,000
Banco del Estado de Chile (BBB-/Baa3) (5 yr. CMT + 3.228%)
	200,000		7.950	^(b)(d)	05/02/29	208,812
Interchile SA (NR/Baa1)
	250,000		4.500		06/30/56	197,703


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Chile^(a)– (continued)
Latam Airlines Group SA (BBB-/Ba2)
$	200,000		7.875	%^(b)	04/15/30	$ 203,106

						1,016,312

China^(a)(c)– 0.1%
Huachen Energy Co. Ltd. (NR/WR)
	24,641		4.650		12/29/26	15,878

Colombia – 5.8%
Banco Davivienda SA (NR/B2) (10 yr. CMT + 5.097%)
	200,000		6.650	^(a)(d)	04/22/31	177,200
Banco de Bogota SA (NR/Ba2)
	200,000		6.250		05/12/26	200,600
Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%)
	200,000		8.625	^(a)(d)	12/24/34	210,042
Ecopetrol SA (BB/Ba1)^(a)
	200,000		8.625		01/19/29	211,276
	170,000		4.625		11/02/31	143,055
	50,000		7.750		02/01/32	49,062
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (BBB-/Ba3)
	200,000		5.375	^(a)	12/30/30	178,656
Grupo Nutresa SA (NR/Baa3)
	330,000		8.000	^(a)(b)	05/12/30	345,840

						1,515,731

Dominican Republic^(a)(b)– 1.0%
Aeropuertos Dominicanos Siglo XXI SA (NR/Ba2)
	260,000		7.000		06/30/34	269,667

Ghana^(a)(b)– 0.7%
Kosmos Energy Ltd. (CCC/Caa1u)
	260,000		8.750		10/01/31	192,400

Guatemala^(a)– 2.3%
Banco Industrial SA (NR/B1) (5 yr. CMT + 4.442%)
	200,000		4.875	^(d)	01/29/31	198,438
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2)
	200,000		5.250		04/27/29	193,760
Energuate Trust (NR/Ba2)
	220,000		5.875		05/03/27	218,900

						611,098

Hong Kong^(a)– 1.0%
Melco Resorts Finance Ltd. (BB-/Ba3)
	260,000		5.625		07/17/27	259,350

Hungary^(a)(d)– 0.8%
OTP Bank Nyrt (BB/Ba2) (5 yr. CMT + 5.060%)
	200,000		8.750		05/15/33	213,800

India – 5.0%
Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3)
	200,000		4.200	^(a)	08/04/27	193,000
CA Magnum Holdings (NR/B1)
	200,000		5.375	^(a)	10/31/26	198,245

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
India – (continued)
IRB Infrastructure Developers Ltd. (NR/Ba2)
$	200,000		7.110	%^(a)(b)	03/11/32	$ 200,562
JSW Hydro Energy Ltd. (NR/Ba1)
	142,000		4.125	^(a)	05/18/31	129,930
JSW Infrastructure Ltd. (NR/Ba1)
	200,000		4.950	^(a)	01/21/29	195,000
UPL Corp. Ltd. (BB/Ba2)
	200,000		4.625		06/16/30	180,900
Vedanta Resources Finance II PLC (B/NR)
	200,000		11.250	^(a)(b)	12/03/31	209,500

						1,307,137

Israel^(a)– 0.8%
Teva Pharmaceutical Finance Netherlands III BV (BB/Ba1)
	200,000		6.000		12/01/32	204,018

Ivory Coast^(a)(b)– 0.8%
Endeavour Mining PLC (BB-/NR)
	200,000		7.000		05/28/30	200,298

Jamaica^(a)(b)– 0.8%
Kingston Airport Revenue Finance Ltd. (BB/Ba3)
	200,000		6.750		12/15/36	201,750

Jordan – 1.0%
Hikma Finance USA LLC (BBB/WR)
	250,000		3.250		07/09/25	249,775

Luxembourg – 1.9%
MHP Lux SA (CCC/NR)
	200,000		6.950		04/03/26	186,000
Rede D’or Finance SARL (BB+/NR)
	320,000		4.500	^(a)	01/22/30	302,900

						488,900

Macau^(a)– 1.0%
Wynn Macau Ltd. (BB-/B1)
	270,000		5.500		10/01/27	267,975

Madagascar^(a)(b)– 0.8%
Axian Telecom Holding & Management PLC (B+/NR)
	200,000		7.250		07/11/30	199,300

Malaysia^(a)– 0.7%
GENM Capital Labuan Ltd. (BBB-/NR)
	200,000		3.882		04/19/31	179,500

Mauritius^(a)– 0.9%
Axian Telecom (B+/NR)
	240,000		7.375		02/16/27	242,400

Mexico – 8.2%
Banco Mercantil del Norte SA (BB-/Ba2) (10 yr. CMT + 4.299%)
	300,000		8.750	^(a)(b)(d)	05/20/35	303,150
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%)
	200,000		5.125	^(a)(d)	01/18/33	192,376
Becle SAB de CV (BBB-/NR)
	250,000		2.500	^(a)	10/14/31	207,422


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Mexico – (continued)
Cemex SAB de CV (BBB-/NR)
$	200,000		3.875	%^(a)	07/11/31	$ 183,858
CIBANCO SA Institucion de Banca Multiple Trust CIB/3332 (NR/Ba1)
	200,000		4.375	^(a)	07/22/31	155,900
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3)
	198,850		7.250	^(a)	01/31/41	201,042
Mexico City Airport Trust (BBB/Baa3)^(a)
	330,000		4.250		10/31/26	327,525
	200,000		5.500		07/31/47	164,835
Orbia Advance Corp. SAB de CV (NR/Baa3)
	200,000		6.800	^(a)(b)	05/13/30	204,900
Petroleos Mexicanos (BBB/B3)
	20,000		6.500		03/13/27	19,860
	20,000		5.350		02/12/28	19,217
	30,000		6.500		01/23/29	29,367
	20,000		8.750	^(a)	06/02/29	20,672
	50,000		6.840	^(a)	01/23/30	48,245
	20,000		6.375		01/23/45	14,048
	40,000		6.750		09/21/47	28,976
	10,000		6.950	^(a)	01/28/60	7,189

						2,128,582

Moldova^(a)(b)– 0.8%
Aragvi Finance International DAC (B/NR)
	200,000		11.125		11/20/29	201,438

Morocco^(a)– 3.0%
OCP SA (BB+/Baa3)
	200,000		7.500		05/02/54	199,294
OCP SA (BB+/NR)
	200,000		3.750		06/23/31	179,400
	260,000		5.125		06/23/51	197,275
Vivo Energy Investments BV (BB+/Ba1)
	210,000		5.125		09/24/27	205,538

						781,507

Netherlands – 2.4%
Minejesa Capital BV (NR/Baa3)
	157,880		4.625		08/10/30	154,328
MV24 Capital BV (BB+/NR)
	292,928		6.748		06/01/34	283,703
Prosus NV (BBB/Baa2)
	200,000		3.680	^(a)	01/21/30	187,850

						625,881

Nigeria – 3.5%
Access Bank PLC (NR/B3)
	370,000		6.125		09/21/26	360,750
IHS Holding Ltd. (B+/NR)
	220,000		7.875	^(a)	05/29/30	220,482
SEPLAT Energy PLC (B/NR)
	330,000		9.125	^(a)(b)	03/21/30	327,215

						908,447

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Norway^(a)– 1.5%
DNO ASA (NR/NR)
$	200,000		8.500	%	03/27/30	$ 199,241
DNO ASA (NR/NR)
	200,000		9.250		06/04/29	204,600

						403,841

Panama^(a)– 3.1%
Aeropuerto Internacional de Tocumen SA (BBB-/Baa3)
	200,000		4.000		08/11/41	150,750
	200,000		5.125		08/11/61	141,100
AES Panama Generation Holdings SRL (NR/Baa3)
	376,335		4.375		05/31/30	342,465
Telecomunicaciones Digitales SA (NR/Ba2)
	200,000		4.500		01/30/30	185,700

						820,015

Paraguay^(a)– 1.9%
Banco Continental SAECA (NR/Baa3)
	300,000		2.750		12/10/25	296,153
Telefonica Celular del Paraguay SA (NR/Ba2)
	200,000		5.875		04/15/27	199,688

						495,841

Peru^(a)– 3.5%
Hunt Oil Co. of Peru LLC Sucursal Del Peru (NR/Ba1)
	210,000		7.750	^(b)	11/05/38	220,185
InRetail Consumer (BB+/Baa3)
	200,000		3.250		03/22/28	189,700
Niagara Energy SAC (BBB-/Baa3)
	200,000		5.746		10/03/34	197,625
SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (NR/Ba2)
	320,000		3.750		08/02/28	298,701

						906,211

Philippines^(a)(d)– 0.9%
San Miguel Global Power Holdings Corp. (NR/NR) (1 yr. CMT + 6.404%)
	250,000		8.125		12/02/29	245,625

Romania^(a)(d)– 2.4%
Banca Comerciala Romana SA (NR/Baa2) (3 mo. EUR EURIBOR + 4.539%)
EUR	200,000		7.625		05/19/27	243,836
Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 5.580%)
	320,000		8.875		04/27/27	391,079

						634,915

Saudi Arabia – 1.9%
EIG Pearl Holdings SARL (NR/Aa3)
$	198,529		3.545		08/31/36	176,628
Saudi Arabian Oil Co. (NR/Aa3)^(a)
	200,000		3.250		11/24/50	126,938
	200,000		5.750	^(b)	07/17/54	186,260

						489,826


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Singapore – 1.5%
Continuum Energy Aura Pte. Ltd. (BB-/NR)
$	200,000		9.500	%^(a)	02/24/27	$ 205,750
LLPL Capital Pte. Ltd. (NR/Baa3)
	181,800		6.875		02/04/39	184,982

						390,732

South Africa – 4.0%
Absa Group Ltd. (NR/B2) (5 yr. CMT + 5.411%)
	240,000		6.375	^(a)(d)	05/27/26	238,200
Anglo American Capital PLC (BBB/Baa2)
	200,000		6.000	^(a)(b)	04/05/54	196,968
Bidvest Group U.K. PLC (NR/Ba2)
	200,000		3.625	^(a)	09/23/26	196,000
Eskom Holdings SOC Ltd. (BB-/Ba2)
	200,000		4.314		07/23/27	194,650
Transnet SOC Ltd. (BB-/Ba3)
	200,000		8.250		02/06/28	206,938

						1,032,756

Turkey – 6.4%
Akbank TAS (NR/B1)
	210,000		7.498	^(b)	01/20/30	212,888
Anadolu Efes Biracilik Ve Malt Sanayii AS (BB+/NR)
	320,000		3.375	^(a)	06/29/28	287,501
Limak Cimento Sanayi ve Ticaret AS (NR/B2)
	200,000		9.750	^(a)	07/25/29	200,250
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (NR/B3)
	263,590		9.500	^(a)	07/10/36	260,625
Mersin Uluslararasi Liman Isletmeciligi AS (BB/NR)
	200,000		8.250	^(a)(b)	11/15/28	207,750
Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%)
	200,000		8.375	^(a)(b)(d)	02/28/34	203,020
Yapi ve Kredi Bankasi AS (NR/NR)
	310,000		7.250	^(b)	03/03/30	309,457

						1,681,491

United Arab Emirates – 3.0%
Adnoc Murban Rsc Ltd. (AA/Aa2)
	200,000		5.125	^(a)(b)	09/11/54	181,125
DP World Crescent Ltd. (NR/Baa2)
	200,000		5.500	^(b)	05/08/35	201,250
NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%)
	400,000		4.500	^(a)(d)	08/27/25	398,000

						780,375

United States^(a)– 1.6%
GCC SAB de CV (BBB-/NR)
	200,000		3.614		04/20/32	175,186
Las Vegas Sands Corp. (BB+/Baa3)
	40,000		5.625		06/15/28	40,770
	200,000		3.900		08/08/29	190,278
	10,000		6.000		06/14/30	10,308

						416,542

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Uzbekistan – 2.3%
Ipoteka-Bank ATIB (BB-/NR)
$	200,000		5.500	%	11/19/25	$ 199,000
Navoi Mining & Metallurgical Combinat (BB-/NR)
	200,000		6.950	^(b)	10/17/31	204,502
Uzbek Industrial & Construction Bank ATB (BB-/NR)
	200,000		8.950	^(b)	07/24/29	209,250

						612,752

Vietnam^(a)– 0.7%
Mong Duong Finance Holdings BV (NR/Ba2)
	182,952		5.125		05/07/29	178,447

Zambia^(a)(b)– 1.6%
First Quantum Minerals Ltd. (B/NR)
	204,000		8.000		03/01/33	209,163
First Quantum Minerals Ltd. (B/NR)
	200,000		9.375		03/01/29	211,930

						421,093

TOTAL CORPORATE OBLIGATIONS (Cost $23,589,376)						$24,381,965



Sovereign Debt Obligations – 4.2%
El Salvador^(a)– 0.5%
El Salvador Government International Bonds (B-/B3u)
$	150,000		7.125	%	01/20/50	$ 125,437

Ivory Coast^(b)– 0.7%
Ivory Coast Government International Bonds (BB/Ba2)
	200,000		8.075		04/01/36	192,550

Oman – 0.8%
Oman Government International Bonds (BBB-/Ba1)
	200,000		6.500		03/08/47	202,400

Paraguay^(a)– 0.6%
Paraguay Government International Bonds (BB+/Baa3)
	200,000		5.400		03/30/50	171,100

Uzbekistan – 1.6%
National Bank of Uzbekistan (BB-/NR)
	200,000		4.850		10/21/25	198,888
Republic of Uzbekistan International Bonds (BB-/NR)
	200,000		7.850	^(b)	10/12/28	213,040

						411,928

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $1,086,358)						$ 1,103,415


Principal Amount		Interest Rate			Maturity Date	Value

U.S. Treasury Obligations – 0.2%
U.S. Treasury Bonds
$	30,000		4.750	%	02/15/45	$ 29,845
	30,000		5.000		05/15/45	30,821

TOTAL U.S. TREASURY OBLIGATIONS (Cost $59,267)						$ 60,666


Shares		Dividend Rate				Value

Investment Company^(e)– 0.7%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	173,417		4.231%			$ 173,417
(Cost $173,417)

TOTAL INVESTMENTS – 98.6% (Cost $24,908,418)						$25,719,463

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%						362,992

NET ASSETS – 100.0%						$26,082,455



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)		Pay-in-kind securities.

(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 June 30, 2025.

(e)		Represents an affiliated issuer.

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty

Currency
Purchased

Currency

Sold

Settlement
Date

Unrealized
Loss

JPMorgan Securities, Inc.

USD

646,796

EUR

549,217

09/23/25

(3,783

)

FUTURES CONTRACTS — At June 30, 2025, 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	8	09/30/25	$	1,664,187		$	6,168
20 Year U.S. Treasury Bonds	1	09/19/25		115,469			2,717

Total						$	8,885

Short position contracts:
10 Year U.S. Treasury Notes	(2)	09/19/25		(224,250	)		(369	)
5 Year U.S. Treasury Notes	(2)	09/30/25		(218,000	)		(76	)
Ultra 10-Year U.S. Treasury Notes	(3)	09/19/25		(342,797	)		(6,116	)
Ultra Long U.S. Treasury Bonds	(2)	09/19/25		(238,250	)		(6,317	)

Total						$	(12,878	)

TOTAL FUTURES CONTRACTS						$	(3,993	)

SWAP CONTRACTS — At June 30, 2025, 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)

6M EURO^(b)	1.750%^(c)		09/17/27	EUR	160	$	(912	)	$	(862	)	$	(50	)
2.000%^(c)	6M EURO^(b)		09/17/30		100		1,585			1,449			136
2.000^(c)	6M EURO^(b)		09/17/32		100		3,335			3,003			332
6M EURO^(b)	2.000^(c)		09/17/35		140		(9,048	)		(8,172	)		(876	)
2.250^(c)	6M EURO^(b)		09/17/40		110		8,686			7,486			1,200

TOTAL						$	3,646		$	2,904		$	742

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

(b)

Payments made semi-annually.

(c)

Payments made annually.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – 68.0%
Angola – 1.1%
Angola Government International Bonds (B-/B3)
$	900,000		8.000	%	11/26/29	$ 814,500
	450,000		8.750	^(a)	04/14/32	396,788
	1,050,000		9.125		11/26/49	813,750
Angola Government International Bonds (NR/B3)
	320,000		8.250		05/09/28	302,160
	880,000		8.250	^(a)	05/09/28	830,940
	1,130,000		9.375		05/08/48	895,525

						4,053,663

Argentina^(b)– 2.5%
Argentina Republic Government International Bonds (CCC/NR)
	908,822		4.125	^(c)	07/09/46	593,915
Argentina Republic Government International Bonds (CCC/NR)
EUR	108,079		0.500		07/09/29	104,587
$	44,413		1.000		07/09/29	37,046
	928,116		0.750	^(c)	07/09/30	735,625
	2,415,877		4.125	^(c)	07/09/35	1,621,053
	4,350,000		5.000	^(c)	01/09/38	3,090,675
	5,094,455		3.500	^(c)	07/09/41	3,161,109

						9,344,010

Azerbaijan – 0.6%
Republic of Azerbaijan International Bonds (NR/Ba1u)
	2,580,000		3.500		09/01/32	2,317,163

Bahamas^(a)– 0.2%
Bahamas Government International Bonds (NR/B1)
	800,000		8.250		06/24/36	814,400

Bahrain – 1.3%
Bahrain Government International Bonds (B+/B2u)
	630,000		7.375	^(a)	05/14/30	654,255
	560,000		5.625	^(a)	09/30/31	531,473
	450,000		5.625		09/30/31	427,077
	230,000		5.450		09/16/32	213,325
	820,000		5.450	^(a)	09/16/32	760,550
Bahrain Government International Bonds (B+/NR)
	1,110,000		6.750		09/20/29	1,128,737
	1,230,000		5.250		01/25/33	1,120,075

						4,835,492

Benin – 0.4%
Benin Government International Bonds (BB-/B1)
	350,000		7.960	^(a)	02/13/38	329,875
	400,000		7.960		02/13/38	377,000
Benin Government International Bonds (BB-/B1u)
	430,000		8.375	^(a)	01/23/41	412,370
Benin Government International Bonds (BB-/NR)
EUR	530,000		4.875	^(a)	01/19/32	555,446

						1,674,691

Bermuda^(b)– 0.1%
Bermuda Government International Bonds (A+/A2)
$	580,000		3.375		08/20/50	382,220


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Brazil – 2.2%
Brazil Government International Bonds (BB/Ba1)
$	1,290,000		6.000	%	10/20/33	$ 1,279,035
	1,040,000		6.125		03/15/34	1,031,940
	1,660,000		6.625		03/15/35	1,675,770
	1,518,000		5.625		01/07/41	1,351,020
	2,510,000		4.750	^(b)	01/14/50	1,761,769
	1,350,000		7.125		05/13/54	1,289,925

						8,389,459

Chile^(b)– 1.0%
Chile Government International Bonds (A/A2)
	390,000		3.500		01/25/50	277,875
	890,000		4.000		01/31/52	687,080
	280,000		5.330		01/05/54	263,200
	904,000		3.100		01/22/61	548,276
	3,200,000		3.250		09/21/71	1,948,800

						3,725,231

Colombia^(b)– 2.6%
Colombia Government International Bonds (BB/Baa3)
	570,000		4.500		03/15/29	540,360
	2,290,000		3.000		01/30/30	1,976,270
	2,810,000		3.125		04/15/31	2,310,523
	1,300,000		3.250		04/22/32	1,029,925
	580,000		7.500		02/02/34	577,245
	720,000		5.625		02/26/44	530,820
	1,380,000		5.000		06/15/45	930,120
	1,230,000		4.125		05/15/51	701,973
	2,320,000		3.875		02/15/61	1,219,392

						9,816,628

Costa Rica – 1.3%
Costa Rica Government International Bonds (BB-/Ba3)
	660,000		6.125		02/19/31	679,140
	2,343,000		6.550	^(a)(b)	04/03/34	2,434,377
	470,000		5.625		04/30/43	420,298
	930,000		7.000		04/04/44	950,692
	460,000		7.300	^(a)(b)	11/13/54	476,261

						4,960,768

Dominican Republic – 3.1%
Dominican Republic International Bonds (BB/Ba3)
	940,000		5.500	^(a)(b)	02/22/29	935,770
	610,000		5.500	^(b)	02/22/29	607,255
	2,040,000		4.500	^(a)	01/30/30	1,938,000
	150,000		7.050	^(b)	02/03/31	157,230
	2,020,000		7.050	^(a)(b)	02/03/31	2,117,364
	940,000		4.875		09/23/32	867,150
	150,000		6.600	^(a)(b)	06/01/36	151,275
	980,000		6.600	^(b)	06/01/36	988,330
	2,419,000		6.950	^(a)(b)	03/15/37	2,467,682
	199,000		6.850		01/27/45	197,209
	360,000		6.400	^(a)	06/05/49	338,715
	840,000		5.875		01/30/60	706,335

						11,472,315

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Ecuador – 1.5%
Ecuador Government International Bonds (B-/NR)
$	1,462,360		0.000	%^(a)(d)	07/31/30	$ 1,061,673
	589,000		0.000	^(d)	07/31/30	427,614
	1,282,817		6.900	^(c)	07/31/30	1,112,202
	1,992,467		5.500	^(a)(c)	07/31/35	1,447,527
	2,310,000		5.000	^(c)	07/31/40	1,451,258

						5,500,274

Egypt – 2.6%
Egypt Government International Bonds (B-/NR)^(a)
	1,090,000		8.625		02/04/30	1,101,445
	270,000		9.450		02/04/33	272,092
Egypt Government International Bonds (B-/Caa1)
	1,100,000		7.300		09/30/33	975,150
	200,000		8.750		09/30/51	163,350
	820,000		7.500		02/16/61	595,935
Egypt Government International Bonds (B-/Caa1u)
	1,240,000		7.625		05/29/32	1,147,620
	700,000		7.625	^(a)	05/29/32	647,850
	1,800,000		8.700		03/01/49	1,470,600
	1,870,000		8.875	^(a)	05/29/50	1,555,840
	1,850,000		8.875		05/29/50	1,539,200
Egypt Government International Bonds (NR/Caa1)
	210,000		8.500		01/31/47	170,258

						9,639,340

El Salvador – 1.2%
El Salvador Government International Bonds (B-/B3)
	470,000		9.650	^(a)(b)	11/21/54	486,450
El Salvador Government International Bonds (B-/B3u)
	380,000		8.625		02/28/29	396,293
	630,000		8.250		04/10/32	638,190
	610,000		7.650		06/15/35	592,157
	810,000		7.625		02/01/41	746,820
	830,000		7.125	^(b)	01/20/50	694,087
	650,000		9.500	^(a)(b)	07/15/52	667,550
El Salvador Government International Bonds (B-/NR)
	240,000		9.250	^(b)	04/17/30	254,626

						4,476,173

Ghana^(a)– 1.1%
Ghana Government International Bonds (CCC+/Caa2)
	225,672		0.000	^(d)	07/03/26	218,363
	1,925,526		5.000	^(c)	07/03/29	1,797,960
	379,494		0.000	^(d)	01/03/30	315,550
	2,532,244		5.000	^(c)	07/03/35	1,958,311

						4,290,184

Guatemala – 1.7%
Guatemala Government Bonds (BB+/Ba1)
	1,030,000		4.375	^(a)	06/05/27	1,013,005
	416,000		5.250	^(a)(b)	08/10/29	412,672
	470,000		5.250	^(b)	08/10/29	466,240
	920,000		4.900	^(b)	06/01/30	899,760
	220,000		6.050	^(a)(b)	08/06/31	223,520


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Guatemala – (continued)
Guatemala Government Bonds (BB+/Ba1) – (continued)
$	430,000		7.050	%^(b)	10/04/32	$ 456,875
	350,000		7.050	^(a)(b)	10/04/32	371,875
	200,000		6.550	^(a)(b)	02/06/37	201,400
	1,090,000		6.125	^(a)(b)	06/01/50	986,723
	381,000		6.125	^(b)	06/01/50	344,900
Guatemala Government Bonds (BB+/NR)
	1,120,000		4.650	^(b)	10/07/41	889,476

						6,266,446

Hungary – 2.8%
Hungary Government International Bonds (BBB-/Baa2)
	210,000		5.250		06/16/29	211,575
	440,000		5.250	^(a)	06/16/29	443,300
	200,000		5.375	^(a)	09/26/30	201,350
	1,770,000		2.125		09/22/31	1,467,799
	1,360,000		6.250	^(a)	09/22/32	1,413,407
	630,000		5.500	^(a)	06/16/34	617,243
	1,450,000		5.500	^(a)	03/26/36	1,394,567
	1,310,000		5.500		03/26/36	1,259,919
	180,000		7.625		03/29/41	202,352
	1,960,000		3.125		09/21/51	1,156,890
	580,000		6.750	^(a)	09/25/52	590,283
	200,000		6.750		09/25/52	203,546
	490,000		6.750	^(a)	09/23/55	493,920
Magyar Export-Import Bank Zrt (BBB-/NR)
	790,000		6.125	^(a)(b)(e)	12/04/27	805,310

						10,461,461

Indonesia – 0.8%
Indonesia Government International Bonds (BBB/Baa2)
	926,000		6.625		02/17/37	1,032,837
	450,000		4.625		04/15/43	404,663
	1,260,000		3.200	^(b)	09/23/61	795,690
	1,490,000		3.350		03/12/71	935,109

						3,168,299

Iraq^(b)– 0.3%
Iraq International Bonds (NR/NR)
	1,016,250		5.800		01/15/28	1,001,006

Israel – 0.1%
State of Israel (A/Baa1)
	200,000		3.375		01/15/50	130,000
	670,000		3.800		05/13/60	434,830

						564,830

Ivory Coast – 1.4%
Ivory Coast Government International Bonds (BB/Ba2)
	362,000		6.375		03/03/28	361,323
EUR	420,000		5.250		03/22/30	473,249
$	290,000		7.625		01/30/33	286,013
	2,220,000		6.125		06/15/33	2,018,824
	370,000		8.075	^(a)	04/01/36	356,217
	680,000		8.250	^(a)	01/30/37	652,378
	890,000		8.250		01/30/37	853,848

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Ivory Coast – (continued)
Ivory Coast Government International Bonds (BB/NR)
$	114,467		5.750	%^(b)(c)	12/31/32	$ 108,794

						5,110,646

Jamaica – 0.3%
Jamaica Government International Bonds (BB-/B1)
	1,060,000		7.875		07/28/45	1,239,326

Jordan – 0.6%
Jordan Government International Bonds (BB-/Ba3)
	1,045,000		5.750		01/31/27	1,036,149
	330,000		7.750		01/15/28	340,098
	480,000		7.500	^(a)	01/13/29	489,825
	300,000		5.850	^(a)	07/07/30	287,250

						2,153,322

Kazakhstan^(a)– 0.6%
Kazakhstan Government International Bonds (BBB-/Baa1)
	1,510,000		4.714		04/09/35	1,459,075
Kazakhstan Government International Bonds (NR/Baa1)
	740,000		5.000		07/01/32	740,740

						2,199,815

Kenya – 0.9%
Republic of Kenya Government International Bonds (B-/Caa1u)
	550,000		9.750	^(a)	02/16/31	557,733
	980,000		8.000		05/22/32	910,131
	200,000		8.000	^(a)	05/22/32	185,741
	510,000		6.300		01/23/34	411,667
	653,000		9.500	^(a)	03/05/36	612,677
	1,020,000		8.250		02/28/48	822,967

						3,500,916

Lebanon^(f)– 0.2%
Lebanon Government International Bonds (D/NR)
	245,000		6.850		03/23/27	46,305
	173,000		6.650		11/03/28	32,697
	585,000		6.850		05/25/29	110,565
Lebanon Government International Bonds (NR/NR)
	665,000		7.000		03/20/28	125,619
Lebanon Government International Bonds (NR/NR)
	270,000		6.750		11/29/27	51,030
	1,083,000		7.150		11/20/31	204,687

						570,903

Mexico – 2.5%
Mexico Bonos (NR/NR)
MXN	60,000,000		8.500		03/01/29	3,191,516
Mexico Government International Bonds (BBB/Baa2)^(b)
$	610,000		6.350		02/09/35	623,725
	950,000		6.000		05/07/36	937,175
	1,240,000		4.280		08/14/41	953,870
EUR	1,110,000		2.125		10/25/51	692,334
$	1,250,000		6.338		05/04/53	1,149,375
	2,125,000		3.771		05/24/61	1,251,625
	760,000		3.750		04/19/71	431,680

						9,231,300


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Mongolia – 0.7%
Mongolia Government International Bonds (B+/B2u)
$	700,000		3.500	%	07/07/27	$ 654,369
	460,000		3.500	^(a)	07/07/27	430,014
	720,000		8.650	^(a)	01/19/28	753,300
	400,000		8.650		01/19/28	418,500
	200,000		7.875	^(a)	06/05/29	207,500

						2,463,683

Morocco – 0.9%
Morocco Government International Bonds (BB+/Ba1u)
	420,000		2.375	^(a)	12/15/27	395,325
	270,000		2.375		12/15/27	254,138
	670,000		5.950	^(a)	03/08/28	686,415
EUR	100,000		1.500	^(a)	11/27/31	101,267
$	490,000		3.000	^(a)	12/15/32	414,785
	280,000		6.500		09/08/33	294,613
	1,230,000		4.000		12/15/50	834,862
Morocco Government International Bonds (BB+/NR)
	510,000		5.500		12/11/42	455,972

						3,437,377

Nigeria – 2.5%
Nigeria Government International Bonds (B-/B3)
	1,815,000		6.500		11/28/27	1,796,850
	1,320,000		6.125		09/28/28	1,256,482
	1,070,000		8.375		03/24/29	1,076,687
	1,518,000		7.143		02/23/30	1,442,571
	310,000		9.625	^(a)	06/09/31	323,854
	1,320,000		7.875		02/16/32	1,249,380
	310,000		10.375	^(a)	12/09/34	325,810
	690,000		7.696	^(a)	02/23/38	595,470
	520,000		7.625		11/28/47	415,350
	1,215,000		8.250		09/28/51	1,006,141

						9,488,595

Oman – 2.4%
Oman Government International Bonds (BBB-/Ba1)
	1,500,000		6.500		03/08/47	1,518,000
Oman Government International Bonds (NR/Ba1)
	740,000		6.750	^(a)	10/28/27	771,717
	1,840,000		5.625		01/17/28	1,882,320
	1,580,000		6.000		08/01/29	1,653,470
	520,000		6.250		01/25/31	551,314
	680,000		7.375	^(a)	10/28/32	768,808
	1,420,000		6.750	^(a)	01/17/48	1,463,310
	250,000		6.750		01/17/48	257,625

						8,866,564

Pakistan – 1.2%
Pakistan Government International Bonds (CCC+/Caa2)
	1,170,000		6.875		12/05/27	1,105,650
	500,000		7.875		03/31/36	408,750

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Pakistan – (continued)
Pakistan Government International Bonds (NR/Caa2)
$	320,000		8.250	%	09/30/25	$ 319,245
	1,210,000		7.375		04/08/31	1,077,202
	1,480,000		8.875		04/08/51	1,210,908
Pakistan Water & Power Development Authority (CCC+/NR)
	590,000		7.500		06/04/31	472,000

						4,593,755

Panama – 1.6%
Panama Government International Bonds (BBB-/Baa3)^(b)
	470,000		6.875		01/31/36	468,590
	1,510,000		4.500		04/16/50	1,016,320
	1,530,000		4.500		04/01/56	994,022
	3,101,000		3.870		07/23/60	1,767,570
	570,000		4.500		01/19/63	365,869
Panama Notas del Tesoro (BBB-/Baa3)
	1,460,000		3.750		04/17/26	1,446,670

						6,059,041

Paraguay – 1.3%
Paraguay Government International Bonds (BB+/Baa3)
	605,000		4.700	^(a)	03/27/27	603,487
	340,000		4.950	^(a)(b)	04/28/31	337,790
	2,509,000		2.739	^(a)(b)	01/29/33	2,137,066
	1,390,000		5.400	^(b)	03/30/50	1,189,145
	480,000		6.650	^(a)(b)	03/04/55	480,000

						4,747,488

Peru – 1.9%
Peru Government Bonds (BBB/Baa1)
PEN	3,040,000		6.150		08/12/32	885,910
	2,770,000		5.400		08/12/34	737,887
Peru Government International Bonds (BBB-/Baa1)
EUR	580,000		1.250	^(b)	03/11/33	568,350
$	840,000		5.375	^(b)	02/08/35	838,572
	190,000		6.550		03/14/37	205,956
	550,000		5.625		11/18/50	523,534
	1,580,000		2.780	^(b)	12/01/60	848,460
	200,000		3.600	^(b)	01/15/72	123,176
	2,390,000		3.230	^(b)	07/28/21^(g)	1,283,430
Peru Government International Bonds (NR/Baa1)
	1,100,000		5.500	^(b)	03/30/36	1,102,200

						7,117,475

Poland – 1.4%
Bank Gospodarstwa Krajowego (NR/A2)
	1,380,000		6.250	^(a)(e)	10/31/28	1,450,863
Republic of Poland Government International Bonds (A-/A2)^(b)
	1,260,000		5.375		02/12/35	1,283,940
	690,000		5.500		04/04/53	641,873
	1,840,000		5.500		03/18/54	1,702,000

						5,078,676


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Romania – 2.3%
Romania Government International Bonds (BBB-/Baa3)
$	1,420,000		6.625	%^(a)	02/17/28	$ 1,464,091
	450,000		6.625		02/17/28	463,972
EUR	380,000		6.625		09/27/29	481,585
	250,000		3.624		05/26/30	279,672
$	560,000		3.000		02/14/31	478,520
	1,050,000		3.000	^(a)	02/14/31	897,225
EUR	260,000		5.375		03/22/31	307,546
$	20,000		3.625	^(a)	03/27/32	17,144
	1,240,000		6.375		01/30/34	1,213,960
	1,080,000		5.750		03/24/35	999,410
EUR	140,000		3.375		01/28/50	99,443
$	1,340,000		4.000		02/14/51	839,808
	740,000		7.625	^(a)	01/17/53	749,946
	460,000		7.625		01/17/53	466,182

						8,758,504

Rwanda – 0.2%
Rwanda International Government Bonds (B+/B2)
	810,000		5.500		08/09/31	688,500

Saudi Arabia – 1.3%
Saudi Government International Bonds (NR/Aa3)
	810,000		4.500		10/26/46	665,723
	1,160,000		4.625		10/04/47	964,609
	1,270,000		3.250		11/17/51	809,625
	1,360,000		5.000	^(a)	01/18/53	1,154,640
	1,060,000		5.750		01/16/54	1,009,279
	200,000		3.750		01/21/55	136,000

						4,739,876

Senegal – 0.4%
Senegal Government International Bonds (B/B3)
EUR	230,000		4.750		03/13/28	214,034
$	1,180,000		7.750		06/10/31	866,934
	400,000		6.250		05/23/33	260,400
	200,000		6.750		03/13/48	119,750

						1,461,118

Serbia – 1.0%
Serbia International Bonds (BBB-/Ba2)
	1,920,000		2.125		12/01/30	1,618,620
EUR	240,000		1.650		03/03/33	231,733
$	680,000		6.500	^(a)	09/26/33	714,513
	460,000		6.500		09/26/33	483,347
	480,000		6.000	^(a)	06/12/34	483,780
EUR	290,000		2.050		09/23/36	258,555

						3,790,548

South Africa – 2.6%
Republic of South Africa Government Bonds (BB/Ba2)
ZAR	8,230,000		8.500		01/31/37	404,337
	4,910,000		9.000		01/31/40	239,618

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
South Africa – (continued)
Republic of South Africa Government International Bonds (BB-/Ba2)
$	2,220,000		4.850	%	09/30/29	$ 2,135,018
	290,000		5.875		06/22/30	288,840
	1,290,000		5.875		04/20/32	1,258,801
	590,000		7.100	^(a)	11/19/36	583,953
	530,000		6.250		03/08/41	460,570
	1,140,000		5.375		07/24/44	863,550
	430,000		5.000		10/12/46	300,463
	1,130,000		5.750		09/30/49	848,630
	900,000		7.300		04/20/52	810,900
	390,000		7.950	^(a)	11/19/54	371,670
	200,000		7.950		11/19/54	190,600
Republic of South Africa Government International Bonds (NR/Ba2)
	1,340,000		5.650		09/27/47	1,007,680

						9,764,630

Sri Lanka – 1.3%
Sri Lanka Government International Bonds (CCC+/Caa1)^(a)
	631,576		4.000		04/15/28	591,787
	861,204		3.600	^(c)	06/15/35	587,449
Sri Lanka Government International Bonds (NR/Caa1)^(c)
	750,232		3.100	^(a)	01/15/30	668,085
	120,000		3.100		01/15/30	106,861
	1,635,421		3.350	^(a)	03/15/33	1,320,602
	747,693		3.600	^(a)	05/15/36	607,501
	1,295,891		3.600	^(a)	02/15/38	1,055,665

						4,937,950

Trinidad and Tobago^(a)(b)– 0.6%
Trinidad & Tobago Government International Bonds (BBB-/Ba2)
	1,560,000		4.500		06/26/30	1,463,483
	900,000		6.400		06/26/34	883,800

						2,347,283

Turkey – 4.0%
Republic of Turkiye (NR/B1)
	290,000		6.500		01/03/35	273,688
Turkiye Government International Bonds (NR/B1)
	780,000		5.250		03/13/30	742,365
	2,200,000		5.950		01/15/31	2,115,300
	1,280,000		5.875		06/26/31	1,217,920
	1,100,000		7.125		02/12/32	1,100,066
	1,530,000		7.125		07/17/32	1,528,133
	2,550,000		6.500		09/20/33	2,442,262
	1,902,000		7.625		05/15/34	1,949,550
	1,750,000		6.000		01/14/41	1,442,875
	980,000		4.875		04/16/43	690,655
	2,000,000		5.750		05/11/47	1,499,500

						15,002,314

Ukraine – 1.4%
Ukraine Government International Bonds (CCC+/NR)
	150,000		1.750	^(c)	02/01/35	76,200
Ukraine Government International Bonds (CCC+/NR)^(c)
	223,742		0.000	^(a)	02/01/30	107,002
	1,456,099		0.000	^(a)	02/01/34	557,686


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Ukraine – (continued)
Ukraine Government International Bonds (CCC+/NR)^(c)– (continued)
$	1,697,309		1.750	%^(a)	02/01/34	$ 874,114
	400,000		1.750		02/01/34	206,000
	576,562		0.000	^(a)	02/01/35	270,173
	2,588,223		1.750	^(a)	02/01/35	1,314,817
	232,801		0.000	^(a)	02/01/36	108,835
	1,800,485		1.750	^(a)	02/01/36	893,491
	420,000		1.750		02/01/36	208,425
Ukraine Government International Bonds (D/NR)
	648,000		7.750	^(b)(h)	08/01/41	463,320

						5,080,063

United Arab Emirates – 0.5%
Abu Dhabi Government International Bonds (AA/NR)
	360,000		5.500	^(a)	04/30/54	357,300
Emirate of Dubai Government International Bonds (NR/NR)
	1,890,000		3.900		09/09/50	1,334,283

						1,691,583

Uruguay – 1.0%
Oriental Republic of Uruguay (BBB+/Baa1)
	520,000		5.250	^(b)	09/10/60	471,120
Uruguay Government International Bonds (BBB+/Baa1)
	1,925,920		5.750	^(b)	10/28/34	2,033,772
	1,410,000		4.975		04/20/55	1,249,260

						3,754,152

Uzbekistan – 1.5%
National Bank of Uzbekistan (BB-/NR)
	1,560,000		4.850		10/21/25	1,551,326
Republic of Uzbekistan International Bonds (BB-/Ba3)
EUR	310,000		5.375	^(a)	05/29/27	374,068
Republic of Uzbekistan International Bonds (BB-/NR)
$	550,000		7.850	^(a)	10/12/28	585,860
	1,120,000		5.375		02/20/29	1,098,720
	200,000		3.700	^(a)	11/25/30	177,750
	1,000,000		3.700		11/25/30	888,750
Republic of Uzbekistan International Bonds (NR/Ba3)
UZS	9,450,000,000		15.500	^(a)	02/25/28	757,647

						5,434,121

Venezuela^(f)– 0.4%
Venezuela Government International Bonds (NR/Cu)
$	176,000		11.750		10/21/26	35,200
	3,721,000		9.250		05/07/28	656,757
	1,920,000		11.950		08/05/31	361,920
Venezuela Government International Bonds (NR/WR)
	2,310,000		7.650		04/21/25	370,755

						1,424,632

Vietnam^(b)(e)– 0.1%
Viet Nam Debt & Asset Trading Corp. (NR/NR)
	280,000		1.000		10/10/25	273,582

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Zambia – 0.5%
Zambia Government International Bonds (CCC+/Caa2u)
$	461,147		5.750	%^(c)	06/30/33	$ 423,102
	2,167,926		0.500		12/31/53	1,468,770

						1,891,872

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $251,175,107)						$254,053,663



Corporate Obligations – 24.6%
Angola^(a)(b)– 0.2%
Azule Energy Finance PLC (NR/B2)
$	930,000		8.125	%	01/23/30	$ 916,050

Argentina^(a)(b)– 0.1%
YPF SA (NR/NR)
	520,000		8.250		01/17/34	523,016

Australia^(b)– 0.3%
Santos Finance Ltd. (BBB-/Baa3)
	363,000		6.875		09/19/33	396,356
Santos Finance Ltd. (BBB-/NR)
	680,000		5.250		03/13/29	686,154

						1,082,510

Bermuda^(a)(b)– 0.3%
Tengizchevroil Finance Co. International Ltd. (BBB-/Baa2)
	1,280,000		2.625		08/15/25	1,270,464

Brazil – 1.8%
Banco Bradesco SA (NR/Ba1)
	490,000		6.500	^(a)	01/22/30	507,885
Banco do Brasil SA (B-/NR) (10 yr. CMT + 4.398%)
	310,000		8.748	^(b)(h)	10/15/25	312,278
Brazil Minas SPE via State of Minas Gerais (BB/NR)
	1,050,000		5.333	^(a)(e)	02/15/28	1,040,434
BRF SA (NR/Ba2)
	860,000		4.875	^(b)	01/24/30	819,795
Itau Unibanco Holding SA (NR/Ba3) (5 yr. CMT + 3.446%)
	200,000		3.875	^(b)(h)	04/15/31	197,750
Raizen Fuels Finance SA (BBB/NR)^(a)(b)
	300,000		6.700		02/25/37	293,813
	200,000		6.950		03/05/54	185,300
Raizen Fuels Finance SA (BBB/NR)^(b)
	500,000		5.700	^(a)	01/17/35	468,125
	200,000		5.700		01/17/35	187,250
Rede D’or Finance SARL (BB+/NR)
	330,000		4.950	^(b)	01/17/28	325,669
Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%)
	971,518		9.500	^(b)(i)	06/30/31	952,695
Sitios Latinoamerica SAB de CV (NR/Baa3)
	390,000		5.375	^(b)	04/04/32	381,810
Vale Overseas Ltd. (BBB-/Baa2)^(b)
	710,000		6.125		06/12/33	741,467
	150,000		6.400		06/28/54	146,627

						6,560,898


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Chile – 1.4%
Banco del Estado de Chile (BBB-/Baa3)^(b)(h)
(5 yr. CMT + 3.228%)
$	600,000		7.950	%^(a)	05/02/29	$ 626,436
(5 yr. CMT + 3.228%)
	910,000		7.950		05/02/29	950,095
Corp. Nacional del Cobre de Chile (BBB+/Baa2)
	480,000		6.330	^(a)(b)	01/13/35	495,883
Empresa de los Ferrocarriles del Estado (A/NR)
	600,000		3.068	^(a)(b)	08/18/50	355,050
GNL Quintero SA (BBB+/Baa2)
	561,376		4.634		07/31/29	555,762
Inversiones CMPC SA (BBB/Baa3)^(b)
	200,000		3.850		01/13/30	189,750
	540,000		6.125	^(a)	06/23/33	554,008
Inversiones CMPC SA (BBB/NR)
	200,000		6.125	^(a)(b)	02/26/34	204,625
Latam Airlines Group SA (BBB-/Ba2)^(b)
	980,000		7.875	^(a)	04/15/30	995,219
	130,000		7.875		04/15/30	132,019

						5,058,847

China – 0.0%
China Aoyuan Group Ltd. (NR/NR)
	8,063		0.000	^(b)(d)	09/30/28	133
	35,892		5.500	⁽ⁱ⁾	09/30/31	431
	90,223		0.000	^(c)	12/31/99	677
Easy Tactic Ltd. (NR/NR)
	441,613		6.500	^(b)(f)	07/11/28	10,488
Fantasia Holdings Group Co. Ltd. (NR/NR)
	340,000		10.875	^(b)(f)	03/02/24	9,350
Fantasia Holdings Group Co. Ltd. (NR/WR)
	200,000		11.875	^(b)(f)	06/01/23	5,500
Redsun Properties Group Ltd. (NR/WR)
	220,000		9.700	^(b)(f)	04/16/23	3,300
Yuzhou Group Holdings Co. Ltd. (NR/WR) (-1X 5 yr. CMT + 8.527%)
	2,020,000		5.375	^(b)(f)(h)	09/29/25	30,300

						60,179

Colombia – 1.1%
Banco Davivienda SA (NR/NR) (5 yr. CMT + 4.588%)
	400,000		8.125	^(a)(b)(h)	07/02/35	402,320
Banco de Bogota SA (NR/Ba2)
	350,000		6.250	^(a)	05/12/26	351,050
	660,000		6.250		05/12/26	661,980
Bancolombia SA (NR/Ba3) (5 yr. CMT + 4.320%)
	550,000		8.625	^(b)(h)	12/24/34	577,615
Ecopetrol SA (BB/Ba1)^(b)
	110,000		8.625		01/19/29	116,202
	210,000		6.875		04/29/30	207,480
	20,000		4.625		11/02/31	16,830
	15,000		7.750		02/01/32	14,719
Grupo Nutresa SA (NR/Baa3)^(a)(b)
	1,454,000		8.000		05/12/30	1,523,792
	320,000		9.000	%	05/12/35	346,136

						4,218,124

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Czech Republic^(a)(b)– 0.2%
Czechoslovak Group AS (BB+/Ba1)
$	720,000		6.500	%	01/10/31	$ 725,850

Ghana^(a)(b)– 0.2%
Kosmos Energy Ltd. (CCC/Caa1u)
	730,000		7.750		05/01/27	644,181
	310,000		8.750		10/01/31	229,400

						873,581

Guatemala^(b)– 0.3%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2)
	1,000,000		5.250		04/27/29	968,800

Hong Kong⁽ⁱ⁾– 0.0%
Add Hero Holdings Ltd. (NR/NR)
(PIK 8.500%, Cash 7.500%)
	61,328		8.500		09/30/29	920
(PIK 9.000%, Cash 8.000%)
	49,828		9.000		09/30/30	747
(PIK 9.800%, Cash 8.800%)
	65,523		9.800		09/30/31	1,442

						3,109

India – 0.7%
Adani Electricity Mumbai Ltd. (BBB-/Baa3)
	262,000		3.949		02/12/30	233,835
Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3)
	270,000		4.375		07/03/29	252,788
CA Magnum Holdings (NR/B1)
	830,000		5.375	^(b)	10/31/26	822,717
JSW Hydro Energy Ltd. (NR/Ba1)
	631,900		4.125	^(b)	05/18/31	578,188
Reliance Industries Ltd. (BBB+/Baa2)
	770,000		2.875	^(a)	01/12/32	682,258

						2,569,786

Indonesia – 0.7%
Bank Negara Indonesia Persero Tbk. PT (NR/Ba3) (5 yr. CMT + 3.466%)
	278,000		4.300	^(b)(h)	03/24/27	266,185
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2)
	560,000		5.800	^(a)(b)	05/15/50	522,480
Pertamina Persero PT (BBB/Baa2)
	330,000		6.500		05/27/41	343,489
	920,000		6.000		05/03/42	904,949
Pertamina Persero PT (NR/Baa2)
	620,000		4.150	^(b)	02/25/60	432,791

						2,469,894


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Jamaica^(b)– 0.4%
Kingston Airport Revenue Finance Ltd. (BB/Ba3)
$	1,020,000		6.750	%^(a)	12/15/36	$ 1,028,925
	400,000		6.750		12/15/36	403,500

						1,432,425

Kazakhstan^(a)(b)– 0.4%
KazMunayGas National Co. JSC (NR/Baa1)
	1,840,000		3.500		04/14/33	1,588,159

Kuwait^(b)(h)– 0.1%
NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.875%)
	220,000		3.625		08/24/26	212,025

Luxembourg^(b)– 0.1%
Rede D’or Finance SARL (BB+/NR)
	256,000		4.500	^(a)	01/22/30	242,320
	302,000		4.500		01/22/30	285,862

						528,182

Malaysia^(b)– 0.8%
Petronas Capital Ltd. (A-/A2)
	920,000		3.500		04/21/30	883,899
	1,130,000		5.340	^(a)	04/03/35	1,156,566
	1,020,000		4.550	^(a)	04/21/50	864,226

						2,904,691

Mexico – 4.3%
Banco Mercantil del Norte SA (BB-/Ba2)^(a)(b)(h)
(10 yr. CMT + 4.299%)
	1,100,000		8.750		05/20/35	1,111,550
(5 yr. CMT + 4.643%)
	790,000		5.875		01/24/27	771,237
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%)
	550,000		5.125	^(a)(b)(h)	01/18/33	529,034
Bimbo Bakeries USA, Inc. (BBB+/Baa1)^(a)(b)
	1,060,000		6.050		01/15/29	1,105,527
	340,000		6.400		01/15/34	363,494
	340,000		5.375		01/09/36	335,920
Cemex SAB de CV (BBB-/NR)
	400,000		5.450	^(b)	11/19/29	401,200
Cemex SAB de CV (NR/NR) (5 yr. CMT + 3.520%)
	880,000		7.200	^(a)(b)(h)	06/10/30	890,120
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3)^(b)
	248,563		7.250	^(a)	01/31/41	251,303
	715,860		7.250		01/31/41	723,753
Mexico City Airport Trust (BBB/Baa3)^(b)
	620,000		4.250	^(a)	10/31/26	615,350
	1,310,000		3.875	^(a)	04/30/28	1,270,045
	280,000		5.500	^(a)	10/31/46	231,245
	522,000		5.500		10/31/46	431,107
	1,109,000		5.500		07/31/47	914,010

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Mexico – (continued)
Petroleos Mexicanos (BBB/B3)
$	514,000		6.490	%^(b)	01/23/27	$ 510,402
	180,000		6.500		03/13/27	178,740
	240,000		5.350		02/12/28	230,604
	360,000		6.500		01/23/29	352,400
	320,000		8.750	^(b)	06/02/29	330,746
	330,000		6.840	^(b)	01/23/30	318,417
	654,000		5.950	^(b)	01/28/31	589,646
	170,000		6.700	^(b)	02/16/32	157,828
	240,000		6.375		01/23/45	168,571
	370,000		5.625		01/23/46	244,200
	1,550,000		6.750		09/21/47	1,122,820
	1,210,000		6.350		02/12/48	842,039
	1,673,000		6.950	^(b)	01/28/60	1,202,720

						16,194,028

Morocco^(b)– 0.9%
OCP SA (BB+/Baa3)
	1,190,000		6.750	^(a)	05/02/34	1,231,103
	1,320,000		7.500		05/02/54	1,315,340
OCP SA (BB+/NR)
	1,150,000		5.125		06/23/51	872,562

						3,419,005

Netherlands – 0.6%
Minejesa Capital BV (NR/Baa3)
	292,078		4.625		08/10/30	285,506
MV24 Capital BV (BB+/NR)
	739,643		6.748	^(a)	06/01/34	716,352
NE Property BV (BBB/NR)^(b)
EUR	530,000		1.875		10/09/26	616,223
	450,000		3.375		07/14/27	533,624

						2,151,705

Nigeria^(a)(b)– 0.2%
IHS Holding Ltd. (B+/NR)
$	400,000		6.250		11/29/28	389,750
	360,000		8.250		11/29/31	363,377

						753,127

Norway^(b)– 0.3%
DNO ASA (NR/NR)
	1,000,000		8.500		03/27/30	996,205

Panama^(a)– 1.2%
Aeropuerto Internacional de Tocumen SA (BBB-/Baa3)^(b)
	940,000		4.000		08/11/41	708,525
	2,130,000		5.125		08/11/61	1,502,715
Autoridad del Canal de Panama (BBB+/A3)
	380,000		4.950		07/29/35	357,265
Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2)
	1,970,000		2.375	^(b)	09/14/25	1,957,648

						4,526,153

Peru^(a)– 0.4%
Atlantica Transmision Sur SA (BBB-/NR)
	690,382		6.875		04/30/43	724,763
Kallpa Generacion SA (NR/Baa3)
	310,000		5.875	^(b)	01/30/32	316,563


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Peru^(a)– (continued)
Niagara Energy SAC (BBB-/Baa3)
$	610,000		5.746	%^(b)	10/03/34	$ 602,756

						1,644,082

Qatar^(a)(b)– 0.0%
QatarEnergy (AA/Aa2)
	207,000		3.300		07/12/51	139,751

Saudi Arabia – 0.5%
EIG Pearl Holdings SARL (NR/Aa3)
	943,010		3.545		08/31/36	838,985
Saudi Arabian Oil Co. (NR/Aa3)
	1,030,000		5.750	^(a)(b)	07/17/54	959,239

						1,798,224

Serbia^(b)– 0.2%
Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR)
	200,000		7.000		10/28/29	199,575
Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR)
	420,000		7.000	^(a)	10/28/29	419,107

						618,682

South Africa – 1.7%
Eskom Holdings SOC Ltd. (BB-/Ba2)^(e)
	1,920,000		4.314		07/23/27	1,868,640
	520,000		6.350		08/10/28	525,850
Sasol Financing USA LLC (BB+/Ba1)
	1,110,000		4.375	^(b)	09/18/26	1,087,800
Transnet SOC Ltd. (BB-/Ba3)
	1,260,000		8.250	^(a)	02/06/28	1,303,709
	650,000		8.250		02/06/28	672,549
Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (BBB-/Baa3)
	920,000		5.854	^(a)(b)	05/13/32	936,946

						6,395,494

Turkey^(a)– 0.9%
Akbank TAS (NR/B1)
	1,230,000		7.498		01/20/30	1,246,912
Turkiye Garanti Bankasi AS (NR/B2) (5 yr. CMT + 4.090%)
	950,000		8.375	^(b)(h)	02/28/34	964,345
Yapi ve Kredi Bankasi AS (NR/NR)
	630,000		7.250		03/03/30	628,898
Yapi ve Kredi Bankasi AS (NR/B3) (5 yr. CMT + 5.278%)
	370,000		9.250	^(b)(h)	01/17/34	384,064

						3,224,219

United Arab Emirates – 2.8%
Abu Dhabi Crude Oil Pipeline LLC (AA/NR)
	2,280,000		4.600	^(a)	11/02/47	2,037,750
Adnoc Murban Rsc Ltd. (AA/Aa2)
	760,000		5.125	^(a)(b)	09/11/54	688,275
DP World Crescent Ltd. (NR/Baa2)
	1,510,000		5.500	^(a)	05/08/35	1,519,437
DP World Ltd. (NR/Baa2)
	2,401,000		5.625		09/25/48	2,238,182
	730,000		4.700	^(b)	09/30/49	598,828

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
United Arab Emirates – (continued)
Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2)
$	375,947		2.160	%^(a)	03/31/34	$ 332,570
	580,000		2.625		03/31/36	491,550
	2,010,000		3.250		09/30/40	1,559,881
NBK Tier 1 Financing 2 Ltd. (NR/Baa3) (6 yr. CMT + 2.832%)
	1,140,000		4.500	^(a)(b)(h)	08/27/25	1,134,300

						10,600,773

Uzbekistan^(a)– 0.4%
Navoi Mining & Metallurgical Combinat (BB-/NR)
	200,000		6.750		05/14/30	203,100
Navoi Mining & Metallurgical Combinat (BB-/NR)
	520,000		6.700		10/17/28	531,539
	610,000		6.950		10/17/31	623,731

						1,358,370

Venezuela^(f)– 0.9%
Petroleos de Venezuela SA (NR/NR)
	13,100,000		6.000		05/16/24	1,644,050
	77,934		6.000		11/15/26	9,859
	2,570,000		5.375		04/12/27	322,535
	9,920,000		5.375		04/12/27	1,244,960
	2,180,000		5.500		04/12/37	268,140

						3,489,544

Zambia^(a)(b)– 0.2%
First Quantum Minerals Ltd. (B/NR)
	600,000		8.625		06/01/31	621,312

TOTAL CORPORATE OBLIGATIONS (Cost $100,246,773)						$ 91,897,264



Shares		Description	Value

	Common Stocks^(a)– 0.0%
	China – 0.0%
	224,816	Sunac Services Holdings Ltd. Real Estate Management & Development	$ 49,621
	(Cost $386,761)


Shares	Dividend Rate			Value

Investment Company^(j)– 4.5%
Goldman Sachs Financial Square Government Fund — Institutional Shares
16,743,810		4.231	%	$ 16,743,810
(Cost $ 16,743,810)

TOTAL INVESTMENTS – 97.1% (Cost $ 368,552,451)				$362,744,358

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.9%				10,877,556

NET ASSETS – 100.0%				$373,621,914



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

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(b)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(c)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025.

(d)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(e)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $5,964,679, which represents approximately 1.6% of the Fund’s net assets as of June 30, 2025.

(f)		Security is currently in default and/or non-income producing.

(g)		Actual maturity date is July 28, 2121.

(h)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025.

(i)		Pay-in-kind securities.

(j)		Represents an affiliated issuer.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain

JPMorgan Securities, Inc.	AUD	1,362,814	NZD	1,470,411		07/11/25		$ 488
	AUD	455,830	USD	296,434		07/11/25		3,625
	AUD	1,889,874	USD	1,223,694		07/24/25		20,733
	AUD	1,963,244	USD	1,278,072		08/07/25		15,042
	AUD	4,871,657	USD	3,164,140		09/17/25		47,361
	AUD	1,128,474	USD	732,405		12/17/25		12,912
	BRL	8,366,513	USD	1,457,923		07/02/25		81,227
	BRL	8,366,513	USD	1,499,359		08/04/25		27,152
	BRL	412,000	USD	71,699		09/17/25		2,659
	CAD	635,181	USD	465,218		07/11/25		1,503
	CAD	4,666,410	USD	3,427,044		09/17/25		13,274
	CHF	597,874	EUR	638,753		07/11/25		1,609
	CHF	2,262,340	USD	2,786,231		09/17/25		93,243
	CLP	125,343,600	USD	134,000		07/28/25		545
	CLP	136,174,843	USD	143,393		09/17/25		2,751
	CNH	7,784,695	USD	1,085,368		07/07/25		2,771
	CNH	8,022,437	USD	1,118,097		07/09/25		3,461
	CNH	14,091,162	USD	1,936,208		07/10/25		33,937
	CNH	6,372,059	USD	890,346		07/11/25		633
	CNH	15,252,731	USD	2,098,829		07/14/25		34,429
	CNH	3,425,481	USD	478,185		07/23/25		1,264
	CNH	8,078,627	USD	1,128,773		08/06/25		3,140
	CNH	44,501,366	USD	6,234,287		09/17/25		21,774
	CNH	587,672	USD	81,311		09/18/25		1,312
	CNH	2,213,009	USD	310,149		09/22/25		1,095
	COP	188,661,197	USD	45,159		09/17/25		521
	CZK	97,300,919	USD	4,499,324		09/17/25		147,407
	CZK	3,202,822	USD	148,010		12/17/25		5,387
	EUR	2,781,364	GBP	2,373,469		07/11/25		20,690
	EUR	653,796	PLN	2,772,144		07/11/25		1,823
	EUR	1,183,371	SEK	13,107,083		07/11/25		8,591
	EUR	1,045,268	USD	1,192,860		07/07/25		38,981
	EUR	2,679,678	USD	3,077,712		07/16/25		82,392
	EUR	788,082	USD	901,172		07/22/25		28,619
	EUR	910,529	USD	1,043,547		07/23/25		30,788
	EUR	2,252,542	USD	2,616,108		07/28/25		42,665
	EUR	1,021,727	USD	1,200,019		08/04/25		6,460
	EUR	217,034	USD	254,689		08/11/25		1,704
	EUR	1,045,743	USD	1,178,866		08/19/25		57,157
	EUR	1,047,145	USD	1,193,312		08/20/25		44,447
	EUR	4,435,049	USD	5,095,576		09/17/25		155,947
	EUR	557,973	USD	635,519		09/18/25		25,217
	EUR	634,763	USD	699,064		09/19/25		52,653
	EUR	543,953	USD	635,940		12/17/25		11,839
	GBP	905,307	USD	1,216,732		07/21/25		26,062
	GBP	2,301,559	USD	3,113,913		09/17/25		46,913
	GBP	174,319	USD	235,486		12/17/25		4,005
	HUF	531,293,632	USD	1,497,326		09/17/25		62,235
	ILS	4,814,356	USD	1,363,708		09/17/25		67,044
	ILS	671,677	USD	183,091		09/18/25		16,525
	INR	61,350,243	USD	712,536		07/03/25		2,943
	INR	69,645,964	USD	808,113		07/07/25		4,275
	INR	62,333,372	USD	719,676		07/09/25		7,340

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain

JPMorgan Securities, Inc. (continued)	INR	31,373,373	USD	364,892		07/28/25	$	675
	INR	17,408,033	USD	202,137		08/14/25		551
	INR	105,460,819	USD	1,223,986		09/17/25		2,005
	JPY	81,648,722	USD	569,377		08/05/25		12
	JPY	104,916,698	USD	730,742		09/17/25		4,285
	JPY	52,829,164	USD	371,666		12/17/25		2,136
	KRW	396,086,686	USD	291,096		07/02/25		2,206
	KRW	201,589,303	USD	147,000		07/07/25		2,044
	KRW	111,856,833	USD	82,054		07/09/25		658
	KRW	197,472,025	USD	145,946		07/11/25		96
	KRW	210,064,942	USD	155,246		07/16/25		163
	KRW	180,313,528	USD	132,691		07/28/25		821
	KRW	883,302,004	USD	646,449		09/10/25		9,273
	KRW	2,962,576,094	USD	2,191,764		09/17/25		8,469
	KRW	120,759,710	USD	87,432		09/18/25		2,259
	KRW	188,046,272	USD	140,301		12/17/25		111
	MXN	8,526,974	USD	439,535		07/17/25		14,030
	MXN	14,686,744	USD	769,728		08/12/25		9,335
	MXN	22,480,123	USD	1,167,964		09/17/25		20,121
	NOK	6,914,409	USD	684,371		09/17/25		1,954
	NZD	620,828	AUD	575,000		07/11/25		56
	NZD	3,174,301	USD	1,912,063		07/07/25		23,241
	NZD	710,934	USD	428,351		07/11/25		5,154
	NZD	2,780,753	USD	1,671,179		07/14/25		24,622
	NZD	1,392,132	USD	837,368		07/17/25		11,696
	NZD	3,644,186	USD	2,191,500		07/28/25		31,989
	NZD	2,986,536	USD	1,781,446		07/30/25		40,914
	NZD	2,064,432	USD	1,236,595		08/04/25		23,275
	NZD	4,956,966	USD	2,967,520		08/06/25		57,794
	NZD	5,403,328	USD	3,261,941		09/17/25		40,345
	PLN	3,440,768	EUR	807,974		07/11/25		1,878
	PLN	7,467,475	USD	2,006,687		09/17/25		61,262
	SEK	12,785,464	USD	1,343,819		09/17/25		14,569
	SGD	973,235	USD	761,759		07/11/25		4,309
	SGD	3,508,623	USD	2,750,839		09/17/25		24,399
	TRY	145,603,488	USD	3,356,308		09/17/25		54,032
	TWD	7,833,700	USD	266,000		07/25/25		4,764
	TWD	11,247,036	USD	384,612		09/17/25		9,095
	TWD	2,476,179	USD	85,883		12/17/25		2,336
	USD	151,609	CAD	204,312		12/17/25		333
	USD	514,378	CNH	3,657,041		09/17/25		266
	USD	53,178	GBP	38,637		12/17/25		95
	USD	355,073	INR	30,373,572		07/09/25		816
	USD	261,179	INR	22,369,590		08/01/25		564
	USD	104,993	INR	9,024,583		09/17/25		81
	USD	298,946	INR	25,803,823		12/17/25		440
	USD	70,647	JPY	10,079,483		09/17/25		32
	USD	95,446	JPY	13,479,141		09/18/25		1,003
	USD	243,384	JPY	34,312,032		12/17/25		603
	USD	93,357	KRW	125,955,658		07/09/25		219
	USD	155,431	KRW	210,064,942		07/16/25		22
	USD	277,295	KRW	370,956,161		12/17/25		307

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty

Currency

Purchased

Currency

Sold

Settlement

Date

Unrealized

Gain

JPMorgan Securities, Inc. (continued)

USD

266,109

SEK

2,497,837

09/17/25

$ 727

USD

146,004

TWD

4,198,265

07/25/25

895

ZAR

5,124,865

USD

286,912

09/17/25

913

TOTAL

$ 1,952,820

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss

JPMorgan Securities, Inc.	AUD	1,109,358	NZD	1,198,608		07/11/25		$ (617	)
	CAD	844,408	USD	625,120		09/17/25		(2,578	)
	EUR	530,279	CHF	496,426		07/11/25		(1,441	)
	EUR	326,627	SEK	3,642,550		07/11/25		(253	)
	GBP	1,072,245	EUR	1,256,291		07/11/25		(9,080	)
	GBP	187,659	EUR	219,948		09/17/25		(2,720	)
	GBP	38,649	USD	53,178		09/17/25		(99	)
	INR	32,714,084	USD	381,683		07/03/25		(165	)
	INR	62,014,403	USD	724,073		07/14/25		(961	)
	INR	24,878,543	USD	290,493		07/16/25		(429	)
	INR	63,835,189	USD	744,000		07/31/25		(259	)
	INR	4,065,933	USD	47,666		08/14/25		(325	)
	INR	173,915,729	USD	2,025,943		09/17/25		(4,157	)
	JPY	174,527,469	USD	1,244,480		08/05/25		(27,386	)
	JPY	278,762,568	USD	1,958,101		09/17/25		(5,146	)
	JPY	16,257,308	USD	115,424		09/18/25		(1,516	)
	JPY	9,982,392	USD	70,647		12/17/25		(15	)
	KRW	335,865,499	USD	248,887		07/09/25		(532	)
	KRW	99,863,740	USD	74,000		07/16/25		(119	)
	KRW	1,572,290,561	USD	1,168,014		09/17/25		(313	)
	NOK	8,534,279	USD	852,914		09/17/25		(5,801	)
	NZD	1,610,288	AUD	1,494,732		07/11/25		(2,033	)
	PLN	1,952,924	EUR	460,184		07/11/25		(809	)
	RON	10,140,530	EUR	1,991,698		09/17/25		(18,576	)
	SEK	3,471,550	EUR	313,815		07/11/25		(2,732	)
	SEK	220,652	EUR	20,109		07/14/25		(365	)
	TWD	4,198,265	USD	145,238		07/07/25		(988	)
	TWD	3,134,927	USD	109,766		07/31/25		(1,231	)
	TWD	3,373,440	USD	117,973		08/01/25		(1,151	)
	USD	828,660	AUD	1,269,302		07/11/25		(6,883	)
	USD	1,173,101	AUD	1,818,251		07/24/25		(24,164	)
	USD	4,096,388	AUD	6,296,805		09/17/25		(54,598	)
	USD	1,562,528	BRL	8,661,988		07/02/25		(30,979	)
	USD	131,912	BRL	741,709		09/17/25		(1,951	)
	USD	1,189,341	CAD	1,628,403		07/11/25		(7,181	)
	USD	1,969,080	CAD	2,706,584		09/17/25		(26,354	)
	USD	149,910	CAD	204,071		12/17/25		(1,187	)
	USD	2,989,509	CHF	2,443,550		09/17/25		(120,606	)
	USD	455,670	CHF	364,520		12/17/25		(13,579	)
	USD	170,484	CLP	159,587,197		09/17/25		(787	)
	USD	1,085,281	CNH	7,782,225		07/07/25		(2,514	)

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss

JPMorgan Securities, Inc. (continued)	USD	1,185,568	CNH	8,502,417		07/09/25		$ (3,092	)
	USD	1,230,539	CNH	8,929,370		07/10/25		(17,913	)
	USD	1,087,192	CNH	7,784,346		07/11/25		(1,261	)
	USD	2,321,216	CNH	16,965,144		07/14/25		(51,542	)
	USD	443,071	CNH	3,225,997		07/23/25		(8,458	)
	USD	4,026,379	CNH	28,748,126		09/17/25		(15,074	)
	USD	82,282	CNH	587,982		09/18/25		(385	)
	USD	443,071	CNH	3,212,262		09/22/25		(8,712	)
	USD	714,858	CNH	5,058,527		12/17/25		(985	)
	USD	31,264	COP	130,310,610		09/17/25		(288	)
	USD	1,754,285	CZK	37,871,366		09/17/25		(54,312	)
	USD	532,794	CZK	11,494,088		12/17/25		(17,708	)
	USD	4,139,997	EUR	3,560,653		07/07/25		(56,206	)
	USD	1,280,243	EUR	1,094,231		07/11/25		(9,685	)
	USD	1,342,360	EUR	1,157,192		07/16/25		(22,300	)
	USD	407,077	EUR	350,687		07/22/25		(6,668	)
	USD	324,800	EUR	277,133		07/23/25		(2,190	)
	USD	461,626	EUR	393,208		07/28/25		(2,495	)
	USD	678,675	EUR	591,747		08/19/25		(20,745	)
	USD	12,950,801	EUR	11,268,931		09/17/25		(392,692	)
	USD	886,905	EUR	799,882		09/19/25		(60,355	)
	USD	526,385	EUR	446,462		12/17/25		(5,295	)
	USD	1,198,012	GBP	880,429		07/21/25		(10,629	)
	USD	3,315,617	GBP	2,479,952		09/17/25		(90,207	)
	USD	35,951	GBP	26,369		12/17/25		(276	)
	USD	775,494	HUF	272,665,855		09/17/25		(24,891	)
	USD	1,042,850	ILS	3,629,009		09/17/25		(35,637	)
	USD	191,251	ILS	671,613		09/18/25		(8,346	)
	USD	455,591	ILS	1,616,816		12/17/25		(25,784	)
	USD	1,090,819	INR	93,996,319		07/03/25		(5,384	)
	USD	808,818	INR	69,513,863		07/07/25		(2,028	)
	USD	370,000	INR	31,787,440		07/09/25		(748	)
	USD	79,036	INR	6,779,581		07/11/25		(29	)
	USD	922,228	INR	79,552,171		07/16/25		(5,287	)
	USD	148,000	INR	12,832,399		07/25/25		(1,547	)
	USD	1,942,609	INR	168,705,184		09/17/25		(18,604	)
	USD	1,691,550	JPY	254,118,284		08/05/25		(80,582	)
	USD	1,454,775	JPY	209,855,818		09/17/25		(15,432	)
	USD	230,651	JPY	33,180,943		09/18/25		(1,834	)
	USD	108,228	JPY	15,345,047		12/17/25		(349	)
	USD	290,673	KRW	396,086,686		07/02/25		(2,629	)
	USD	144,152	KRW	197,126,395		07/07/25		(1,593	)
	USD	236,484	KRW	322,143,116		07/09/25		(1,725	)
	USD	145,778	KRW	198,221,955		07/11/25		(817	)
	USD	281,071	KRW	382,917,554		07/14/25		(2,177	)
	USD	786,563	KRW	1,072,384,263		09/10/25		(9,525	)
	USD	1,125,696	KRW	1,559,244,566		09/17/25		(32,317	)
	USD	401,479	KRW	566,847,059		09/18/25		(19,530	)
	USD	359,077	KRW	483,308,745		12/17/25		(1,805	)
	USD	460,645	MXN	8,800,963		07/17/25		(7,494	)
	USD	4,756,953	MXN	91,771,832		09/17/25		(93,225	)
	USD	696,668	NOK	7,037,774		09/17/25		(1,902	)

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss

JPMorgan Securities, Inc. (continued)	USD	229,105	NOK	2,312,273		12/17/25	$	(496	)
	USD	888,555	NZD	1,470,144		07/07/25		(7,761	)
	USD	1,294,177	NZD	2,135,425		07/11/25		(7,937	)
	USD	1,747,260	NZD	2,918,911		07/14/25		(32,794	)
	USD	1,514,436	NZD	2,567,711		07/17/25		(51,615	)
	USD	2,929,669	NZD	4,939,587		07/28/25		(84,206	)
	USD	1,821,948	NZD	3,087,001		08/04/25		(61,969	)
	USD	4,386,354	NZD	7,235,636		09/17/25		(35,763	)
	USD	175,371	NZD	287,530		12/17/25		(832	)
	USD	127,007	PEN	459,754		09/23/25		(2,465	)
	USD	2,634,245	PLN	9,811,099		09/17/25		(82,719	)
	USD	1,069,621	SEK	10,246,051		09/17/25		(18,966	)
	USD	850,953	SGD	1,082,831		07/11/25		(1,381	)
	USD	277,158	SGD	354,287		09/17/25		(3,076	)
	USD	1,243,831	THB	40,339,801		09/17/25		(4,451	)
	USD	3,344,920	TRY	144,128,886		09/17/25		(30,882	)
	USD	141,000	TWD	4,198,265		07/07/25		(3,251	)
	USD	281,978	TWD	8,258,445		07/28/25		(3,750	)
	USD	708,921	TWD	20,682,271		09/17/25		(15,071	)
	USD	137,534	ZAR	2,474,231		07/18/25		(2,019	)
	USD	933,185	ZAR	16,650,887		09/17/25		(1,972	)

TOTAL							$	(2,096,650	)

FUTURES CONTRACTS — At June 30, 2025, 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	38	09/19/25	$	4,260,750		$	25,729
2 Year U.S. Treasury Notes	118	09/30/25		24,546,766			93,246
20 Year U.S. Treasury Bonds	80	09/19/25		9,237,500			226,993
5 Year U.S. Treasury Notes	77	09/30/25		8,393,000			69,790
Ultra 10-Year U.S. Treasury Notes	5	09/19/25		571,328			16,232

Total						$	431,990

Short position contracts:
Ultra Long U.S. Treasury Bonds	(43)	09/19/25		(5,122,375	)		(69,113	)

TOTAL FUTURES CONTRACTS						$	362,877

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

1M BID Average^(a)	13.750%^(a)	01/04/27	BRL	59,240		$	(35,784	)	$	(69,617	)	$	33,833
13.750%^(b)	1M BID Average^(b)	01/04/27	BRL	67,690			40,888			39,357			1,531
Mexico Interbank TIIE 28 Days^(c)	8.250%^(c)	09/15/27	MXN	28,250	^(d)		22,725			19,081			3,644
1M CNRR^(e)	1.500^(e)	09/17/27	CNY	117,500	^(d)		14,432			(9,806	)		24,238
12M THOR^(e)	1.750^(e)	09/17/27	THB	30,900	^(d)		10,816			2,315			8,501
8.250^(e)	12M CPIBR^(e)	09/17/27	COP	13,960,350	^(d)		3,809			(22,989	)		26,798
3.750^(a)	12M SOFR^(a)	09/17/27	$	1,400	^(d)		(10,776	)		(3,346	)		(7,430	)
6M PRIBOR^(f)	3.500^(a)	09/17/27	CZK	11,690	^(d)		(271	)		3,281			(3,552	)
7.500^(e)	3M JIBAR^(e)	09/17/27	ZAR	63,190	^(d)		(37,042	)		(52,413	)		15,371
2.500^(e)	3M KWCDC^(e)	09/17/27	KRW	1,682,690	^(d)		(3,091	)		(1,312	)		(1,779	)
6M WIBOR^(f)	4.750^(a)	09/17/27	PLN	12,310	^(d)		38,116			13,939			24,177
12M CLICP^(f)	5.500^(f)	09/17/27	CLP	408,090	^(d)		9,767			9,103			664
12M MIBOR^(f)	6.000^(f)	09/17/27	INR	659,580	^(d)		66,094			20,267			45,827
6M BUBOR^(f)	6.250^(a)	09/17/27	HUF	1,129,360	^(d)		15,989			32,120			(16,131	)
1.750^(a)	6M EURO^(f)	09/17/27	EUR	3,520	^(d)		20,073			18,957			1,116
4.250^(a)	6M WIBOR^(f)	09/17/27	PLN	21,160	^(d)		(10,947	)		(4,403	)		(6,544	)
1M BID Average^(a)	13.250^(a)	01/02/29	BRL	22,620			18,077			(11,521	)		29,598
1M BID Average^(a)	13.250^(a)	01/02/30		11,180			10,976			(41,448	)		52,424
13.250^(b)	1M BID Average^(b)	01/02/30		11,180			(10,976	)		11,564			(22,540	)
Mexico Interbank TIIE 28 Days^(c)	8.500^(c)	09/11/30	MXN	40,970	^(d)		73,032			67,667			5,365
2.000^(e)	12M THOR^(e)	09/17/30	THB	112,700	^(d)		(121,461	)		(36,814	)		(84,647	)
1.500^(e)	1M CNRR^(e)	09/17/30	CNY	40,880	^(d)		(7,071	)		26,490			(33,561	)
2.000^(a)	6M EURO^(f)	09/17/30	EUR	630	^(d)		9,987			9,132			855
3M JIBAR^(e)	8.000^(e)	09/17/30	ZAR	38,580	^(d)		56,402			33,361			23,041
12M CPIBR^(e)	8.750^(e)	09/17/30	COP	4,727,380	^(d)		1,715			23,868			(22,153	)
2.000^(a)	6M EURO^(f)	09/17/32	EUR	780	^(d)		26,013			23,423			2,590
3.750^(a)	6M PRIBOR^(f)	03/19/35	CZK	20,050			7,671			(73	)		7,744
Mexico Interbank TIIE 28 Days^(c)	8.750^(c)	09/05/35	MXN	20,650	^(d)		48,471			17,198			31,273
3.750^(a)	12M SOFR^(a)	09/17/35	$	1,690	^(d)		(10,160	)		12,268			(22,428	)
6M EURO^(f)	2.000^(a)	09/17/35	EUR	1,760	^(d)		(113,744	)		(102,737	)		(11,007	)
12M CLICP^(f)	5.750^(f)	09/17/35	CLP	1,375,040	^(d)		72,937			78,198			(5,261	)
6M BUBOR^(f)	6.750^(a)	09/17/35	HUF	99,370	^(d)		3,794			2,289			1,505
12M CPIBR^(e)	9.250^(e)	09/17/35	COP	792,920	^(d)		(752	)		6,463			(7,215	)
3M JIBAR^(e)	9.250^(e)	09/17/35	ZAR	23,050	^(d)		69,676			13,948			55,728
2.250^(a)	6M EURO^(f)	09/17/40	EUR	1,500	^(d)		118,438			102,076			16,362

TOTAL						$	397,823		$	229,886		$	167,937

(a)

Payments made annually.

(b)

Payments made at maturity.

(c)

Payments made at monthly.

(d)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

(e)

Payments made quarterly.

(f)

Payments made semi-annually.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at June 30, 2025^(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Purchased:
People’s Republic of China, 7.5%, 10/28/2027		(1.000)%		0.507%		06/20/30	$	2,000	$	(45,393	)	$	(45,477	)	$	84
Republic of Colombia, 10.375%, 1/28/2033		(1.000)		2.188		06/20/30		1,680		86,906			83,590			3,316

TOTAL									$	41,513		$	38,113		$	3,400

(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.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2025, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)

Purchased option contracts
Calls
Call USD/Put CNY	Barclays Bank PLC	$	7.190	08/04/2025		2,947,000	$	2,947,000	$	5,914	$	14,617	$	(8,703	)
Call USD/Put CNY	BNP Paribas SA (London)		7.217	07/07/2025		2,151,000		2,151,000		436		13,686		(13,250	)
Call USD/Put MXN	BofA Securities LLC		18.950	08/08/2025		1,492,000		1,492,000		16,498		19,545		(3,047	)
Call USD/Put CNY	Citibank NA		7.320	07/08/2025		3,106,000		3,106,000		28		30,574		(30,546	)
Call USD/Put CNY	Citibank NA		7.540	07/10/2025		3,082,000		3,082,000		—		22,020		(22,020	)
Call USD/Put CNY	Citibank NA		7.208	07/21/2025		774,000		774,000		686		13,160		(12,474	)
Call EUR/Put USD	Deutsche Bank AG		1.142	09/17/2025		1,421,000		1,421,000		65,470		19,306		46,164
Call USD/Put CNY	Deutsche Bank AG		7.480	07/10/2025		1,446,000		1,446,000		—		564		(564	)
Call USD/Put INR	HSBC Bank PLC		85.300	08/12/2025		721,000		721,000		7,972		8,035		(63	)
Call USD/Put CNY	JPMorgan Securities, Inc.		7.540	07/08/2025		3,091,000		3,091,000		—		21,776		(21,776	)
Call USD/Put CNY	JPMorgan Securities, Inc.		7.290	07/10/2025		3,110,000		3,110,000		168		34,107		(33,939	)
Call USD/Put TWD	Standard Chartered Bank		29.450	07/31/2025		2,985,000		2,985,000		11,412		14,513		(3,101	)

						26,326,000	$	26,326,000	$	108,584	$	211,903	$	(103,319	)

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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


Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)

Purchased option contracts – (continued)
Puts
Put USD/Call CNY	Barclays Bank PLC	$	7.070	07/10/2025		1,541,000	$	1,541,000	$	621	$	6,827	$	(6,206	)
Put AUD/Call USD	BNP Paribas SA (London)		0.637	07/22/2025		4,569,000		4,569,000		4,234		31,247		(27,013	)
Put AUD/Call USD	BNP Paribas SA (London)		0.648	08/05/2025		4,604,000		4,604,000		18,484		34,479		(15,995	)
Put EUR/Call USD	BNP Paribas SA (London)		1.167	07/31/2025		2,562,000		2,562,000		15,696		22,938		(7,242	)
Put EUR/Call USD	BNP Paribas SA (London)		1.165	08/07/2025		1,281,000		1,281,000		8,129		12,456		(4,327	)
Put EUR/Call USD	BNP Paribas SA (London)		1.118	08/15/2025		2,589,000		2,589,000		1,875		32,259		(30,384	)
Put EUR/Call USD	BNP Paribas SA (London)		1.137	08/18/2025		1,296,000		1,296,000		2,638		15,442		(12,804	)
Put EUR/Call USD	BNP Paribas SA (London)		1.156	08/18/2025		1,284,000		1,284,000		6,398		13,924		(7,526	)
Put USD/Call CAD	BNP Paribas SA (London)		1.362	08/06/2025		1,432,000		1,432,000		12,274		14,399		(2,125	)
Put EUR/Call USD	BofA Securities LLC		1.150	07/14/2025		2,587,000		2,587,000		1,599		19,300		(17,701	)
Put NZD/Call USD	BofA Securities LLC		0.598	07/03/2025		4,928,000		4,928,000		820		26,084		(25,264	)
Put NZD/Call USD	BofA Securities LLC		0.601	07/24/2025		4,917,000		4,917,000		13,703		29,378		(15,675	)
Put USD/Call JPY	BofA Securities LLC		144.100	08/01/2025		3,118,000		3,118,000		46,047		36,116		9,931
Put EUR/Call USD	Citibank NA		1.148	07/24/2025		2,587,000		2,587,000		3,909		21,816		(17,907	)
Put NZD/Call USD	Citibank NA		0.592	07/10/2025		4,868,000		4,868,000		1,745		28,102		(26,357	)
Put NZD/Call USD	Citibank NA		0.589	07/24/2025		2,434,000		2,434,000		2,180		20,879		(18,699	)
Put NZD/Call USD	Citibank NA		0.601	07/28/2025		4,980,000		4,980,000		15,157		29,758		(14,601	)
Put NZD/Call USD	Citibank NA		0.605	08/04/2025		7,419,000		7,419,000		37,340		49,051		(11,711	)
Put USD/Call CNY	Citibank NA		7.070	07/10/2025		1,541,000		1,541,000		621		3,298		(2,677	)
Put USD/Call JPY	Citibank NA		137.750	08/01/2025		1,823,000		1,823,000		4,669		33,343		(28,674	)
Put EUR/Call USD	Deutsche Bank AG		1.134	07/03/2025		2,567,000		2,567,000		3		19,214		(19,211	)
Put EUR/Call USD	Deutsche Bank AG		1.128	07/14/2025		2,582,000		2,582,000		137		24,602		(24,465	)
Put EUR/Call USD	Deutsche Bank AG		1.135	07/18/2025		1,934,000		1,934,000		634		16,512		(15,878	)
Put AUD/Call USD	HSBC Bank PLC		0.645	07/22/2025		4,582,000		4,582,000		8,960		28,828		(19,868	)
Put EUR/Call USD	HSBC Bank PLC		1.168	07/24/2025		1,921,000		1,921,000		10,436		16,378		(5,942	)
Put USD/Call CNY	HSBC Bank PLC		7.085	07/08/2025		3,091,000		3,091,000		1,094		10,029		(8,935	)
Put USD/Call INR	HSBC Bank PLC		85.300	08/12/2025		721,000		721,000		3,129		8,036		(4,907	)
Put EUR/Call USD	JPMorgan Securities, Inc.		1.063	09/17/2025		1,421,000		1,421,000		203		13,194		(12,991	)
Put NZD/Call USD	JPMorgan Securities, Inc.		0.603	07/24/2025		2,454,000		2,454,000		8,195		15,962		(7,767	)
Put EUR/Call USD	Standard Chartered Bank		1.111	07/14/2025		2,533,000		2,533,000		12		21,154		(21,142	)
Put EUR/Call USD	Standard Chartered Bank		1.151	07/24/2025		1,940,000		1,940,000		3,590		15,785		(12,195	)
Put NZD/Call USD	Standard Chartered Bank		0.603	07/10/2025		4,907,000		4,907,000		7,986		24,140		(16,154	)
Put NZD/Call USD	Standard Chartered Bank		0.588	07/28/2025		3,710,000		3,710,000		3,517		25,297		(21,780	)
Put NZD/Call USD	UBS AG (London)		0.597	07/31/2025		4,907,000		4,907,000		11,827		35,669		(23,842	)

						101,630,000	$	101,630,000	$	257,862	$	755,896	$	(498,034	)

Total purchased option contracts						127,956,000	$	127,956,000	$	366,446	$	967,799	$	(601,353	)

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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


Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)

Written option contracts Calls
Call EUR/Put PLN	Barclays Bank PLC	$	4.260	07/03/2025		(648,000	)	$	(648,000	)	$	(684	)	$	(4,709	)	$	4,025
Call USD/Put CNY	Barclays Bank PLC		7.217	07/07/2025		(2,151,000	)		(2,151,000	)		(437	)		(3,786	)		3,349
Call USD/Put CNY	Barclays Bank PLC		7.480	07/10/2025		(1,446,000	)		(1,446,000	)		—			(6,869	)		6,869
Call EUR/Put GBP	BNP Paribas SA (London)		0.843	07/09/2025		(648,000	)		(648,000	)		(14,362	)		(3,631	)		(10,731	)
Call USD/Put CNY	BNP Paribas SA (London)		7.290	07/10/2025		(1,555,000	)		(1,555,000	)		(84	)		(26,808	)		26,724
Call USD/Put INR	BNP Paribas SA (London)		85.300	08/12/2025		(721,000	)		(721,000	)		(7,972	)		(8,277	)		305
Call AUD/Put NZD	BofA Securities LLC		1.078	07/10/2025		(1,133,000	)		(1,133,000	)		(3,166	)		(3,833	)		667
Call AUD/Put NZD	BofA Securities LLC		1.079	07/24/2025		(1,144,000	)		(1,144,000	)		(3,713	)		(3,683	)		(30	)
Call EUR/Put CHF	BofA Securities LLC		0.939	07/09/2025		(645,000	)		(645,000	)		(1,229	)		(4,893	)		3,664
Call EUR/Put PLN	BofA Securities LLC		4.241	07/30/2025		(637,000	)		(637,000	)		(5,628	)		(4,196	)		(1,432	)
Call EUR/Put SEK	BofA Securities LLC		11.130	07/31/2025		(637,000	)		(637,000	)		(5,888	)		(5,313	)		(575	)
Call USD/Put CAD	BofA Securities LLC		1.364	07/30/2025		(746,000	)		(746,000	)		(3,989	)		(5,041	)		1,052
Call USD/Put CNY	BofA Securities LLC		7.208	07/21/2025		(774,000	)		(774,000	)		(686	)		(14,887	)		14,201
Call USD/Put CNY	BofA Securities LLC		7.160	07/24/2025		(740,000	)		(740,000	)		(2,078	)		(3,273	)		1,195
Call USD/Put INR	BofA Securities LLC		85.800	07/29/2025		(744,000	)		(744,000	)		(4,490	)		(4,847	)		357
Call USD/Put JPY	BofA Securities LLC		158.500	08/01/2025		(3,118,000	)		(3,118,000	)		(41	)		(32,833	)		32,792
Call USD/Put SGD	BofA Securities LLC		1.270	07/29/2025		(744,000	)		(744,000	)		(4,005	)		(4,960	)		955
Call AUD/Put NZD	Citibank NA		1.076	07/03/2025		(1,139,000	)		(1,139,000	)		(2,821	)		(3,563	)		742
Call AUD/Put NZD	Citibank NA		1.075	07/17/2025		(1,134,000	)		(1,134,000	)		(4,736	)		(3,806	)		(930	)
Call EUR/Put GBP	Citibank NA		0.842	07/01/2025		(642,000	)		(642,000	)		(14,297	)		(4,313	)		(9,984	)
Call EUR/Put GBP	Citibank NA		0.856	07/17/2025		(643,000	)		(643,000	)		(4,862	)		(3,902	)		(960	)
Call USD/Put CNY	Citibank NA		7.540	07/08/2025		(3,091,000	)		(3,091,000	)		—			(11,720	)		11,720
Call USD/Put CNY	Citibank NA		7.150	07/31/2025		(746,000	)		(746,000	)		(2,820	)		(3,411	)		591
Call EUR/Put SEK	Deutsche Bank AG		10.970	07/10/2025		(648,000	)		(648,000	)		(12,183	)		(5,128	)		(7,055	)
Call USD/Put CNY	Deutsche Bank AG		7.320	07/08/2025		(3,106,023	)		(3,106,023	)		(28	)		(14,257	)		14,229
Call USD/Put CNY	Deutsche Bank AG		7.170	07/08/2025		(738,000	)		(738,000	)		(895	)		(3,434	)		2,539
Call AUD/Put NZD	JPMorgan Securities, Inc.		1.078	07/07/2025		(1,135,000	)		(1,135,000	)		(2,139	)		(3,183	)		1,044
Call AUD/Put NZD	JPMorgan Securities, Inc.		1.077	07/31/2025		(1,143,000	)		(1,143,000	)		(4,698	)		(3,878	)		(820	)
Call EUR/Put CHF	JPMorgan Securities, Inc.		0.933	07/01/2025		(640,000	)		(640,000	)		(1,645	)		(4,918	)		3,273
Call EUR/Put SEK	JPMorgan Securities, Inc.		10.935	07/03/2025		(647,000	)		(647,000	)		(14,322	)		(5,317	)		(9,005	)
Call EUR/Put SEK	JPMorgan Securities, Inc.		11.100	07/22/2025		(645,000	)		(645,000	)		(6,147	)		(5,436	)		(711	)
Call EUR/Put USD	JPMorgan Securities, Inc.		1.142	09/17/2025		(1,421,000	)		(1,421,000	)		(65,470	)		(11,873	)		(53,597	)
Call USD/Put CNY	JPMorgan Securities, Inc.		7.540	07/10/2025		(3,082,000	)		(3,082,000	)		—			(11,447	)		11,447
Call USD/Put CNY	JPMorgan Securities, Inc.		7.290	07/10/2025		(1,555,000	)		(1,555,000	)		(84	)		(28,410	)		28,326
Call USD/Put SGD	JPMorgan Securities, Inc.		1.272	08/04/2025		(746,000	)		(746,000	)		(4,055	)		(4,909	)		854
Call AUD/Put NZD	MS & Co. Int. PLC		1.078	07/15/2025		(1,139,000	)		(1,139,000	)		(3,473	)		(3,937	)		464
Call EUR/Put GBP	MS & Co. Int. PLC		0.854	07/29/2025		(640,000	)		(640,000	)		(6,869	)		(3,881	)		(2,988	)
Call USD/Put SGD	MS & Co. Int. PLC		1.285	07/21/2025		(741,000	)		(741,000	)		(882	)		(4,585	)		3,703
Call USD/Put CAD	Royal Bank of Canada (UK)		1.361	07/15/2025		(1,487,000	)		(1,487,000	)		(7,145	)		(10,248	)		3,103
Call USD/Put CAD	Royal Bank of Canada (UK)		1.367	07/22/2025		(739,000	)		(739,000	)		(2,721	)		(4,957	)		2,236
Call EUR/Put USD	Standard Chartered Bank		1.188	07/14/2025		(2,533,000	)		(2,533,000	)		(10,661	)		(21,991	)		11,330
Call USD/Put TWD	Standard Chartered Bank		28.850	07/31/2025		(1,492,000	)		(1,492,000	)		(18,229	)		(20,671	)		2,442
Call AUD/Put NZD	UBS AG (London)		1.082	07/22/2025		(1,146,000	)		(1,146,000	)		(2,433	)		(3,856	)		1,423
Call EUR/Put PLN	UBS AG (London)		4.280	07/07/2025		(647,000	)		(647,000	)		(444	)		(5,125	)		4,681

						(51,696,023	)	$	(51,696,023	)	$	(252,511	)	$	(353,995	)	$	101,484

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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


Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)

Written option contracts – (continued)
Puts
Put EUR/Call PLN	Barclays Bank PLC	$	4.260	07/03/2025		(648,000	)	$	(648,000	)	$	(2,973	)	$	(4,709	)	$	1,736
Put USD/Call JPY	Barclays Bank PLC		137.750	08/01/2025		(1,823,000	)		(1,823,000	)		(4,669	)		(30,973	)		26,304
Put AUD/Call USD	BNP Paribas SA (London)		0.645	07/22/2025		(4,582,000	)		(4,582,000	)		(8,959	)		(49,925	)		40,966
Put AUD/Call USD	BNP Paribas SA (London)		0.637	07/22/2025		(4,569,000	)		(4,569,000	)		(4,234	)		(11,673	)		7,439
Put EUR/Call GBP	BNP Paribas SA (London)		0.843	07/09/2025		(648,000	)		(648,000	)		(15	)		(3,631	)		3,616
Put EUR/Call USD	BNP Paribas SA (London)		1.150	07/14/2025		(2,587,000	)		(2,587,000	)		(1,600	)		(15,005	)		13,405
Put EUR/Call USD	BNP Paribas SA (London)		1.148	07/24/2025		(2,587,000	)		(2,587,000	)		(3,910	)		(6,844	)		2,934
Put EUR/Call USD	BNP Paribas SA (London)		1.137	08/18/2025		(1,296,000	)		(1,296,000	)		(2,638	)		(6,531	)		3,893
Put USD/Call CAD	BNP Paribas SA (London)		1.332	08/06/2025		(2,148,000	)		(2,148,000	)		(3,480	)		(8,634	)		5,154
Put USD/Call INR	BNP Paribas SA (London)		85.300	08/12/2025		(721,000	)		(721,000	)		(3,128	)		(8,277	)		5,149
Put AUD/Call NZD	BofA Securities LLC		1.078	07/10/2025		(1,133,000	)		(1,133,000	)		(1,812	)		(3,830	)		2,018
Put AUD/Call NZD	BofA Securities LLC		1.079	07/24/2025		(1,144,000	)		(1,144,000	)		(3,187	)		(3,683	)		496
Put EUR/Call CHF	BofA Securities LLC		0.939	07/09/2025		(645,000	)		(645,000	)		(4,825	)		(4,893	)		68
Put EUR/Call PLN	BofA Securities LLC		4.241	07/30/2025		(637,000	)		(637,000	)		(2,834	)		(4,197	)		1,363
Put EUR/Call SEK	BofA Securities LLC		11.130	07/31/2025		(637,000	)		(637,000	)		(4,887	)		(5,313	)		426
Put EUR/Call USD	BofA Securities LLC		1.134	07/03/2025		(2,567,000	)		(2,567,000	)		(3	)		(4,690	)		4,687
Put EUR/Call USD	BofA Securities LLC		1.063	09/17/2025		(1,421,000	)		(1,421,000	)		(203	)		(10,191	)		9,988
Put NZD/Call USD	BofA Securities LLC		0.598	07/03/2025		(4,928,000	)		(4,928,000	)		(820	)		(14,076	)		13,256
Put USD/Call CAD	BofA Securities LLC		1.364	07/30/2025		(746,000	)		(746,000	)		(6,259	)		(5,041	)		(1,218	)
Put USD/Call CNY	BofA Securities LLC		7.160	07/24/2025		(740,000	)		(740,000	)		(3,713	)		(3,273	)		(440	)
Put USD/Call INR	BofA Securities LLC		85.800	07/29/2025		(744,000	)		(744,000	)		(4,281	)		(4,847	)		566
Put USD/Call SGD	BofA Securities LLC		1.270	07/29/2025		(744,000	)		(744,000	)		(4,713	)		(4,960	)		247
Put AUD/Call NZD	Citibank NA		1.076	07/03/2025		(1,139,000	)		(1,139,000	)		(368	)		(3,563	)		3,195
Put AUD/Call NZD	Citibank NA		1.075	07/17/2025		(1,134,000	)		(1,134,000	)		(1,732	)		(3,806	)		2,074
Put EUR/Call GBP	Citibank NA		0.842	07/01/2025		(642,000	)		(642,000	)		—			(4,313	)		4,313
Put EUR/Call GBP	Citibank NA		0.856	07/17/2025		(643,000	)		(643,000	)		(1,623	)		(3,902	)		2,279
Put EUR/Call USD	Citibank NA		1.128	07/14/2025		(2,582,000	)		(2,582,000	)		(137	)		(4,911	)		4,774
Put NZD/Call USD	Citibank NA		0.601	07/24/2025		(7,375,500	)		(7,375,500	)		(20,554	)		(87,322	)		66,768
Put NZD/Call USD	Citibank NA		0.588	07/28/2025		(3,710,000	)		(3,710,000	)		(3,517	)		(8,430	)		4,913
Put USD/Call CNY	Citibank NA		7.070	07/10/2025		(3,082,000	)		(3,082,000	)		(1,242	)		(20,973	)		19,731
Put USD/Call CNY	Citibank NA		7.150	07/31/2025		(746,000	)		(746,000	)		(3,818	)		(3,411	)		(407	)
Put USD/Call JPY	Citibank NA		144.100	08/01/2025		(1,948,439	)		(1,948,439	)		(28,775	)		(79,403	)		50,628
Put EUR/Call SEK	Deutsche Bank AG		10.970	07/10/2025		(648,000	)		(648,000	)		(234	)		(5,128	)		4,894

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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


Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)

Written option contracts – (continued)
Puts – (continued)
Put EUR/Call USD	Deutsche Bank AG	$	1.111	07/14/2025		(2,533,000	)	$	(2,533,000	)	$	(12	)	$	(10,706	)	$	10,694
Put EUR/Call USD	Deutsche Bank AG		1.118	08/15/2025		(2,589,000	)		(2,589,000	)		(1,876	)		(14,701	)		12,825
Put USD/Call CNY	Deutsche Bank AG		7.170	07/08/2025		(738,000	)		(738,000	)		(2,534	)		(3,434	)		900
Put EUR/Call USD	HSBC Bank PLC		1.151	07/24/2025		(1,940,000	)		(1,940,000	)		(3,590	)		(6,403	)		2,813
Put AUD/Call NZD	JPMorgan Securities, Inc.		1.078	07/07/2025		(1,135,000	)		(1,135,000	)		(1,088	)		(3,183	)		2,095
Put AUD/Call NZD	JPMorgan Securities, Inc.		1.077	07/31/2025		(1,143,000	)		(1,143,000	)		(3,196	)		(3,878	)		682
Put EUR/Call CHF	JPMorgan Securities, Inc.		0.933	07/01/2025		(640,000	)		(640,000	)		(420	)		(4,918	)		4,498
Put EUR/Call SEK	JPMorgan Securities, Inc.		10.935	07/03/2025		(647,000	)		(647,000	)		(2	)		(5,317	)		5,315
Put EUR/Call SEK	JPMorgan Securities, Inc.		11.100	07/22/2025		(645,000	)		(645,000	)		(3,101	)		(5,436	)		2,335
Put NZD/Call USD	JPMorgan Securities, Inc.		0.589	07/24/2025		(2,434,000	)		(2,434,000	)		(2,179	)		(6,050	)		3,871
Put USD/Call CNY	JPMorgan Securities, Inc.		7.085	07/08/2025		(3,091,000	)		(3,091,000	)		(1,094	)		(21,214	)		20,120
Put USD/Call SGD	JPMorgan Securities, Inc.		1.272	08/04/2025		(746,000	)		(746,000	)		(5,969	)		(4,909	)		(1,060	)
Put AUD/Call NZD	MS & Co. Int. PLC		1.078	07/15/2025		(1,139,000	)		(1,139,000	)		(2,141	)		(3,937	)		1,796
Put EUR/Call GBP	MS & Co. Int. PLC		0.854	07/29/2025		(640,000	)		(640,000	)		(1,877	)		(3,881	)		2,004
Put USD/Call SGD	MS & Co. Int. PLC		1.285	07/21/2025		(741,000	)		(741,000	)		(9,883	)		(4,585	)		(5,298	)
Put USD/Call CAD	Royal Bank of Canada (UK)		1.361	07/15/2025		(1,487,000	)		(1,487,000	)		(7,292	)		(10,248	)		2,956
Put USD/Call CAD	Royal Bank of Canada (UK)		1.367	07/22/2025		(739,000	)		(739,000	)		(6,301	)		(4,957	)		(1,344	)
Put EUR/Call USD	Standard Chartered Bank		1.135	07/18/2025		(1,934,000	)		(1,934,000	)		(633	)		(5,810	)		5,177
Put NZD/Call USD	Standard Chartered Bank		0.592	07/10/2025		(4,868,000	)		(4,868,000	)		(1,745	)		(9,749	)		8,004
Put NZD/Call USD	Standard Chartered Bank		0.597	07/31/2025		(4,907,000	)		(4,907,000	)		(11,827	)		(57,017	)		45,190
Put AUD/Call NZD	UBS AG (London)		1.082	07/22/2025		(1,146,000	)		(1,146,000	)		(4,311	)		(3,856	)		(455	)
Put EUR/Call PLN	UBS AG (London)		4.280	07/07/2025		(647,000	)		(647,000	)		(6,178	)		(5,125	)		(1,053	)
Put NZD/Call USD	UBS AG (London)		0.603	07/10/2025		(4,907,000	)		(4,907,000	)		(7,986	)		(39,315	)		31,329
Put USD/Call JPY	UBS AG (London)		144.100	08/01/2025		(1,169,561	)		(1,169,561	)		(17,272	)		(35,262	)		17,990

						(103,950,500	)	$	(103,950,500	)	$	(237,650	)	$	(714,249	)	$	476,599

Total written option contracts						(155,646,523	)	$	(155,646,523	)	$	(490,161	)	$	(1,068,244	)	$	578,083

TOTAL						(27,690,523	)	$	(27,690,523	)	$	(123,715	)	$	(100,445	)	$	(23,270	)

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)



Currency Abbreviations:
AUD		— Australian Dollar
BRL		— Brazil Real
CAD		— Canadian Dollar
CHF		— Swiss Franc
CLP		— Chilean Peso
CNH		— Chinese Yuan Renminbi Offshore
CNY		— Chinese Yuan Renminbi
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
PEN		— Peru Nuevo Sol
PLN		— Polish Zloty
RON		— Romania New Leu
SEK		— Swedish Krona
SGD		— Singapore Dollar
THB		— Thailand Baht
TRY		— Turkish Lira
TWD		— Taiwan Dollar
USD		— U.S. Dollar
UZS		— Uzbekistan Som
ZAR		— South African Rand

Investment Abbreviations:
CMT		— Constant Maturity Treasury Indexes
LLC		— Limited Liability Company
NR		— Not Rated
PIK		— Payment in kind
PLC		— Public Limited Company
WR		— Withdrawn Rating

Abbreviations:
1M BID Avg		— 1 Month Brazilian Interbank Deposit Average
BofA Securities LLC		— Bank of America Securities LLC
BUBOR		— Budapest Interbank Offered Rate
CLICP		— Sinacofi Chile Interbank Rate
CNRR		— China Fixing Repo Rate
EURO		— Euro Offered Rate
JIBAR		— Johannesburg Interbank Agreed Rate
KWCDC		— South Korean Won Certificate of Deposit
MIBOR		— Mumbai Interbank Offered Rate
MS & Co. Int. PLC		— Morgan Stanley & Co. International PLC
PRIBOR		— Prague Interbank Offered Rate
SOFR		— Secured Overnight Financing Rate
TIIE		— La Tasa de Interbank Equilibrium Interest Rate
WIBOR		— Warsaw Interbank Offered Rate

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – 88.8%
Advertising^(a)(b)– 0.4%
Clear Channel Outdoor Holdings, Inc. (B/B2)
$	3,325,000		7.875	%	04/01/30	$ 3,431,732
Clear Channel Outdoor Holdings, Inc. (CCC/Caa3)
	1,455,000		7.750		04/15/28	1,376,896
Outfront Media Capital LLC/Outfront Media Capital Corp. (B/B2)
	2,539,000		4.250		01/15/29	2,431,702

						7,240,330

Aerospace & Defense – 1.8%
Bombardier, Inc. ^(a)(b)(BB-/B1)
	2,865,000		7.000		06/01/32	2,984,757
	3,165,000		6.750		06/15/33	3,278,465
Moog, Inc. ^(a)(b)(BB/Ba3)
	3,037,000		4.250		12/15/27	2,965,084
Spirit AeroSystems, Inc. ^(a)(CCC+/Caa1)
	5,310,000		4.600		06/15/28	5,208,473
TransDigm, Inc. ^(a)(B/B3)
	3,570,000		4.625		01/15/29	3,502,027
	8,868,000		4.875		05/01/29	8,705,272
TransDigm, Inc. ^(a)(b)(BB-/Ba3)
	2,584,000		6.750		08/15/28	2,639,117
	1,645,000		6.375		03/01/29	1,691,570
	5,250,000		6.875		12/15/30	5,447,295

						36,422,060

Airlines – 1.0%
American Airlines, Inc. ^(a)(b)(BB-/Ba2)
	6,629,000		7.250		02/15/28	6,766,949
American Airlines, Inc./AAdvantage Loyalty IP Ltd. ^(b)(NR/Ba1)
	790,000		5.500		04/20/26	789,818
OneSky Flight LLC ^(a)(b)(B/B3)
	2,305,000		8.875		12/15/29	2,399,275
VistaJet Malta Finance PLC/Vista Management Holding, Inc.^(a)(b)(c)(B/B3)
	3,115,000		7.875		05/01/27	3,135,123
	3,482,000		9.500		06/01/28	3,576,432
	3,035,000		6.375		02/01/30	2,839,758

						19,507,355

Apparel^(a)(b)– 0.5%
Beach Acquisition Bidco LLC^(d)(B+/Caa1) (PIK 10.750%, Cash 10.000%)
	3,595,000		10.000		07/15/33	3,739,160
Beach Acquisition Bidco LLC (NR/Ba3)
EUR	1,094,000		5.250		07/15/32	1,298,704
Champ Acquisition Corp. (B/B2)
$	4,240,000		8.375		12/01/31	4,520,942

						9,558,806

Automotive – 2.0%
Allison Transmission, Inc. ^(a)(b)(NR/Ba2)
	3,128,000		3.750		01/30/31	2,868,720
Clarios Global LP/Clarios U.S. Finance Co. ^(a)(b)(B/Caa1)
	4,111,000		8.500		05/15/27	4,136,283


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Automotive – (continued)
Clarios Global LP/Clarios U.S. Finance Co.^(a)(b)(BB-/B1)
$	5,010,000		6.750	%	05/15/28	$ 5,143,015
	2,915,000		6.750		02/15/30	3,031,134
Dana, Inc. ^(a)(BB-/B1)
	4,853,000		5.375		11/15/27	4,856,300
	2,260,000		5.625		06/15/28	2,265,650
Dealer Tire LLC/DT Issuer LLC ^(a)(b)(CCC/Caa1)
	4,986,000		8.000		02/01/28	4,803,662
Grupo Antolin-Irausa SA^(a)(B-/B3)
EUR	2,391,000		10.375		01/30/30	1,987,787
IHO Verwaltungs GmbH^(a)(b)(d)(BB-/Ba2)
(PIK 7.125%, Cash 6.375%)
$	2,985,000		6.375		05/15/29	2,987,567
(PIK 9.500%, Cash 8.750%)
EUR	970,000		8.750		05/15/28	1,195,801
ZF Europe Finance BV ^(a)(BB-/Ba2)
	2,800,000		4.750		01/31/29	3,103,829
ZF North America Capital, Inc.^(a)(b)(BB-/Ba2)
$	2,085,000		6.875		04/14/28	2,089,587
	1,825,000		6.750		04/23/30	1,757,347

						40,226,682

Banks – 2.7%
Bank of New York Mellon Corp. ^(a)(e)(BBB/Baa1) (5 yr. CMT + 4.358%)
	4,960,000		4.700		09/20/25	4,949,882
Barclays PLC^(a)(e)(BB-/Ba1)
(5 yr. CMT + 5.431%)
	6,325,000		8.000		03/15/29	6,636,506
(5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%)
	1,470,000		7.625		03/15/35	1,478,820
Citigroup, Inc. ^(a)(e)(BB+/Ba1) (5 yr. CMT + 3.417%)
	2,565,000		3.875		02/18/26	2,531,578
Comerica, Inc. ^(a)(e)(BB/Ba1) (5 yr. CMT + 5.291%)
	1,550,000		5.625		07/01/25	1,550,000
Commerzbank AG^(a)(e)(BB/Ba2) (1 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%)
	4,000,000		7.500		10/09/30	4,068,640
JPMorgan Chase & Co. ^(a)(e)(BBB/Baa2) (5 yr. CMT + 2.152%)
	5,040,000		6.500		04/01/30	5,200,070
NatWest Group PLC^(a)(e)(NR/Baa3) (5 yr. U.K. Government Bond + 3.294%)
GBP	1,628,000		7.500		02/28/32	2,218,629
PNC Financial Services Group, Inc.^(a)(e)(BBB-/Baa2) (5 yr. CMT + 3.238%)
$	4,462,000		6.200		09/15/27	4,546,778
Toronto-Dominion Bank ^(a)(e)(BBB-/Baa2) (5 yr. CMT + 4.075%)
	1,475,000		8.125		10/31/82	1,545,151
U.S. Bancorp ^(a)(e)(BBB/Baa2) (5 yr. CMT + 2.541%)
	4,540,000		3.700		01/15/27	4,363,485
UBS Group AG ^(a)(b)(e)(BB/Baa3) (5 yr. CMT + 4.745%)
	3,534,000		9.250		11/13/28	3,852,201
UBS Group AG ^(a)(b)(e)(BB/NR) (5 yr. CMT + 3.098%)
	3,220,000		3.875		06/02/26	3,143,686

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
UniCredit SpA^(a)(b)(e)(BBB-/Ba1) (5 yr. CMT + 4.750%)
$	3,415,000		5.459	%	06/30/35	$ 3,392,973
Walker & Dunlop, Inc. ^(a)(b)(BB/Ba2)
	1,690,000		6.625		04/01/33	1,741,393
Wells Fargo & Co.^(a)(e)(BB+/Baa2)
(5 yr. CMT + 2.767%)
	2,525,000		6.850		09/15/29	2,648,271
(5 yr. CMT + 3.606%)
	2,040,000		7.625		09/15/28	2,193,469

						56,061,532

Beverages^(a)– 0.2%
Marston’s Issuer PLC^(e)(BB+/NR) (Sterling Overnight Index
Average + 1.569%)
GBP	80,000		5.177		07/15/32	106,008
Primo Water Holdings, Inc./Triton Water Holdings, Inc.^(b)(BB/Ba3)
$	3,300,000		4.375		04/30/29	3,200,439

						3,306,447

Building Materials – 2.2%
Builders FirstSource, Inc. ^(a)(b)(BB-/Ba2)
	5,180,000		5.000		03/01/30	5,084,740
	2,220,000		6.750		05/15/35	2,285,890
EMRLD Borrower LP/Emerald Co-Issuer, Inc. ^(a)(b)(BB-/B2)
	4,030,000		6.625		12/15/30	4,123,899
James Hardie International Finance DAC ^(a)(b)(BB/Ba1)
	5,125,000		5.000		01/15/28	5,101,476
JELD-WEN, Inc. ^(a)(b)(B+/B2)
	2,201,000		4.875		12/15/27	2,048,449
Masterbrand, Inc. ^(a)(b)(BB/Ba3)
	1,900,000		7.000		07/15/32	1,941,496
Quikrete Holdings, Inc. ^(a)(b)(B+/B2)
	2,820,000		6.750		03/01/33	2,908,914
Quikrete Holdings, Inc. ^(a)(b)(BB/Ba3)
	2,595,000		6.375		03/01/32	2,670,073
Smyrna Ready Mix Concrete LLC ^(a)(b)(BB-/Ba3)
	6,780,000		6.000		11/01/28	6,764,406
	3,000,000		8.875		11/15/31	3,147,330
Standard Building Solutions, Inc. ^(a)(b)(BB/Ba3)
	5,145,000		6.500		08/15/32	5,267,091
Standard Industries, Inc. ^(a)(b)(BB/Ba3)
	1,880,000		5.000		02/15/27	1,874,322
	1,230,000		4.750		01/15/28	1,217,073

						44,435,159

Capital Goods^(a)(b)– 0.1%
Cirsa Finance International SARL (B+/B2)
EUR	1,836,000		10.375		11/30/27	2,273,838

Chemicals – 3.3%
Ashland, Inc.^(a)(b)(BB+/Ba1)
$	2,340,000		3.375		09/01/31	2,078,107
Avient Corp. ^(a)(b)(BB-/Ba3)
	2,660,000		7.125		08/01/30	2,742,540
	950,000		6.250		11/01/31	957,514


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Chemicals – (continued)
Axalta Coating Systems LLC^(a)(b)(BB/Ba3)
$	2,760,000		3.375	%	02/15/29	$ 2,610,794
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV^(a)(b)(BB/Ba3)
	3,205,000		4.750		06/15/27	3,184,135
Celanese U.S. Holdings LLC^(a)(BB+/Ba1)
	1,905,000		6.415	^(f)	07/15/27	1,972,742
	960,000		6.500		04/15/30	982,157
	2,953,000		7.050		11/15/30	3,107,412
	1,360,000		6.750	^(c)	04/15/33	1,373,967
Chemours Co.^(a)(b)(BB-/B1)
	2,911,000		5.750		11/15/28	2,727,607
Illuminate Buyer LLC/Illuminate Holdings IV, Inc.^(a)(b)(B-/Caa1)
	2,975,000		9.000		07/01/28	2,988,030
Ingevity Corp.^(a)(b)(NR/Ba3)
	2,946,000		3.875		11/01/28	2,807,273
Methanex U.S. Operations, Inc.^(a)(b)(BB/Ba2)
	1,940,000		6.250		03/15/32	1,933,443
Minerals Technologies, Inc.^(a)(b)(BB-/Ba3)
	3,421,000		5.000		07/01/28	3,366,469
Olympus Water U.S. Holding Corp.^(a)(b)(B-/B3)
EUR	750,000		3.875		10/01/28	866,200
$	6,830,000		4.250		10/01/28	6,500,248
	4,045,000		9.750		11/15/28	4,259,183
Olympus Water U.S. Holding Corp.^(a)(b)(c)(CCC+/Caa2)
	658,000		6.250		10/01/29	628,179
SCIL IV LLC/SCIL USA Holdings LLC^(a)(b)(BB-/B1)
	2,834,000		5.375		11/01/26	2,815,664
SNF Group SACA^(a)(b)(BB+/Ba1)
	2,760,000		3.125		03/15/27	2,676,455
	3,870,000		3.375		03/15/30	3,568,450
Tronox, Inc.^(a)(b)(BB-/B2)
	1,501,000		4.625		03/15/29	1,294,733
Valvoline, Inc.^(a)(b)(B+/Ba3)
	1,946,000		3.625		06/15/31	1,761,169
WR Grace Holdings LLC^(a)(b)(B-/B2)
	2,893,000		4.875		06/15/27	2,870,753
	2,610,000		7.375		03/01/31	2,673,136
WR Grace Holdings LLC^(a)(b)(CCC/Caa2)
	5,345,000		5.625		08/15/29	4,838,722

						67,585,082

Commercial Services – 3.9%
ADT Security Corp.^(a)(b)(BB/Ba2)
	4,551,000		4.125		08/01/29	4,391,624
Allied Universal Holdco LLC^(a)(b)(B/B3)
	2,976,000		7.875		02/15/31	3,111,110
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(a)(b)(B/B3)
	1,030,000		6.875		06/15/30	1,043,864
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(a)(b)(c)(CCC+/Caa2)
	3,387,000		6.000		06/01/29	3,294,535

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Commercial Services – (continued)
Allied Universal Holdco LLC/Allied Universal Finance
Corp./Atlas Luxco 4 SARL (B/B3)
$	6,853,000		4.625	%^(a)(b)	06/01/28	$ 6,646,201
APi Group DE, Inc. ^(a)(b)(B+/B1)
	6,373,000		4.125		07/15/29	6,077,611
	2,384,000		4.750		10/15/29	2,343,210
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^(a)(b)(B+/B1)
	1,360,000		8.250		01/15/30	1,419,758
	595,000		8.375		06/15/32	622,519
Avis Budget Finance PLC^(a)(B+/B1)
EUR	1,800,000		7.250		07/31/30	2,152,731
Belron U.K. Finance PLC^(a)(b)(BB-/Ba3)
$	5,016,000		5.750		10/15/29	5,052,216
Brink’s Co. ^(a)(b)(BB/Ba3)
	2,045,000		4.625		10/15/27	2,033,078
Garda World Security Corp. ^(a)(b)(B/B1)
	2,397,000		7.750		02/15/28	2,479,744
Garda World Security Corp. ^(a)(b)(CCC+/Caa2)
	1,620,000		8.250		08/01/32	1,664,809
	2,140,000		8.375		11/15/32	2,198,593
Herc Holdings, Inc. ^(a)(b)(BB-/Ba3)
	2,445,000		7.000		06/15/30	2,559,915
Hertz Corp. ^(a)(b)(B/Ba3)
	3,380,000		12.625		07/15/29	3,534,838
Mavis Tire Express Services Topco Corp. ^(a)(b)(CCC/Caa2)
	6,155,000		6.500		05/15/29	6,050,365
Paysafe Finance PLC/Paysafe Holdings U.S. Corp. ^(a)(b)(B/B2)
	3,400,000		4.000		06/15/29	3,128,680
Prime Security Services Borrower LLC/Prime Finance, Inc.^(a)(b)(B/B2)
	2,953,000		6.250		01/15/28	2,959,762
Prime Security Services Borrower LLC/Prime Finance, Inc.^(a)(b)(BB/Ba2)
	4,553,000		3.375		08/31/27	4,404,572
PROG Holdings, Inc. ^(a)(b)(BB-/B1)
	2,723,000		6.000		11/15/29	2,614,488
TriNet Group, Inc. ^(a)(b)(BB/Ba2)
	3,191,000		3.500		03/01/29	2,996,030
	1,225,000		7.125		08/15/31	1,275,813
Verisure Midholding AB (B-/B3)
EUR	1,375,000		5.250	%	02/15/29	1,627,570
Veritiv Operating Co.^(a)(b)(B+/B2)
$	160,000		10.500		11/30/30	173,294
VT Topco, Inc. ^(a)(b)(B/B2)
	2,295,000		8.500		08/15/30	2,437,497
Williams Scotsman, Inc. ^(a)(b)(BB-/B2)
	870,000		6.625		04/15/30	903,530

						79,197,957

Computers – 1.8%
Ahead DB Holdings LLC ^(a)(b)(CCC+/Caa1)
	10,009,000		6.625		05/01/28	10,034,623
CACI International, Inc. ^(a)(b)(BB-/Ba2)
	1,485,000		6.375		06/15/33	1,534,020


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Computers – (continued)
Diebold Nixdorf, Inc.^(a)(b)(B/B2)
$	3,690,000		7.750	%	03/31/30	$ 3,926,566
McAfee Corp.^(a)(b)(CCC+/Caa1)
	12,142,000		7.375		02/15/30	11,462,169
Seagate HDD Cayman^(a)(BB/Ba3)
	1,270,000		8.250		12/15/29	1,356,576
	2,559,000		9.625		12/01/32	2,897,556
Virtusa Corp.^(a)(b)(B-/Caa1)
	5,058,000		7.125		12/15/28	4,819,060

						36,030,570

Cosmetics & Personal Care^(a)– 0.0%
Perrigo Finance Unlimited Co. (B+/Ba3)
	510,000		6.125		09/30/32	514,896

Distribution & Wholesale^(a)(b)(c)– 0.5%
American Builders & Contractors Supply Co., Inc. (BB-/Ba3)
	10,439,000		3.875		11/15/29	9,890,117

Diversified Financial Services – 5.3%
AG Issuer LLC^(a)(b)(B/B1)
	2,964,000		6.250		03/01/28	2,971,291
Ally Financial, Inc.^(a)(e)(BB-/Ba2) (5 yr. CMT + 3.868%)
	6,075,000		4.700		05/15/26	5,857,029
Ally Financial, Inc.^(a)(BB+/Baa3)
	2,606,000		5.750		11/20/25	2,610,821
American Express Co.^(a)(e)(BBB-/Baa2) (5 yr. CMT + 2.854%)
	4,265,000		3.550		09/15/26	4,169,165
Capital One Financial Corp.^(a)(e)(BB/Baa3) (5 yr. CMT + 3.157%)
	2,085,000		3.950		09/01/26	2,033,980
Charles Schwab Corp.^(a)(e)(BBB-/Baa2) (3 mo. USD LIBOR + 2.575%)
	3,305,000		5.000		12/01/27	3,234,141
Credit Acceptance Corp.^(a)(b)(BB/Ba3)
	6,665,000		6.625		03/15/30	6,759,177
Freedom Mortgage Holdings LLC^(a)(b)(B/B2)
	2,922,000		9.250		02/01/29	3,034,351
	1,470,000		8.375		04/01/32	1,483,480
Jane Street Group/JSG Finance, Inc.^(a)(b)(BB/Ba1)
	4,156,000		7.125		04/30/31	4,368,912
	2,885,000		6.125		11/01/32	2,910,503
Jefferies Finance LLC/JFIN Co-Issuer Corp.^(a)(b)(B+/B2)
	3,928,000		5.000		08/15/28	3,798,455
Midcap Financial Issuer Trust^(a)(b)(B+/B1)
	5,087,000		6.500		05/01/28	5,040,352
	3,281,000		5.625		01/15/30	3,040,798
Navient Corp.^(a)(BB-/Ba3)
	2,815,000		5.000		03/15/27	2,799,630
	4,060,000		5.500		03/15/29	3,977,298
OneMain Finance Corp.^(a)(BB/Ba2)
	1,458,000		3.500		01/15/27	1,427,061
	1,985,000		6.625		05/15/29	2,041,334
	3,380,000		7.875		03/15/30	3,590,473
	2,254,000		4.000		09/15/30	2,079,450
	6,315,000		7.500		05/15/31	6,598,480
	1,630,000		7.125		09/15/32	1,687,343

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Osaic Holdings, Inc.^(a)(b)(c)(CCC+/Caa1)
$	976,000		10.750	%	08/01/27	$ 980,168
PennyMac Financial Services, Inc.^(a)(b)(B+/Ba3)
	2,695,000		6.875		05/15/32	2,758,252
Rocket Cos., Inc.^(a)(b)(BB/Ba1)
	5,115,000		6.125		08/01/30	5,212,543
	4,385,000		6.375		08/01/33	4,487,609
SLM Corp.^(a)(BB+/Ba1)
	1,555,000		6.500		01/31/30	1,629,438
Stonex Escrow Issuer LLC^(a)(b)(BB-/Ba3)
	1,625,000		6.875		07/15/32	1,642,046
StoneX Group, Inc.^(a)(b)(BB-/Ba3)
	2,805,000		7.875		03/01/31	2,940,790
United Wholesale Mortgage LLC^(a)(b)(NR/Ba3)
	3,641,000		5.500		04/15/29	3,538,178
UWM Holdings LLC^(a)(b)(NR/Ba3)
	3,300,000		6.625		02/01/30	3,304,356
VFH Parent LLC/Valor Co-Issuer, Inc.^(a)(b)(B+/B1)
	4,875,000		7.500		06/15/31	5,115,289

						107,122,193

Electrical – 1.6%
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC^(a)(b)(BB-/NR)
	2,985,000		6.375		02/15/32	2,984,522
Duke Energy Corp. (BBB/Baa2)
	2,045,000		4.125		04/15/26	2,163,610
Lightning Power LLC^(a)(b)(BB/Ba3)
	4,778,000		7.250		08/15/32	5,028,702
NRG Energy, Inc.^(a)(b)(BB/Ba2)
	10,145,000		5.750		07/15/29	10,157,884
Pike Corp.^(a)(b)(B/B3)
	3,342,000		5.500		09/01/28	3,337,555
	4,418,000		8.625		01/31/31	4,808,507
XPLR Infrastructure Operating Partners LP^(a)(b)(c)(BB/Ba1)
	3,709,000		7.250		01/15/29	3,802,541

						32,283,321

Electrical Components & Equipment^(a)(b) – 0.0%
WESCO Distribution, Inc. (BB/Ba3)
	665,000		6.375		03/15/33	687,171

Electronics – 0.9%
Atkore, Inc.^(a)(b)(BB+/Ba2)
	5,470,000		4.250		06/01/31	5,056,140
Coherent Corp.^(a)(b)(B+/B1)
	2,689,000		5.000		12/15/29	2,641,889
Imola Merger Corp.^(a)(b)(BB/Ba3)
	4,151,000		4.750		05/15/29	4,012,564
Sensata Technologies BV^(a)(b)(BB+/Ba2)
	1,135,000		4.000		04/15/29	1,079,101
	3,139,000		5.875		09/01/30	3,142,515


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Electronics – (continued)
Sensata Technologies, Inc.^(a)(b)(BB+/Ba2)
$	3,389,000		4.375	%	02/15/30	$ 3,233,479

						19,165,688

Engineering & Construction – 0.8%
Dycom Industries, Inc. ^(a)(b)(BB+/Ba3)
	4,674,000		4.500		04/15/29	4,549,718
Global Infrastructure Solutions, Inc. ^(a)(b)(BB/B1)
	5,893,000		5.625		06/01/29	5,853,399
	5,021,000		7.500		04/15/32	5,112,784
Kier Group PLC^(a)(BB/NR)
GBP	1,045,000		9.000		02/15/29	1,522,923

						17,038,824

Entertainment – 3.3%
AMC Entertainment Holdings, Inc.^(a)(b)(CCC+/Caa3)
$	5,365,000		7.500		02/15/29	4,228,156
Banijay Entertainment SAS ^(a)(b)(B+/B2)
	2,610,000		8.125		05/01/29	2,707,692
Boyne USA, Inc. ^(a)(b)(B/B1)
	3,628,000		4.750		05/15/29	3,519,922
Caesars Entertainment, Inc. ^(a)(b)(B-/B3)
	7,221,000		4.625		10/15/29	6,892,228
	7,450,000		6.000	^(c)	10/15/32	7,301,819
Cinemark USA, Inc. ^(a)(b)(BB-/B2)
	4,200,000		5.250		07/15/28	4,182,402
CPUK Finance Ltd.^(a)(B/NR)
GBP	900,000		7.875		08/28/29	1,282,169
International Game Technology PLC^(a)(b)(BB+/Ba1)
$	3,131,000		5.250		01/15/29	3,103,197
Light & Wonder International, Inc. ^(a)(b)(B+/B2)
	1,500,000		7.500		09/01/31	1,569,465
Live Nation Entertainment, Inc. ^(a)(b)(BB/Ba1)
	3,116,000		3.750		01/15/28	3,026,228
Merlin Entertainments Group U.S. Holdings, Inc. ^(a)(b)(B/B2)
	297,000		7.375		02/15/31	265,212
Penn Entertainment, Inc. ^(a)(b)(B-/B3)
	2,900,000		5.625		01/15/27	2,891,097
	1,580,000		4.125	^(c)	07/01/29	1,464,360
Pinewood Finco PLC^(a)(b)(BB+/NR)
GBP	2,988,000		6.000		03/27/30	4,052,219
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.^(a)(b)(CCC/Caa1)
$	4,764,000		5.625		09/01/29	2,716,433
Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR)
	7,100,000		8.450	%^(a)(b)	07/27/30	7,023,320
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp. ^(a)(b)(B+/B1)
	4,542,000		6.625		02/01/33	4,551,357
SeaWorld Parks & Entertainment, Inc. ^(a)(b)(B+/B2)
	5,450,000		5.250		08/15/29	5,329,936
Vail Resorts, Inc. ^(a)(b)(BB-/Ba3)
	2,190,000		5.625		07/15/30	2,190,000

						68,297,212

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Environmental – 1.2%
GFL Environmental, Inc.^(a)(b)(BB/Ba3)
$	2,216,000		4.000	%	08/01/28	$ 2,148,767
	3,235,000		4.375		08/15/29	3,134,715
Luna 2 5SARL^(a)(b)(BB-/Ba3)
EUR	1,408,000		5.500		07/01/32	1,690,631
Madison IAQ LLC^(a)(b)(CCC+/Caa1)
$	12,369,000		5.875		06/30/29	12,154,398
Waste Pro USA, Inc. ^(a)(b)(B-/B3)
	4,975,000		7.000		02/01/33	5,174,149

						24,302,660

Food & Drug Retailing – 2.9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC ^(a)(b)(BB+/Ba2)
	272,000		4.625		01/15/27	270,115
	3,744,000		3.500		03/15/29	3,549,462
	5,275,000		4.875		02/15/30	5,189,914
	2,225,000		6.250		03/15/33	2,296,511
Bellis Acquisition Co. PLC^(a)(b)(B+/B1)
GBP	2,450,000		8.125		05/14/30	3,165,517
Boparan Finance PLC ^(a)(b)(B/B3)
	2,318,000		9.375		11/07/29	3,295,488
Chobani Holdco II LLC ^(a)(b)(d)(CCC+/Caa1) (PIK 9.500%, Cash 8.750%)
$	3,039,076		8.750		10/01/29	3,258,801
Fiesta Purchaser, Inc. ^(a)(b)(c)(CCC+/Caa2)
	3,844,000		9.625		09/15/32	4,066,029
Flora Food Management BV^(a)(B/B2)
EUR	2,492,000		6.875		07/02/29	2,988,291
Iceland Bondco PLC^(a)(b)(B/B2)
GBP	1,105,000		10.875		12/15/27	1,608,164
New Albertsons LP (BB+/WR)
$	3,100,000		7.450		08/01/29	3,295,641
Performance Food Group, Inc. ^(a)(b)(BB/B1)
	6,255,000		4.250		08/01/29	6,033,886
Post Holdings, Inc. ^(a)(b)(B+/B2)
	5,848,000		5.500		12/15/29	5,824,783
	3,980,000		4.625		04/15/30	3,828,243
	3,832,000		6.375		03/01/33	3,868,021
Post Holdings, Inc. ^(a)(b)(BB/Ba1)
	885,000		6.250		02/15/32	910,382
Sigma Holdco BV ^(a)(b)(CCC+/Caa1)
	2,142,000		7.875		05/15/26	2,140,008
United Natural Foods, Inc. ^(a)(b)(CCC+/Caa2)
	3,760,000		6.750		10/15/28	3,714,166

						59,303,422

Gaming^(a)– 0.3%
MGM Resorts International (BB-/B1)
	5,355,000		5.500		04/15/27	5,377,116

Gas^(a)– 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp. (NR/B2)
	3,536,000		5.750		05/20/27	3,508,455


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Healthcare Providers & Services – 3.2%
CHS/Community Health Systems, Inc.^(a)(b)(B-/Caa1)
$	4,919,000		5.625	%	03/15/27	$ 4,840,837
CHS/Community Health Systems, Inc.^(a)(b)(c)(CCC-/Caa3)
	5,824,000		6.875		04/15/29	4,643,126
DaVita, Inc.^(a)(b)(BB-/Ba3)
	3,372,000		3.750		02/15/31	3,066,598
	1,780,000		6.875		09/01/32	1,845,807
	2,970,000		6.750		07/15/33	3,066,436
HAH Group Holding Co. LLC^(a)(b)(B-/B3)
	2,322,000		9.750		10/01/31	2,301,102
Insulet Corp.^(a)(b)(B+/B2)
	705,000		6.500		04/01/33	735,174
LifePoint Health, Inc.^(a)(b)(B/B2)
	2,530,000		11.000		10/15/30	2,795,903
LifePoint Health, Inc.^(a)(b)(c)(CCC+/Caa1)
	3,455,000		5.375		01/15/29	3,223,135
Medline Borrower LP^(a)(b)(B/B3)
	3,648,000		5.250		10/01/29	3,619,910
Medline Borrower LP^(a)(b)(BB-/Ba3)
	5,341,000		3.875		04/01/29	5,128,108
Molina Healthcare, Inc.^(a)(b)(BB/Ba2)
	2,610,000		6.250		01/15/33	2,656,614
MPH Acquisition Holdings LLC^(a)(b)(B-/Caa1)
	435,554		5.750		12/31/30	359,389
(PIK 5.000%, Cash 6.500%)
	666,612		11.500	^(d)	12/31/30	659,446
MPH Acquisition Holdings LLC^(a)(b)(d)(CCC/Caa3)
(PIK 0.750%, Cash 6.000%)
	3,735,832		6.750		03/31/31	2,781,962
Prime Healthcare Services, Inc.^(a)(b)(B-/B3)
	2,545,000		9.375		09/01/29	2,525,836
Select Medical Corp.^(a)(b)(c)(B/B1)
	3,620,000		6.250		12/01/32	3,641,865
Team Health Holdings, Inc.^(a)(b)(d)(NR/NR) (PIK 4.500%, Cash 9.000%)
	4,579,317		13.500		06/30/28	4,968,376
Tenet Healthcare Corp.^(a)(B/Ba3)
	850,000		6.250		02/01/27	849,864
Tenet Healthcare Corp.^(a)(BB/Ba3)
	4,097,000		4.625		06/15/28	4,043,862
	3,270,000		4.250		06/01/29	3,173,796
	1,592,000		6.125		06/15/30	1,619,637
	2,465,000		6.750		05/15/31	2,550,733

						65,097,516

Home Builders – 0.5%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC^(a)(b)(B+/B1)
	1,645,000		5.000		06/15/29	1,499,105
	1,031,000		4.875		02/15/30	927,127
LGI Homes, Inc.^(a)(b)(BB-/Ba3)
	2,141,000		4.000		07/15/29	1,914,332
	3,195,000		7.000	^(c)	11/15/32	3,041,704

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Home Builders – (continued)
New Home Co., Inc.^(a)(b)(B+/B2)
$	2,090,000		8.500	%	11/01/30	$ 2,128,916

						9,511,184

Household Products – 0.3%
Central Garden & Pet Co.^(a)(BB/B1)
	2,307,000		4.125		10/15/30	2,173,840
	1,000,000		4.125	^(b)	04/30/31	930,300
Kronos Acquisition Holdings, Inc.^(a)(b)(CCC+/B2)
	2,911,000		8.250		06/30/31	2,643,537

						5,747,677

Housewares – 0.2%
Newell Brands, Inc.^(a)(B+/B1)
	1,310,000		8.500	^(b)	06/01/28	1,379,508
	730,000		6.625		09/15/29	723,014
	1,080,000		6.375		05/15/30	1,050,268
	1,745,000		7.000	^(f)	04/01/46	1,485,798

						4,638,588

Insurance – 3.2%
Acrisure LLC/Acrisure Finance, Inc.^(a)(b)(B/B2)
	7,413,000		4.250		02/15/29	7,125,746
Acrisure LLC/Acrisure Finance, Inc.^(a)(b)(CCC+/Caa2)
	4,440,000		8.250		02/01/29	4,592,869
	1,060,000		8.500		06/15/29	1,105,591
	1,140,000		6.000		08/01/29	1,111,420
Acrisure LLC/Acrisure Finance, Inc.^(a)(b)(NR/NR)
	1,650,000		6.750		07/01/32	1,673,248
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(a)(b)(B/B2)
	2,355,000		6.750		04/15/28	2,393,481
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer^(a)(b)(CCC+/Caa2)
	2,884,000		6.750		10/15/27	2,888,845
	2,560,000		7.375		10/01/32	2,641,459
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC^(a)(b)(BB+/NR)
	5,010,000		7.875		11/01/29	5,125,280
Ardonagh Finco Ltd.^(a)(b)(B-/B3)
	845,000		7.750		02/15/31	883,093
Ardonagh Group Finance Ltd.^(a)(b)(CCC/Caa2)
	11,896,000		8.875		02/15/32	12,518,042
BroadStreet Partners, Inc.^(a)(b)(CCC+/Caa2)
	3,094,000		5.875		04/15/29	3,058,141
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC^(a)(b)(CCC+/Caa1)
	4,925,000		8.125		02/15/32	5,123,330
HUB International Ltd.^(a)(b)(B/Caa1)
	3,793,000		7.375		01/31/32	3,967,895
Panther Escrow Issuer LLC^(a)(b)(B/B2)
	4,400,000		7.125		06/01/31	4,572,172


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Insurance – (continued)
USI, Inc.^(a)(b)(CCC+/Caa1)
$	6,603,000		7.500	%	01/15/32	$ 6,968,410

						65,749,022

Internet – 1.5%
ANGI Group LLC ^(a)(b)(B/B2)
	5,665,000		3.875		08/15/28	5,290,090
Gen Digital, Inc. ^(a)(b)(BB-/B1)
	8,215,000		6.250		04/01/33	8,445,102
ION Trading Technologies SARL ^(a)(b)(B/B3)
	4,444,000		9.500		05/30/29	4,590,963
Match Group Holdings II LLC ^(a)(b)(BB/Ba2)
	2,774,000		5.000		12/15/27	2,756,357
	2,033,000		4.625		06/01/28	1,982,846
	3,749,000		5.625		02/15/29	3,720,508
	1,004,000		3.625		10/01/31	896,803
Rakuten Group, Inc. ^(a)(b)(e)(B/NR) (5 yr. CMT + 4.250%)
	1,780,000		8.125		12/15/29	1,739,737
Snap, Inc. ^(a)(b)(B+/B1)
	1,175,000		6.875		03/01/33	1,205,033

						30,627,439

Investment Companies^(a)(b)– 0.3%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1)
	5,595,000		10.000		11/15/29	5,538,379

Iron/Steel – 0.6%
Cleveland-Cliffs, Inc. ^(a)(b)(BB-/Ba3)
	2,425,000		6.750		04/15/30	2,338,864
	3,050,000		7.000	^(c)	03/15/32	2,877,218
Cleveland-Cliffs, Inc. ^(a)(b)(NR/Ba3)
	1,475,000		6.875		11/01/29	1,452,447
	1,145,000		7.500		09/15/31	1,104,387
Mineral Resources Ltd. ^(a)(b)(NR/Ba3)
	4,921,000		8.000		11/01/27	4,931,088

						12,704,004

Leisure Time – 2.2%
Carnival Corp. ^(a)(b)(BB+/Ba3)
	6,593,000		5.750		03/01/27	6,646,140
	3,670,000		5.750		03/15/30	3,734,078
	2,065,000		6.125		02/15/33	2,110,884
Deuce Finco PLC^(a)(NR/B2)
GBP	2,000,000		5.500		06/15/27	2,725,588
MajorDrive Holdings IV LLC^(a)(b)(c)(CCC/Caa2)
$	11,557,000		6.375		06/01/29	9,138,698
NCL Corp. Ltd. ^(a)(b)(B+/B3)
	825,000		5.875		03/15/26	826,172
	310,000		7.750		02/15/29	329,651
	3,305,000		6.750		02/01/32	3,376,223
Pinnacle Bidco PLC^(a)(b)(NR/B3)
GBP	2,783,000		10.000		10/11/28	4,039,051
Royal Caribbean Cruises Ltd.^(a)(b)(BBB-/Baa3)
$	4,553,000		5.375		07/15/27	4,581,092
	1,175,000		5.625		09/30/31	1,182,261
	850,000		6.250		03/15/32	873,732

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Leisure Time – (continued)
Viking Cruises Ltd.^(a)(b)(BB-/B1)
$	2,985,000		5.875	%	09/15/27	$ 2,983,388
	2,925,000		7.000		02/15/29	2,949,921

						45,496,879

Lodging – 2.2%
Genting New York LLC/GENNY Capital, Inc.^(a)(b)(BB+/NR)
	5,040,000		7.250		10/01/29	5,230,815
Hilton Domestic Operating Co., Inc.^(a)(b)(BB+/Ba2)
	1,365,000		5.875		04/01/29	1,394,238
	1,460,000		4.000		05/01/31	1,372,517
	2,295,000		3.625		02/15/32	2,077,778
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.^(a)(b)(B/B2)
	6,370,000		5.000		06/01/29	6,123,927
	2,913,000		4.875		07/01/31	2,683,951
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.^(a)(b)(BB/Ba2)
	2,800,000		6.625		01/15/32	2,844,828
Marriott Ownership Resorts, Inc.^(a)(B/B2)
	2,864,000		4.750	^(c)	01/15/28	2,799,073
	2,585,000		4.500	^(b)	06/15/29	2,482,841
Melco Resorts Finance Ltd.^(a)(b)(BB-/Ba3)
	2,190,000		7.625		04/17/32	2,216,280
MGM Resorts International^(a)(BB-/B1)
	4,046,000		4.750		10/15/28	3,995,992
	2,870,000		6.125		09/15/29	2,919,134
	1,215,000		6.500	^(c)	04/15/32	1,234,574
Travel & Leisure Co.^(a)(BB-/Ba3)
	2,397,000		6.000		04/01/27	2,418,357
	2,610,000		4.500	^(b)	12/01/29	2,512,699
	3,287,000		4.625	^(b)	03/01/30	3,149,636

						45,456,640

Machinery - Construction & Mining^(a)(b)– 0.4%
Terex Corp. (BB-/Ba3)
	2,945,000		6.250		10/15/32	2,951,391
Vertiv Group Corp. (BB+/Ba2)
	5,321,000		4.125		11/15/28	5,186,272

						8,137,663

Machinery-Diversified^(a)(b)– 1.0%
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3)
	6,729,000		9.000		02/15/29	7,034,295
Mueller Water Products, Inc. (BB/Ba1)
	3,183,000		4.000		06/15/29	3,062,301
SPX FLOW, Inc. (B-/Caa1)
	2,905,000		8.750		04/01/30	3,013,240
TK Elevator Holdco GmbH (CCC+/Caa1)
	6,723,000		7.625		07/15/28	6,728,647

						19,838,483


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Media – 6.3%
Altice Financing SA^(a)(b)(c)(CCC+/Caa2)
$	3,698,000		5.000	%	01/15/28	$ 2,783,965
AMC Networks, Inc.^(a)(b)(BB-/B2)
	1,995,000		10.250		01/15/29	2,069,194
CCO Holdings LLC/CCO Holdings Capital Corp.^(a)(BB-/B1)
	5,976,000		5.125	^(b)	05/01/27	5,955,562
	3,167,000		5.000	^(b)	02/01/28	3,138,085
	5,386,000		4.750	^(b)	03/01/30	5,220,434
	6,131,000		4.500	^(b)	08/15/30	5,843,517
	15,352,000		4.250	^(b)	02/01/31	14,326,026
	5,770,000		4.750	^(b)	02/01/32	5,469,556
	2,804,000		4.500		05/01/32	2,609,599
CSC Holdings LLC^(a)(b)(CCC-/Ca)
	13,180,000		5.750		01/15/30	6,524,100
CSC Holdings LLC^(a)(b)(CCC+/Caa1)
	2,340,000		5.500		04/15/27	2,233,694
	3,070,000		3.375	^(c)	02/15/31	2,122,936
	6,382,000		4.500		11/15/31	4,492,162
Cumulus Media New Holdings, Inc.^(a)(b)(CCC+/Caa3)
	1,655,000		8.000		07/01/29	468,266
Directv Financing LLC^(a)(b)(BB-/B1)
	2,140,000		8.875		02/01/30	2,107,023
Directv Financing LLC/Directv Financing Co-Obligor, Inc.^(a)(b)(BB-/B1)
	7,246,000		5.875		08/15/27	7,221,219
DISH DBS Corp. (CCC-/Caa3)
	7,124,000		5.125		06/01/29	4,747,719
DISH DBS Corp.^(a)(b)(CCC+/Caa1)
	5,216,000		5.250		12/01/26	4,734,824
	709,000		5.750		12/01/28	614,349
DISH Network Corp.^(a)(b)(B/Caa1)
	4,760,000		11.750		11/15/27	4,900,896
Gray Media, Inc.^(a)(b)(B/Ba3)
	3,080,000		10.500		07/15/29	3,309,614
iHeartCommunications, Inc.^(a)(b)(CCC-/Caa3)
	4,446,000		10.875		05/01/30	2,178,762
iHeartCommunications, Inc.^(a)(b)(c)(CCC+/Caa1)
	1,115,500		9.125		05/01/29	919,228
	1,444,200		7.000		01/15/31	1,069,271
McGraw-Hill Education, Inc.^(a)(b)(CCC+/Caa1)
	5,043,000		8.000		08/01/29	5,130,496
Nexstar Media, Inc.^(a)(b)(BB+/B2)
	2,744,000		5.625		07/15/27	2,737,222
Sirius XM Radio LLC^(a)(b)(BB+/Ba3)
	4,676,000		3.125		09/01/26	4,589,962
	7,384,000		5.000		08/01/27	7,321,014
	3,210,000		4.000		07/15/28	3,082,788
Sunrise HoldCo IV BV^(a)(b)(B/B3)
	3,025,000		5.500		01/15/28	2,997,442
Virgin Media Secured Finance PLC^(a)(b)(B+/Ba3)
	2,150,000		5.500		05/15/29	2,114,503
Virgin Media Vendor Financing Notes IV DAC^(a)(b)(B-/B2)
	1,850,000		5.000		07/15/28	1,810,669
VZ Secured Financing BV^(a)(b)(B+/B1)
	2,320,000		5.000		01/15/32	2,060,415

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Media – (continued)
Ziggo BV^(a)(b)(B+/B1)
$	2,492,000		4.875	%		01/15/30	$ 2,327,528

							129,232,040

Metal Fabricate & Hardware^(a)(b)– 0.2%
Roller Bearing Co. of America, Inc. (B+/Ba3)
	4,824,000		4.375			10/15/29	4,671,272

Mining – 0.4%
Alcoa Nederland Holding BV^(a)(b)(BB/Ba1)
	1,220,000		7.125			03/15/31	1,279,316
FMG Resources August 2006 Pty. Ltd.^(a)(b)(BB+/Ba1)
	2,785,000		5.875			04/15/30	2,814,744
Novelis Corp.^(a)(b)(BB/B1)
	4,432,000		4.750			01/30/30	4,248,471
	750,000		6.875			01/30/30	775,485

							9,118,016

Miscellaneous Manufacturing – 0.5%
Amsted Industries, Inc.^(a)(b)(BB/Ba3)
	1,951,000		4.625			05/15/30	1,876,179
	615,000		6.375			03/15/33	624,803
Axon Enterprise, Inc.^(a)(b)(BB+/Ba3)
	1,480,000		6.125			03/15/30	1,522,550
	1,530,000		6.250			03/15/33	1,580,551
Hillenbrand, Inc.^(a)(c)(BB+/Ba1)
	4,364,000		3.750			03/01/31	3,911,934

							9,516,017

Office & Business Equipment^(a)(b)– 0.0%
Xerox Holdings Corp. (B+/B3)
	712,000		5.000			08/15/25	708,953

Oil Field Services – 4.5%
Archrock Partners LP/Archrock Partners Finance Corp.^(a)(b)(BB-/B1)
	2,599,000		6.250			04/01/28	2,610,150
	5,040,000		6.625			09/01/32	5,137,474
Aris Water Holdings LLC^(a)(b)(B+/B2)
	2,350,000		7.250			04/01/30	2,422,403
Chord Energy Corp.^(a)(b)(BB/Ba2)
	2,965,000		6.750			03/15/33	3,033,432
Civitas Resources, Inc.^(a)(b)(BB-/B1)
	6,281,000		5.000			10/15/26	6,200,478
	2,496,000		8.375			07/01/28	2,558,774
	1,440,000		9.625			06/15/33	1,475,885
CNX Resources Corp.^(a)(b)(BB/B1)
	2,915,000		7.375			01/15/31	3,038,392
	1,900,000		7.250			03/01/32	1,969,616
Crescent Energy Finance LLC^(a)(b)(BB-/B1)
	2,847,000		9.250			02/15/28	2,967,200
	2,485,000		7.625			04/01/32	2,427,224
	2,515,000		7.375			01/15/33	2,406,830
Diamond Foreign Asset Co./Diamond Finance LLC^(a)(b)(BB+/WR)
	1,452,000		8.500			10/01/30	1,511,183


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Oil Field Services – (continued)
Matador Resources Co.^(a)(b)(BB-/B1)
$	3,288,000		6.875	%		04/15/28	$ 3,353,990
	1,045,000		6.500			04/15/32	1,044,948
	1,164,000		6.250			04/15/33	1,157,295
Noble Finance II LLC^(a)(b)(BB-/B1)
	6,927,000		8.000			04/15/30	7,054,457
Permian Resources Operating LLC^(a)(b)(BB+/Ba2)
	1,337,000		5.875			07/01/29	1,341,893
	2,190,000		9.875			07/15/31	2,402,693
	1,252,000		7.000			01/15/32	1,297,761
Range Resources Corp.^(a)(b)(BB+/Ba2)
	2,660,000		4.750			02/15/30	2,586,079
Sitio Royalties Operating Partnership LP/Sitio Finance Corp.^(a)(b)(B/B3)
	3,163,000		7.875			11/01/28	3,311,186
SM Energy Co.^(a)(BB-/B1)
	875,000		6.500			07/15/28	882,359
	2,165,000		6.750	^(b)		08/01/29	2,157,617
	2,440,000		7.000	^(b)		08/01/32	2,407,109
Sunoco LP^(a)(b)(BB+/Ba1)
	1,915,000		7.000			05/01/29	1,994,396
	1,465,000		7.250			05/01/32	1,538,587
	990,000		6.250			07/01/33	1,006,345
Sunoco LP/Sunoco Finance Corp.^(a)(BB+/Ba1)
	2,925,000		7.000	^(b)		09/15/28	3,014,476
	4,425,000		4.500			04/30/30	4,254,018
Tidewater, Inc.^(a)(b)(BB-/B3)
	1,645,000		9.125			07/15/30	1,692,294
Transocean Poseidon Ltd.^(a)(b)(B/B1)
	1,630,125		6.875			02/01/27	1,632,847
Transocean Titan Financing Ltd.^(a)(b)(B/B1)
	375,477		8.375			02/01/28	384,060
Transocean, Inc.^(a)(b)(B/B1)
	3,599,200		8.750			02/15/30	3,709,875
USA Compression Partners LP/USA Compression Finance Corp.^(a)(b)(B+/B1)
	1,550,000		7.125			03/15/29	1,588,812
Wildfire Intermediate Holdings LLC^(a)(b)(B+/B3)
	5,055,000		7.500			10/15/29	5,018,351

							92,590,489

Packaging – 2.0%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal
Packaging Finance PLC^(a)(b)(B/B2)
	2,990,000		6.000			06/15/27	2,998,252
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal
Packaging Finance PLC^(a)(CCC/Caa2)
EUR	3,315,000		3.000			09/01/29	3,498,523
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (C/Caa3)
$	5,387,000		5.250	%^(a)(b)(c)		08/15/27	2,382,162
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.^(a)(b)(c)(CC/Caa1)
	2,179,000		4.125			08/15/26	2,045,950

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Packaging – (continued)
Ball Corp.^(a)(BB+/Ba1)
$	3,841,000		6.000	%		06/15/29	$ 3,943,862
	2,925,000		2.875			08/15/30	2,636,771
Clydesdale Acquisition Holdings, Inc.^(a)(b)(B+/B2)
	2,305,000		6.750			04/15/32	2,362,325
Efesto Bidco SpA Efesto U.S. LLC^(a)(b)(B-/B3)
	4,206,000		7.500			02/15/32	4,270,814
LABL, Inc.^(a)(b)(B-/B3)
	2,375,000		5.875			11/01/28	2,078,030
LABL, Inc.^(a)(b)(c)(CCC+/Caa3)
	2,035,000		10.500			07/15/27	1,947,963
Mauser Packaging Solutions Holding Co.^(a)(b)(B/B2)
	5,841,000		7.875			04/15/27	5,941,115
Sealed Air Corp.^(a)(b)(BB+/Ba2)
	1,160,000		6.500			07/15/32	1,202,433
Sealed Air Corp./Sealed Air Corp. U.S.^(a)(b)(BB+/Ba2)
	2,265,000		7.250			02/15/31	2,382,735
TriMas Corp.^(a)(b)(BB-/Ba3)
	2,865,000		4.125			04/15/29	2,722,237

							40,413,172

Pharmaceuticals – 2.5%
1261229 BC Ltd.^(a)(b)(B/Caa1)
	3,055,000		10.000			04/15/32	3,082,373
AdaptHealth LLC^(a)(b)(B+/B1)
	3,109,000		6.125			08/01/28	3,110,896
Bausch Health Americas, Inc.^(a)(b)(CCC+/Ca)
	1,223,000		8.500			01/31/27	1,167,060
Bausch Health Cos., Inc.^(b)(B-/Caa1)
	1,766,000		4.875	^(a)		06/01/28	1,484,252
	2,823,000		11.000			09/30/28	2,798,525
Bausch Health Cos., Inc.^(a)(b)(CCC+/Ca)
	2,135,000		5.000			01/30/28	1,728,859
	1,693,000		6.250	^(c)		02/15/29	1,197,171
Grifols SA^(a)(b)(B-/Caa1)
	4,618,000		4.750			10/15/28	4,431,110
Jazz Securities DAC^(a)(b)(BB/Ba1)
	4,361,000		4.375			01/15/29	4,212,246
Opal Bidco SAS^(a)(b)(B+/B1)
	5,895,000		6.500			03/31/32	6,008,656
Organon & Co./Organon Foreign Debt Co-Issuer BV^(a)(b)(BB/Ba1)
	6,990,000		4.125			04/30/28	6,718,718
Organon & Co./Organon Foreign Debt Co-Issuer BV^(a)(b)(BB-/B1)
	5,380,000		5.125			04/30/31	4,670,701
Perrigo Finance Unlimited Co.^(a)(B+/Ba3)
	6,986,000		4.900			06/15/30	6,864,304
Prestige Brands, Inc.^(a)(b)(BB/B1)
	2,014,000		3.750			04/01/31	1,855,418
Teva Pharmaceutical Finance Netherlands III BV (BB/Ba1)
	786,000		3.150			10/01/26	770,767


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Pharmaceuticals – (continued)
Teva Pharmaceutical Finance Netherlands IV BV^(a)(BB/Ba1)
$	1,930,000		5.750	%	12/01/30	$ 1,958,081

						52,059,137

Pipelines – 4.9%
Antero Midstream Partners LP/Antero Midstream Finance Corp. ^(a)(b)(BB+/Ba3)
	3,939,000		6.625		02/01/32	4,068,790
Blue Racer Midstream LLC/Blue Racer Finance Corp.^(a)(b)(B+/B2)
	1,260,000		7.000		07/15/29	1,315,566
	1,270,000		7.250		07/15/32	1,345,895
CNX Midstream Partners LP ^(a)(b)(BB/B1)
	3,461,000		4.750		04/15/30	3,275,283
Delek Logistics Partners LP/Delek Logistics Finance Corp.^(a)(b)(BB-/B2)
	5,620,000		7.375		06/30/33	5,595,103
Excelerate Energy LP ^(a)(b)(BB+/NR)
	2,725,000		8.000		05/15/30	2,871,769
Genesis Energy LP/Genesis Energy Finance Corp. ^(a)(B/B3)
	1,470,000		8.875		04/15/30	1,559,993
	3,837,000		8.000		05/15/33	4,016,495
Global Partners LP/GLP Finance Corp. ^(a)(B+/B1)
	1,383,000		6.875		01/15/29	1,407,493
	1,410,000		8.250	^(b)	01/15/32	1,483,517
Hess Midstream Operations LP ^(a)(b)(BB+/Ba2)
	2,740,000		5.875		03/01/28	2,780,662
	1,125,000		6.500		06/01/29	1,156,230
	807,000		5.500		10/15/30	810,276
Howard Midstream Energy Partners LLC ^(a)(b)(B+/B1)
	4,965,000		7.375		07/15/32	5,221,840
Kinetik Holdings LP ^(a)(b)(BB+/Ba1)
	4,555,000		6.625		12/15/28	4,658,626
	4,315,000		5.875		06/15/30	4,353,145
NFE Financing LLC ^(a)(b)(B-/B3)*
	1,996,000		12.000		11/15/29	893,589
NGL Energy Operating LLC/NGL Energy Finance Corp.^(a)(b)(B+/B2)
	4,696,000		8.125		02/15/29	4,742,819
NuStar Logistics LP ^(a)(NR/Ba1)
	4,206,000		5.625		04/28/27	4,242,214
Prairie Acquiror LP ^(a)(b)(B-/B3)
	2,731,000		9.000		08/01/29	2,846,385
Rockies Express Pipeline LLC ^(a)(b)(BB/Ba2)
	2,695,000		6.750		03/15/33	2,814,415
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(a)(b)(B+/B1)
	2,915,000		7.375		02/15/29	2,995,250
	3,675,000		6.000		09/01/31	3,584,558
TransMontaigne Partners LLC ^(a)(b)(CCC+/Caa1)
	6,550,000		8.500		06/15/30	6,815,799
Venture Global Calcasieu Pass LLC ^(a)(b)(BBB-/Ba1)
	2,815,000		4.125		08/15/31	2,607,450

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pipelines – (continued)
Venture Global LNG, Inc. ^(a)(BB/B1)
$	874,000		8.125	%^(b)		06/01/28	$ 902,650
	6,995,000		9.500	^(b)		02/01/29	7,622,382
	4,930,000		7.000	^(b)		01/15/30	4,989,209
	3,453,000		9.875	^(b)		02/01/32	3,728,964
	2,140,000		6.500			01/15/34	2,140,000
	2,140,000		6.750			01/15/36	2,140,000

							98,986,367

Real Estate – 0.8%
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.^(a)(b)(c)(CCC+/Caa2)
	5,544,000		5.750			01/15/29	4,867,244
Cushman & Wakefield U.S. Borrower LLC^(a)(b)(BB-/Ba3)
	2,303,000		6.750			05/15/28	2,322,506
	1,120,000		8.875			09/01/31	1,202,611
Kennedy-Wilson, Inc.^(a)(B/B2)
	2,735,000		4.750	^(c)		03/01/29	2,564,637
	3,501,000		4.750	^(c)		02/01/30	3,203,555
	1,514,000		5.000			03/01/31	1,364,129

							15,524,682

Real Estate Investment Trust – 2.5%
Iron Mountain, Inc.^(a)(b)(BB-/Ba3)
	2,425,000		7.000			02/15/29	2,508,347
	3,112,000		4.875			09/15/29	3,054,397
	7,045,000		5.625			07/15/32	6,986,245
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(a)(b)(BB/Baa3)
	5,216,000		5.250			10/01/25	5,215,948
	2,000,000		7.000			07/15/31	2,090,320
MPT Operating Partnership LP/MPT Finance Corp.^(a)(b)(B-/B2)
	170,000		8.500			02/15/32	178,014
MPT Operating Partnership LP/MPT Finance Corp.^(a)(CCC+/Caa1)
	3,090,000		3.500			03/15/31	2,189,358
RHP Hotel Properties LP/RHP Finance Corp.^(a)(b)(BB/Ba3)
	645,000		6.500			06/15/33	664,066
SBA Communications Corp.^(a)(BB+/Ba3)
	5,127,000		3.125			02/01/29	4,842,503
Service Properties Trust^(a)(BB-/B3)
	4,840,000		8.375			06/15/29	5,049,088
Starwood Property Trust, Inc.^(a)(b)(BB-/Ba3)
	6,478,000		7.250			04/01/29	6,819,973
	1,480,000		6.500			07/01/30	1,529,225
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC^(a)(b)(B/B2)
	1,718,000		10.500			02/15/28	1,820,290
	3,280,000		4.750			04/15/28	3,212,661
XHR LP^(a)(b)(BB-/B1)
	5,028,000		6.625			05/15/30	5,131,174

							51,291,609

Retailing – 4.9%
1011778 BC ULC/New Red Finance, Inc.^(a)(b)(B+/B2)
	2,755,000		4.375			01/15/28	2,703,564
	4,166,000		4.000			10/15/30	3,885,003


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Retailing – (continued)
1011778 BC ULC/New Red Finance, Inc.^(a)(b)(BB+/Ba2)
$	2,540,000		6.125	%	06/15/29	$ 2,609,545
Arko Corp.^(a)(b)(CCC+/B3)
	5,621,000		5.125		11/15/29	4,741,595
Asbury Automotive Group, Inc.^(a)(BB/B1)
	573,000		4.500		03/01/28	566,565
	8,931,000		4.625	^(b)	11/15/29	8,623,416
	185,000		4.750		03/01/30	178,997
	1,014,000		5.000	^(b)	02/15/32	965,784
Carvana Co.^(a)(b)(d)(Bu/B3u) (PIK 12.000%, Cash 9.000%)
	276,704		9.000		12/01/28	283,945
(PIK 13.000%, Cash 11.000%)
	487,325		9.000		06/01/30	512,481
(PIK 14.000%, Cash 9.000%)
	622,355		9.000		06/01/31	736,924
Cheesecake Factory, Inc.^(c)(NR/NR)
	1,728,000		0.375		06/15/26	1,769,472
Cougar JV Subsidiary LLC^(a)(b)(B+/B2)
	3,773,000		8.000		05/15/32	4,023,301
eG Global Finance PLC^(a)(b)(B-/B3)
	6,977,000		12.000		11/30/28	7,703,236
Foundation Building Materials, Inc.^(a)(b)(c)(CCC+/Caa2)
	3,269,000		6.000		03/01/29	3,001,236
Group 1 Automotive, Inc.^(a)(b)(BB+/Ba2)
	2,208,000		4.000		08/15/28	2,133,855
	630,000		6.375		01/15/30	648,383
GYP Holdings III Corp.^(a)(b)(B/Ba2)
	3,038,000		4.625		05/01/29	3,045,079
Ken Garff Automotive LLC^(a)(b)(BB-/B1)
	4,637,000		4.875		09/15/28	4,582,794
LCM Investments Holdings II LLC^(a)(b)(BB-/B2)
	8,252,000		4.875		05/01/29	8,023,585
Lithia Motors, Inc.^(a)(b)(BB+/Ba2)
	1,258,000		3.875		06/01/29	1,200,598
	853,000		4.375		01/15/31	810,725
Macy’s Retail Holdings LLC^(a)(b)(BB+/Ba2)
	1,715,000		5.875		04/01/29	1,697,027
Maryland Bidco Ltd.^(a)(d)(NR/NR) (PIK 10.000%, Cash 10.000%)
GBP	1,071,000		10.000		01/26/28	1,105,536
Murphy Oil USA, Inc.^(a)(b)(BB+/Ba2)
$	3,341,000		3.750		02/15/31	3,081,170
Nordstrom, Inc.^(a)(BB+/Ba2)
	1,795,000		4.375		04/01/30	1,654,487
Penske Automotive Group, Inc.^(a)(BB-/Ba3)
	1,707,000		3.500		09/01/25	1,701,111
	3,469,000		3.750		06/15/29	3,293,954
Punch Finance PLC^(a)(b)(NR/B3)
GBP	940,000		7.875		12/30/30	1,311,800
QXO Building Products, Inc.^(a)(b)(BB-/Ba3)
$	2,205,000		6.750		04/30/32	2,276,508
Sonic Automotive, Inc.^(a)(b)(BB-/B1)
	3,208,000		4.625		11/15/29	3,110,573

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Retailing – (continued)
Staples, Inc.^(a)(b)(B-/B3)
$	1,705,000		10.750	%	09/01/29	$ 1,619,392
Staples, Inc. ^(a)(b)(CCC/Caa2)
	690,000		12.750		01/15/30	466,212
Stonegate Pub Co. Financing PLC^(a)(b)(e)(NR/B3) (3 mo. EUR EURIBOR + 6.625%)
EUR	604,000		8.768		07/31/29	724,623
Suburban Propane Partners LP/Suburban Energy Finance Corp.^(a)(b)(BB-/B1)
$	3,272,000		5.000		06/01/31	3,094,985
Walgreens Boots Alliance, Inc. ^(a)(BB-/B1)
	2,900,000		3.450		06/01/26	2,834,808
	2,095,000		8.125	^(c)	08/15/29	2,222,188
White Cap Buyer LLC ^(a)(b)(CCC+/Caa1)
	3,044,000		6.875		10/15/28	3,038,734
Yum! Brands, Inc. ^(a)(BB/Ba3)
	4,248,000		3.625		03/15/31	3,927,956

						99,911,147

Semiconductors^(a)(b)– 0.2%
Amkor Technology, Inc. (BB/Ba3)
	4,563,000		6.625		09/15/27	4,574,909

Software – 2.7%
AthenaHealth Group, Inc. ^(a)(b)(CCC/Caa2)
	5,574,000		6.500		02/15/30	5,484,203
Castle U.S. Holding Corp. ^(a)(b)(NR/Ca)
	2,900,000		9.500		02/15/28	1,289,514
Clarivate Science Holdings Corp. ^(a)(b)(B/Caa1)
	5,391,000		4.875		07/01/29	5,081,449
Cloud Software Group, Inc. ^(a)(b)(B/B2)
	5,041,000		6.500		03/31/29	5,086,823
	2,940,000		8.250		06/30/32	3,129,894
Cloud Software Group, Inc. ^(a)(b)(B-/Caa2)
	8,914,000		9.000		09/30/29	9,241,857
CoreWeave, Inc. ^(a)(b)(B/B1)
	5,000,000		9.250		06/01/30	5,111,900
Elastic NV ^(a)(b)(BB-/Ba3)
	3,315,000		4.125		07/15/29	3,168,179
Open Text Corp. ^(a)(b)(BB/Ba3)
	2,995,000		3.875		12/01/29	2,821,949
ROBLOX Corp. ^(a)(b)(BB+/Ba1)
	2,611,000		3.875		05/01/30	2,467,160
TeamSystem SpA^(a)(b)(B-/B2)
EUR	1,075,000		3.500		02/15/28	1,253,634
Twilio, Inc.^(a)(BB+/Ba2)
$	6,714,000		3.875		03/15/31	6,282,760
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.^(a)(b)(B+/B1)
	4,350,000		3.875		02/01/29	4,092,784

						54,512,106


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Telecommunication Services – 3.5%
Altice France SA ^(a)(b)(c)(D/Caa2)
$	2,023,000		8.125	%	02/01/27	$ 1,820,862
	2,730,000		5.125		07/15/29	2,254,161
CommScope LLC^(a)(b)(B-/B3)
	1,659,000		4.750		09/01/29	1,619,549
	3,842,000		9.500	^(c)	12/15/31	4,020,730
CommScope LLC^(a)(b)(c)(CCC/Caa3)
	2,025,000		8.250		03/01/27	2,016,799
EchoStar Corp.^(a)(B/Caa1)
	8,060,000		10.750		11/30/29	8,286,405
(PIK 6.750%, Cash 6.750%)
	3,521,039		6.750	^(d)	11/30/30	3,220,765
Fibercop SpA^(a)(b)(BB+/Ba1)
	1,916,000		6.000		09/30/34	1,801,193
	2,806,000		7.200		07/18/36	2,738,600
Frontier Communications Holdings LLC^(a)(b)(B/B2)
	6,489,000		5.875		10/15/27	6,491,531
Frontier Communications Holdings LLC^(a)(b)(CCC+/Caa1)
	4,745,000		6.000		01/15/30	4,809,200
Hughes Satellite Systems Corp.^(c)(CCC+/Caa3)
	1,870,000		6.625		08/01/26	1,340,977
Iliad Holding SASU^(a)(b)(B+/B2)
	2,775,000		7.000		04/15/32	2,841,683
Level 3 Financing, Inc.^(a)(b)(B-/B3)
	2,814,000		4.500		04/01/30	2,547,008
	1,124,000		3.875		10/15/30	977,520
Level 3 Financing, Inc.^(a)(b)(B+/B1)
	900,000		10.750	^(c)	12/15/30	1,020,150
	3,325,000		6.875		06/30/33	3,383,021
Nokia of America Corp.^(c)(NR/WR)
	5,200,000		6.450		03/15/29	5,099,900
Sable International Finance Ltd.^(a)(b)(BB-/Ba3)
	1,795,000		7.125		10/15/32	1,800,048
Vodafone Group PLC^(a)(e)(BB+/Ba1) (5 yr. USD Swap + 4.873%)
	4,717,000		7.000		04/04/79	4,959,595
Windstream Services LLC/Windstream Escrow Finance Corp.^(a)(b)(B-/B3)
	1,380,000		8.250		10/01/31	1,445,329
Zayo Group Holdings, Inc.^(a)(b)(c)(B-/B3)
	3,415,000		4.000		03/01/27	3,202,587
Zayo Group Holdings, Inc.^(a)(b)(c)(CCC/Caa2)
	3,525,000		6.125		03/01/28	3,042,886

						70,740,499

Transportation^(a)(b)– 0.4%
Beacon Mobility Corp. (B/B1)
	2,050,000		7.250		08/01/30	2,092,127
Rand Parent LLC^(c)(BB-/Ba1)
	6,277,000		8.500		02/15/30	6,297,526

						8,389,653

TOTAL CORPORATE OBLIGATIONS (Cost $1,803,526,698)						$1,810,120,435

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(g)– 4.3%
Aerospace & Defense – 0.2%
Kaman Corp. (B/B2) (3 mo. USD Term SOFR + 2.750%)
$	3,655,172		7.083	%	02/26/32	$ 3,649,469

Automotive – 0.2%
First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%)
	3,397,931		9.541		03/30/27	3,199,017

Banks – 0.1%
Nouryon Finance BV (B+/B2) (3 mo. USD Term SOFR + 3.250%)
	2,878,921		7.510		04/03/28	2,889,717

Building & Construction – 0.6%
AAL Delaware Holdco, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%)
	4,912,937		7.077		07/30/31	4,909,891
Construction Partners, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.500%)
	646,750		6.827		11/03/31	648,367
KKR Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.500%)
	2,943,651		6.827		09/23/31	2,936,056
TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%)
	2,856,131		7.327		12/08/28	2,846,848

						11,341,162

Capital Goods - Others – 0.3%
LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 4.250%)
	3,200,000		8.574		12/02/31	3,214,016
Titan Acquisition Ltd. (B-/B3) ((3 mo. USD TermSOFR + 4.500%) – (6 mo. USD TermSOFR + 4.500%))
	2,920,500		8.666–8.796		02/15/29	2,926,224

						6,140,240

Commercial Services – 0.7%
Ankura Consulting Group LLC (B-/B3) (3 mo. USD Term SOFR + 3.500%)
	5,074,500		7.802		12/29/31	5,065,620
Fugue Finance BV (B/B2) (3 mo. USD Term SOFR + 3.250%)
	623,437		7.583		01/09/32	626,817
Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%)
	4,045,458		7.321		03/14/31	4,044,991
Wand NewCo 3, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%)
	4,692,076		6.827		01/30/31	4,668,052

						14,405,480

Consumer Cyclical Services – 0.2%
Pre-Paid Legal Services, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%)
	3,947,749		7.577		12/15/28	3,921,852

Diversified Financial Services – 0.2%
FNZ Group Services Ltd. (B-/B3) (3 mo. USD Term SOFR + 5.000%)
	1,970,063		9.260		11/05/31	1,612,989


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(g)– (continued)
Diversified Financial Services – (continued)
NEXUS Buyer LLC (B/B1) (1 mo. USD Term SOFR + 3.500%)
$	2,823,697		7.827	%	07/31/31	$ 2,831,434

						4,444,423

Entertainment – 0.2%
Crown Finance U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 5.250%)
	4,975,000		9.566		12/02/31	4,968,781

Food & Beverages^(h)– 0.2%
Sazerac Co., Inc. (NR/NR)
	3,250,000		0.000		06/26/32	3,245,937

Home Construction – 0.2%
Tecta America Corp. (B/B2) (1 mo. USD Term SOFR + 3.000%)
	5,025,000		7.327		02/18/32	5,029,723

Internet – 0.2%
Plano HoldCo, Inc. (B+/B2) (3 mo. USD Term SOFR + 3.500%)
	3,466,313		7.796		10/02/31	3,284,331

Machinery – 0.1%
Project Castle, Inc. (CCC+/Caa2) (6 mo. USD Term SOFR + 5.500%)
	1,769,816		9.716		06/01/29	1,390,562

Media - Cable – 0.1%
iHeartCommunications, Inc. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.775%)
	1,933,155		10.216		05/01/29	1,570,689

Media - Non Cable – 0.0%
Diamond Sports Group LLC (NR/NR) (Fixed + 15.000%)
	226,667		15.000		01/02/28	204,850

Restaurants – 0.2%
SeaWorld Parks & Entertainment, Inc. (BB+/Ba2) (1 mo. USD Term SOFR + 2.000%)
	3,793,213		6.327		12/04/31	3,783,730

Retailers – 0.1%
Harbor Freight Tools USA, Inc. (BB-/B2)
	2,122,550		0.000		06/11/31	2,074,793
Restoration Hardware, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%)
	2,587		6.941		10/20/28	2,510

						2,077,303

Technology – 0.5%
Clover Holdings 2 LLC (B/B2) (Fixed + 7.750%)
	5,425,000		7.750		12/09/31	5,465,688
Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%)
	5,087,250		8.077		03/19/32	5,072,395

						10,538,083

Technology - Software – 0.0%
Physician Partners LLC (B/NR) (3 mo. USD Term SOFR + 6.000%)
	349,480		10.296		12/31/29	302,884

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(g)– (continued)
Technology - Software – (continued)
Physician Partners LLC (CCC-/C) (3 mo. USD Term SOFR + 4.000%)
$	1,205,987		8.446	%	12/31/29	$ 596,964
(3 mo. USD Term SOFR + 5.500%)
	748,854		9.946		12/31/30	152,264

						1,052,112

TOTAL BANK LOANS (Cost $89,522,372)						$ 87,137,461


Shares		Description				Value

Common Stocks – 0.6%
Automobile Components – 0.0%
	1,229		Lear Corp.			$ 116,730

Chemicals – 0.0%
	411		LyondellBasell Industries NV Class A			23,781

Commercial Services & Supplies^(i)(j)– 0.0%
	7,179,000		Reorganized ISA SA			—

Communications Equipment⁽ⁱ⁾– 0.5%
	229,679		Intelsat SA			9,818,777

Diversified Telecommunication Services⁽ⁱ⁾– 0.0%
	4,500		Holdco			30,885

Energy Equipment & Services – 0.1%
	33,272		Noble Corp. PLC			883,372

*IT Services – 0.0%**
	11,631		DSG TopCo, Inc.			159,926

Oil, Gas & Consumable Fuels⁽ⁱ⁾– 0.0%
	18,791		Valaris Ltd.			791,289

TOTAL COMMON STOCKS (Cost $20,819,971)						$ 11,824,760


Shares		Dividend Rate				Value

Preferred Stocks – 0.1%
Aerospace/Defense – 0.1%
Boeing Co.
	15,000		6.000%			$ 1,020,000
(Cost $750,000)


Units		Expiration Date	Value

	Rights – 0.0%
	Media – 0.0%
	Cineworld Group PLC (NR/NR)
	42,700	12/31/99	$ 994,312
	(Cost $1,085,007)



	Warrants⁽ⁱ⁾– 0.0%
	Intelsat SA (NR/NR)^(j)
	6,089	02/17/27	$ 19,789
	Noble Corp. PLC (NR/NR)
	4,596	02/04/28	55,405
	(Cost $11,490)

	TOTAL WARRANTS (Cost $3,316,784)		$ 75,194


Shares		Description	Value

	Exchange Traded Funds – 1.0%
	370,775	Eldridge BBB-B CLO ETF (NR/NR)	$ 9,914,524
	205,167	Janus Henderson B-BBB CLO ETF (NR/NR)	9,891,101

	TOTAL EXCHANGE TRADED FUNDS (Cost $19,711,388)		$ 19,805,625


Shares		Dividend Rate	Value

	Investment Company^(k)– 2.0%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	41,173,606	4.231%	$ 41,173,606
	(Cost $41,173,606)

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $1,979,905,826)		$1,972,151,393



	Securities Lending Reinvestment Vehicle^(k)– 3.4%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	69,687,981	4.231%	$ 69,687,981
	(Cost $69,687,981)

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments^(b)(l)– 0.4%
Commercial Paper – 0.4%
Reckitt Benckiser Treasury Services PLC
$	8,129,000		0.000	%	07/01/25		$ 8,128,002
(Cost $8,129,000)

TOTAL SHORT-TERM INVESTMENTS (Cost $8,129,000)							$ 8,128,002

TOTAL INVESTMENTS – 100.6% (Cost $2,057,722,807)							$2,049,967,376

LIABILITIES IN EXCESS OF OTHER ASSETS – ( 0.6)%							$ (11,355,928	)

NET ASSETS – 100.0%							$2,038,611,448


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

*		Non-income producing security.

(a)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		All or a portion of security is on loan.

(d)		Pay-in-kind securities.



(e)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025.

(f)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025.

(g)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(h)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(i)		Security is currently in default and/or non-income producing.

(j)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(k)		Represents an affiliated issuer.

(l)		Issued with a zero coupon. Income is recognized through the accretion of discount.

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At June 30, 2025, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:


Borrower	Principal Amount	Current Value	Unrealized Gain (Loss)

Groundworks LLC (B/B3), due 03/14/31	$613,679	$610,651	$	(458	)
Kaman Corp. (NR/NR), due 02/26/32	344,828	344,290		(1,685	)

TOTAL			$	(2,143	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty

Currency
Purchased

Currency

Sold

Settlement
Date

Unrealized
Gain

JPMorgan Securities, Inc.

GBP

2,214,974

USD

2,988,769

08/28/25

52,732

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss

MS & Co. Int. PLC	USD	31,420,890		EUR	26,680,555		09/23/25	$	(183,764	)
State Street Bank and Trust	USD	28,745,455		GBP	21,229,101		08/28/25		(405,368	)
UBS AG (London)	USD	1,269,240		GBP	940,000		08/28/25		(21,525	)

TOTAL								$	(610,657	)

FUTURES CONTRACTS — At June 30, 2025, 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	497	09/19/25	$	55,726,125		$	974,721
2 Year U.S. Treasury Notes	366	09/30/25		76,136,578			247,458
20 Year U.S. Treasury Bonds	106	09/19/25		12,239,688			438,997
Ultra 10-Year U.S. Treasury Notes	196	09/19/25		22,396,062			526,569

Total						$	2,187,745

Short position contracts:
5 Year German Euro-Bobl	(77)	09/08/25		(10,673,835	)		38,872

TOTAL FUTURES CONTRACTS						$	2,226,617

SWAP CONTRACTS — At June 30, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at June 30, 2025^(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)

Protection Sold:
CDX.NA.HY Index 39		5.000%		2.236%		12/20/27	$	90,783	$	5,902,990	$	3,983,463	$	1,919,527
CDX.NA.HY Index 44		5.000		3.186		06/20/30		145,825		11,174,246		8,196,917		2,977,329

TOTAL									$	17,077,236	$	12,180,380	$	4,896,856

(a)

Payments made quarterly.

(b)

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)



Currency Abbreviations:
EUR		— Euro
GBP		— British Pound
USD		— U.S. Dollar

Investment Abbreviations:
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Indexes
ETF		— Exchange Traded Fund
EURIBOR		— Euro Interbank Offered Rate
ICE		— Inter-Continental Exchange
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
NR		— Not Rated
PIK		— Payment in kind
PLC		— Public Limited Company
SOFR		— Secured Overnight Financing Rate
SPX		— S&P 500 Index
USD		— U.S. Dollar

Abbreviations:
CDX.NA.HY Ind 39		— CDX North America High Yield Index 39
CDX.NA.HY Ind 44		— CDX North America High Yield Index 44
MS & Co. Int. PLC		— Morgan Stanley & Co. International PLC

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– 85.7%
Advertising – 0.1%
CMG Media Corp. (B/B3) (3 mo. USD Term SOFR + 3.500%)
$	947,608		7.896	%	06/18/29	$ 915,759

Aerospace & Defense – 4.2%
Air Comm Corp. LLC (B/B2) (3 mo. USD Term SOFR + 3.000%)
	9,498,159		7.300		12/11/31	9,533,777
Bleriot U.S. Bidco, Inc. (B/B2)(3 mo. USD Term SOFR + 2.750%)
	8,596,357		7.046		10/31/30	8,612,518
Brown Group Holding LLC (B+/B2) (1 mo. USD Term SOFR + 2.500%)
	10,846,854		6.827		07/01/31	10,854,447
Dynasty Acquisition Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.000%)
	5,373,000		6.327		10/31/31	5,373,752
Kaman Corp. (B/B2)(3 mo. USD Term SOFR + 2.750%)
	10,714,224		7.083		02/26/32	10,697,510
Propulsion (BC) Finco SARL ^(b)(NR/B2)
	10,448,867		0.000		09/14/29	10,466,839
Spirit Aerosystems, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 4.250%)
	4,897,892		8.780		01/15/27	4,897,891
TransDigm, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 2.500%)
	13,165,217		6.796		02/28/31	13,187,598
	1,783,981		6.796		01/19/32	1,786,372

						75,410,704

Airlines – 0.2%
Vista Management Holding, Inc. (BB-/Ba3) (3 mo. USD Term SOFR + 0.000%)
	3,550,000		8.048		04/01/31	3,555,929

Apparel^(b)– 0.1%
Beach Acquisition Bidco LLC (NR/NR)
	1,825,000		0.000		06/25/32	1,836,406

Auto Parts & Related – 0.2%
Clarios Global LP (BB-/B1) (1 mo. USD Term SOFR + 2.750%)
	3,325,000		7.077		01/28/32	3,327,095

Automotive – 1.4%
Autokiniton U.S. Holdings, Inc. (B/B2)(1 mo. USD Term SOFR + 4.000%)
	3,084,345		8.441		04/06/28	2,967,757
Clarios Global LP (BB-/B1) (1 mo. EUR EURIBOR + 3.000%)
EUR	4,125,000		4.929		07/16/31	4,836,792
First Brands Group LLC (B-/Caa1) (3 mo. USD Term SOFR + 8.500%)
$	5,050,000		13.041		03/30/28	4,519,750
First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%)
	10,073,751		9.541		03/30/27	9,495,780
Holley Purchaser, Inc. (B/B2) (1 mo. USD Term SOFR + 3.750%)
	2,872,464		8.191		11/17/28	2,655,248

						24,475,327


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Automotive - Distributors – 0.6%
DexKo Global, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.750%)
$	2,010,534		8.191	%	10/04/28	$ 1,919,135
RealTruck Group, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%)
	2,939,152		8.191		01/31/28	2,619,519
SRAM LLC (BB-/B1)(1 mo. USD Term SOFR + 2.250%)
	6,883,005		6.577		02/27/32	6,779,761

						11,318,415

Automotive - Parts – 0.8%
Adient U.S. LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.250%)
	1,854,837		6.577		01/31/31	1,857,452
Clarios Global LP (BB-/B1) (1 mo. USD Term SOFR + 2.500%)
	5,309,942		6.827		05/06/30	5,290,030
Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%)
	6,620,039		7.333		05/04/28	6,612,691

						13,760,173

Banks – 0.5%
Nouryon Finance BV (B+/B2)(3 mo. USD Term SOFR + 3.250%)
	9,454,274		7.510		04/03/28	9,489,727

Building & Construction – 3.4%
AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%)
	10,744,881		7.077		07/30/31	10,738,219
Brown Group Holding LLC (B+/B2) ((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%))
	2,600,000		6.780–6.833		07/01/31	2,602,652
Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%)
	3,731,250		6.827		11/03/31	3,740,578
Cube Industrials Buyer, Inc. (B/B3) (3 mo. USD Term SOFR + 3.250%)
	8,079,750		7.522		10/17/31	8,112,554
DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%)
	11,583,911		7.941		03/31/28	11,572,211
DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2) (1 mo. USD Term SOFR + 6.750%)
	600,000		11.191		03/30/29	594,936
KKR Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.500%)
	10,591,171		6.827		09/23/31	10,563,846
TRC Cos. LLC (B/B3) (1 mo. USD Term SOFR + 3.000%)
	12,259,339		7.327		12/08/28	12,219,497

						60,144,493

Building Materials – 3.4%
Associated Materials, Inc. (B/B3) (1 mo. USD Term SOFR + 6.000%)
	7,142,015		10.327		03/08/29	6,454,596

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Building Materials – (continued)
Chamberlain Group, Inc. (B/B3) (1 mo. USD Term SOFR + 3.250%)
$	11,684,982		7.677	%	11/03/28	$ 11,696,901
Cornerstone Building Brands, Inc. (B/B3)(1 mo. USD Term SOFR + 3.250%)
	1,959,567		7.662		04/12/28	1,744,015
CP Atlas Buyer, Inc. (CCC+/B2) (1 mo. USD Term SOFR + 3.500%)
	2,305,337		8.177		11/23/27	2,294,778
Icebox Holdco III, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.500%)
	7,312,913		8.057		12/22/28	7,328,928
Icebox Holdco III, Inc. (CCC/Caa2) (3 mo. USD Term SOFR + 6.750%)
	1,525,000		11.307		12/21/29	1,523,734
LBM Acquisition LLC (B-/B3) (1 mo. USD Term SOFR + 3.750%)
	2,858,400		8.177		12/17/27	2,814,495
	1,188,000		8.162		06/06/31	1,106,325
MI Windows & Doors LLC (BB-/B1) (1 mo. USD Term SOFR + 3.000%)
	1,771,028		7.327		03/28/31	1,773,135
Oscar AcquisitionCo LLC (B-/B2) (3 mo. USD Term SOFR + 4.250%)
	1,922,578		8.546		04/29/29	1,765,965
Quikrete Holdings, Inc. (BB/Ba3) (1 mo. USD Term SOFR + 2.250%)
	8,969,469		6.577		04/14/31	8,949,557
	4,613,438		6.577		02/10/32	4,605,364
Vector WP Holdco, Inc. (B/B3) (1 mo. USD Term SOFR + 5.000%)
	8,767,794		9.441		10/12/28	8,685,640

						60,743,433

Capital Goods - Others – 2.6%
AI Aqua Merger Sub, Inc. (B/B3) (1 mo. USD Term SOFR + 3.000%)
	11,714,554		7.324		07/31/28	11,690,305
Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.750%)
EUR	3,290,805		5.730		05/21/28	3,876,406
(3 mo. USD Term SOFR + 3.750%)
$	5,844,688		8.057		05/19/28	5,877,068
Engineered Machinery Holdings, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 6.000%)
	500,000		10.557		05/21/29	500,625
(3 mo. USD Term SOFR + 6.500%)
	2,000,000		11.057		05/21/29	2,005,000
LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 4.250%)
	7,428,948		8.574		12/02/31	7,461,487
Nvent Electric PLC (B/B2) (1 mo. USD Term SOFR + 3.500%)
	7,650,000		7.827		01/30/32	7,691,769


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Capital Goods - Others – (continued)
Team Health Holdings, Inc. (B-/Caa2) (3 mo. USD Term SOFR + 5.250%)
$	2,852,327		9.530	%	03/02/27	$ 2,834,044
Titan Acquisition Ltd. (B-/B3)((3 mo. USD Term SOFR + 4.500%) – (6 mo. USD Term SOFR + 4.500%))
	4,536,642		8.666–8.796		02/15/29	4,545,533

						46,482,237

Chemicals – 3.6%
Albaugh LLC (BB/Ba3) (1 mo. USD Term SOFR + 3.750%)
	2,316,711		8.077		04/06/29	2,299,336
Berlin Packaging LLC (B-/B2) ((1 mo. USD Term SOFR + 3.500%) – (3 mo. USD Term SOFR + 3.500%))
	4,488,722		7.824–7.824		06/07/31	4,503,355
Chemours Co. (BB+/Ba1) (1 mo. USD Term SOFR + 3.000%)
	2,733,295		7.327		08/18/28	2,723,045
Consolidated Energy Finance SA (B/B1)(3 mo. USD Term SOFR + 4.500%)
	3,742,799		8.833		11/15/30	3,527,588
Discovery Purchaser Corp. (B-/B3) (3 mo. USD Term SOFR + 3.750%)
	4,955,767		8.022		10/04/29	4,944,914
ECO Services Operations Corp. (BB/B1) (3 mo. USD Term SOFR + 2.000%)
	5,051,886		6.280		06/12/31	5,013,087
Fortis 333, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%)
	2,500,000		7.796		03/29/32	2,496,100
INEOS Quattro Holdings U.K. Ltd. (BB-/B1) (1 mo. USD Term SOFR + 4.250%)
	2,498,661		8.577		10/07/31	2,273,781
INEOS U.S. Finance LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%)
	3,979,950		7.327		02/07/31	3,788,912
Innophos, Inc. (B+/B1)(1 mo. USD Term SOFR + 4.250%)
	2,827,618		8.691		03/16/29	2,837,345
Momentive Performance Materials, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 4.500%)
	6,069,312		8.327		03/29/28	6,081,936
Nobian Finance BV^(b)(B/B2)
EUR	1,600,000		0.000		07/31/30	1,868,569
Trident TPI Holdings, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.750%)
$	2,699,541		8.046		09/15/28	2,648,601
Windsor Holdings III LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%)
	10,344,757		7.072		08/01/30	10,342,171
WR Grace & Co-Conn. (B-/B2) (3 mo. USD Term SOFR + 3.250%)
	8,374,514		7.546		09/22/28	8,378,032

						63,726,772

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Commercial Services – 6.4%
Allied Universal Holdco LLC (B/B3) (1 mo. EUR EURIBOR + 3.750%)
EUR	649,688		5.679	%	05/12/28	$ 764,665
(1 mo. USD Term SOFR + 3.750%)
$	3,872,928		8.177		05/12/28	3,890,046
Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%)
	11,962,727		7.802		12/29/31	11,941,792
Anticimex International AB (B/B3)(3 mo. USD Term SOFR + 3.400%)
	6,320,750		7.660		11/16/28	6,330,231
Belron Finance 2019 LLC (BB-/Ba3)(3 mo. USD Term SOFR + 2.750%)
	14,231,446		7.049		10/16/31	14,280,972
Berkeley Research Group LLC (B/B2)(3 mo. USD Term SOFR + 3.250%)
	3,650,000		7.571		05/01/32	3,660,111
Cinemark USA, Inc. (BB+/Ba1)((1 mo. USD Term SOFR + 2.750%) – (3 mo. USD Term SOFR + 2.750%))
	8,069,014		7.077–7.077		05/24/30	8,091,688
Element Materials Technology Group U.S. Holdings, Inc.^(b)(B/B3)
	9,303,169		0.000		07/06/29	9,310,890
Fleet Midco I Ltd. (B+/B2)(6 mo. USD Term SOFR + 2.750%)
	2,670,772		7.055		02/21/31	2,674,111
Fugue Finance BV^(b)(B/B2)
	8,931,125		0.000		01/09/32	8,979,532
Fugue Finance BV^(b)(NR/B2)
	550,000		0.000		01/09/32	552,981
Garda World Security Corp. (B/B1)(1 mo. USD Term SOFR + 3.000%)
	9,481,513		7.314		02/01/29	9,486,728
Grant Thornton Advisors LLC^(b)(B/B2)
	2,750,000		0.000		06/02/31	2,752,750
Groundworks LLC (B/B3) (1 mo. USD Term SOFR + 3.000%)
	6,599,083		7.321		03/14/31	6,601,052
Holding Socotec (B/B2) (3 mo. USD Term SOFR + 3.750%)
	8,365,500		8.040		06/30/28	8,372,443
Holding Socotec SAS^(b)(B/B2)
EUR	1,025,000		0.000		06/02/28	1,206,651
Prime Security Services Borrower LLC^(b)(NR/NR)
$	1,700,000		0.000		03/07/32	1,688,491
Prime Security Services Borrower LLC^(b)(BB/Ba2)
	1,695,750		0.000		03/07/32	1,679,505
Vaco Holdings LLC (B-/B3) (3 mo. USD Term SOFR + 5.000%)
	970,051		9.446		01/21/29	887,111
Vestis Corp. (BB-/B2) (3 mo. USD Term SOFR + 2.250%)
	1,800,000		6.580		02/22/31	1,721,250
Wand NewCo 3, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%)
	2,609,799		6.827		01/30/31	2,596,437
WCG Intermediate Corp. (B-/B3) (1 mo. USD Term SOFR +
3.000%)
	6,800,000		7.327		02/25/32	6,717,040

						114,186,477

Consumer Cyclical Services – 3.7%
Asurion LLC (B/B3) (1 mo. USD Term SOFR + 5.250%)
	4,675,000		9.691		01/20/29	4,328,021


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Consumer Cyclical Services – (continued)
Asurion LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.250%)
$	3,352,398		8.577	%	09/19/30	$ 3,265,436
Avis Budget Car Rental LLC (BB/Ba1) (1 mo. USD Term SOFR + 1.750%)
	2,194,195		6.191		08/06/27	2,172,253
Core & Main LP (BB-/Ba3) (6 mo. USD Term SOFR + 2.000%)
	855,034		6.270		07/27/28	854,504
First Advantage Holdings LLC (B+/B1)(1 mo. USD Term SOFR + 3.250%)
	1,787,612		7.577		10/31/31	1,787,058
Fluid-Flow Products, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.250%)
	11,539,844		7.546		03/31/28	11,538,805
GSM Holdings, Inc. (B/B3) (3 mo. USD Term SOFR + 5.000%)
	1,977,973		9.296		09/30/31	1,908,744
Hertz Corp. (B/Ba3) (3 mo. USD Term SOFR + 3.500%)
	3,264,646		8.041		06/30/28	2,705,576
IRB Holding Corp. (B+/B2) (1 mo. USD Term SOFR + 2.500%)
	5,739,670		6.827		12/15/27	5,729,855
Pre-Paid Legal Services, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.750%)
	8,006,520		7.577		12/15/28	7,953,997
Sabre GLBL, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.500%)
	1,997,030		7.941		12/17/27	1,958,507
Spin Holdco, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 4.000%)
	2,645,698		8.577		03/04/28	2,314,986
Thevelia (U.S.) LLC (B+/B2) (3 mo. USD Term SOFR + 3.000%)
	7,362,830		7.296		06/18/29	7,364,377
Verisure Holding AB^(b)(B+/B1)
EUR	3,290,000		0.000		03/27/28	3,865,769
Veritiv Corp. (B+/B2) (3 mo. USD Term SOFR + 4.000%)
$	5,186,515		8.296		11/30/30	5,200,778
Whatabrands LLC (B/B2) (1 mo. USD Term SOFR + 2.500%)
	3,541,103		6.827		08/03/28	3,541,280

						66,489,946

Consumer Products – 1.2%
19th Holdings Golf LLC (B/B1) (1 mo. USD Term SOFR + 3.250%)
	1,546,015		7.663		02/07/29	1,520,893
Albion Financing 3 SARL (BB-/B1) (3 mo. USD Term SOFR + 3.000%)
	7,963,514		7.321		08/16/29	7,968,530
Kronos Acquisition Holdings, Inc. (CCC+/B2)(3 mo. USD Term SOFR + 4.000%)
	5,135,356		8.296		07/08/31	4,582,021
MajorDrive Holdings IV LLC (B-/B2) (3 mo. USD Term SOFR + 4.000%)
	4,872,380		8.557		06/01/28	4,770,888
Opal Bidco SAS^(b)(B+/B1)
	1,625,000		0.000		04/28/32	1,630,590

						20,472,922

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Containers & Packaging – 2.6%
Charter NEX U.S., Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%)
$	9,009,505		7.061	%	11/29/30	$ 9,037,705
Clydesdale Acquisition Holdings, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.175%)
	3,803,872		7.502		04/13/29	3,794,704
LABL, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%)
	3,183,705		9.427		10/30/28	2,860,304
Pregis TopCo Corp. (B-/B2) (1 mo. USD Term SOFR + 4.000%)
	8,503,361		8.327		02/01/29	8,520,368
Proampac PG Borrower LLC (B-/B3) ((3 mo. USD Term SOFR + 4.000%) – (3 mo. USD Term SOFR + 4.000%))
	11,151,293		8.256–8.324		09/15/28	11,176,384
TricorBraun Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%)
	11,128,251		7.691		03/03/28	11,110,668

						46,500,133

Diversified Financial Services – 3.7%
Advisor Group, Inc. (B/B1) (1 mo. USD Term SOFR + 3.500%)
	3,118,559		7.827		08/17/28	3,123,362
Allspring Buyer LLC (BB-/Ba3) (3 mo. USD Term SOFR + 3.000%)
	5,907,989		7.296		11/01/30	5,937,529
Colossus Acquireco LLC^(b)(BB+/Ba1)
	5,725,000		0.000		06/11/32	5,683,494
DRW Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.500%)
	9,997,013		7.827		06/26/31	10,009,509
Edelman Financial Center LLC (B/B2) (1 mo. USD Term SOFR + 3.000%)
	11,725,079		7.327		04/07/28	11,730,003
Eisner Advisory Group LLC (B-/B3) (1 mo. USD Term SOFR + 4.000%)
	5,242,397		8.327		02/28/31	5,262,056
FNZ Group Services Ltd. (B-/B3) (3 mo. USD Term SOFR + 5.000%)
	2,438,887		9.260		11/05/31	1,996,839
Focus Financial Partners LLC^(b)(B/B2)
	3,590,977		0.000		09/15/31	3,582,467
NEXUS Buyer LLC (B/B1) (1 mo. USD Term SOFR + 3.500%)
	8,249,773		7.827		07/31/31	8,272,377
Orion U.S. Finco, Inc.^(b)(NR/B2)
	3,900,000		0.000		05/20/32	3,911,700
VFH Parent LLC (B+/B1) (1 mo. USD Term SOFR + 2.500%)
	6,625,000		6.827		06/21/31	6,641,562

						66,150,898

Diversified Manufacturing – 2.4%
CeramTec AcquiCo GmbH^(b)(B/B1)
EUR	5,375,000		0.000		03/16/29	6,104,121
Chart Industries, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 2.500%)
$	7,672,537		6.788		03/15/30	7,679,750


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Diversified Manufacturing – (continued)
CPM Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 4.500%)
$	6,405,141		8.824	%	09/28/28	$ 6,248,023
Pelican Products, Inc. (CCC+/B3) (3 mo. USD Term SOFR + 4.250%)
	7,092,750		8.807		12/29/28	6,179,558
SPX Flow, Inc. (B/B1) (1 mo. USD Term SOFR + 3.000%)
	8,588,113		7.327		04/05/29	8,613,534
Victory Buyer LLC (CCC+/B3) (1 mo. USD Term SOFR + 3.750%)
	7,773,023		8.191		11/19/28	7,661,946

						42,486,932

Electrical – 0.4%
Edgewater Generation LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.000%)
	3,214,289		7.327		08/01/30	3,223,482
Waterbridge Midstream Operating LLC (B-/B2) (3 mo. USD Term SOFR + 4.750%)
	3,780,952		9.314		06/27/29	3,755,960

						6,979,442

Energy – 0.5%
Delek U.S. Holdings, Inc. (BB/B2) (1 mo. USD Term SOFR + 3.500%)
	2,972,039		7.927		11/19/29	2,916,165
ITT Holdings LLC (BB-/Ba2) (1 mo. USD Term SOFR + 2.725%)
	1,463,882		7.052		10/11/30	1,465,346
Vistra Zero Operating Co. LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.000%)
	4,825,000		6.327		04/30/31	4,752,625

						9,134,136

Energy - Exploration & Production – 0.7%
Kohler Energy Co. LLC (B/B1) (3 mo. USD Term SOFR + 3.750%)
	11,681,844		8.046		05/01/31	11,678,223

Entertainment – 1.7%
AMC Entertainment Holdings, Inc. ^(b)(B/B3)
	2,743,125		0.000		01/04/29	2,767,128
Arcis Golf LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%)
	10,432,177		7.077		11/24/28	10,432,177
Crown Finance U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 5.250%)
	4,875,500		9.566		12/02/31	4,869,406
Fender Musical Instruments Corp. ^(b)(B-/Caa1)
	2,574,956		0.000		12/01/28	2,304,585
GBT U.S. III LLC (BB-/B1) (3 mo. USD Term SOFR + 2.500%)
	4,353,125		6.783		07/28/31	4,357,043
GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (6 mo. USD Term SOFR + 2.500%)
	1,980,082		6.666		03/29/27	1,980,696
Playtika Holding Corp. (BB/Ba2) (1 mo. USD Term SOFR + 2.750%)
	1,804,144		7.191		03/13/28	1,771,110

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Entertainment – (continued)
Topgolf Callaway Brands Corp. (B/B1) (1 mo. USD Term SOFR + 3.000%)
$	1,894,947		7.327	%	03/18/30	$ 1,862,733

						30,344,878

Environmental – 1.1%
Luna III SARL^(b)(BB-/Ba3)
EUR	7,625,000		0.000		10/23/28	8,978,101
Madison IAQ LLC (B/B1) (6 mo. USD Term SOFR + 2.750%)
$	11,408,640		6.762		06/21/28	11,411,607

						20,389,708

Food & Beverages – 1.2%
Chef’s Warehouse Leasing Co. LLC (BB-/B1) (1 mo. USD Term SOFR + 3.500%)
	4,879,876		7.812		08/23/29	4,888,026
Chobani LLC (B+/Ba3) (1 mo. USD Term SOFR + 2.500%)
	850,792		6.827		10/25/27	852,740
Froneri Lux Finco SARL (BB-/Ba3) (6 mo. USD Term SOFR + 2.000%)
	3,657,927		6.237		09/30/31	3,614,508
Pegasus BidCo BV (B+/B1) (3 mo. USD Term SOFR + 2.250%)
	7,086,584		7.576		07/12/29	7,122,016
Sazerac Co., Inc. ^(b)(NR/NR)
	2,850,000		0.000		06/26/32	2,846,437
Verifone Systems, Inc. (CCC+/B3) (3 mo. USD Term SOFR + 5.500%)
	2,175,000		10.211		08/18/28	2,029,819

						21,353,546

Food & Drug Retailing – 0.2%
United Natural Foods, Inc. (B+/B3) (1 mo. USD Term SOFR + 4.750%)
	4,359,664		9.077		05/01/31	4,381,463

Gaming – 0.2%
GVC Holdings (Gibraltar) Ltd. (BB-/Ba1) (6 mo. USD Term SOFR + 2.750%)
	3,084,981		7.016		10/31/29	3,094,298

Health Care Products – 0.5%
Bausch & Lomb Corp. ^(b)(B/B1)
	2,693,147		0.000		09/29/28	2,689,781
Iris BidCo GmbH^(b)(B-/Caa1)
EUR	3,625,000		0.000		06/29/28	3,965,060
Medline Borrower LP (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%)
$	2,693,216		6.577		10/23/28	2,694,535

						9,349,376

Health Care Services – 1.7%
Accelerated Health Systems LLC (CCC+/Caa2) (3 mo. USD Term SOFR + 4.250%)
	1,034,076		8.696		02/15/29	702,655
Electron BidCo, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%)
	4,825,692		7.077		11/01/28	4,836,212


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Health Care Services – (continued)
Help At Home, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%)
$	2,804,959		9.327	%	09/24/31	$ 2,716,294
Lonza Group AG (B-/B2) (3 mo. USD Term SOFR + 3.925%)
	4,186,113		8.321		07/03/28	3,807,479
NAPA Management Services Corp. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.250%)
	4,266,601		9.677		02/23/29	3,411,147
Phoenix Guarantor, Inc. (B+/B1) (1 mo. USD Term SOFR + 1.500%)
	4,912,999		6.827		02/21/31	4,925,822
Summit Behavioral Healthcare LLC (B-/Caa1) (3 mo. USD Term SOFR + 4.250%)
	3,120,574		8.546		11/24/28	2,340,431
U.S. Radiology Specialists, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.750%)
	7,822,651		9.046		12/15/27	7,834,072

						30,574,112

Healthcare – 0.6%
LifePoint Health, Inc. (B/B2) (3 mo. USD Term SOFR + 3.750%)
	5,237,230		8.006		05/19/31	5,175,849
Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 4.750%)
	5,039,551		9.344		02/28/28	5,047,413

						10,223,262

Healthcare Providers & Services^(b)– 0.3%
Mehilainen Yhtiot OYJ (NR/NR)
EUR	5,100,000		0.000		08/05/31	6,008,930

Home Construction – 1.1%
Foundation Building Materials Holding Co. LLC (B/B3) (1 mo. USD LIBOR + 3.250%)
$	3,361,066		3.750		01/31/28	3,314,851
Hunter Douglas, Inc. (B/B1) (3 mo. USD Term SOFR + 3.250%)
	6,854,462		7.546		01/20/32	6,823,069
Tecta America Corp. ^(b)(B/B2)
	8,546,764		0.000		02/18/32	8,554,798

						18,692,718

Insurance – 4.5%
Acrisure LLC (B/B2) (1 mo. USD Term SOFR + 2.000%)
	11,549,550		7.327		11/06/30	11,508,318
(1 mo. USD Term SOFR + 3.250%)
	1,950,000		7.577		06/04/32	1,947,562
Alliant Holdings Intermediate LLC (B/B2) (1 mo. USD Term SOFR + 2.750%)
	12,414,337		7.072		09/19/31	12,415,703
AmWINS Group, Inc. (B+/B1) (1 mo. USD Term SOFR + 2.250%)
	6,517,250		6.577		01/30/32	6,518,423
AssuredPartners, Inc. (B/B2) (1 mo. USD Term SOFR + 3.500%)
	7,081,219		7.827		02/14/31	7,097,647

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Insurance – (continued)
Broadstreet Partners, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%)
$	9,132,749		7.327	%	06/13/31	$ 9,141,699
Howden Group Holdings Ltd. (B/B2) (1 mo. USD Term SOFR + 3.000%)
	8,549,649		7.327		02/15/31	8,571,964
(1 mo. USD Term SOFR + 3.500%)
	1,228,015		7.827		04/18/30	1,233,811
Sedgwick Claims Management Services, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.000%)
	8,916,493		7.327		07/31/31	8,944,402
Trucordia Insurance Holdings LLC (B/B2) (1 mo. USD Term SOFR + 3.250%)
	2,500,000		7.564		06/14/32	2,503,125
Truist Insurance Holdings LLC (B/B2) (3 mo. USD Term SOFR + 2.750%)
	3,907,727		7.046		05/06/31	3,906,906
USI, Inc. (B/B1) (3 mo. USD Term SOFR + 2.250%)
	7,110,213		6.546		11/21/29	7,095,780

						80,885,340

Internet – 1.2%
BEP Intermediate Holdco LLC (B/B1) (1 mo. USD Term SOFR + 3.250%)
	3,354,591		7.577		04/25/31	3,358,784
CNT Holdings I Corp. (B/B2) (3 mo. USD Term SOFR + 2.500%)
	4,506,113		6.780		11/08/32	4,515,035
Fortress Intermediate 3, Inc. (B/B2)
	3,566,018		0.000		06/27/31	3,570,475
Hoya Midco LLC (BB-/B2) (3 mo. USD Term SOFR + 2.250%)
	2,817,937		6.530		02/03/29	2,438,390
MH Sub I LLC (B/B1) (1 mo. USD Term SOFR + 4.250%)
	995,590		8.577		12/31/31	862,848
Plano HoldCo, Inc. (B+/B2) (3 mo. USD Term SOFR + 3.500%)
	7,830,375		7.796		10/02/31	7,419,280

						22,164,812

Lodging – 1.0%
Caesars Entertainment, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%)
	4,373,625		6.577		02/06/30	4,364,877
Fertitta Entertainment LLC (B/B2) (1 mo. USD Term SOFR + 3.500%)
	3,615,657		7.827		01/27/29	3,609,330
Hilton Grand Vacations Borrower LLC (BB/Ba2) (1 mo. USD Term SOFR + 2.000%)
	6,865,054		6.327		08/02/28	6,857,571
Travel & Leisure Co. (BB-/Ba3) (1 mo. USD Term SOFR + 2.500%)
	2,844,767		6.827		12/14/29	2,846,901

						17,678,679


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Machinery – 1.7%
Apex Tool Group LLC^(c)(CCC-/Caa2) (1 mo. USD Term SOFR + 7.500%)
$	6,952,266		7.500	%	02/08/30	$ 5,422,767
Apex Tool Group LLC (CCC+/B3) (1 mo. USD Term SOFR + 4.000%)
	2,937,671		9.677		02/08/29	2,526,397
CD&R Hydra Buyer, Inc. (B/B3) (1 mo. USD Term SOFR + 4.000%)
	3,999,375		8.427		03/25/31	3,930,386
Project Castle, Inc.^(b)(CCC+/Caa2)
	7,065,797		0.000		06/01/29	5,551,668
TK Elevator Midco GmbH (B/B2) (3 mo. USD Term SOFR + 3.000%)
	13,547,927		7.237		04/30/30	13,577,190

						31,008,408

Machinery - Construction & Mining – 0.6%
Chromalloy Corp. (B-/B2) (3 mo. USD Term SOFR + 3.750%)
	8,746,055		8.038		03/27/31	8,752,177
WEC U.S. Holdings Ltd. (B+/B1) (1 mo. USD Term SOFR + 2.250%)
	1,435,714		6.574		01/27/31	1,435,599

						10,187,776

Media – 0.6%
Audacy Capital Corp. (B+/B2) (1 mo. USD Term SOFR + 7.000%)
	252,835		11.441		10/02/28	250,939
Cogeco Communications Finance (USA) LP (BB/B1) (1 mo. USD Term SOFR + 3.250%)
	4,066,280		7.577		09/18/30	4,053,594
CSC Holdings LLC^(b)(CCC+/Caa1)
	3,017,283		0.000		01/18/28	2,972,054
DirecTV Financing LLC^(b)(BB-/B1)
	1,308,248		0.000		02/17/31	1,244,797
EOC Borrower LLC (B+/B2) (1 mo. USD Term SOFR + 3.000%)
	2,000,000		7.327		03/24/32	2,000,620

						10,522,004

Media - Cable – 1.1%
Altice Financing SA (CCC+/Caa2) (3 mo. USD Term SOFR + 5.000%)
	2,219,464		9.256		10/31/27	1,777,414
Altice France SA (D/Caa2) (3 mo. USD Term SOFR + 5.500%)
	6,615,251		9.756		08/15/28	5,977,607
CSC Holdings LLC (CCC+/Caa1) (1 mo. USD LIBOR + 1.500%)
	1,620,723		7.607		04/15/27	1,577,029
Gray Television, Inc. (B/Ba3) (1 mo. USD Term SOFR + 3.000%)
	1,923,913		7.439		12/01/28	1,858,326
iHeartCommunications, Inc. (CCC+/Caa1) (1 mo. USD Term SOFR + 5.775%)
	3,338,086		10.216		05/01/29	2,712,195

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Media - Cable – (continued)
Virgin Media Bristol LLC (B+/Ba3) (6 mo. USD Term SOFR + 3.175%)
$	5,333,080		7.373	%	03/31/31	$ 5,259,163

						19,161,734

Media - Non Cable – 0.6%
Audacy Capital Corp. (B-/Caa2) (1 mo. USD Term SOFR + 6.000%)
	2,264,921		10.441		10/01/29	1,843,645
Diamond Sports Group LLC^(d)(NR/NR) (Fixed + 15.000%)
	216,213		15.000		01/02/28	195,403
NEP/NCP Holdco, Inc. (CCC/Caa3) (3 mo. USD Term SOFR + 7.000%)
	3,200,000		11.594		10/19/26	1,676,800
Neptune Bidco U.S., Inc. (B/B2) (3 mo. USD Term SOFR + 5.000%)
	6,683,671		9.330		04/11/29	6,305,308

						10,021,156

Midstream – 2.1%
AL GCX Fund VIII Holdings LLC (BB/Ba3) (1 mo. USD Term SOFR + 2.000%)
	4,750,000		6.313		01/30/32	4,741,118
AL GCX Holdings LLC (BB/Ba3) (1 mo. USD Term SOFR + 2.000%)
	8,037,585		6.313		05/17/29	8,036,138
AL NGPL Holdings LLC (B+/Ba3) (3 mo. USD Term SOFR + 2.500%)
	7,418,894		6.785		04/13/28	7,407,765
Oryx Midstream Services Permian Basin LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%)
	11,031,193		6.572		10/05/28	11,021,596
Whitewater Matterhorn Holdings LLC^(b)(BB/Ba3)
	6,325,000		0.000		06/16/32	6,315,766

						37,522,383

Mining – 0.9%
Arsenal AIC Parent LLC (B+/Ba3) (1 mo. USD Term SOFR + 2.750%)
	8,178,593		7.077		08/19/30	8,160,191
Crosby U.S. Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 3.500%)
	2,610,382		7.827		08/16/29	2,618,214
PMHC II, Inc. (B-/B3) (3 mo. USD Term SOFR + 4.250%)
	5,203,675		8.642		04/23/29	4,532,973

						15,311,378

Non Captive – 0.5%
Asurion LLC (BB-/Ba3) (1 mo. USD Term SOFR + 4.000%)
	997,436		8.427		08/19/28	982,614
HUB International Ltd. (B+/B1) ((3 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%))
	7,353,897		6.769–6.796		06/20/30	7,374,267

						8,356,881


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Oil Field Services – 1.1%
BANGL LLC (BB-/B2) (3 mo. USD Term SOFR + 4.500%)
$	5,453,011		8.788	%	02/01/29	$ 5,466,644
ChampionX Corp. (BBB/Ba1) (1 mo. USD Term SOFR + 2.750%)
	1,941,973		7.177		06/07/29	1,941,973
Illuminate Buyer LLC (B+/B1) (1 mo. USD Term SOFR + 3.000%)
	11,811,862		7.327		12/31/29	11,838,675
New Fortress Energy, Inc.^(b)(B/B3)
	897,750		0.000		10/30/28	482,792

						19,730,084

Packaging – 1.2%
Clydesdale Acquisition Holdings, Inc. (B+/B2) (1 mo. USD Term SOFR + 3.250%)
	4,471,821		7.577		04/01/32	4,451,966
(CME Term SOFR + 3.250%)
	2,345		1.625		04/01/32	2,335
Klockner-Pentaplast of America, Inc. (CCC-/Caa1) (6 mo. USD Term SOFR + 4.725%)
	2,107,654		9.227		02/12/26	1,930,232
Pretium Packaging LLC (B-/B3) (3 mo. USD Term SOFR + 1.250%)
	713,587		8.010		10/02/28	710,275
Pretium Packaging LLC (CCC/Caa3) (3 mo. USD Term SOFR + 0.701%)
	2,627,233		8.158		10/02/28	1,246,990
Pro Mach Group, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%)
	3,765,563		7.077		08/31/28	3,772,002
Tosca Services LLC^(b)(B/B2)
	1,395,211		0.000		11/30/28	1,414,981
Tosca Services LLC^(b)(CCC/Caa2)
	8,173,407		0.000		11/30/28	7,307,026

						20,835,807

Pharmaceuticals – 0.9%
Amneal Pharmaceuticals LLC (B+/B1) (1 mo. USD Term SOFR + 5.500%)
	3,946,250		9.827		05/04/28	4,007,101
Bausch Health Cos., Inc. (B/Caa1) (1 mo. USD Term SOFR + 6.250%)
	2,875,000		10.561		10/08/30	2,766,728
Covetrus, Inc. (B-/B2) (3 mo. USD Term SOFR + 5.000%)
	7,231,710		9.296		10/13/29	6,497,981
Gainwell Acquisition Corp. (B-/B3) (3 mo. USD Term SOFR + 4.000%)
	3,362,118		8.396		10/01/27	3,233,517

						16,505,327

Pipelines – 0.8%
Prairie ECI Acquiror LP (B-/B3) (1 mo. USD Term SOFR + 3.250%)
	5,036,441		8.577		08/01/29	5,063,185

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a) – (continued)
Pipelines – (continued)
Traverse Midstream Partners LLC (B+/B2) (3 mo. USD Term SOFR + 3.000%)
$	4,052,476		7.280	%	02/16/28	$ 4,057,541
WhiteWater DBR HoldCo LLC (BB/Ba1) (3 mo. USD Term SOFR + 2.250%)
	4,912,937		6.563		03/03/31	4,912,937

						14,033,663

Real Estate – 0.2%
Forest City Enterprises LP (CCC+/Caa1) (1 mo. USD Term SOFR + 3.500%)
	4,348,084		7.941		12/08/25	4,206,249

Restaurants^(b) – 0.1%
Dave & Buster’s, Inc. (B/B2)
	2,000,000		0.000		06/29/29	1,933,820

Retailers – 2.7%
BCPE Empire Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%)
	5,267,133		7.577		12/11/30	5,231,580
Dealer Tire Financial LLC (B-/B1) (1 mo. USD Term SOFR + 3.000%)
	3,975,145		7.327		07/02/31	3,950,300
Great Outdoors Group LLC ^(b)(BB-/B1)
	1,845,364		0.000		01/23/32	1,840,178
Harbor Freight Tools USA, Inc. (BB-/B2) (1 mo. USD Term SOFR + 2.250%)
	8,476,605		6.577		06/11/31	8,285,882
Mister Car Wash Holdings, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%)
	1,354,912		6.827		03/27/31	1,356,321
Peer Holding III BV ^(b)(BB/Ba1)
	6,591,875		0.000		07/01/31	6,621,538
Petco Health & Wellness Co., Inc. ^(b)(B/B3)
	2,075,000		0.000		03/03/28	1,906,966
PetSmart, Inc. (BB/B2) (1 mo. USD Term SOFR + 3.750%)
	900,000		8.177		02/11/28	888,939
Restoration Hardware, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%)
	3,071,696		6.941		10/20/28	2,980,590
Staples, Inc. (B-/B3) (3 mo. USD Term SOFR + 5.750%)
	1,895,226		10.026		09/04/29	1,744,954
TruGreen LP (B-/B3) (1 mo. USD Term SOFR + 4.000%)
	2,484,587		8.427		11/02/27	2,352,606
TruGreen LP (CCC/Caa3) (3 mo. USD Term SOFR + 8.500%)
	2,200,000		13.041		11/02/28	1,724,250
White Cap Buyer LLC (B/B2) (1 mo. USD Term SOFR + 3.250%)
	8,647,647		7.577		10/19/29	8,587,114

						47,471,218


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a) – (continued)
Technology – 3.1%
Cloud Software Group, Inc. (B/B2) (3 mo. USD Term SOFR + 3.500%)
$	10,037,157		7.796		03/29/29	$ 10,043,983
(3 mo. USD Term SOFR + 3.750%)
	4,860,000		8.046	%	03/21/31	4,867,193
Fortra LLC (B-/B2) (3 mo. USD Term SOFR + 4.000%)
	2,003,851		8.380		11/19/26	1,903,659
Kaseya, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%)
	8,004,938		7.577		03/20/32	8,032,474
Kaseya, Inc. (CCC+/Caa2) (1 mo. USD Term SOFR + 5.000%)
	3,000,000		9.327		03/18/33	3,000,930
McAfee LLC (B-/B1) (1 mo. USD Term SOFR + 3.000%)
	12,109,301		7.316		03/01/29	11,743,478
Pitney Bowes, Inc. (BB/Ba2) (1 mo. USD Term SOFR + 3.750%)
	7,780,500		8.077		03/19/32	7,757,781
Project Boost Purchaser LLC (B-/B2) (3 mo. USD Term SOFR + 3.000%)
	8,563,725		7.296		07/16/31	8,574,430

						55,923,928

Technology - Hardware – 0.4%
Grinding Media, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.500%)
	7,121,884		7.830		10/12/28	7,050,665

Technology - Software – 6.7%
Ahead DB Holdings LLC (B/B1) (3 mo. USD Term SOFR + 3.000%)
	10,882,141		7.310		02/03/31	10,884,426
Amentum Government Services Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%)
	2,738,083		6.577		09/29/31	2,731,238
Aspect Software, Inc. (CC/NR) (3 mo. USD Term SOFR + 7.000%)
	980,000		11.544		05/05/28	5,733
Avalara, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.250%)
	4,725,000		7.546		03/26/32	4,741,868
Camelot U.S. Acquisition LLC (BB-/B1) (1 mo. USD Term SOFR + 2.750%)
	2,806,308		7.077		01/31/31	2,773,867
Clearwater Analytics LLC (BB-/B1) (3 mo. USD Term SOFR + 2.250%)
	500,000		6.529		04/21/32	499,375
Clover Holdings 2 LLC (B/B2) (3 mo. USD Term SOFR + 4.000%)
	8,425,000		8.307		12/09/31	8,427,612
ConnectWise LLC (NR/B2) (3 mo. USD Term SOFR + 3.500%)
	11,352,941		8.057		09/29/28	11,400,283
Cotiviti Corp. (B/WR) (1 mo. USD Term SOFR + 2.750%)
	4,863,622		7.074		05/01/31	4,836,289
Drake Software LLC (B-/B3) (3 mo. USD Term SOFR + 4.250%)
	4,114,470		8.546		06/26/31	4,093,897
Dun & Bradstreet Corp. (B+/B1) (1 mo. USD Term SOFR + 2.250%)
	9,230,766		6.572		01/18/29	9,222,828
Epicor Software Corp. (B-/B2) (1 mo. USD Term SOFR + 2.750%)
	3,770,649		7.077		05/30/31	3,778,228

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount			Interest Rate			Maturity Date	Value

Bank Loans^(a) – (continued)
Technology – Software – (continued)
Genuine Financial Holdings LLC (B/B3) (1 mo. USD Term SOFR + 3.250%)
$	8,179,398			7.577	%	09/27/30	$ 7,749,980
iSolved, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%)
	4,219,861			7.327		10/15/30	4,231,719
Javelin Buyer, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.250%)
	7,680,750			7.583		12/05/31	7,711,934
Javelin Buyer, Inc.^(c)(CCC+/Caa2) (3 mo. USD Term SOFR +
	5.250	%)
	2,275,000			9.583		12/06/32	2,246,563
Loyalty Ventures, Inc.^(c)(NR/WR)
	11,629,469			0.000		11/03/27	814,063
Mitchell International, Inc.^(b)(B-/B2)
	2,718,153			0.000		06/17/31	2,713,804
Peraton Corp. (B-/Caa1) (1 mo. USD Term SOFR + 3.750%)
	2,246,942			8.177		02/01/28	1,978,005
Physician Partners LLC (B/NR) (3 mo. USD Term SOFR + 5.000%)
	1,105,920			10.296		12/31/29	958,468
Physician Partners LLC (CCC-/C) (3 mo. USD Term SOFR + 4.000%)
	3,816,319			8.446		12/31/29	1,889,078
(3 mo. USD Term SOFR + 5.500%)
	2,369,730			9.946		12/31/30	481,837
QXO, Inc.^(b)(BB-/Ba3)
	3,041,111			0.000		04/30/32	3,059,236
Synechron, Inc.^(c)(B+/B1) (3 mo. USD Term SOFR + 3.750%)
	7,605,938			8.030		10/03/31	7,377,759
UKG, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.000%)
	3,877,872			7.311		02/10/31	3,891,522
Virtusa Corp. (B+/B1) (1 mo. USD Term SOFR + 3.250%)
	9,369,618			7.577		02/15/29	9,364,933
Zelis Payments Buyer, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%)
	1,908,455			7.577		11/26/31	1,896,260

							119,760,805

Textiles – 0.7%
ABG Intermediate Holdings 2 LLC (B+/B1) (1 mo. USD Term SOFR + 2.250%)
	4,488,694			6.577		12/21/28	4,482,724
Champ Acquisition Corp. (B/B2) (6 mo. USD Term SOFR + 4.000%)
	4,641,250			8.166		11/25/31	4,662,507
Fanatics Commerce Intermediate Holdco LLC (BB-/B2) (1 mo. USD Term SOFR + 3.250%)
	3,722,250			7.691		11/24/28	3,712,944

							12,858,175

Transportation Services – 0.9%
Kenan Advantage Group, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%)
	4,525,593			7.577		01/25/29	4,457,709
MH Sub I LLC (B/B1) (1 mo. USD Term SOFR + 4.250%)
	3,613,713			8.577		05/03/28	3,386,735


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a) – (continued)
Transportation Services – (continued)
Third Coast Infrastructure LLC (BB+/Ba3) (1 mo. USD Term SOFR + 4.250%)
$	7,628,437		8.577	%	09/25/30	$ 7,661,850

						15,506,294

Wireless Telecommunication Services – 0.8%
Lumen Technologies, Inc. (B+/Caa1) (1 mo. USD Term SOFR + 2.350%)
	1,895,170		6.791		04/16/29	1,869,831
Voyager Digital Ltd. ^(b)(BB-/NR)
	2,598,068		0.000		05/11/29	2,598,068
Zacapa SARL (B/B2) (3 mo. USD Term SOFR + 3.750%)
	4,291,580		8.046		03/22/29	4,302,309
Zayo Group Holdings, Inc. (B-/B3) (1 mo. EUR EURIBOR + 3.250%)
EUR	1,088,512		5.179		03/09/27	1,188,894
(1 mo. USD Term SOFR + 3.000%)
$	4,850,000		7.441		03/09/27	4,603,620

						14,562,722

TOTAL BANK LOANS (Cost $1,560,803,931)						$1,526,877,178



Corporate Obligations – 4.9%
Airlines^(e)(f)(g) – 0.2%
VistaJet Malta Finance PLC/Vista Management Holding, Inc. (B/B3)
$	2,759,000		7.875	%	05/01/27	$ 2,776,823

Building Materials^(e)(f) – 0.0%
Masterbrand, Inc. (BB/Ba3)
	800,000		7.000		07/15/32	817,472

Chemicals – 0.5%
Olympus Water U.S. Holding Corp.^(e) (f)(B-/B3)
	4,160,000		9.750		11/15/28	4,380,272
	4,000,000		7.250		06/15/31	4,081,160

						8,461,432

Commercial Services^(e)(f) – 0.1%
Verisure Midholding AB (B-/B3)
EUR	1,075,000		5.250		02/15/29	1,272,464

Diversified Financial Services^(e)(f) – 0.3%
Jane Street Group/JSG Finance, Inc. (BB/Ba1)
$	2,125,000		6.750		05/01/33	2,190,216
United Wholesale Mortgage LLC (NR/Ba3)
	3,330,000		5.500		04/15/29	3,235,961

						5,426,177

Engineering & Construction^(e)(f) – 0.4%
Global Infrastructure Solutions, Inc. (BB/B1)
	7,310,000		7.500		04/15/32	7,443,627

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Insurance^(e)(f) – 0.1%
Acrisure LLC/Acrisure Finance, Inc. (NR/NR)
$	420,000		6.750	%	07/01/32	$ 425,918
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (B/B2)
	1,620,000		7.250		02/15/31	1,677,170

						2,103,088

Internet^(e)(f) – 0.3%
ANGI Group LLC (B/B2)
	4,485,000		3.875		08/15/28	4,188,183
Match Group Holdings II LLC (BB/Ba2)
	665,000		3.625		10/01/31	593,998

						4,782,181

Leisure Time^(e)(f) – 0.1%
MajorDrive Holdings IV LLC (CCC/Caa2)
	2,428,000		6.375		06/01/29	1,919,941

Machinery-Diversified^(e)(f) – 0.5%
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3)
	7,857,000		9.000		02/15/29	8,213,472

Media^(e) – 0.2%
Cumulus Media New Holdings, Inc. ^(f)(CCC+/Caa3)
	3,895,000		8.000		07/01/29	1,102,051
iHeartCommunications, Inc. (CCC-/Caa3)
	1		8.375		05/01/27	1
iHeartCommunications, Inc.^(f)(g)(CCC+/Caa1)
	2,040,000		9.125		05/01/29	1,681,062

						2,783,114

Miscellaneous Manufacturing^(e)(g) – 0.0%
Hillenbrand, Inc. (BB+/Ba1)
	922,000		3.750		03/01/31	826,490

Oil Field Services^(e) – 0.5%
Aris Water Holdings LLC ^(f)(B+/B2)
	1,770,000		7.250		04/01/30	1,824,534
Kodiak Gas Services LLC ^(f)(BB-/B2)
	620,000		7.250		02/15/29	641,818
Noble Finance II LLC ^(f)(BB-/B1)
	1,880,000		8.000		04/15/30	1,914,592
Sitio Royalties Operating Partnership LP/Sitio Finance Corp.^(f)(B/B3)
	1,720,000		7.875		11/01/28	1,800,582
Sunoco LP ^(f)(BB+/Ba1)
	880,000		7.250		05/01/32	924,202
Sunoco LP/Sunoco Finance Corp. (BB+/Ba1)
	1,425,000		4.500		04/30/30	1,369,938

						8,475,666

Pharmaceuticals^(e)(f) – 0.4%
Opal Bidco SAS (B+/B1)
	7,045,000		6.500		03/31/32	7,180,828


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Pipelines – 0.4%
Delek Logistics Partners LP/Delek Logistics Finance Corp.^(e)(f)(BB-/B2)
$	1,750,000		8.625	%	03/15/29	$ 1,817,007
	2,815,000		7.375		06/30/33	2,802,529
ITT Holdings LLC^(e)(f) (B-/B3)
	2,305,000		6.500		08/01/29	2,192,839
Summit Midstream Holdings LLC^(e)(f)(B+/B3)
	1,285,000		8.625		10/31/29	1,310,469

						8,122,844

Real Estate^(e)(f)(g) – 0.1%
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa2)
	2,885,000		5.250		04/15/30	2,367,027

Retailing^(e)(f) – 0.3%
LCM Investments Holdings II LLC (BB-/B2)
	2,285,000		4.875		05/01/29	2,221,751
QXO Building Products, Inc. (BB-/Ba3)
	2,945,000		6.750		04/30/32	3,040,506

						5,262,257

Software^(e)(f) – 0.4%
AthenaHealth Group, Inc. (CCC/Caa2)
	4,090,000		6.500		02/15/30	4,024,110
Castle U.S. Holding Corp. (NR/Ca)
	3,965,000		9.500		02/15/28	1,763,077
Rackspace Finance LLC (B-/Caa1)
	2,366,000		3.500		05/15/28	954,752

						6,741,939

Transportation^(e)(f) – 0.1%
Rand Parent LLC (BB-/Ba1)
	2,705,000		8.500		02/15/30	2,713,845

TOTAL CORPORATE OBLIGATIONS (Cost $94,286,494)						$ 87,690,687



Asset-Backed Securities⁽^e)(f)(h) – 0.9%
Collateralized Loan Obligations – 0.9%
TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.932%)
$	4,900,000		8.257	%	08/16/34	$ 4,820,292
THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.982%)
	4,000,000		8.251		04/18/36	4,008,552
Tralee CLO V Ltd. Series 2018-5A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 4.072%)
	7,000,000		8.341		10/20/34	6,809,600

TOTAL ASSET-BACKED SECURITIES (Cost $15,706,000)						$ 15,638,444

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Shares		Description	Value

	Common Stocks^(d)– 0.4%
	Aerospace & Defense – 0.2%
	204,620	Swissport Ltd.	$ 3,856,516

	Health Care Providers & Services – 0.1%
	50,617	New Trojan/Careismatic	1,341,350

	IT Services – 0.0%
	11,094	DSG TopCo, Inc.	152,543

	Media – 0.1%
	77,495	Audacy Class A	929,940
	8,495	Audacy Capital Corp. Class B	110,435
	162,749	Bright Pattern Holdco^(c)	163
	579,399	Clear Channel Outdoor Holdings, Inc.	677,897

			1,718,435

	Software^(c)– 0.0%
	229	Travelport LLC	—

	Specialty Retail – 0.0%
	9,541	Neiman Marcus Group Ltd. LLC	954,100

	TOTAL COMMON STOCKS (Cost $20,644,649)		$ 8,022,944


Units		Expiration Date	Value

	Rights^(d)– 0.1%
	Media – 0.1%
	Cineworld Group PLC (NR/NR)
	63,702	12/31/99	$ 1,483,359
	(Cost $962,522)


Shares		Dividend Rate	Value

	Preferred Stocks^(c)(d)– 0.0%
	Post Secondary Education – 0.0%
	Travelport LLC
	163	0.000%	$ 125,510
	(Cost $163,000)


Units		Expiration Date	Value

	Warrants^(d)– 0.0%
	Aspect Software, Inc. (NR/NR)^(c)
	162,749	12/31/99	$ 163
	New Trojan/Careismatic (NR/NR)
	5,698	12/31/99	—
	Noble Corp. PLC (NR/NR)
	6,346	02/04/28	76,501
	(Cost $15,865)

	TOTAL WARRANTS (Cost $1,115,865)		$ 76,664


Shares		Description	Value

	Exchange Traded Funds – 4.3%
	737,892	Eldridge BBB-B CLO ETF (NR/NR)	$ 19,731,232
	1,366,053	SPDR Blackstone Senior Loan ETF (NR/NR)	56,814,144

	TOTAL EXCHANGE TRADED FUNDS (Cost $76,547,198)		$ 76,545,376


Shares		Dividend Rate	Value

	Investment Company⁽ⁱ⁾– 3.4%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	60,668,454	4.231%	$ 60,668,454
	(Cost $60,668,454)



	Securities Lending Reinvestment Vehicle⁽ⁱ⁾– 0.4%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	6,630,866	4.231%	$ 6,630,866
	(Cost $6,630,866)

	TOTAL INVESTMENTS – 100.1% (Cost $1,837,528,979)		$1,783,759,482

	LIABILITIES IN EXCESS OF OTHER ASSETS – ( 0.1)%		$ (1,463,789)

	NET ASSETS – 100.0%		$1,782,295,693



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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)



(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.



(c)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(d)		Security is currently in default and/or non-income producing.

(e)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(f)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(g)		All or a portion of security is on loan.

(h)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025.

(i)		Represents an affiliated issuer.

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At June 30, 2025, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:


Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)

Air Comm Corp. LLC (NR/B2), due 12/11/31	$	903,036	$	906,423	$	3,480
Clydesdale Acquisition Holdings, Inc. (B+/B2), due 04/01/32		75,833		75,497		(337	)
Groundworks LLC (B/B3), due 03/14/31		1,001,053		993,383		(745	)
Kaman Corp. (NR/NR), due 02/26/32		1,010,776		1,009,199		4,215

TOTAL					$	6,613

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty

Currency

Purchased

Currency

Sold

Settlement
Date

Unrealized
Loss

MS & Co. Int. PLC

USD

53,788,246

EUR

45,673,445

09/23/25

(314,578

)

FUTURES CONTRACTS — At June 30, 2025, the Fund had the following futures contracts:


Description	Number of Contracts	Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)

Long position contracts:
5 Year U.S. Treasury Notes	301	09/30/25	$	32,809,000		$	441,567

Short position contracts:
10 Year U.S. Treasury Notes	(104)	09/19/25		(11,661,000	)		(227,697	)
2 Year U.S. Treasury Notes	(138)	09/30/25		(28,707,234	)		(111,300	)

Total						$	(338,997	)

TOTAL FUTURES CONTRACTS						$	102,570

SWAP CONTRACTS — At June 30, 2025, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at June 30, 2025^(b)	Termination Date	Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)

Protection Sold:
CDX.NA.HY Index 43	5.000%	3.075%	12/20/29	$	168,500	$	12,608,464	$	11,739,660	$	868,804

(a)

Payments made quarterly.

(b)



Currency Abbreviations:
EUR		— Euro
USD		— U.S. Dollar

Investment Abbreviations:
CLO		— Collateralized Loan Obligation
ETF		— Exchange Traded Fund
EURIBOR		— Euro Interbank Offered Rate
LIBOR		— London Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
NR		— Not Rated
PLC		— Public Limited Company
SOFR		— Secured Overnight Financing Rate
USD		— U.S. Dollar

Abbreviations:
CDX.NA.HY Ind 43		— CDX North America High Yield Index 43
MS & Co. Int. PLC		— Morgan Stanley & Co. International PLC

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – 89.8%
Aerospace & Defense – 3.9%
Boeing Co.
$	1,500,000		2.196	%^(a)	02/04/26	$ 1,476,855
	1,950,000		3.450	^(a)	11/01/28	1,879,859
	5,577,000		2.950	^(a)	02/01/30	5,171,552
	431,000		5.150	^(a)	05/01/30	438,922
	3,750,000		3.600	^(a)	05/01/34	3,305,737
	1,679,000		6.528	^(a)	05/01/34	1,825,845
	1,375,000		3.250	^(a)	02/01/35	1,157,613
	500,000		3.550	^(a)	03/01/38	401,335
	2,827,000		5.875		02/15/40	2,820,809
	1,306,000		3.375	^(a)	06/15/46	889,634
	575,000		3.625	^(a)	03/01/48	396,399
	900,000		3.850	^(a)	11/01/48	645,579
	1,551,000		6.858	^(a)	05/01/54	1,698,702
Hexcel Corp.^(a)
	796,000		5.875		02/26/35	810,033
Howmet Aerospace, Inc.^(a)
	802,000		4.850		10/15/31	813,509
RTX Corp.^(a)
	1,975,000		4.125		11/16/28	1,967,811

						25,700,194

Agriculture^(a)– 1.9%
Altria Group, Inc.
	975,000		4.800		02/14/29	986,144
BAT Capital Corp.
	1,125,000		3.215		09/06/26	1,109,419
	200,000		3.557		08/15/27	196,746
	1,350,000		2.259		03/25/28	1,277,127
	4,055,000		6.000		02/20/34	4,273,240
BAT International Finance PLC
	4,575,000		5.931		02/02/29	4,801,417

						12,644,093

Airlines^(a)– 0.3%
Delta Air Lines, Inc.
	1,670,000		5.250		07/10/30	1,682,441

Automotive^(a)– 4.3%
Ford Motor Credit Co. LLC
	210,000		3.375		11/13/25	208,564
	5,725,000		6.950		06/10/26	5,803,375
	586,000		5.850		05/17/27	590,612
General Motors Co.
	2,925,000		6.800		10/01/27	3,046,066
General Motors Financial Co., Inc.
	5,315,000		5.250		03/01/26	5,323,185
	2,575,000		1.500		06/10/26	2,499,553
	4,750,000		5.000		04/09/27	4,779,307
	400,000		2.700		08/20/27	384,120
	775,000		3.850		01/05/28	758,663
	1,705,000		5.850		04/06/30	1,761,640
	820,000		5.450		07/15/30	831,824
	266,000		5.750		02/08/31	273,296


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Automotive^(a)– (continued)
Hyundai Capital America^(b)
$	1,450,000		5.600	%	03/30/28	$ 1,485,598

						27,745,803

Banks – 20.9%
Banco Santander SA
	1,200,000		5.565		01/17/30	1,244,784
	1,600,000		6.921		08/08/33	1,733,376
(1 yr. CMT + 1.600%)
	400,000		3.225	^(a)(c)	11/22/32	358,340
Bank of America Corp.
(3 mo. USD Term SOFR + 1.252%)
	275,000		2.496	^(a)(c)	02/13/31	251,226
(3 mo. USD Term SOFR + 1.302%)
	968,000		3.419	^(a)(c)	12/20/28	946,017
(3 mo. USD Term SOFR + 1.332%)
	5,356,000		3.970	^(a)(c)	03/05/29	5,295,799
(3 mo. USD Term SOFR + 1.572%)
	1,950,000		4.271	^(a)(c)	07/23/29	1,944,599
(5 yr. CMT + 1.200%)
	1,025,000		2.482	^(a)(c)	09/21/36	868,800
(Secured Overnight Financing Rate + 1.330%)
	675,000		2.972	^(a)(c)	02/04/33	604,334
(Secured Overnight Financing Rate + 1.570%)
	1,615,000		5.819	^(a)(c)	09/15/29	1,683,476
(Secured Overnight Financing Rate + 1.630%)
	1,210,000		5.202	^(a)(c)	04/25/29	1,236,572
(Secured Overnight Financing Rate + 1.640%)
	2,270,000		5.464	^(a)(c)	05/09/36	2,329,088
(Secured Overnight Financing Rate + 1.738%)
	2,395,000		5.518	^(a)(c)	10/25/35	2,389,084
(Secured Overnight Financing Rate + 1.830%)
	3,640,000		4.571	^(a)(c)	04/27/33	3,579,794
Bank of New York Mellon Corp.^(a)(c)(5 yr. CMT + 4.358%)
	2,089,000		4.700		09/20/25	2,084,738
Barclays PLC
	1,375,000		5.200		05/12/26	1,380,321
	6,625,000		4.836	^(a)	05/09/28	6,636,726
(Secured Overnight Financing Rate + 1.560%)
	1,135,000		4.942	^(a)(c)	09/10/30	1,143,342
(Secured Overnight Financing Rate + 1.590%)
	1,235,000		5.785	^(a)(c)	02/25/36	1,262,318
BNP Paribas SA
(1 yr. CMT + 1.500%)
	1,680,000		5.335	^(a)(b)(c)	06/12/29	1,717,968
(Secured Overnight Financing Rate + 1.507%)
	370,000		3.052	^(a)(b)(c)	01/13/31	343,649
(Secured Overnight Financing Rate + 1.920%)
	1,275,000		5.906	^(a)(b)(c)	11/19/35	1,285,748
BPCE SA^(b)
	1,350,000		4.625		09/12/28	1,350,473
Capital One NA^(a)
	1,500,000		4.650		09/13/28	1,507,560

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
Citigroup, Inc.
(3 mo. USD Term SOFR + 1.825%)
$	1,973,000		3.887	%^(a)(c)	01/10/28	$ 1,955,144
(5 yr. CMT + 1.730%)
	830,000		5.411	^(a)(c)	09/19/39	806,752
(5 yr. CMT + 2.572%)
	1,480,000		6.750	^(a)(c)	02/15/30	1,490,271
(5 yr. CMT + 3.417%)
	1,568,000		3.875	^(a)(c)	02/18/26	1,547,569
(5 yr. CMT + 3.597%)
	1,900,000		4.000	^(a)(c)	12/10/25	1,886,168
(Secured Overnight Financing Rate + 1.422%)
	1,025,000		2.976	^(a)(c)	11/05/30	958,754
(Secured Overnight Financing Rate + 1.447%)
	1,535,000		5.449	^(a)(c)	06/11/35	1,569,000
(Secured Overnight Financing Rate + 2.338%)
	1,645,000		6.270	^(a)(c)	11/17/33	1,771,747
(Secured Overnight Financing Rate + 3.914%)
	675,000		4.412	^(a)(c)	03/31/31	667,636
Citizens Financial Group, Inc.
(Secured Overnight Financing Rate + 1.259%)
	440,000		5.253	^(a)(c)	03/05/31	445,848
(Secured Overnight Financing Rate + 2.010%)
	3,075,000		5.841	^(a)(c)	01/23/30	3,183,671
Credit Agricole SA^(a)(b)(c)(5 yr. USD Swap + 6.185%)
	1,290,000		8.125		12/23/25	1,305,080
Fifth Third Bancorp
(Secured Overnight Financing Rate + 1.486%)
	782,000		4.895	^(a)(c)	09/06/30	790,743
(Secured Overnight Financing Rate + 2.340%)
	303,000		6.339	^(a)(c)	07/27/29	319,059
First Horizon Corp.^(a)(c)(Secured Overnight Financing Rate + 1.766%)
	580,000		5.514		03/07/31	588,364
HSBC Bank USA NA
	800,000		5.625		08/15/35	821,152
HSBC Holdings PLC
	600,000		7.625		05/17/32	659,064
Huntington Bancshares, Inc.
(5 yr. CMT + 1.700%)
	185,000		6.141	^(a)(c)	11/18/39	188,807
(Secured Overnight Financing Rate + 1.276%)
	1,590,000		5.272	^(a)(c)	01/15/31	1,628,573
(Secured Overnight Financing Rate + 1.870%)
	2,685,000		5.709	^(a)(c)	02/02/35	2,743,345
(Secured Overnight Financing Rate + 2.020%)
	3,035,000		6.208	^(a)(c)	08/21/29	3,183,867
ING Groep NV
(Secured Overnight Financing Rate + 1.005%)
	1,725,000		1.726	^(a)(c)	04/01/27	1,689,603
(Secured Overnight Financing Rate + 1.440%)
	1,620,000		5.335	^(a)(c)	03/19/30	1,662,444


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
JPMorgan Chase & Co.
(3 mo. USD Term SOFR + 1.622%)
$	875,000		3.882	%^(a)(c)	07/24/38	$ 771,890
(3 mo. USD Term SOFR + 2.515%)
	3,650,000		2.956	^(a)(c)	05/13/31	3,373,951
(Secured Overnight Financing Rate + 1.680%)
	1,550,000		5.572	^(a)(c)	04/22/36	1,607,893
(Secured Overnight Financing Rate + 1.800%)
	7,324,000		4.586	^(a)(c)	04/26/33	7,250,174
Lloyds Banking Group PLC^(a)(c)(1 yr. CMT + 0.850%)
	350,000		1.627		05/11/27	341,341
M&T Bank Corp.
(Secured Overnight Financing Rate + 1.400%)
	620,000		5.179	^(a)(c)	07/08/31	630,410
(Secured Overnight Financing Rate + 1.610%)
	1,670,000		5.385	^(a)(c)	01/16/36	1,662,134
(Secured Overnight Financing Rate + 2.260%)
	3,355,000		6.082	^(a)(c)	03/13/32	3,541,303
Macquarie Group Ltd.^(a)(b)(c)(3 mo. USD Term SOFR + 1.634%)
	1,900,000		3.763		11/28/28	1,864,831
Morgan Stanley
	2,720,000		3.971	^(a)(c)	07/22/38	2,368,494
(Secured Overnight Financing Rate + 1.360%)
	725,000		2.484	^(a)(c)	09/16/36	615,938
(Secured Overnight Financing Rate + 1.590%)
	1,645,000		5.164	^(a)(c)	04/20/29	1,677,341
(Secured Overnight Financing Rate + 1.630%)
	6,385,000		5.449	^(a)(c)	07/20/29	6,565,695
(Secured Overnight Financing Rate + 1.757%)
	575,000		5.664	^(a)(c)	04/17/36	596,057
(Secured Overnight Financing Rate + 2.076%)
	1,606,000		4.889	^(a)(c)	07/20/33	1,607,879
NatWest Group PLC
(1 yr. CMT + 1.050%)
	380,000		5.115	^(a)(c)	05/23/31	386,426
(5 yr. USD Swap + 5.720%)
	1,305,000		8.000	^(a)(c)	08/10/25	1,308,249
PNC Financial Services Group, Inc.^(a)(c)(Secured Overnight Financing Rate + 1.599%)
	1,170,000		5.401		07/23/35	1,191,142
Regions Financial Corp.^(a)(c)(Secured Overnight Financing Rate + 1.490%)
	1,975,000		5.722		06/06/30	2,039,978
Santander U.K. Group Holdings PLC^(a)(c)(3 mo. USD LIBOR + 1.400%)
	325,000		3.823		11/03/28	318,679
Shinhan Bank Co. Ltd.^(b)
	260,000		4.500		04/12/28	260,660
State Street Corp.^(a)(c)(5 yr. CMT + 2.135%)
	1,375,000		6.450		09/15/30	1,395,776
Truist Financial Corp.
(5 yr. CMT + 4.605%)
	3,055,000		4.950	^(a)(c)	09/01/25	3,048,371
(Secured Overnight Financing Rate + 1.620%)
	837,000		5.435	^(a)(c)	01/24/30	861,976
(Secured Overnight Financing Rate + 1.922%)
	2,810,000		5.711	^(a)(c)	01/24/35	2,911,666

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
U.S. Bancorp^(a)(c)(Secured Overnight Financing Rate + 2.020%)
$	1,260,000		5.775	%	06/12/29	$ 1,307,716
UBS Group AG
	3,347,000		4.282	^(a)(b)	01/09/28	3,331,403
(5 yr. CMT + 4.758%)
	405,000		9.250	^(a)(b)(c)	11/13/33	467,925
(Secured Overnight Financing Rate + 1.760%)
	615,000		5.580	^(a)(b)(c)	05/09/36	629,551
(Secured Overnight Financing Rate + 5.020%)
	1,875,000		9.016	^(a)(b)(c)	11/15/33	2,317,481
Wells Fargo & Co.
(3 mo. USD Term SOFR + 1.572%)
	498,000		3.584	^(a)(c)	05/22/28	490,460
(Secured Overnight Financing Rate + 1.510%)
	1,325,000		3.526	^(a)(c)	03/24/28	1,307,470
(Secured Overnight Financing Rate + 2.100%)
	2,378,000		4.897	^(a)(c)	07/25/33	2,377,738
Wells Fargo Bank NA
	824,000		5.950		08/26/36	861,789

						136,330,580

Beverages – 1.4%
Anheuser-Busch InBev Worldwide, Inc.
	180,000		8.200		01/15/39	229,610
Bacardi Ltd.
	2,275,000		4.700	^(a)(b)	05/15/28	2,282,667
	700,000		5.300	^(a)(b)	05/15/48	616,539
Bacardi Ltd./Bacardi-Martini BV^(a)(b)
	1,475,000		5.900		06/15/43	1,423,493
Constellation Brands, Inc.
	450,000		4.350	^(a)	05/09/27	450,063
	350,000		4.650	^(a)	11/15/28	352,555
	455,000		4.800	^(a)	01/15/29	459,900
	477,000		4.800	^(a)	05/01/30	480,544
JDE Peet’s NV^(a)(b)
	1,970,000		2.250		09/24/31	1,679,543
Pernod Ricard International Finance LLC^(a)(b)
	1,670,000		1.625		04/01/31	1,407,443

						9,382,357

Biotechnology^(a)– 1.1%
Amgen, Inc.
	2,425,000		4.200		03/01/33	2,330,934
Royalty Pharma PLC
	3,251,000		1.200		09/02/25	3,228,016
	739,000		2.200		09/02/30	654,665
	761,000		5.400		09/02/34	771,000

						6,984,615

Building Materials^(a)– 0.1%
Owens Corning
	422,000		5.950		06/15/54	426,178


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Chemicals^(a)– 0.7%
Celanese U.S. Holdings LLC
$	789,000		6.415	%^(d)	07/15/27	$ 817,057
	715,000		6.850		11/15/28	751,193
DuPont de Nemours, Inc.
	76,000		5.319		11/15/38	78,671
	825,000		5.419		11/15/48	831,551
Huntsman International LLC
	1,050,000		4.500		05/01/29	995,578
International Flavors & Fragrances, Inc.^(b)
	190,000		2.300		11/01/30	168,042
LYB International Finance BV
	725,000		4.875		03/15/44	613,234
Sherwin-Williams Co.
	475,000		4.000		12/15/42	379,478

						4,634,804

Commercial Services – 1.0%
Ashtead Capital, Inc.
	925,000		1.500	^(a)(b)	08/12/26	894,919
	525,000		2.450	^(a)(b)	08/12/31	453,107
	456,000		5.800	^(a)(b)	04/15/34	467,204
DP World Ltd.
	360,000		5.625		09/25/48	335,588
Global Payments, Inc.^(a)
	1,150,000		4.450		06/01/28	1,148,792
GXO Logistics, Inc.
	2,573,000		2.650	^(a)	07/15/31	2,239,256
	887,000		6.500	^(a)	05/06/34	926,232

						6,465,098

Computers – 0.7%
Dell International LLC/EMC Corp.^(a)
	1,325,000		4.900		10/01/26	1,331,161
Dell, Inc.
	2,075,000		7.100		04/15/28	2,216,806
Hewlett Packard Enterprise Co.^(a)
	105,000		5.000		10/15/34	101,877
NetApp, Inc.^(a)
	705,000		5.500		03/17/32	727,165

						4,377,009

Diversified Financial Services – 5.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	725,000		6.450	^(a)	04/15/27	748,780
	4,025,000		4.625	^(a)	10/15/27	4,041,261
	775,000		3.000	^(a)	10/29/28	738,459
	920,000		5.375	^(a)	12/15/31	940,819
Air Lease Corp.
	2,450,000		3.750	^(a)	06/01/26	2,433,438
	325,000		3.625	^(a)	04/01/27	321,438
Aircastle Ltd./Aircastle Ireland DAC^(a)(b)
	478,000		5.250		03/15/30	481,475
Ally Financial, Inc.
	2,610,000		4.750	^(a)	06/09/27	2,625,060
	1,575,000		2.200	^(a)	11/02/28	1,453,331
(Secured Overnight Financing Rate + 1.960%)
	407,000		5.737	^(a)(c)	05/15/29	414,411

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Aviation Capital Group LLC
$	3,650,000		1.950	%^(a)(b)	01/30/26	$ 3,592,403
	655,000		5.375	^(a)(b)	07/15/29	668,192
Avolon Holdings Funding Ltd.^(a)(b)
	1,450,000		3.250		02/15/27	1,413,576
Capital One Financial Corp.
	1,750,000		4.100	^(a)	02/09/27	1,741,985
(Secured Overnight Financing Rate + 1.990%)
	2,125,000		5.884	^(a)(c)	07/26/35	2,190,726
(Secured Overnight Financing Rate + 2.036%)
	430,000		6.183	^(a)(c)	01/30/36	437,048
(Secured Overnight Financing Rate + 2.600%)
	1,590,000		5.247	^(a)(c)	07/26/30	1,625,282
(Secured Overnight Financing Rate + 3.070%)
	1,165,000		7.624	^(a)(c)	10/30/31	1,316,217
Intercontinental Exchange, Inc.^(a)
	350,000		3.625		09/01/28	343,182
Jefferies Financial Group, Inc.^(a)
	1,220,000		6.200		04/14/34	1,274,217
Macquarie Airfinance Holdings Ltd.
	1,267,000		5.200	^(a)(b)	03/27/28	1,281,127
	135,000		6.400	^(a)(b)	03/26/29	141,009
Nomura Holdings, Inc.
	2,375,000		1.653		07/14/26	2,306,410

						32,529,846

Electrical – 4.1%
American Electric Power Co., Inc.^(a)
	350,000		2.300		03/01/30	316,029
Berkshire Hathaway Energy Co.^(a)
	500,000		2.850		05/15/51	306,700
CMS Energy Corp.^(a)
	500,000		4.875		03/01/44	446,320
Dominion Energy, Inc.^(a)
	925,000		3.375		04/01/30	879,527
DTE Energy Co.^(a)
	4,736,000		4.875		06/01/28	4,806,282
Duke Energy Corp.^(a)
	400,000		4.800		12/15/45	346,356
Duquesne Light Holdings, Inc.^(a)(b)
	1,075,000		2.532		10/01/30	949,988
Emera U.S. Finance LP^(a)
	575,000		3.550		06/15/26	568,646
ITC Holdings Corp.^(a)(b)
	673,000		2.950		05/14/30	625,668
NextEra Energy Capital Holdings, Inc.^(a)
	2,055,000		1.900		06/15/28	1,920,870
Pacific Gas & Electric Co.
	1,225,000		2.950	^(a)	03/01/26	1,208,217
	2,075,000		2.100	^(a)	08/01/27	1,966,125
	480,000		5.000	^(a)	06/04/28	481,464
	950,000		6.400	^(a)	06/15/33	992,370
	650,000		6.950	^(a)	03/15/34	698,835
	675,000		5.800	^(a)	05/15/34	674,845
	1,594,000		5.700	^(a)	03/01/35	1,581,344


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Electrical – (continued)
Progress Energy, Inc.
$	1,400,000		7.000	%	10/30/31	$ 1,581,300
Public Service Electric & Gas Co.^(a)
	975,000		3.950		05/01/42	803,858
Sempra^(a)
	1,125,000		3.800		02/01/38	932,254
Southern California Edison Co.
	1,325,000		4.200	^(a)	03/01/29	1,297,215
	275,000		4.050	^(a)	03/15/42	207,570
Vistra Operations Co. LLC^(a)(b)
	975,000		4.300		07/15/29	961,272
Xcel Energy, Inc.^(a)
	2,380,000		3.350		12/01/26	2,345,823

						26,898,878

Electronics^(a)– 0.4%
Allegion U.S. Holding Co., Inc.
	460,000		5.600		05/29/34	472,402
Keysight Technologies, Inc.
	851,000		5.350		07/30/30	877,781
Tyco Electronics Group SA
	580,000		4.500		02/09/31	579,350
	905,000		5.000		05/09/35	899,543

						2,829,076

Engineering & Construction^(a)– 0.3%
MasTec, Inc.
	551,000		5.900		06/15/29	570,676
Mexico City Airport Trust
	240,000		3.875	^(b)	04/30/28	232,680
	800,000		5.500		07/31/47	659,340
	220,000		5.500	^(b)	07/31/47	181,319

						1,644,015

Entertainment^(a)– 0.3%
Flutter Treasury DAC^(b)
	1,235,000		5.875		06/04/31	1,244,522
Warnermedia Holdings, Inc.
	924,000		4.279		03/15/32	779,320

						2,023,842

Environmental^(a)– 0.1%
Veralto Corp.
	805,000		5.450		09/18/33	830,100

Food & Drug Retailing^(a)– 2.2%
Campbell’s Co.
	314,000		5.400		03/21/34	318,867
Grupo Bimbo SAB de CV
	1,070,000		4.700		11/10/47	888,100
J.M. Smucker Co.
	1,748,000		6.200		11/15/33	1,876,670
Kroger Co.
	1,297,000		5.000		09/15/34	1,289,841

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Food & Drug Retailing^(a)– (continued)
Mars, Inc.
$	375,000		4.800	%^(b)	03/01/30	$ 379,898
	675,000		5.000	^(b)	03/01/32	684,025
	4,750,000		5.200	^(b)	03/01/35	4,805,907
	3,800,000		5.700	^(b)	05/01/55	3,790,462
Sysco Corp.
	150,000		6.600		04/01/40	163,671

						14,197,441

Food Service^(a)(b)– 0.2%
Sodexo, Inc.
	1,567,000		5.150		08/15/30	1,592,542

Hand/Machine Tools^(a)– 0.3%
Regal Rexnord Corp.
	2,054,000		6.300		02/15/30	2,152,407

Healthcare Providers & Services – 4.9%
Centene Corp. ^(a)
	423,000		4.250		12/15/27	416,723
CommonSpirit Health
	150,000		4.350		11/01/42	125,481
	510,000		6.461	^(a)	11/01/52	540,246
HCA, Inc.
	5,750,000		5.250	^(a)	06/15/26	5,758,223
	6,409,000		3.500	^(a)	09/01/30	6,059,838
	1,145,000		5.500	^(a)	06/01/33	1,172,938
Humana, Inc. ^(a)
	345,000		5.375		04/15/31	352,749
Icon Investments Six DAC^(a)
	1,095,000		5.849		05/08/29	1,134,978
IQVIA, Inc. ^(a)
	1,140,000		6.250		02/01/29	1,191,254
Novant Health, Inc.^(a)
	710,000		3.168		11/01/51	465,360
Revvity, Inc.
	1,405,000		1.900	^(a)	09/15/28	1,301,156
	1,200,000		3.300	^(a)	09/15/29	1,136,904
Solventum Corp.
	3,380,000		5.400	^(a)	03/01/29	3,481,028
	4,605,000		5.600	^(a)	03/23/34	4,738,269
STERIS Irish FinCo UnLtd Co.^(a)
	218,000		2.700		03/15/31	195,805
UnitedHealth Group, Inc.
	500,000		3.050	^(a)	05/15/41	367,335
	1,074,000		5.625	^(a)	07/15/54	1,041,222
	2,625,000		6.050	^(a)	02/15/63	2,660,858

						32,140,367

Insurance – 0.7%
American International Group, Inc.
	420,000		4.850	^(a)	05/07/30	426,598
	398,000		4.500	^(a)	07/16/44	347,358
Arch Capital Finance LLC^(a)
	400,000		4.011		12/15/26	398,228
Hartford Insurance Group, Inc.
	200,000		6.625		04/15/42	212,604


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Insurance – (continued)
MetLife, Inc.^(a)(c)(5 yr. CMT + 3.576%)
$	1,535,000		3.850	%	09/15/25	$ 1,529,259
Teachers Insurance & Annuity Association of America^(b)
	890,000		4.900		09/15/44	800,938
Willis North America, Inc.^(a)
	1,200,000		2.950		09/15/29	1,129,524

						4,844,509

Internet^(a)– 1.0%
Expedia Group, Inc.
	196,000		2.950		03/15/31	178,548
	2,475,000		5.400		02/15/35	2,491,879
Uber Technologies, Inc.
	475,000		4.500	^(b)	08/15/29	472,554
	3,275,000		4.800		09/15/34	3,224,172

						6,367,153

Investment Companies^(a)– 1.5%
Apollo Debt Solutions BDC^(b)
	1,266,000		6.550		03/15/32	1,294,789
Blackstone Private Credit Fund
	2,425,000		2.625		12/15/26	2,342,695
	125,000		3.250		03/15/27	121,523
Blackstone Secured Lending Fund
	3,000,000		2.125		02/15/27	2,866,170
	745,000		5.300		06/30/30	737,997
Blue Owl Credit Income Corp.
	1,685,000		5.800		03/15/30	1,689,903
JAB Holdings BV^(b)
	700,000		2.200		11/23/30	602,791

						9,655,868

Iron/Steel – 0.7%
ArcelorMittal SA
	1,900,000		4.550		03/11/26	1,896,447
POSCO^(b)
	240,000		5.750		01/17/28	246,317
Steel Dynamics, Inc.^(a)
	1,950,000		1.650		10/15/27	1,838,011
Vale Overseas Ltd.^(a)
	860,000		6.400		06/28/54	840,659

						4,821,434

Leisure Time^(a)(b)– 0.4%
Royal Caribbean Cruises Ltd.
	850,000		6.250		03/15/32	873,732
	1,525,000		6.000		02/01/33	1,553,670

						2,427,402

Lodging^(a)– 1.1%
Choice Hotels International, Inc.
	1,349,000		3.700		01/15/31	1,251,818
	712,000		5.850		08/01/34	717,853
Hyatt Hotels Corp.
	1,963,000		5.500		06/30/34	1,965,277

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Lodging^(a)– (continued)
Las Vegas Sands Corp.
$	430,000		5.625	%	06/15/28	$ 438,277
	160,000		6.000		06/14/30	164,935
Marriott International, Inc.
	543,000		4.000		04/15/28	537,988
	1,350,000		5.550		10/15/28	1,399,950
	675,000		4.650		12/01/28	679,752
	325,000		4.800		03/15/30	328,179

						7,484,029

Machinery-Diversified^(a)– 0.4%
AGCO Corp.
	805,000		5.800		03/21/34	817,035
Nordson Corp.
	1,400,000		5.800		09/15/33	1,480,780

						2,297,815

Media – 2.6%
Charter Communications Operating LLC/Charter Communications Operating Capital
	2,217,000		4.908	^(a)	07/23/25	2,216,756
	1,050,000		3.750	^(a)	02/15/28	1,029,609
	6,750,000		4.200	^(a)	03/15/28	6,690,060
	256,000		6.650	^(a)	02/01/34	273,940
	800,000		6.550	^(a)	06/01/34	853,104
	625,000		6.384	^(a)	10/23/35	656,506
Comcast Corp.^(a)
	475,000		3.750		04/01/40	393,609
News Corp.^(a)(b)
	1,650,000		3.875		05/15/29	1,579,496
Time Warner Cable Enterprises LLC
	700,000		8.375		07/15/33	814,359
Time Warner Cable LLC^(a)
	675,000		5.875		11/15/40	647,845
Videotron Ltd.^(a)(b)
	1,659,000		5.700		01/15/35	1,665,835

						16,821,119

Mining^(b)– 0.5%
Glencore Finance Canada Ltd.
	525,000		5.550		10/25/42	501,060
Glencore Funding LLC
	1,075,000		4.000	^(a)	03/27/27	1,066,496
	925,000		2.850	^(a)	04/27/31	833,305
	725,000		2.625	^(a)	09/23/31	637,014

						3,037,875

Miscellaneous Manufacturing – 0.2%
General Electric Co.
	1,294,000		5.875		01/14/38	1,380,620

Oil Field Services – 2.5%
Continental Resources, Inc.
	25,000		4.375	^(a)	01/15/28	24,651
	925,000		5.750	^(a)(b)	01/15/31	933,408


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Oil Field Services – (continued)
Diamondback Energy, Inc.
$	2,215,000		6.250	%^(a)	03/15/33	$ 2,359,130
	890,000		5.400	^(a)	04/18/34	892,234
Marathon Petroleum Corp.^(a)
	2,095,000		3.800		04/01/28	2,065,859
Occidental Petroleum Corp.
	2,500,000		8.875	^(a)	07/15/30	2,862,500
	1,030,000		5.375	^(a)	01/01/32	1,022,553
	575,000		5.550	^(a)	10/01/34	564,276
Ovintiv, Inc.
	800,000		5.375	^(a)	01/01/26	800,904
	1,025,000		8.125		09/15/30	1,162,924
Petronas Capital Ltd.
	370,000		4.950	^(a)(b)	01/03/31	376,364
	350,000		5.340	^(a)(b)	04/03/35	358,229
QatarEnergy^(a)(b)
	200,000		3.125		07/12/41	147,156
Raizen Fuels Finance SA
	470,000		6.700	^(a)(b)	02/25/37	460,306
	310,000		6.950	^(a)(b)	03/05/54	287,215
Reliance Industries Ltd.^(b)
	890,000		3.625		01/12/52	608,653
Saudi Arabian Oil Co.
	1,100,000		3.500		04/16/29	1,059,371
	240,000		5.750	^(a)(b)	07/17/54	223,512
Shell International Finance BV
	225,000		6.375		12/15/38	249,930

						16,459,175

Packaging^(a)– 0.2%
Berry Global, Inc.
	1,225,000		1.650		01/15/27	1,175,118

Pharmaceuticals^(a)– 2.6%
Cardinal Health, Inc.
	335,000		5.450		02/15/34	344,481
	2,915,000		5.350		11/15/34	2,970,764
Cigna Group
	4,631,000		4.800		08/15/38	4,347,675
	1,675,000		4.900		12/15/48	1,461,906
CVS Health Corp.
	1,125,000		4.875		07/20/35	1,078,335
	7,039,000		4.780		03/25/38	6,457,931

						16,661,092

Pipelines – 3.7%
Abu Dhabi Crude Oil Pipeline LLC^(b)
	490,000		4.600		11/02/47	437,938
Columbia Pipelines Operating Co. LLC^(a)(b)
	1,010,000		6.036		11/15/33	1,060,348
Enbridge, Inc.
	1,250,000		1.600	^(a)	10/04/26	1,207,962
	40,000		6.200	^(a)	11/15/30	42,808
	939,000		5.700	^(a)	03/08/33	973,912

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Pipelines – (continued)
Energy Transfer LP
$	3,872,000		3.900	%^(a)	07/15/26	$ 3,848,342
	300,000		5.500	^(a)	06/01/27	305,427
	354,000		4.950	^(a)	05/15/28	358,878
	650,000		7.375	^(a)(b)	02/01/31	681,304
	1,472,000		6.550	^(a)	12/01/33	1,597,046
	456,000		5.150	^(a)	03/15/45	401,969
Galaxy Pipeline Assets Bidco Ltd.^(b)
	200,000		2.625		03/31/36	169,500
Kinder Morgan Energy Partners LP
	1,100,000		7.750		03/15/32	1,261,667
	650,000		6.550		09/15/40	692,426
MPLX LP
	950,000		4.500	^(a)	04/15/38	841,092
	520,000		5.500	^(a)	02/15/49	470,387
ONEOK, Inc.
	2,618,000		5.550	^(a)	11/01/26	2,653,526
	2,245,000		4.550	^(a)	07/15/28	2,252,319
Sabine Pass Liquefaction LLC^(a)
	900,000		5.000		03/15/27	905,382
Valero Energy Partners LP^(a)
	675,000		4.500		03/15/28	676,438
Western Midstream Operating LP^(a)
	2,307,000		5.450		04/01/44	2,007,736
Williams Cos., Inc.^(a)
	1,050,000		4.650		08/15/32	1,030,113

						23,876,520

Real Estate^(a)– 0.2%
CBRE Services, Inc.
	450,000		5.500		04/01/29	465,107
	485,000		5.950		08/15/34	510,821

						975,928

Real Estate Investment Trust^(a)– 4.9%
Agree LP
	295,000		4.800		10/01/32	291,976
	695,000		5.625		06/15/34	712,055
	430,000		5.600		06/15/35	437,744
American Homes 4 Rent LP
	710,000		4.950		06/15/30	717,022
	225,000		2.375		07/15/31	195,838
	275,000		5.250		03/15/35	273,100
Cousins Properties LP
	1,350,000		5.250		07/15/30	1,374,529
	1,782,000		5.375		02/15/32	1,800,319
	1,863,000		5.875		10/01/34	1,917,102
Crown Castle, Inc.
	6,225,000		4.000		03/01/27	6,185,907
Essex Portfolio LP
	2,375,000		3.000		01/15/30	2,220,862
GLP Capital LP/GLP Financing II, Inc.
	3,836,000		5.375		04/15/26	3,839,414
	830,000		6.750		12/01/33	887,453


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Real Estate Investment Trust^(a)– (continued)
Healthcare Realty Holdings LP
$	875,000		2.050	%	03/15/31	$ 732,760
Healthpeak OP LLC
	381,000		5.375		02/15/35	384,894
Highwoods Realty LP
	1,585,000		7.650		02/01/34	1,792,223
Host Hotels & Resorts LP
	860,000		5.700		06/15/32	872,659
	480,000		5.700		07/01/34	482,606
Invitation Homes Operating Partnership LP
	600,000		2.300		11/15/28	561,660
	305,000		5.450		08/15/30	315,449
Kilroy Realty LP
	670,000		6.250		01/15/36	667,146
Kimco Realty OP LLC
	2,125,000		3.800		04/01/27	2,106,300
NNN REIT, Inc.
	870,000		5.600		10/15/33	899,102
Phillips Edison Grocery Center Operating Partnership I LP
	900,000		5.750		07/15/34	924,453
	425,000		4.950		01/15/35	411,672
Realty Income Corp.
	1,125,000		4.000		07/15/29	1,110,488
WP Carey, Inc.
	50,000		2.400		02/01/31	43,992

						32,158,725

Retailing^(a)– 1.7%
7-Eleven, Inc.^(b)
	1,280,000		2.500		02/10/41	847,680
AutoNation, Inc.
	1,425,000		4.750		06/01/30	1,417,861
	1,525,000		2.400		08/01/31	1,311,790
	2,326,000		5.890		03/15/35	2,358,192
Dollar General Corp.
	1,178,000		3.500		04/03/30	1,118,075
	3,100,000		5.450		07/05/33	3,171,982
Lowe’s Cos., Inc.
	1,450,000		4.250		04/01/52	1,134,639

						11,360,219

Savings & Loans^(a)(b)(c)– 0.4%
Nationwide Building Society (3 mo. USD LIBOR + 1.855%)
	2,525,000		3.960		07/18/30	2,462,127

Semiconductors^(a)– 1.6%
Broadcom Corp./Broadcom Cayman Finance Ltd.
	625,000		3.875		01/15/27	621,112
Broadcom, Inc.
	1,530,000		2.600	^(b)	02/15/33	1,308,991
	2,364,000		3.137	^(b)	11/15/35	1,994,058
	1,306,000		3.187	^(b)	11/15/36	1,082,556
Intel Corp.
	549,000		5.150		02/21/34	547,205
	1,610,000		5.700		02/10/53	1,496,914

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Semiconductors^(a)– (continued)
NXP BV/NXP Funding LLC/NXP USA, Inc.
$	525,000		4.400	%	06/01/27	$ 526,060
	1,435,000		2.650		02/15/32	1,247,862
	1,301,000		5.000		01/15/33	1,296,837

						10,121,595

Software^(a)– 5.3%
AppLovin Corp.
	1,226,000		5.375		12/01/31	1,247,663
	3,112,000		5.500		12/01/34	3,160,547
Constellation Software, Inc.^(b)
	780,000		5.461		02/16/34	795,522
MSCI, Inc.
	3,500,000		4.000	^(b)	11/15/29	3,384,815
	2,795,000		3.875	^(b)	02/15/31	2,634,651
	2,125,000		3.625	^(b)	11/01/31	1,959,271
	830,000		3.250	^(b)	08/15/33	727,354
Oracle Corp.
	2,062,000		2.950		04/01/30	1,924,382
	825,000		4.650		05/06/30	832,895
	3,200,000		2.875		03/25/31	2,917,472
	425,000		3.600		04/01/40	340,145
	950,000		4.000		11/15/47	726,836
	2,775,000		6.900		11/09/52	3,085,661
Paychex, Inc.
	4,175,000		5.100		04/15/30	4,275,158
	276,000		5.350		04/15/32	283,325
Synopsys, Inc.
	1,325,000		4.850		04/01/30	1,343,682
	867,000		5.000		04/01/32	878,046
	2,746,000		5.150		04/01/35	2,768,215
VMware LLC
	1,075,000		1.800		08/15/28	994,526

						34,280,166

Telecommunication Services – 2.5%
AT&T, Inc.
	175,000		4.900	^(a)	08/15/37	167,697
	925,000		4.850	^(a)	03/01/39	874,634
	886,000		4.750	^(a)	05/15/46	773,186
British Telecommunications PLC
	1,415,000		9.625		12/15/30	1,740,662
Rogers Communications, Inc.
	2,628,000		3.800	^(a)	03/15/32	2,442,069
	300,000		4.500	^(a)	03/15/42	255,897
T-Mobile USA, Inc.
	2,191,000		3.875	^(a)	04/15/30	2,127,351
	380,000		2.875	^(a)	02/15/31	346,032
	3,275,000		3.500	^(a)	04/15/31	3,076,797
	1,800,000		5.050	^(a)	07/15/33	1,810,692
Verizon Communications, Inc.
	475,000		3.150	^(a)	03/22/30	449,778
	2,800,000		2.550	^(a)	03/21/31	2,511,740

						16,576,535


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Transportation^(a)– 0.2%
Burlington Northern Santa Fe LLC
$	1,225,000		5.750	%	05/01/40	$ 1,281,080

Trucking & Leasing^(a)(b)– 0.8%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	3,675,000		4.400		07/01/27	3,672,868
	525,000		5.875		11/15/27	540,582
	836,000		5.250		07/01/29	856,039

						5,069,489

TOTAL CORPORATE OBLIGATIONS (Cost $586,447,770)						$584,807,279



Sovereign Debt Obligations – 1.7%
Euro – 0.3%
Mexico Government International Bonds
EUR	130,000		1.350	%^(a)	09/18/27	$ 148,654
	1,152,000		1.450	^(a)	10/25/33	1,065,584
Peru Government International Bonds^(a)
	100,000		1.250		03/11/33	97,991
Philippines Government International Bonds
	450,000		0.700		02/03/29	491,319
Romania Government International Bonds^(b)
	90,000		2.124		07/16/31	88,192

						1,891,740

Sovereign – 0.5%
Mexico Government International Bonds
$	2,540,000		3.250	^(a)	04/16/30	2,341,880
	802,000		3.500	^(a)	02/12/34	676,888
Romania Government International Bonds^(b)
	160,000		3.000		02/27/27	154,080

						3,172,848

United States Dollar – 0.9%
Chile Government International Bonds
	150,000		3.625		10/30/42	120,338
	200,000		3.500	^(a)	01/25/50	142,500
Export-Import Bank of Korea
	390,000		5.125		01/11/33	401,692
Hungary Government International Bonds^(b)
	470,000		3.125		09/21/51	277,417
Mexico Government International Bonds
	1,399,000		3.771	^(a)	05/24/61	824,011
	440,000		3.750	^(a)	04/19/71	249,920
Panama Government International Bonds
	380,000		2.252	^(a)	09/29/32	289,902
	650,000		6.853	^(a)	03/28/54	595,319
	200,000		3.870	^(a)	07/23/60	114,000
	390,000		4.500	^(a)	01/19/63	250,331
Peru Government International Bonds
	630,000		5.500	^(a)	03/30/36	631,260
	430,000		2.780	^(a)	12/01/60	230,910

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
United States Dollar – (continued)
Philippines Government International Bonds
$	210,000		2.650	%	12/10/45	$ 136,054
Republic of Poland Government International Bonds
	570,000		5.125	^(a)	09/18/34	571,140
	700,000		5.500	^(a)	03/18/54	647,500
Romania Government International Bonds
	70,000		6.375		01/30/34	68,530
	560,000		6.125		01/22/44	503,961
State of Israel
	400,000		3.800		05/13/60	259,600

						6,314,385

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $13,514,783)						$ 11,378,973



Municipal Debt Obligations – 0.5%
California – 0.1%
California State GO Bonds Build America Taxable Series 2009
$	455,000		7.300	%	10/01/39	$ 526,234

Illinois – 0.3%
Illinois State GO Bonds Build America Series 2010
	1,250,000		6.630		02/01/35	1,313,064
Illinois State GO Bonds Taxable-Pension Series 2003
	872,549		5.100		06/01/33	875,153

						2,188,217

Pennsylvania – 0.1%
Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A
	335,000		2.991		06/01/42	247,268

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $2,903,977)						$ 2,961,719

Principal

Amount

Interest

Rate

Maturity

Date

Value

U.S. Treasury Obligations – 0.2%

U.S. Treasury Bonds

1,160,000

4.750

11/15/53

$ 1,149,850

(Cost $1,190,614)

Shares

Dividend

Rate

Value

Investment Company^(e)–1.7%

Goldman Sachs Financial Square Government Fund — Institutional Shares

10,749,221

4.231%

$ 10,749,221

(Cost $10,749,221)

TOTAL INVESTMENTS – 93.9%
(Cost $614,806,365)

$611,047,042

OTHER ASSETS IN EXCESS OF
LIABILITIES – 6.1%

40,036,158

NET ASSETS – 100.0%

$651,083,200



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

(a)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(b)		Exempt from registration under Rule 144A of the Securities Act of 1933.

(c)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2025.

(d)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2025.

(e)		Represents an affiliated issuer.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty

Currency

Purchased

Currency
Sold

Settlement
Date

Unrealized

Loss

MS & Co. Int. PLC

USD

1,834,899

EUR

1,558,075

09/23/25

(10,731

)

FUTURES CONTRACTS — At June 30, 2025, 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	116	09/19/25	$	13,006,500		$	115,013
2 Year U.S. Treasury Notes	42	09/30/25		8,736,985			1,075
20 Year U.S. Treasury Bonds	303	09/19/25		34,987,031			1,206,816
5 Year U.S. Treasury Notes	124	09/30/25		13,516,000			135,144
Ultra Long U.S. Treasury Bonds	543	09/19/25		64,684,875			2,536,761

Total						$	3,994,809

Short position contracts:
Ultra 10-Year U.S. Treasury Notes	(91)	09/19/25		(10,398,172	)		(176,557	)

TOTAL FUTURES CONTRACTS						$	3,818,252

SWAP CONTRACTS — At June 30, 2025, 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)	3.620%^(b)	06/30/27	$	18,670	$	74,181		$	(10,688	)	$	84,869
12M SOFR^(c)	3.368^(c)	06/23/28		20,220		31,376			1,168			30,208
3.620%^(b)	12M SOFR^(b)	11/30/29		20,970		(219,820	)		(14,903	)		(204,917	)
3.600^(b)	12M SOFR^(b)	11/30/29		17,830		(172,933	)		20,046			(192,979	)
3.600^(b)	12M SOFR^(b)	06/23/30		21,370		(52,713	)		1,115			(53,828	)
12M SOFR^(b)	3.845^(b)	05/21/32		6,810		93,684			(4,516	)		98,200
12M SOFR^(b)	4.098^(b)	06/24/35		5,200		19,279			(174	)		19,453
2.000^(b)	6M EURO^(d)	09/17/35	EUR	1,010		65,274			58,855			6,419
4.213^(b)	12M SOFR^(b)	05/21/55	$	3,930		(34,691	)		24,761			(59,452	)

TOTAL					$	(196,363	)	$	75,664		$	(272,027	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2025.

(b)

Payments made annually.

(c)

Payments made at maturity. (d)Payments made semi-annually.

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at June 30, 2025^(b)	Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Purchased:
CDX.NA.IG Index 44		(1.000)%	0.908%	06/20/35	$	34,200	$	(258,605	)	$	(91,388	)	$	(167,217	)
Protection Sold:
AT&T, Inc., 3.800%, 02/15/27		1.000	0.296	06/20/26		2,375		16,785			8,546			8,239
CDX.NA.IG Index 41		1.000	0.334	12/20/28		15,145		334,779			153,392			181,387
CDX.NA.IG Index 42		1.000	0.397	06/20/29		346,355		7,837,340			6,053,707			1,783,633
CDX.NA.IG Index 43		1.000	0.453	12/20/29		181,674		4,146,747			3,512,025			634,722
CDX.NA.IG Index 44		1.000	0.510	06/20/30		22,348		501,766			197,232			304,534
Republic of Chile, 3.240%, 02/06/28		1.000	0.538	06/20/30		2,630		56,267			48,216			8,051
Republic of Indonesia, 2.150%, 07/28/31		1.000	0.777	06/20/30		2,700		28,027			14,656			13,371
Republic of Peru, 8.750%, 11/21/33		1.000	0.822	06/20/30		2,680		22,426			13,347			9,079
Republic of the Philippines, 9.500%, 02/02/30		1.000	0.633	06/20/30		2,690		45,502			31,522			13,980

TOTA L							$	12,731,034		$	9,941,255		$	2,789,779

(a)

Payments made quarterly.

(b)



Currency Abbreviations:
EUR		— Euro
USD		— U.S. Dollar

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

Abbreviations:
CDX.NA.IG Ind 41		—CDX North America Investment Grade Index 41
CDX.NA.IG Ind 42		—CDX North America Investment Grade Index 42
CDX.NA.IG Ind 43		—CDX North America Investment Grade Index 43
CDX.NA.IG Ind 44		—CDX North America Investment Grade Index 44
EURO		—Euro Offered Rate
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
SOFR		—Secured Overnight Financing Rate

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – 83.1%
Advertising – 1.2%
Clear Channel Outdoor Holdings, Inc.^(a)(b)(B/B2)
$	146,000		7.875	%	04/01/30	$ 150,687
Outfront Media Capital LLC/Outfront Media Capital Corp.^(a)(b)(B/B2)
	43,000		4.250		01/15/29	41,183
	258,000		4.625		03/15/30	246,591
Outfront Media Capital LLC/Outfront Media Capital Corp.^(a)(b)(BB/Ba1)
	10,000		7.375		02/15/31	10,590

						449,051

Aerospace & Defense – 0.9%
Bombardier, Inc.^(a)(b)(BB-/B1)
	102,000		6.000		02/15/28	102,511
	79,000		7.000		06/01/32	82,302
TransDigm, Inc.^(a)(B/B3)
	153,000		4.625		01/15/29	150,087

						334,900

Airlines – 0.4%
OneSky Flight LLC^(a)(b)(B/B3)
	82,000		8.875		12/15/29	85,354
VistaJet Malta Finance PLC/Vista Management Holding, Inc.^(a)(b)(B/B3)
	23,000		9.500		06/01/28	23,624
	45,000		6.375		02/01/30	42,105

						151,083

Automotive^(a)(b)– 1.2%
Allison Transmission, Inc. (NR/Ba2)
	244,000		3.750		01/30/31	223,775
Clarios Global LP/Clarios U.S. Finance Co. (BB-/B1)
	37,000		6.750		02/15/30	38,474
Phinia, Inc. (BB/Ba2)
	46,000		6.625		10/15/32	46,706
Phinia, Inc. (BB+/Baa3)
	119,000		6.750		04/15/29	122,710

						431,665

Banks^(a)– 1.4%
Freedom Mortgage Corp.^(b)(B/B2)
	129,000		6.625		01/15/27	129,335
JPMorgan Chase & Co.^(c)(BBB/Baa2) (5 yr. CMT + 2.152%)
	88,000		6.500		04/01/30	90,795
UBS Group AG^(b)(c)(BB/NR) (5 yr. CMT + 3.098%)
	256,000		3.875		06/02/26	249,933
Walker & Dunlop, Inc.^(b)(BB/Ba2)
	37,000		6.625		04/01/33	38,125

						508,188

Building Materials – 2.2%
Builders FirstSource, Inc.^(a)(b)(BB-/Ba2)
	209,000		4.250		02/01/32	193,542
	45,000		6.750		05/15/35	46,336
Quikrete Holdings, Inc.^(a)(b)(B+/B2)
	28,000		6.750		03/01/33	28,883
Quikrete Holdings, Inc.^(a)(b)(BB/Ba3)
	106,000		6.375		03/01/32	109,067


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Building Materials – (continued)
Smyrna Ready Mix Concrete LLC^(a)(b)(BB-/Ba3)
$	139,000		8.875	%	11/15/31	$ 145,826
Standard Building Solutions, Inc.^(a)(b)(BB/Ba3)
	111,000		6.500		08/15/32	113,634
Standard Industries, Inc.^(a)(b)(BB/Ba3)
	89,000		5.000		02/15/27	88,731
	88,000		4.375		07/15/30	83,288

						809,307

Chemicals – 3.4%
Avient Corp.^(a)(b)(BB-/Ba3)
	94,000		7.125		08/01/30	96,917
	46,000		6.250		11/01/31	46,364
Celanese U.S. Holdings LLC^(a)(BB+/Ba1)
	60,000		6.750		04/15/33	60,616
	125,000		7.200		11/15/33	132,756
Chemours Co.^(a)(b)(BB-/B1)
	150,000		4.625		11/15/29	130,746
FMC Corp.^(a)(c)(BB/Ba1) (5 yr. CMT + 4.366%)
	60,000		8.450		11/01/55	61,547
Ingevity Corp.^(a)(b)(NR/Ba3)
	317,000		3.875		11/01/28	302,073
Methanex U.S. Operations, Inc.^(a)(b)(BB/Ba2)
	60,000		6.250		03/15/32	59,797
Olympus Water U.S. Holding Corp.^(a)(b)(B-/B3)
	200,000		4.250		10/01/28	190,344
WR Grace Holdings LLC^(a)(b)(B-/B2)
	208,000		4.875		06/15/27	206,401

						1,287,561

Commercial Services – 2.8%
APi Group DE, Inc.^(a)(b)(B+/B1)
	396,000		4.125		07/15/29	377,646
	26,000		4.750		10/15/29	25,555
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^(a)(b)(B+/B1)
	40,000		8.375		06/15/32	41,850
Garda World Security Corp.^(a)(b)(B/B1)
	79,000		7.750		02/15/28	81,727
Garda World Security Corp.^(a)(b)(CCC+/Caa2)
	51,000		8.375		11/15/32	52,396
Hertz Corp.^(a)(b)(B/Ba3)
	73,000		12.625		07/15/29	76,344
Mavis Tire Express Services Topco Corp.^(a)(b)(CCC/Caa2)
	38,000		6.500		05/15/29	37,354
Neptune Bidco U.S., Inc.^(a)(b)(B/B2)
	120,000		9.290		04/15/29	116,855
NESCO Holdings II, Inc.^(a)(b)(B/B3)
	46,000		5.500		04/15/29	44,708
Service Corp. International^(a)(BB/Ba3)
	39,000		5.750		10/15/32	39,429
VT Topco, Inc.^(a)(b)(B/B2)
	124,000		8.500		08/15/30	131,699
Williams Scotsman, Inc.^(a)(b)(BB-/B2)
	23,000		6.625		04/15/30	23,887

						1,049,450

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Computers^(a)(b)– 1.3%
Ahead DB Holdings LLC (CCC+/Caa1)
$	44,000		6.625	%	05/01/28	$ 44,113
CACI International, Inc. (BB-/Ba2)
	30,000		6.375		06/15/33	30,990
Diebold Nixdorf, Inc. (B/B2)
	88,000		7.750		03/31/30	93,642
McAfee Corp. (CCC+/Caa1)
	205,000		7.375		02/15/30	193,522
Seagate Data Storage Technology Pte. Ltd. (BB/Ba3)
	35,000		5.875		07/15/30	35,627
Virtusa Corp. (B-/Caa1)
	105,000		7.125		12/15/28	100,040

						497,934

Distribution & Wholesale^(a)(b)– 0.4%
American Builders & Contractors Supply Co., Inc. (BB-/Ba3)
	156,000		3.875		11/15/29	147,797

Diversified Financial Services – 2.6%
Coinbase Global, Inc.^(a)(b)(BB-/B1)
	97,000		3.375		10/01/28	90,937
Credit Acceptance Corp.^(a)(b)(BB/Ba3)
	42,000		6.625		03/15/30	42,593
Focus Financial Partners LLC^(a)(b)(B/B2)
	79,000		6.750		09/15/31	80,662
Freedom Mortgage Holdings LLC^(a)(b)(B/B2)
	13,000		9.250		02/01/29	13,500
Jane Street Group/JSG Finance, Inc.^(a)(b)(BB/Ba1)
	83,000		6.125		11/01/32	83,734
	55,000		6.750		05/01/33	56,688
OneMain Finance Corp.^(a)(BB/Ba2)
	95,000		9.000		01/15/29	99,658
PennyMac Financial Services, Inc.^(a)(b)(B+/Ba3)
	65,000		6.875		02/15/33	66,611
Rocket Cos., Inc.^(a)(b)(BB/Ba1)
	45,000		6.125		08/01/30	45,858
	80,000		6.375		08/01/33	81,872
Stonex Escrow Issuer LLC^(a)(b)(BB-/Ba3)
	40,000		6.875		07/15/32	40,420
United Wholesale Mortgage LLC^(a)(b)(NR/Ba3)
	128,000		5.500		04/15/29	124,385
UWM Holdings LLC^(a)(b)(NR/Ba3)
	65,000		6.625		02/01/30	65,086
VFH Parent LLC/Valor Co-Issuer, Inc.^(a)(b)(B+/B1)
	69,000		7.500		06/15/31	72,401

						964,405

Electrical – 2.3%
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC^(a)(b)(BB-/NR)
	160,000		6.375		02/15/32	159,974
Lightning Power LLC^(a)(b)(BB/Ba3)
	46,000		7.250		08/15/32	48,413
NRG Energy, Inc.^(a)(BB/Ba2)
	60,000		5.750		01/15/28	60,306
	73,000		3.375	^(b)	02/15/29	68,886
	169,000		5.750	^(b)	07/15/29	169,215
	61,000		3.625	^(b)	02/15/31	56,161


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Electrical – (continued)
Pike Corp.^(a)(b)(B/B3)
$	213,000		5.500	%	09/01/28	$ 212,717
Vistra Operations Co. LLC^(a)(b)(BB+/Ba2)
	70,000		4.375		05/01/29	68,209

						843,881

Electrical Components & Equipment – 0.8%
WESCO Distribution, Inc.^(a)(b)(BB/Ba3)
	209,000		7.250		06/15/28	211,477
	13,000		6.375		03/15/29	13,385
	87,000		6.625		03/15/32	90,421

						315,283

Electronics^(a)(b)– 1.1%
Atkore, Inc. (BB+/Ba2)
	245,000		4.250		06/01/31	226,463
Sensata Technologies BV (BB+/Ba2)
	200,000		4.000		04/15/29	190,150

						416,613

Engineering & Construction – 1.1%
Arcosa, Inc.^(a)(b)(B+/Ba3)
	42,000		6.875		08/15/32	43,530
Global Infrastructure Solutions, Inc.^(a)(b)(BB/B1)
	238,000		5.625		06/01/29	236,401
	129,000		7.500		04/15/32	131,358

						411,289

Entertainment – 2.3%
Boyne USA, Inc.^(a)(b)(B/B1)
	207,000		4.750		05/15/29	200,833
Caesars Entertainment, Inc.^(a)(b)(B-/B3)
	81,000		4.625		10/15/29	77,312
Caesars Entertainment, Inc.^(a)(b)(BB-/Ba3)
	147,000		7.000		02/15/30	152,307
Cinemark USA, Inc.^(a)(b)(BB-/B2)
	202,000		5.250		07/15/28	201,153
	37,000		7.000		08/01/32	38,447
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.^(a)(b)(B+/B1)
	28,000		6.625		02/01/33	28,058
SeaWorld Parks & Entertainment, Inc.^(a)(b)(B+/B2)
	169,000		5.250		08/15/29	165,277

						863,387

Environmental^(a)(b)– 0.6%
Madison IAQ LLC (CCC+/Caa1)
	210,000		5.875		06/30/29	206,356
Waste Pro USA, Inc. (B-/B3)
	28,000		7.000		02/01/33	29,121

						235,477

Food & Drug Retailing – 1.6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(a)(b)(BB+/Ba2)
	83,000		6.250		03/15/33	85,668

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
Chobani Holdco II LLC^(a)(b)(d)(CCC+/Caa1) (PIK 9.500%, Cash 8.750%)
$	18,839		8.750	%	10/01/29	$ 20,201
Performance Food Group, Inc.^(a)(b)(BB/B1)
	150,000		4.250		08/01/29	144,698
Post Holdings, Inc.^(a)(b)(B+/B2)
	107,000		5.500		12/15/29	106,575
	117,000		6.375		03/01/33	118,100
Post Holdings, Inc.^(a)(b)(BB/Ba1)
	46,000		6.250		02/15/32	47,319
U.S. Foods, Inc.^(a)(b)(BB+/Ba3)
	78,000		4.625		06/01/30	75,971

						598,532

Healthcare Providers & Services – 1.7%
DaVita, Inc.^(a)(b)(BB-/Ba3)
	89,000		6.875		09/01/32	92,290
	55,000		6.750		07/15/33	56,786
Insulet Corp.^(a)(b)(B+/B2)
	13,000		6.500		04/01/33	13,556
Medline Borrower LP^(a)(b)(B/B3)
	174,000		5.250		10/01/29	172,660
Medline Borrower LP^(a)(b)(BB-/Ba3)
	95,000		3.875		04/01/29	91,213
Molina Healthcare, Inc.^(a)(b)(BB/Ba2)
	88,000		6.250		01/15/33	89,572
Select Medical Corp.^(a)(b)(B/B1)
	111,000		6.250		12/01/32	111,671

						627,748

Home Builders^(a)– 1.9%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC^(b)(B+/B1)
	130,000		4.875		02/15/30	116,902
Century Communities, Inc.^(b)(BB/Ba2)
	184,000		3.875		08/15/29	170,327
Forestar Group, Inc.^(b)(BB-/Ba3)
	125,000		6.500		03/15/33	125,946
KB Home (BB+/Ba1)
	76,000		7.250		07/15/30	78,628
LGI Homes, Inc.^(b)(BB-/Ba3)
	100,000		4.000		07/15/29	89,413
Taylor Morrison Communities, Inc.^(b)(BB+/Ba1)
	128,000		5.875		06/15/27	130,047

						711,263

Household Products^(a)(b)– 0.1%
Kronos Acquisition Holdings, Inc. (CCC+/B2)
	42,000		8.250		06/30/31	38,141

Housewares – 0.6%
Newell Brands, Inc.^(a)(B+/B1)
	13,000		6.375		05/15/30	12,642
	23,000		6.625		05/15/32	22,001
Scotts Miracle-Gro Co.^(a)(B-/B2)
	212,000		4.375		02/01/32	194,618

						229,261


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Insurance^(a)(b)– 2.6%
Acrisure LLC/Acrisure Finance, Inc. (B/B2)
$	220,000		4.250	%	02/15/29	$ 211,475
Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	83,000		6.000		08/01/29	80,919
Acrisure LLC/Acrisure Finance, Inc. (NR/NR)
	30,000		6.750		07/01/32	30,423
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2)
	133,000		6.750		04/15/28	135,173
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC (BB+/NR)
	133,000		7.875		11/01/29	136,061
HUB International Ltd. (B/Caa1)
	120,000		7.375		01/31/32	125,533
Panther Escrow Issuer LLC (B/B2)
	128,000		7.125		06/01/31	133,009
Ryan Specialty LLC (BB-/B1)
	60,000		5.875		08/01/32	60,429
USI, Inc. (CCC+/Caa1)
	42,000		7.500		01/15/32	44,324

						957,346

Internet – 2.2%
ANGI Group LLC^(a)(b)(B/B2)
	271,000		3.875		08/15/28	253,065
Gen Digital, Inc.^(a)(b)(BB-/B1)
	138,000		7.125		09/30/30	143,160
	37,000		6.250		04/01/33	38,036
GrubHub Holdings, Inc.^(a)(b)(B-/B3)
	108,000		5.500		07/01/27	104,760
Match Group Holdings II LLC^(a)(b)(BB/Ba2)
	117,000		4.625		06/01/28	114,114
	49,000		4.125		08/01/30	45,945
Snap, Inc.^(a)(b)(B+/B1)
	106,000		6.875		03/01/33	108,709

						807,789

Iron/Steel – 0.6%
Cleveland-Cliffs, Inc.^(a)(b)(BB-/Ba3)
	119,000		6.750		04/15/30	114,773
Cleveland-Cliffs, Inc. ^(a)(b)(NR/Ba3)
	46,000		6.875		11/01/29	45,297
	65,000		7.375		05/01/33	61,002

						221,072

Leisure Time – 2.8%
Carnival Corp.^(a)(b)(BB+/Ba3)
	172,000		6.000		05/01/29	173,725
	162,000		5.750		03/15/30	164,829
	250,000		5.875		06/15/31	254,628
	88,000		6.125		02/15/33	89,955
MajorDrive Holdings IV LLC^(a)(b)(CCC/Caa2)
	155,000		6.375		06/01/29	122,566
Royal Caribbean Cruises Ltd.^(a)(b)(BBB-/Baa3)
	87,000		6.250		03/15/32	89,429
Viking Cruises Ltd.^(a)(b)(BB-/B1)
	37,000		7.000		02/15/29	37,315

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Leisure Time – (continued)
Viking Ocean Cruises Ship VII Ltd.^(a)(b)(BB+/Ba1)
$	43,000		5.625	%	02/15/29	$ 42,945
VOC Escrow Ltd. ^(a)(b)(BB+/Ba1)
	62,000		5.000		02/15/28	61,669

						1,037,061

Lodging – 1.9%
Genting New York LLC/GENNY Capital, Inc.^(a)(b)(BB+/NR)
	200,000		7.250		10/01/29	207,572
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.^(a)(b)(B/B2)
	155,000		5.000		06/01/29	149,012
	164,000		4.875		07/01/31	151,105
Travel & Leisure Co.^(a)(b)(BB-/Ba3)
	212,000		4.500		12/01/29	204,097

						711,786

Machinery - Construction & Mining^(a)(b)– 0.1%
Terex Corp. (BB-/Ba3)
	37,000		6.250		10/15/32	37,080

Machinery-Diversified^(a)(b)– 1.8%
Chart Industries, Inc. (B+/B2)
	83,000		9.500		01/01/31	88,526
Chart Industries, Inc. (BB-/Ba2)
	207,000		7.500		01/01/30	216,814
Esab Corp. (BB+/Ba1)
	65,000		6.250		04/15/29	66,574
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC (B-/B3)
	85,000		9.000		02/15/29	88,857
TK Elevator Holdco GmbH (CCC+/Caa1)
	200,000		7.625		07/15/28	200,168

						660,939

Media – 7.6%
CCO Holdings LLC/CCO Holdings Capital Corp.^(a)(b)(BB-/B1)
	512,000		4.750		03/01/30	496,261
	171,000		4.250		02/01/31	159,572
	483,000		4.250		01/15/34	429,875
CSC Holdings LLC^(a)(b)(CCC+/Caa1)
	200,000		4.500		11/15/31	140,776
Directv Financing LLC/Directv Financing Co-Obligor, Inc.^(a)(b)(BB-/B1)
	155,000		10.000		02/15/31	150,522
DISH Network Corp.^(a)(b)(B/Caa1)
	97,000		11.750		11/15/27	99,871
GCI LLC^(a)(b)(B+/B3)
	238,000		4.750		10/15/28	230,175
Gray Media, Inc.^(a)(b)(B/Ba3)
	97,000		10.500		07/15/29	104,231
McGraw-Hill Education, Inc.^(a)(b)(B/B1)
	133,000		7.375		09/01/31	138,734
Midcontinent Communications^(a)(b)(B+/B3)
	128,000		8.000		08/15/32	135,712
Nexstar Media, Inc.^(a)(b)(BB+/B2)
	120,000		4.750		11/01/28	116,881


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Media – (continued)
Sinclair Television Group, Inc.^(a)(b)(B+/B2)
$	171,000		8.125	%	02/15/33	$ 173,199
Sirius XM Radio LLC ^(a)(b)(BB+/Ba3)
	127,000		4.125		07/01/30	116,787
Sunrise HoldCo IV BV^(a)(b)(B/B3)
	200,000		5.500		01/15/28	198,178
TEGNA, Inc.^(a)(BB+/Ba3)
	150,000		5.000		09/15/29	143,263

						2,834,037

Metal Fabricate & Hardware^(a)(b)– 0.4%
Roller Bearing Co. of America, Inc. (B+/Ba3)
	168,000		4.375		10/15/29	162,681

Mining^(a)(b)– 0.1%
Novelis Corp. (BB/B1)
	23,000		6.875		01/30/30	23,782

Miscellaneous Manufacturing – 1.0%
Amsted Industries, Inc.^(a)(b)(BB/Ba3)
	23,000		6.375		03/15/33	23,366
Axon Enterprise, Inc.^(a)(b)(BB+/Ba3)
	37,000		6.125		03/15/30	38,064
	37,000		6.250		03/15/33	38,222
Hillenbrand, Inc.^(a)(BB+/Ba1)
	304,000		3.750		03/01/31	272,509

						372,161

Oil Field Services – 8.6%
Archrock Partners LP/Archrock Partners Finance Corp.^(a)(b)(BB-/B1)
	222,000		6.250		04/01/28	222,952
	60,000		6.625		09/01/32	61,160
Aris Water Holdings LLC^(a)(b)(B+/B2)
	65,000		7.250		04/01/30	67,003
Chord Energy Corp.^(a)(b)(BB/Ba2)
	88,000		6.750		03/15/33	90,031
Civitas Resources, Inc.^(a)(b)(BB-/B1)
	196,000		8.375		07/01/28	200,930
CNX Resources Corp.^(a)(b)(BB/B1)
	163,000		6.000		01/15/29	163,618
	83,000		7.375		01/15/31	86,513
	37,000		7.250		03/01/32	38,356
Crescent Energy Finance LLC^(a)(b)(BB-/B1)
	236,000		7.625		04/01/32	230,513
	103,000		7.375		01/15/33	98,570
EQT Corp.^(a)(b)(BBB-/Baa3)
	66,000		7.500		06/01/27	67,288
Gulfport Energy Operating Corp.^(a)(b)(BB-/B3)
	128,000		6.750		09/01/29	131,305
Kodiak Gas Services LLC^(a)(b)(BB-/B2)
	168,000		7.250		02/15/29	173,912
Matador Resources Co.^(a)(b)(BB-/B1)
	128,000		6.875		04/15/28	130,569
	51,000		6.500		04/15/32	50,998
	67,000		6.250		04/15/33	66,614
Noble Finance II LLC^(a)(b)(BB-/B1)
	198,000		8.000		04/15/30	201,643

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Oil Field Services – (continued)
Permian Resources Operating LLC^(a)(b)(BB+/Ba2)
$	79,000		5.875	%	07/01/29	$ 79,289
	118,000		7.000		01/15/32	122,313
	28,000		6.250		02/01/33	28,257
Sitio Royalties Operating Partnership LP/Sitio Finance Corp.^(a)(b)(B/B3)
	88,000		7.875		11/01/28	92,123
SM Energy Co.^(a)(b)(BB-/B1)
	46,000		6.750		08/01/29	45,843
Sunoco LP^(a)(b)(BB+/Ba1)
	74,000		7.000		05/01/29	77,068
	37,000		6.250		07/01/33	37,611
Sunoco LP/Sunoco Finance Corp.^(a)(BB+/Ba1)
	210,000		4.500		04/30/30	201,886
Tidewater, Inc.^(a)(b)(BB-/B3)
	45,000		9.125		07/15/30	46,294
Transocean Poseidon Ltd.^(a)(b)(B/B1)
	75,600		6.875		02/01/27	75,726
Transocean Titan Financing Ltd.^(a)(b)(B/B1)
	112,191		8.375		02/01/28	114,755
USA Compression Partners LP/USA Compression Finance Corp.^(a)(b)(B+/B1)
	208,000		7.125		03/15/29	213,208

						3,216,348

Packaging^(a)(b)– 1.3%
Clearwater Paper Corp. (B/B1)
	128,000		4.750		08/15/28	121,571
Clydesdale Acquisition Holdings, Inc. (B+/B2)
	46,000		6.750		04/15/32	47,144
Crown Americas LLC (BB+/Ba2)
	65,000		5.875		06/01/33	65,450
Efesto Bidco SpA Efesto U.S. LLC (B-/B3)
	201,000		7.500		02/15/32	204,097
Mauser Packaging Solutions Holding Co. (B/B2)
	55,000		7.875		04/15/27	55,943

						494,205

Pharmaceuticals – 1.1%
1261229 BC Ltd.^(a)(b)(B/Caa1)
	220,000		10.000		04/15/32	221,971
AdaptHealth LLC^(a)(b)(B+/B1)
	118,000		6.125		08/01/28	118,072
	35,000		4.625		08/01/29	33,000
	45,000		5.125		03/01/30	42,789

						415,832

Pipelines – 6.7%
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(a)(b)(BB+/Ba3)
	111,000		5.375		06/15/29	110,231
Blue Racer Midstream LLC/Blue Racer Finance Corp.^(a)(b)(B+/B2)
	46,000		7.000		07/15/29	48,029
Buckeye Partners LP^(a)(b)(BB-/Ba3)
	74,000		6.875		07/01/29	76,642
	37,000		6.750		02/01/30	38,417


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Pipelines – (continued)
CNX Midstream Partners LP^(a)(b)(BB/B1)
$	44,000		4.750	%	04/15/30	$ 41,639
CQP Holdco LP/BIP-V Chinook Holdco LLC^(a)(b)(BB/Ba2)
	250,000		7.500		12/15/33	271,212
Delek Logistics Partners LP/Delek Logistics Finance Corp.^(a)(b)(BB-/B2)
	51,000		8.625		03/15/29	52,953
	105,000		7.375		06/30/33	104,535
Genesis Energy LP/Genesis Energy Finance Corp.^(a)(B/B3)
	65,000		7.875		05/15/32	67,598
	74,000		8.000		05/15/33	77,462
Global Partners LP/GLP Finance Corp.^(a)(B+/B1)
	115,000		6.875		01/15/29	117,037
	60,000		8.250	^(b)	01/15/32	63,128
Hess Midstream Operations LP^(a)(b)(BB+/Ba2)
	93,000		5.875		03/01/28	94,380
	32,000		6.500		06/01/29	32,888
Howard Midstream Energy Partners LLC^(a)(b)(B+/B1)
	120,000		8.875		07/15/28	125,950
	65,000		7.375		07/15/32	68,362
Kinetik Holdings LP^(a)(b)(BB+/Ba1)
	271,000		5.875		06/15/30	273,396
NuStar Logistics LP^(a)(NR/Ba1)
	106,000		6.000		06/01/26	106,418
Prairie Acquiror LP^(a)(b)(B-/B3)
	32,000		9.000		08/01/29	33,352
Rockies Express Pipeline LLC^(a)(b)(BB/Ba2)
	28,000		6.750		03/15/33	29,241
Summit Midstream Holdings LLC^(a)(b)(B+/B3)
	60,000		8.625		10/31/29	61,189
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(a)(b)(B+/B1)
	60,000		7.375		02/15/29	61,652
	139,000		6.000		12/31/30	136,485
	129,000		6.000		09/01/31	125,825
TransMontaigne Partners LLC^(a)(b)(CCC+/Caa1)
	51,000		8.500		06/15/30	53,069
Venture Global LNG, Inc.^(a)(b)(BB/B1)
	126,000		8.125		06/01/28	130,130
	40,000		6.500	^(a)	01/15/34	40,000
	40,000		6.750	^(a)	01/15/36	40,000

						2,481,220

Real Estate Investment Trust^(a)(b)– 0.6%
Iron Mountain Information Management Services, Inc. (BB-/Ba3)
	97,000		5.000		07/15/32	93,048
RHP Hotel Properties LP/RHP Finance Corp. (BB/Ba3)
	15,000		6.500		06/15/33	15,443
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (B/B2)
	116,000		4.750		04/15/28	113,619

						222,110

Retailing – 6.4%
1011778 BC ULC/New Red Finance, Inc.^(a)(b)(B+/B2)
	163,000		4.375		01/15/28	159,957
	257,000		4.000		10/15/30	239,665

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Retailing – (continued)
Asbury Automotive Group, Inc.^(a)(BB/B1)
$	62,000		4.625	%^(b)	11/15/29	$ 59,865
	122,000		4.750		03/01/30	118,041
	26,000		5.000	^(b)	02/15/32	24,764
Cougar JV Subsidiary LLC^(a)(b)(B+/B2)
	37,000		8.000		05/15/32	39,455
Foundation Building Materials, Inc.^(a)(b)(CCC+/Caa2)
	85,000		6.000		03/01/29	78,038
Group 1 Automotive, Inc.^(a)(b)(BB+/Ba2)
	165,000		4.000		08/15/28	159,459
	18,000		6.375		01/15/30	18,525
Ken Garff Automotive LLC^(a)(b)(BB-/B1)
	81,000		4.875		09/15/28	80,053
LCM Investments Holdings II LLC^(a)(b)(BB-/B2)
	257,000		4.875		05/01/29	249,886
	37,000		8.250		08/01/31	39,309
Lithia Motors, Inc.^(a)(b)(BB+/Ba2)
	145,000		3.875		06/01/29	138,384
	162,000		4.375		01/15/31	153,971
Murphy Oil USA, Inc.^(a)(b)(BB+/Ba2)
	163,000		3.750		02/15/31	150,323
Penske Automotive Group, Inc.^(a)(BB-/Ba3)
	303,000		3.750		06/15/29	287,711
QXO Building Products, Inc.^(a)(b)(BB-/Ba3)
	132,000		6.750		04/30/32	136,281
Sonic Automotive, Inc.^(a)(b)(BB-/B1)
	146,000		4.625		11/15/29	141,566
	58,000		4.875		11/15/31	55,098
Staples, Inc.^(a)(b)(B-/B3)
	45,000		10.750		09/01/29	42,740

						2,373,091

Semiconductors^(a)(b)– 0.3%
ON Semiconductor Corp. (BB/Ba2)
	119,000		3.875		09/01/28	115,097

Software – 3.0%
AthenaHealth Group, Inc.^(a)(b)(CCC/Caa2)
	126,000		6.500		02/15/30	123,970
Castle U.S. Holding Corp.^(a)(b)(NR/Ca)
	111,000		9.500		02/15/28	49,357
Cloud Software Group, Inc.^(a)(b)(B/B2)
	93,000		6.500		03/31/29	93,845
	83,000		8.250		06/30/32	88,361
CoreWeave, Inc.^(a)(b)(B/B1)
	80,000		9.250		06/01/30	81,790
Fair Isaac Corp.^(a)(b)(BB+/Ba1)
	35,000		6.000		05/15/33	35,402
Open Text Corp.^(a)(b)(BB/Ba3)
	201,000		3.875		02/15/28	194,946
	132,000		3.875		12/01/29	124,373
Twilio, Inc.^(a)(BB+/Ba2)
	136,000		3.625		03/15/29	129,452
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.^(a)(b)(B+/B1)
	212,000		3.875		02/01/29	199,465

						1,120,961


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Telecommunication Services^(a)– 1.1%
EchoStar Corp. (B/Caa1)
$	231,000		10.750	%	11/30/29	$ 237,489
Frontier Communications Holdings LLC^(b)(CCC+/Caa1)
	93,000		6.750		05/01/29	94,238
Windstream Services LLC/Windstream Escrow Finance Corp.^(b)(B-/B3)
	74,000		8.250		10/01/31	77,503

						409,230

Transportation^(a)(b)– 1.0%
Beacon Mobility Corp. (B/B1)
	55,000		7.250		08/01/30	56,130
Rand Parent LLC (BB-/Ba1)
	94,000		8.500		02/15/30	94,308
XPO, Inc. (BB-/Ba3)
	217,000		7.125		02/01/32	227,277

						377,715

TOTAL CORPORATE OBLIGATIONS
(Cost $30,689,242)						$30,973,759



Bank Loans^(e)– 14.5%
Aerospace & Defense – 0.5%
Propulsion (BC) Finco SARL (NR/B2)(3 mo. USD Term SOFR + 3.250%)
$	180,275		7.546	%	09/14/29	$ 180,585

Airlines – 0.3%
Vista Management Holding, Inc. (BB-/Ba3)(3 mo. USD Term SOFR + 3.750%)
	100,000		8.048		04/01/31	100,167

Automotive – 0.5%
First Brands Group LLC (B+/B1) (3 mo. USD Term SOFR + 5.000%)
	189,544		9.541		03/30/27	178,619

Automotive - Parts – 0.3%
Mavis Tire Express Services Corp. (B-/B2)(3 mo. USD Term SOFR + 3.000%)
	117,951		7.333		05/04/28	117,820

Building & Construction – 1.0%
AAL Delaware Holdco, Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%)
	99,251		7.077		07/30/31	99,190
Construction Partners, Inc. (B+/B1)(1 mo. USD Term SOFR + 2.500%)
	24,875		6.827		11/03/31	24,937
Cube Industrials Buyer, Inc. (B/B3)(3 mo. USD Term SOFR + 3.250%)
	49,875		7.522		10/17/31	50,077
DG Investment Intermediate Holdings 2, Inc. (B-/B2)(1 mo. USD Term SOFR + 3.500%)
	141,974		7.941		03/31/28	141,831
TRC Cos. LLC (B/B3)(1 mo. USD Term SOFR + 3.000%)
	69,117		7.327		12/08/28	68,892

						384,927

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(e)– (continued)
Building Materials – 0.4%
Icebox Holdco III, Inc. (B-/B2)(3 mo. USD Term SOFR + 3.500%)
$	94,471		8.057	%	12/22/28	$ 94,678
Icebox Holdco III, Inc. (CCC/Caa2)(3 mo. USD Term SOFR + 6.750%)
	50,000		11.307		12/21/29	49,958

						144,636

Capital Goods – Others – 1.2%
Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.750%)
EUR	70,954		5.730		05/21/28	83,580
(3 mo. USD Term SOFR + 3.500%)
$	70,227		8.057		05/19/28	70,616
Terex Corp. (BBB-/Baa3)(1 mo. USD Term SOFR + 1.000%)
	174,562		6.327		10/08/31	175,418
Titan Acquisition Ltd. (B-/B3)((3 mo. USD Term SOFR + 4.500%) – (6 mo. USD Term SOFR + 4.500%))
	123,750		8.666–8.796		02/15/29	123,992

						453,606

Commercial Services – 1.5%
Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%)
	148,504		7.802		12/29/31	148,244
Holding Socotec (B/B2)(3 mo. USD Term SOFR + 3.750%)
	99,000		8.040		06/30/28	99,082
Holding Socotec SAS (B/B2)(3 mo. EUR EURIBOR + 3.250%)
EUR	75,000		5.230		06/02/28	88,291
Teneo Holdings LLC (B/B2)(1 mo. USD Term SOFR + 4.750%)
$	223,304		9.077		03/13/31	225,258

						560,875

Containers & Packaging – 0.7%
Charter NEX U.S., Inc. (B/B2)(1 mo. USD Term SOFR + 2.750%)
	138,668		7.061		11/29/30	139,102
Clydesdale Acquisition Holdings, Inc. (B+/B2)(1 mo. USD Term SOFR + 3.175%)
	118,808		7.502		04/13/29	118,522

						257,624

Diversified Financial Services – 0.6%
DRW Holdings LLC (BB-/Ba3)(1 mo. USD Term SOFR + 3.500%)
	188,348		7.827		06/26/31	188,583
FNZ Group Services Ltd. (B-/B3)(3 mo. USD Term SOFR + 5.000%)
	49,875		9.260		11/05/31	40,835

						229,418

Diversified Manufacturing – 0.5%
SPX Flow, Inc. (B/B1)(1 mo. USD Term SOFR + 3.000%)
	189,343		7.327		04/05/29	189,904

Energy - Exploration & Production – 0.4%
Kohler Energy Co. LLC (B/B1)(3 mo. USD Term SOFR + 3.750%)
	137,392		8.046		05/01/31	137,350


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(e)– (continued)
Entertainment – 0.4%
Alterra Mountain Co. (B+/B1)(1 mo. USD Term SOFR + 3.000%)
$	19,850		7.327	%	05/31/30	$ 19,888
Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 5.250%)
	124,375		9.566		12/02/31	124,219

						144,107

Food & Beverages^(f)– 0.2%
Sazerac Co., Inc. (NR/NR)
	75,000		0.000		06/26/32	74,906

Healthcare – 0.4%
Onex TSG Intermediate Corp. (B/B2)(3 mo. USD Term SOFR + 4.750%)
	164,607		9.344		02/28/28	164,864

Internet – 0.3%
Plano HoldCo, Inc. (B+/B2)(3 mo. USD Term SOFR + 3.500%)
	99,750		7.796		10/02/31	94,513

Machinery – 0.7%
Apex Tool Group LLC (CCC-/Caa2)^(g)(1 mo. USD Term SOFR + 7.500%)
	60,167		7.500		02/08/30	46,930
Apex Tool Group LLC (CCC+/B3)(1 mo. USD Term SOFR + 4.000%)
	25,423		9.677		02/08/29	21,864
TK Elevator Midco GmbH (B/B2)(3 mo. USD Term SOFR + 3.000%)
	202,418		7.237		04/30/30	202,855

						271,649

Midstream – 0.1%
AL GCX Fund VIII Holdings LLC (BB/Ba3)(1 mo. USD Term SOFR + 2.000%)
	50,000		6.313		01/30/32	49,907

Mining – 0.1%
PMHC II, Inc. (B-/B3)(3 mo. USD Term SOFR + 4.250%)
	48,128		8.642		04/23/29	41,925

Oil Field Services – 0.5%
ChampionX Corp. (BBB/Ba1)(1 mo. USD Term SOFR + 2.750%)
	168,988		7.177		06/07/29	168,988

Pharmaceuticals – 0.6%
Covetrus, Inc. (B-/B2)(3 mo. USD Term SOFR + 5.000%)
	268,812		9.296		10/13/29	241,539

Pipelines – 0.1%
Prairie ECI Acquiror LP (B-/B3)(1 mo. USD Term SOFR + 4.250%)
	24,813		8.577		08/01/29	24,944

Retailers – 0.8%
BCPE Empire Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.250%)
	142,901		7.577		12/11/30	141,937

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(e)– (continued)
Retailers – (continued)
Harbor Freight Tools USA, Inc. (BB-/B2)(1 mo. USD Term SOFR + 2.250%)
$	148,875		6.577	%	06/11/31	$ 145,525

						287,462

Technology – 0.5%
McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 2.250%)
	24,813		7.316		03/01/29	24,063
Pitney Bowes, Inc. (BB/Ba2)(1 mo. USD Term SOFR + 3.750%)
	149,625		8.077		03/19/32	149,188

						173,251

Technology - Software – 1.6%
Ahead DB Holdings LLC (B/B1)(3 mo. USD Term SOFR + 3.000%)
	142,975		7.310		02/03/31	143,005
Clover Holdings 2 LLC (B/B2)(3 mo. USD Term SOFR + 4.000%)
	175,000		8.307		12/09/31	175,054
ConnectWise LLC (NR/B2)(3 mo. USD Term SOFR + 3.500%)
	173,205		8.057		09/29/28	173,928
Virtusa Corp. (B+/B1)(1 mo. USD Term SOFR + 3.250%)
	115,310		7.577		02/15/29	115,252

						607,239

Wireless Telecommunication Services – 0.3%
Zayo Group Holdings, Inc. (B-/B3)(1 mo. USD Term SOFR + 3.000%)
	125,000		7.441		03/09/27	118,650

TOTAL BANK LOANS
(Cost $5,433,285)						$ 5,399,475


Shares		Description				Value

Common Stocks – 0.2%
Energy Equipment & Services – 0.1%
	1,721		Noble Corp. PLC			$ 45,692

Oil, Gas & Consumable Fuels^(h)– 0.1%
	1,141,924		Prairie Provident Resources, Inc.			25,157

TOTAL COMMON STOCKS
(Cost $2,957,473)						$ 70,849


Shares		Dividend Rate			Value

Investment Company⁽ⁱ⁾–0.0%
Goldman Sachs Financial Square Government Fund — Institutional Shares
	1,581		4.231	%	$ 1,581
(Cost $1,581)

TOTAL INVESTMENTS – 97.8%
(Cost $ 39,081,581)					$36,445,664

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.2%					$813,964

NET ASSETS – 100.0%					$37,259,628

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 June 30, 2025.

(d)	Pay-in-kind securities.

(e)

Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2025. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(f)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

(g)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(h)	Security is currently in default and/or non-income producing.

(i)	Represents an affiliated issuer.

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2025, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty

Currency
Purchased

Currency
Sold

Settlement
Date

Unrealized
Loss

MS & Co. Int. PLC

USD 172,929

EUR 146,726

09/23/25

(876

)

FUTURES CONTRACTS — At June 30, 2025, 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	32	09/30/25	$	6,656,750		$	22,766
Short position contracts:
10 Year U.S. Treasury Notes	(33)	09/19/25		(3,700,125	)		(54,935	)
5 Year U.S. Treasury Notes	(17)	09/30/25		(1,853,000	)		(17,794	)
Ultra 10-Year U.S. Treasury Notes	(4)	09/19/25		(457,062	)		(8,154	)

Total						$	(80,883	)

TOTAL FUTURES CONTRACTS						$	(58,117	)



Currency Abbreviations:
EUR		— Euro
USD		— U.S. Dollar

Investment Abbreviations:
CMT		— Constant Maturity Treasury Indexes
EURIBOR		— Euro Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
NR		— Not Rated
PIK		— Payment in kind
PLC		— Public Limited Company
SOFR		— Secured Overnight Financing Rate
USD		— U.S. Dollar

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2025 (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:

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

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

The High Yield Floating Rate and Short Duration High Yield Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

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

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

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

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

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

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

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

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

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

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

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

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

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

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

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2025:

	$			$			$
EMERGING MARKETS CREDIT FUND

Investment Type	Level 1			Level 2			Level 3

Assets
Fixed Income
Corporate Obligations	$	—		$	24,381,965		$	—
Sovereign Debt Obligations		—			1,103,415			—
U.S. Treasury Obligations		60,666			—			—
Investment Company		173,417			—			—

Total	$	234,083		$	25,485,380		$	—

Derivative Type

Assets^(a)
Futures Contracts	$	8,885		$	—		$	—
Interest Rate Swap Contracts		—			1,668			—

Total	$	8,885		$	1,668		$	—

Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(3,783	)	$	—
Futures Contracts		(12,878	)		—			—
Interest Rate Swap Contracts		—			(926	)		—

Total	$	(12,878	)	$	(4,709	)	$	—

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

	$			$			$
EMERGING MARKETS DEBT FUND

Investment Type	Level 1			Level 2			Level 3

Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	254,053,663		$	—
Corporate Obligations		—			91,897,264			—
Common Stock and/or Other Equity Investments^(b)
Asia		—			49,621			—
Investment Company		16,743,810			—			—

Total	$	16,743,810		$	346,000,548		$	—

Derivative Type

Assets
Forward Foreign Currency Exchange Contracts^(a)	$	—		$	1,952,820		$	—
Futures Contracts^(a)		431,990			—			—
Interest Rate Swap Contracts^(a)		—			412,185			—
Credit Default Swap Contracts^(a)		—			3,400			—
Purchased Option Contracts		—			366,446			—

Total	$	431,990		$	2,734,851		$	—

Liabilities
Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(2,096,650	)	$	—
Futures Contracts^(a)		(69,113	)		—			—
Interest Rate Swap Contracts^(a)		—			(244,248	)		—
Written Option Contracts		—			(490,161	)		—

Total	$	(69,113	)	$	(2,831,059	)	$	—

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

	$		$			$
HIGH YIELD FUND

Investment Type	Level 1		Level 2			Level 3

Assets
Fixed Income
Corporate Obligations	$	—	$	1,810,120,435		$	—
Bank Loans		—		87,137,461			—
Securities Lending Reinvestment Vehicle		69,687,981		—			—
Common Stock and/or Other Equity Investments^(b)
Europe		—		9,849,662			—
North America		1,023,883		951,215			—
Preferred Stocks		—		1,020,000			—
Rights		—		994,312			—
Warrants		—		55,405			19,789
Exchange Traded Funds		19,805,625		—			—
Investment Company		41,173,606		—			—
Short-term Investments		—		8,128,002			—

Total	$	131,691,095	$	1,918,256,492		$	19,789

Liabilities
Fixed Income^(a)

Unfunded Loan Committments	$	—	$	(2,143	)	$	—

Derivative Type

Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—	$	52,732		$	—
Futures Contracts		2,226,617		—			—
Credit Default Swap Contracts		—		4,896,856			—

Total	$	2,226,617	$	4,949,588		$	—

Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(610,657	)	$	—

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

	$			$			$
HIGH YIELD FLOATING RATE FUND

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	1,511,016,026		$	15,861,152
Corporate Obligations		—			87,690,687			—
Asset-Backed Securities		—			15,638,444			—
Common Stock and/or Other Equity Investments^(b)
Europe		—			3,856,516			—
North America		677,897			3,488,368			163
Securities Lending Reinvestment Vehicle		6,630,866			—			—
Rights		—			1,483,359			—
Preferred Stocks		—			—			125,510
Warrants		—			76,501			163
Exchange Traded Funds		76,545,376			—			—
Investment Company		60,668,454			—			—

Total	$	144,522,593		$	1,623,249,901		$	15,986,988

Liabilities
Fixed Income^(a)

Unfunded Loan Committments	$	—		$	6,613		$	—

Derivative Type

Assets^(a)
Futures Contracts	$	441,567		$	—		$	—
Credit Default Swap Contracts		—			868,804			—

Total	$	441,567		$	868,804		$	—

Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(314,578	)	$	—
Futures Contracts		(338,997	)		—			—

Total	$	(338,997	)	$	(314,578	)	$	—

INVESTMENT GRADE CREDIT FUND

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	584,807,279		$	—
Sovereign Debt Obligations		—			11,378,973			—
Municipal Debt Obligations		—			2,961,719			—
U.S. Treasury Obligations		1,149,850			—			—
Investment Company		10,749,221			—			—

Total	$	11,899,071		$	599,147,971		$	—

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

	$			$			$
INVESTMENT GRADE CREDIT FUND (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets^(a)
Futures Contracts	$	3,994,809		$	—		$	—
Interest Rate Swap Contracts		—			239,149			—
Credit Default Swap Contracts		—			2,956,996			—

Total	$	3,994,809		$	3,196,145		$	—

Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(10,731	)	$	—
Futures Contracts		(176,557	)		—			—
Interest Rate Swap Contracts		—			(511,176	)		—
Credit Default Swap Contracts		—			(167,217	)		—

Total	$	(176,557	)	$	(689,124	)	$	—

SHORT DURATION HIGH YIELD FUND

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	30,973,759		$	—
Bank Loans		—			5,352,545			46,930
Common Stock and/or Other Equity Investments^(b)
North America		70,849			—			—
Investment Company		1,581			—			—

Total	$	72,430		$	36,326,304		$	46,930

Derivative Type

Assets^(a)
Futures Contracts	$	22,766		$	—		$	—

Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(876	)	$	—
Futures Contracts		(80,883	)		—			—

Total	$	(80,883	)	$	(876	)	$	—

(a)

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

(b)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of 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.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

Credit/Default Risk — An issuer or guarantor of a security held by the Funds, or a bank or other financial institution that has entered into a repurchase agreement with the Funds, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund’s liquidity and cause significant deterioration in NAV.

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.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Risk — 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 the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

limit or prevent the 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 the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the 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.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

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

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

June 30, 2025 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

unfavorable conditions, such sales may adversely affect a Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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

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

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

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