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GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – 56.2%
Agriculture^(a)– 0.6%
Altria Group, Inc.
$	1,322,000		4.875	%	02/04/28	$ 1,328,279
BAT Capital Corp.
	1,475,000		6.343		08/02/30	1,559,149

						2,887,428

Automotive – 3.7%
American Honda Finance Corp.^(b)(Secured Overnight Financing Rate + 0.650%)
	4,873,000		4.280		11/19/27	4,865,690
General Motors Financial Co., Inc.
	2,491,000		4.000	^(a)	10/06/26	2,491,000
	1,535,000		4.750		04/06/29	1,534,033
(Secured Overnight Financing Rate + 1.170%)
	4,244,000		4.804	^(b)	04/04/28	4,265,305
Hyundai Capital America^(c)
	1,228,000		4.875		06/23/27	1,232,642
	2,175,000		4.250		01/08/29	2,144,811
(Secured Overnight Financing Rate + 1.040%)
	450,000		4.677	^(b)	03/19/27	451,242
Volkswagen Group of America Finance LLC^(c)
	1,469,000		5.300		03/22/27	1,474,568

						18,459,291

Banks – 21.6%
Banco Santander SA^(a)(b)(1 yr. CMT + 0.900%)
	2,400,000		1.722		09/14/27	2,386,200
Bank of America Corp.^(a)(b) (3 mo. USD Term SOFR + 1.452%)
	3,545,000		2.884		10/22/30	3,343,750
(Secured Overnight Financing Rate + 0.830%)
	4,713,000		4.979		01/24/29	4,739,016
Bank of Montreal^(a)
	4,440,000		4.700		09/14/27	4,454,430
Bank of Nova Scotia^(b) (Secured Overnight Financing Rate + 0.800%)
	622,000		4.428		08/15/27	623,406
(Secured Overnight Financing Rate + 0.890%)
	4,565,000		4.932	^(a)	02/14/29	4,587,597
Barclays PLC^(a)(b) (1 yr. CMT + 1.900%)
	1,950,000		2.645		06/24/31	1,788,092
(Secured Overnight Financing Rate + 0.930%)
	1,295,000		4.219		05/24/30	1,272,791
(Secured Overnight Financing Rate + 1.340%)
	1,380,000		4.837		09/10/28	1,382,456
BNP Paribas SA^(a)(b)(c)(Secured Overnight Financing Rate + 1.228%)
	4,345,000		2.591		01/20/28	4,298,900
BPCE SA
	1,055,000		3.250	^(c)	01/11/28	1,035,050
(Secured Overnight Financing Rate + 1.087%)
	1,000,000		2.045	^(a)(b)	10/19/27	992,340
Canadian Imperial Bank of Commerce
	2,980,000		5.615		07/17/26	2,981,460


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
(Secured Overnight Financing Rate + 0.930%)
$	1,265,000		4.508	%^(a)(b)	09/11/27	$ 1,264,810
	800,000		4.568	^(a)(b)	09/11/27	800,872
(Secured Overnight Financing Rate + 0.940%)
	2,456,000		4.577	^(b)	06/28/27	2,469,238
Citibank NA^(a)(b) (Secured Overnight Financing Rate + 0.595%)
	2,555,000		4.554		06/18/29	2,552,190
(Secured Overnight Financing Rate + 0.712%)
	2,178,000		4.876		11/19/27	2,182,116
Citigroup, Inc.^(a)(b) (3 mo. USD Term SOFR + 1.413%)
	614,000		3.520		10/27/28	605,736
(3 mo. USD Term SOFR + 1.652%)
	744,000		3.668		07/24/28	737,408
Citizens Bank NA^(a)(b)(Secured Overnight Financing Rate + 0.700%)
	1,245,000		4.192		01/29/29	1,234,716
Deutsche Bank AG^(a)(b)(Secured Overnight Financing Rate + 1.219%)
	2,164,000		2.311		11/16/27	2,145,779
First-Citizens Bank & Trust Co.^(a)(b) (Secured Overnight Financing Rate + 1.146%)
	610,000		5.097		07/13/29	610,860
Huntington National Bank^(a)(b)(Secured Overnight Financing Rate + 0.720%)
	817,000		4.353		04/12/28	817,065
JPMorgan Chase & Co.^(a)(b) (Secured Overnight Financing Rate + 0.800%)
	1,388,000		4.915		01/24/29	1,394,871
(Secured Overnight Financing Rate + 1.190%)
	4,303,000		5.040		01/23/28	4,316,597
Macquarie Bank Ltd.^(b)(c)(Secured Overnight Financing Rate + 0.920%)
	985,000		4.556		07/02/27	989,984
Manufacturers & Traders Trust Co.^(a)(b)(Secured Overnight Financing Rate + 0.940%)
	1,185,000		4.548		04/18/30	1,176,527
Mitsubishi UFJ Financial Group, Inc.^(a)(b)(1 yr. CMT + 0.750%)
	1,435,000		1.538		07/20/27	1,432,718
Morgan Stanley^(a)(b) (Secured Overnight Financing Rate + 0.800%)
	2,890,000		4.238		01/09/30	2,851,852
(Secured Overnight Financing Rate + 1.000%)
	1,365,000		2.475		01/21/28	1,349,985
(Secured Overnight Financing Rate + 1.215%)
	1,270,000		5.042		07/19/30	1,279,030
(Secured Overnight Financing Rate + 1.380%)
	2,820,000		4.994		04/12/29	2,835,425
Morgan Stanley Bank NA^(a)(b)(Secured Overnight Financing Rate + 0.974%)
	1,005,000		4.788		05/10/30	1,005,724
NatWest Markets PLC^(c)
	571,000		5.416		05/17/27	576,419

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
PNC Financial Services Group, Inc.^(a)(b)
(Secured Overnight Financing Rate + 0.610%)
$	2,150,000		4.075	%	01/26/29	$ 2,132,972
(Secured Overnight Financing Rate + 0.681%)
	1,515,000		4.618		10/26/29	1,511,076
Royal Bank of Canada^(a)(b)(Secured Overnight Financing Rate + 0.790%)
	543,000		5.069		07/23/27	543,228
Santander U.K. Group Holdings PLC^(a)(b)(Secured Overnight Financing Rate + 1.220%)
	2,000,000		2.469		01/11/28	1,977,260
Societe Generale SA^(c)
	3,611,000		5.250		02/19/27	3,628,188
(Secured Overnight Financing Rate + 1.100%)
	3,367,000		4.730	^(b)	02/19/27	3,377,337
Standard Chartered Bank^(b)(Secured Overnight Financing Rate + 0.650%)
	2,157,000		4.283		10/08/26	2,159,200
Sumitomo Mitsui Financial Group, Inc.
	2,255,000		4.108		01/15/29	2,226,858
Sumitomo Mitsui Trust Bank Ltd.^(c)
	2,680,000		5.200		03/07/27	2,694,392
	1,440,000		3.950		03/05/29	1,416,902
(Secured Overnight Financing Rate + 0.980%)
	2,594,000		4.618	^(b)	09/10/27	2,609,434
Toronto-Dominion Bank
	1,810,000		4.693		09/15/27	1,816,462
	2,231,000		4.861		01/31/28	2,241,798
Truist Bank^(a)(b)(Secured Overnight Financing Rate + 0.662%)
	1,400,000		4.144		01/27/29	1,390,410
Truist Financial Corp.^(a)(b)(Secured Overnight Financing Rate + 1.435%)
	1,380,000		4.873		01/26/29	1,385,934
UBS Group AG^(a)(c)
	1,441,000		4.282		01/09/28	1,434,775
(1 yr. CMT + 0.850%)
	2,500,000		1.494	^(b)	08/10/27	2,491,225
UniCredit SpA^(c)
	3,500,000		4.625		04/12/27	3,506,755
Westpac New Zealand Ltd.^(c)
	1,175,000		4.902		02/15/28	1,181,862

						108,241,478

Building Materials^(a)(c)– 0.2%
Standard Industries, Inc.
	805,000		4.750		01/15/28	799,832

Commercial Services^(a)– 1.0%
Brink’s Co.^(c)
	385,000		6.500		06/15/29	392,784
Quanta Services, Inc.
	4,414,000		4.750		08/09/27	4,426,227

						4,819,011


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Diversified Financial Services – 4.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust^(a)
$	2,220,000		2.450	%	10/29/26	$ 2,206,569
	2,329,000		6.100		01/15/27	2,347,306
	2,504,000		3.650		07/21/27	2,484,594
	384,000		4.625		10/15/27	384,177
	1,206,000		5.100		01/19/29	1,217,119
	2,445,000		4.125		02/28/29	2,411,015
American Express Co.^(a)(b)(Secured Overnight Financing Rate + 0.811%)
	935,000		4.444		05/03/30	929,306
Charles Schwab Corp.^(a)(b)(Secured Overnight Financing Rate + 0.780%)
	740,000		4.744		05/21/30	741,650
Equitable America Global Funding^(c)
	2,289,000		4.300		12/15/28	2,265,057
	495,000		4.950		06/25/29	494,411
Jefferies Financial Group, Inc.
	1,655,000		4.850		01/15/27	1,655,728
	3,500,000		4.300	^(a)	02/11/27	3,491,460
Macquarie Airfinance Holdings Ltd.^(a)(c)
	110,000		6.400		03/26/29	113,209
OneMain Finance Corp.^(a)
	760,000		6.125		05/15/30	759,787
Sumisho Air Lease Corp.^(a)
	1,140,000		3.625		12/01/27	1,123,812
	1,295,000		4.850	^(c)	03/24/31	1,281,221

						23,906,421

Electrical – 4.0%
ENEL Finance International NV ^(a)(c)
	2,575,000		1.625		07/12/26	2,572,683
ITC Holdings Corp.^(a)(c)
	2,315,000		4.950		09/22/27	2,321,158
Monongahela Power Co. ^(a)(c)
	1,907,000		3.550		05/15/27	1,893,956
NextEra Energy Capital Holdings, Inc.
	2,630,000		4.625	^(a)	07/15/27	2,634,287
	7,103,000		4.685		09/01/27	7,120,047
Xcel Energy, Inc.^(a)
	3,325,000		1.750		03/15/27	3,262,656

						19,804,787

Electrical Components & Equipment^(a)(c)– 0.1%
WESCO Distribution, Inc.
	620,000		6.375		03/15/29	632,220

Electronics^(a)– 0.1%
Amphenol Corp.
	750,000		3.900		11/15/28	740,917

Environmental^(a)– 1.1%
Veralto Corp.
	1,273,000		5.500		09/18/26	1,274,795
Waste Management, Inc.
	4,050,000		4.500		03/15/28	4,060,246

						5,335,041

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Food & Drug Retailing – 1.7%
Campbell’s Co.
$	1,580,000		5.200	%	03/19/27	$ 1,587,884
J.M. Smucker Co.^(a)
	813,000		5.900		11/15/28	836,667
Mars, Inc.^(a)(c)
	6,164,000		4.600		03/01/28	6,175,958

						8,600,509

Forest Products & Paper^(a)(c)– 0.2%
Georgia-Pacific LLC
	1,255,000		4.400		05/15/29	1,248,876

Healthcare Providers & Services^(a)– 0.4%
Augusta SpinCo Corp.
	715,000		4.398		03/23/29	709,981
HCA, Inc.
	1,500,000		5.625		09/01/28	1,523,310

						2,233,291

Insurance – 2.1%
Corebridge Financial, Inc.^(a)
	2,837,000		3.650		04/05/27	2,818,645
Corebridge Global Funding^(c)
	1,385,000		4.900		12/03/29	1,385,194
(Secured Overnight Financing Rate + 1.300%)
	2,621,000		4.937	^(b)	09/25/26	2,626,032
Jackson National Life Global Funding^(c)
	1,239,000		5.550		07/02/27	1,250,052
Met Tower Global Funding^(c)
	2,490,000		4.000		01/14/29	2,454,368

						10,534,291

Internet^(a)– 1.1%
Airbnb, Inc.
	705,000		4.400		03/16/29	700,932
Alphabet, Inc.
	1,275,000		3.875		11/15/28	1,263,372
Expedia Group, Inc.
	1,115,000		4.625		08/01/27	1,115,803
Prosus NV^(c)
	2,260,000		3.257		01/19/27	2,240,225

						5,320,332

Lodging^(a)– 0.3%
Marriott International, Inc.
	1,530,000		5.450		09/15/26	1,531,759

Machinery-Diversified^(a)– 1.0%
Ingersoll Rand, Inc.
	5,220,000		5.197		06/15/27	5,252,938

Media^(a)(c)– 0.3%
Space Exploration Technologies Corp.
	1,445,000		5.350		07/15/31	1,443,425


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Miscellaneous Manufacturing^(a)(c)– 0.1%
Axon Enterprise, Inc.
$	355,000		6.125	%	03/15/30	$ 362,150

Oil Field Services^(a)– 0.9%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.
	715,000		4.050		03/11/29	704,811
QatarEnergy^(c)
	2,520,000		1.375		09/12/26	2,505,535
Sunoco LP^(c)
	750,000		7.000		05/01/29	771,900
Sunoco LP/Sunoco Finance Corp.^(c)
	760,000		7.000		09/15/28	776,059

						4,758,305

Pharmaceuticals – 1.5%
Cardinal Health, Inc.
	4,792,000		4.700		11/15/26	4,799,092
Cencora, Inc.^(a)
	1,410,000		3.450		12/15/27	1,388,737
PRA Health Sciences, Inc.^(a)(c)
	1,435,000		2.875		07/15/26	1,434,656

						7,622,485

Pipelines^(a)– 1.5%
Hess Midstream Operations LP^(c)
	795,000		5.875		03/01/28	800,653
	300,000		6.500		06/01/29	305,829
Kinetik Holdings LP^(c)
	705,000		6.625		12/15/28	716,703
ONEOK, Inc.
	2,645,000		4.250		09/24/27	2,635,901
Williams Cos., Inc.
	3,090,000		5.300		08/15/28	3,133,600

						7,592,686

Real Estate Investment Trust^(a)– 0.3%
American Tower Corp.
	1,388,000		2.750		01/15/27	1,374,620

Retailing^(a)– 0.6%
1011778 BC ULC/New Red Finance, Inc.^(c)
	1,130,000		6.125		06/15/29	1,147,040
O’Reilly Automotive, Inc.
	1,965,000		5.750		11/20/26	1,972,369

						3,119,409

Semiconductors^(a)– 0.7%
Intel Corp.
	2,300,000		4.875		02/10/28	2,308,832
NXP BV/NXP Funding LLC/NXP USA, Inc.
	1,097,000		4.400		06/01/27	1,096,331

						3,405,163

Software – 4.9%
Cadence Design Systems, Inc.
	520,000		4.200		09/10/27	518,783

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Software – (continued)
Fidelity National Information Services, Inc.
$	1,977,000		4.450	%	03/10/28	$ 1,969,982
	1,430,000		4.550	^(a)	03/10/29	1,419,003
Oracle Corp.^(a)
	1,209,000		4.800		08/03/28	1,206,848
	7,515,000		4.550		02/04/29	7,409,865
Salesforce, Inc.^(a)
	4,062,000		4.500		03/15/28	4,057,979
	6,070,000		4.650		03/15/29	6,067,633
Synopsys, Inc.^(a)
	1,873,000		4.650		04/01/28	1,875,603

						24,525,696

Telecommunication Services^(a)– 0.9%
Deutsche Telekom International Finance BV^(c)
	1,404,000		3.600		01/19/27	1,396,601
Orange SA^(c)
	1,505,000		4.000		01/13/29	1,485,375
T-Mobile USA, Inc.
	1,550,000		3.750		04/15/27	1,541,521

						4,423,497

Trucking & Leasing^(a)(c)– 0.5%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	705,000		5.350		01/12/27	707,326
SMBC Aviation Capital Finance DAC
	1,825,000		5.450		05/03/28	1,846,243

						2,553,569

TOTAL CORPORATE OBLIGATIONS (Cost $281,444,492)						$281,529,427



Asset-Backed Securities^(a)– 19.7%
Automotive – 6.9%
Chase Auto Owner Trust Series 2026-1A, Class A3^(c)
$	2,000,000		4.530	%	06/25/31	$ 2,000,250
Ford Credit Auto Lease Trust Series 2026-A, Class A3
	2,675,000		4.000		07/15/29	2,657,169
Ford Credit Auto Owner Trust Series 2025-B, Class A3
	2,825,000		3.910		04/15/30	2,802,552
GM Financial Automobile Leasing Trust Series 2026-1, Class A3
	2,025,000		3.880		01/22/29	2,010,259
GM Financial Consumer Automobile Receivables Trust Series 2026-1, Class A3
	3,000,000		3.840		05/16/31	2,961,821
Hyundai Auto Lease Securitization Trust Series 2024-B, Class A3^(c)
	467,500		5.410		05/17/27	467,975
Hyundai Auto Receivables Trust Series 2024-B, Class A3
	268,072		4.840		03/15/29	268,987
Mercedes-Benz Auto Lease Trust Series 2026-A, Class A3
	3,650,000		3.930		01/15/30	3,616,612


Principal Amount		Interest Rate			Maturity Date	Value

Asset-Backed Securities^(a)– (continued)
Automotive – (continued)
SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3^(c)
$	3,100,000		4.120	%	04/21/31	$ 3,085,902
SFS Auto Receivables Securitization Trust Series 2026-1A, Class A3^(c)
	3,025,000		3.960		07/21/31	2,985,365
Stellantis Financial Underwritten Enhanced Lease Trust Series 2026-AA, Class A3^(c)
	2,350,000		4.350		11/20/29	2,339,490
Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2^(c)
	947,404		4.140		06/20/28	945,596
Toyota Auto Receivables Owner Trust Series 2022-D, Class A3
	214,709		5.300		09/15/27	215,052
Toyota Lease Owner Trust Series 2025-B, Class A3^(c)
	3,975,000		3.960		11/20/28	3,947,164
Toyota Lease Owner Trust Series 2026-A, Class A3^(c)
	3,725,000		3.820		02/20/29	3,693,497
Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A
	350,237		4.650		11/22/27	350,455

						34,348,146

Collateralized Loan Obligations^(b)– 11.7%
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2^(c)(3 mo. USD Term SOFR + 1.410%)
	1,300,000		5.085		07/20/38	1,303,387
Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1R^(c)(3 mo. USD Term SOFR + 0.980%)
	5,000,000		4.644		01/22/35	5,001,595
Bain Capital Credit CLO Ltd. Series 2020-4A, Class A1RR^(c)(3 mo. USD Term SOFR + 1.150%)
	3,000,000		4.825		10/20/36	2,996,829
Birch Grove CLO 8 Ltd. Series 2024-8A, Class A1R^(c)(3 mo. USD Term SOFR + 1.290%)
	2,270,000		4.965		04/20/39	2,271,283
Bryant Park Funding Ltd. Series 2024-22, Class AR^(c)(3 mo. USD Term SOFR + 1.240%)
	2,550,000		4.874		03/31/39	2,552,002
CarVal CLO XI C Ltd. Series 2024-3A, Class A1^(c)(3 mo. USD Term SOFR + 1.390%)
	1,500,000		5.065		10/20/37	1,502,641
Crown City CLO III Series 2021-1AR, Class A1AR^(c)(-1X 3 mo. USD Term SOFR + 1.060%)
	2,990,000		0.000		07/20/34	2,989,985
Dunedin Park CLO DAC Series 1X, Class AR (3 mo. EUR EURIBOR + 0.980%)
EUR	1,900,000		3.199		11/20/34	2,170,399
Fort Greene Park CLO LLC Series 2025-2A, Class AR^(c)(3 mo. USD Term SOFR + 0.950%)
$	2,100,000		4.614		04/22/34	2,098,341
LCM 36 Ltd. Series 36A, Class A1R^(c)(3 mo. USD Term SOFR + 1.070%)
	4,580,000		4.743		01/15/34	4,580,714

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Asset-Backed Securities^(a)– (continued)
Collateralized Loan Obligations^(b)– (continued)
Madison Park Funding XXX Ltd. Series 2018-30A, Class A1R^(c)(3 mo. USD Term SOFR + 1.360%)
$	2,750,000		5.040	%	07/16/37	$ 2,753,201
Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR2^(c) (3 mo. USD Term SOFR + 1.530%)
	1,000,000		5.203		04/15/37	1,000,887
Neuberger Berman Loan Advisers CLO 36R Ltd. Series 2020-36RA, Class A^(c)(3 mo. USD Term SOFR + 1.270%)
	2,050,000		4.945		07/20/39	2,050,728
Northwoods Capital XVIII Ltd. Series 2019-18A, Class AR^(c)(3 mo. USD Term SOFR + 1.362%)
	2,447,301		5.004		05/20/32	2,448,025
Octagon 54 Ltd. Series 2021-1A, Class A1^(c)(3 mo. USD Term SOFR + 1.382%)
	1,000,000		5.055		07/15/34	1,000,334
OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR2^(c)(3 mo. USD Term SOFR + 1.320%)
	1,500,000		4.995		01/20/38	1,502,826
Pikes Peak CLO 2 Series 2018-2A, Class ARR^(c)(3 mo. USD Term SOFR + 1.220%)
	6,700,000		4.895		10/11/34	6,703,672
RR 27 Ltd. Series 2023-27A, Class A1AR^(c)(3 mo. USD Term SOFR + 1.230%)
	2,900,000		4.903		10/15/40	2,904,733
Sandstone Peak II Ltd. Series 2023-1A, Class A1R^(c)(3 mo. USD Term SOFR + 1.410%)
	2,300,000		5.085		07/20/38	2,307,263
Sculptor CLO XXVI Ltd. Series 26A, Class AR^(c)(3 mo. USD Term SOFR + 1.370%)
	1,950,000		5.045		01/20/38	1,952,338
Vibrant CLO XVI Ltd. Series 2023-16A, Class A1A2^(c)(3 mo. USD Term SOFR + 1.250%)
	1,050,000		4.923		07/15/36	1,050,355
Wellfleet CLO Ltd. Series 2021-3A, Class AR^(c)(3 mo. USD Term SOFR + 1.200%)
	5,000,000		4.873		01/15/35	5,000,775
Zais CLO 15 Ltd. Series 2020-15A, Class A1RR^(c)(3 mo. USD Term SOFR + 1.490%)
	475,000		5.160		07/28/37	475,437

						58,617,750

Credit Card – 0.2%
Barclays Dryrock Issuance Trust Series 2025-1, Class A
	1,200,000		3.970		07/15/31	1,189,200

Student Loan^(b)– 0.9%
Access Group, Inc. Series 2013-1, Class A^(c)(1 mo. USD Term SOFR + 0.614%)
	138,250		4.242		02/25/36	137,118
Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%)
	145,262		4.830		07/25/45	145,259
Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1 mo. USD Term SOFR + 0.894%)
	443,070		4.543		03/25/51	435,081


Principal Amount		Interest Rate			Maturity Date	Value

Asset-Backed Securities^(a)– (continued)
Student Loan^(b)– (continued)
Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3 mo. USD Term SOFR + 1.212%)
$	55,499		4.880	%	04/25/38	$ 54,728
Navient Student Loan Trust Series 2017-2A, Class A^(c)(1 mo. USD Term SOFR + 1.164%)
	1,318,434		4.792		12/27/66	1,327,694
Nelnet Student Loan Trust Series 2012-3A, Class A^(c)(1 mo. USD Term SOFR + 0.814%)
	870,121		4.442		03/26/40	868,417
PHEAA Student Loan Trust Series 2014-3A, Class A^(c)(1 mo. USD Term SOFR + 0.704%)
	1,202,466		4.332		08/25/40	1,192,305
Rhode Island Student Loan Authority Series 2012-1, Class A1 (1 mo. USD Term SOFR + 1.014%)
	129,572		4.647		07/01/31	129,509

						4,290,111

TOTAL ASSET-BACKED SECURITIES (Cost $98,582,149)						$ 98,445,207



Mortgage-Backed Obligations – 5.5%
Collateralized Mortgage Obligations – 0.2%
Regular Floater^(b)– 0.1%
Federal Home Loan Mortgage Corp. REMICS Series 3371, Class FA (1 mo. USD Term SOFR + 0.714%)
$	173,715		4.308	%^(a)	09/15/37	$ 173,941
Federal Home Loan Mortgage Corp. REMICS Series 3545, Class FA (1 mo. USD Term SOFR + 0.964%)
	22,583		4.558		06/15/39	22,756
Federal Home Loan Mortgage Corp. REMICS Series 3374, Class FT (1 mo. USD Term SOFR + 0.414%)
	27,858		4.008		04/15/37	27,181
Federal Home Loan Mortgage Corp. STRIPS Series 237, Class F23 (1 mo. USD Term SOFR + 0.514%)
	57,497		4.108		05/15/36	57,119
Federal National Mortgage Association REMICS Series 2013-96, Class FW (1 mo. USD Term SOFR + 0.514%)
	29,341		4.142		09/25/43	29,211
Federal National Mortgage Association REMICS Series 2006-72, Class XF (1 mo. USD Term SOFR + 0.614%)
	101,857		4.242		08/25/36	101,839
Federal National Mortgage Association REMICS Series 2009-75, Class MF (1 mo. USD Term SOFR + 1.264%)
	158,276		4.892		09/25/39	161,335
Federal National Mortgage Association REMICS Series 2008-22, Class FD (1 mo. USD Term SOFR + 0.954%)
	110,178		4.582		04/25/48	111,204

						684,586

Sequential Fixed Rate – 0.0%
Federal Home Loan Mortgage Corp. REMICS Series 4248, Class LM
	120,654		6.500		05/15/41	125,875

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(a)(b)(c)– 0.1%
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R03, Class 1M2 (1 mo. USD Term SOFR + 1.650%)
$	419,512		5.278	%	12/25/41	$ 420,804
Verus Securitization Trust Series 2021-8, Class A1
	138,540		2.824		11/25/66	125,103

						545,907

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 1,356,368

Commercial Mortgage-Backed Securities – 4.6%
Sequential Fixed Rate^(a)– 2.0%
Bank Series 2019-BN17, Class A4
$	1,450,000		3.714	%	04/15/52	$ 1,408,164
Bank5 Series 2024-5YR11, Class A3
	1,000,000		5.893		11/15/57	1,027,461
Bank5 Series 2025-5YR17, Class A3
	1,750,000		5.225		11/15/58	1,769,674
Bank5 Series 2025-5YR19, Class A3
	1,200,000		5.270		12/15/58	1,216,067
Benchmark Mortgage Trust Series 2024-V5, Class A3
	2,050,000		5.805		01/10/57	2,091,627
BMO Mortgage Trust Series 2024-5C3, Class A3
	950,000		5.739		02/15/57	965,915
Wells Fargo Commercial Mortgage Trust Series 2025-5C4, Class A3
	1,450,000		5.673		05/15/58	1,486,203

						9,965,111

Sequential Floating Rate^(b)– 2.6%
Bank Series 2018-BN10, Class AS
	2,600,000		3.898	^(a)	02/15/61	2,544,508
Bank5 Series 2024-5YR12, Class A3
	1,100,000		5.902	^(a)	12/15/57	1,132,832
BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%)
	1,384,640		5.067	^(c)	02/15/39	1,386,494
BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%)
	1,245,485		5.017	^(c)	03/15/41	1,246,558
BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%)
	1,200,000		5.267	^(c)	02/15/41	1,200,558
Durst Commercial Mortgage Trust Series 2025-151, Class A
	1,300,000		5.317	^(c)	08/10/42	1,305,166
Hudson Yards Mortgage Trust Series 2025-SPRL, Class A
	1,075,000		5.649	^(c)	01/13/40	1,092,817
NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%)
	1,400,000		5.368	^(c)	10/15/40	1,405,521


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b)– (continued)
UBS Commercial Mortgage Trust Series 2017-C2, Class AS
$	1,700,000		3.740	%^(a)	08/15/50	$ 1,674,512

						12,988,966

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 22,954,077

Federal Agencies – 0.7%
Uniform Mortgage-Backed Security – 0.7%
$	3,267,253		6.500	%	06/01/54	$ 3,397,170

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $27,728,483)						$ 27,707,615



Agency Debentures^(b)– 2.6%
Sovereign – 2.6%
Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%)
$	9,931,000		3.760	%	10/06/27	$ 9,927,425
Uniform Mortgage-Backed Security (Secured Overnight Financing Rate + 0.140%)
	3,192,000		3.760		10/14/27	3,190,883

TOTAL AGENCY DEBENTURES (Cost $13,123,000)						$ 13,118,308



Sovereign Debt Obligations – 0.5%
United States Dollar – 0.5%
Saudi Government International Bonds
$	2,320,000		3.250	%	10/26/26	$ 2,310,279
(Cost $2,331,157)



U.S. Treasury Obligations – 10.0%
U.S. Treasury Notes
$	18,870,000		2.625	%	05/31/27	$ 18,620,120
	16,950,000		3.500		09/30/27	16,816,254
	14,990,000		4.000		07/31/29	14,920,905

TOTAL U.S. TREASURY OBLIGATIONS (Cost $50,614,216)						$ 50,357,279

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)



Shares		Dividend Rate				Value

Investment Company^(d)– 0.0%
Goldman Sachs Central Government Fund — Institutional Shares
	683		3.703%			$ 683
(Cost $683)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 94.5% (Cost $473,824,180)						$473,468,798


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – 3.3%
Certificates of Deposit – 2.3%
National Bank of Kuwait
$	2,000,000		4.420	%	08/19/26	$ 2,001,041
(Secured Overnight Financing Rate + 0.600%)
	3,497,000		4.260	^(a)(b)	12/11/26	3,499,486
	5,889,000		4.220	^(a)(b)	01/14/27	5,892,841

						11,393,368

Commercial Paper^(c)(e)– 1.0%
Bayer Corp.
	2,500,000		0.000		10/20/26	2,466,758
RWE AG
	2,550,000		0.000		04/20/27	2,458,729

						4,925,487

TOTAL SHORT-TERM INVESTMENTS (Cost $16,312,413)						$ 16,318,855

TOTAL INVESTMENTS – 97.8% (Cost $490,136,593)						$489,787,653

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.2%						11,088,820

NET ASSETS – 100.0%						$500,876,473


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

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

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2026.

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

(d)		Represents an affiliated issuer.

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty

Currency
Purchased

Currency

Sold

Settlement

Date

Unrealized

Gain

BNP Paribas SA

USD

2,178,804

EUR

1,870,833

08/19/26

36,694

FUTURES CONTRACTS — At June 30, 2026, 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	192	09/30/26	$	39,577,500		$	(12,918	)

Short position contracts:
5 Year U.S. Treasury Notes	(321)	09/30/26	$	(34,362,047	)	$	(74,393	)

TOTAL FUTURES CONTRACTS						$	(87,311	)

SWAP CONTRACTS — At June 30, 2026, 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)	3.000%^(b)		09/16/27	$	139,590	$	(1,464,285	)	$	(1,517,332	)	$	53,047
3.927%^(c)	12M SOFR^(c)		06/30/28		5,410		8,721			(2,227	)		10,948
12M SOFR^(c)	4.021^(c)		06/30/28		770		(50	)		(232	)		182
3.000^(c)	12M SOFR^(c)		09/16/28		57,390		1,105,940			1,168,015			(62,075	)
3.250^(c)	12M SOFR^(c)		09/16/29		29,620		579,951			631,645			(51,694	)
3.979^(c)	12M SOFR^(c)		11/30/30		960		(2,438	)		228			(2,666	)

TOTAL						$	227,839		$	280,097		$	(52,258	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2026.

(b)

Payments made at maturity.

(c)

Payments made annually.



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

Investment Abbreviations:
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Indexes
EURIBOR		— Euro Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
PLC		— Public Limited Company
REMICS		— Real Estate Mortgage Investment Conduits
SOFR		— Secured Overnight Financing Rate
STRIPS		— Separate Trading of Registered Interest and Principal of Securities

Abbreviation:
SOFR		— Secured Overnight Financing Rate

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

U.S. Treasury Obligations – 96.8%
U.S. Treasury Bonds
$	660,000		5.000	%	05/15/46	$ 665,156
U.S. Treasury Inflation-Indexed Bonds
	8,856,309		1.000		02/15/48	6,306,315
	24,429,471		2.125		02/15/54	21,353,839
U.S. Treasury Inflation-Indexed Notes
	4,589,033		0.750		07/15/28	4,487,393
	8,415,392		2.375		10/15/28	8,505,429
	31,666,511		2.125		04/15/29	31,759,284
	45,463,099		1.625		04/15/30	44,909,018
	19,282,874		0.125		07/15/30	18,016,682
	2,367,252		1.125		10/15/30	2,298,731
	21,560,699		1.250		04/15/31	20,891,980
	7,814,765		0.625		07/15/32	7,240,563
	35,571,840		1.875		07/15/35	34,792,317
	27,858,602		1.875		01/15/36	27,070,726
U.S. Treasury Notes
	3,140,000		4.125		06/30/31	3,128,961
	3,190,000		4.250		06/30/33	3,178,037

TOTAL U.S. TREASURY OBLIGATIONS (Cost $238,826,994)						$234,604,431



Shares	Dividend Rate	Value

Investment Company^(a)– 0.8%
Goldman Sachs Central Government Fund — Institutional Shares
1,975,541	3.703%		$ 1,975,541
(Cost $1,975,541)

TOTAL INVESTMENTS – 97.6% (Cost $ 240,802,535)			$236,579,972

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.4%			5,873,645

NET ASSETS – 100.0%			$242,453,617



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

(a)		Represents an affiliated issuer.

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2026, 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		542	09/21/26	$	59,560,719		$	330,965
2 Year U.S. Treasury Notes		132	09/30/26		27,209,531			(1,311	)
20 Year U.S. Treasury Bonds		231	09/21/26		26,218,500			537,802
5 Year U.S. Treasury Notes		51	09/30/26		5,459,390			7,467

Total							$	874,923

Short position contracts:
3 Month SOFR		(66)	03/16/27		(15,833,400	)		(8,114	)
Ultra 10-Year U.S. Treasury Notes		(599)	09/21/26		(67,368,781	)		(607,835	)
Ultra Long U.S. Treasury Bonds		(85)	09/21/26		(9,873,281	)		(101,479	)

Total							$	(717,428	)

TOTAL FUTURES CONTRACTS							$	157,495

SWAP CONTRACTS — At June 30, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


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

12M SOFR^(a)	3.490%^(a)	05/31/27	$	10		$	(47	)	$	(7	)	$	(40	)
3.429%^(b)	12M SOFR^(b)	04/22/28		6,350	^(c)		37,005			27,526			9,479
3.416^(b)	12M SOFR^(b)	04/22/28		7,930	^(c)		47,231			12,601			34,630
3.927%^(a)	12M SOFR^(a)	06/30/28		7,310	^(c)		11,785			(1,963	)		13,748
12M SOFR^(a)	4.021^(a)	06/30/28		1,030	^(c)		(65	)		(39	)		(26	)
12M SOFR^(b)	2.103^(b)	02/07/29		6,300			(940,684	)		25			(940,709	)
3.903^(a)	12M SOFR^(a)	11/30/30		17,190	^(c)		6,669			(5,989	)		12,658
3.979^(a)	12M SOFR^(a)	11/30/30		1,270	^(c)		(3,226	)		(281	)		(2,945	)
12M SOFR^(a)	3.584^(a)	04/22/32		11,570	^(c)		(162,972	)		(139,734	)		(23,238	)
12M SOFR^(a)	3.592^(a)	04/22/32		9,460	^(c)		(129,775	)		(176,514	)		46,739
3.976^(a)	12M SOFR^(a)	04/30/33		9,080	^(c)		(19,777	)		(1,974	)		(17,803	)
3.894^(a)	12M SOFR^(a)	04/22/37		6,480	^(c)		81,683			27,429			54,254
3.893^(a)	12M SOFR^(a)	04/22/37		5,380	^(c)		68,091			78,790			(10,699	)
12M SOFR^(a)	4.629^(a)	04/14/41		13,240	^(c)		28,115			(6,575	)		34,690
12M SOFR^(a)	4.688^(a)	04/14/41		6,480	^(c)		25,171			2,136			23,035
4.048^(a)	12M SOFR^(a)	04/13/56		12,360	^(c)		(5,699	)		15,732			(21,431	)
4.114^(a)	12M SOFR^(a)	04/13/56		6,010	^(c)		(16,638	)		(1,557	)		(15,081	)

TOTAL						$	(973,133	)	$	(170,394	)	$	(802,739	)

(a)

Payments made annually.

(b)

Payments made at maturity.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2026.



Abbreviation:
SOFR		— Secured Overnight Financing Rate

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – 46.8%
Aerospace & Defense^(a)– 1.2%
Boeing Co.
$	8,071,000		2.700	%	02/01/27	$ 7,988,434
	7,420,000		5.150		05/01/30	7,509,930

						15,498,364

Agriculture^(a)– 0.2%
Altria Group, Inc.
	2,833,000		4.875		02/04/28	2,846,457

Automotive – 0.9%
General Motors Financial Co., Inc.
	4,225,000		4.750		04/06/29	4,222,339
Hyundai Capital America^(b)
	5,285,000		4.250		01/08/29	5,211,644
	3,180,000		6.500	^(a)	01/16/29	3,301,603

						12,735,586

Banks – 16.9%
Bank of America Corp.^(a)(c)
(5 yr. CMT + 2.760%)
	1,690,000		4.375		01/27/27	1,681,550
(5 yr. CMT + 3.231%)
	1,595,000		6.125		04/27/27	1,607,425
(Secured Overnight Financing Rate + 0.830%)
	12,843,000		4.979		01/24/29	12,913,893
(Secured Overnight Financing Rate + 0.870%)
	6,880,000		4.477		04/23/30	6,836,794
(Secured Overnight Financing Rate + 2.040%)
	7,000,000		4.948		07/22/28	7,028,700
Bank of Nova Scotia^(a)(c)(Secured Overnight Financing Rate + 0.890%)
	6,955,000		4.932		02/14/29	6,989,427
Barclays PLC^(a)(c)
(Secured Overnight Financing Rate + 0.930%)
	3,200,000		4.219		05/24/30	3,145,120
(Secured Overnight Financing Rate + 1.340%)
	3,390,000		4.837		09/10/28	3,396,034
(Secured Overnight Financing Rate + 1.490%)
	3,115,000		5.674		03/12/28	3,140,107
BPCE SA^(b)
	2,435,000		3.250		01/11/28	2,388,954
Citibank NA^(a)(c)(Secured Overnight Financing Rate + 0.595%)
	6,815,000		4.554		06/18/29	6,807,504
Citigroup, Inc.^(a)(c)
(3 mo. USD Term SOFR + 4.779%)
	1,610,000		6.250		08/15/26	1,610,322
(5 yr. CMT + 3.209%)
	1,555,000		7.375		05/15/28	1,603,547
(Secured Overnight Financing Rate + 1.280%)
	7,000,000		3.070		02/24/28	6,933,920
(Secured Overnight Financing Rate + 1.887%)
	7,000,000		4.658		05/24/28	7,005,390
Deutsche Bank AG^(a)(c)
(Secured Overnight Financing Rate + 1.210%)
	4,417,000		5.373		01/10/29	4,459,492
(Secured Overnight Financing Rate + 1.594%)
	3,135,000		5.706		02/08/28	3,156,976


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
First-Citizens Bank & Trust Co.^(a)(c)(Secured Overnight Financing Rate + 1.146%)
$	1,640,000		5.097	%	07/13/29	$ 1,642,312
HSBC Holdings PLC^(a)(c)(Secured Overnight Financing Rate + 3.350%)
	2,945,000		7.390		11/03/28	3,049,606
Huntington National Bank^(a)(c)(Secured Overnight Financing Rate + 0.720%)
	1,569,000		4.353		04/12/28	1,569,126
JPMorgan Chase & Co.^(a)(c)
(Secured Overnight Financing Rate + 0.800%)
	3,037,000		4.915		01/24/29	3,052,033
(Secured Overnight Financing Rate + 0.820%)
	6,595,000		4.408		04/23/30	6,539,272
M&T Bank Corp.^(a)(c)
(5 yr. CMT + 2.679%)
	3,599,000		3.500		09/01/26	3,572,763
(Secured Overnight Financing Rate + 1.400%)
	3,990,000		5.179		07/08/31	4,019,486
Manufacturers & Traders Trust Co.^(a)(c)(Secured Overnight Financing Rate + 0.940%)
	7,515,000		4.548		04/18/30	7,461,268
Mizuho Bank Ltd.^(b)
	2,560,000		4.395		04/16/29	2,552,704
Morgan Stanley^(a)(c)
(3 mo. USD Term SOFR + 1.402%)
	3,490,000		3.772		01/24/29	3,442,431
(Secured Overnight Financing Rate + 0.800%)
	7,085,000		4.238		01/09/30	6,991,478
(Secured Overnight Financing Rate + 0.960%)
	6,550,000		4.555		04/10/30	6,508,670
(Secured Overnight Financing Rate + 1.215%)
	5,000,000		5.042		07/19/30	5,035,550
(Secured Overnight Financing Rate + 1.380%)
	5,964,000		4.994		04/12/29	5,996,623
Morgan Stanley Bank NA^(a)(c)(Secured Overnight Financing Rate + 0.974%)
	2,665,000		4.788		05/10/30	2,666,919
Morgan Stanley Private Bank NA^(a)(c)(Secured Overnight Financing Rate + 0.762%)
	9,070,000		4.213		02/08/30	8,951,274
NatWest Group PLC^(a)(c)(1 yr. CMT + 0.800%)
	2,175,000		4.983		06/18/32	2,174,043
NatWest Markets PLC^(b)
	2,245,000		4.654		03/27/29	2,241,565
Pinnacle Financial Partners, Inc.^(a)(c)(Secured Overnight Financing Rate + 1.700%)
	950,000		5.596		05/19/32	952,641
PNC Financial Services Group, Inc.^(a)(c)
(5 yr. CMT + 3.238%)
	1,610,000		6.200		09/15/27	1,632,524
(Secured Overnight Financing Rate + 0.610%)
	5,250,000		4.075		01/26/29	5,208,420
(Secured Overnight Financing Rate + 0.681%)
	4,660,000		4.618		10/26/29	4,647,931
Royal Bank of Canada^(a)(c)(Secured Overnight Financing Rate + 0.840%)
	4,530,000		4.400		04/17/30	4,493,171

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
Societe Generale SA^(a)(b)(c)(1 yr. CMT + 1.500%)
$	3,155,000		5.519	%	01/19/28	$ 3,170,144
Sumitomo Mitsui Financial Group, Inc.
	5,440,000		4.108		01/15/29	5,372,109
Sumitomo Mitsui Trust Bank Ltd.^(b)
	10,294,000		4.500		03/13/28	10,291,015
	3,540,000		3.950		03/05/29	3,483,218
Toronto-Dominion Bank
	4,754,000		4.861		01/31/28	4,777,009
Truist Financial Corp.^(a)(c)(Secured Overnight Financing Rate + 1.435%)
	3,390,000		4.873		01/26/29	3,404,577
Wells Fargo & Co.^(a)(c)
(5 yr. CMT + 3.606%)
	1,515,000		7.625		09/15/28	1,592,204
(Secured Overnight Financing Rate + 0.970%)
	4,305,000		4.844		05/20/32	4,290,019
(Secured Overnight Financing Rate + 1.510%)
	7,000,000		3.526		03/24/28	6,949,810
(Secured Overnight Financing Rate + 1.980%)
	7,000,000		4.808		07/25/28	7,019,740
Westpac New Zealand Ltd.^(b)
	2,265,000		4.902		02/15/28	2,278,228

						227,735,038

Beverages^(a)(b)– 0.6%
Bacardi-Martini BV
	3,775,000		5.550		02/01/30	3,845,706
JDE Peet’s NV
	4,230,000		2.250		09/24/31	3,659,415

						7,505,121

Building Materials^(a)(b)– 0.1%
Standard Industries, Inc.
	1,940,000		4.750		01/15/28	1,927,545

Chemicals^(a)(b)– 0.1%
OCP SA
	1,530,000		6.100		04/30/30	1,568,755

Commercial Services^(a)– 1.0%
Brink’s Co.^(b)
	915,000		6.500		06/15/29	933,501
DP World Crescent Ltd.
	2,060,000		3.750		01/30/30	1,947,730
Quanta Services, Inc.
	10,660,000		4.750		08/09/27	10,689,528

						13,570,759

Diversified Financial Services – 4.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust^(a)
	827,000		4.625		10/15/27	827,380
	3,285,000		5.100		01/19/29	3,315,288
	5,000,000		6.150		09/30/30	5,226,400
Ally Financial, Inc.^(a)(c)(7 yr. CMT + 3.481%)
	3,740,000		4.700		05/15/28	3,628,211
American Express Co.^(a)(c)
(5 yr. CMT + 2.854%)
	1,725,000		3.550		09/15/26	1,716,979


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Diversified Financial Services – (continued)
(Secured Overnight Financing Rate + 0.811%)
$	2,535,000		4.444	%	05/03/30	$ 2,519,562
Charles Schwab Corp.^(a)(c)(Secured Overnight Financing Rate + 0.780%)
	1,915,000		4.744		05/21/30	1,919,270
Equitable America Global Funding^(b)
	5,595,000		4.300		12/15/28	5,536,476
Jefferies Financial Group, Inc.^(a)
	10,000,000		4.300		02/11/27	9,975,600
Macquarie Airfinance Holdings Ltd.^(a)(b)
	260,000		6.400		03/26/29	267,584
OneMain Finance Corp.^(a)
	1,745,000		6.125		05/15/30	1,744,511
Rocket Cos., Inc.^(a)(b)
	2,135,000		6.125		08/01/30	2,173,900
SLM Corp.^(a)(c)(Secured Overnight Financing Rate + 2.710%)
	975,000		6.495		05/15/32	975,176
Sumisho Air Lease Corp.^(a)
	5,175,000		1.875		08/15/26	5,155,180
	10,470,000		4.500	^(b)	03/24/29	10,381,319

						55,362,836

Electrical^(a)(b)– 0.8%
ENEL Finance International NV
	7,875,000		1.625		07/12/26	7,867,913
Vistra Operations Co. LLC
	2,965,000		5.000		07/31/27	2,964,140

						10,832,053

Electrical Components & Equipment^(a)(b)– 0.2%
WESCO Distribution, Inc.
	1,485,000		6.375		03/15/29	1,514,269
	1,180,000		5.250		04/15/31	1,171,540

						2,685,809

Electronics^(a)– 0.1%
Amphenol Corp.
	1,800,000		3.900		11/15/28	1,778,202

Engineering & Construction^(a)– 0.2%
MasTec, Inc.
	754,000		5.900		06/15/29	775,610
Mexico City Airport Trust
	2,040,000		3.875		04/30/28	1,990,020

						2,765,630

Environmental^(a)– 1.2%
GFL Environmental Holdings U.S., Inc.^(b)
	2,495,000		5.625		07/01/31	2,495,050
Veralto Corp.
	6,710,000		5.500		09/18/26	6,719,461
Waste Management, Inc.
	7,332,000		4.500		03/15/28	7,350,550

						16,565,061

Food & Drug Retailing – 1.2%
Campbell’s Co.
	3,700,000		5.200		03/19/27	3,718,463

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
Mars, Inc.^(a)(b)
$	13,054,000		4.600	%	03/01/28	$ 13,079,325

						16,797,788

Forest Products & Paper^(a)(b)– 0.3%
Georgia-Pacific LLC
	3,380,000		4.400		05/15/29	3,363,506

Healthcare Providers & Services^(a)– 2.3%
Adventist Health System
	4,560,000		4.742		12/01/30	4,517,687
Augusta SpinCo Corp.
	1,960,000		4.398		03/23/29	1,946,241
Centene Corp.
	1,031,000		4.250		12/15/27	1,025,391
	8,410,000		2.450		07/15/28	7,989,248
GE HealthCare Technologies, Inc.
	6,150,000		5.650		11/15/27	6,241,327
HCA, Inc.
	3,650,000		5.625		09/01/28	3,706,721
	5,517,000		4.125		06/15/29	5,433,804

						30,860,419

Insurance^(b)– 1.0%
Corebridge Global Funding
	3,590,000		4.800		05/29/29	3,585,225
	3,355,000		4.900		12/03/29	3,355,470
Met Tower Global Funding
	6,085,000		4.000		01/14/29	5,997,924

						12,938,619

Internet – 1.4%
Airbnb, Inc.^(a)
	1,935,000		4.400		03/16/29	1,923,835
Alphabet, Inc.^(a)
	2,975,000		3.875		11/15/28	2,947,868
Expedia Group, Inc.^(a)
	3,060,000		4.625		08/01/27	3,062,203
Gen Digital, Inc.^(a)(b)
	3,110,000		6.750		09/30/27	3,120,947
Netflix, Inc.^(b)
	6,025,000		5.375		11/15/29	6,179,120
Uber Technologies, Inc.^(a)
	1,600,000		4.300		01/15/30	1,581,632

						18,815,605

Investment Companies^(a)– 0.4%
ARES Capital Corp.
	1,710,000		5.550		01/15/30	1,700,167
Blue Owl Credit Income Corp.
	3,355,000		3.125		09/23/26	3,335,642

						5,035,809

Iron/Steel^(b)– 0.0%
POSCO
	310,000		5.750		01/17/28	314,359


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Leisure Time^(a)(b)– 0.1%
Royal Caribbean Cruises Ltd.
$	1,825,000		5.625	%	09/30/31	$ 1,843,086

Lodging^(a)– 0.2%
Las Vegas Sands Corp.
	1,820,000		5.625		06/15/28	1,841,814
	680,000		6.000		06/14/30	698,567

						2,540,381

Machinery-Diversified^(a)– 1.8%
Ingersoll Rand, Inc.
	17,330,000		5.197		06/15/27	17,439,352
Nordson Corp.
	7,468,000		4.500		12/15/29	7,416,322

						24,855,674

Media^(a)(b)– 0.3%
Space Exploration Technologies Corp.
	3,890,000		5.350		07/15/31	3,885,760

Mining^(a)(b)– 0.4%
Glencore Funding LLC
	5,000,000		5.371		04/04/29	5,078,450

Miscellaneous Manufacturing^(a)(b)– 0.1%
Axon Enterprise, Inc.
	750,000		6.125		03/15/30	765,105

Oil Field Services – 0.8%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.^(a)
	1,740,000		4.050		03/11/29	1,715,205
Pertamina Persero PT^(a)
	2,630,000		3.100		01/21/30	2,452,475
Petroleos Mexicanos
	200,000		6.500		01/23/29	204,148
	300,000		8.750	^(a)	06/02/29	320,640
	2,500,000		6.840	^(a)	01/23/30	2,567,500
QatarEnergy^(a)
	2,160,000		1.375		09/12/26	2,147,601
Sunoco LP^(a)(b)
	1,740,000		7.000		05/01/29	1,790,808

						11,198,377

Pharmaceuticals – 1.0%
Cardinal Health, Inc.
	10,569,000		4.700		11/15/26	10,584,642
PRA Health Sciences, Inc.^(a)(b)
	3,144,000		2.875		07/15/26	3,143,245

						13,727,887

Pipelines^(a)– 1.1%
Cheniere Energy Partners LP
	2,835,000		4.500		10/01/29	2,813,568
DCP Midstream Operating LP
	2,690,000		5.625		07/15/27	2,713,322
Hess Midstream Operations LP^(b)
	1,710,000		5.875		03/01/28	1,722,158
	710,000		6.500		06/01/29	723,795

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Pipelines(a) – (continued)
ONEOK, Inc.
$	6,405,000		4.250	%	09/24/27	$ 6,382,967

						14,355,810

Real Estate Investment Trust^(a)(b)– 0.1%
Starwood Property Trust, Inc.
	1,425,000		6.500		07/01/30	1,454,996

Retailing ^(a)(b)– 0.3%
1011778 BC ULC/New Red Finance, Inc.
	2,705,000		6.125		06/15/29	2,745,792
QXO Building Products, Inc.
	765,000		6.500		07/15/31	779,550

						3,525,342

Software – 4.4%
Cadence Design Systems, Inc.
	1,255,000		4.200		09/10/27	1,252,063
	4,400,000		4.300	^(a)	09/10/29	4,364,404
Fidelity National Information Services, Inc.^(a)
	3,485,000		4.550		03/10/29	3,458,200
Oracle Corp.^(a)
	5,163,000		4.800		08/03/28	5,153,810
	18,145,000		4.550		02/04/29	17,891,151
	6,300,000		2.950		04/01/30	5,799,339
Salesforce, Inc.^(a)
	16,790,000		4.650		03/15/29	16,783,452
Synopsys, Inc.^(a)
	3,963,000		4.650		04/01/28	3,968,509

						58,670,928

Sovereign^(a)(b)– 0.7%
Eagle Funding Luxco SARL
	9,720,000		5.500		08/17/30	9,734,714

Telecommunication Services^(a)– 0.6%
Black Pearl Compute LLC^(b)
	1,640,000		6.125		02/15/31	1,664,272
Meridian Arc Holdco LLC^(b)
	1,985,000		6.250		04/30/31	1,988,593
SV RNO Property Owner 1 LLC^(b)
	1,350,000		5.875		03/01/31	1,330,938
T-Mobile USA, Inc.
	3,725,000		3.750		04/15/27	3,704,624

						8,688,427

Toys/Games/Hobbies^(a)(b)– 0.2%
Mattel, Inc.
	2,815,000		5.875		12/15/27	2,816,126

Trucking & Leasing^(a)(b)– 0.5%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,690,000		5.350		01/12/27	1,695,577
	5,000,000		3.350		11/01/29	4,762,350

						6,457,927

TOTAL CORPORATE OBLIGATIONS (Cost $629,662,798)						$ 631,102,311


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – 20.8%
Collateralized Mortgage Obligations – 5.2%
Interest Only – 0.2%
Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%)
$	242,546		2.393	%^(c)(d)	05/15/45	$ 23,049
Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%)
	183,528		2.293	^(c)(d)	05/15/46	17,953
Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%)
	154,557		2.343	^(c)(d)	03/15/44	12,988
Federal National Mortgage Association REMICS Series 2016-1, Class SJ (-1X 1 mo. USD Term SOFR + 6.036%)
	251,656		2.408	^(c)(d)	02/25/46	26,268
Federal National Mortgage Association REMICS Series 2017-31, Class SG (-1X 1 mo. USD Term SOFR + 5.986%)
	305,711		2.358	^(c)(d)	05/25/47	31,442
Federal National Mortgage Association REMICS Series 2020-49, Class KS (-1X 1 mo. USD Term SOFR + 5.986%)
	1,928,052		2.358	^(c)(d)	07/25/50	203,960
Federal National Mortgage Association REMICS Series 2010-135, Class AS (-1X 1 mo. USD Term SOFR + 5.836%)
	47,000		2.208	^(c)(d)	12/25/40	3,440
Government National Mortgage Association REMICS Series 2014- 132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%)
	88,121		2.347	^(a)(c)(d)	10/20/43	3,327
Government National Mortgage Association REMICS Series 2017- 112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%)
	108,333		1.907	^(a)(c)(d)	07/20/47	9,406
Government National Mortgage Association REMICS Series 2018-122, Class HS (-1X 1 mo. USD Term SOFR + 6.086%)
	239,166		2.447	^(a)(c)(d)	09/20/48	25,928
Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%)
	250,185		2.297	^(a)(c)(d)	01/20/49	25,583
Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%)
	111,280		2.347	^(a)(c)(d)	06/20/49	11,330
Government National Mortgage Association REMICS Series 2020-78, Class DI
	1,058,798		4.000	^(a)(e)	06/20/50	229,203
Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%)
	171,311		2.297	^(a)(c)(d)	08/20/43	15,318
Government National Mortgage Association REMICS Series 2014-162, Class SA (-1X 1 mo. USD Term SOFR + 5.486%)
	64,046		1.847	^(a)(c)(d)	11/20/44	5,119
Government National Mortgage Association REMICS Series 2015-123, Class SP (-1X 1 mo. USD Term SOFR + 6.136%)
	110,824		2.497	^(a)(c)(d)	09/20/45	12,156
Government National Mortgage Association REMICS Series 2016-27, Class IA
	55,411		4.000	^(a)(e)	06/20/45	7,079
Government National Mortgage Association REMICS Series 2018-122, Class SE (-1X 1 mo. USD Term SOFR + 6.086%)
	234,428		2.447	^(a)(c)(d)	09/20/48	25,265
Government National Mortgage Association REMICS Series 2019-153, Class EI
	5,536,312		4.000	^(a)(e)	12/20/49	1,186,248

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
Government National Mortgage Association REMICS Series 2020-61, Class GI
$	1,357,516		5.000	%^(a)(e)	05/20/50	$ 316,035

						2,191,097

Regular Floater^(c)– 1.1%
Chase Home Lending Mortgage Trust Series 2026-4, Class A11 (1 mo. USD Term SOFR + 1.300%)
	3,183,881		4.928	^(a)(b)	02/25/57	3,191,627
Federal Home Loan Mortgage Corp. REMICS Series 5452, Class DF (1 mo. USD Term SOFR + 1.250%)
	5,806,354		4.878		09/25/54	5,844,516
Federal National Mortgage Association REMICS Series 2024-70, Class FB (1 mo. USD Term SOFR + 1.100%)
	6,189,972		4.728		10/25/54	6,232,345

						15,268,488

Sequential Fixed Rate – 1.9%
BRAVO Residential Funding Trust Series 2025-NQM7, Class A1A
	2,900,049		5.459	^(a)(b)(f)	07/25/65	2,907,577
CIM Trust Series 2025-I1, Class A2
	1,362,501		5.908	^(a)(b)(f)	10/25/69	1,366,647
COLT Mortgage Loan Trust Series 2024-INV4, Class A1
	2,681,161		5.607	^(a)(b)(f)	05/25/69	2,691,112
Ellington Financial Mortgage Trust Series 2026-NQM4, Class A1A
	4,147,007		5.466	^(a)(b)(f)	04/25/71	4,148,342
Federal National Mortgage Association REMICS Series 2012-111, Class B
	6,516		7.000		10/25/42	6,930
Federal National Mortgage Association REMICS Series 2012-153, Class B
	22,172		7.000		07/25/42	23,596
JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A
	25,755		4.879	^(a)(b)(f)	05/25/66	25,498
Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1
	2,584,500		5.562	^(a)(b)(f)	03/25/70	2,589,917
OBX Trust Series 2024-NQM14, Class A1
	2,701,577		4.944	^(a)(b)(f)	09/25/64	2,692,480
OBX Trust Series 2025-NQM13, Class A1A
	1,502,311		5.441	^(a)(b)(f)	05/25/65	1,505,423
OBX Trust Series 2025-NQM11, Class A1A
	2,558,275		5.418	^(a)(b)(f)	05/25/65	2,563,002
OBX Trust Series 2025-NQM15, Class A1A
	2,971,460		5.143	^(a)(b)(f)	07/27/65	2,965,431
Verus Securitization Trust Series 2021-7, Class A1
	1,750,936		2.829	^(a)(b)(f)	10/25/66	1,590,706
Verus Securitization Trust Series 2023-INV2, Class A2
	1,044,869		6.928	^(a)(b)(f)	08/25/68	1,041,520

						26,118,181

Sequential Floating Rate^(a)(b)(c)– 2.0%
Angel Oak Mortgage Trust Series 2021-7, Class A1
	1,590,639		1.978		10/25/66	1,389,148
Chase Home Lending Mortgage Trust Series 2025-2, Class A4A
	1,547,216		5.500		12/25/55	1,543,405


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(a)(b)(c)– (continued)
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R04, Class 1M2 (1 mo. USD Term SOFR + 1.650%)
$	1,783,789		5.278	%	05/25/44	$ 1,788,521
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%)
	25,000		5.578		03/25/44	25,197
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R06, Class 1M2 (1 mo. USD Term SOFR + 1.600%)
	2,049,565		5.228		09/25/44	2,052,922
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2026-R01, Class 2M2 (1 mo. USD Term SOFR + 1.350%)
	2,240,000		4.978		01/25/46	2,236,103
GCAT Trust Series 2024-INV4, Class A6
	1,453,556		5.500		12/25/54	1,451,327
JP Morgan Mortgage Trust Series 2021-LTV2, Class A1
	3,586,796		2.520		05/25/52	2,962,203
JP Morgan Mortgage Trust Series 2025-VIS2, Class A1
	3,527,393		5.385		12/25/55	3,530,881
New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	56,215		3.750		05/28/52	53,729
OBX Trust Series 2024-NQM17, Class A1
	3,378,625		5.610		11/25/64	3,389,866
OBX Trust Series 2025-NQM1, Class A1
	3,543,229		5.547		12/25/64	3,551,402
Verus Securitization Trust Series 2025-8, Class A1
	3,171,121		4.869		09/25/70	3,143,560

						27,118,264

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 70,696,030

Commercial Mortgage-Backed Securities – 11.0%
Regular Floater^(b)(c)– 0.4%
TPG Trust Series 2024-WLSC, Class A (1 mo. USD Term SOFR + 2.133%)
$	4,200,000		5.758	%	11/15/29	$ 4,227,206
TPG Trust Series 2024-WLSC, Class B (1 mo. USD Term SOFR + 2.930%)
	950,000		6.556		11/15/29	965,618

						5,192,824

Sequential Fixed Rate – 3.5%
1211 Avenue of the Americas Trust Series 2015-1211, Class A1A2
	3,800,000		3.901	^(b)	08/10/35	3,673,770
Bank5 Series 2024-5YR7, Class A3
	2,350,000		5.769	^(a)	06/15/57	2,401,598
Bank5 Series 2024-5YR11, Class A3
	2,450,000		5.893	^(a)	11/15/57	2,517,278
Bank5 Series 2024-5YR11, Class AS
	1,075,000		6.139	^(a)	11/15/57	1,100,900
Bank5 Series 2025-5YR15, Class A3
	2,450,000		5.452	^(a)	07/15/58	2,494,746
Bank5 Series 2025-5YR19, Class AS
	4,000,000		5.611	^(a)	12/15/58	4,051,193

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
BBCMS Mortgage Trust Series 2023-C19, Class A5
$	2,900,000		5.451	%^(a)	04/15/56	$ 2,959,987
BBCMS Mortgage Trust Series 2023-C19, Class ASB
	800,000		5.700	^(a)	04/15/56	825,795
BMO Mortgage Trust Series 2023-C7, Class A5
	5,000,000		6.160	^(a)	12/15/56	5,296,060
BMO Mortgage Trust Series 2025-5C11, Class A3
	2,400,000		5.669	^(a)	07/15/58	2,459,053
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	1,500,000		3.000	^(a)(b)	09/15/50	1,120,731
Citigroup Commercial Mortgage Trust Series 2019-C7, Class A4
	740,000		3.102	^(a)	12/15/72	698,371
COMM Mortgage Trust Series 2024-277P, Class A
	3,650,000		6.338	^(b)	08/10/44	3,772,371
JP Morgan Chase Commercial Mortgage Securities Trust Series 2019-OSB, Class B
	2,100,000		3.598	^(a)(b)	06/05/39	1,962,487
JP Morgan Chase Commercial Mortgage Securities Trust Series 2025-NSLB, Class A
	2,000,000		6.234	^(b)	06/05/42	2,052,869
MSWF Commercial Mortgage Trust Series 2023-2, Class A2
	2,503,157		6.890	^(a)	12/15/56	2,575,345
ROCK Trust Series 2024-CNTR, Class A
	4,300,000		5.388	^(b)	11/13/41	4,342,740
ROCK Trust Series 2024-CNTR, Class D
	3,250,000		7.109	^(b)	11/13/41	3,359,223

						47,664,517

Sequential Floating Rate – 7.1%
Bank5 Series 2024-5YR10, Class AS
	900,000		5.637	^(a)	10/15/57	907,863
Bank5 Series 2025-5YR17, Class C
	3,200,000		5.894	^(a)(c)	11/15/58	3,183,487
Bank5 Series 2025-5YR16, Class AS
	3,600,000		5.751	^(a)(c)	08/15/63	3,654,207
Bank5 Series 2026-5YR21, Class C
	1,000,000		6.365	^(a)(c)	04/15/59	1,003,801
BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%)
	1,225,000		4.545	^(b)(c)	03/15/37	1,164,282
BBCMS Mortgage Trust Series 2023-C22, Class A5
	2,850,000		6.804	^(a)(c)	11/15/56	3,106,505
BBCMS Mortgage Trust Series 2018-TALL, Class B (1 mo. USD Term SOFR + 1.168%)
	625,000		4.794	^(b)(c)	03/15/37	581,044
BFLD Commercial Mortgage Trust Series 2025-5MW, Class A
	4,450,000		4.830	^(b)(c)	10/10/42	4,397,234
BFLD Commercial Mortgage Trust Series 2025-5MW, Class C
	1,800,000		5.633	^(b)(c)	10/10/42	1,791,945
BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%)
	3,450,000		5.775	^(b)(c)	11/15/42	3,458,826
BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%)
	2,800,000		5.525	^(b)(c)	06/15/42	2,801,089
BX Commercial Mortgage Trust Series 2024-XL4, Class A (1 mo. USD Term SOFR + 1.442%)
	3,442,889		5.067	^(b)(c)	02/15/39	3,447,500


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
BX Commercial Mortgage Trust Series 2024-XL5, Class A (1 mo. USD Term SOFR + 1.392%)
$	1,127,491		5.017	%^(b)(c)	03/15/41	$ 1,128,463
BX Commercial Mortgage Trust Series 2025-BCAT, Class A (1 mo. USD Term SOFR + 1.380%)
	1,966,257		5.005	^(b)(c)	08/15/42	1,968,983
BX Commercial Mortgage Trust Series 2025-BCAT, Class B (1 mo. USD Term SOFR + 1.550%)
	1,400,000		5.175	^(b)(c)	08/15/42	1,399,804
BX Trust Series 2024-BRVE, Class A (1 mo. USD Term SOFR + 1.841%)
	3,347,417		5.466	^(b)(c)	04/15/41	3,353,681
BX Trust Series 2025-ARIA, Class A
	3,500,000		5.199	^(b)(c)	12/13/42	3,501,872
Durst Commercial Mortgage Trust Series 2025-151, Class B
	3,550,000		5.768	^(b)(c)	08/10/42	3,577,917
Durst Commercial Mortgage Trust Series 2025-151, Class C
	1,550,000		6.019	^(b)(c)	08/10/42	1,568,634
HLTN Commercial Mortgage Trust Series 2026-DPLO, Class A (1 mo. USD Term SOFR + 1.700%)
	6,200,000		5.325	^(b)(c)	04/15/41	6,215,733
Hudson Yards Mortgage Trust Series 2025-SPRL, Class D
	1,375,000		6.551	^(b)(c)	01/13/40	1,404,735
Hudson Yards Mortgage Trust Series 2025-SPRL, Class A
	1,375,000		5.649	^(b)(c)	01/13/40	1,397,789
JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A
	1,125,000		5.990	^(b)(c)	10/05/39	1,131,922
MAD Commercial Mortgage Trust Series 2025-11MD, Class A
	3,500,000		4.912	^(b)(c)	10/15/42	3,467,789
MAD Commercial Mortgage Trust Series 2025-11MD, Class D
	2,575,000		6.571	^(b)(c)	10/15/42	2,593,744
NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%)
	2,200,000		5.318	^(b)(c)	02/15/42	2,199,891
NYC Commercial Mortgage Trust Series 2025-300P, Class D
	1,700,000		6.161	^(b)(c)	07/13/42	1,685,021
NYC Commercial Mortgage Trust Series 2025-300P, Class A
	2,900,000		4.879	^(b)(c)	07/13/42	2,868,487
NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%)
	3,350,000		5.368	^(b)(c)	10/15/40	3,363,212
NYC Commercial Mortgage Trust Series 2025-11X, Class B (1 mo. USD Term SOFR + 2.093%)
	2,100,000		5.718	^(b)(c)	10/15/40	2,106,229
NYC Commercial Mortgage Trust Series 2026-9W57, Class A
	5,400,000		5.053	^(a)(b)(c)	06/06/40	5,375,144
NYC Commercial Mortgage Trust Series 2026-9W57, Class B
	2,300,000		5.353	^(a)(b)(c)	06/06/40	2,288,737
VTR Commercial Mortgage Trust Series 2025-STEM, Class A
	2,900,000		5.201	^(b)(c)	10/13/39	2,866,939
VTR Commercial Mortgage Trust Series 2025-STEM, Class C
	1,350,000		6.057	^(b)(c)	10/13/39	1,329,051
Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class A
	3,150,000		5.484	^(b)(c)	07/15/35	3,152,110
Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B
	1,950,000		5.935	^(b)(c)	07/15/35	1,950,617

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
Wells Fargo Commercial Mortgage Trust Series 2025-B33RP, Class A (1 mo. USD Term SOFR + 1.350%)
$	2,949,679		4.975	%^(b)(c)	08/15/42	$ 2,950,091
Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class B
	1,400,000		5.136	^(b)(c)	03/10/41	1,381,352

						95,725,730

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 148,583,071

Federal Agencies – 4.6%
Government National Mortgage Association – 1.0%
$	917,062		4.500	%	08/20/47	$ 900,706
	144,946		5.000		03/20/48	146,211
	1,453,323		4.000		05/20/48	1,376,572
	519,915		4.500		06/20/48	509,180
	519,832		4.500		07/20/48	508,300
	798,399		4.500		09/20/48	781,914
	550,632		4.500		10/20/48	538,575
	690,219		4.500		12/20/48	675,105
	1,701,577		4.500		01/20/49	1,664,316
	521,686		4.500		02/20/49	510,099
	700,613		4.500		03/20/49	685,271
	367,716		4.500		10/20/49	359,663
	657,695		5.000		12/20/49	660,784
	41,290		5.000		02/20/50	41,650
	3,829,703		3.000		11/20/51	3,395,089

						12,753,435

Uniform Mortgage-Backed Security – 3.6%
	27		5.000		11/01/26	27
	509		5.000		07/01/27	509
	48,375		4.500		07/01/47	47,196
	31,081		4.500		03/01/50	30,241
	6,603,279		6.000		11/01/52	6,860,103
	1,471,836		5.500		12/01/52	1,501,035
	3,863,946		6.000		12/01/52	4,006,951
	2,491,736		6.000		01/01/53	2,572,658
	729,905		5.500		04/01/53	741,876
	2,034,212		6.000		04/01/53	2,109,827
	1,667,518		6.500		09/01/53	1,734,423
	4,271,109		6.500		11/01/53	4,473,843
	1,902,001		6.500		12/01/53	1,994,065
	23,000,000		5.500		TBA-30yr^(g)	23,076,367

						49,149,121

TOTAL FEDERAL AGENCIES						$ 61,902,556

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $281,882,890)						$ 281,181,657



Asset-Backed Securities^(a)– 15.3%
Automotive – 2.8%
Exeter Automobile Receivables Trust Series 2025-1A, Class A3
$	124,111		4.670	%	08/15/28	$ 124,139


Principal Amount		Interest Rate			Maturity Date	Value

Asset-Backed Securities^(a)– (continued)
Automotive – (continued)
Ford Credit Auto Lease Trust Series 2024-B, Class A3
$	3,134,532		4.990	%	12/15/27	$ 3,140,554
Ford Credit Auto Owner Trust Series 2024-1, Class A^(b)(f)
	3,200,000		4.870		08/15/36	3,228,051
Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A^(b)
	53,833		4.770		03/15/27	53,833
Hyundai Auto Receivables Trust Series 2024-B, Class A3
	4,804,671		4.840		03/15/29	4,821,069
Santander Drive Auto Receivables Trust Series 2025-1, Class A3
	1,376,741		4.740		01/16/29	1,378,372
SFS Auto Receivables Securitization Trust Series 2025-3A, Class A3^(b)
	7,300,000		4.120		04/21/31	7,266,801
Tesla Lease Electric Vehicle Securitization LLC Series 2025-A, Class A2^(b)
	3,461,668		4.140		06/20/28	3,455,062
Toyota Auto Receivables Owner Trust Series 2024-C, Class A3
	3,372,294		4.880		03/15/29	3,385,912
Toyota Lease Owner Trust Series 2026-A, Class A3^(b)
	7,075,000		3.820		02/20/29	7,015,165
Westlake Automobile Receivables Trust Series 2026-P1, Class A2^(b)
	3,650,000		3.840		01/16/29	3,639,675

						37,508,633

Collateralized Loan Obligations^(b)– 11.7%
Aligned Data Centers Issuer LLC Series 2026-1A, Class A2I
	1,800,000		5.909		06/15/56	1,804,008
Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class A1R2 ^(c)(3 mo. USD Term SOFR + 1.410%)
	7,600,000		5.085		07/20/38	7,619,798
Aqueduct European CLO 14 DAC Series 2025-14A, Class B^(c)(3 mo. EUR EURIBOR + 1.850%)
EUR	1,500,000		4.015		01/25/39	1,718,313
ARES XLI CLO Ltd. Series 2016-41A, Class A1R3^(c)(3 mo. USD Term SOFR + 1.260%)
$	6,925,000		4.875		04/15/39	6,929,647
Arini European CLO VII DAC Series 7A, Class B^(c)(3 mo. EUR EURIBOR + 1.800%)
EUR	2,150,000		3.895		01/15/39	2,461,908
Arini European CLO VII DAC Series 7A, Class D^(c)(3 mo. EUR EURIBOR + 2.850%)
	2,300,000		4.945		01/15/39	2,631,488
Arini European CLO X DAC Series 10A, Class C^(c)(-1X 3 mo. EUR EURIBOR + 2.200%)
	3,200,000		0.000		07/15/40	3,672,908
Arini European CLO X DAC Series 10A, Class A^(c)(-1X 3 mo. EUR EURIBOR + 1.280%)
	8,500,000		0.000		07/15/40	9,712,099
Bain Capital Credit CLO Ltd. Series 2019-3A, Class DRR^(c)(3 mo. USD Term SOFR + 2.800%)
$	2,175,000		6.472		10/21/34	2,161,933
Bain Capital Credit CLO Ltd. Series 2019-1A, Class CR3^(c)(3 mo. USD Term SOFR + 1.600%)
	2,250,000		5.275		04/19/34	2,249,933
Barings CLO Ltd. Series 2024-1A, Class A1R^(c)(3 mo. USD Term SOFR + 1.170%)
	5,725,000		4.845		01/20/39	5,713,521

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Asset-Backed Securities^(a)– (continued)
Collateralized Loan Obligations^(b)– (continued)
Belmont Park CLO Ltd. Series 2024-1A, Class A1R^(c)(3 mo. USD Term SOFR + 1.280%)
$	1,580,000		4.953	%	04/15/37	$ 1,586,115
Birch Grove CLO 3 Ltd. Series 2021-3A, Class A1R^(c)(3 mo. USD Term SOFR + 1.260%)
	3,850,000		4.935		01/19/38	3,864,542
Birch Grove CLO 8 Ltd. Series 2024-8A, Class A1R^(c)(3 mo. USD Term SOFR + 1.290%)
	6,050,000		4.965		04/20/39	6,053,418
Carlyle U.S. CLO Ltd. Series 2024-2A, Class A1R^(c)(3 mo. USD Term SOFR + 1.250%)
	5,425,000		4.904		04/25/39	5,432,481
CVC Cordatus Loan Fund XXXIV DAC Series 34A, Class B^(c)(3 mo. EUR EURIBOR + 1.700%)
EUR	2,700,000		3.938		04/20/38	3,074,688
Elmwood CLO 27 Ltd. Series 2024-3A, Class A1R^(c)(3 mo. USD Term SOFR + 1.240%)
$	6,400,000		4.886		04/18/39	6,408,320
Elmwood CLO 29 Ltd. Series 2024-5A, Class A1R2^(c)(3 mo. USD Term SOFR + 1.200%)
	4,825,000		4.826		04/20/37	4,829,791
Harvest CLO XXXVII DAC Series 37A, Class B^(c)(3 mo. EUR EURIBOR + 1.850%)
EUR	1,850,000		3.956		01/15/39	2,119,004
Henley CLO XVII DAC Series 17A, Class C^(c)(3 mo. EUR EURIBOR + 2.200%)
	5,700,000		4.493		07/25/39	6,546,100
Henley CLO XVII DAC Series 17A, Class D^(c)(3 mo. EUR EURIBOR + 3.050%)
	1,700,000		5.343		07/25/39	1,945,314
Invesco CLO Ltd. Series 2022-2A, Class A1R^(c)(3 mo. USD Term SOFR + 1.150%)
$	6,575,000		4.825		07/20/35	6,579,096
Kennedy Lewis CLO 18 Ltd. Series 2024-18A, Class A^(c)(3 mo. USD Term SOFR + 1.370%)
	2,700,000		5.045		01/20/38	2,704,439
KKR CLO 29 Ltd. Series 29AR, Class A1RR^(c)(3 mo. USD Term SOFR + 1.250%)
	3,530,000		4.868		07/15/39	3,531,765
KKR CLO 50 Ltd. Series 2024-50A, Class A1R^(c)(3 mo. USD Term SOFR + 1.270%)
	2,320,000		4.923		04/20/39	2,321,735
Magnetite XLVII Ltd. Series 2024-47A, Class A^(c)(3 mo. USD Term SOFR + 1.330%)
	7,900,000		4.997		01/25/38	7,908,658
OCP CLO Ltd. Series 2017-14A, Class A1R^(c)(3 mo. USD Term SOFR + 1.370%)
	4,800,000		5.045		07/20/37	4,803,557
OCP Euro DAC Series 2025-12A, Class B1^(c)(3 mo. EUR EURIBOR + 1.700%)
EUR	2,900,000		3.938		01/20/38	3,300,196
Palmer Square European CLO DAC Series 2026-2A, Class A ^(c)(-1X 3 mo. EUR EURIBOR + 1.250%)
	8,700,000		0.000		08/15/39	9,940,619
Post CLO Ltd. Series 2024-1A, Class CR^(c)(3 mo. USD Term SOFR + 1.850%)
$	2,000,000		5.455		03/30/39	2,008,120


Principal Amount		Interest Rate			Maturity Date	Value

Asset-Backed Securities^(a)– (continued)
Collateralized Loan Obligations^(b)– (continued)
Rad CLO 21 Ltd. Series 2023-21A, Class BR^(c)(3 mo. USD Term SOFR + 1.550%)
$	3,490,000		5.217	%	01/25/37	$ 3,490,771
RR 29 Ltd. Series 2024-29RA, Class A2R^(c)(3 mo. USD Term SOFR + 1.700%)
	3,000,000		5.373		07/15/39	3,002,127
Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A
	317,960		5.750		12/20/50	310,142
Symphony CLO XXV Ltd. Series 2021-25A, Class BR^(c)(3 mo. USD Term SOFR + 1.500%)
	3,300,000		5.175		04/19/34	3,296,208
Tikehau CLO IV DAC Series 4A, Class DR^(c)(3 mo. EUR EURIBOR + 3.250%)
EUR	1,700,000		5.454		10/15/39	1,945,701
Trimaran CAVU Ltd. Series 2021-2A, Class D1R^(c)(3 mo. USD Term SOFR + 2.500%)
$	2,300,000		6.167		10/25/34	2,259,713
Venture 36 CLO Ltd. Series 2019-36A, Class D^(c)(3 mo. USD Term SOFR + 4.412%)
	2,500,000		8.087		04/20/32	2,445,115
Wind River CLO Ltd. Series 2021-2A, Class CR^(c)(3 mo. USD Term SOFR + 2.000%)
	4,000,000		5.675		07/20/34	4,000,720
WISE CLO Ltd. Series 2023-2A, Class A1R^(c)(3 mo. USD Term SOFR + 1.100%)
	4,880,000		4.773		04/15/39	4,884,909

						157,268,920

Credit Card – 0.6%
American Express Credit Account Master Trust Series 2024-3, Class A
	4,500,000		4.650		07/15/29	4,519,832
American Express Credit Account Master Trust Series 2025-3, Class A
	3,975,000		4.510		04/15/32	3,983,439

						8,503,271

Student Loan^(c)– 0.2%
Illinois Student Assistance Commission Series 2010-1, Class A3 (3 mo. USD Term SOFR + 1.162%)
	106,153		4.830		07/25/45	106,151
Katayma CLO II Ltd. Series 2024-2A, Class B^(b)(3 mo. USD Term SOFR + 2.150%)
	2,500,000		5.825		04/20/37	2,502,135
PHEAA Student Loan Trust Series 2016-1A, Class A^(b)(1 mo. USD Term SOFR + 1.264%)
	290,998		4.892		09/25/65	289,801

						2,898,087

TOTAL ASSET-BACKED SECURITIES (Cost $206,511,391)						$ 206,178,911

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Agency Debentures^(c)– 1.9%
Sovereign – 1.9%
Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%)
$	25,959,000		3.845	%	11/03/28	$ 25,963,673
(Cost $25,959,000)



Sovereign Debt Obligations – 1.6%
United States Dollar – 1.6%
Chile Government International Bonds^(a)
$	1,580,000		4.350	%	04/13/31	$ 1,551,955
Colombia Government International Bonds^(a)
	930,000		5.375		01/21/29	928,233
Hungary Government International Bonds
	3,630,000		5.250		06/16/29	3,673,106
Indonesia Government International Bonds^(a)
	6,030,000		4.550		01/11/28	6,045,075
Korea Hydro & Nuclear Power Co. Ltd.^(b)
	3,950,000		4.250		07/27/27	3,950,119
Republic of Poland Government International Bonds^(a)
	2,600,000		4.625		03/18/29	2,619,032
Romania Government International Bonds
	1,500,000		3.000	^(b)	02/27/27	1,479,375
	1,700,000		5.875		01/30/29	1,715,164

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $21,857,956)						$ 21,962,059



Municipal Debt Obligations^(a)– 0.1%
Massachusetts – 0.1%
Massachusetts Development Finance Agency RB Taxable Series G
$	1,465,000		6.625	%	10/01/30	$ 1,502,463
(Cost $1,465,000)


Shares		Description				Value

Common Stocks – 0.0%
Real Estate Management & Development – 0.0%
	22,377		Sunac Services Holdings Ltd.			$ 2,058
(Cost $42,587)


Principal Amount		Interest Rate			Maturity Date	Value

U.S. Treasury Obligations – 6.8%
U.S. Treasury Notes
$	18,270,000		4.375	%^(h)	07/15/27	$ 18,315,675
	45,450,000		3.625		08/31/27	45,189,017
	14,190,000		4.125		06/30/31	14,140,113
	14,350,000		4.250		06/30/33	14,296,188

TOTAL U.S. TREASURY OBLIGATIONS (Cost $92,373,720)						$ 91,940,993


Shares		Dividend Rate				Value

Investment Company⁽ⁱ⁾– 2.0%
Goldman Sachs Central Government Fund — Institutional Shares
	26,419,138				3.703%	$ 26,419,138
(Cost $26,419,138)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 95.3% (Cost $1,286,174,480)						$1,286,253,263


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – 4.3%
Certificates of Deposit – 1.7%
Barclays Bank PLC^(c)(Secured Overnight Financing Rate + 0.370%)
$	9,679,000		4.010	%	10/22/26	$ 9,678,978
National Bank of Kuwait
	6,000,000		4.420		08/19/26	6,003,121
(Secured Overnight Financing Rate + 0.600%)
	7,094,000		4.260	^(a)(c)	12/11/26	7,099,044

						22,781,143

Commercial Paper^(j)– 2.6%
Bayer Corp.^(b)
	7,000,000		0.000		10/20/26	6,906,922
Charles Schwab Corp.^(b)
	5,000,000		0.000		12/08/26	4,911,487
Energy Transfer LP^(b)
	3,856,000		0.000		07/01/26	3,855,585
NTT Finance Americas, Inc.
	10,000,000		0.000		07/23/26	9,975,367
Oracle Corp.^(b)
	6,799,000		0.000		10/02/26	6,720,390
Penske Truck Leasing Co. LP
	1,934,000		0.000		07/17/26	1,930,287
VW Credit, Inc.^(b)
	1,000,000		0.000		07/01/26	999,890

						35,299,928

TOTAL SHORT-TERM INVESTMENTS (Cost $58,077,198)						$ 58,081,071

TOTAL INVESTMENTS – 99.6% (Cost $1,344,251,678)						$1,344,334,334

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%						5,779,886

NET ASSETS – 100.0%						$1,350,114,220



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, 2026.

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At June 30, 2026, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain

MS & Co. Int. PLC	CAD	918,323		USD	648,993		09/17/26	$	786
	CHF	1,547,379		USD	1,928,255		09/16/26		3,285
	CNH	1,506,880		USD	222,935		09/16/26		184
	COP	2,938,012,286		USD	836,630		07/10/26		20,821
	COP	1,463,670,000		USD	405,000		07/14/26		21,756
	COP	708,070,000		USD	205,000		08/03/26		509
	COP	944,792,431		USD	258,284		09/16/26		13,097
	EUR	2,177,104		USD	2,483,981		09/16/26		11,657
	GBP	169,677		USD	224,000		09/16/26		1,068
	INR	5,333,944		USD	56,106		07/02/26		241
	INR	38,783,030		USD	407,000		07/03/26		2,686
	INR	96,766,020		USD	1,014,000		07/09/26		7,933
	INR	44,555,235		USD	465,196		07/10/26		5,308
	INR	72,100,985		USD	760,278		07/13/26		924
	INR	96,866,005		USD	1,021,304		07/22/26		610
	INR	96,643,830		USD	1,018,000		07/24/26		1,406
	INR	159,154,914		USD	1,658,317		09/16/26		12,932
	NZD	1,073,267		USD	611,000		09/16/26		153
	TRY	73,569,204		USD	1,451,613		09/16/26		32,067
	TWD	31,967,251		USD	1,001,543		07/02/26		1,916
	TWD	32,050,533		USD	1,003,398		09/16/26		50
	USD	7,808,747		AUD	10,965,236		09/16/26		227,502
	USD	1,647,124		AUD	2,332,593		09/17/26		34,422
	USD	2,193,051		CAD	3,065,161		07/02/26		31,638
	USD	6,557,486		CAD	9,167,969		09/16/26		70,792
	USD	6,575,199		CHF	5,142,070		09/16/26		156,529
	USD	996,742		CLP	910,094,780		09/16/26		8,588
	USD	19,831,912		CNH	133,528,638		09/16/26		60,768
	USD	3,203,172		CZK	67,211,646		09/16/26		36,875
	USD	18,180,567		EUR	15,612,619		08/19/26		304,070
	USD	23,961,960		EUR	20,567,129		09/16/26		385,637
	USD	1,352,761		EUR	1,174,619		09/17/26		6,224
	USD	5,153,111		GBP	3,844,804		09/16/26		53,188
	USD	202,779		GBP	152,783		09/17/26		120
	USD	6,876,391		HUF	2,126,241,941		09/16/26		67,121
	USD	807,778		ILS	2,370,372		09/16/26		9,672
	USD	410,475		INR	38,829,870		07/02/26		284
	USD	410,463		INR	38,782,298		07/03/26		784
	USD	1,015,000		INR	95,876,900		07/22/26		3,520
	USD	1,420,690		INR	135,292,309		09/16/26		17
	USD	2,364,297		JPY	368,949,445		08/05/26		88,537
	USD	6,029,974		JPY	960,276,580		09/16/26		86,945
	USD	1,083,518		JPY	173,018,605		09/17/26		12,639
	USD	463,404		KRW	715,359,231		07/06/26		1,034
	USD	5,332,168		KRW	8,111,249,315		09/16/26		82,608
	USD	405,000		MXN	7,071,768		07/17/26		1,202
	USD	2,261,743		MXN	39,458,605		09/17/26		19,929
	USD	2,281,419		NOK	21,902,669		09/16/26		71,094
	USD	1,837,767		NZD	3,125,295		09/16/26		58,121
	USD	3,455,388		NZD	5,913,348		09/17/26		88,023
	USD	4,855,681		PLN	17,703,981		09/16/26		149,662
	USD	4,168,243		SEK	38,932,451		09/16/26		135,682
	USD	270,151		SEK	2,547,903		09/17/26		6,228
	USD	5,710,893		SGD	7,293,114		09/16/26		42,777
	USD	2,486,332		TWD	78,776,934		09/16/26		19,959
	USD	516,180		ZAR	8,425,226		09/16/26		5,058
	ZAR	40,391,619		USD	2,440,023		09/16/26		10,361

TOTAL								$	2,476,999

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss

MS & Co. Int. PLC	AUD	10,471,559		USD	7,341,303		09/16/26	$	(101,379	)
	BRL	2,354,502		USD	448,441		09/16/26		(734	)
	CAD	3,063,566		USD	2,205,555		07/02/26		(45,267	)
	CAD	3,310,539		USD	2,366,894		09/16/26		(24,558	)
	CHF	3,521,322		USD	4,447,695		09/16/26		(52,148	)
	CLP	873,386,100		USD	976,756		09/16/26		(28,459	)
	CNH	85,815,370		USD	12,739,862		09/16/26		(33,464	)
	CNH	47,890,224		USD	7,122,815		09/17/26		(31,288	)
	CZK	67,149,559		USD	3,223,870		09/16/26		(60,498	)
	EUR	17,287,981		USD	19,999,487		09/16/26		(182,084	)
	EUR	295,186		USD	342,060		09/17/26		(3,671	)
	GBP	833,578		USD	1,117,000		09/16/26		(11,304	)
	GBP	947,731		USD	1,273,497		09/17/26		(16,382	)
	HUF	3,123,025,924		USD	10,152,938		09/16/26		(151,477	)
	ILS	2,522,674		USD	858,960		09/16/26		(9,574	)
	INR	72,299,376		USD	764,811		07/02/26		(1,056	)
	INR	5,283,692		USD	55,847		07/13/26		(64	)
	INR	134,596,171		USD	1,420,690		07/17/26		(157	)
	INR	96,445,320		USD	1,018,000		07/20/26		(359	)
	INR	50,682,804		USD	533,801		09/16/26		(1,593	)
	JPY	352,540,143		USD	2,214,123		08/05/26		(39,580	)
	JPY	1,754,763,862		USD	11,046,332		09/16/26		(186,323	)
	KRW	715,347,445		USD	466,298		07/06/26		(3,936	)
	KRW	1,231,907,600		USD	814,000		07/20/26		(17,460	)
	KRW	929,295,275		USD	605,779		07/31/26		(4,838	)
	KRW	7,215,054,676		USD	4,719,681		09/16/26		(50,134	)
	MXN	7,090,825		USD	411,060		07/17/26		(6,174	)
	MXN	17,652,120		USD	1,018,000		09/15/26		(14,945	)
	MXN	35,629,557		USD	2,032,046		09/17/26		(7,777	)
	NOK	21,993,860		USD	2,325,411		09/16/26		(105,883	)
	NZD	7,332,575		USD	4,309,355		09/16/26		(133,944	)
	PLN	7,838,637		USD	2,111,025		09/16/26		(27,382	)
	PLN	2,248,743		USD	611,826		09/17/26		(14,072	)
	SEK	50,067,595		USD	5,355,454		09/16/26		(169,533	)
	SGD	7,167,011		USD	5,613,849		09/16/26		(43,739	)
	TWD	31,952,200		USD	1,015,000		07/02/26		(12,014	)
	TWD	112,195,040		USD	3,540,661		09/16/26		(28,023	)
	USD	436,210		BRL	2,310,727		09/16/26		(3,173	)
	USD	648,993		CAD	918,369		09/16/26		(789	)
	USD	3,036,222		CNH	20,515,223		09/16/26		(1,399	)
	USD	2,007,080		COP	7,339,854,306		09/16/26		(101,209	)
	USD	8,463,513		EUR	7,400,000		08/19/26		(9,510	)
	USD	3,004,689		EUR	2,631,281		09/16/26		(11,578	)
	USD	625,656		EUR	547,252		09/17/26		(1,692	)
	USD	1,252,909		GBP	948,757		09/16/26		(5,566	)
	USD	1,222,000		HUF	383,380,603		09/16/26		(5,773	)
	USD	406,000		INR	38,803,450		07/02/26		(3,911	)
	USD	1,021,304		INR	96,756,726		07/09/26		(531	)
	USD	470,252		INR	44,593,984		07/10/26		(661	)
	USD	809,000		INR	77,318,153		07/13/26		(7,283	)
	USD	760,278		INR	72,148,883		07/20/26		(999	)
	USD	2,116,267		INR	204,801,632		09/16/26		(34,307	)
	USD	612,265		TRY	30,774,806		09/16/26		(8,375	)
	USD	2,004,470		TWD	63,919,451		07/02/26		(1,976	)
	USD	1,018,000		ZAR	16,901,966		09/16/26		(7,369	)
	ZAR	6,676,347		USD	407,000		09/16/26		(1,975	)

TOTAL								$	(1,829,349	)

FORWARD SALES CONTRACTS — At June 30, 2026, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)		Settlement Date		Principal Amount		Value

Government National Mortgage Association		4.000	%		TBA - 30yr		07/20/26	$	(1,000,000)	$	(928,477)
Government National Mortgage Association		4.500			TBA - 30yr		07/20/26		(5,000,000)		(4,800,349)
Uniform Mortgage-Backed Security		6.500			TBA - 30yr		07/01/26		(7,000,000)		(7,240,078)

(PROCEEDS RECEIVED: $(12,978,164))										$	(12,968,904)

(a)

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At June 30, 2026, the Fund had the following futures contracts:


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

Long position contracts:
10 Year U.K. Long Gilt	157	09/28/26	$	18,578,218		$	82,169
2 Year U.S. Treasury Notes	2,986	09/30/26		615,512,577			(418,057	)
30 Year German Euro-Buxl	30	09/08/26		3,812,399			67,410
Euro-Bobl	261	09/08/26		34,408,459			110,143
Euro-Schatz	191	09/08/26		23,124,348			50,751
ICE 3M SONIA Index	180	03/16/27		57,311,591			(9,357	)
ICE 3M SONIA Index	124	09/14/27		39,452,534			165,414
Ultra Long U.S. Treasury Bonds	18	09/21/26		2,090,813			23,137

Total						$	71,610

Short position contracts:
10 Year U.S. Treasury Notes	(126)	09/21/26		(13,846,219	)		(46,155	)
20 Year U.S. Treasury Bonds	(27)	09/21/26		(3,064,500	)		(3,826	)
3 Month SOFR	(288)	03/16/27		(69,091,200	)		(35,408	)
5 Year German Euro-Bund	(63)	09/08/26		(9,166,416	)		(76,954	)
5 Year U.S. Treasury Notes	(659)	09/30/26		(70,543,891	)		(113,281	)
Ultra 10-Year U.S. Treasury Notes	(145)	09/21/26		(16,307,969	)		(69,349	)

Total						$	(344,973	)

TOTAL FUTURES CONTRACTS						$	(273,363	)

SWAP CONTRACTS — At June 30, 2026, 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)

1.250%^(b)	12M JYOR^(b)	12/15/27	JPY	10,344,030	$	104,188		$	(233,314	)	$	337,502
3.416^(b)	12M SOFR^(b)	04/22/28	$	17,730		105,600			23,175			82,425
2.500^(c)	12M EURO^(c)	06/14/28	EUR	2,430		(3,524	)		6,929			(10,453	)
3.927^(c)	12M SOFR^(c)	06/30/28	$	16,400		26,438			(4,405	)		30,843
12M SOFR^(c)	4.021%^(c)	06/30/28		2,310		(147	)		(88	)		(59	)
12M EURO^(b)	2.000^(b)	09/10/28	EUR	198,331		(893,488	)		(294,652	)		(598,836	)
2.500^(b)	6M EURO^(d)	09/10/28		198,331		442,914			(295,608	)		738,522
2.500^(d)	12M CDOR^(d)	09/16/28	CAD	53,960		155,379			224,985			(69,606	)
2.750^(d)	12M CDOR^(d)	09/16/28		250		(133	)		(159	)		26
3.750^(c)	12M GBP^(c)	09/16/28	GBP	4,340		30,902			36,899			(5,997	)
3.000^(c)	12M SOFR^(c)	09/16/28	$	74,230		1,430,457			1,339,322			91,135
3.250^(c)	12M SOFR^(c)	09/16/28		7,000		101,612			89,801			11,811
12M EURO^(c)	2.000^(c)	09/16/28	EUR	880		(8,371	)		(12,331	)		3,960
3M STIBOR^(e)	2.500^(c)	09/16/28	SEK	280,040		100,959			63,905			37,054
12M GBP^(c)	3.500^(c)	09/16/28	GBP	53,210		(710,110	)		(803,124	)		93,014
4.750^(e)	3M AUDOR^(e)	09/16/28	AUD	21,220		(94,549	)		(92,418	)		(2,131	)
5.000^(e)	3M AUDOR^(e)	09/16/28		11,610		(89,801	)		(81,948	)		(7,853	)
6M NIBOR^(d)	5.000^(c)	09/16/28	NOK	172,210		47,886			25,020			22,866
2.250^(c)	6M EURO^(d)	09/16/28	EUR	10,590		109,628			142,597			(32,969	)
2.500^(c)	6M EURO^(d)	09/16/28		6,680		32,433			40,544			(8,111	)
1.250^(c)	12M JYOR^(c)	09/16/29	JPY	2,139,000		171,645			183,861			(12,216	)
12M JYOR^(c)	1.771^(c)	01/26/30		534,360		(15,876	)		(15,798	)		(78	)
3.903^(c)	12M SOFR^(c)	11/30/30	$	38,470		14,926			(14,324	)		29,250
3.979^(c)	12M SOFR^(c)	11/30/30		2,860		(7,266	)		(633	)		(6,633	)
2.500^(c)	12M EURO^(c)	04/16/31	EUR	6,640		(12,835	)		55,645			(68,480	)

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


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

12M EURO^(c)	2.800%^(c)		05/21/31	EUR	71,700	$	404,936		$	85,704		$	319,232
3.000%^(c)	6M EURO^(d)		05/21/31		71,700		(341,133	)		(32,660	)		(308,473	)
1.500^(c)	12M JYOR^(c)		09/16/31	JPY	15,963,000		2,321,853			2,266,137			55,716
6M EURO^(d)	2.500^(c)		09/16/31	EUR	19,550		(251,151	)		(333,338	)		82,187
12M GBP^(c)	3.750^(c)		09/16/31	GBP	14,220		(283,629	)		(328,924	)		45,295
3M NZDOR^(e)	4.000^(d)		09/16/31	NZD	49,450		370,730			168,091			202,639
12M SOFR^(c)	3.584^(c)		04/22/32	$	25,890		(364,679	)		(296,238	)		(68,441	)
2.000^(c)	12M JYOR^(c)		01/11/33	JPY	1,374,738		153,009			(102,027	)		255,036
3.976^(c)	12M SOFR^(c)		04/30/33	$	20,980		(45,697	)		(4,561	)		(41,136	)
2.500^(c)	12M JYOR^(c)		05/22/33	JPY	1,253,000		(4,575	)		(20,046	)		15,471
12M EURO^(c)	2.800^(c)		08/15/35	EUR	7,900		103,970			29,732			74,238
6M EURO^(d)	3.300^(c)		04/21/36		9,780		90,793			(9,289	)		100,082
12M EURO^(c)	3.000^(c)		06/19/36		28,440		77,155			(22,197	)		99,352
3.200^(c)	6M EURO^(d)		06/19/36		28,440		(110,024	)		(10,345	)		(99,679	)
12M CHFOR^(c)	0.750^(c)		09/16/36	CHF	6,490		153,729			56,510			97,219
12M JYOR^(c)	1.750^(c)		09/16/36	JPY	2,244,000		(1,003,255	)		(931,795	)		(71,460	)
4.000^(c)	12M GBP^(c)		09/16/36	GBP	1,360		52,639			68,748			(16,109	)
3.750^(c)	12M SOFR^(c)		09/16/36	$	9,870		228,389			247,666			(19,277	)
12M CDOR^(d)	3.000^(d)		09/16/36	CAD	2,790		(26,655	)		(42,894	)		16,239
12M SOFR^(c)	3.750^(c)		09/16/36	$	790		(18,281	)		(18,493	)		212
3.000^(c)	3M STIBOR^(e)		09/16/36	SEK	43,650		(88,399	)		(14,606	)		(73,793	)
6M NIBOR^(d)	4.500^(c)		09/16/36	NOK	22,100		41,688			24,490			17,198
6M AUDOR^(d)	5.000^(d)		09/16/36	AUD	7,740		62,583			17,160			45,423
2.750^(c)	6M EURO^(d)		09/16/36	EUR	21,430		377,634			587,650			(210,016	)
3.894^(c)	12M SOFR^(c)		04/22/37	$	14,530		183,156			41,081			142,075
4.750^(c)	12M GBP^(c)		01/31/39	GBP	8,470		(270,301	)		(158,819	)		(111,482	)
12M SOFR^(c)	4.629^(c)		04/14/41	$	30,100		63,918			(13,926	)		77,844
12M JYOR^(c)	2.160^(c)		08/02/44	JPY	2,434,405		(947,296	)		(1,451,726	)		504,430
3.600^(c)	6M EURO^(d)		04/21/46	EUR	6,900		(85,121	)		(27,845	)		(57,276	)
12M JYOR^(c)	4.500^(c)		05/21/46	JPY	1,576,000		49,291			78,594			(29,303	)
12M JYOR^(c)	2.500^(c)		09/16/46		408,000		(271,192	)		(229,734	)		(41,458	)
3.100^(c)	12M EURO^(c)		08/15/54	EUR	3,422		(91,194	)		(43,653	)		(47,541	)
4.048^(c)	12M SOFR^(c)		04/13/56	$	28,070		(12,943	)		34,519			(47,462	)

TOTAL						$	1,558,815		$	(3,153)		$	1,561,968

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2026.

(b)

Payments made at maturity.

(c)

Payments made annually.

(d)

Payments made semi-annually.

(e)

Payments made quarterly.

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at June 30, 2026^(b)		Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)

Protection Sold:
CMBX.NA.AAA.17	0.500%		0.661%		MS & Co. Int. PLC		12/15/56	$	2,350	$	(20,800	)	$	(29,053	)	$	8,253

(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.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at June 30, 2026^(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)

Protection Sold:
CDX.NA.HY Ind 46	5.000%		3.040%		06/20/31	$	29,824	$	2,442,566	$	1,481,456	$	961,110
CDX.NA.IG Ind 42	1.000		0.318		06/20/29		65,343		1,268,181		744,598		523,583
CDX.NA.IG Ind 43	1.000		0.376		12/20/29		99,300		2,033,396		1,604,015		429,381
CDX.NA.IG Ind 45	1.000		0.468		12/20/30		422,372		9,253,283		7,920,189		1,333,094

TOTAL								$	14,997,426	$	11,750,258	$	3,247,168

(a)

Payments made quarterly.

(b)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At June 30, 2026, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


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

Purchased option contracts
Calls
2Y IRS	Citibank NA		1.771	%		01/24/2028	2,349,999,999	JPY	2,349,999,999	$	41,885		$	89,363		$	(47,478	)
2Y IRS	Deutsche Bank AG (London)		2.000			11/11/2026	4,910,000	EUR	4,910,000		1,481			78,797			(77,316	)

							2,354,909,999			$	43,366		$	168,160		$	(124,794	)

Puts
2Y IRS	Citibank NA		1.771			01/24/2028	2,349,999,999	JPY	2,349,999,999		111,724			89,364			22,360
1Y IRS	JPMorgan Securities, Inc.		1.690			06/23/2027	11,679,960,000		11,679,960,000		115,546			132,813			(17,267	)

							14,029,959,999			$	227,270		$	222,177		$	5,093

Total purchased option contracts							16,384,869,998			$	270,636		$	390,337		$	(119,701	)

Written option contracts
Calls
2Y IRS	Deutsche Bank AG (London)		2.085	%		11/11/2026	(1,440,000)	EUR	(1,440,000)	$	(466	)	$	(79,700	)	$	79,234

Total written option contracts							(1,440,000)			$	(466	)	$	(79,700	)	$	79,234

TOTAL							16,383,429,998			$	270,170		$	310,637		$	(40,467	)

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

June 30, 2026 (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
COP		— Colombia Peso
CZK		— Czech Republic Koruna
EUR		— Euro
GBP		— British Pound
HUF		— Hungarian Forint
ILS		— Israeli Shekel
INR		— Indian Rupee
JPY		— Japanese Yen
KRW		— South Korean Won
MXN		— Mexican Peso
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
PLN		— Polish Zloty
SEK		— Swedish Krona
SGD		— Singapore Dollar
TRY		— Turkish Lira
TWD		— Taiwan Dollar
USD		— U.S. Dollar
ZAR		— South African Rand

Investment Abbreviations:
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Indexes
EURIBOR		— Euro Interbank Offered Rate
LLC		— Limited Liability Company
LP		— Limited Partnership
PLC		— Public Limited Company
RB		— Revenue Bond
REMICS		— Real Estate Mortgage Investment Conduits
SOFR		— Secured Overnight Financing Rate

Abbreviations:
1Y IRS		— 1 Year Interest Rate Swaptions
2Y IRS		— 2 Year Interest Rate Swaptions
AUDOR		— Australian Dollar Offered Rate
CDOR		— Canadian Dollar Offered Rate
CDX.NA.HY Ind 46		— CDX North America High Yield Index 46
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 45		— CDX North America Investment Grade Index 45
CHFOR		— Swiss Franc Offered Rate
CMBX		— Commercial Mortgage Backed Securities Index
EURO		— Euro Offered Rate
JYOR		— Japanese Yen Offered Rate
MS & Co. Int. PLC		— Morgan Stanley & Co. International PLC
NIBOR		— Norwegian Interbank Offered Rate
NZDOR		— New Zealand Dollar Offered Rate
SOFR		— Secured Overnight Financing Rate
STIBOR		— Stockholm Interbank Offered Rate

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – 41.5%
Collateralized Mortgage Obligations – 3.3%
Regular Floater^(a)– 1.2%
Federal Home Loan Mortgage Corp. REMICS Series 5452, Class DF (1 mo. USD Term SOFR + 1.250%)
$	2,187,902		4.878	%	09/25/54	$ 2,202,281
Federal National Mortgage Association REMICS Series 2024-70, Class FB (1 mo. USD Term SOFR + 1.100%)
	2,321,239		4.728		10/25/54	2,337,129
Federal National Mortgage Association REMICS Series 2025-13, Class FB (1 mo. USD Term SOFR + 1.300%)
	1,789,764		4.928		03/25/55	1,807,381

						6,346,791

Sequential Fixed Rate – 2.1%
Federal Home Loan Mortgage Corp. REMICS Series 1980, Class Z
	7,700		7.000	^(b)	07/15/27	7,763
Federal Home Loan Mortgage Corp. REMICS Series 2019, Class Z
	11,562		6.500	^(b)	12/15/27	11,665
Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT
	23,980		6.500		02/15/36	24,947
Federal Home Loan Mortgage Corp. REMICS Series 2755, Class ZA
	140,634		5.000		02/15/34	141,544
Federal National Mortgage Association REMICS Series 2012-111, Class B
	99,372		7.000		10/25/42	105,674
Federal National Mortgage Association REMICS Series 2012-153, Class B
	356,970		7.000		07/25/42	379,898
Federal National Mortgage Association REMICS Series 2025-9, Class EA
	10,402,167		5.500		04/25/50	10,475,750

						11,147,241

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 17,494,032

Commercial Mortgage-Backed Securities – 3.6%
Sequential Fixed Rate^(b)– 0.4%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K546, Class A2
$	2,000,000		4.361	%	05/25/30	$ 1,990,394

Sequential Floating Rate – 3.2%
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-F107, Class AS (1 mo. USD Term SOFR + 0.250%)
	3,669,006		3.842	^(a)(b)	03/25/28	3,661,726
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K544, Class A2
	3,500,000		4.266	^(a)(b)	07/25/30	3,472,103
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K547, Class A2
	2,100,000		4.421	^(a)(b)	05/25/30	2,094,584
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K553, Class A2
	2,500,000		4.070	^(a)(b)	12/25/30	2,457,121
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K555, Class A2
	2,700,000		4.050	^(a)(b)	01/25/31	2,651,034


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
Federal National Mortgage Association-ACES Series 2018-M10, Class A2
$	2,616,922		3.473	%	07/25/28	$ 2,570,712

						16,907,280

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 18,897,674

Federal Agencies – 34.6%
Adjustable Rate Federal Home Loan Mortgage Corp.^(a)– 0.1%
(RFUCC 1 yr. Treasury + 1.840%)
$	62,331		6.257	%	11/01/34	$63,962
(1 yr. CMT + 2.250%)
	142,737		6.002		06/01/35	146,788
(RFUCC 1 yr. Treasury + 2.330%)
	21,684		6.492		05/01/36	22,517
(RFUCC 6 mo. Treasury + 2.058%)
	10,204		6.057		10/01/36	10,586
(RFUCC 1 yr. Treasury + 1.757%)
	41,786		6.200		06/01/42	43,425
(RFUCC 1 yr. Treasury + 1.650%)
	361,690		6.290		11/01/44	374,802

						662,080

Adjustable Rate Federal National Mortgage Association – 0.3%
(RFUCC 1 yr. Treasury + 1.755%)^(a)
	16,685		6.505		07/01/32	17,097
(RFUCC 1 yr. Treasury + 1.800%)^(a)
	116,021		6.120		05/01/33	118,982
(11th District Cost of Funds - Consumer + 1.254%)^(a)
	145,394		4.586		08/01/33	145,023
(1 yr. CMT + 2.286%)^(a)
	44,901		5.912		02/01/34	46,219
(RFUCC 1 yr. Treasury + 1.695%)^(a)
	3,902		6.070		05/01/34	4,005
(RFUCC 1 yr. Treasury + 1.720%)^(a)
	91,423		5.979		05/01/34	93,797
	13,493		5.845		03/01/35	13,876
	15,994		5.970		04/01/35	16,455
(1 yr. CMT + 2.220%)^(a)
	106,699		6.220		06/01/34	109,865
(RFUCC 1 yr. Treasury + 1.685%)^(a)
	26,474		6.435		10/01/34	27,257
	34,271		5.916		03/01/35	35,218
(RFUCC 1 yr. Treasury + 1.689%)^(a)
	40,064		6.205		10/01/34	41,240
(RFUCC 1 yr. Treasury + 1.325%)^(a)
	67,349		5.575		04/01/35	68,562
(RFUCC 1 yr. Treasury + 1.424%)^(a)
	47,354		5.686		05/01/35	48,346
(1 yr. CMT + 2.095%)^(a)
	40,595		6.047		10/01/35	41,898
(RFUCC 1 yr. Treasury + 1.681%)^(a)
	106,543		5.821		03/01/36	109,709
(RFUCC 1 yr. Treasury + 1.950%)^(a)
	310,695		6.200		04/01/36	322,117
(RFUCC 1 yr. Treasury + 1.985%)^(a)
	62,392		6.485		06/01/36	64,863

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate Federal National Mortgage Association – (continued)
(1 yr. MTA + 2.103%)^(a)
$	176,228		5.858	%	07/01/36	$ 180,431
(RFUCC 1 yr. Treasury + 1.935%)^(a)
	8,916		6.435		11/01/36	9,273
	3,056		6.310		11/01/36	3,177
(RFUCC 1 yr. Treasury + 1.690%)^(a)
	124,343		6.132		07/01/37	128,258

						1,645,668

Adjustable Rate Government National Mortgage Association – 0.2%
(1 yr. CMT + 1.500%)^(a)
	25,016		5.625		05/20/34	25,353
	85,438		5.375		07/20/34	86,805
	81,907		5.375		08/20/34	83,237
	511,772		5.375		09/20/34	520,099
	78,280		5.125		10/20/34	79,449
	76,207		5.125		12/20/34	77,363

						872,306

Federal Home Loan Mortgage Corp. – 0.3%
	2,462		7.500		01/01/31	2,562
	8,462		4.500		07/01/33	8,419
	189,978		4.500		08/01/33	189,010
	392,857		4.500		09/01/33	390,852
	34,160		4.500		10/01/33	33,984
	927		4.500		04/01/34	923
	936		4.500		04/01/35	931
	860		4.500		07/01/35	856
	1,589		4.500		08/01/35	1,580
	7,026		4.500		09/01/35	6,989
	2,398		4.500		10/01/35	2,385
	383		4.500		12/01/35	381
	319		4.500		05/01/36	317
	28,280		4.500		01/01/38	28,122
	478		4.500		04/01/38	475
	263		4.500		05/01/38	261
	1,780		4.500		06/01/38	1,770
	48,677		4.500		09/01/38	48,300
	1,111		4.500		01/01/39	1,102
	26,140		4.500		02/01/39	25,899
	14,998		4.500		03/01/39	14,860
	2,561		4.500		04/01/39	2,537
	69,449		4.500		05/01/39	68,811
	212,675		4.500		06/01/39	210,722
	9,559		4.500		07/01/39	9,473
	10,501		4.500		08/01/39	10,404
	14,846		4.500		09/01/39	14,709
	2,564		4.500		10/01/39	2,541
	4,746		4.500		11/01/39	4,703
	5,929		4.500		12/01/39	5,874
	8,957		4.500		01/01/40	8,875
	2,514		4.500		02/01/40	2,491
	6,359		4.500		04/01/40	6,300
	10,083		4.500		05/01/40	9,991
	10,685		4.500		06/01/40	10,587
	7,498		4.500		07/01/40	7,431
	8,688		4.500		08/01/40	8,609
	6,290		4.500		09/01/40	6,234


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Federal Home Loan Mortgage Corp. – (continued)
$	2,385		4.500	%	10/01/40	$ 2,363
	3,111		4.500		02/01/41	3,078
	9,657		4.500		03/01/41	9,556
	15,921		4.500		04/01/41	15,755
	18,563		4.500		05/01/41	18,370
	31,228		4.500		06/01/41	30,901
	3,032		4.500		07/01/41	3,000
	96,227		4.500		08/01/41	95,226
	96,376		4.500		09/01/41	95,495
	6,022		4.500		12/01/41	5,959
	84,802		4.500		03/01/42	83,918

						1,513,891

Federal National Mortgage Association – 0.0%
	69,726		7.500		10/01/37	73,794

Government National Mortgage Association – 7.7%
	711		6.500		01/15/32	721
	1,860		6.500		02/15/32	1,903
	1,385		6.500		08/15/34	1,436
	4,377		6.500		05/15/35	4,584
	1,151		6.500		06/15/35	1,210
	5,181		6.500		07/15/35	5,433
	1,986		6.500		08/15/35	2,084
	3,923		6.500		09/15/35	4,124
	6,726		6.500		11/15/35	7,065
	2,246		6.500		12/15/35	2,349
	8,551		6.500		01/15/36	8,981
	10,648		6.500		02/15/36	11,210
	7,414		6.500		03/15/36	7,773
	24,000		6.500		04/15/36	25,187
	25,479		6.500		05/15/36	26,757
	23,563		6.500		06/15/36	24,746
	82,192		6.500		07/15/36	86,441
	81,754		6.500		08/15/36	85,960
	171,710		6.500		09/15/36	180,611
	65,319		6.500		10/15/36	68,548
	88,568		6.500		11/15/36	93,157
	30,067		6.500		12/15/36	31,503
	13,667		6.500		01/15/37	14,380
	11,560		6.500		02/15/37	12,099
	6,261		6.500		03/15/37	6,552
	10,293		6.500		04/15/37	10,855
	4,014		6.500		05/15/37	4,190
	16,818		6.500		09/15/37	17,603
	13,183		6.500		10/15/37	13,969
	10,351		6.500		11/15/37	10,835
	7,359		6.500		05/15/38	7,675
	27,122		6.000		11/15/38	27,948
	1,619		6.500		01/15/39	1,678
	2,859		6.500		02/15/39	2,992
	1,660,283		4.500		08/20/47	1,630,671
	35,465		4.500		02/20/48	34,832
	88,735		4.500		05/20/48	86,986
	452,577		4.500		09/20/48	443,232
	3,263,241		5.000		09/20/48	3,285,910
	2,549		5.000		11/20/48	2,565
	1,230,488		4.500		12/20/48	1,203,543

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Government National Mortgage Association – (continued)
$	2,817,149		5.000	%	12/20/48	$ 2,833,197
	249,742		4.500		01/20/49	244,273
	1,438,291		5.000		01/20/49	1,445,586
	20,674		5.000		03/20/49	20,791
	744,032		4.000		04/20/49	703,344
	8,990		5.000		05/20/49	9,047
	321,172		5.000		06/20/49	323,001
	50,397		5.000		11/20/49	50,826
	517,145		5.000		12/20/49	519,574
	142,243		5.000		07/20/50	143,485
	404,347		4.000		01/20/51	381,982
	363,425		2.500		09/20/51	310,794
	709,192		2.500		10/20/51	608,483
	3,194,206		3.000		11/20/51	2,837,701
	442,276		2.500		11/20/51	379,332
	4,546,987		3.000		12/20/51	4,038,077
	953,281		2.500		12/20/51	817,831
	2,162,403		4.500		09/20/52	2,098,753
	2,597,175		4.500		10/20/52	2,520,327
	10,000,000		2.500		TBA-30yr^(c)	8,535,886
	4,000,000		5.500		TBA-30yr^(c)	4,019,443
						40,342,031

Uniform Mortgage-Backed Security – 26.0%
	112,659		4.500		11/01/36	112,025
	30,313		4.500		02/01/39	29,998
	46,654		4.500		04/01/39	46,168
	1,688		4.500		08/01/39	1,672
	108,239		4.500		08/01/41	107,148
	55,916		4.500		10/01/41	55,264
	2,479,652		4.000		08/01/45	2,382,929
	246,913		4.500		06/01/48	240,353
	1,728,956		4.500		07/01/48	1,682,675
	455,619		4.500		08/01/48	442,803
	112,821		4.500		09/01/48	109,718
	1,979,573		4.500		10/01/48	1,926,943
	917,242		4.500		01/01/49	891,176
	1,257,353		4.000		01/01/49	1,192,887
	209,573		4.500		03/01/49	203,350
	131,278		5.000		07/01/49	131,757
	323,165		4.000		03/01/50	306,091
	381,988		4.500		05/01/50	371,009
	2,416,399		2.000		10/01/50	1,954,568
	2,415,831		2.000		11/01/50	1,953,267
	9,282,905		2.500		02/01/51	7,842,129
	12,502,522		2.000		05/01/51	10,082,531
	10,401,204		4.500		06/01/52	10,073,564
	2,781,844		5.500		09/01/52	2,835,292
	2,637,306		6.000		11/01/52	2,739,881
	1,287,982		6.000		12/01/52	1,335,651
	617,189		6.000		01/01/53	636,199
	1,394,992		5.500		04/01/53	1,413,511
	4,085,873		5.500		07/01/53	4,118,895
	634,000		6.500		12/01/53	664,688
	4,223,733		6.500		06/01/54	4,434,778
	1,720,537		6.000		12/01/54	1,769,563
	6,067,134		5.500		01/01/55	6,102,492
	16,000,000		5.000		TBA-30yr^(c)	15,720,626


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	38,000,000		5.500	%	TBA-30yr^(c)	$ 38,150,781
	6,000,000		6.000		TBA-30yr^(c)	6,129,375
	8,000,000		6.500		TBA-30yr^(c)	8,274,375

						136,466,132

TOTAL FEDERAL AGENCIES						$181,575,902

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $222,898,128)						$217,967,608



Agency Debentures – 3.7%
Sovereign – 3.7%
Federal Home Loan Banks
$	10,080,000		3.500	%	06/11/32	$ 9,615,816
Federal Home Loan Mortgage Corp. (Secured Overnight Financing Rate + 0.225%)
	9,703,000		3.845	^(a)	11/03/28	9,704,746

TOTAL AGENCY DEBENTURES (Cost $19,930,770)						$ 19,320,562



U.S. Treasury Obligations – 66.0%
U.S. Treasury Bonds
$	1,120,000		5.000	%	05/15/46	$ 1,128,750
U.S. Treasury Inflation-Indexed Bonds
	2,404,662		1.500		02/15/53	1,827,825
U.S. Treasury Notes
	2,470,000		4.250		03/15/27	2,474,052
	11,010,000		1.125		02/29/28	10,476,273
	1,670,000		1.250		03/31/28	1,588,587
	56,790,000		3.875		03/31/28	56,512,705
	11,090,000		1.250		04/30/28	10,525,536
	56,930,000		3.750		05/15/28	56,509,697
	5,680,000		1.250		05/31/28	5,378,472
	56,810,000		3.875		06/15/28	56,503,759
	57,140,000		3.625		08/15/28	56,515,031
	19,730,000		4.375		08/31/28	19,813,236
	27,660,000		4.375		11/30/28	27,787,495
	2,210,000		1.750		01/31/29	2,079,990
	5,630,000		2.625		02/15/29	5,415,796
	4,240,000		4.250		02/28/29	4,248,944
	10,070,000		0.625		05/15/30	8,797,876
	8,925,200		0.625		08/15/30	7,729,363
	340,000		4.625		04/30/31	346,083
	5,340,000		4.125		06/30/31	5,321,227
	5,380,000		4.250		06/30/33	5,359,825

TOTAL U.S. TREASURY OBLIGATIONS (Cost $348,239,416)						$346,340,522

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares		Dividend Rate	Value

Investment Company^(d)– 1.9%
Goldman Sachs Central Government Fund — Institutional Shares
	10,018,290	3.703%		$ 10,018,290
(Cost $10,018,290)

TOTAL INVESTMENTS – 113.1% (Cost $601,086,604)				$593,646,982

LIABILITIES IN EXCESS OF OTHER ASSETS – ( 13.1)%				(68,939,408)

NET ASSETS – 100.0%				$524,707,574



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


(a)		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, 2026.

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

(c)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $80,830,486 which represents approximately 15.5% of net assets as of June 30, 2026.

(d)		Represents an affiliated issuer.

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At June 30, 2026, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount		Value

Government National Mortgage
Association		3.000	%	TBA - 30yr		07/20/26	$	(7,000,000)	$	(6,210,574)
Government National Mortgage
Association		4.000		TBA - 30yr		07/20/26		(1,000,000)		(928,477)
Government National Mortgage
Association		4.500		TBA - 30yr		07/20/26		(8,000,000)		(7,680,558)
Government National Mortgage
Association		5.000		TBA - 30yr		07/20/26		(8,000,000)		(7,886,223)
Uniform Mortgage-Backed Security		2.000		TBA - 30yr		07/13/26		(17,000,000)		(13,566,797)
Uniform Mortgage-Backed Security		2.500		TBA - 30yr		07/13/26		(9,000,000)		(7,518,164)
Uniform Mortgage-Backed Security		4.000		TBA - 30yr		07/13/26		(2,000,000)		(1,868,516)
Uniform Mortgage-Backed Security		4.500		TBA - 30yr		07/13/26		(11,000,000)		(10,542,382)

(PROCEEDS RECEIVED: $(56,255,098))									$	(56,201,691)

(a)

FUTURES CONTRACTS — At June 30, 2026, 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	42	09/21/26	$	4,615,406		$	21,577
2 Year U.S. Treasury Notes	941	09/30/26		193,970,976			(148,853	)

Total						$	(127,276	)

Short position contracts:
20 Year U.S. Treasury Bonds	(95)	09/21/26		(10,782,500	)		(156,099	)
3 Month SOFR	(111)	03/16/27		(26,628,900	)		(13,647	)
5 Year U.S. Treasury Notes	(591)	09/30/26		(63,264,703	)		(173,580	)
Ultra 10-Year U.S. Treasury Notes	(232)	09/21/26		(26,092,750	)		(222,119	)
Ultra Long U.S. Treasury Bonds	(6)	09/21/26		(696,937	)		(1,055	)

Total						$	(566,500	)

TOTAL FUTURES CONTRACTS						$	(693,776	)

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At June 30, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


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

3.429%^(b)	12M SOFR^(b)	04/22/28	$	5,340	$	31,119		$	23,598		$	7,521
3.416^(b)	12M SOFR^(b)	04/22/28		6,670		39,726			11,549			28,177
3.927^(c)	12M SOFR^(c)	06/30/28		6,150		9,914			(1,652	)		11,566
12M SOFR^(c)	4.021%^(c)	06/30/28		870		(55	)		(33	)		(22	)
3.903^(c)	12M SOFR^(c)	11/30/30		14,480		5,618			(4,921	)		10,539
3.979^(c)	12M SOFR^(c)	11/30/30		1,080		(2,744	)		(239	)		(2,505	)
12M SOFR^(c)	3.584^(c)	04/22/32		9,770		(137,617	)		(158,976	)		21,359
12M SOFR^(c)	3.592^(c)	04/22/32		8,010		(109,884	)		(149,459	)		39,575
3.976^(c)	12M SOFR^(c)	04/30/33		8,640		(18,819	)		(1,878	)		(16,941	)
3.894^(c)	12M SOFR^(c)	04/22/37		5,480		69,078			25,399			43,679
3.893^(c)	12M SOFR^(c)	04/22/37		4,570		57,840			67,713			(9,873	)
12M SOFR^(c)	4.629^(c)	04/14/41		12,340		26,205			(8,676	)		34,881
12M SOFR^(c)	4.688^(c)	04/14/41		5,530		21,480			1,823			19,657
4.048^(c)	12M SOFR^(c)	04/13/56		11,530		(5,316	)		17,808			(23,124	)
4.114^(c)	12M SOFR^(c)	04/13/56		5,130		(14,202	)		(1,329	)		(12,873	)

TOTAL					$	(27,657	)	$	(179,273	)	$	151,616

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2026.

(b)

Payments made at maturity.

(c)

Payments made annually.



Currency Abbreviations:
USD		— U.S. Dollar

Investment Abbreviations:
ACES		— Alternative Credit Enhancement Securities
CMT		— Constant Maturity Treasury Indexes
MTA		— Monthly Treasury Average
REMICS		— Real Estate Mortgage Investment Conduits
RFUCC		— Refinitive USD IBOR Consumer Cash Fallbacks 1 year
SOFR		— Secured Overnight Financing Rate

Abbreviation:
SOFR		— Secured Overnight Financing Rate

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – 63.0%
Aerospace & Defense^(a)– 0.7%
RTX Corp.
$	13,000,000		5.750	%	11/08/26	$ 13,053,560

Agriculture – 0.8%
BAT Capital Corp.^(a)
	15,308,000		3.557		08/15/27	15,158,441
Cargill, Inc.^(b)
	1,900,000		7.500		09/01/26	1,907,999

						17,066,440

Automotive – 10.6%
American Honda Finance Corp.
	7,121,000		4.550		04/10/28	7,109,820
BMW U.S. Capital LLC^(b)
	5,460,000		4.150		08/11/27	5,444,057
	11,578,000		4.300		03/17/28	11,526,362
(Secured Overnight Financing Rate + 0.920%)
	12,698,000		4.557	^(c)	03/21/28	12,775,839
Daimler Truck Finance North America LLC^(b)
	8,923,000		4.300		08/12/27	8,905,154
(Secured Overnight Financing Rate + 0.840%)
	17,103,000		4.473	^(c)	01/13/28	17,139,087
General Motors Financial Co., Inc.
	5,000,000		5.000		07/15/27	5,026,300
(Secured Overnight Financing Rate + 1.170%)
	32,706,000		4.804	^(c)	04/04/28	32,870,184
Hyundai Capital America^(b)
	10,210,000		4.600		04/06/28	10,192,337
(Secured Overnight Financing Rate + 0.890%)
	5,000,000		4.523	^(c)	01/08/29	4,998,150
(Secured Overnight Financing Rate + 0.920%)
	10,477,000		4.553	^(c)	01/07/28	10,502,354
(Secured Overnight Financing Rate + 1.070%)
	5,000,000		4.707	^(c)	09/18/28	5,023,700
(Secured Overnight Financing Rate + 1.500%)
	13,814,000		5.131	^(c)	01/08/27	13,873,677
Mercedes-Benz Finance North America LLC^(b)
	11,253,000		4.650		04/01/27	11,277,306
	18,616,000		4.125		03/10/28	18,468,747
	8,381,000		4.800		03/30/28	8,403,713
Volkswagen Group of America Finance LL^(b)
	7,859,000		5.300		03/22/27	7,888,786
	16,142,000		4.850		08/15/27	16,174,768
	6,402,000		4.450		09/11/27	6,382,410

						213,982,751

Banks – 34.4%
ABN AMRO Bank NV^(a)(b)(c)(1 yr. CMT + 1.650%)
	8,800,000		6.339		09/18/27	8,830,624
Banco Bilbao Vizcaya Argentaria SA^(c)(Secured Overnight Financing Rate + 0.880%)
	10,400,000		4.519		03/03/29	10,422,984
Banco Santander SA
	24,200,000		4.250		04/11/27	24,176,284
	8,000,000		5.294		08/18/27	8,061,520
(1 yr. CMT + 0.900%)
	1,719,000		1.722	^(a)(c)	09/14/27	1,709,116


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
(Secured Overnight Financing Rate + 1.120%)
$	7,000,000		4.752	%^(a)(c)	07/15/28	$ 7,035,420
Bank of America Corp.^(a)(c)(Secured Overnight Financing Rate + 0.960%)
	14,152,000		1.734		07/22/27	14,130,489
Bank of Montreal^(c) (Secured Overnight Financing Rate + 0.750%)
	9,000,000		4.387	^(a)	09/22/28	9,009,900
(Secured Overnight Financing Rate + 0.880%)
	5,018,000		4.518	^(a)	09/10/27	5,022,115
(Secured Overnight Financing Rate + 1.160%)
	7,755,000		4.798		12/11/26	7,784,159
Bank of Nova Scotia^(c)(Secured Overnight Financing Rate + 0.800%)
	4,304,000		4.428		08/15/27	4,313,727
Banque Federative du Credit Mutuel SA ^(b)
	4,191,000		4.753		07/13/27	4,206,423
(Secured Overnight Financing Rate + 1.070%)
	5,529,000		4.698	^(c)	02/16/28	5,568,422
(Secured Overnight Financing Rate + 1.130%)
	9,494,000		4.760	^(c)	01/23/27	9,533,875
(Secured Overnight Financing Rate + 1.400%)
	5,345,000		5.033	^(c)	07/13/26	5,346,924
Barclays PLC^(a)(c) (1 yr. CMT + 1.050%)
	12,075,000		2.279		11/24/27	11,969,948
(Secured Overnight Financing Rate + 1.880%)
	8,816,000		6.496		09/13/27	8,848,619
BNP Paribas SA^(b)
	6,034,000		3.500		11/16/27	5,959,661
BPCE SA^(b)
	8,609,000		5.203		01/18/27	8,643,866
	1,050,000		4.750		07/19/27	1,053,822
Canadian Imperial Bank of Commerce
	7,562,000		5.237		06/28/27	7,630,890
(Secured Overnight Financing Rate + 0.930%)
	8,110,000		4.568	^(a)(c)	09/11/27	8,118,840
(Secured Overnight Financing Rate + 1.220%)
	10,651,000		4.856	^(c)	10/02/26	10,676,030
Citibank NA^(a)
	5,956,000		4.929		08/06/26	5,956,774
(Secured Overnight Financing Rate + 0.500%)
	6,100,000		4.137	^(c)	06/18/28	6,100,854
Citigroup, Inc.^(a)(c) (Secured Overnight Financing Rate + 1.143%)
	16,173,000		4.770		05/07/28	16,232,031
(Secured Overnight Financing Rate + 1.280%)
	5,340,000		3.070		02/24/28	5,289,590
Cooperatieve Rabobank UA^(a)(b)(c) (1 yr. CMT + 0.730%)
	6,120,000		1.980		12/15/27	6,053,598
(1 yr. CMT + 1.220%)
	13,205,000		3.649		04/06/28	13,119,564
Deutsche Bank AG^(a)(c) (Secured Overnight Financing Rate + 1.219%)
	8,673,000		2.311		11/16/27	8,599,973
	20,556,000		4.847		11/16/27	20,589,506
(Secured Overnight Financing Rate + 1.318%)
	6,097,000		2.552		01/07/28	6,036,457

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
Federation des Classes Desjardins du Quebec^(b)
$	9,522,000		4.505	%	05/26/28	$ 9,495,243
(Secured Overnight Financing Rate + 0.630%)
	5,600,000		4.260	^(c)	01/27/27	5,609,193
Fifth Third Bank NA^(a)(c) (Secured Overnight Financing Rate + 0.810%)
	11,729,000		4.440		01/28/28	11,731,463
	12,967,000		4.967		01/28/28	12,997,472
HSBC Holdings PLC^(a)(c)(Secured Overnight Financing Rate + 1.570%)
	8,228,000		5.887		08/14/27	8,239,848
Huntington National Bank^(a)(c)(Secured Overnight Financing Rate + 0.720%)
	18,174,000		4.871		04/12/28	18,210,893
ING Groep NV^(a)(c)(Secured Overnight Financing Rate + 1.560%)
	8,956,000		6.083		09/11/27	8,980,539
JPMorgan Chase & Co.^(a)(c) (3 mo. USD Term SOFR + 1.642%)
	10,414,000		3.540		05/01/28	10,327,772
(Secured Overnight Financing Rate + 0.930%)
	20,044,000		5.571		04/22/28	20,213,372
(Secured Overnight Financing Rate + 1.190%)
	9,195,000		5.040		01/23/28	9,224,056
(Secured Overnight Financing Rate + 1.330%)
	5,003,000		6.070		10/22/27	5,027,415
Lloyds Banking Group PLC^(a)(c)(Secured Overnight Financing Rate + 1.580%)
	7,530,000		5.215		01/05/28	7,570,286
Macquarie Bank Ltd.^(b)(c)(Secured Overnight Financing Rate + 1.200%)
	6,000,000		4.838		12/07/26	6,021,240
Mitsubishi UFJ Financial Group, Inc.^(a)(c) (1 yr. CMT + 0.670%)
	12,839,000		1.640		10/13/27	12,736,288
(1 yr. CMT + 0.750%)
	19,671,000		1.538		07/20/27	19,639,723
Morgan Stanley^(a)(c)(Secured Overnight Financing Rate + 0.858%)
	6,822,000		1.512		07/20/27	6,810,880
Morgan Stanley Bank NA^(a)(c) (Secured Overnight Financing Rate + 0.865%)
	4,896,000		5.504		05/26/28	4,937,861
(Secured Overnight Financing Rate + 0.900%)
	6,014,000		4.533		01/12/29	6,035,831
Morgan Stanley Private Bank NA^(a)(c)(Secured Overnight Financing Rate + 0.780%)
	24,057,000		4.408		11/17/28	24,103,911
National Bank of Canada^(a)(c)(Secured Overnight Financing Rate + 0.770%)
	7,673,000		4.402		01/20/29	7,685,967
National Securities Clearing Corp.^(b)
	3,935,000		4.350		06/09/28	3,931,970
NatWest Markets PLC^(b)(c) (Secured Overnight Financing Rate + 0.800%)
	21,044,000		4.427		11/06/28	21,077,460
(Secured Overnight Financing Rate + 0.930%)
	9,164,000		4.567		03/27/29	9,194,058
(Secured Overnight Financing Rate + 0.950%)
	6,000,000		4.587		03/21/28	6,028,500


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
PNC Financial Services Group, Inc.^(a)(c)(Secured Overnight Financing Rate + 1.730%)
$	12,907,000		6.615	%	10/20/27	$ 12,987,282
Royal Bank of Canada^(a)(c)(Secured Overnight Financing Rate + 0.720%)
	4,388,000		4.352		10/18/27	4,392,213
Santander U.K. Group Holdings PLC^(a)(c)(Secured Overnight Financing Rate + 1.220%)
	6,106,000		2.469		01/11/28	6,036,575
Societe Generale SA^(b)
	30,140,000		5.250		02/19/27	30,283,466
(Secured Overnight Financing Rate + 1.100%)
	10,746,000		4.730	^(c)	02/19/27	10,778,990
Standard Chartered Bank^(c)(Secured Overnight Financing Rate + 0.650%)
	5,633,000		4.283		10/08/26	5,638,746
Sumitomo Mitsui Financial Group, Inc.^(c)(Secured Overnight Financing Rate + 0.760%)
	9,037,000		4.392		01/15/29	9,029,228
Sumitomo Mitsui Trust Bank Ltd.^(b)
	9,999,000		5.200		03/07/27	10,052,695
(Secured Overnight Financing Rate + 0.980%)
	13,000,000		4.618	^(c)	09/10/27	13,077,350
Toronto-Dominion Bank^(c)(Secured Overnight Financing Rate + 0.820%)
	7,942,000		4.448		01/31/28	7,977,263
Truist Bank^(a)(c)(Secured Overnight Financing Rate + 0.770%)
	4,162,000		4.400		07/24/28	4,163,956
UBS Group AG^(a)(b)
	10,000,000		4.282		01/09/28	9,956,800
(1 yr. CMT + 0.850%)
	10,837,000		1.494	^(c)	08/10/27	10,798,962
(1 yr. CMT + 1.600%)
	6,456,000		6.327	^(c)	12/22/27	6,508,358
UniCredit SpA^(b)
	13,488,000		4.625		04/12/27	13,514,032
Wells Fargo Bank NA^(a)(c)(Secured Overnight Financing Rate + 1.060%)
	5,115,000		4.687		08/07/26	5,117,864

						692,177,026

Biotechnology^(a)– 0.5%
Bio-Rad Laboratories, Inc.
	9,457,000		3.300		03/15/27	9,369,712

Diversified Financial Services – 4.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust^(a)
	5,905,000		2.450		10/29/26	5,869,275
	8,283,000		3.650		07/21/27	8,218,807
	10,000,000		4.625		10/15/27	10,004,600
Capital One Financial Corp.^(a)(c)(Secured Overnight Financing Rate + 0.855%)
	13,055,000		1.878		11/02/27	12,935,024
Citigroup Global Markets Holdings, Inc. ^(a)(c)(Secured Overnight Financing Rate + 0.500%)
	5,769,000		4.138		01/06/27	5,769,173
Jefferies Financial Group, Inc.
	7,013,000		4.850		01/15/27	7,016,086

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Diversified Financial Services – (continued)
$	17,000,000		4.300	%^(a)	02/11/27	$ 16,958,520
Neuberger Berman Group LLC/Neuberger Berman Finance Corp.^(a)(b)
	11,844,000		4.500		03/15/27	11,803,612
Sumisho Air Lease Corp.^(a)
	6,429,000		3.625		04/01/27	6,384,125
	4,569,000		3.625		12/01/27	4,504,120

						89,463,342

Electrical – 1.1%
ENEL Finance International NV^(b)
	12,222,000		3.625		05/25/27	12,120,313
Monongahela Power Co.^(a)(b)
	4,005,000		3.550		05/15/27	3,977,606
NextEra Energy Capital Holdings, Inc. ^(a)
	5,898,000		4.625		07/15/27	5,907,613

						22,005,532

Food & Drug Retailing^(a)– 0.1%
Hershey Co.
	2,093,000		2.300		08/15/26	2,088,019

Household Products^(a)(b)– 0.3%
Reckitt Benckiser Treasury Services PLC
	5,265,000		3.000		06/26/27	5,196,186

Insurance^(b)– 5.1%
Corebridge Global Funding^(c)(Secured Overnight Financing Rate + 0.860%)
	18,500,000		4.498		12/15/28	18,428,405
Equitable Financial Life Global Funding
	275,000		4.600		04/01/27	275,525
Jackson National Life Global Funding
	5,706,000		4.900		01/13/27	5,714,160
	15,477,000		5.550		07/02/27	15,615,055
(Secured Overnight Financing Rate + 0.950%)
	17,149,000		4.588	^(c)	09/12/28	17,119,675
MassMutual Global Funding II^(c) (Secured Overnight Financing Rate + 0.660%)
	6,172,000		4.290		01/22/29	6,168,791
(Secured Overnight Financing Rate + 0.680%)
	5,106,000		4.308		08/01/28	5,121,369
(Secured Overnight Financing Rate + 0.980%)
	4,634,000		4.612		07/10/26	4,634,788
Protective Life Global Funding^(c)(Secured Overnight Financing Rate +0.850%)
	20,000,000		4.488		09/11/28	20,044,200
Western-Southern Global Funding
	9,318,000		4.380		06/02/27	9,300,109

						102,422,077

Miscellaneous Manufacturing^(b)– 0.5%
Siemens Financieringsmaatschappij NV
	9,275,000		6.125		08/17/26	9,298,002

Pharmaceuticals – 0.3%
AbbVie, Inc.^(c)(Secured Overnight Financing Rate + 0.480%)
	3,126,000		4.119		03/03/28	3,126,406


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Pharmaceuticals – (continued)
McKesson Corp.
$	2,000,000		7.650	%	03/01/27	$ 2,034,960

						5,161,366

Real Estate Investment Trust^(a)– 0.3%
Digital Realty Trust LP
	6,984,000		3.700		08/15/27	6,922,960

Semiconductors^(a)– 0.2%
Intel Corp.
	4,952,000		3.150		05/11/27	4,899,311

Software – 2.1%
Fidelity National Information Services, Inc.
	7,466,000		4.450		03/10/28	7,439,496
Oracle Corp.^(c)(Secured Overnight Financing Rate + 1.110%)
	15,000,000		4.738		02/04/29	14,993,700
Salesforce, Inc.^(a)
	20,695,000		4.500		03/15/28	20,674,512

						43,107,708

Telecommunication Services^(b)– 1.5%
Deutsche Telekom International Finance BV^(a)
	2,500,000		3.600		01/19/27	2,486,825
NTT Finance Corp.
	22,162,000		4.567		07/16/27	22,177,957
(Secured Overnight Financing Rate + 0.830%)
	5,671,000		4.465	^(c)	06/20/29	5,667,257

						30,332,039

Trucking & Leasing^(a)(b)– 0.1%
SMBC Aviation Capital Finance DAC
	976,000		5.450		05/03/28	987,361

TOTAL CORPORATE OBLIGATIONS (Cost $1,267,308,184)						$1,267,533,392



Asset-Backed Securities^(a)– 1.5%
Automotive – 1.4%
BMW Vehicle Lease Trust Series 2025-1, Class A2A
$	3,906,227		4.430	%	09/27/27	$ 3,909,112
BMW Vehicle Owner Trust Series 2023-A, Class A3
	1,337,527		5.470		02/25/28	1,341,897
GM Financial Automobile Leasing Trust Series 2024-3, Class A3
	4,344,532		4.210		10/20/27	4,345,574
Hyundai Auto Lease Securitization Trust Series 2024-C, Class A2A^(b)
	86,319		4.770		03/15/27	86,319
Hyundai Auto Lease Securitization Trust Series 2025-B, Class A2A^(b)
	5,832,965		4.580		09/15/27	5,839,626
Mercedes-Benz Auto Lease Trust Series 2025-A, Class A2A
	5,391,562		4.570		04/17/28	5,397,495
Santander Drive Auto Receivables Trust Series 2025-2, Class A2
	144,508		4.710		06/15/28	144,544
SFS Auto Receivables Securitization Trust Series 2025-2A, Class A2^(b)
	1,939,499		4.520		11/20/28	1,941,051
Volkswagen Auto Loan Enhanced Trust Series 2024-1, Class A2A
	1,169,658		4.650		11/22/27	1,170,387

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Asset-Backed Securities^(a)– (continued)
Automotive – (continued)
Westlake Automobile Receivables Trust Series 2025-2A, Class A2A^(b)
$	2,346,204		4.660	%	09/15/28	$ 2,348,827
World Omni Auto Receivables Trust Series 2023-B, Class A3
	1,486,641		4.660		05/15/28	1,488,239

						28,013,071

Collateralized Loan Obligations^(b)(c)– 0.1%
Balboa Bay Loan Funding Ltd. Series 2020-1A, Class X (3 mo. USD Term SOFR + 1.030%)
	1,000,000		4.705		10/20/35	999,994
Halsey Point CLO I Ltd. Series 2019-1A, Class XR (3 mo. USD Term SOFR + 1.100%)
	1,285,715		4.775		10/20/37	1,285,871

						2,285,865

TOTAL ASSET-BACKED SECURITIES (Cost $30,291,694)						$ 30,298,936



Municipal Debt Obligations – 0.2%
California – 0.1%
Los Angeles CA Unified School District GO Bonds (Taxable) Series QRR
$	2,450,000		4.000	%	07/01/26	$ 2,450,000

New York^(a)– 0.1%
New York City Transitional Finance Authority Future Tax Secured RB (Taxable) Subseries G-2
	1,000,000		4.330		11/01/27	1,001,542

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $3,450,000)						$ 3,451,542



U.S. Treasury Obligations – 2.9%
U.S. Treasury Notes
$	12,975,600		3.875	%	05/31/27	$ 12,948,736
	20,000,000		4.375		07/15/27	20,050,000
	5,897,600		2.250		08/15/27	5,775,501
	10,326,600		3.375		02/29/28	10,197,518
	9,849,600		3.750		04/30/28	9,778,806

TOTAL U.S. TREASURY OBLIGATIONS (Cost $58,983,318)						$ 58,750,561


Shares		Dividend Rate				Value

Investment Company^(d)– 5.1%
Goldman Sachs Central Government Fund — Institutional Shares
	103,132,406		3.703%			$ 103,132,406
(Cost $103,132,406)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 72.7%
(Cost $1,463,165,602)						$1,463,166,837


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – 25.4%
Certificates of Deposit – 6.7%
Banco Bilbao Vizcaya Argentaria SA
$	4,100,000		3.950	%	07/01/26	$ 4,100,025
	9,300,000		4.320		06/02/27	9,293,363
Banco Santander SA^(c)
(Secured Overnight Financing Rate + 0.320%)
	4,147,000		3.940		08/24/26	4,148,256
(Secured Overnight Financing Rate + 0.400%)
	3,364,000		4.030		12/22/26	3,365,867
Bank of America NA
	5,139,000		4.140		12/22/26	5,138,094
Barclays Bank PLC
	7,200,000		3.990		09/25/26	7,200,159
HSBC Bank PLC^(b)(c)(Secured Overnight Financing Rate + 0.380%)
	4,693,000		4.020		11/20/26	4,695,564
Kookmin Bank^(c)(Secured Overnight Financing Rate + 0.450%)
	17,000,000		4.070		02/08/27	17,003,662
Lloyds Bank Corporate Markets PLC
	9,585,000		4.130		04/27/27	9,573,972
National Bank of Kuwait
	11,550,000		4.420		08/19/26	11,556,008
(Secured Overnight Financing Rate + 0.530%)
	10,000,000		4.150	^(a)(c)	02/23/27	9,999,872
(Secured Overnight Financing Rate + 0.600%)
	11,517,000		4.260	^(a)(c)	12/11/26	11,525,189
	13,195,000		4.220	^(a)(c)	01/14/27	13,203,606
Natixis SA^(c)(Secured Overnight Financing Rate + 0.400%)
	18,057,000		4.020		12/04/26	18,071,659
Paradelle Funding LLC^(c)(Secured Overnight Financing Rate + 0.330%)
	5,668,000		3.970		09/02/26	5,669,927

						134,545,223

Commercial Paper^(e)– 16.5%
Albion Capital Corp. SA/Albion Capital LLC
	3,048,000		0.000		07/06/26	3,046,117
American Honda Finance Corp.
	20,000,000		0.000		08/10/26	19,908,100
	7,922,000		0.000		08/18/26	7,878,179
Antalis SA^(b)
	3,585,000		0.000		12/16/26	3,516,874
Ascension Health Alliance
	10,000,000		0.000		07/22/26	9,975,792
Banco Bilbao Vizcaya Argentaria SA
	10,561,000		0.000		05/05/27	10,180,928
Bank of New York Mellon
	5,677,000		0.000		05/21/27	5,465,604
Bank of New Zealand^(b)
	7,230,000		0.000		05/21/27	6,961,427
BASF SE^(b)
	13,000,000		0.000		07/28/26	12,959,956
Bay Square Funding LLC^(b)
	10,000,000		0.000		09/10/26	9,922,680
	10,000,000		0.000		09/22/26	9,909,420
	6,263,000		0.000		10/23/26	6,183,707
Bayer Corp.^(b)
	8,000,000		0.000		10/20/26	7,893,625
	1,333,000		0.000		11/09/26	1,311,954
	4,242,000		0.000		11/10/26	4,174,496

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – (continued)
Commercial Paper^(e)– (continued)
Bayer Corp.^(b) – (continued)
$	13,849,000		0.000	%	12/08/26	$ 13,579,455
Charles Schwab Corp.^(b)
	5,000,000		0.000		12/08/26	4,911,487
Charlotte-Mecklenburg Hospital Authority
	15,000,000		0.000		08/18/26	14,922,295
Columbia Funding Co. LLC^(b)
	11,321,000		0.000		10/14/26	11,190,619
DNB Bank ASA^(b)
	9,274,000		0.000		03/25/27	8,994,311
EIDP, Inc.^(b)
	13,333,000		0.000		07/27/26	13,293,105
FedEx Corp.^(b)
	3,062,000		0.000		07/21/26	3,054,879
Macquarie Bank Ltd.^(b)
	7,461,000		0.000		03/31/27	7,222,353
Macquarie Group Ltd.
	10,000,000		0.000		09/21/26	9,905,918
	9,000,000		0.000		10/06/26	8,899,207
Oracle Corp.^(b)
	25,662,000		0.000		10/02/26	25,365,296
Paradelle Funding LLC
	9,999,000		0.000		12/31/26	9,792,884
Penske Truck Leasing Co. LP
	9,038,000		0.000		07/17/26	9,020,646
Royal Bank of Canada^(b)
	5,070,000		0.000		06/02/27	4,873,307
	14,921,000		0.000		06/14/27	14,319,928
RWE AG^(b)
	4,449,000		0.000		02/26/27	4,319,336
	15,000,000		0.000		04/20/27	14,463,114
Svenska Handelsbanken AB^(b)
	8,247,000		0.000		03/22/27	7,997,513
Swedbank AB^(b)
	7,466,000		0.000		03/23/27	7,243,576
Versailles Commercial Paper LLC
	1,819,000		0.000		12/01/26	1,787,968
	1,213,000		0.000		12/02/26	1,192,162
	2,647,000		0.000		12/04/26	2,600,894


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments – (continued)
Commercial Paper^(e)– (continued)
VW Credit, Inc.^(b)
$	13,080,000		0.000	%	09/24/26	$ 12,950,181

						331,189,293

Repurchase Agreement – 2.2%
BNP Paribas SA
	45,000,000		3.720		07/01/26	45,000,000
Maturity Value: $45,000,047
Next Reset Date: 06/30/26
Collateralized by various Asset-Backed Securities, Corporate Bonds, Medium - Term Notes, Mortgage – Backed Obligations and Sovereign Debt Obligations, 1.375% to 10.625%, due 7/15/26 to 1/1/99. The market value of the collateral, including accrued interest, was $85,674,109.

TOTAL SHORT-TERM INVESTMENTS (Cost $510,860,857)						$ 510,734,516

TOTAL INVESTMENTS – 98.1% (Cost $1,974,026,459)						$1,973,901,353

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%						39,256,363

NET ASSETS – 100.0%						$2,013,157,716



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, 2026.

(d)		Represents an affiliated issuer.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – 136.6%
Collateralized Mortgage Obligations – 7.9%
Interest Only – 0.4%
Federal Home Loan Mortgage Corp. REMICS Series 4468, Class SY (-1X 1 mo. USD Term SOFR + 5.986%)
$	72,764		2.393	%^(a)(b)	05/15/45	$ 6,915
Federal Home Loan Mortgage Corp. REMICS Series 5012, Class DI
	121,222		4.000	^(c)	09/25/50	24,339
Federal Home Loan Mortgage Corp. REMICS Series 4583, Class ST (-1X 1 mo. USD Term SOFR + 5.886%)
	355,584		2.293	^(a)(b)	05/15/46	34,783
Federal Home Loan Mortgage Corp. REMICS Series 4314, Class SE (-1X 1 mo. USD Term SOFR + 5.936%)
	77,279		2.343	^(a)(b)	03/15/44	6,494
Federal National Mortgage Association REMICS Series 2017-104, Class SB (-1X 1 mo. USD Term SOFR + 6.036%)
	232,796		2.408	^(a)(b)	01/25/48	23,986
Federal National Mortgage Association REMICS Series 2018-8, Class SA (-1X 1 mo. USD Term SOFR + 6.036%)
	185,431		2.408	^(a)(b)	02/25/48	17,823
Federal National Mortgage Association REMICS Series 2007-36, Class SN (-1X 1 mo. USD Term SOFR + 6.656%)
	103,574		3.028	^(a)(b)	04/25/37	8,232
Federal National Mortgage Association REMICS Series 2008-17, Class SI (-1X 1 mo. USD Term SOFR + 6.186%)
	127,549		2.558	^(a)(b)	03/25/38	7,765
Government National Mortgage Association REMICS Series 2014-132, Class SL (-1X 1 mo. USD Term SOFR + 5.986%)
	82,613		2.347	^(a)(b)(d)	10/20/43	3,119
Government National Mortgage Association REMICS Series 2015-129, Class IC
	159,402		4.500	^(c)(d)	09/16/45	29,295
Government National Mortgage Association REMICS Series 2017-112, Class SJ (-1X 1 mo. USD Term SOFR + 5.546%)
	392,707		1.907	^(a)(b)(d)	07/20/47	34,098
Government National Mortgage Association REMICS Series 2018-7, Class DS (-1X 1 mo. USD Term SOFR + 5.586%)
	830,812		1.947	^(a)(b)(d)	01/20/48	74,190
Government National Mortgage Association REMICS Series 2018-67, Class PS (-1X 1 mo. USD Term SOFR + 6.086%)
	344,740		2.447	^(a)(b)(d)	05/20/48	37,791
Government National Mortgage Association REMICS Series 2018-124, Class SN (-1X 1 mo. USD Term SOFR + 6.086%)
	475,308		2.447	^(a)(b)(d)	09/20/48	52,239
Government National Mortgage Association REMICS Series 2019-6, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)
	128,295		2.297	^(a)(b)(d)	01/20/49	13,342
Government National Mortgage Association REMICS Series 2019-1, Class SN (-1X 1 mo. USD Term SOFR + 5.936%)
	191,944		2.297	^(a)(b)(d)	01/20/49	19,627
Government National Mortgage Association REMICS Series 2019-78, Class SE (-1X 1 mo. USD Term SOFR + 5.986%)
	123,048		2.347	^(a)(b)(d)	06/20/49	12,529
Government National Mortgage Association REMICS Series 2019-151, Class NI
	964,219		3.500	^(c)(d)	10/20/49	172,611
Government National Mortgage Association REMICS Series 2020-21, Class SA (-1X 1 mo. USD Term SOFR + 5.936%)
	491,327		2.297	^(a)(b)(d)	02/20/50	54,647


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Interest Only – (continued)
Government National Mortgage Association REMICS Series 2020-78, Class DI
$	482,581		4.000	%^(c)(d)	06/20/50	$ 104,466
Government National Mortgage Association REMICS Series 2020-146, Class IM
	929,249		2.500	^(c)(d)	10/20/50	137,499
Government National Mortgage Association REMICS Series 2013-124, Class CS (-1X 1 mo. USD Term SOFR + 5.936%)
	429,144		2.297	^(a)(b)(d)	08/20/43	38,372
Government National Mortgage Association REMICS Series 2015-111, Class IM
	222,061		4.000	^(c)(d)	08/20/45	34,930
Government National Mortgage Association REMICS Series 2016-27, Class IA
	116,363		4.000	^(c)(d)	06/20/45	14,866
Government National Mortgage Association REMICS Series 2019-110, Class SD (-1X 1 mo. USD Term SOFR + 5.986%)
	329,518		2.347	^(a)(b)(d)	09/20/49	29,467
Government National Mortgage Association REMICS Series 2019-110, Class SE (-1X 1 mo. USD Term SOFR + 5.986%)
	338,623		2.347	^(a)(b)(d)	09/20/49	36,168
Government National Mortgage Association REMICS Series 2019-153, Class EI
	823,179		4.000	^(c)(d)	12/20/49	176,380
Government National Mortgage Association REMICS Series 2016-138, Class DI
	55,468		4.000	^(c)(d)	10/20/46	10,581
Government National Mortgage Association REMICS Series 2010-20, Class SE (-1X 1 mo. USD Term SOFR + 6.136%)
	124,458		2.497	^(a)(b)(d)	02/20/40	11,644
Government National Mortgage Association REMICS Series 2015-119, Class SN (-1X 1 mo. USD Term SOFR + 6.136%)
	178,845		2.497	^(a)(b)(d)	08/20/45	19,378
Government National Mortgage Association REMICS Series 2015-90, Class PI
	6,387		3.500	^(c)(d)	04/20/45	476
Government National Mortgage Association REMICS Series 2015-83, Class PI
	15,019		3.500	^(c)(d)	06/20/45	1,996
Government National Mortgage Association REMICS Series 2015-72, Class JI
	6,422		3.500	^(c)(d)	05/20/45	679
Government National Mortgage Association REMICS Series 2016-1, Class ST (-1X 1 mo. USD Term SOFR + 6.086%)
	83,291		2.447	^(a)(b)(d)	01/20/46	8,834

						1,259,561

Regular Floater^(b)– 3.3%
Federal Home Loan Mortgage Corp. REMICS Series 5502, Class FG (1 mo. USD Term SOFR + 1.000%)
	293,507		4.628		02/25/55	293,894
Federal Home Loan Mortgage Corp. REMICS Series 5452, Class DF (1 mo. USD Term SOFR + 1.250%)
	1,262,251		4.878		09/25/54	1,270,547
Federal National Mortgage Association REMICS Series 2017-96, Class FA (1 mo. USD Term SOFR + 0.514%)
	823,064		4.142		12/25/57	803,206

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Regular Floater^(b)– (continued)
Federal National Mortgage Association REMICS Series 2025-11, Class FB (1 mo. USD Term SOFR + 1.000%)
$	611,830		4.628	%	03/25/55	$ 616,414
Federal National Mortgage Association REMICS Series 2024-70, Class FB (1 mo. USD Term SOFR + 1.100%)
	1,392,744		4.728		10/25/54	1,402,278
Federal National Mortgage Association REMICS Series 2025-13, Class FB (1 mo. USD Term SOFR + 1.300%)
	1,087,240		4.928		03/25/55	1,097,942
Government National Mortgage Association REMICS Series 2017- 182, Class FN (1 mo. USD Term SOFR + 0.414%)
	861,371		4.048	^(d)	12/16/47	848,833
Government National Mortgage Association REMICS Series 2021-98, Class FM (1 mo. USD Term SOFR + 0.750%)
	794,753		2.500	^(d)	06/20/51	674,164
Government National Mortgage Association REMICS Series 2021-122, Class FA (1 mo. USD Term SOFR + 0.400%)
	2,087,188		3.000	^(d)	07/20/51	1,817,733
Government National Mortgage Association REMICS Series 2025-150, Class FH (1 mo. USD Term SOFR + 1.100%)
	800,417		4.709	^(d)	09/20/55	807,305

						9,632,316

Sequential Fixed Rate – 2.4%
Angel Oak Mortgage Trust Series 2025-7, Class A1
	297,464		5.509	^(d)(e)(f)	06/25/70	298,253
COLT Mortgage Loan Trust Series 2024-4, Class A1
	330,788		5.949	^(d)(e)(f)	07/25/69	332,492
Federal Home Loan Mortgage Corp. REMICS Series 2329, Class ZA
	35,993		6.500		06/15/31	36,621
Federal Home Loan Mortgage Corp. REMICS Series 4246, Class PT
	23,980		6.500		02/15/36	24,947
Federal Home Loan Mortgage Corp. REMICS Series 2042, Class N
	1,356		6.500	^(d)	03/15/28	1,372
Federal Home Loan Mortgage Corp. REMICS Series 4577, Class HM
	241,304		4.000	^(d)(f)	12/15/50	228,104
Federal National Mortgage Association REMICS Series 2011-99, Class DB
	238,155		5.000		10/25/41	239,255
Federal National Mortgage Association REMICS Series 2012-111, Class B
	39,097		7.000		10/25/42	41,577
Federal National Mortgage Association REMICS Series 2012-153, Class B
	159,639		7.000		07/25/42	169,892
Federal National Mortgage Association REMICS Series 2011-52, Class GB
	255,495		5.000		06/25/41	256,746
Federal National Mortgage Association REMICS Series 2000-16, Class ZG
	24,431		8.500		06/25/30	25,592
Federal National Mortgage Association REMICS Series 2017-87, Class EA
	1,311,654		3.000		04/25/44	1,186,775
Federal National Mortgage Association REMICS Series 2005-59, Class KZ
	219,421		5.500		07/25/35	223,529


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
Government National Mortgage Association REMICS Series 2021-135, Class A
$	2,801,497		2.000	%^(d)	08/20/51	$ 2,297,622
JP Morgan Mortgage Trust Series 2025-NQM5, Class A1A
	2,372		4.879	^(d)(e)(f)	05/25/66	2,349
Morgan Stanley Residential Mortgage Loan Trust Series 2025-DSC1, Class A1
	516,900		5.562	^(d)(e)(f)	03/25/70	517,983
Morgan Stanley Residential Mortgage Loan Trust Series 2025-NQM9, Class A1A
	302,771		5.016	^(d)(e)(f)	09/25/70	301,493
OBX Trust Series 2025-NQM21, Class A1A
	304,509		4.989	^(d)(e)(f)	10/25/65	302,386
OBX Trust Series 2025-NQM15, Class A1A
	293,477		5.143	^(d)(e)(f)	07/27/65	292,882

						6,779,870

Sequential Floating Rate^(b)(d)– 1.8%
Angel Oak Mortgage Trust Series 2020-3, Class M1
	150,000		3.809	^(e)	04/25/65	144,542
Angel Oak Mortgage Trust Series 2021-7, Class A1
	328,227		1.978	^(e)	10/25/66	286,650
Bear Stearns ALT-A Trust Series 2005-5, Class 21A1
	22,607		5.760		07/25/35	22,480
Federal Home Loan Mortgage Corp. STACR REMICS Trust Series 2021-DNA5, Class M2 (1 mo. USD Term SOFR + 1.650%)
	17,192		5.278	^(e)	01/25/34	17,242
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2021-R01, Class 1M2 (1 mo. USD Term SOFR + 1.550%)
	58,683		5.178	^(e)	10/25/41	58,762
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2022-R05, Class 2M2 (1 mo. USD Term SOFR + 3.000%)
	92,988		6.628	^(e)	04/25/42	94,099
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R01, Class 1M2 (1 mo. USD Term SOFR + 1.800%)
	125,000		5.428	^(e)	01/25/44	125,870
Federal National Mortgage Association Connecticut Avenue Securities Trust Series 2024-R03, Class 2M2 (1 mo. USD Term SOFR + 1.950%)
	150,000		5.578	^(e)	03/25/44	151,185
GCAT Trust Series 2021-NQM4, Class A1
	60,708		1.093	^(e)	08/25/66	50,007
Government National Mortgage Association REMICS Series 2023-70, Class SE (-1X 1 mo. USD Term SOFR + 6.120%)
	280,860		2.511	^(a)	05/20/53	17,470
Government National Mortgage Association REMICS Series 2023-101, Class FH (1 mo. USD Term SOFR + 1.000%)
	1,874,291		4.609		07/20/53	1,884,871
HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1 mo. USD Term SOFR + 0.594%)
	4,577		4.234		01/19/36	5,251
Impac CMB Trust Series 2004-8, Class 1A (1 mo. USD Term SOFR + 0.834%)
	1,477		4.483		10/25/34	1,457

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b)(d)– (continued)
JP Morgan Mortgage Trust Series 2021-6, Class A3
$	347,318		2.500	%^(e)	10/25/51	$ 287,216
JP Morgan Mortgage Trust Series 2021-LTV2, Class A1
	424,492		2.520	^(e)	05/25/52	350,573
JP Morgan Mortgage Trust Series 2022-LTV1, Class A2
	615,349		3.508	^(e)	07/25/52	554,431
JP Morgan Mortgage Trust Series 2024-VIS1, Class A1
	163,586		5.990	^(e)	07/25/64	164,101
JP Morgan Mortgage Trust Series 2024-3, Class A4
	300,803		3.000	^(e)	05/25/54	271,292
Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6 mo. USD Term SOFR + 1.148%)
	13,471		4.900		11/25/29	12,952
New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	49,969		3.750	^(e)	05/28/52	47,759
OBX Trust Series 2021-NQM4, Class A1
	361,625		1.957	^(e)	10/25/61	307,145
OBX Trust Series 2022-J2, Class A1
	178,335		3.500	^(e)	08/25/52	159,930
Towd Point Mortgage Trust Series 2016-4, Class M1
	5,818		3.250	^(e)	07/25/56	5,794
Verus Securitization Trust Series 2021-8, Class A1
	158,481		2.824	^(e)	11/25/66	143,110
Wells Fargo Mortgage-Backed Securities Trust Series 2019-3, Class A1
	21,012		3.500	^(e)	07/25/49	18,789

						5,182,978

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 22,854,725

Commercial Mortgage-Backed Securities – 6.8%
Sequential Fixed Rate – 0.7%
Bank Series 2020-BN29, Class A4
$	600,000		1.997	%^(d)	11/15/53	$ 528,850
BMO Mortgage Trust Series 2023-C7, Class A5
	300,000		6.160	^(d)	12/15/56	317,764
Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	400,000		3.000	^(d)(e)	09/15/50	298,861
COMM Mortgage Trust Series 2024-277P, Class A
	375,000		6.338	^(e)	08/10/44	387,572
ROCK Trust Series 2024-CNTR, Class A
	450,000		5.388	^(e)	11/13/41	454,473

						1,987,520

Sequential Floating Rate – 6.1%
Bank Series 2021-BN37, Class A5
	200,000		2.618	^(b)(d)	11/15/64	177,493
Bank Series 2021-BN31, Class AS
	250,000		2.211	^(b)(d)	02/15/54	215,534
Bank Series 2025-BNK51, Class B
	400,000		5.895	^(b)(d)	12/25/67	404,368
Bank5 Series 2025-5YR17, Class C
	300,000		5.894	^(b)(d)	11/15/58	298,452
BBCMS Mortgage Trust Series 2018-TALL, Class A (1 mo. USD Term SOFR + 0.919%)
	450,000		4.545	^(b)(e)	03/15/37	427,696


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
Benchmark Mortgage Trust Series 2022-B32, Class A5
$	500,000		3.002	%^(b)	01/15/55	$ 445,152
BFLD Commercial Mortgage Trust Series 2025-660F, Class C (1 mo. USD Term SOFR + 2.150%)
	400,000		5.775	^(b)(e)	11/15/42	401,023
BFLD Trust Series 2025-EWEST, Class B (1 mo. USD Term SOFR + 1.900%)
	350,000		5.525	^(b)(e)	06/15/42	350,136
BPR Trust Series 2024-PMDW, Class A
	150,000		5.358	^(b)(e)	11/05/41	150,939
BSTN Commercial Mortgage Trust Series 2025-1C, Class A
	525,000		5.548	^(b)(e)	06/15/44	531,729
BX Commercial Mortgage Trust Series 2024-VLT5, Class A
	200,000		5.591	^(b)(e)	11/13/46	199,029
BX Commercial Mortgage Trust Series 2026-CSMO, Class A (1 mo. USD Term SOFR + 1.400%)
	350,000		5.025	^(b)(e)	02/15/43	350,685
BX Commercial Mortgage Trust Series 2026-VLT10, Class A
	400,000		5.358	^(b)(e)	07/13/58	388,916
BX Commercial Mortgage Trust Series 2024-VLT5, Class B
	200,000		5.995	^(b)(e)	11/13/46	200,388
BX Trust Series 2024-BIO, Class A (1 mo. USD Term SOFR + 1.642%)
	450,000		5.267	^(b)(e)	02/15/41	450,209
BX Trust Series 2025-ARIA, Class A
	450,000		5.199	^(b)(e)	12/13/42	450,241
Durst Commercial Mortgage Trust Series 2025-151, Class A
	700,000		5.317	^(b)(e)	08/10/42	702,782
Durst Commercial Mortgage Trust Series 2025-151, Class B
	600,000		5.768	^(b)(e)	08/10/42	604,718
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K148, Class A2
	800,000		3.500	^(b)(d)	07/25/32	756,738
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K158, Class A2
	1,166,000		3.900	^(b)(d)	12/25/30	1,136,237
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series KF73, Class AS (1 mo. USD SOFR Historical Calendar Day Compounded + 0.670%)
	168,092		4.262	^(b)(d)	11/25/29	168,092
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates Series K-153, Class A2
	800,000		3.820	^(b)(d)	12/25/32	767,062
GWT Trust Series 2024-WLF2, Class A (1 mo. USD Term SOFR + 1.691%)
	600,000		5.317	^(b)(e)	05/15/41	601,145
HLTN Commercial Mortgage Trust Series 2026-DPLO, Class A (1 mo. USD Term SOFR + 1.700%)
	800,000		5.325	^(b)(e)	04/15/41	802,030
IRV Trust Series 2025-200P, Class A
	600,000		5.471	^(b)(d)(e)	03/14/47	604,009
IRV Trust Series 2025-200P, Class C
	250,000		5.921	^(b)(d)(e)	03/14/47	248,564
JP Morgan Chase Commercial Mortgage Securities Trust Series 2022-NLP, Class B (1 mo. USD Term SOFR + 1.357%)
	305,265		4.982	^(b)(e)	04/15/37	300,986

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
JP Morgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI, Class A
$	125,000		5.990	%^(b)(e)	10/05/39	$ 125,769
MAD Commercial Mortgage Trust Series 2025-11MD, Class C
	150,000		5.818	^(b)(e)	10/15/42	150,550
Manhattan West Mortgage Trust Series 2026-2MW, Class A
	600,000		5.499	^(b)(e)	06/10/48	604,353
Manhattan West Mortgage Trust Series 2026-2MW, Class B
	300,000		5.718	^(b)(e)	06/10/48	301,573
MTN Commercial Mortgage Trust Series 2026-LPFX, Class A
	1,100,000		5.153	^(b)(e)	05/15/43	1,095,303
NYC Commercial Mortgage Trust Series 2025-3BP, Class B (1 mo. USD Term SOFR + 1.692%)
	300,000		5.318	^(b)(e)	02/15/42	299,985
NYC Commercial Mortgage Trust Series 2025-11X, Class A (1 mo. USD Term SOFR + 1.743%)
	750,000		5.368	^(b)(e)	10/15/40	752,958
NYC Commercial Mortgage Trust Series 2026-9W57, Class B
	500,000		5.353	^(b)(d)(e)	06/06/40	497,552
ROCK Trust Series 2024-CNTR, Class C
	250,000		6.471	^(e)	11/13/41	255,759
SCG Trust Series 2025-SNIP, Class A (1 mo. USD Term SOFR + 1.500%)
	375,000		5.125	^(b)(e)	09/15/42	375,872
Wells Fargo Commercial Mortgage Trust Series 2024-1CHI, Class B
	275,000		5.935	^(b)(e)	07/15/35	275,087
Wells Fargo Commercial Mortgage Trust Series 2026-1250B, Class A
	350,000		4.833	^(b)(e)	03/10/41	345,437
WHARF Commercial Mortgage Trust Series 2025-DC, Class A
	200,000		5.528	^(b)(e)	07/15/40	202,074

						17,416,625

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 19,404,145

Federal Agencies – 121.9%
Adjustable Rate Federal Home Loan Mortgage Corp. – 0.0%
(1 yr. CMT + 2.250%)^(b)
$	3,073		5.750	%	04/01/33	$ 3,141
	48,321		6.298		09/01/33	49,569
	2,080		6.357		09/01/33	2,135
	2,886		5.892		11/01/34	2,970
	2,342		5.875		02/01/35	2,410
	7,183		6.002		06/01/35	7,386
(1 yr. CMT + 2.107%)^(b)
	1,908		6.106		10/01/34	1,962

						69,573

Adjustable Rate Federal National Mortgage Association – 0.1%
(11th District Cost of Funds - Consumer + 1.350%)^(b)
	384		4.078		07/01/27	382
(1 yr. MTA + 1.150%)^(b)
	479		4.917		11/01/27	476
	494		4.917		01/01/38	493
(1 yr. MTA + 1.125%)^(b)
	3,643		4.892		06/01/32	3,642
(11th District Cost of Funds - Consumer + 1.250%)^(b)
	3,427		3.986		08/01/32	3,377


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate Federal National Mortgage Association – (continued)
(RFUCC 1 yr. Treasury + 1.670%)^(b)
$	9,929		6.045	%	11/01/32	$ 10,157
	2,375		6.215		11/01/34	2,443
(RFUCC 6 mo. Treasury + 1.413%)^(b)
	147,213		5.538		05/01/33	149,709
(11th District Cost of Funds - Consumer + 1.329%)^(b)
	2,653		4.064		05/01/33	2,615
(1 yr. CMT + 2.160%)^(b)
	1,956		5.742		06/01/33	2,003
(1 yr. CMT + 2.261%)^(b)
	18,402		6.172		06/01/33	18,892
(RFUCC 6 mo. Treasury + 1.412%)^(b)
	950		5.478		06/01/33	965
(1 yr. CMT + 2.011%)^(b)
	402		5.615		07/01/33	411
(11th District Cost of Funds - Consumer + 1.254%)^(b)
	13,483		3.980		08/01/33	13,309
(RFUCC 1 yr. Treasury + 1.655%)^(b)
	58,604		6.182		10/01/33	60,129
(RFUCC 1 yr. Treasury + 1.634%)^(b)
	7,861		6.031		12/01/33	8,055
(1 yr. CMT + 2.301%)^(b)
	194		6.095		04/01/34	200
(1 yr. CMT + 2.191%)^(b)
	55,818		5.835		02/01/35	57,531
(RFUCC 1 yr. Treasury + 1.617%)^(b)
	5,999		5.779		03/01/35	6,154
(RFUCC 1 yr. Treasury + 1.810%)^(b)
	3,167		6.060		04/01/35	3,266
(RFUCC 1 yr. Treasury + 2.475%)^(b)
	2,118		6.725		05/01/35	2,208
(RFUCC 1 yr. Treasury + 1.389%)^(b)
	60,262		6.139		09/01/35	61,707
(11th District Cost of Funds - Consumer + 1.197%)^(b)
	932		4.588		12/01/37	926
(1 yr. MTA + 1.175%)^(b)
	1,823		4.942		11/01/40	1,823

						410,873

Adjustable Rate Government National Mortgage Association – 0.1%
	1,669		5.000		01/20/27	1,666
(1 yr. CMT + 1.500%)^(b)
	465		5.000		02/20/27	464
	7,234		5.625		04/20/27	7,228
	712		5.625		05/20/27	712
	1,557		5.625		06/20/27	1,556
	675		5.125		11/20/27	675
	2,056		5.125		12/20/27	2,057
	5,206		5.000		01/20/28	5,204
	1,923		5.000		02/20/28	1,923
	1,902		5.000		03/20/28	1,902
	18,673		5.375		07/20/29	18,791
	5,112		5.375		08/20/29	5,146
	1,792		5.375		09/20/29	1,803
	8,311		5.125		10/20/29	8,358
	13,447		5.125		11/20/29	13,525
	1,950		5.125		12/20/29	1,961
	3,860		5.000		01/20/30	3,878

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate Government National Mortgage Association – (continued)
$	1,077		5.000	%	02/20/30	$ 1,082
	6,885		5.000		03/20/30	6,921
	10,782		5.625		04/20/30	10,850
	31,865		5.625		05/20/30	32,072
	2,666		5.625		06/20/30	2,684
	29,338		5.375		07/20/30	29,596
	5,409		5.375		09/20/30	5,459
	8,119		5.125		10/20/30	8,184
	15,079		5.000		03/20/32	15,218

						188,915

Federal Home Loan Mortgage Corp. – 3.1%
	4,740		6.500		07/01/28	4,753
	26,651		4.500		03/01/29	26,622
	3,428		5.000		08/01/33	3,452
	530		5.000		09/01/33	534
	20,407		5.000		10/01/33	20,551
	848		5.000		11/01/34	855
	35,764		5.000		12/01/34	36,046
	3,058		5.000		07/01/35	3,081
	393		4.500		08/01/35	391
	818		4.500		09/01/35	814
	504		4.500		10/01/35	501
	1		5.000		11/01/35	1
	27,474		5.000		12/01/35	27,630
	9,372		5.000		02/01/37	9,458
	7,346		4.500		01/01/38	7,305
	649		5.000		03/01/38	655
	331		4.500		06/01/38	329
	13,281		4.500		09/01/38	13,178
	78		4.500		01/01/39	77
	6,848		4.500		02/01/39	6,786
	2,667		4.500		03/01/39	2,642
	609		4.500		04/01/39	604
	18,855		4.500		05/01/39	18,682
	48,269		5.000		05/01/39	48,636
	57,865		4.500		06/01/39	57,335
	112,216		5.000		07/01/39	112,875
	2,100		4.500		07/01/39	2,081
	1,398		4.500		08/01/39	1,385
	3,362		4.500		09/01/39	3,331
	700		4.500		10/01/39	693
	484		4.500		11/01/39	480
	786		4.500		12/01/39	779
	2,184		4.500		01/01/40	2,165
	1,356		4.500		04/01/40	1,344
	2,215		4.500		05/01/40	2,194
	2,728		4.500		06/01/40	2,703
	8,325		4.000		06/01/40	8,055
	698		4.500		07/01/40	692
	198		4.500		08/01/40	196
	2,679		5.000		08/01/40	2,699
	487		4.500		11/01/40	482
	63,607		4.000		02/01/41	61,666
	11,454		4.500		02/01/41	11,335
	2,635		4.500		03/01/41	2,607
	3,533		4.500		04/01/41	3,497


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Federal Home Loan Mortgage Corp. – (continued)
$	4,709		4.500	%	05/01/41	$ 4,660
	8,150		4.500		06/01/41	8,067
	1,906		5.000		06/01/41	1,917
	59,138		5.000		07/01/41	59,607
	25,720		4.500		08/01/41	25,452
	25,498		4.500		09/01/41	25,266
	20,276		4.000		10/01/41	19,607
	6,246		4.000		11/01/41	6,027
	1,643		4.500		12/01/41	1,626
	23,138		4.500		03/01/42	22,896
	181,539		4.000		03/01/42	174,916
	11,562		3.000		05/01/42	10,548
	135,531		3.500		06/01/42	127,580
	227,231		4.500		06/01/42	225,296
	41,753		3.000		08/01/42	38,251
	28,169		3.500		08/01/42	26,386
	96,559		3.500		10/01/42	90,314
	18,757		3.000		10/01/42	17,149
	52,397		3.500		11/01/42	49,062
	243,652		3.000		11/01/42	223,666
	419,188		3.000		12/01/42	384,708
	746,293		3.000		01/01/43	686,759
	98,995		3.000		02/01/43	90,228
	343,428		4.000		08/01/43	332,411
	155,915		4.000		01/01/44	150,844
	205,027		3.500		02/01/44	192,464
	205,943		3.500		06/01/44	193,514
	3,097		4.000		11/01/44	2,983
	23,973		3.500		02/01/45	22,443
	45,513		3.500		03/01/45	42,566
	5,604		3.500		08/01/45	5,219
	7,738		3.500		09/01/45	7,222
	13,431		3.500		11/01/45	12,498
	109,896		3.500		03/01/46	102,046
	183,635		3.500		05/01/46	170,426
	204,630		3.500		06/01/46	189,993
	92,184		3.500		07/01/46	85,497
	16,810		3.500		10/01/46	15,619
	14,561		3.500		12/01/46	13,520
	5,054,620		3.000		05/01/47	4,526,372
	146,221		3.500		12/01/47	135,863

						9,033,665

Federal National Mortgage Association – 2.6%
	479		6.500		11/01/28	481
	14,414		7.000		07/01/31	15,274
	406		7.000		08/01/31	428
	108,145		5.500		07/01/33	110,023
	40,481		3.500		07/01/42	37,800
	36,195		3.500		08/01/42	33,849
	22,488		3.500		09/01/42	21,037
	3,064		3.500		10/01/42	2,865
	5,971		3.500		11/01/42	5,583
	3,387		3.500		01/01/43	3,162
	75,919		3.500		02/01/43	70,915
	6,062		3.500		05/01/43	5,667
	355,785		3.500		07/01/43	331,701
	173,316		3.500		01/01/44	161,807

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Federal National Mortgage Association – (continued)
$	5,093		3.500	%	12/01/44	$ 4,710
	161,608		4.000		03/01/45	154,372
	67,467		4.000		04/01/45	64,457
	844,312		4.500		06/01/51	824,028
	2,081,132		4.000		07/01/56	1,947,087
	1,374,087		4.000		02/01/57	1,283,315
	1,437,518		5.500		10/01/55	1,452,110
	960,227		5.500		11/01/55	968,939

						7,499,610

Government National Mortgage Association – 30.5%
	555		7.000		12/15/27	555
	1,512		6.500		08/15/28	1,517
	9,578		6.000		01/15/29	9,649
	20,631		7.000		10/15/29	20,896
	105		6.500		01/15/32	106
	276		6.500		02/15/32	282
	5,816		5.500		11/15/32	5,904
	160,596		5.500		12/15/32	163,962
	2,829		5.500		01/15/33	2,858
	13,324		5.500		02/15/33	13,596
	11,963		5.500		03/15/33	12,188
	78,548		5.500		04/15/33	80,221
	13,997		5.500		07/15/33	14,243
	6,650		5.500		08/15/33	6,759
	1,781		5.500		09/15/33	1,806
	2,219		5.000		11/15/33	2,232
	7,018		5.500		04/15/34	7,130
	5,209		5.500		05/15/34	5,284
	74,544		5.500		06/15/34	76,390
	215		6.500		08/15/34	223
	54,209		5.500		09/15/34	55,617
	57,335		5.500		12/15/34	58,844
	42,405		5.500		01/15/35	43,544
	414		6.500		02/15/36	435
	888		6.500		03/15/36	931
	1,480		6.500		04/15/36	1,552
	3,437		6.500		05/15/36	3,613
	1,798		6.500		06/15/36	1,883
	10,836		6.500		07/15/36	11,398
	10,758		6.500		08/15/36	11,316
	22,506		6.500		09/15/36	23,686
	9,738		6.500		10/15/36	10,220
	14,249		6.500		11/15/36	14,988
	4,835		6.500		12/15/36	5,066
	2,196		6.500		01/15/37	2,310
	1,003		6.500		03/15/37	1,049
	1,658		6.500		04/15/37	1,749
	647		6.500		05/15/37	675
	2,709		6.500		09/15/37	2,836
	2,124		6.500		10/15/37	2,250
	1,665		6.500		11/15/37	1,743
	17,679		5.000		03/15/38	17,843
	1,179		6.500		05/15/38	1,229
	458		6.500		02/15/39	479
	93,427		5.000		01/20/40	93,915
	95,170		4.500		05/15/40	94,037
	82,736		5.000		07/15/40	83,476


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Government National Mortgage Association – (continued)
$	1,921		4.000	%	02/20/41	$ 1,846
	3,078		4.000		11/20/41	2,953
	522		4.000		01/20/42	501
	1,676		4.000		04/20/42	1,608
	106,577		3.500		09/15/42	99,846
	1,047		4.000		10/20/42	1,003
	115,026		4.000		08/20/43	110,028
	1,494		4.000		03/20/44	1,428
	1,831		4.000		05/20/44	1,750
	127,856		4.000		11/20/44	121,958
	120,932		3.500		02/15/45	109,686
	21,048		4.000		05/20/45	20,062
	573,672		4.000		06/20/45	546,732
	15,352		4.000		07/20/45	14,623
	26,882		4.000		10/20/45	25,591
	210,736		4.000		01/20/46	200,566
	336,704		4.500		03/20/46	330,705
	690,632		4.500		02/20/47	678,193
	139,769		4.500		03/20/47	137,364
	768,686		4.500		05/20/47	754,976
	131,918		4.500		06/20/47	129,565
	39,229		4.500		07/20/47	38,529
	371,943		4.500		08/20/47	365,309
	83,870		4.500		02/20/48	82,374
	44,760		5.000		08/20/48	45,071
	416,449		4.500		09/20/48	407,850
	1,187,071		5.000		11/20/48	1,194,575
	496,401		4.500		12/20/48	485,531
	734,932		5.000		12/20/48	739,118
	72,867		4.500		01/20/49	71,272
	451,539		5.000		01/20/49	453,830
	576,503		4.000		02/20/49	544,976
	235,216		4.500		02/20/49	229,992
	347,750		4.500		03/20/49	340,135
	281,031		5.000		03/20/49	282,632
	245,307		4.500		10/20/49	239,936
	1,527,717		3.000		11/20/49	1,361,944
	977,132		3.000		02/20/50	870,559
	320,447		3.000		03/20/50	285,468
	500,233		3.500		12/20/50	459,082
	101,648		3.500		01/20/51	93,286
	1,433,989		2.000		02/20/51	1,175,862
	770,504		3.000		07/20/51	683,064
	620,965		2.500		09/20/51	530,801
	884,552		2.500		11/20/51	758,664
	765,941		3.000		11/20/51	679,018
	649,570		3.000		12/20/51	576,868
	834,235		2.500		12/20/51	714,493
	1,429,867		2.000		02/20/52	1,172,655
	2,721,592		2.500		05/20/52	2,326,647
	2,094,394		4.500		08/20/52	2,035,582
	1,125,366		5.500		09/20/52	1,140,505
	2,551,216		4.500		10/20/52	2,475,729
	1,311,768		5.000		10/20/52	1,303,500
	737,271		3.500		02/20/53	676,620
	595,841		5.000		08/20/55	587,996
	1,626,817		5.000		02/20/56	1,611,581
	5,000,000		2.500		TBA-30yr^(g)	4,267,943

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Government National Mortgage Association – (continued)
$	7,000,000		2.000	%	TBA-30yr^(g)	$ 5,734,008
	5,000,000		3.500		TBA-30yr^(g)	4,488,086
	4,000,000		4.000		TBA-30yr^(g)	3,713,906
	8,000,000		5.000		TBA-30yr^(g)	7,886,223
	11,000,000		5.500		TBA-30yr^(g)	11,053,468
	18,000,000		6.000		TBA-30yr^(g)	18,332,922
	1,000,000		6.500		TBA-30yr^(g)	1,036,287

						87,817,366

Government National Mortgage Association (GNMA) – 0.9%
	2,824,281		3.000		03/20/52	2,509,688

Uniform Mortgage-Backed Security – 84.6%
	474,811		1.500		07/01/35	425,159
	111,221		1.500		08/01/35	99,591
	764,538		1.500		09/01/35	684,471
	1,144,824		1.500		10/01/35	1,024,755
	526,557		1.500		11/01/35	471,250
	583,014		1.500		12/01/35	521,688
	305,750		1.500		02/01/36	274,436
	70,188		4.500		07/01/36	69,810
	584,996		1.500		10/01/36	525,645
	2,813		4.500		12/01/36	2,798
	58,881		4.500		02/01/39	58,268
	1,940		4.500		03/01/39	1,922
	547		4.500		04/01/39	542
	2,728		4.500		05/01/39	2,703
	1,224		4.500		07/01/39	1,213
	2,210		4.000		08/01/39	2,136
	2,748		4.500		09/01/39	2,720
	4,468		4.500		10/01/39	4,422
	87,644		4.500		12/01/39	86,855
	10,540		4.500		02/01/40	10,443
	2,071		4.500		03/01/40	2,050
	25,847		4.500		04/01/40	25,581
	11,347		4.500		06/01/40	11,240
	55,637		4.500		09/01/40	55,064
	2,615		4.500		12/01/40	2,588
	32,419		4.500		01/01/41	32,084
	8,451		4.500		04/01/41	8,352
	5,437		4.500		05/01/41	5,374
	12,528		4.500		06/01/41	12,382
	12,194		4.500		07/01/41	12,052
	80,786		4.500		08/01/41	79,871
	50,615		4.500		09/01/41	50,024
	29,637		4.500		10/01/41	29,292
	46,603		3.500		10/01/41	43,871
	8,985		3.500		11/01/41	8,448
	35,715		4.500		11/01/41	35,299
	33,320		4.500		12/01/41	32,931
	25,663		4.500		01/01/42	25,363
	38,046		3.500		01/01/42	35,810
	3,878		3.500		02/01/42	3,632
	158,512		4.000		03/01/42	152,521
	2,171		4.500		03/01/42	2,150
	35,458		4.000		04/01/42	34,118
	3,824		4.500		04/01/42	3,781
	5,250		3.500		05/01/42	4,951


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	16,115		3.500	%	06/01/42	$ 15,154
	9,560		3.500		09/01/42	9,037
	35,395		3.000		09/01/42	32,329
	87,007		3.500		10/01/42	81,641
	4,493		3.000		11/01/42	4,110
	220,696		3.000		12/01/42	201,948
	32,261		3.500		12/01/42	30,303
	135,706		3.000		01/01/43	124,770
	34,009		3.000		02/01/43	31,330
	120,641		3.500		02/01/43	113,050
	617,264		3.000		03/01/43	565,039
	249,864		3.500		03/01/43	234,259
	721,363		3.000		04/01/43	659,674
	783,098		3.000		05/01/43	715,724
	177,691		2.500		05/01/43	157,285
	74,448		3.500		05/01/43	69,646
	38,654		3.000		06/01/43	35,248
	330,979		3.500		06/01/43	309,693
	491,604		3.000		07/01/43	448,655
	245,072		3.500		07/01/43	229,522
	22,288		3.500		08/01/43	20,823
	16,341		3.500		09/01/43	15,305
	30,226		3.500		01/01/44	28,347
	16,161		3.500		08/01/44	15,034
	20,348		3.500		09/01/44	19,037
	43,345		3.500		10/01/44	40,634
	16,673		5.000		12/01/44	16,772
	10,887		3.500		01/01/45	10,146
	112,455		4.000		02/01/45	107,834
	56,274		3.500		03/01/45	52,507
	335,404		4.500		04/01/45	330,934
	26,500		3.500		04/01/45	24,659
	40,392		4.500		05/01/45	39,840
	357,245		3.500		05/01/45	334,268
	811,044		4.500		06/01/45	798,426
	38,985		3.500		07/01/45	36,249
	6,205		3.500		11/01/45	5,758
	112,451		3.500		01/01/46	104,565
	61,154		4.000		03/01/46	58,461
	292,533		3.500		03/01/46	273,422
	45,855		3.500		04/01/46	42,798
	3,613		4.500		05/01/46	3,540
	249,941		3.500		05/01/46	231,895
	77,964		4.000		06/01/46	74,262
	120,339		4.500		06/01/46	117,894
	151,815		3.000		07/01/46	135,792
	163,129		4.000		07/01/46	155,383
	41,105		4.500		08/01/46	40,231
	23,362		4.000		08/01/46	22,253
	83,457		3.000		08/01/46	74,649
	359,307		3.000		09/01/46	321,386
	110,986		3.000		10/01/46	99,387
	74,710		4.000		10/01/46	71,163
	470,820		3.000		11/01/46	421,036
	204,904		3.000		12/01/46	183,278
	815,612		3.000		01/01/47	729,533
	413,686		4.500		02/01/47	407,250
	40,201		3.000		02/01/47	35,958

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	110,141		3.000	%	04/01/47	$ 98,345
	246,515		3.500		06/01/47	227,171
	521,632		4.500		11/01/47	510,019
	139,804		4.000		12/01/47	132,855
	135,248		4.000		01/01/48	128,525
	518,483		4.000		02/01/48	492,709
	3,864		4.500		02/01/48	3,765
	352,473		4.000		03/01/48	334,621
	199,332		4.500		05/01/48	194,831
	412,367		4.000		06/01/48	391,610
	335,548		3.500		06/01/48	309,218
	177,400		4.500		07/01/48	172,410
	128,087		4.000		08/01/48	121,520
	617,246		4.500		08/01/48	599,898
	255,936		4.500		09/01/48	248,737
	4,998		4.500		10/01/48	4,886
	1,449,060		5.000		11/01/48	1,455,436
	456,581		4.500		11/01/48	445,261
	204,210		4.500		12/01/48	198,275
	714,967		4.500		01/01/49	693,739
	255,142		4.500		02/01/49	247,579
	202,289		4.500		03/01/49	195,850
	2,707		4.500		05/01/49	2,638
	36,697		3.500		07/01/49	33,883
	2,193,391		3.000		09/01/49	1,954,662
	4,222		4.500		11/01/49	4,116
	271,045		4.500		01/01/50	263,167
	43,100		4.500		02/01/50	41,849
	497,270		3.000		03/01/50	442,077
	4,323,907		4.500		03/01/50	4,214,408
	320,934		4.500		04/01/50	311,305
	1,800,439		2.000		09/01/50	1,456,961
	309,308		4.500		09/01/50	301,483
	4,821,901		2.500		09/01/50	4,126,762
	5,566,168		2.000		10/01/50	4,502,343
	1,808,320		3.000		10/01/50	1,605,209
	2,415,831		2.000		11/01/50	1,953,266
	1,548,706		2.500		11/01/50	1,323,020
	810,294		2.500		01/01/51	682,590
	3,882,020		2.000		02/01/51	3,134,659
	1,547,151		2.500		02/01/51	1,307,021
	5,542,129		2.000		04/01/51	4,472,323
	10,453,497		2.000		05/01/51	8,430,115
	8,585,443		2.500		05/01/51	7,304,797
	6,668,760		2.500		07/01/51	5,684,667
	4,906,651		2.000		08/01/51	3,969,409
	1,369,464		2.500		09/01/51	1,167,758
	2,483,472		2.000		10/01/51	1,998,439
	1,546,457		2.000		11/01/51	1,243,888
	4,126,100		2.500		12/01/51	3,513,790
	3,780,634		2.000		12/01/51	3,040,048
	1,158,557		2.000		01/01/52	941,110
	2,413,504		2.000		02/01/52	1,940,096
	7,690,978		2.500		02/01/52	6,572,610
	1,927,077		2.000		03/01/52	1,565,991
	105,155		4.500		04/01/52	101,652
	2,917,781		2.000		04/01/52	2,371,061
	1,223,654		3.000		04/01/52	1,077,470


Principal Amount		Interest Rate			Maturity Date	Value

Mortgage-Backed Obligations – (continued)
Uniform Mortgage-Backed Security – (continued)
$	4,979,067		3.500	%	04/01/52	$ 4,581,632
	695,461		5.500		09/01/52	708,823
	1,382,123		3.000		09/01/52	1,209,234
	694,236		5.000		10/01/52	686,919
	2,342,300		4.500		10/01/52	2,262,959
	1,239,186		6.000		11/01/52	1,286,206
	2,323,846		4.500		11/01/52	2,244,914
	137,442		6.000		12/01/52	142,701
	1,477,361		4.500		05/01/53	1,437,305
	1,990,525		5.500		06/01/53	2,006,899
	2,116,360		6.000		06/01/53	2,167,436
	809,867		5.500		08/01/53	816,296
	780,795		6.500		08/01/53	813,099
	2,280,708		4.500		09/01/53	2,199,652
	3,617,986		6.000		10/01/53	3,707,991
	449,491		6.500		10/01/53	467,526
	1,832,355		6.500		11/01/53	1,919,330
	856,406		6.000		01/01/54	876,524
	2,606,012		2.500		01/01/54	2,192,229
	868,621		5.500		03/01/54	873,878
	3,570,227		6.000		04/01/54	3,686,851
	2,704,804		6.500		06/01/54	2,832,099
	2,197,523		6.000		06/01/54	2,267,179
	1,380,869		6.500		08/01/54	1,445,983
	723,201		6.500		09/01/54	757,755
	574,327		6.000		09/01/54	587,538
	2,239,511		5.500		10/01/54	2,252,562
	4,366,949		5.000		12/01/54	4,320,656
	860,268		6.000		12/01/54	884,781
	2,565,288		5.000		01/01/55	2,529,341
	4,287,937		5.500		03/01/55	4,322,229
	1,197,164		6.000		03/01/55	1,234,737
	852,445		5.500		06/01/55	864,162
	2,590,496		5.000		06/01/55	2,546,393
	1,901,116		6.000		08/01/55	1,954,099
	2,467,995		5.500		03/01/56	2,503,844
	1,277,216		6.000		03/01/56	1,312,811
	2,985,174		5.000		05/01/56	2,957,031
	6,000,000		2.000		TBA-30yr^(g)	5,353,907
	26,000,000		5.500		TBA-30yr^(g)	26,086,328
	14,000,000		6.000		TBA-30yr^(g)	14,301,874
	11,000,000		4.500		TBA-30yr^(g)	10,867,227
	10,000,000		6.500		TBA-30yr^(g)	10,342,969

						243,626,594

TOTAL FEDERAL AGENCIES						$ 351,156,284

TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $402,844,970)						$ 393,415,154



Asset-Backed Securities^(d)(e)– 2.3%
Collateralized Loan Obligations – 2.3%
Aligned Data Centers Issuer LLC Series 2026-1A, Class A2I
$	300,000		5.909	%	06/15/56	$ 300,668

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Asset-Backed Securities^(d)(e)– (continued)
Collateralized Loan Obligations – (continued)
ARES XLI CLO Ltd. Series 2016-41A, Class A1R3^(b)(3 mo. USD Term SOFR + 1.260%)
$	1,050,000		4.875	%	04/15/39	$ 1,050,705
Bain Capital Credit CLO Ltd. Series 2019-1A, Class DR3^(b)(3 mo. USD Term SOFR + 2.700%)
	565,000		6.375		04/19/34	562,715
BlueMountain CLO XXXIII Ltd. Series 2021-33A, Class BR^(b)(3 mo. USD Term SOFR + 1.700%)
	500,000		5.375		10/20/38	502,430
CBAMR Ltd. Series 2021-14A, Class A1R^(b)(3 mo. USD Term SOFR + 1.280%)
	290,000		4.955		10/20/38	290,118
CIFC Funding Ltd. Series 2022-4A, Class DR^(b)(3 mo. USD Term SOFR + 2.700%)
	1,000,000		6.380		07/16/35	990,015
Elmwood CLO 27 Ltd. Series 2024-3A, Class A1R^(b)(3 mo. USD Term SOFR + 1.240%)
	1,275,000		4.886		04/18/39	1,276,657
Halseypoint CLO 7 Ltd. Series 2023-7A, Class A1R^(b)(3 mo. USD Term SOFR + 1.450%)
	750,000		5.125		07/20/38	751,602
Invesco U.S. CLO Ltd. Series 2023-3A, Class BR^(b)(3 mo. USD Term SOFR + 1.750%)
	800,000		5.423		07/15/38	802,496
Sunnova Hestia I Issuer LLC Series 2023-GRID1, Class 1A
	84,789		5.750		12/20/50	82,704

						6,610,110

TOTAL ASSET-BACKED SECURITIES (Cost $6,616,441)						$ 6,610,110



U.S. Treasury Obligations – 2.9%
U.S. Treasury Bonds
$	570,000		5.000	%	05/15/46	$ 574,453
	530,000		4.750		05/15/55	514,183
	540,000		4.750		08/15/55	524,138
U.S. Treasury Inflation-Indexed Bonds
	1,143,530		1.500		02/15/53	869,217
U.S. Treasury Notes
	556,200		4.375		11/30/28	558,764
	2,700,000		4.125		06/30/31	2,690,508


Principal Amount		Interest Rate			Maturity Date	Value

U.S. Treasury Obligations – (continued)
U.S. Treasury Notes – (continued)
$	2,730,000		4.250	%	06/30/33	$ 2,719,762

TOTAL U.S. TREASURY OBLIGATIONS (Cost $8,510,867)						$ 8,451,025


Shares		Dividend Rate				Value

Investment Company^(h)– 0.0%
Goldman Sachs Central Government Fund — Institutional Shares
	865		3.703%			$ 865
(Cost $865)

TOTAL INVESTMENTS – 141.8% (Cost $417,973,143)						$ 408,477,154

OTHER ASSETS IN EXCESS OF LIABILITIES – (41.8)%						(120,471,502)

NET ASSETS – 100.0%						$ 288,005,652


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

(a)		Interest Only Inverse Floaters.

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on June 30, 2026.

(c)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

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

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

(f)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on June 30, 2026.

(g)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $123,465,148 which represents approximately 43.1% of net assets as of June 30, 2026.

(h)		Represents an affiliated issuer.

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At June 30, 2026, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)		Settlement Date		Principal Amount		Value

Government National Mortgage Association		4.500	%		TBA - 30yr		07/20/26	$	(3,000,000)	$	(2,880,209)
Uniform Mortgage-Backed Security		2.500			TBA - 30yr		07/13/26		(1,000,000)		(835,352)
Uniform Mortgage-Backed Security		3.000			TBA - 30yr		07/13/26		(14,000,000)		(12,209,532)
Uniform Mortgage-Backed Security		3.500			TBA - 30yr		07/13/26		(20,000,000)		(18,155,468)
Uniform Mortgage-Backed Security		4.000			TBA - 30yr		07/13/26		(2,000,000)		(1,868,516)
Uniform Mortgage-Backed Security		4.500			TBA - 30yr		07/13/26		(13,000,000)		(12,459,179)
Uniform Mortgage-Backed Security		1.500			TBA - 15yr		07/16/26		(2,000,000)		(1,782,238)
Uniform Mortgage-Backed Security		5.000			TBA - 30yr		07/13/26		(5,000,000)		(4,912,695)
Uniform Mortgage-Backed Security		7.000			TBA - 30yr		07/15/26		(1,000,000)		(1,055,710)

(PROCEEDS RECEIVED: $(55,981,602))										$	(56,158,899)

(a)

FUTURES CONTRACTS — At June 30, 2026, 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	101	09/21/26	$	11,098,953		$	15,794
Ultra 10-Year U.S. Treasury Notes	26	09/21/26		2,924,188			12,826

Total						$	28,620

Short position contracts:
2 Year U.S. Treasury Notes	(75)	09/30/26		(15,459,961	)		3,834
3 Month SOFR	(57)	03/16/27		(13,674,300	)		(7,008	)
5 Year U.S. Treasury Notes	(72)	09/30/26		(7,707,375	)		(1,149	)
Ultra Long U.S. Treasury Bonds	(8)	09/21/26		(929,250	)		(1,407	)

Total						$	(5,730	)

TOTAL FUTURES CONTRACTS						$	22,890

SWAP CONTRACTS — At June 30, 2026, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


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

3.429%^(b)	12M SOFR^(b)	04/22/28	$	2,740	$	15,968		$	11,294		$	4,674
3.416^(b)	12M SOFR^(b)	04/22/28		3,370		20,072			8,134			11,938
3.927^(c)	12M SOFR^(c)	06/30/28		3,120		5,030			(838	)		5,868
12M SOFR^(c)	4.021%^(c)	06/30/28		440		(28	)		(17	)		(11	)
2.500^(d)	12M CDOR^(d)	09/16/28	CAD	430		1,238			1,608			(370	)
3.979^(c)	12M SOFR^(c)	11/30/30	$	550		(1,398	)		(122	)		(1,276	)
12M SOFR^(c)	3.584^(c)	04/22/32		4,960		(69,865	)		(65,833	)		(4,032	)
12M SOFR^(c)	3.592^(c)	04/22/32		4,050		(55,559	)		(75,569	)		20,010
3.976^(c)	12M SOFR^(c)	04/30/33		3,510		(7,645	)		(763	)		(6,882	)

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


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

3.894%^(c)		12M SOFR^(c)		04/22/37	$	2,760	$	34,791		$	28,975		$	5,816
3.893^(c)		12M SOFR^(c)		04/22/37		2,290		28,983			32,308			(3,325	)
12M SOFR^(c)		4.629%^(c)		04/14/41		5,210		11,063			(2,213	)		13,276
12M SOFR^(c)		4.688^(c)		04/14/41		2,800		10,876			923			9,953
4.048^(c)		12M SOFR^(c)		04/13/56		4,800		(2,214	)		5,081			(7,295	)
4.114^(c)		12M SOFR^(c)		04/13/56		2,600		(7,197	)		(673	)		(6,524	)

TOTAL							$	(15,885	)	$	(57,705	)	$	41,820

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to June 30, 2026.

(b)

Payments made at maturity.

(c)

Payments made annually.

(d)

Payments made semi-annually.



Currency Abbreviations:
CAD		— Canadian Dollar
USD		— U.S. Dollar

Investment Abbreviations:
CLO		— Collateralized Loan Obligation
CMT		— Constant Maturity Treasury Indexes
GNMA		— Government National Mortgage Association
LLC		— Limited Liability Company
MTA		— Monthly Treasury Average
MTN		— Medium Term Note
PI		— Private Investment
REMICS		— Real Estate Mortgage Investment Conduits
RFUCC		— Refinitive USD IBOR Consumer Cash Fallbacks 1 year
SOFR		— Secured Overnight Financing Rate
STACR		— Structured Agency Credit Risk

Abbreviations:
CDOR		— Canadian Dollar Offered Rate
SOFR		— Secured Overnight Financing Rate



(h)		All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

(i)		Represents an affiliated issuer.

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