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GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

Schedule of Investments

June 30, 2026 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – 87.0%
Angola^(a)(b) – 1.0%
Azule Energy Finance PLC (NR/B2)
$		200,000		8.125	%	01/23/30	$ 200,890

Argentina^(a) – 4.0%
Arcor SAIC (NR/NR)
		80,000		7.600	^(b)	07/31/33	82,800
Pluspetrol SA (NR/B1)
		80,000		8.500	^(b)	05/30/32	83,153
Tecpetrol SA (NR/B1)
		40,000		7.625	^(b)	11/03/30	41,220
Telecom Argentina SA (NR/B2)
		80,000		8.500	^(b)	01/20/36	83,800
Telecom Argentina SA (NR/NR)
		90,000		9.250	^(b)	05/28/33	96,066
Vista Energy Argentina SAU (NR/NR)^(b)
		70,000		8.500		06/10/33	74,676
		70,000		7.875		04/08/38	72,324
YPF SA (B/B2)
		60,000		8.250	^(b)	01/17/34	62,775
		10,000		8.250		01/17/34	10,462
YPF SA (NR/B2)
		190,000		9.500	^(b)	01/17/31	201,400

							808,676

Australia^(a)(b) – 0.5%
Santos Finance Ltd. (BBB-/Baa3)
		100,000		5.750		11/13/35	100,703

Brazil – 7.6%
Acu Petroleo Luxembourg SARL (NR/Ba1)
		210,909		7.500	^(a)	07/13/35	216,709
MC Brazil Downstream Trading SARL (NR/B1)
		175,558		7.250		06/30/31	165,455
MV24 Capital BV (NR/Baa3)
		268,840		6.748		06/01/34	267,899
Oceanica Lux (NR/B3)
		200,000		_11.250	(a)(b)	05/08/31	202,058
Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%)
		289,594		9.500	^(a)(c)	06/30/31	291,187
St. Mary’s Cement, Inc. (BBB/Baa3)
		200,000		5.750	^(a)(b)	04/02/34	204,418
Vale Overseas Ltd. (BB+/Baa3) (5 yr. CMT + 2.431%)
		200,000		6.000	^(a)(b)(d)	02/25/56	199,498

							1,547,224

Chile^(a) – 3.3%
ATP Tower Holdings/Andean Telecom Partners Chile SpA/Andean Tower Partners C (BB-/Ba3)
		200,000		7.875	^(b)	02/03/30	206,138
Banco del Estado de Chile (BBB-/Baa3) (5 yr. CMT + 3.228%)
		200,000		7.950	^(b)(d)	05/02/29	211,700
Latam Airlines Group SA (BBB-/Ba2)
		200,000		7.875	^(b)	04/15/30	208,100
		20,000		7.875		04/15/30	20,810
		30,000		7.625	^(b)	01/07/31	31,146

							677,894


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
China^(a) – 0.9%
Prosus NV (BBB/Baa2)
$		200,000		3.680	%	01/21/30	$ 191,290

Colombia^(a) – 4.6%
Ecopetrol SA (BB-/Ba2)
		200,000		8.625		01/19/29	212,530
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA (BB+/Ba3)
		195,465		5.375		12/30/30	184,177
Grupo Nutresa SA (NR/Baa3)
		330,000		8.000	^(b)	05/12/30	349,412
Promigas SA ESP/Gases del Pacifico SAC (NR/Ba1) (5 yr. CMT + 3.632%)
		200,000		_7.750	(b)(d)	06/24/56	203,208

							949,327

Dominican Republic^(a)(b) – 1.3%
Aeropuertos Dominicanos Siglo XXI SA (NR/Ba1)
		260,000		7.000		06/30/34	271,341

Ecuador^(a)(b) – 1.1%
Corp. Quiport SA (B/NR)
		200,000		9.000		12/15/37	219,500

Ghana^(a) – 1.3%
Kosmos Energy Ltd. (CCC/Caa2u)
		240,000		7.500		03/01/28	227,976
Tullow Holdco 2 Ltd. (CCC+/Caa2)
		48,008		15.000	^(b)(c)	11/15/28	47,718

							275,694

Guatemala^(a) – 2.0%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2)
		200,000		5.250		04/27/29	196,800
Industrial Subordinated Trust 2 0 (BB-/NR) (5 yr. CMT + 2.864%)
		200,000		_6.550	(b)(d)	04/15/36	202,444

							399,244

Hong Kong^(a) – 1.3%
Melco Resorts Finance Ltd. (BB-/Ba3)
		260,000		5.625		07/17/27	259,480

Hungary^(a)(d) – 1.0%
OTP Bank Nyrt (BB/Ba1) (5 yr. CMT + 5.060%)
		200,000		8.750		05/15/33	209,938

India^(a) – 5.6%
Adani Ports & Special Economic Zone Ltd. (BBB/Baa3)
		200,000		4.200		08/04/27	197,936
Continuum Energy Aura Pte. Ltd. (BB-/NR)
		200,000		9.500		02/24/27	201,000
IRB Infrastructure Developers Ltd. (NR/Ba2)
		200,000		7.110	^(b)	03/11/32	202,640
JSW Hydro Energy Ltd. (NR/Ba1)
		135,500		4.125		05/18/31	126,049
JSW Infrastructure Ltd. (NR/Ba1)
		200,000		4.950		01/21/29	198,065

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
India^(a) – (continued)
Vedanta Resources Finance II PLC (BB-/NR)
$		200,000		11.250	%^(b)	12/03/31	$ 222,852

							1,148,542

Indonesia – 1.5%
LLPL Capital Pte. Ltd. (NR/Baa3)
		168,450		6.875		02/04/39	170,993
Minejesa Capital BV (NR/Baa3)
		129,800		4.625		08/10/30	127,918

							298,911

Ivory Coast^(a)(b) – 1.0%
Endeavour Mining PLC (BB-/NR)
		200,000		7.000		05/28/30	204,034

Jamaica^(a)(b) – 2.0%
Digicel International Finance Ltd./Difl U.S. LLC (B/B1)
		200,000		8.625		08/01/32	206,125
Kingston Airport Revenue Finance Ltd. (BB+/Ba3)
		199,793		6.750		12/15/36	200,894

							407,019

Kuwait^(a)(b)(d) – 1.3%
NBK Tier 1 Ltd. (NR/Baa3) (6 yr. CMT + 2.403%)
		260,000		6.375		01/10/31	260,894

Macau^(a) – 1.3%
Wynn Macau Ltd. (BB-/B1)
		270,000		5.500		10/01/27	268,650

Malaysia^(a) – 0.9%
GENM Capital Labuan Ltd. (BBB-/NR)
		200,000		3.882		04/19/31	180,200

Mexico – 9.4%
Banco Mercantil del Norte SA (BB-/Ba3) (5 yr. CMT + 3.734%)
		200,000		8.000	(a)(b)(d)	01/24/33	200,300
Banco Nacional de Comercio Exterior SNC (BB+/Ba1) (5 yr. CMT + 1.956%)
		200,000		6.000	^(a)(b)(d)	05/14/36	197,500
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%)
		200,000		5.125	^(a)(d)	01/18/33	196,080
Becle SAB de CV (BBB-/NR)
		250,000		2.500	^(a)	10/14/31	214,510
Cemex SAB de CV (BBB-/NR)
		50,000		5.750	^(a)	06/05/36	49,825
Esentia Energy Development SAB de CV (BBB-/Baa3)
		210,000		6.125	^(a)(b)	07/30/33	209,643
Fibra Soma Trust F/6185 (NR/Ba1)
		200,000		4.375	^(a)	07/22/31	181,538
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3)
		198,102		7.250	^(a)	01/31/41	200,702
Mexico City Airport Trust (BBB/Baa3)
		200,000		5.500	^(a)	07/31/47	171,270


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Mexico – (continued)
Petroleos Mexicanos (BBB/B1)
$		30,000		6.500	%	01/23/29	$ 30,622
		20,000		8.750	^(a)	06/02/29	21,376
		70,000		6.840	^(a)	01/23/30	71,890
		180,000		5.950	^(a)	01/28/31	178,038

							1,923,294

Moldova^(a)(b) – 0.8%
Aragvi Finance International DAC (B/NR)
		200,000		11.125		11/20/29	154,000

Mongolia^(a) – 1.0%
Mongolian Mining Corp. (NR/B2)
		200,000		8.440		04/03/30	203,738

Morocco^(a) – 3.1%
OCP SA (BBB-/Baa3)
		200,000		6.750		05/02/34	210,370
		260,000		5.125		06/23/51	209,625
Vivo Energy Investments BV (BB+/Ba1)
		210,000		5.125		09/24/27	207,255

							627,250

Nigeria – 4.5%
Access Bank PLC (NR/B3)
		370,000		6.125		09/21/26	369,537
Dangote Fertiliser Ltd. (NR/NR)
		200,000		7.750	^(a)(b)	05/05/31	201,500
SEPLAT Energy PLC (B+/NR)
		330,000		9.125	^(a)(b)	03/21/30	348,150

							919,187

Norway^(a) – 1.0%
DNO ASA (NR/NR)
		200,000		8.500		03/27/30	207,074

Panama^(a) – 3.5%
Aeropuerto Internacional de Tocumen SA (BBB-/Baa3)
		200,000		5.125		08/11/61	168,776
AES Panama Generation Holdings SRL (NR/Baa3)
		370,276		4.375		05/31/30	350,009
Telecomunicaciones Digitales SA (NR/Ba2)
		200,000		4.500		01/30/30	190,786

							709,571

Peru^(a) – 3.6%
Hunt Oil Co. of Peru LLC Sucursal Del Peru (NR/Ba1)
		210,000		7.750	^(b)	11/05/38	227,272
Niagara Energy SAC (BBB-/Baa3)
		200,000		5.746		10/03/34	200,902
SAN Miguel Industrias Pet SA/NG PET R&P Latin America SA (NR/Ba2)
		320,000		3.750		08/02/28	306,330

							734,504

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Philippines^(a)(d) – 1.2%
San Miguel Global Power Holdings Corp. (NR/NR) (5 yr. CMT + 7.732%)
$		250,000		8.750	%	06/12/29	$ 253,675

South Africa – 2.0%
Bidvest Group U.K. PLC (NR/Ba2)
		200,000		6.200	^(a)(b)	09/17/32	201,000
Transnet (B+/Ba3)
		200,000		8.250		02/06/28	207,640

							408,640

Turkey – 7.8%
Akbank TAS (NR/Ba3)
		210,000		7.498	^(b)	01/20/30	215,974
Akbank TAS (NR/NR) (5 yr. CMT + 4.221%)
		200,000		_7.950	(a)(b)(d)	02/19/31	193,600
Limak Cimento Sanayi ve Ticaret AS (NR/B2)
		200,000		9.750	^(a)	07/25/29	202,220
Limak Iskenderun Uluslararasi Liman Isletmeciligi AS (NR/B3)
		257,267		9.500	^(a)	07/10/36	261,126
Mersin Uluslararasi Liman Isletmeciligi AS (BB/NR)
		200,000		8.250	^(a)(b)	11/15/28	205,250
Turkiye Garanti Bankasi AS (NR/B1) (5 yr. CMT + 4.090%)
		200,000		8.375	^(a)(b)(d)	02/28/34	204,346
Yapi ve Kredi Bankasi AS (NR/NR)
		310,000		7.250	^(b)	03/03/30	313,565

							1,596,081

United Arab Emirates^(a)(b)(d) – 0.9%
Aldar Properties PJSC (NR/Baa3) (5 yr. CMT + 2.018%)
		200,000		5.875		04/14/56	189,014

United Kingdom^(a)(b) – 1.0%
Avianca Midco 2 PLC (NR/B1)
		200,000		9.500		01/28/31	196,675

Uzbekistan^(b) – 2.1%
Navoi Mining & Metallurgical Co. (BB/NR)
		200,000		6.950		10/17/31	211,000
Uzbek Industrial & Construction Bank ATB (BB-/NR)
		200,000		8.950		07/24/29	215,437

							426,437

Vietnam^(a) – 0.6%
Mong Duong Finance Holdings BV (NR/Ba2)
		128,566		5.125		05/07/29	126,751

Zambia^(a)(b) – 1.0%
First Quantum Minerals Ltd. (B/NR)
		200,000		6.375		02/15/36	196,088

TOTAL CORPORATE OBLIGATIONS (Cost $17,091,378)							$17,751,430


	Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – 4.4%
Colombia^(a) – 1.0%
Colombia Government International Bonds (BB-/Baa3)
$		200,000		5.375	%	01/21/29	$ 199,620

Ivory Coast^(b) – 1.1%
Ivory Coast Government International Bonds (BB/Ba2)
		200,000		8.075		04/01/36	219,588

Nigeria – 1.1%
Nigeria Government International Bonds (B/B3)
		200,000		8.747		01/21/31	214,320

Romania^(b) – 0.8%
Romania Government International Bonds (BBB-/Baa3)
EUR		10,000		4.625		03/04/33	11,078
$		120,000		6.625		05/16/36	122,730
		30,000		5.750		07/04/36	28,733

							162,541

Sri Lanka^(e) – 0.2%
Sri Lanka Government International Bonds (NR/Caa1)
		50,000		3.350		03/15/33	47,875

Venezuela^(f) – 0.2%
Venezuela Government International Bonds (NR/Cu)
		40,000		11.750		10/21/26	21,850
		57,000		9.250		05/07/28	27,431

							49,281

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $853,358)							$ 893,225



U.S. Treasury Obligations – 3.7%
U.S. Treasury Bonds
$		50,000		4.625	%	02/15/46	$ 48,008
U.S. Treasury Notes
		240,000		3.875		04/30/31	236,569
		240,000		4.250		06/30/33	239,100
		230,000		4.125		06/30/31	229,191

TOTAL U.S. TREASURY OBLIGATIONS (Cost $754,102)							$ 752,868


Shares			Dividend Rate				Value

Investment Company^(g) – 0.9%
Goldman Sachs Central Government Fund — Institutional Shares
		195,968		3.703	%		$ 195,968
(Cost $195,968)

TOTAL INVESTMENTS – 96.0% (Cost $18,894,806)							$19,593,491

OTHER ASSETS IN EXCESS OF LIABILITIES – 4.0%							819,565

NET ASSETS – 100.0%							$20,413,056

GOLDMAN SACHS EMERGING MARKETS CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)



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

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

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

(c)		Pay-in-kind securities.



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

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

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

(g)		Represents an affiliated issuer.

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		4		09/21/26	$	439,563		$	2,199
2 Year U.S. Treasury Notes		6		09/30/26		1,236,797			(388	)
20 Year U.S. Treasury Bonds		4		09/21/26		454,000			7,789
Ultra Long U.S. Treasury Bonds		4		09/21/26		464,625			9,232

Total								$	18,832

Short position contracts:
3 Month SOFR		(6)		03/16/27		(1,439,400	)		(738	)
5 Year U.S. Treasury Notes		(10)		09/30/26		(1,070,469	)		(1,513	)

Total								$	(2,251	)

TOTAL FUTURES CONTRACTS								$	16,581

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)

6M EURO^(b)	2.250%^(c)		09/16/28		EUR 160	$	(1,657)		$	(2,164	)	$	507
2.500%^(c)	6M EURO^(b)		09/16/31		90		1,156			1,516			(360	)
2.750^(c)	6M EURO^(b)		09/16/33		100		431			1,091			(660	)
6M EURO^(b)	2.750^(c)		09/16/36		130		(2,290	)		(3,510	)		1,220
3.000^(c)	6M EURO^(b)		09/16/41		110		1,287			2,937			(1,650	)

TOTAL						$	(1,073	)	$	(130	)	$	(943	)

(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 semi-annually.

(c)

Payments made annually.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – 70.3%
Angola – 1.7%
Angola Government International Bonds (B-/B3)
$	620,000		8.000	%	11/26/29	$ 631,377
	1,430,000		9.244		01/15/31	1,483,267
	910,000		9.244	^(a)	01/15/31	943,897
	450,000		8.750	^(a)	04/14/32	454,433
	940,000		9.375	^(a)	03/31/33	959,984
	290,000		9.875		10/15/35	302,363
	650,000		9.875	^(a)	10/15/35	677,710
	440,000		9.875	^(a)	03/31/37	453,475
Angola Government International Bonds (NR/B3)
	990,000		9.375		05/08/48	950,113

						6,856,619

Argentina^(b)– 3.2%
Argentina Republic Government International Bonds (B-/NR)
EUR	84,062		0.500		07/09/29	87,500
$	1,973,031		0.750	^(c)	07/09/30	1,746,419
	7,125,877		4.125	^(c)	07/09/35	5,707,827
	4,241,111		5.000	^(c)	01/09/38	3,543,448
	2,574,455		3.500	^(c)	07/09/41	1,926,980

						13,012,174

Azerbaijan – 0.4%
Republic of Azerbaijan International Bonds (NR/Baa3)
	1,900,000		3.500		09/01/32	1,773,669

Bahamas^(a)– 0.1%
Bahamas Government International Bonds (BB-/Ba3)
	540,000		8.250		06/24/36	606,063

Bahrain – 0.8%
Bahrain Government International Bonds (B/B2u)
	560,000		5.625	^(a)	09/30/31	530,594
	1,060,000		5.625		09/30/31	1,004,339
	230,000		5.450		09/16/32	213,613
	820,000		5.450	^(a)	09/16/32	761,575
Bahrain Government International Bonds (B/NR)
	990,000		5.625		05/18/34	901,811

						3,411,932

Benin – 0.7%
Benin Government International Bonds (BB-/B1)
	450,000		7.960	^(a)	02/13/38	477,371
	520,000		7.960		02/13/38	551,629
Benin Government International Bonds (BB-/B1u)
	430,000		8.375	^(a)	01/23/41	464,400
	320,000		8.375		01/23/41	345,600
Benin Government International Bonds (BB-/NR)
EUR	530,000		4.875	^(a)	01/19/32	592,407
Benin Sukuk SA (BB-/B1)
$	460,000		6.200	^(a)	01/29/33	446,554

						2,877,961

Bolivia^(a)(b)– 0.1%
Bolivia Government International Bonds (CCC+/NR)
	280,000		9.450		05/14/31	286,566


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Brazil – 2.7%
Brazil Government International Bonds (BB/Ba1)
EUR	400,000		4.000	%	04/23/30	$ 457,611
$	710,000		6.250		03/18/31	733,430
EUR	551,000		4.875		04/23/33	633,501
$	1,290,000		6.000		10/20/33	1,299,288
	1,910,000		6.625		03/15/35	1,964,244
	875,000		6.250		05/22/36	867,475
	1,518,000		5.625		01/07/41	1,400,735
	985,000		4.750	^(b)	01/14/50	729,146
	710,000		7.125		05/13/54	713,461
	1,794,000		7.250		01/12/56	1,802,746
Brazil Government International Bonds (BB/WR)
EUR	384,000		5.500		04/23/36	442,543

						11,044,180

Chile^(b)– 1.0%
Chile Government International Bonds (A/A2)
$	600,000		4.350		04/13/31	589,350
	310,000		3.500		01/31/34	281,480
	550,000		4.340		03/07/42	486,612
	390,000		3.500		01/25/50	283,823
	890,000		4.000		01/31/52	700,572
	280,000		5.330		01/05/54	270,116
	1,434,000		3.100		01/22/61	901,656
	840,000		3.250		09/21/71	531,670

						4,045,279

Colombia^(b)– 3.5%
Colombia Government International Bonds (BB-/Baa3)
EUR	870,000		3.750		09/19/28	988,893
$	1,350,000		5.375		01/21/29	1,347,435
	570,000		4.500		03/15/29	554,895
	2,290,000		3.000		01/30/30	2,092,556
	2,810,000		3.125		04/15/31	2,488,957
	2,880,000		3.250		04/22/32	2,496,960
EUR	300,000		5.000		09/19/32	339,722
$	580,000		7.500		02/02/34	619,295
EUR	720,000		5.625		02/19/36	816,979
$	720,000		5.625		02/26/44	620,460
	1,380,000		5.000		06/15/45	1,102,965
	410,000		4.125		05/15/51	281,445
	950,000		3.875		02/15/61	614,413

						14,364,975

Congo – 0.6%
Congolese International Bonds (CCC+/NR)
	890,000		9.500		02/17/35	870,251
	1,860,000		9.500		05/26/36	1,796,760

						2,667,011

Costa Rica – 1.3%
Costa Rica Government International Bonds (BB/Ba2)
	1,250,000		6.125		02/19/31	1,286,538
	1,543,000		6.550	^(a)(b)	04/03/34	1,644,915
	470,000		5.625		04/30/43	452,746

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Costa Rica – (continued)
$	1,390,000		7.000	%	04/04/44	$ 1,516,768
	460,000		7.300	^(a)(b)	11/13/54	519,032

						5,419,999

Dominican Republic – 2.7%
Dominican Republic International Bonds (BB/Ba2)
	940,000		5.500	^(a)(b)	02/22/29	940,705
	610,000		5.500	^(b)	02/22/29	610,457
	620,000		4.500	^(a)	01/30/30	599,385
	350,000		4.500		01/30/30	338,363
	150,000		7.050	^(b)	02/03/31	158,190
	1,520,000		7.050	^(a)(b)	02/03/31	1,602,992
	1,260,000		4.875		09/23/32	1,198,260
	490,000		5.750	^(a)(b)	03/17/34	483,140
	540,000		6.600	^(b)	06/01/36	563,571
	2,419,000		6.950	^(a)(b)	03/15/37	2,567,902
	490,000		6.150	^(a)(b)	05/17/38	486,220
	199,000		6.850		01/27/45	204,383
	360,000		6.400	^(a)	06/05/49	353,227
	440,000		7.150	^(b)	02/24/55	468,798
	840,000		5.875		01/30/60	741,877

						11,317,470

Ecuador – 2.2%
Ecuador Government International Bonds (B-/NR)
	596,124		0.000	^(a)(d)	07/31/30	513,844
	1,178,100		0.000	^(d)	07/31/30	1,015,493
	1,970,000		8.750	^(a)	01/29/34	1,991,473
	240,000		8.750		01/29/34	242,616
	1,302,467		6.900	^(a)(c)	07/31/35	1,194,453
	1,067,857		6.900	^(c)	07/31/35	979,300
	900,000		9.250	^(a)	01/29/39	922,050
	2,850,000		5.000	^(c)	07/31/40	2,389,809

						9,249,038

Egypt – 3.1%
Egypt Government International Bonds (B/Caa1)
	1,750,000		5.875		02/16/31	1,705,988
	1,100,000		7.300		09/30/33	1,099,230
	200,000		8.750		09/30/51	197,610
Egypt Government International Bonds (B/Caa1u)
	1,240,000		7.625		05/29/32	1,267,342
	700,000		7.625	^(a)	05/29/32	715,435
	710,000		8.700		03/01/49	702,222
	1,510,000		8.875	^(a)	05/29/50	1,508,852
Egypt Government International Bonds (B/NR)
	1,090,000		8.625	^(a)	02/04/30	1,165,308
	270,000		9.450	^(a)	02/04/33	299,396
	1,400,000		9.450		02/04/33	1,552,425
	870,000		7.625	^(a)	05/20/34	878,030
Egypt Government International Bonds (NR/Caa1)
	210,000		8.500		01/31/47	205,554
Egyptian Financial Co. for Sovereign Taskeek (B/NR)^(a)
	740,000		6.375		04/07/29	748,355


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Egypt – (continued)
$	580,000		7.950	%	10/07/32	$ 609,371

						12,655,118

El Salvador – 1.2%
El Salvador Government International Bonds (B-/B3)^(b)
	470,000		9.650	^(a)	11/21/54	539,621
	590,000		9.650		11/21/54	677,397
El Salvador Government International Bonds (B-/B3u)
	370,000		8.625		02/28/29	389,991
	710,000		8.250		04/10/32	756,981
	610,000		7.650		06/15/35	629,918
	410,000		7.625		02/01/41	414,561
	830,000		7.125	^(b)	01/20/50	769,036
	310,000		9.500	^(a)(b)	07/15/52	349,234
El Salvador Government International Bonds (B-/NR)
	240,000		9.250	^(b)	04/17/30	258,510

						4,785,249

Ghana – 1.2%
Ghana Government International Bonds (B-/Caa1)
	75,224		0.000	^(a)(d)	07/03/26	75,171
	1,159,835		5.000	^(a)(c)	07/03/29	1,143,377
	665,000		5.000	^(c)	07/03/29	654,792
	303,632		0.000	^(a)(d)	01/03/30	270,992
	1,782,244		5.000	^(a)(c)	07/03/35	1,653,441
	1,350,000		5.000	^(c)	07/03/35	1,252,436

						5,050,209

Guatemala^(b)– 1.4%
Guatemala Government Bonds (BB+/Ba1)
	216,000		5.250	^(a)	08/10/29	215,476
	470,000		5.250		08/10/29	468,860
	440,000		4.900		06/01/30	434,764
	220,000		6.050	^(a)	08/06/31	226,428
	703,000		5.375		04/24/32	703,886
	430,000		7.050		10/04/32	463,755
	350,000		7.050	^(a)	10/04/32	377,475
	1,890,000		6.250	^(a)	08/15/36	1,972,574
	200,000		6.550	^(a)	02/06/37	212,970
	440,000		6.125	^(a)	06/01/50	441,144
	381,000		6.125		06/01/50	381,991

						5,899,323

Hungary – 2.6%
Hungary Government Bonds (NR/NR)
HUF	155,700,000		7.000		10/24/35	569,768
	176,390,000		6.250		09/23/37	623,184
Hungary Government International Bonds (BBB-/Baa2)
$	440,000		5.250	^(a)	06/16/29	445,225
	200,000		5.375	^(a)	09/26/30	202,951
	1,360,000		6.250	^(a)	09/22/32	1,439,356
	2,600,000		5.500		06/16/34	2,642,900
	1,003,000		5.500	^(a)	03/26/36	1,008,968
	1,310,000		5.500		03/26/36	1,317,794
	2,000,000		3.125		09/21/51	1,286,260

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Hungary – (continued)
$	580,000		6.750	%^(a)	09/25/52	$ 633,331
	200,000		6.750		09/25/52	218,390
	490,000		6.750	^(a)	09/23/55	534,796

						10,922,923

Indonesia – 1.1%
Indonesia Government International Bonds (BBB/Baa2)
EUR	960,000		4.100	^(b)	03/04/34	1,080,443
$	200,000		5.600	^(b)	01/15/35	203,000
	590,000		4.900	^(b)	04/16/36	567,875
	926,000		6.625		02/17/37	1,008,136
	450,000		4.625		04/15/43	400,140
	420,000		4.200		10/15/50	329,175
	1,490,000		3.350		03/12/71	911,746

						4,500,515

Iraq^(b)– 0.3%
Iraq International Bonds (NR/NR)
	1,087,500		5.800		01/15/28	1,077,645

Ivory Coast – 1.4%
Ivory Coast Government International Bonds (BB/Ba2)
	241,454		6.375		03/03/28	244,028
	1,330,000		7.625		01/30/33	1,421,570
	1,000,000		6.125		06/15/33	992,000
	370,000		8.075	^(a)	04/01/36	406,238
	1,190,000		8.250		01/30/37	1,317,032
	1,380,000		6.750	^(a)	02/25/41	1,337,731

						5,718,599

Jamaica – 0.5%
Jamaica Government International Bonds (BB/Ba3)
	650,000		8.000		03/15/39	780,577
	1,130,000		7.875		07/28/45	1,358,698

						2,139,275

Jordan – 0.3%
Jordan Government International Bonds (BB-/Ba3)
	330,000		7.750		01/15/28	341,161
	390,000		7.500		01/13/29	407,355
	300,000		5.850	^(a)	07/07/30	303,705

						1,052,221

Kazakhstan^(a)– 0.1%
Kazakhstan Government International Bonds (BBB-/Baa1)
	617,000		5.000		07/01/32	619,159

Kenya – 1.3%
Republic of Kenya Government International Bonds (B/B3u)
	550,000		9.750	^(a)	02/16/31	598,125
	470,000		9.750		02/16/31	511,125
	1,090,000		6.300		01/23/34	1,001,045
	443,000		9.500	^(a)	03/05/36	469,948
	420,000		8.250		02/28/48	404,095
Republic of Kenya Government International Bonds (B/NR)^(a)
	720,000		7.875		10/09/33	724,658


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Kenya – (continued)
$	620,000		7.875	%	02/26/34	$ 616,900
	650,000		8.800		10/09/38	656,500
	240,000		8.700		02/26/39	237,960

						5,220,356

Lebanon^(e) – 0.3%
Lebanon Government International Bonds (D/NR)
	245,000		6.850		03/23/27	61,250
	173,000		6.650		11/03/28	43,510
	1,255,000		6.850		05/25/29	315,632
Lebanon Government International Bonds (NR/NR)
	270,000		6.750		11/29/27	67,500
	1,395,000		7.000		03/20/28	350,842
	953,000		7.150		11/20/31	243,492

						1,082,226

Mexico – 3.1%
Mexico Bonos (NR/NR)
MXN	64,000,000		8.500		03/01/29	3,712,878
Mexico Government International Bonds (BBB/Baa3)^(b)
$	441,000		4.750		04/27/32	424,255
	200,000		5.375		03/22/33	196,024
	760,000		5.625		02/09/34	747,992
	610,000		6.350		02/09/35	624,335
	550,000		5.625		09/22/35	534,572
	680,000		6.000		05/07/36	677,926
	1,060,000		6.250		08/27/37	1,059,046
	1,240,000		4.280		08/14/41	975,744
EUR	1,110,000		2.125		10/25/51	688,857
$	640,000		4.400		02/12/52	458,240
	1,250,000		6.338		05/04/53	1,167,500
	400,000		6.750		02/09/56	392,800
	915,000		3.771		05/24/61	548,634
	760,000		3.750		04/19/71	435,860

						12,644,663

Mongolia – 0.7%
Development Bank of Mongolia LLC (BB-/B1)
	340,000		6.900	^(a)	07/02/31	336,343
Mongolia Government International Bonds (BB-/B1u)
	500,000		3.500		07/07/27	489,125
	460,000		3.500	^(a)	07/07/27	449,995
	720,000		8.650	^(a)	01/19/28	754,200
	340,000		8.650		01/19/28	356,150
	200,000		7.875	^(a)	06/05/29	212,250
	400,000		4.450		07/07/31	374,000

						2,972,063

Morocco – 1.0%
Morocco Government International Bonds (BBB-/Ba1u)
	420,000		2.375	^(a)	12/15/27	405,510
	380,000		5.950	^(a)	03/08/28	386,304
EUR	100,000		1.500	^(a)	11/27/31	100,260
$	500,000		3.000		12/15/32	437,980
	490,000		3.000	^(a)	12/15/32	429,220

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Morocco – (continued)
$	280,000		6.500	%	09/08/33	$ 298,292
	1,380,000		4.000		12/15/50	989,060
Morocco Government International Bonds (BBB-/NR)
EUR	430,000		4.750	^(a)	05/26/34	500,270
$	510,000		5.500		12/11/42	484,787

						4,031,683

Nigeria – 2.8%
Nigeria Government International Bonds (B/B3)
	1,135,000		6.500		11/28/27	1,141,810
	1,320,000		6.125		09/28/28	1,319,340
	1,070,000		8.375		03/24/29	1,127,352
	1,258,000		7.143		02/23/30	1,278,443
	1,200,000		8.747		01/21/31	1,285,920
	600,000		9.625		06/09/31	667,200
	310,000		9.625	^(a)	06/09/31	344,720
	1,320,000		7.875		02/16/32	1,373,750
	310,000		10.375	^(a)	12/09/34	368,280
	690,000		7.696	^(a)	02/23/38	703,628
	520,000		7.625		11/28/47	509,600
	1,435,000		8.250		09/28/51	1,462,193

						11,582,236

Oman – 2.2%
Oman Government International Bonds (BBB-/Baa3)
	1,100,000		6.500		03/08/47	1,172,473
Oman Government International Bonds (NR/Baa3)
	740,000		6.750	^(a)	10/28/27	758,922
	490,000		5.625		01/17/28	495,807
	1,000,000		6.000		08/01/29	1,030,930
	850,000		6.250		01/25/31	893,563
	310,000		7.375	^(a)	10/28/32	350,461
	1,420,000		7.375		10/28/32	1,605,338
	1,420,000		6.750	^(a)	01/17/48	1,558,322
	250,000		6.750		01/17/48	274,353
	930,000		7.000		01/25/51	1,059,307

						9,199,476

Pakistan – 1.3%
Pakistan Government International Bonds (B-/Caa1)
	2,230,000		6.875		12/05/27	2,246,725
	500,000		7.875		03/31/36	499,757
Pakistan Government International Bonds (NR/Caa1)
	1,210,000		7.375		04/08/31	1,219,075
	600,000		8.875		04/08/51	606,525
Pakistan Water & Power Development Authority (B-/NR)
	620,000		7.500		06/04/31	605,198

						5,177,280

Panama^(b)– 2.2%
Panama Government International Bonds (BBB-/Baa3)
	570,000		3.160		01/23/30	536,152
	710,000		7.500		03/01/31	783,336
	1,380,000		2.252		09/29/32	1,161,891
	3,850,000		5.227		02/23/34	3,795,330


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Panama^(b)– (continued)
$	470,000		6.875	%	01/31/36	$ 512,949
	310,000		5.662		02/23/38	309,280
	800,000		4.500		04/16/50	641,550
	1,530,000		4.500		04/01/56	1,192,539
	201,000		3.870		07/23/60	138,811

						9,071,838

Paraguay^(b)– 1.3%
Paraguay Government International Bonds (BBB-/Baa3)
PYG	1,417,000,000		7.900		02/09/31	222,996
$	340,000		4.950	^(a)	04/28/31	340,378
	239,000		2.739	^(a)	01/29/33	212,024
	1,360,000		3.849		06/28/33	1,273,096
PYG	4,442,000,000		8.500		03/04/35	706,166
$	790,000		5.400		03/30/50	728,281
	480,000		6.650	^(a)	03/04/55	516,000
	1,090,000		6.650		03/04/55	1,171,750

						5,170,691

Peru – 0.9%
Peru Government International Bonds (BBB-/Baa1)
EUR	160,000		1.250	^(b)	03/11/33	156,843
$	840,000		5.375	^(b)	02/08/35	848,535
	620,000		5.500	^(b)	03/30/36	626,907
	190,000		6.550		03/14/37	207,955
	550,000		5.625		11/18/50	536,547
	1,360,000		2.780	^(b)	12/01/60	744,450
	1,430,000		3.230	^(b)(f)	07/28/21	793,664

						3,914,901

Poland – 0.6%
Republic of Poland Government International Bonds (A-/A2)
	640,000		4.875		02/12/30	648,288
	690,000		5.500	^(b)	04/04/53	652,443
	1,230,000		5.500	^(b)	03/18/54	1,170,431

						2,471,162

Romania – 3.3%
Romania Government International Bonds (BBB-/Baa3)
	710,000		6.625	^(a)	02/17/28	725,208
	450,000		6.625		02/17/28	459,639
EUR	250,000		3.624		05/26/30	280,383
$	680,000		5.750	^(a)	09/16/30	683,298
	560,000		3.000		02/14/31	501,273
	1,050,000		3.000	^(a)	02/14/31	939,886
EUR	260,000		5.375		03/22/31	307,664
$	20,000		3.625	^(a)	03/27/32	17,944
EUR	320,000		4.625	^(a)	03/04/33	354,491
	630,000		5.375	^(a)	06/07/33	727,044
$	1,240,000		6.375		01/30/34	1,257,360
	1,080,000		5.750		03/24/35	1,046,585
	1,700,000		6.625	^(a)	05/16/36	1,738,675
	50,000		6.625		05/16/36	51,137
	1,420,000		5.750	^(a)	07/04/36	1,360,005
EUR	800,000		6.750	^(a)	07/11/39	967,782

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Romania – (continued)
EUR	52,000		3.375	%	01/28/50	$ 38,883
$	1,340,000		4.000		02/14/51	909,820
	740,000		7.625	^(a)	01/17/53	812,616
	460,000		7.625		01/17/53	505,140

						13,684,833

Rwanda – 0.2%
Rwanda International Government Bonds (B+/B2)
	810,000		5.500		08/09/31	772,529

Saudi Arabia – 1.0%
Saudi Government International Bonds (NR/Aa3)
	810,000		4.500		10/26/46	673,677
	1,270,000		3.250		11/17/51	827,545
	910,000		5.000	^(a)	01/18/53	784,292
	900,000		5.000		01/18/53	775,674
	200,000		5.750		01/16/54	193,486
	960,000		3.750		01/21/55	667,776

						3,922,450

Senegal – 0.2%
Senegal Government International Bonds (CCC+/Caa1)
	430,000		7.750		06/10/31	230,394
	400,000		6.250		05/23/33	211,100
EUR	160,000		5.375		06/08/37	96,351
$	670,000		6.750		03/13/48	347,563

						885,408

Serbia – 1.0%
Serbia International Bonds (BBB-/Ba2)
	1,310,000		2.125		12/01/30	1,141,993
EUR	310,000		4.250	^(a)	05/06/31	354,652
	240,000		1.650		03/03/33	231,878
$	680,000		6.500	^(a)	09/26/33	718,481
	1,150,000		6.000		06/12/34	1,179,130
	390,000		5.500	^(a)	05/06/36	382,504
EUR	290,000		2.050		09/23/36	262,525

						4,271,163

South Africa – 2.8%
Republic of South Africa Government Bonds (BB+/Ba2)
ZAR	8,230,000		8.500		01/31/37	499,979
	4,910,000		9.000		01/31/40	302,932
Republic of South Africa Government International Bonds (BB/Ba2)
$	610,000		4.850		09/30/29	604,278
	790,000		5.875		06/22/30	809,853
	870,000		5.875		04/20/32	890,119
	200,000		7.100	^(a)	11/19/36	215,136
	1,030,000		7.100		11/19/36	1,107,950
	1,410,000		6.125	^(a)	12/11/37	1,384,796
	530,000		6.250		03/08/41	507,475
	1,140,000		5.375		07/24/44	967,427
	430,000		5.000		10/12/46	335,937
	494,000		6.300		06/22/48	452,319
	1,130,000		5.750		09/30/49	956,969
	440,000		7.300		04/20/52	444,675


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
South Africa – (continued)
$	390,000		7.950	%^(a)	11/19/54	$ 420,225
	510,000		7.950		11/19/54	549,525
	550,000		7.250	^(a)	12/11/55	548,350
Republic of South Africa Government International Bonds (NR/Ba2)
	790,000		5.650		09/27/47	668,044

						11,665,989

Sri Lanka – 1.6%
Sri Lanka Government International Bonds (CCC+/Caa1)^(a)
	458,542		4.000		04/15/28	443,066
	861,204		3.600	^(c)	06/15/35	717,813
Sri Lanka Government International Bonds (NR/Caa1)^(c)
	750,232		3.100	^(a)	01/15/30	765,237
	470,000		3.100		01/15/30	479,400
	375,421		3.350	^(a)	03/15/33	359,466
	1,710,000		3.350		03/15/33	1,637,325
	387,693		3.600	^(a)	05/15/36	390,116
	560,000		3.600		05/15/36	563,500
	1,295,891		3.600	^(a)	02/15/38	1,308,850

						6,664,773

Trinidad and Tobago^(b)– 0.3%
Trinidad & Tobago Government International Bonds (BBB-/Ba2)
	410,000		4.500	^(a)	06/26/30	394,112
	280,000		5.950		01/14/31	282,884
	420,000		6.400	^(a)	06/26/34	430,290

						1,107,286

Turkey – 3.2%
Turkiye Government International Bonds (NR/Ba3)
	1,084,000		5.250		03/13/30	1,050,461
	360,000		6.375		05/22/31	359,006
	2,042,000		5.875		06/26/31	2,000,200
	770,000		7.125		02/12/32	789,443
	720,000		7.125		07/17/32	737,820
	2,060,000		6.500		09/20/33	2,030,707
	1,902,000		7.625		05/15/34	1,999,516
	290,000		6.500		01/03/35	283,475
	290,000		6.950		09/16/35	291,044
	1,750,000		6.000		01/14/41	1,547,875
	980,000		4.875		04/16/43	745,956
	1,860,000		5.750		05/11/47	1,508,925

						13,344,428

Ukraine^(c)– 1.5%
Ukraine Government International Bonds (CCC+/NR)
	223,742		0.000	^(a)	02/01/30	160,199
	100,000		4.000		02/01/32	82,550
	1,258,320		4.000	^(a)	02/01/32	1,038,743
	1,224,828		0.000	^(a)	02/01/34	690,191
	1,357,309		4.500	^(a)	02/01/34	951,474
	274,147		4.500		02/01/34	192,177
	1,508,223		4.500	^(a)	02/01/35	1,042,182
	1,310,000		4.500		02/01/35	905,210
	1,800,485		4.500	^(a)	02/01/36	1,227,931

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
Ukraine^(c)– (continued)
$	120,000		4.500	%	02/01/36	$ 81,840

						6,372,497

United Arab Emirates – 0.1%
Emirate of Dubai Government International Bonds (NR/NR)
	335,000		3.900		09/09/50	239,441

Uruguay – 0.9%
Oriental Republic of Uruguay (BBB+/Baa1)
	520,000		5.250	^(b)	09/10/60	482,791
Uruguay Government International Bonds (BBB+/Baa1)
	693,723		5.750	^(b)	10/28/34	725,933
UYU	26,830,000		8.000	^(b)	10/29/35	683,307
$	1,940,000		4.975		04/20/55	1,762,936

						3,654,967

Uzbekistan – 0.9%
Republic of Uzbekistan International Bonds (BB/NR)
	550,000		7.850	^(a)	10/12/28	581,724
	1,050,000		5.375		02/20/29	1,049,612
	200,000		3.700	^(a)	11/25/30	186,300
	610,000		3.700		11/25/30	568,215
	700,000		3.900		10/19/31	647,591
Republic of Uzbekistan International Bonds (NR/Ba2)
UZS	9,450,000,000		15.500	^(a)	02/25/28	839,897

						3,873,339

Venezuela^(e)– 1.2%
Venezuela Government International Bonds (NR/Cu)
$	176,000		11.750		10/21/26	96,140
	7,531,000		9.250		05/07/28	3,624,294
Venezuela Government International Bonds (NR/WR)
	2,310,000		7.650		04/21/25	1,025,062

						4,745,496

Zambia^(c) – 0.2%
Zambia Government International Bonds (CCC+/Caa2u)
	994,744		5.750		06/30/33	983,772

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $269,203,408)						$290,080,118



Corporate Obligations – 23.8%
Angola^(a)(b)– 0.3%
Azule Energy Finance PLC (NR/B2)
$	730,000		8.125	%	01/23/30	$ 733,249
	400,000		8.250		01/22/31	400,380

						1,133,629

Argentina^(b)– 0.2%
Vista Energy Argentina SAU (NR/NR)
	630,000		8.500		06/10/33	672,084


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Australia^(b) – 0.3%
Santos Finance Ltd. (BBB-/Baa3)
$	443,000		6.875	%	09/19/33	$ 480,460
Santos Finance Ltd. (BBB-/NR)
	680,000		5.250		03/13/29	683,760

						1,164,220

Brazil – 1.8%
Azul Secured Finance LLP (NR/B2)
	460,000		9.875	^(a)(b)	02/15/31	442,833
Brazil Minas SPE via State of Minas Gerais (BB/NR)
	700,000		5.333	^(a)(g)	02/15/28	700,567
BRF SA (NR/Ba2)
	1,080,000		4.875	^(b)	01/24/30	1,024,434
MV24 Capital BV (NR/Baa3)
	544,401		6.748	^(a)	06/01/34	542,496
Nova Securitisation SARL (BB/NR)^(a)(b)
	620,000		5.750		02/03/31	595,820
	850,000		6.500		02/03/36	802,315
Rede D’or Finance SARL (BB+/NR)^(b)
	330,000		4.950		01/17/28	326,568
	462,000		4.500		01/22/30	438,253
Samarco Mineracao SA (NR/B2) (PIK 5.000%, Cash 4.000%)
	1,009,347		9.500	^(b)(h)	06/30/31	1,014,898
Sitios Latinoamerica SAB de CV (NR/Baa3)
	590,000		5.375	^(b)	04/04/32	586,460
Vale Overseas Ltd. (BB+/Baa3) (5 yr. CMT + 2.431%)
	570,000		6.000	^(a)(b)(i)	02/25/56	568,569
Vale Overseas Ltd. (BBB/Baa2)
	290,000		6.125	^(b)	06/12/33	304,500

						7,347,713

Chile – 1.4%
Banco del Estado de Chile (BBB-/Baa3)^(b)(i)
(5 yr. CMT + 3.228%)
	600,000		7.950	^(a)	05/02/29	635,100
(5 yr. CMT + 3.228%)
	1,100,000		7.950		05/02/29	1,164,350
Corp. Nacional del Cobre de Chile (BBB+/Baa2)
	480,000		6.330	^(a)(b)	01/13/35	504,336
Empresa de los Ferrocarriles del Estado (A/NR)
	600,000		3.068	^(a)(b)	08/18/50	376,230
GNL Quintero SA (BBB+/Baa2)
	354,320		4.634		07/31/29	353,062
Inversiones CMPC SA (BBB-/Baa3)^(b)
	340,000		6.125	^(a)	06/23/33	336,863
	300,000		6.125		06/23/33	297,233
Latam Airlines Group SA (BBB-/Ba2)^(b)
	980,000		7.875	^(a)	04/15/30	1,019,690
	130,000		7.875		04/15/30	135,265
	881,000		7.625	^(a)	01/07/31	914,663

						5,736,792

China – 0.0%
China Aoyuan Group Ltd. (NR/NR)
	8,063		0.000	^(d)	09/30/28	136

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
China – (continued)
$	37,894		5.500	%^(h)	09/30/31	$ 311
	90,223		0.000	^(c)	12/31/99	225
Fantasia Holdings Group Co. Ltd. (NR/NR)
	340,000		10.875	^(b)(e)	03/02/24	3,740
Fantasia Holdings Group Co. Ltd. (NR/WR)
	200,000		11.875	^(b)(e)	06/01/23	2,250
Redsun Properties Group Ltd. (NR/WR)
	220,000		9.700	^(b)(e)	04/16/23	1,485
Yuzhou Group Holdings Co. Ltd. (NR/NR)
	279,492		1.000	^(b)(h)	06/30/34	2,865

						11,012

Colombia^(b)– 0.6%
Grupo Nutresa SA (NR/Ba1) (5 yr. CMT + 4.103%)
	680,000		7.875	^(a)(i)	10/21/31	678,300
Grupo Nutresa SA (NR/Baa3)
	904,000		8.000	^(a)	05/12/30	957,178
	320,000		9.000	^(a)	05/12/35	352,800
	330,000		9.000		05/12/35	363,825

						2,352,103

Czech Republic^(b)– 0.6%
Ceska sporitelna AS (NR/NR) (3 mo. EUR EURIBOR + 2.250%)
EUR	900,000		4.824	⁽ⁱ⁾	01/15/30	1,059,190
Czechoslovak Group AS (BB+/Baa3)
$	1,250,000		6.500	^(a)	01/10/31	1,268,071

						2,327,261

Ghana^(a)(b)– 0.1%
Kosmos Energy Ltd. (CCC/Caa2u)
	310,000		8.750		10/01/31	252,728

Guatemala^(b)– 0.3%
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL (NR/Ba2)
	1,070,000		5.250		04/27/29	1,052,880

Hong Kong^(e)– 0.0%
Add Hero Holdings Ltd. (NR/NR)
(PIK 8.500%, Cash 7.500%)
	63,935		8.500		09/30/29	479
(PIK 9.000%, Cash 8.000%)
	54,413		9.000		09/30/30	33
(PIK 9.800%, Cash 8.800%)
	72,101		9.800		09/30/31	43

						555

Hungary^(b)(i)– 0.2%
OTP Bank Nyrt (BB/Ba1) (5 yr. CMT + 2.861%)
	970,000		7.300		07/30/35	1,015,687

India – 0.4%
JSW Hydro Energy Ltd. (NR/Ba1)
	623,300		4.125	^(b)	05/18/31	579,825
Reliance Industries Ltd. (A-/Baa1)
	520,000		2.875	^(a)	01/12/32	467,937


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
India – (continued)
$	520,000		2.875	%	01/12/32	$ 467,938

						1,515,700

Indonesia – 0.7%
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT (NR/Baa2)^(b)
	560,000		5.800	^(a)	05/15/50	527,800
	220,000		5.800		05/15/50	207,350
Minejesa Capital BV (NR/Baa3)
	240,130		4.625		08/10/30	236,648
Pertamina Persero PT (BBB/Baa2)
	330,000		6.500		05/27/41	340,313
	720,000		6.000		05/03/42	700,200
Pertamina Persero PT (NR/Baa2)
	1,150,000		4.150	^(b)	02/25/60	840,224

						2,852,535

Israel^(b)– 0.1%
Bank Hapoalim BM (BBB+/NR)
	580,000		4.722		07/14/29	572,663

Jamaica^(b)– 0.5%
Digicel International Finance Ltd./Difl U.S. LLC (B/B1)
	550,000		8.625	^(a)	08/01/32	566,844
Kingston Airport Revenue Finance Ltd. (BB+/Ba3)
	1,018,946		6.750	^(a)	12/15/36	1,024,561
	549,432		6.750		12/15/36	552,459

						2,143,864

Kazakhstan^(b)– 0.4%
KazMunayGas National Co. JSC (NR/Baa1)
	1,310,000		3.500	^(a)	04/14/33	1,188,799
	350,000		3.500		04/14/33	317,618

						1,506,417

Kuwait^(b)(i)– 0.3%
NBK Tier 1 Ltd. (NR/Baa3)
(6 yr. CMT + 2.403%)
	960,000		6.375	^(a)	01/10/31	963,302
(6 yr. CMT + 2.875%)
	220,000		3.625		08/24/26	219,054

						1,182,356

Luxembourg^(a)(b)– 0.4%
Eagle Funding Luxco SARL (BBB/Baa3)
	1,620,000		5.500		08/17/30	1,622,452

Malaysia^(b)– 0.7%
Petronas Capital Ltd. (A-/A2)
	500,000		3.500		04/21/30	480,755
	930,000		5.340	^(a)	04/03/35	953,757
	300,000		5.340		04/03/35	307,664
	820,000		4.550	^(a)	04/21/50	717,123
	360,000		4.550		04/21/50	314,834

						2,774,133

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Mexico – 5.1%
Banco Mercantil del Norte SA (BB-/Ba3)^(b)(i)
(10 yr. CMT + 4.299%)
$	200,000		8.750	%^(a)	05/20/35	$ 206,500
(5 yr. CMT + 4.072%)
	300,000		8.375		05/20/31	306,660
(5 yr. CMT + 4.643%)
	590,000		5.875	^(a)	01/24/27	586,371
Banco Nacional de Comercio Exterior SNC (BB+/Ba1) (5 yr. CMT + 1.956%)
	610,000		6.000	^(a)(b)(i)	05/14/36	602,375
BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico (BB/NR) (5 yr. CMT + 2.650%)
	550,000		5.125	^(a)(b)(i)	01/18/33	539,220
Bimbo Bakeries USA, Inc. (BBB+/Baa1)^(b)
	460,000		6.050	^(a)	01/15/29	472,944
	340,000		6.400	^(a)	01/15/34	362,950
	340,000		5.375	^(a)	01/09/36	340,272
	310,000		5.375		01/09/36	310,248
Cemex SAB de CV (BB/NR)^(b)(i)
(5 yr. CMT + 3.520%)
	680,000		7.200	^(a)	06/10/30	708,016
(5 yr. CMT + 3.520%)
	450,000		7.200		06/10/30	468,540
Cemex SAB de CV (BBB-/NR)
	280,000		5.750	^(b)	06/05/36	279,020
Eagle Funding Luxco SARL (BBB/Baa3)
	1,080,000		5.500	^(b)	08/17/30	1,081,635
Esentia Energy Development SAB de CV (BBB-/Baa3)^(a)(b)
	1,170,000		6.125		07/30/33	1,168,011
	360,000		6.500		07/30/38	354,105
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple (BBB/Baa3)
	1,485,761		7.250	^(b)	01/31/41	1,505,262
Mexico City Airport Trust (BBB/Baa3)^(b)
	620,000		4.250	^(a)	10/31/26	617,985
	630,000		3.875		04/30/28	614,565
	750,000		3.875	^(a)	04/30/28	731,625
	280,000		5.500	^(a)	10/31/46	240,100
	322,000		5.500		10/31/46	276,115
	1,139,000		5.500		07/31/47	975,383
Petroleos Mexicanos (BBB/B1)
	1,200,000		6.500		01/23/29	1,224,888
	402,000		8.750	^(b)	06/02/29	429,658
	800,000		6.840	^(b)	01/23/30	821,600
	2,104,000		5.950	^(b)	01/28/31	2,081,066
	250,000		6.700	^(b)	02/16/32	251,878
	240,000		6.375		01/23/45	203,508
	370,000		5.625		01/23/46	295,626
	1,110,000		6.750		09/21/47	948,850
	1,210,000		6.350		02/12/48	999,823
	1,333,000		6.950	^(b)	01/28/60	1,127,718

						21,132,517


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Morocco^(b)– 0.5%
OCP SA (BBB-/Baa3)
$	990,000		6.750	%^(a)	05/02/34	$ 1,041,330
	540,000		6.750		05/02/34	567,998
	570,000		7.500		05/02/54	617,851

						2,227,179

Nigeria^(b)– 0.3%
Dangote Fertiliser Ltd. (NR/NR)
	560,000		7.750	^(a)	05/05/31	564,200
IHS Holding Ltd. (B+/NR)
	400,000		6.250	^(a)	11/29/28	398,375
	200,000		6.250		11/29/28	199,188

						1,161,763

Norway^(b)– 0.2%
DNO ASA (NR/NR)
	1,000,000		8.500		03/27/30	1,035,370

Panama – 0.8%
Aeropuerto Internacional de Tocumen SA (BBB-/Baa3)^(b)
	940,000		4.000	^(a)	08/11/41	813,805
	510,000		4.000		08/11/41	441,532
	1,600,000		5.125	^(a)	08/11/61	1,350,208
Autoridad del Canal de Panama (BBB+/A3)
	380,000		4.950	^(a)	07/29/35	372,590
Generadora de Gatun SA (BBB-/Baa3)
	230,000		6.874	^(a)(b)	09/30/44	237,671

						3,215,806

Peru – 0.4%
Atlantica Transmision Sur SA (BBB-/NR)
	499,377		6.875	^(a)	04/30/43	532,151
Kallpa Generacion SA (NR/Baa3)^(b)
	310,000		5.875	^(a)	01/30/32	316,975
	200,000		5.875		01/30/32	204,500
Niagara Energy SAC (BBB-/Baa3)^(b)
	400,000		5.746	^(a)	10/03/34	401,804
	260,000		5.746		10/03/34	261,173

						1,716,603

Romania^(b)(i)– 0.1%
Banca Transilvania SA (NR/Ba1) (1 yr. EURIBOR ICE Swap + 2.950%)
EUR	460,000		5.125		09/30/30	537,159

Saudi Arabia – 0.6%
EIG Pearl Holdings SARL (NR/Aa3)
$	1,057,208		3.545		08/31/36	956,773
Suci Second Investment Co. (NR/Aa3)
	1,520,000		4.875		05/08/32	1,501,000

						2,457,773

Serbia^(b)– 0.2%
Telecommunications Co. Telekom Srbija AD Belgrade (BB-/NR)
	220,000		7.000	^(a)	10/28/29	220,330

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Serbia^(b)– (continued)
$	610,000		7.000	%	10/28/29	$ 610,915

						831,245

South Africa – 1.7%
Eskom Holdings (BB/Ba2)^(g)
	2,010,000		4.314		07/23/27	1,985,659
	1,030,000		6.350		08/10/28	1,048,347
Sasol Financing USA LLC (BB+/Ba1)
	910,000		4.375	^(b)	09/18/26	906,287
Transnet (B+/Ba3)
	660,000		8.250	^(a)	02/06/28	685,212
	1,530,000		8.250		02/06/28	1,588,446
Windfall Mining Group, Inc./Groupe Minier Windfall, Inc. (BBB-/WR)
	920,000		5.854	^(a)(b)	05/13/32	933,862

						7,147,813

Supranational – 0.1%
European Bank for Reconstruction & Development (NR/NR)
PHP	12,100,000		4.750		06/16/31	188,906
International Bank for Reconstruction & Development (NR/Aaa)
	24,800,000		4.925		11/03/32	384,301

						573,207

Turkey – 0.8%
Akbank TAS (NR/Ba3)
$	350,000		7.498		01/20/30	359,958
Akbank TAS (NR/NR) (5 yr. CMT + 4.221%)
	840,000		7.950	^(a)(b)(i)	02/19/31	813,120
Turkiye Garanti Bankasi AS (NR/B1)^(b)(i)
(5 yr. CMT + 4.090%)
	750,000		8.375	^(a)	02/28/34	766,297
(5 yr. CMT + 4.090%)
	300,000		8.375		02/28/34	306,519
Yapi ve Kredi Bankasi AS (NR/B3) (5 yr. CMT + 5.278%)
	370,000		9.250	^(a)(b)(i)	01/17/34	383,560
Yapi ve Kredi Bankasi AS (NR/NR)
	430,000		7.250	^(a)	03/03/30	434,945
	300,000		7.250		03/03/30	303,450

						3,367,849

United Arab Emirates – 1.4%
Abu Dhabi Crude Oil Pipeline LLC (AA/NR)
	577,000		4.600	^(a)	11/02/47	516,285
DP World Crescent Ltd. (NR/Baa2)
	610,000		5.500	^(a)	05/08/35	610,915
DP World Ltd. (NR/Baa2)
	481,000		5.625		09/25/48	447,450
	1,030,000		4.700	^(b)	09/30/49	843,745
First Abu Dhabi Bank PJSC (NR/Baa3) (6 yr. CMT + 2.086%)
	1,360,000		5.875	^(b)(i)	05/28/31	1,355,117
Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2)
	380,000		2.625		03/31/36	331,957
	2,190,000		3.250		09/30/40	1,724,669

						5,830,138


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
United States^(a)(b)– 0.2%
J&F Luxembourg Finance SARL (BB+/Ba1)
$	670,000		8.000	%	04/23/33	$ 640,822

Uzbekistan – 0.4%
Navoi Mining & Metallurgical Co. (BB/NR)
	520,000		6.700	^(a)	10/17/28	533,812
	200,000		6.750	^(a)(b)	05/14/30	207,300
	410,000		6.950	^(a)	10/17/31	432,550
	600,000		6.950		10/17/31	633,000

						1,806,662

Venezuela^(e)– 1.6%
Petroleos de Venezuela SA (NR/NR)
	8,460,000		6.000		05/16/24	3,168,270
	77,934		6.000		11/15/26	29,323
	2,570,000		5.375		04/12/27	941,905
	4,920,000		5.375		04/12/27	1,803,180
	2,180,000		5.500		04/12/37	799,788

						6,742,466

Zambia^(a)(b)– 0.1%
First Quantum Minerals Ltd. (B/NR)
	600,000		8.625		06/01/31	624,948

TOTAL CORPORATE OBLIGATIONS (Cost $97,255,637)						$ 98,286,104



Shares		Description	Value

	Common Stocks – 0.0%
	China – 0.0%
	224,816	Sunac Services Holdings Ltd. Real Estate Management & Development	$ 20,681
	474,067	Yuzhou Group Holdings Co. Ltd. Real Estate Management & Development^(e)	7,193

	TOTAL COMMON STOCKS (Cost $559,980)		$ 27,874



Shares		Dividend Rate	Value

	Investment Company^(j)– 2.1%
	Goldman Sachs Central Government Fund - Institutional Shares
	8,454,012	3.703%	$ 8,454,012
	(Cost $8,454,012)

	TOTAL INVESTMENTS – 96.2% (Cost $375,473,037)		$396,848,108

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.8%		15,609,022

	NET ASSETS – 100.0%		$412,457,130

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)



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

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

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

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

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



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

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

(g)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $3,734,573, which represents approximately 0.9% of the Fund’s net assets as of June 30, 2026.

(h)		Pay-in-kind securities.

(i)		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.

(j)		Represents an affiliated issuer.

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

JPMorgan Securities, Inc.	BRL	9,053,497	USD	1,736,149		08/04/26	$	2,890
	COP	1,021,372,000	USD	278,000		07/02/26		20,659
	COP	2,424,419,142	USD	671,367		07/09/26		36,363
	COP	1,007,440,000	USD	280,000		07/10/26		14,018
	COP	1,004,692,000	USD	278,000		07/14/26		14,934
	COP	691,522,539	USD	191,557		07/24/26		9,583
	COP	462,836,000	USD	134,000		08/03/26		333
	COP	298,539,723	USD	81,614		09/16/26		4,138
	EUR	378,976	USD	432,439		07/09/26		739
	EUR	2,259,437	USD	2,572,891		07/10/26		9,811
	EUR	1,486,119	USD	1,688,826		07/31/26		11,419
	EUR	1,717,654	USD	1,959,500		08/03/26		5,890
	EUR	1,769,323	USD	2,018,797		08/13/26		6,569
	EUR	4,608,368	USD	5,257,974		09/16/26		24,648
	ILS	1,194,411	USD	398,824		07/10/26		2,652
	INR	84,329,037	USD	887,023		07/02/26		3,810
	INR	26,585,910	USD	279,000		07/03/26		1,841
	INR	66,705,570	USD	699,000		07/09/26		5,469
	INR	31,375,842	USD	330,560		07/20/26		502
	INR	66,774,495	USD	704,035		07/22/26		421
	INR	66,929,175	USD	705,000		07/24/26		974
	INR	78,880,915	USD	819,920		09/16/26		8,390
	TRY	18,823,143	USD	371,404		09/16/26		8,205
	TWD	21,888,906	USD	685,786		07/02/26		1,312
	TWD	21,945,932	USD	687,056		09/16/26		34
	USD	479,597	CLP	433,380,178		09/16/26		9,045
	USD	11,907,691	CNH	80,144,665		09/16/26		40,934
	USD	216,699	CZK	4,550,896		09/16/26		2,309
	USD	447,766	EUR	383,099		07/03/26		9,984
	USD	2,731,692	EUR	2,366,188		07/09/26		27,085
	USD	3,445,913	EUR	2,979,808		07/10/26		39,772
	USD	3,397,401	EUR	2,914,723		07/13/26		65,218
	USD	1,837,582	EUR	1,587,009		07/14/26		23,194
	USD	3,353,948	EUR	2,923,612		07/23/26		10,126
	USD	3,273,729	EUR	2,841,605		07/28/26		22,981
	USD	35,310,488	EUR	30,366,273		09/16/26		501,299
	USD	1,099,429	EUR	954,475		09/17/26		5,258

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain

JPMorgan Securities, Inc. (continued)	USD	6,553,351		HUF	2,026,355,245		09/16/26	$	63,968
	USD	293,918		ILS	872,069		07/01/26		861
	USD	267,457		ILS	793,898		07/10/26		605
	USD	1,744,731		ILS	5,119,364		09/16/26		21,039
	USD	1,503,420		INR	142,141,710		07/02/26		1,867
	USD	892,688		INR	84,387,500		07/03/26		1,257
	USD	706,000		INR	66,688,760		07/22/26		2,449
	USD	3,904,412		INR	371,513,406		09/16/26		3,237
	USD	516,210		KRW	783,201,946		07/01/26		10,574
	USD	660,675		KRW	1,008,802,825		07/02/26		9,241
	USD	2,320,303		KRW	3,480,221,437		07/07/26		70,353
	USD	188,595		KRW	290,999,309		07/08/26		463
	USD	3,575,508		KRW	5,417,888,210		09/16/26		69,078
	USD	292,000		MXN	5,098,657		07/17/26		868
	USD	5,056,078		MXN	88,289,405		09/17/26		39,975
	USD	3,505,733		PLN	12,782,942		09/16/26		107,809
	USD	3,406,664		SGD	4,350,475		09/16/26		25,530
	USD	1,280,590		TWD	40,574,225		09/16/26		10,280
	USD	1,375,166		ZAR	22,525,661		09/16/26		8,632
	ZAR	31,879,134		USD	1,925,293		09/16/26		8,676

TOTA L								$	1,409,571

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss

JPMorgan Securities, Inc.	BRL	9,053,497	USD	1,791,204		07/02/26	$	(38,329	)
	BRL	6,604,232	USD	1,257,848		09/16/26		(2,059	)
	CLP	585,988,068	USD	655,343		09/16/26		(19,095	)
	CNH	43,333,176	USD	6,432,648		09/16/26		(16,449	)
	CNH	37,750,433	USD	5,616,688		09/17/26		(26,649	)
	CZK	2,113,741	USD	101,481		09/16/26		(1,904	)
	EUR	762,166	USD	884,874		07/03/26		(13,919	)
	EUR	1,888,079	USD	2,193,948		07/09/26		(35,830	)
	EUR	3,315,167	USD	3,835,963		07/10/26		(46,484	)
	EUR	1,672,710	USD	1,974,300		07/13/26		(62,016	)
	EUR	941,404	USD	1,100,878		07/14/26		(24,594	)
	EUR	1,714,671	USD	1,986,446		07/23/26		(25,326	)
	EUR	2,405,428	USD	2,789,623		07/24/26		(38,341	)
	EUR	2,704,513	USD	3,151,780		07/28/26		(57,864	)
	EUR	1,686,763	USD	1,936,404		08/24/26		(4,647	)
	EUR	12,554,488	USD	14,532,301		09/16/26		(140,956	)
	EUR	249,629	USD	289,269		09/17/26		(3,104	)
	HUF	2,594,459,279	USD	8,433,248		09/16/26		(124,518	)
	ILS	639,271	USD	220,438		07/01/26		(5,613	)
	ILS	685,245	USD	233,405		07/10/26		(3,074	)
	ILS	4,612,412	USD	1,563,938		09/16/26		(10,937	)
	INR	84,382,523	USD	892,017		07/02/26		(618	)
	INR	57,813,285	USD	611,969		07/03/26		(1,256	)
	INR	84,458,023	USD	892,688		07/13/26		(1,027	)

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss

JPMorgan Securities, Inc. (continued)	INR	124,112,621		USD	1,310,034		07/17/26	$	(145	)
	INR	190,108,402		USD	2,006,884		07/20/26		(959	)
	INR	122,472,854		USD	1,294,494		07/22/26		(2,433	)
	KRW	783,201,946		USD	514,409		07/01/26		(8,773	)
	KRW	1,008,802,825		USD	658,492		07/02/26		(7,056	)
	KRW	3,480,087,885		USD	2,276,184		07/07/26		(26,322	)
	KRW	463,672,598		USD	306,057		07/08/26		(6,291	)
	KRW	852,044,200		USD	563,000		07/20/26		(12,076	)
	KRW	5,602,693,886		USD	3,669,741		09/16/26		(43,705	)
	MXN	5,112,398		USD	296,369		07/17/26		(4,451	)
	MXN	12,259,380		USD	707,000		09/15/26		(10,379	)
	MXN	15,268,345		USD	870,793		09/17/26		(3,333	)
	PLN	7,933,906		USD	2,149,275		09/16/26		(40,308	)
	PLN	668,743		USD	181,948		09/17/26		(4,185	)
	RON	1,698,504		USD	371,581		09/16/26		(2,723	)
	SGD	691,035		USD	535,000		07/10/26		(489	)
	SGD	4,370,962		USD	3,424,371		09/16/26		(27,314	)
	TWD	21,878,600		USD	695,000		07/02/26		(8,226	)
	TWD	61,063,692		USD	1,927,053		09/16/26		(15,252	)
	USD	1,749,620		BRL	9,053,497		07/02/26		(3,254	)
	USD	1,464,158		BRL	7,756,054		09/16/26		(10,650	)
	USD	1,852,000		CNH	12,524,029		09/16/26		(2,392	)
	USD	100,389		COP	359,532,806		07/03/26		(4,717	)
	USD	421,439		COP	1,448,784,480		07/10/26		(1,385	)
	USD	73,676		COP	268,917,254		07/24/26		(4,543	)
	USD	981,100		COP	3,582,831,824		09/16/26		(48,027	)
	USD	432,439		EUR	379,068		07/03/26		(736	)
	USD	863,370		EUR	759,359		07/10/26		(4,633	)
	USD	3,433,442		EUR	3,021,598		07/28/26		(23,214	)
	USD	1,251,344		EUR	1,097,285		07/31/26		(4,042	)
	USD	2,972,329		EUR	2,603,658		09/16/26		(12,272	)
	USD	503,374		EUR	440,294		09/17/26		(1,361	)
	USD	1,123,153		HUF	352,752,652		09/16/26		(6,534	)
	USD	77,798		ILS	232,656		07/10/26		(405	)
	USD	278,000		INR	26,569,850		07/02/26		(2,678	)
	USD	704,035		INR	66,699,164		07/09/26		(366	)
	USD	886,560		INR	84,494,384		07/13/26		(5,485	)
	USD	1,907,687		INR	184,808,239		09/16/26		(32,943	)
	USD	111,177		KRW	172,663,938		07/08/26		(451	)
	USD	321,211		KRW	497,584,138		09/16/26		(823	)
	USD	113,232		MXN	1,993,715		09/17/26		(39	)
	USD	136,445		PEN	468,061		09/16/26		(63	)
	USD	401,049		PHP	24,867,915		09/16/26		(2,247	)
	USD	983,000		SGD	1,274,269		07/10/26		(2,637	)
	USD	243,756		TRY	12,359,384		09/16/26		(5,497	)
	USD	1,372,519		TWD	43,767,506		07/02/26		(1,353	)
	USD	820,187		ZAR	13,625,672		09/16/26		(6,423	)
	ZAR	4,576,660		USD	279,000		09/16/26		(1,354	)

TOTAL								$	(1,119,553	)

GOLDMAN SACHS EMERGING MARKETS DEBT 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.S. Treasury Notes	29	09/21/26	$	3,186,828		$	(7,679	)
2 Year U.S. Treasury Notes	116	09/30/26		23,911,406			(17,843	)
20 Year U.S. Treasury Bonds	140	09/21/26		15,890,000			319,567
Ultra 10-Year U.S. Treasury Notes	42	09/21/26		4,723,688			46,161
Ultra Long U.S. Treasury Bonds	13	09/21/26		1,510,031			10,049

Total						$	350,255

Short position contracts:
3 Month SOFR	(100)	03/16/27		(23,990,000	)		(12,436	)
5 Year U.S. Treasury Notes	(4)	09/30/26		(428,187	)		(61	)

Total						$	(12,497	)

TOTAL FUTURES CONTRACTS						$	337,758

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)

3.500%^(a)	3M KLIBOR^(a)	09/17/27	MYR	40,640	^(b)	$	(4,666	)	$	503		$	(5,169	)
12.750^(c)	1M BID Average^(c)	01/03/28	BRL	1,400			5,504			559			4,945
Mexico Interbank TIIE 28 Days^(d)	7.250%^(d)	09/14/28	MXN	81,810	^(b)		(1,316	)		(20,769	)		19,453
4.750^(e)	12M CLICP^(e)	09/16/28	CLP	1,292,730	^(b)		(8,257	)		2,118			(10,375	)
12.000^(a)	12M CPIBR^(a)	09/16/28	COP	1,886,600	^(b)		(10,522	)		(430	)		(10,092	)
6.000^(e)	12M MIBOR^(e)	09/16/28	INR	137,800	^(b)		(529	)		6,689			(7,218	)
3.000^(c)	12M SOFR^(c)	09/16/28	$	9,690	^(b)		186,732			195,679			(8,947	)
1.250^(a)	12M THOR^(a)	09/16/28	THB	7,680	^(b)		260			272			(12	)
3.500^(a)	3M KWCDC^(a)	09/16/28	KRW	6,692,260	^(b)		27,886			(3,150	)		31,036
6M PRIBOR^(e)	4.000^(c)	09/16/28	CZK	124,270	^(b)		(14,047	)		(63,089	)		49,042
6M BUBOR^(e)	6.250^(c)	09/16/28	HUF	622,120	^(b)		46,226			(29,601	)		75,827
3M JIBAR^(a)	6.750^(a)	09/16/28	ZAR	60,110	^(b)		(39,653	)		(19,521	)		(20,132	)
2.250^(c)	6M EURO^(e)	09/16/28	EUR	3,590	^(b)		37,164			48,340			(11,176	)
3.750^(c)	6M WIBOR^(e)	09/16/28	PLN	19,330	^(b)		10,260			63,164			(52,904	)
1M BID Average^(c)	13.250^(c)	01/02/29	BRL	50,980			(238,005	)		(115,220	)		(122,785	)
13.250^(c)	1M BID Average^(c)	01/02/29		—			—			229			(229	)
13.250^(c)	1M BID Average^(c)	01/02/29		14,800			69,095			(9,433	)		78,528
1M BID Average^(c)	12.750^(c)	01/02/31		10,980			(73,968	)		(22,812	)		(51,156	)
12.750^(c)	1M BID Average^(c)	01/02/31		3,640			24,521			9,400			15,121
Mexico Interbank TIIE 28 Days^(d)	7.750^(d)	09/11/31	MXN	49,790	^(b)		(2,980	)		(23,945	)		20,965
12M THOR^(a)	1.500^(a)	09/16/31	THB	2,160	^(b)		(401	)		(1,770	)		1,369
12M IBR^(a)	11.500^(a)	09/16/31	COP	5,032,160	^(b)		79,109			62,603			16,506
6M PRIBOR^(e)	4.000^(c)	09/16/31	CZK	21,200	^(b)		(6,083	)		(7,130	)		1,047
2.500^(c)	6M EURO^(e)	09/16/31	EUR	2,220	^(b)		28,520			37,393			(8,873	)
3M JIBAR^(a)	7.000^(a)	09/16/31	ZAR	40,740	^(b)		(42,464	)		(36,668	)		(5,796	)

GOLDMAN SACHS EMERGING MARKETS DEBT 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)			Market Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

2.750%^(c)	6M EURO^(e)		09/16/33	EUR	670	^(b)	$	2,890	$	7,312		$	(4,422	)
8.000^(d)	Mexico Interbank TIIE 28 Days^(d)		09/04/36	MXN	1,370	^(b)		1,027		2,229			(1,202	)
3.750^(c)	12M SOFR^(c)		09/16/36	$	3,540	^(b)		81,915		83,331			(1,416	)
2.000^(a)	12M THOR^(a)		09/16/36	THB	32,300	^(b)		2,615		2,778			(163	)
7.750^(a)	3M JIBAR^(a)		09/16/36	ZAR	28,800	^(b)		7,855		34,685			(26,830	)
6M PRIBOR^(e)	4.250%^(c)		09/16/36	CZK	16,340	^(b)		827		(16,370	)		17,197
6M WIBOR^(e)	4.500^(c)		09/16/36	PLN	4,510	^(b)		20,698		(12,954	)		33,652
12M CLICP^(e)	5.250^(e)		09/16/36	CLP	533,490	^(b)		4,593		(3,771	)		8,364
2.750^(c)	6M EURO^(e)		09/16/36	EUR	1,010	^(b)		17,798		24,872			(7,074	)
3.000^(c)	6M EURO^(e)		09/16/41		1,360	^(b)		15,902		36,306			(20,404	)

TOTAL							$	228,506	$	231,829		$	(3,323	)

(a)

Payments made quarterly.

(b)

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

(c)

Payments made annually.

(d)

Payments made monthly.

(e)

Payments made semi-annually.

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

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY


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

Purchased option contracts
Calls
Call USD/Put ILS	Citibank NA	$	3.000		09/16/2026		5,658,000	$	5,658,000	$	82,035	$	56,637	$	25,398

Puts
Put EUR/Call USD	BNP Paribas SA	EUR	1.158		07/07/2026		4,808,000	EUR	4,808,000		71,049		23,978		47,071
Put EUR/Call USD	BNP Paribas SA		1.150		07/08/2026		4,808,000		4,808,000		39,867		21,811		18,056
Put EUR/Call USD	BNP Paribas SA		1.143		07/24/2026		4,872,000		4,872,000		29,621		23,761		5,860
Put EUR/Call USD	BNP Paribas SA		1.135		08/11/2026		4,683,000		4,683,000		21,805		27,974		(6,169	)
Put USD/Call KRW	BNP Paribas SA	$	1,490.000		07/03/2026		2,750,000	$	2,750,000		8		27,624		(27,616	)
Put EUR/Call USD	BofA Securities LLC	EUR	1.145		07/24/2026		4,823,000	EUR	4,823,000		33,990		28,297		5,693
Put EUR/Call USD	BofA Securities LLC		1.140		08/20/2026		4,920,000		4,920,000		34,691		35,401		(710	)
Put USD/Call KRW	HSBC Bank PLC	$	1,449.500		07/03/2026		2,767,000	$	2,767,000		0		24,239		(24,239	)
Put EUR/Call USD	JPMorgan Securities, Inc.	EUR	1.136		07/30/2026		4,683,000	EUR	4,683,000		19,113		24,667		(5,554	)
Put EUR/Call USD	MS & Co. Int. PLC		1.160		07/24/2026		4,737,000		4,737,000		82,898		35,204		47,694
Put EUR/Call USD	MS & Co. Int. PLC		1.157		07/24/2026		4,865,000		4,865,000		73,081		26,541		46,540
Put EUR/Call USD	MS & Co. Int. PLC		1.128		07/29/2026		4,925,000		4,925,000		9,516		25,869		(16,353	)

							53,641,000			$	415,639	$	325,366	$	90,273

Total purchased option contracts							59,299,000			$	497,674	$	382,003	$	115,671

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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


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

Written option contracts
Calls
Call USD/Put SGD	Barclays Bank PLC	$	1.288		07/20/2026		(2,117,000	)	$	(2,117,000	)	$	(11,773	)	$	(8,574	)	$	(3,199	)
Call USD/Put ILS	Citibank NA		2.905		09/16/2026		(2,829,000	)		(2,829,000	)		(86,983	)		(58,801	)		(28,182	)
Call EUR/Put PLN	MS & Co. Int. PLC	EUR	4.290		07/22/2026		(1,847,000	)	EUR	(1,847,000	)		(9,933	)		(7,937	)		(1,996	)

							(6,793,000	)				$	(108,689	)	$	(75,312	)	$	(33,377	)

Puts
Put USD/Call SGD	Barclays Bank PLC	$	1.288		07/20/2026		(2,117,000	)	$	(2,117,000	)		(4,566	)		(8,574	)		4,008
Put EUR/Call USD	BNP Paribas SA	EUR	1.157		07/24/2026		(4,865,000	)	EUR	(4,865,000	)		(73,081	)		(54,547	)		(18,534	)
Put EUR/Call USD	BNP Paribas SA		1.128		07/29/2026		(4,925,000	)		(4,925,000	)		(9,516	)		(12,881	)		3,365
Put USD/Call KRW	BNP Paribas SA	$	1,449.500		07/03/2026		(2,767,000	)	$	(2,767,000	)		0			(7,656	)		7,656
Put EUR/Call USD	BofA Securities LLC	EUR	1.158		07/07/2026		(4,808,000	)	EUR	(4,808,000	)		(71,049	)		(49,140	)		(21,909	)
Put EUR/Call USD	BofA Securities LLC		1.160		07/24/2026		(4,737,000	)		(4,737,000	)		(82,898	)		(60,393	)		(22,505	)
Put EUR/Call USD	Deutsche Bank AG (London)		1.150		07/08/2026		(4,808,000	)		(4,808,000	)		(39,867	)		(22,857	)		(17,010	)
Put USD/Call KRW	JPMorgan Securities, Inc.	$	1,490.000		07/03/2026		(1,375,000	)	$	(1,375,000	)		(4	)		(3,286	)		3,282
Put EUR/Call PLN	MS & Co. Int. PLC	EUR	4.290		07/22/2026		(1,847,000	)	EUR	(1,847,000	)		(3,683	)		(7,937	)		4,254
Put EUR/Call USD	MS & Co. Int. PLC		1.145		07/24/2026		(4,823,000	)		(4,823,000	)		(33,990	)		(11,282	)		(22,708	)
Put EUR/Call USD	MS & Co. Int. PLC		1.143		07/24/2026		(4,872,000	)		(4,872,000	)		(29,621	)		(57,772	)		28,151
Put USD/Call KRW	Standard Chartered Bank	$	1,490.000		07/03/2026		(1,375,000	)	$	(1,375,000	)		(4	)		(10,843	)		10,839

							(43,319,000	)				$	(348,279	)	$	(307,168	)	$	(41,111	)

Total written option contracts							(50,112,000	)				$	(456,968	)	$	(382,480	)	$	(74,488	)

TOTAL							9,187,000					$	40,706		$	(477	)	$	41,183

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)



Currency Abbreviations:
BRL		— Brazil Real
CLP		— Chilean Peso
CNH		— Chinese Yuan Renminbi Offshore
COP		— Colombia Peso
CZK		— Czech Republic Koruna
EUR		— Euro
HUF		— Hungarian Forint
ILS		— Israeli Shekel
INR		— Indian Rupee
KRW		— South Korean Won
MXN		— Mexican Peso
MYR		— Malaysia Ringgit
PEN		— Peru Nuevo Sol
PHP		— Philippines Peso
PLN		— Polish Zloty
PYG		— Paraguay Guarani
RON		— Romania New Leu
SGD		— Singapore Dollar
THB		— Thailand Baht
TRY		— Turkish Lira
TWD		— Taiwan Dollar
USD		— U.S. Dollar
UYU		— Uruguay Peso
UZS		— Uzbekistan Som
ZAR		— South African Rand

Investment Abbreviations:
CMT		— Constant Maturity Treasury Indexes
EURIBOR		— Euro Interbank Offered Rate
ICE		— Inter-Continental Exchange
LLC		— Limited Liability Company
NR		— Not Rated
PIK		— Payment in kind
PLC		— Public Limited Company
WR		— Withdrawn Rating

Abbreviations:
BofA Securities LLC		— Bank of America Securities LLC
BUBOR		— Budapest Interbank Offered Rate
CLICP		— Sinacofi Chile Interbank Rate
EURO		— Euro Offered Rate
JIBAR		— Johannesburg Interbank Agreed Rate
KLIBOR		— Kuala Lumpur Interbank Offered Rate
KWCDC		— South Korean Won Certificate of Deposit
MIBOR		— Mumbai Interbank Offered Rate
MS & Co. Int. PLC		— Morgan Stanley & Co. International PLC
PRIBOR		— Prague Interbank Offered Rate
SOFR		— Secured Overnight Financing Rate
TIIE		— La Tasa de Interbank Equilibrium Interest Rate
WIBOR		— Warsaw Interbank Offered Rate

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – 87.9%
Advertising – 0.6%
Clear Channel Outdoor Holdings, Inc.^(a)(b)(B/B2)
$	3,680,000		7.875	%	04/01/30	$ 3,828,967
	1,502,000		7.125		02/15/31	1,556,342
	1,665,000		7.500	^(c)	03/15/33	1,755,010
Clear Channel Outdoor Holdings, Inc.^(a)(b)(CCC/Caa3)
	1,330,000		7.750		04/15/28	1,332,101
Neptune Bidco U.S., Inc.^(a)(b)(B-/B3)
	4,905,000		9.290		04/15/29	5,003,787
	338,000		10.375		05/15/31	350,192
Outfront Media Capital LLC/Outfront Media Capital Corp.^(a)(b) (B+/B1)
	2,809,000		4.250		01/15/29	2,735,460

						16,561,859

Aerospace & Defense – 1.0%
Bombardier, Inc.^(a)(b)(BB-/Ba3)
	3,170,000		7.000		06/01/32	3,286,307
TransDigm, Inc.^(a)(b)(BB-/Ba3)
	4,194,000		6.750		08/15/28	4,236,024
	11,067,000		6.375		03/01/29	11,241,416
	7,151,000		6.875		12/15/30	7,354,947

						26,118,694

Airlines^(a)(b)– 2.8%
Allegiant Travel Co. (BB/Ba3)
	12,262,000		7.125		07/01/31	12,409,267
American Airlines, Inc. (BB-/Ba3)
	7,339,000		7.250		02/15/28	7,430,003
AS Mileage Plan IP Ltd. (NR/Baa2)
	5,499,000		5.308		10/20/31	5,445,330
OneSky Flight LLC (B+/B3)
	22,066,000		8.875		12/15/29	23,342,077
United Airlines, Inc. (BBB-/Baa3)
	13,905,000		4.625		04/15/29	13,707,966
VistaJet Malta Finance PLC/Vista Management Holding, Inc.^(c) (B/B3)
	5,532,000		9.500		06/01/28	5,604,967
WestJet Airlines Ltd. (NR/B1)
	4,900,000		8.000		02/14/31	4,917,640

						72,857,250

Apparel^(a)(b)– 0.4%
Beach Acquisition Bidco LLC (BB/Ba3)
EUR	4,796,000		5.250	%	07/15/32	5,584,794
Champ Acquisition Corp. (B/B2)
$	4,695,000		8.375		12/01/31	4,929,281

						10,514,075

Automotive – 1.4%
Clarios Global LP/Clarios U.S. Finance Co.^(a)(b)(B/Caa1)
	1,205,000		6.750		09/15/32	1,229,787
Clarios Global LP/Clarios U.S. Finance Co.^(a)(b)(BB-/B2)
	5,545,000		6.750		05/15/28	5,626,179
Cyprium Corp./Cyprium Holdings Luxembourg SARL^(a)(b)(BB-/Ba2)
	3,372,000		6.125		04/15/31	3,374,799


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Automotive – (continued)
Dorman Products, Inc.^(a)(b)(BB-/Ba3)
$	4,054,000		6.250	%	06/15/34	$ 4,098,999
Grupo Antolin Irausa SA^(a)(CCC-/Caa3)
EUR	1,332,000		3.500		04/30/28	701,418
IHO Verwaltungs GmbH^(a)(b)(d)(BB-/Ba2) (PIK 7.125%, Cash 6.375%)
$	3,305,000		6.375		05/15/29	3,330,581
IHO Verwaltungs GmbH^(a)(b)(d)(NR/Ba2)
	1,670,000		7.375		05/15/33	1,736,533
Phinia, Inc.^(a)(b)(BB+/Baa3)
	5,641,000		6.750		04/15/29	5,782,307
Qnity Electronics, Inc.^(a)(b)(BB/B1)
	494,000		6.250		08/15/33	502,709
Qnity Electronics, Inc.^(a)(b)(BB+/Ba1)
	1,805,000		5.750		08/15/32	1,815,830
ZF Europe Finance BV^(a)(BB-/Ba2)
EUR	3,100,000		4.750		01/31/29	3,549,817
ZF North America Capital, Inc.^(a)(b)(BB-/Ba2)
$	2,310,000		6.875		04/14/28	2,358,117
	2,020,000		6.750		04/23/30	2,000,971

						36,108,047

Banks – 2.9%
Banco Mercantil del Norte SA^(a)(b)(e)(BB-/Ba3) (5 yr. CMT + 4.643%)
	5,200,000		5.875		01/24/27	5,168,020
Bank of New York Mellon Corp.^(a)(e)(BBB/Baa1) (5 yr. CMT + 2.034%)
	7,861,000		5.625		03/20/31	7,820,516
Barclays PLC^(a)(e)(BB+/Ba1)
(5 yr. CMT + 3.410%)
	1,912,000		4.375		03/15/28	1,854,181
(5 yr. CMT + 5.431%)
	5,088,000		8.000		03/15/29	5,336,040
(5 yr. EURIBOR ICE Swap + 3.561%)
EUR	2,204,000		6.125		12/15/35	2,538,462
(5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 3.686%)
$	1,670,000		7.625		03/15/35	1,742,578
Citigroup, Inc.^(a)(e)(BB+/Ba1) (5 yr. CMT + 3.001%)
	15,770,000		6.625		02/15/31	16,039,825
Commerzbank AG^(a)(e)(BB/Ba1) (5 yr. USD Secured Overnight Financing Rate ICE Swap Rate + 4.322%)
	4,400,000		7.500		10/09/30	4,587,484
HSBC Holdings PLC^(a)(e)(NR/Baa3) (5 yr. USD ICE Swap + 3.606%)
	3,327,000		6.500		03/23/28	3,364,163
JPMorgan Chase & Co.^(a)(e)(BBB/Baa1) (5 yr. CMT + 2.152%)
	5,580,000		6.500		04/01/30	5,706,778
NatWest Group PLC^(a)(e)(NR/Baa3) (5 yr. U.K. Government Bond + 3.294%)
GBP	1,828,000		7.500		02/28/32	2,494,559
PNC Financial Services Group, Inc.^(a)(e)(BBB-/Baa2) (5 yr. CMT + 3.238%)
$	4,462,000		6.200		09/15/27	4,524,423

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
Toronto-Dominion Bank^(a)(e)(BBB-/Baa2) (5 yr. CMT + 4.075%)
$	1,475,000		8.125	%	10/31/82	$ 1,527,835
U.S. Bancorp^(a)(e)(BBB/Baa2) (5 yr. CMT + 2.541%)
	5,025,000		3.700		01/15/27	4,974,649
UniCredit SpA^(a)(b)(e)(BBB-/Baa3) (5 yr. CMT + 4.750%)
	3,415,000		5.459		06/30/35	3,436,514
Wells Fargo & Co.^(a)(e)(BB+/Baa2)
(5 yr. CMT + 2.767%)
	1,952,000		6.850	^(c)	09/15/29	2,024,712
(5 yr. CMT + 3.606%)
	2,040,000		7.625		09/15/28	2,143,958

						75,284,697

Beverages^(a)– 0.1%
Marston’s Issuer PLC^(e)(BB+/NR) (Sterling Overnight Index Average +1.569%)
GBP	80,000		5.177		07/15/32	104,336
Primo Water Holdings, Inc./Triton Water Holdings, Inc.^(b)(BB/Ba3)
$	3,655,000		4.375		04/30/29	3,569,108

						3,673,444

Building Materials – 1.3%
Builders FirstSource, Inc.^(a)(b)(BB-/Ba2)
	2,900,000		6.750		05/15/35	2,956,057
EMRLD Borrower LP/Emerald Co-Issuer, Inc.^(a)(b)(BB-/B2)
	5,824,000		6.625		12/15/30	5,954,399
Masterbrand, Inc.^(a)(b)(BB/B1)
	2,350,000		7.000		07/15/32	2,376,814
Quikrete Holdings, Inc.^(a)(b)(BB/Ba3)
	4,749,000		6.375		03/01/32	4,849,156
Smyrna Ready Mix Concrete LLC^(a)(b)(B+/B1)
	7,505,000		6.000		11/01/28	7,519,635
	2,832,000		8.875		11/15/31	2,986,061
Standard Building Solutions, Inc.^(a)(b)(BB+/Ba3)
	6,017,000		6.500		08/15/32	6,057,133

						32,699,255

Chemicals – 2.4%
Avient Corp.^(a)(b)(BB-/Ba3)
	2,945,000		7.125		08/01/30	2,998,481
	1,050,000		6.250		11/01/31	1,062,957
Axalta Coating Systems LLC^(a)(b)(BB+/Ba3)
	3,055,000		3.375		02/15/29	2,915,417
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV^(a)(b)(BB+/Ba3)
	3,550,000		4.750		06/15/27	3,538,782
Cerdia Finanz GmbH^(a)(b)(B/B2)
	11,986,000		9.375		10/03/31	10,770,140
Chemours Co.^(a)(b)(BB-/B1)
	2,447,000		5.750		11/15/28	2,445,311
FMC Corp.^(a)(BB+/Ba2)
	3,517,000		4.500		10/01/49	2,275,886
FMC Corp.^(a)(b)(BBB-/Baa3)
	1,290,000		8.000		06/01/31	1,342,155


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Chemicals – (continued)
Ingevity Corp.^(a)(b)(NR/Ba3)
$	3,261,000		3.875	%	11/01/28	$ 3,158,898
Minerals Technologies, Inc.^(a)(b)(BB-/Ba3)
	3,786,000		5.000		07/01/28	3,761,391
Olympus Water U.S. Holding Corp.^(a)(b)(B-/B3)
	1,561,000		6.750		08/01/32	1,524,816
Perimeter Holdings LLC^(a)(b)(B+/B2)
	4,778,000		6.250		01/15/34	4,773,843
SNF Group SACA^(a)(b)(BBB-/Baa3)
	4,285,000		3.375		03/15/30	3,987,664
Solstice Advanced Materials, Inc.^(a)(b)(BB+/Ba2)
	5,753,000		5.625		09/30/33	5,715,951
Valvoline, Inc.^(a)(b)(B+/Ba3)
	2,156,000		3.625		06/15/31	1,982,248
WR Grace Holdings LLC^(a)(b)(B-/B2)
	5,590,000		7.375		03/01/31	5,613,143
	2,708,000		7.000		08/01/33	2,640,002

						60,507,085

Commercial Services – 3.8%
Aegis Lux 1a SARL^(a)(b)(d)(BB-/B1)
EUR	2,115,000		5.625		10/29/31	2,451,204
Allied Universal Holdco LLC^(a)(b)(B/B3)
$	3,296,000		7.875		02/15/31	3,444,880
Allied Universal Holdco LLC/Allied Universal Finance Corp.^(a)(b) (B/B3)
	715,000		6.875		06/15/30	734,048
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL (B/B3)
	8,083,000		4.625	%^(a)(b)	06/01/28	7,957,236
APi Group DE, Inc.^(a)(b)(B+/B1)
	7,053,000		4.125		07/15/29	6,767,636
	2,639,000		4.750		10/15/29	2,587,091
	6,551,000		5.750		06/01/34	6,497,675
Avis Budget Finance PLC^(a)(B/B1)
EUR	1,990,000		7.250		07/31/30	2,319,795
Belron U.K. Finance PLC^(a)(b)(BB-/Ba3)
$	5,551,000		5.750		10/15/29	5,576,757
Block, Inc.^(a)(BB+/Ba1)
	8,307,000		6.500		05/15/32	8,483,108
CompoSecure Holdings LLC^(a)(b)(B+/B1)
	10,294,000		5.625		02/01/33	10,046,944
EquipmentShare.com, Inc.^(a)(b)(B/B3)
	5,737,000		9.000		05/15/28	5,858,797
	1,450,000		8.625		05/15/32	1,509,247
Garda World Security Corp.^(a)(b)(B+/B1)
	2,652,000		7.750		02/15/28	2,694,034
Garda World Security Corp.^(a)(b)(CCC+/Caa2)
	1,270,000		8.250		08/01/32	1,299,553
	1,930,000		8.375		11/15/32	1,974,313
Graham Holdings Co.^(a)(b)(BB/Ba1)
	9,379,000		5.625		12/01/33	9,285,210
Herc Holdings, Inc.^(a)(b)(BB-/Ba3)
	2,497,000		7.000		06/15/30	2,586,418

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Commercial Services – (continued)
Hertz Corp.^(a)(b)(c)(B-/Ba3)
$	2,046,000		12.625	%	07/15/29	$ 1,663,950
Mavis Tire Express Services Topco Corp.^(a)(b)(CCC/Caa2)
	3,005,000		6.500		05/15/29	2,993,821
Prime Security Services Borrower LLC/Prime Finance, Inc.^(a)(b) (BB/Ba3)
	5,038,000		3.375		08/31/27	4,935,124
PROG Holdings, Inc.^(a)(b)(B+/B1)
	3,013,000		6.000		11/15/29	2,946,352
Verisure Midholding AB (BB-/Ba3)
EUR	1,255,319		5.250	%^(a)(b)	02/15/29	1,434,457
Williams Scotsman, Inc.^(a)(b)(BB-/B2)
$	965,000		6.625		04/15/30	994,027

						97,041,677

Computers – 1.2%
Ahead DB Holdings LLC^(a)(b)(c)(CCC+/Caa1)
	8,043,000		6.625		05/01/28	8,043,000
CACI International, Inc.^(a)(b)(BB-/Ba2)
	8,045,000		6.375		06/15/33	8,159,561
Diebold Nixdorf, Inc.^(a)(b)(B+/B1)
	4,085,000		7.750		03/31/30	4,262,371
Gartner, Inc.^(a)(c)(BBB-/Baa3)
	4,228,000		5.600		11/20/35	3,998,504
Seagate Data Storage Technology Pte. Ltd.^(a)(b)(BB+/Ba3)
	1,405,000		8.250		12/15/29	1,469,419
	2,834,000		9.625		12/01/32	3,128,169
Virtusa Corp.^(a)(b)(B-/Caa1)
	1,333,000		7.125		12/15/28	1,053,603

						30,114,627

Cosmetics & Personal Care^(a)(b)– 0.3%
Opal Bidco SAS (B+/B1)
	6,525,000		6.500		03/31/32	6,655,043

Distribution & Wholesale^(a)(b)– 0.4%
American Builders & Contractors Supply Co., Inc. (BB-/Ba3)
	11,554,000		3.875		11/15/29	11,008,998

Diversified Financial Services – 8.7%
American Express Co.^(a)(e)(BBB-/Baa2) (5 yr. CMT + 2.854%)
	16,557,000		3.550		09/15/26	16,480,010
Burford Capital Global Finance LLC^(a)(b)(BB-/Ba1)
	5,730,000		7.500	^(c)	07/15/33	4,854,284
	7,133,000		8.500		01/15/34	6,241,874
Capital One Financial Corp.^(a)(c)(e)(BB/Baa3) (5 yr. CMT + 3.157%)
	2,310,000		3.950		09/01/26	2,301,545
Charles Schwab Corp.^(a)(c)(e)(BBB-/Baa2) (3 mo. USD Term SOFR + 2.575%)
	4,385,000		5.000		12/01/27	4,337,598
Credit Acceptance Corp.^(a)(b)(BB/Ba3)
	8,548,000		9.250		12/15/28	8,898,896
	8,480,000		6.625		03/15/30	8,508,578
CrossCountry Intermediate HoldCo LLC^(a)(b)(NR/B1)
	3,085,000		6.500		10/01/30	3,041,872


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Encore Capital Group, Inc.^(a)(b)(NR/Ba3)
$	12,360,000		6.625	%	06/01/32	$ 12,374,956
Enova International, Inc.^(a)(b)(B/B2)
	4,263,000		11.250		12/15/28	4,492,264
	17,641,000		9.125		08/01/29	18,441,725
goeasy Ltd.^(a)(b)(B-/B2)
	7,418,000		9.250		12/01/28	7,289,372
	1,735,000		7.625		07/01/29	1,637,476
	6,716,000		6.875	^(c)	02/15/31	5,905,648
Jane Street Group/JSG Finance, Inc.^(a)(b)(BB/Ba1)
	4,776,000		7.125		04/30/31	4,939,100
	9,150,000		6.125		11/01/32	9,144,144
Jefferson Capital Holdings LLC^(a)(b)(NR/Ba3)
	5,252,000		9.500		02/15/29	5,486,029
	10,567,000		8.250		05/15/30	11,102,324
Navient Corp.^(a)(BB-/Ba3)
	6,847,000		9.375		10/15/31	6,820,023
OneMain Finance Corp.^(a)(BB/Ba2)
	3,060,000		7.875		03/15/30	3,184,909
Osaic Holdings, Inc.^(a)(b)(B/B1)
	5,310,000		6.750		08/01/32	5,320,620
Provident Funding Associates LP/PFG Finance Corp.^(a)(b)(NR/B3)
	12,009,000		9.750		09/15/29	12,539,077
Rocket Cos., Inc.^(a)(b)(BB/Ba1)
	686,000		6.500		08/01/29	700,447
	9,536,000		6.125		08/01/30	9,709,746
	4,855,000		6.375		08/01/33	4,938,894
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.^(a)(b)(BB/Ba1)
	6,578,000		4.000		10/15/33	5,921,845
SLM Corp.^(a)(BB+/Ba1)
	1,720,000		6.500		01/31/30	1,744,888
StoneX Group, Inc.^(a)(b)(BB/Ba3)
	3,105,000		7.875		03/01/31	3,257,828
United Wholesale Mortgage LLC^(a)(b)(NR/Ba3)
	14,144,000		5.500		04/15/29	13,135,674
UWM Holdings LLC^(a)(b)(NR/Ba3)
	6,827,000		6.625		02/01/30	6,354,981
	10,019,000		6.250		03/15/31	8,920,116
VFH Parent LLC/Valor Co-Issuer, Inc.^(a)(b)(B+/B1)
	5,030,000		7.500		06/15/31	5,260,877

						223,287,620

Electrical – 2.6%
California Buyer Ltd./Atlantica Sustainable Infrastructure PLC^(a)(b) (B+/NR)
	14,956,000		6.375		02/15/32	14,990,997
NRG Energy, Inc.^(a)(b)(BB/Ba2)
	17,255,000		5.750		07/15/29	17,257,761
	2,505,000		5.750		01/15/34	2,482,405
	15,493,000		5.875		05/15/34	15,406,394
	5,851,000		6.250		11/01/34	5,923,669
Vistra Operations Co. LLC^(a)(b)(BBB-/Ba1)
	3,198,000		7.750		10/15/31	3,350,385

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Electrical – (continued)
$	6,420,000		6.875	%	04/15/32	$ 6,650,542

						66,062,153

Electronics^(a)(b) – 0.7%
Atkore, Inc.^(c)(BB+/Ba2)
	6,055,000		4.250		06/01/31	5,795,240
Coherent Corp. (BB-/B1)
	2,748,000		5.000		12/15/29	2,704,582
Ingram Micro, Inc. (BB/Ba3)
	4,596,000		4.750		05/15/29	4,511,112
Sensata Technologies BV (BB+/Ba2)
	2,131,000		5.875		09/01/30	2,138,331
Sensata Technologies, Inc. (BB+/Ba2)
	3,749,000		4.375		02/15/30	3,646,802

						18,796,067

Engineering & Construction – 2.0%
AECOM^(a)(b)(BB/Ba2)
	19,254,000		6.000		08/01/33	19,276,334
Brundage-Bone Concrete Pumping Holdings, Inc.^(a)(b)(B/B2)
	7,284,000		7.500		02/01/32	7,557,587
Dycom Industries, Inc.^(a)(b)(BB-/B1)
	5,174,000		4.500		04/15/29	5,063,949
Global Infrastructure Solutions, Inc.^(a)(b)(BB/Ba3)
	6,523,000		5.625		06/01/29	6,520,260
	5,734,000		7.500		04/15/32	5,994,037
	5,855,000		6.375		07/15/34	5,895,868
Kier Group PLC^(a)(BB+/NR)
GBP	1,155,000		9.000		02/15/29	1,596,105

						51,904,140

Entertainment – 3.0%
Banijay Entertainment SAS^(a)(b)(B+/B1)
$	2,890,000		8.125		05/01/29	2,966,585
Cinemark USA, Inc.^(a)(b)(BB/B2)
	7,035,000		5.250		07/15/28	7,020,226
CPUK Finance Ltd.^(a)(B/NR)
GBP	1,000,000		7.875		08/28/29	1,368,074
Flutter Treasury DAC^(a)(b)(BBB-/Ba1)
$	1,785,000		6.375		04/29/29	1,812,775
	17,020,000		5.875		06/04/31	16,955,664
Light & Wonder International, Inc.^(a)(b)(BB-/B2)
	2,699,000		6.250		10/01/33	2,681,618
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.^(a)(b) (B+/B3)
	8,762,000		4.875		05/01/29	8,522,447
Penn Entertainment, Inc.^(a)(b)(B/B3)
	3,210,000		5.625		01/15/27	3,210,706
	1,750,000		4.125		07/01/29	1,677,008
Pinewood Finco PLC^(a)(b)(BB+/NR)
GBP	2,988,000		6.000		03/27/30	3,973,103
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.^(a)(b)(CCC/Caa2)
$	4,764,000		5.625		09/01/29	3,323,462


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Entertainment – (continued)
Resorts World Las Vegas LLC/RWLV Capital, Inc. (BB+/NR)
$	6,800,000		8.450	%^(a)(b)	07/27/30	$ 6,713,300
Rivers Enterprise Borrower LLC^(a)(b)(B+/B1)
	4,408,000		6.250	%	10/15/30	4,465,084
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.^(a)(b) (B+/B1)
	4,306,000		6.625		02/01/33	4,372,011
SeaWorld Parks & Entertainment, Inc.^(a)(b)(c)(B+/B2)
	6,035,000		5.250		08/15/29	5,895,531
Vail Resorts, Inc.^(a)(b)(BB-/Ba3)
	2,425,000		5.625		07/15/30	2,426,164

						77,383,758

Environmental^(a)(b) – 1.3%
GFL Environmental, Inc. (BB/Ba3)
	3,580,000		4.375		08/15/29	3,477,863
Luna 1.5 SARL^(d)(B-/B3)
	8,145,000		12.000		07/01/32	8,703,991
Luna 2 5 SARL (B+/B1)
EUR	1,408,000		5.500		07/01/32	1,629,389
Madison IAQ LLC (B/B2)
$	13,984,000		5.875		06/30/29	13,981,762
Waste Pro USA, Inc. (B-/Caa1u)
	4,895,000		7.000		02/01/33	5,009,837

						32,802,842

Food & Drug Retailing – 1.9%
Boparan Finance PLC^(a)(b)(B+/WR)
GBP	2,086,200		9.375		11/07/29	2,919,992
Fiesta Purchaser, Inc.^(a)(b)(CCC+/Caa2)
$	3,659,000		9.625		09/15/32	3,592,297
Flora Food Management BV^(a)(B/B2)
EUR	2,492,000		6.875		07/02/29	2,795,793
Iceland Bondco PLC^(a)(b)(B/B2)
GBP	1,063,239		10.875		12/15/27	1,459,695
KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.^(a)(b)(B-/B3)
$	12,561,000		9.000		02/15/29	13,147,724
Performance Food Group, Inc.^(a)(b)(BB/B1)
	8,315,000		4.250		08/01/29	8,063,887
	1,225,000		6.125		09/15/32	1,240,545
Post Holdings, Inc.^(a)(b)(B+/B2)
	11,697,000		6.250		10/15/34	11,490,431
United Natural Foods, Inc.^(a)(b)(B-/Caa1)
	3,203,000		6.750		10/15/28	3,200,822

						47,911,186

Gas^(a)(b) – 0.2%
UGI International LLC (NR/Ba2)
EUR	3,456,000		5.000		06/01/31	4,030,447

Healthcare Providers & Services – 3.0%
Centene Corp.^(a)(BB+/Ba1)
$	12,144,000		4.625		12/15/29	11,828,742
Charlotte Buyer, Inc.^(a)(b)(B-/B3)
	2,110,000		8.000		06/30/31	2,136,312

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
DaVita, Inc.^(a)(b)(BB-/Ba3)
$	1,448,000		6.875	%	09/01/32	$ 1,492,989
Global Medical Response, Inc.^(a)(b)(B+/B1)
	5,421,000		7.375		10/01/32	5,617,023
Insulet Corp.^(a)(b)(B+/B1)
	780,000		6.500		04/01/33	790,514
IQVIA, Inc.^(a)(b)(BB/Ba2)
	1,270,000		6.250		06/01/32	1,293,647
LifePoint Health, Inc.^(a)(b)(B/B2)
	12,826,000		7.000		05/01/34	12,287,308
Medline Borrower LP^(a)(b)(BB-/Ba2)
	4,038,000		5.250		10/01/29	4,014,257
Medline Borrower LP^(a)(b)(BBB-/Ba1)
	4,839,000		3.875		04/01/29	4,698,621
MPH Acquisition Holdings LLC^(a)(b)(d)(CCC/Caa3) (PIK 0.750%, Cash 6.000%)
	4,165,402		6.750		03/31/31	2,497,117
Prime Healthcare Services, Inc.^(a)(b)(B/B2)
	2,815,000		9.375		09/01/29	2,939,310
Team Health Holdings, Inc.^(a)(b)(B-/Caa1)
	1,106,000		8.375		06/30/28	1,112,647
Team Health Holdings, Inc.^(a)(b)(d)(B-/NR) (PIK 4.500%, Cash 9.000%)
	16,530,119		13.500		06/30/28	16,902,873
Tenet Healthcare Corp.^(a)(BB/Ba2)
	2,867,000		4.625		06/15/28	2,842,172
	3,305,000		4.250		06/01/29	3,211,502
	1,762,000		6.125		06/15/30	1,774,916
	2,730,000		6.750		05/15/31	2,796,721

						78,236,671

Home Builders^(a)(b)– 1.0%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC (B+/B1)
	1,588,000		5.000		06/15/29	1,511,760
Dream Finders Homes, Inc. (BB-/NR)
	4,229,000		6.875		09/15/30	4,191,912
Forestar Group, Inc. (BB-/Ba3)
	465,000		6.500		03/15/33	472,431
Installed Building Products, Inc. (BB-/Ba2)
	13,599,000		5.625		02/01/34	13,395,423
LGI Homes, Inc.^(c)(B/B2)
	374,000		7.000		11/15/32	371,816
Risewell Homes, Inc. (B+/B2)
	5,521,000		8.500		11/01/30	5,634,180

						25,577,522

Home Furnishings – 0.1%
Whirlpool Corp.^(a)(B+/B2)
	2,521,000		2.400		05/15/31	1,884,246
	452,000		4.500		06/01/46	269,667

						2,153,913


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Household Products – 0.1%
Central Garden & Pet Co.^(a)(BB/B1)
$	2,552,000		4.125	%	10/15/30	$ 2,433,077
	1,105,000		4.125	^(b)	04/30/31	1,042,346

						3,475,423

Housewares^(a) – 0.2%
Newell Brands, Inc. (B+/B2)
	5,301,000		7.500		04/01/46	4,942,970

Insurance – 4.4%
Acrisure LLC/Acrisure Finance, Inc.^(a)(b)(CCC+/Caa2)
	14,938,000		8.250		02/01/29	14,056,359
	2,423,000		8.500		06/15/29	2,284,768
Ardonagh Finco Ltd.^(a)(B-/B3)
EUR	4,771,000		6.875		02/15/31	5,476,039
Ardonagh Group Finance Ltd.^(a)(b)(CCC/Caa2)
$	12,107,000		8.875		02/15/32	11,763,040
CRC Insurance Group LLC^(a)(b)(B/B2)
	34,829,000		7.125		06/01/31	34,703,965
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC^(a)(b)(CCC+/Caa1)
	21,640,000		8.125		02/15/32	19,481,194
HUB International Ltd.^(a)(b)(B+/B1)
	8,205,000		7.250		06/15/30	8,420,545
Nassau Cos., of New York^(a)(b)(BB-/NR)
	6,802,000		7.875		07/15/30	6,501,215
Ryan Specialty LLC^(a)(b)(BB-/Ba3)
	7,900,000		5.875		08/01/32	7,772,415
USI, Inc.^(a)(b)(CCC+/Caa1)
	1,937,000		7.500		01/15/32	1,957,319

						112,416,859

Internet^(a)– 2.1%
Amazon.com, Inc. (AA/A1)
	865,000		5.800		03/13/56	857,526
Angi Group LLC^(b)(c)(B/B2)
	11,484,000		3.875		08/15/28	9,716,612
Arches Buyer, Inc.^(b)(c)(CCC+/Caa1)
	1,137,000		6.125		12/01/28	1,119,308
Gen Digital, Inc.^(b)(BB-/B1)
	10,969,000		6.250		04/01/33	10,809,840
Match Group Holdings II LLC^(b)(BB/Ba2)
	3,689,000		5.625		02/15/29	3,675,572
Meta Platforms, Inc. (AA-/Aa3)
	13,700,000		4.450		08/15/52	10,555,165
Rakuten Group, Inc.^(b)(e)(B/NR) (5 yr. CMT + 4.250%)
	1,980,000		8.125		12/15/29	2,031,995
Snap, Inc.^(b)(BB-/B1)
	16,960,000		6.875		03/01/33	16,522,263

						55,288,281

Investment Companies^(a)(b) – 0.1%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1)
	3,201,000		10.000		11/15/29	3,158,203

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Iron/Steel – 0.9%
Carpenter Technology Corp.^(a)(b)(BB+/Ba1)
$	6,849,000		5.625	%	03/01/34	$ 6,848,658
Hybar LLC^(a)(b)(B-/B3)
	3,862,000		7.375		07/01/34	3,879,649
Mineral Resources Ltd.^(a)(b)(NR/Ba3)
	9,446,000		8.500		05/01/30	9,744,872
	900,000		7.000		04/01/31	932,202
	2,152,000		6.000		05/01/32	2,131,276

						23,536,657

Leisure Time – 2.2%
Carnival Corp. Ltd.^(a)(b)(BBB-/Ba1)
	4,060,000		5.750		03/15/30	4,107,827
Deuce Finco PLC^(a)(b)(NR/B2)
GBP	2,076,000		7.000		11/20/31	2,811,758
Lindblad Expeditions LLC^(a)(b)(B+/B2)
$	1,435,000		7.000		09/15/30	1,482,814
MajorDrive Holdings IV LLC^(a)(b)(CCC-/Caa3)
	8,923,000		6.375		06/01/29	7,462,662
Pinnacle Bidco PLC^(a)(b)(NR/B3)
GBP	2,783,000		10.000		10/11/28	3,831,013
Sabre GLBL, Inc.^(a)(b)(B-/B3)
$	5,550,000		10.750		11/15/29	5,335,770
Viking Cruises Ltd.^(a)(b)(BB+/Ba3)
	8,430,000		7.000		02/15/29	8,443,572
	4,034,000		9.125		07/15/31	4,228,197
	19,739,000		5.875		10/15/33	19,750,251

						57,453,864

Lodging – 2.1%
Genting New York LLC/GENNY Capital, Inc.^(a)(b)(BB+/NR)
	5,580,000		7.250		10/01/29	5,742,378
Hilton Domestic Operating Co., Inc.^(a)(b)(BB+/Ba2)
	2,540,000		3.625		02/15/32	2,326,005
Marriott Ownership Resorts, Inc.^(a)(B/B2)
	3,169,000		4.750		01/15/28	3,134,394
Melco Resorts Finance Ltd.^(a)(b)(BB-/Ba3)
	2,190,000		7.625		04/17/32	2,244,816
MGM Resorts International^(a)(BB-/B1)
	5,930,000		5.500		04/15/27	5,940,200
	3,113,000		4.750		10/15/28	3,091,458
	984,000		6.125		09/15/29	993,436
Station Casinos LLC^(a)(b)(B/B2)
	7,091,000		4.625		12/01/31	6,733,259
	4,989,000		6.625		03/15/32	5,065,681
Travel & Leisure Co.^(a)(b)(BB-/Ba3)
	18,277,000		6.250		06/01/31	18,392,145

						53,663,772

Machinery - Construction & Mining^(a)(b) – 0.3%
Terex Corp. (BB/Ba3)
	3,260,000		6.250		10/15/32	3,301,369


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Machinery - Construction & Mining^(a)(b)– (continued)
Vertiv Group Corp. (BBB-/Baa2)
$	5,561,000		4.125	%	11/15/28	$ 5,505,613

						8,806,982

Machinery-Diversified^(a)(b) – 0.1%
Mueller Water Products, Inc. (BB+/Ba1)
	3,113,000		4.000		06/15/29	3,011,672

Media – 4.3%
Charter Communications Operating LLC/Charter Communications Operating Capital^(a)(BBB-/Ba1)
	3,450,000		5.375		05/01/47	2,781,114
	23,977,000		5.750		04/01/48	20,190,312
	2,182,000		5.125		07/01/49	1,686,381
CSC Holdings LLC^(a)(b)(CC/Ca)
	9,023,000		7.500		04/01/28	2,444,060
	3,101,000		5.750		01/15/30	730,038
CSC Holdings LLC^(a)(b)(CCC/Caa2)
	4,365,000		5.500		04/15/27	2,924,506
	6,444,000		6.500		02/01/29	3,856,541
Directv Financing LLC^(a)(b)(B+/B1)
	10,465,000		8.875		02/01/30	10,662,475
Discovery Global Holdings, Inc.^(a)(BB/NR)
	13,791,000		5.050		03/15/42	10,094,736
	6,335,000		5.141		03/15/52	4,242,296
DISH DBS Corp.^(c)(f)(CCC-/Caa2)
	6,922,000		5.125		06/01/29	6,256,588
DISH DBS Corp.^(a)(b)(CCC+/B3)
	5,776,000		5.250		12/01/26	5,743,655
	784,000		5.750		12/01/28	760,119
DISH Network Corp.^(a)(b)(B/B1)
	5,270,000		11.750		11/15/27	5,416,453
Gray Media, Inc.^(a)(b)(B+/Ba3)
	2,761,000		10.500		07/15/29	2,912,993
Gray Media, Inc.^(a)(b)(CCC/Caa1)
	2,385,000		4.750		10/15/30	1,713,885
iHeartCommunications, Inc.^(a)(b)(c)(CCC-/Caa3)
	1,439,000		10.875		05/01/30	1,244,735
iHeartCommunications, Inc.^(a)(b)(CCC+/Caa1)
	1,855,000		7.750		08/15/30	1,731,531
	200		7.000		01/15/31	175
Nexstar Media, Inc.^(a)(b)(BBB-/Ba2)
	4,569,000		6.500		09/15/33	4,570,645
Sinclair Television Group, Inc.^(a)(b)(B+/B3)
	3,658,000		8.125		02/15/33	3,769,459
Space Exploration Technologies Corp.^(a)(b)(BBB/Baa1)
	7,715,000		5.350		07/15/31	7,706,591
Time Warner Cable LLC^(a)(BBB-/Ba1)
	7,166,000		5.875		11/15/40	6,415,433
Univision Communications, Inc.^(a)(b)(B/B2)
	1,680,000		9.375		08/01/32	1,707,770
Virgin Media Secured Finance PLC^(a)(b)(B+/Ba3)
	2,380,000		5.500		05/15/29	2,265,665

						111,828,156

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Metal Fabricate & Hardware^(a)(b)– 0.2%
Roller Bearing Co. of America, Inc. (BB/Ba3)
$	5,339,000		4.375	%	10/15/29	$ 5,211,932

Mining^(a)(b)– 0.1%
Alcoa Nederland Holding BV (BB+/Ba1)
	1,420,000		7.125		03/15/31	1,473,761

Miscellaneous Manufacturing – 0.2%
Amsted Industries, Inc.^(a)(b)(BB/Ba3)
	1,926,000		4.625		05/15/30	1,873,574
Axon Enterprise, Inc.^(a)(b)(BB+/Ba2)
	1,640,000		6.125		03/15/30	1,673,030
	1,695,000		6.250		03/15/33	1,738,121

						5,284,725

Oil Field Services – 5.8%
Archrock Partners LP/Archrock Partners Finance Corp.^(a)(b)(BB-/B1)
	3,056,000		6.625		09/01/32	3,112,475
BKV Upstream Midstream LLC^(a)(b)(B-/B3)
	2,100,000		7.500		10/15/30	2,106,027
Chord Energy Corp.^(a)(b)(BB/Ba2)
	3,858,000		6.000		10/01/30	3,875,438
	12,782,000		6.750		03/15/33	12,994,565
CNX Resources Corp.^(a)(b)(BB/B1)
	3,225,000		7.375		01/15/31	3,300,723
	2,105,000		7.250		03/01/32	2,167,034
DBR Land Holdings LLC^(a)(b)(BB-/B1)
	13,189,000		6.250		12/01/30	13,396,463
Kodiak Gas Services LLC^(a)(b)(BB-/B1)
	5,675,000		5.875		04/01/31	5,686,861
	4,965,000		6.500		10/01/33	5,025,970
Kraken Oil & Gas Partners LLC^(a)(b)(B+/B3)
	14,843,000		7.625		08/15/29	14,980,149
	4,406,000		7.125		05/15/31	4,309,685
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.^(a)(b)(BB-/Ba3)
	4,401,000		6.875		12/01/32	4,474,013
Matador Resources Co.^(a)(b)(BB-/B1)
	1,410,000		6.500		04/15/32	1,417,149
Noble Finance II LLC^(a)(b)(BB-/Ba3)
	5,791,000		6.250		06/15/34	5,674,948
Northern Oil & Gas, Inc.^(a)(b)(B+/B1)
	8,527,000		8.750		06/15/31	8,782,981
	7,355,000		7.875		10/15/33	7,306,383
Permian Resources Operating LLC^(a)(b)(BBB-/Baa3)
	1,482,000		5.875		07/01/29	1,482,326
	2,425,000		9.875		07/15/31	2,549,354
Range Resources Corp.^(a)(b)(BB+/Ba2)
	2,945,000		4.750		02/15/30	2,875,822
SM Energy Co.^(a)(BB/B1)
	970,000		6.500		07/15/28	971,620
Sunoco LP^(a)(b)(BB+/Ba1)
	2,120,000		7.000		05/01/29	2,181,904
	1,620,000		7.250		05/01/32	1,679,584
Sunoco LP/Sunoco Finance Corp.^(a)(BB+/Ba1)
	3,240,000		7.000	^(b)	09/15/28	3,308,461


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Oil Field Services – (continued)
$	4,900,000		4.500	%	04/30/30	$ 4,740,995
Tidewater, Inc.^(a)(b)(BB-/B2)
	2,711,000		9.125		07/15/30	2,901,909
Transocean International Ltd.^(a)(b)(B/B2)
	1,200,000		7.875		10/15/32	1,248,816
Transocean International Ltd.^(a)(b)(B+/Ba3)
	3,485,300		8.750		02/15/30	3,613,977
USA Compression Partners LP/USA Compression Finance Corp.^(a)(b) (B+/B1)
	13,395,000		7.125		03/15/29	13,723,177
WBI Operating LLC^(a)(b)(BB-/B1)
	676,000		6.250		10/15/30	679,833
	8,834,000		6.500		10/15/33	8,888,417

						149,457,059

Packaging – 0.4%
Ardagh Group SA^(a)(b)(c)(B/B3)
	237,072		9.500		12/01/30	253,281
Ball Corp.^(a)(BB+/Ba1)
	4,251,000		6.000		06/15/29	4,321,184
	3,010,000		2.875		08/15/30	2,746,264
TriMas Corp.^(a)(b)(B/Ba3)
	2,868,000		4.125		04/15/29	2,761,683

						10,082,412

Pharmaceuticals – 1.2%
1261229 BC Ltd.^(a)(b)(B/Caa1)
	10,323,000		10.000		04/15/32	10,449,353
Adapthealth LLC^(a)(b)(BB-/Ba3)
	2,882,000		6.125		08/01/28	2,882,692
Amneal Pharmaceuticals LLC^(a)(b)(B+/Ba3)
	902,000		6.875		08/01/32	936,592
Bausch Health Americas, Inc.^(a)(b)(c)(CCC+/Ca)
	1,353,000		8.500		01/31/27	1,350,497
Bausch Health Cos., Inc.^(b)(c)(B-/Caa1)
	579,000		4.875	^(a)	06/01/28	535,314
	1,269,000		11.000		09/30/28	1,291,880
Bausch Health Cos., Inc.^(a)(b)(c)(CCC+/Ca)
	2,365,000		5.000		01/30/28	2,099,150
	1,873,000		6.250		02/15/29	1,411,493
Grifols SA^(a)(b)(B/B3)
	4,248,000		4.750		10/15/28	4,170,177
HLF Financing SARL LLC/Herbalife International, Inc.^(a)(b)(BB/Ba2)
	1,030,000		7.750		05/01/33	1,043,009
Jazz Securities DAC^(a)(b)(BB/Ba1)
	4,826,000		4.375		01/15/29	4,725,860
Teva Pharmaceutical Finance Netherlands III BV (BB+/Ba1)
	871,000		3.150		10/01/26	866,558

						31,762,575

Pipelines – 4.5%
Blue Racer Midstream LLC/Blue Racer Finance Corp.^(a)(b)(B+/B2)
	1,395,000		7.000		07/15/29	1,430,252
CNX Midstream Partners LP^(a)(b)(BB/B1)
	3,831,000		4.750		04/15/30	3,649,219

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Pipelines – (continued)
Delek Logistics Partners LP/Delek Logistics Finance Corp.^(a)(b) (BB-/B2)
$	8,424,000		7.375	%	06/30/33	$ 8,592,396
Excelerate Energy LP^(a)(b)(BB+/NR)
	5,997,000		8.000		05/15/30	6,326,235
Genesis Energy LP/Genesis Energy Finance Corp.^(a)(B+/B2)
	1,975,000		8.875		04/15/30	2,065,099
	759,000		7.875		05/15/32	783,872
Global Partners LP/GLP Finance Corp.^(a)(BB-/B1)
	1,533,000		6.875		01/15/29	1,547,686
	1,313,000		8.250	^(b)	01/15/32	1,375,118
Hess Midstream Operations LP^(a)(b)(BBB-/Ba1)
	3,035,000		5.875		03/01/28	3,056,579
	1,245,000		6.500		06/01/29	1,269,190
	892,000		5.500		10/15/30	889,262
Howard Midstream Energy Partners LLC^(a)(b)(BB-/B1)
	4,990,000		7.375		07/15/32	5,164,949
	2,955,000		6.625		01/15/34	2,979,852
Kinetik Holdings LP^(a)(b)(BB+/Ba1)
	5,040,000		6.625		12/15/28	5,123,664
	3,795,000		5.875		06/15/30	3,813,216
NGL Energy Operating LLC/NGL Energy Finance Corp.^(a)(b)(B+/B2)
	4,631,000		8.125		02/15/29	4,794,521
NuStar Logistics LP^(a)(NR/Ba1)
	4,656,000		5.625		04/28/27	4,667,268
Prairie Acquiror LP^(a)(b)(B-/B3)
	6,576,000		9.000		08/01/29	6,833,648
Rockies Express Pipeline LLC^(a)(b)(BB/Ba2)
	1,645,000		6.750		03/15/33	1,690,106
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(a)(b)
	(B+/B1)
	2,184,000		7.375		02/15/29	2,240,085
	1,328,000		6.000		09/01/31	1,313,631
TransMontaigne Partners LLC^(a)(b)(CCC+/Caa1)
	7,535,000		8.500		06/15/30	7,675,980
Venture Global Calcasieu Pass LLC^(a)(b)(BBB-/Ba1)
	13,693,000		4.125		08/15/31	12,853,619
	4,660,000		3.875		11/01/33	4,153,551
Venture Global LNG, Inc.^(a)(b)(BB/B1)
	18,750,000		9.875		02/01/32	20,009,250
Western Midstream Operating LP^(a)(b)(BBB-/Baa3)
	2,600,000		7.250		04/01/30	2,728,310

						117,026,558

Real Estate – 0.3%
Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp.^(a)(b) (B+/B3)
	6,139,000		5.750		01/15/29	6,072,699
Cushman & Wakefield U.S. Borrower LLC^(a)(b)(BB-/Ba3)
	784,000		6.750		05/15/28	785,223
	1,240,000		8.875		09/01/31	1,298,367

						8,156,289


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Real Estate Investment Trust – 1.7%
Iron Mountain, Inc.^(a)(b)(BB-/Ba3)
$	4,350,000		7.000	%	02/15/29	$ 4,433,520
	6,492,000		5.625		07/15/32	6,416,693
	3,438,000		6.250		01/15/35	3,450,927
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.^(a)(b)(BB+/Baa3)
	2,000,000		7.000		07/15/31	2,073,300
MPT Operating Partnership LP/MPT Finance Corp.^(a)(CCC+/Caa1)
	3,420,000		3.500		03/15/31	2,345,026
RHP Hotel Properties LP/RHP Finance Corp.^(a)(b)(BB/Ba3)
	7,065,000		4.500		02/15/29	6,920,591
Starwood Property Trust, Inc.^(a)(b)(BB-/Ba3)
	5,148,000		7.250		04/01/29	5,317,421
	1,640,000		6.500		07/01/30	1,674,522
	1,035,000		5.750		01/15/31	1,028,997
Starwood Property Trust, Inc.^(a)(b)(NR/Ba3)
	3,990,000		5.875		08/15/29	4,003,047
XHR LP^(a)(b)(BB-/B1)
	5,568,000		6.625		05/15/30	5,696,676

						43,360,720

Retailing – 4.1%
1011778 BC ULC/New Red Finance, Inc.^(a)(b)(BB-/B2)
	3,050,000		4.375		01/15/28	3,016,511
Advance Auto Parts, Inc.^(a)(b)(BB/Ba3)
	1,399,000		7.000		08/01/30	1,435,024
Asbury Automotive Group, Inc.^(a)(b)(BB/B1)
	6,237,000		4.625		11/15/29	6,061,054
Cougar JV Subsidiary LLC^(a)(b)(B+/B2)
	4,178,000		8.000		05/15/32	4,381,469
EG Global Finance PLC^(a)(b)(B/B2)
	5,210,000		12.000		11/30/28	5,522,600
FirstCash, Inc.^(a)(b)(BB/Ba2)
	2,520,000		5.625		01/01/30	2,507,249
	11,595,000		6.875		03/01/32	11,912,239
Group 1 Automotive, Inc.^(a)(b)(BB+/Ba2)
	2,443,000		4.000		08/15/28	2,379,360
	695,000		6.375		01/15/30	704,014
Ken Garff Automotive LLC^(a)(b)(BB/B1)
	5,132,000		4.875		09/15/28	5,088,891
LCM Investments Holdings II LLC^(a)(b)(BB-/B2)
	9,132,000		4.875		05/01/29	8,900,595
Lithia Motors, Inc.^(a)(b)(BB+/Ba2)
	1,393,000		3.875		06/01/29	1,334,564
	943,000		4.375		01/15/31	893,747
Maryland Bidco Ltd.^(a)(d)(NR/NR) (PIK 10.000%, Cash 10.000%)
GBP	1,071,000		10.000		01/26/28	1,033,905
Michaels Cos., Inc.^(a)(b)(B-/B2)
$	3,995,000		8.500		03/15/33	3,954,810
Michaels Cos., Inc.^(a)(b)(CCC/Caa1)
	3,229,000		11.000		03/15/34	3,161,029
Murphy Oil USA, Inc.^(a)(b)(BB+/Ba2)
	3,696,000		3.750		02/15/31	3,457,054
Nordstrom, Inc.^(a)(BB+/Ba2)
	1,985,000		4.375		04/01/30	1,910,165

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Retailing – (continued)
Penske Automotive Group, Inc.^(a)(BB-/Ba3)
$	3,839,000		3.750	%	06/15/29	$ 3,674,077
PetSmart LLC/PetSmart Finance Corp.^(a)(b)(B-/Caa1)
	850,000		10.000		09/15/33	851,292
Punch Finance PLC^(a)(b)(NR/B3)
GBP	940,000		7.875		12/30/30	1,287,935
QXO Building Products, Inc.^(a)(b)(BB-/B2)
$	2,340,000		6.500		07/15/31	2,384,507
QXO Building Products, Inc.^(a)(b)(BB+/Ba2)
	13,781,000		6.750		04/30/32	14,225,988
Sonic Automotive, Inc.^(a)(b)(BB-/B1)
	3,127,000		4.625		11/15/29	3,055,767
Stonegate Pub Co. Financing PLC^(a)(b)(e)(NR/Caa1) (3 mo. EUR EURIBOR + 6.625%)
EUR	604,000		8.908		07/31/29	695,334
Suburban Propane Partners LP/Suburban Energy Finance Corp.^(a)(b) (BB-/B1)
$	12,017,000		6.500		12/15/35	11,623,083

						105,452,263

Semiconductors – 0.2%
Kioxia Holdings Corp.^(a)(b)(BBB-/NR)
	2,200,000		6.250		07/24/30	2,269,982
	2,225,000		6.625		07/24/33	2,331,066

						4,601,048

Software – 2.7%
AthenaHealth Group, Inc.^(a)(b)(CCC/Caa2)
	5,509,000		6.500		02/15/30	5,282,690
Cloud Software Group, Inc.^(a)(b)(B/B1)
	14,411,000		8.250		06/30/32	13,492,443
Elastic NV^(a)(b)(BB/Ba2)
	10,601,000		4.125		07/15/29	10,113,990
Fair Isaac Corp.^(a)(b)(BB+/Ba1)
	15,784,000		6.000		05/15/33	15,541,874
	5,822,000		6.250		09/15/34	5,732,923
ROBLOX Corp.^(a)(b)(BBB-/Ba1)
	11,540,000		3.875		05/01/30	10,911,878
Salesforce, Inc.^(a)(A+/A2)
	625,000		6.550		03/15/56	625,638
TeamSystem SpA^(a)(b)(B/B2)
EUR	1,075,000		3.500		02/15/28	1,226,968
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.^(a)(b)(B/B1)
$	8,091,000		3.875		02/01/29	6,575,232

						69,503,636

Telecommunication Services – 6.3%
Altice France SA^(a)(b)(CCC+/Caa1)
	1,541,922		9.500		11/01/29	1,565,652
	2,080,794		6.500		04/15/32	2,011,420
APLD ComputeCo LLC^(a)(b)(BB-/NR)
	6,452,000		9.250		12/15/30	6,960,998
Black Pearl Compute LLC^(a)(b)(NR/Ba2)
	21,860,000		6.125		02/15/31	22,183,528


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Telecommunication Services – (continued)
EchoStar Corp.^(a)(B/B1)
$	8,920,000		10.750	%	11/30/29	$ 9,641,806
(PIK 6.750%, Cash 6.750%)
	9,801,039		6.750	^(d)	11/30/30	9,957,954
Fibercop SpA^(a)(b)(BB+/Ba1)
	2,116,000		6.000		09/30/34	2,052,203
	3,106,000		7.200		07/18/36	3,197,192
Iliad Holding SAS^(a)(b)(B+/B1)
	3,070,000		7.000		04/15/32	3,126,089
Level 3 Financing, Inc.^(a)(b)(B+/Ba3)
	2,664,000		6.875		06/30/33	2,735,662
	1,581,000		7.000		03/31/34	1,629,979
Meridian Arc Holdco LLC^(a)(b)(BB-/Ba2)
	16,705,000		6.250		04/30/31	16,735,236
Nokia of America Corp.^(c)(NR/WR)
	5,755,000		6.450		03/15/29	5,821,183
PR RNO Property Owner 1 LLC^(a)(b)(BB/Ba1)
	22,546,000		6.500		05/01/31	22,515,563
QTS Fayetteville I Dc1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC^(a)(b)(NR/Baa2)
	15,410,000		5.700		04/15/36	14,648,284
Sable International Finance Ltd.^(a)(b)(BB-/Ba3)
	1,795,000		7.125		10/15/32	1,781,573
SV RNO Property Owner 1 LLC^(a)(b)(BB+/Ba1)
	23,891,000		5.875		03/01/31	23,553,659
Uniti Services LLC^(a)(b)(B/B2)
	4,793,000		7.500		10/15/33	5,047,892
Vodafone Group PLC^(a)(e)(BB+/Ba1) (5 yr. USD Swap + 4.873%)
	4,717,000		7.000		04/04/79	4,889,171
Windstream Services LLC/Windstream Escrow Finance Corp.^(a)(b) (NR/B2)
	1,530,000		8.250		10/01/31	1,613,507

						161,668,551

Transportation^(a)(b) – 0.3%
Beacon Mobility Corp. (B/B1)
	2,270,000		7.250		08/01/30	2,355,851
Rand Parent LLC (BB-/Ba1)
	2,804,000		8.500		02/15/30	2,902,617
Stonepeak Nile Parent LLC (BB/Ba1)
	3,234,000		7.250		03/15/32	3,350,004

						8,608,472

TOTAL CORPORATE OBLIGATIONS (Cost $2,274,024,152)						$2,266,523,910



Bank Loans^(g)– 2.7%
Aerospace & Defense – 0.1%
Kaman Corp. (B+/B1)(3 mo. USD Term SOFR + 2.250%)
$	2,644,140		5.921	%	02/26/32	$ 2,638,535

Automotive – 0.0%
First Brands Group LLC (NR/NR)(3 mo. USD Term SOFR + 7.000%)
	122,392		10.676		06/29/27	40

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(g)– (continued)
Automotive – (continued)
First Brands Group LLC (NR/WR)(1 mo. USD Term SOFR + 7.114%)
$	91,795		10.991	%	03/30/27	$ 48

						88

Building & Construction – 0.1%
KKR Apple Bidco LLC (B/B2)(1 mo. USD Term SOFR + 2.500%)
	3,211,051		6.144		09/23/31	3,212,464

Commercial Services – 0.6%
Ankura Consulting Group LLC (B-/B3)(3 mo. USD Term SOFR + 3.500%)
	5,836,390		7.166		12/29/31	5,506,634
Groundworks LLC (B/B3)(1 mo. USD Term SOFR + 3.000%)
	4,413,281		7.152		03/14/31	4,389,361
Wand NewCo 3, Inc. (B/B2)(1 mo. USD Term SOFR + 2.500%)
	5,014,886		6.144		01/30/31	5,006,511

						14,902,506

Consumer Cyclical Services - Rental Equipment – 0.3%
Hertz Corp. (B-/Ba3) (3 mo. USD Term SOFR + 3.500%)
	8,898,267		7.425		06/30/28	6,269,274

Diversified Financial Services – 0.1%
NEXUS Buyer LLC (B-/B2)(1 mo. USD Term SOFR + 3.500%)
	2,795,389		7.144		07/31/31	2,689,304

Entertainment – 0.2%
Crown Finance U.S., Inc. (B/B3)(1 mo. USD Term SOFR + 4.500%)
	5,420,250		8.114		12/02/31	5,427,025

Internet – 0.0%
Plano HoldCo, Inc. (B/B2)(3 mo. USD Term SOFR + 3.500%)
	1,244,275		7.232		10/02/31	970,534

Media - Cable – 0.1%
iHeartCommunications, Inc. (CCC+/Caa1)(1 mo. USD Term SOFR + 5.775%)
	1,913,727		9.533		05/01/29	1,822,595

Media - Non Cable – 0.0%
Diamond Sports Group LLC (NR/NR)(Fixed + 12.000%)
	192,088		12.000		01/02/28	35,344

Retailers – 0.0%
Restoration Hardware, Inc. (B/B3)(1 mo. USD Term SOFR + 2.500%)
	2,560		6.258		10/20/28	2,487

Technology – 1.0%
Go Daddy Operating Co. LLC (BB/Ba1)(1 mo. USD Term SOFR + 1.750%)
	3,437,601		5.394		11/09/29	3,359,017
LSF12 Crown U.S. Commercial Bidco LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%)
	3,192,364		6.621		12/02/31	3,198,079
McAfee LLC (B-/B1)(1 mo. USD Term SOFR + 3.000%)
	14,511,166		6.644		03/01/29	12,842,382


Principal Amount			Interest Rate			Maturity Date	Value

Bank Loans^(g)– (continued)
Technology – (continued)
Pitney Bowes, Inc. (BB/Ba2)(3 mo. USD Term SOFR + 3.750%)
$		5,529,684		7.482	%	03/19/32	$ 5,519,786

							24,919,264

Water Utilities – 0.2%
Deep Blue Operating I LLC (BB-/Ba3)(3 mo. USD Term SOFR + 2.250%)
		5,261,812		5.902		10/01/32	5,271,705

TOTAL BANK LOANS (Cost $70,690,022)							$ 68,161,125


	Shares		Description				Value

Common Stocks – 0.4%
Automobile Components – 0.0%
		1,229		Lear Corp.			$ 164,760

Building Products^(c)(f)– 0.1%
		31,384		Madison Air Solutions Corp. Class A			1,223,976

Chemicals – 0.0%
		411		LyondellBasell Industries NV Class A			21,639

Commercial Services & Supplies^(f)– 0.0%
		42,446		Copart, Inc.			1,196,553
		7,179,000		Reorganized ISA SA^(h)			0

							1,196,553

Containers & Packaging^(f)– 0.1%
		214,008		Ardagh Holdings SA			1,393,795

Diversified Telecommunication Services^(f)– 0.0%
		4,500		Holdco			25,864

Electric Utilities – 0.0%
		1,653		Duke Energy Corp.			209,236

Financial Services^(f)– 0.0%
		11,631		DSG TopCo, Inc.			2,524

Insurance – 0.2%
		5,908		Arthur J Gallagher & Co.			1,356,300
		74,565		Ryan Specialty Holdings, Inc.			2,815,574

							4,171,874

Real Estate Investment Trusts – 0.0%
		21,514		Luxco Co. Ltd.^(f)			423,841

TOTAL COMMON STOCKS (Cost $8,115,969)							$ 8,834,062

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares		Description	Value

	Contingent Value Rights – 0.1%
	Communications – 0.1%
	229,679	SES SA	$ 3,387,765
	(Cost $0)


Shares		Dividend Rate	Value

	Preferred Stocks – 0.0%
	Capital Markets – 0.0%
	KKR & Co., Inc.
	20,616	6.250%	$ 821,548
	(Cost $858,648)


Units		Expiration Date	Value

	Warrants^(f) – 0.0%
	Noble Corp. PLC (NR/NR)
	4,596	02/04/28	$ 61,104
	(Cost $11,490)


Shares		Description	Value

	Exchange Traded Funds – 0.0%
	41,233	Eaton Vance Senior
		Floating-Rate Trust (NR/NR)	$ 437,070
	(Cost $466,512)


Shares		Dividend Rate	Value

	Investment Company⁽ⁱ⁾– 3.0%
	Goldman Sachs Central Government Fund — Institutional Shares
	77,292,581	3.703%	$ 77,292,581
	(Cost $77,292,581)

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $2,431,459,374)		$2,425,519,165



	Securities Lending Reinvestment Vehicle⁽ⁱ⁾– 1.8%
	Goldman Sachs Financial Square Government Fund — Institutional Shares
	46,151,037	3.538%	$ 46,151,037
	(Cost $46,151,037)


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments^(j)– 3.0%
Commercial Paper – 3.0%
AutoNation, Inc.
$	21,656,000		0.000	%^(b)	07/01/26		$ 21,653,540
Bayer Corp.
	14,000,000		0.000	^(b)	10/20/26		13,813,843
Energy Transfer LP
	3,856,000		0.000	^(b)	07/01/26		3,855,585
Evergy Missouri West, Inc.
	6,386,000		0.000	^(b)	07/01/26		6,385,312
NTT Finance Americas, Inc.
	10,000,000		0.000		07/23/26		9,975,367
RWE AG
	12,965,000		0.000	^(b)	04/20/27		12,500,952
Targa Resources Corp.
	9,117,000		0.000	^(b)	07/01/26		9,115,995

TOTAL SHORT-TERM INVESTMENTS (Cost $77,308,735)							$ 77,300,594

TOTAL INVESTMENTS – 98.9% (Cost $2,554,919,146)							$2,548,970,796

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%							$ 29,180,920

NET ASSETS – 100.0%							$2,578,151,716


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)		All or a portion of security is on loan.

(d)		Pay-in-kind securities.

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

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

(g)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2026. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

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

(i)		Represents an affiliated issuer.

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At June 30, 2026, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:


Borrower	Principal Amount	Current Value	Unrealized Gain (Loss)

Kaman Corp. (NR/B1), due 02/26/32	$306,698	$306,048	$	(1,691	)

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

JPMorgan Securities, Inc.	USD	40,855,452		EUR	35,090,564		08/19/26	$	676,649
MS & Co. Int. PLC	USD	24,770,257		GBP	18,376,789		07/15/26		394,672
State Street Bank and Trust	USD	4,038,520		EUR	3,463,847		08/19/26		72,405

TOTAL								$	1,143,726

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss

JPMorgan Securities, Inc.	GBP	97,791		USD	132,423		07/15/26	$	(2,710	)
UBS AG (London)	EUR	3,901,462		USD	4,552,164		08/19/26		(84,977	)

TOTAL								$	(87,687	)

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:

5 Year U.S. Treasury Notes

2,488

09/30/26

266,332,625

835,459

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


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

Protection Sold:
CDX.NA.HY Ind 39	5.000%	1.696%	12/20/27	$	89,866	$	4,325,870	$	2,347,588	$	1,978,282

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)


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)

CDX.NA.HY Ind 46		5.000%		3.040%		06/20/31	$	115,884	$	9,490,937	$	5,756,408	$	3,734,529

TOTA L									$	13,816,807	$	8,103,996	$	5,712,811

(a)

Payments made quarterly.

(b)

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



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

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

Abbreviations:
CDX.NA.HY Ind 39		— CDX North America High Yield Index 39
CDX.NA.HY Ind 46		— CDX North America High Yield Index 46
MS & Co. Int. PLC		— Morgan Stanley & Co. International PLC

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– 83.3%
Aerospace & Defense – 3.2%
Air Comm Corp. LLC (B/B2) ((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%))
$	8,551,103		6.144 6.232	– %	12/11/31	$ 8,545,802
Bleriot U.S. Bidco, Inc. (B/B2) (3 mo. USD Term SOFR + 2.250%)
	6,954,743		5.982		10/31/30	6,948,206
Kaman Corp. (B+/B1) (3 mo. USD Term SOFR + 2.000%)
	5,114,652		5.671		02/26/32	5,103,810
Propulsion BC Finco SARL (B/B2) (3 mo. USD Term SOFR + 2.500%)
	3,980,323		6.232		12/01/32	3,989,040
Skyshield U.S. Bidco Ltd.^(b)(NR/B2)
	1,024,009		0.000		06/02/33	1,022,729
TransDigm, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.500%)
	13,630,457		6.144		02/28/31	13,632,092
	1,766,007		6.144		01/19/32	1,766,095
	2,729,375		6.144		08/19/32	2,729,702
VSE Corp. (BB/Ba3) (1 mo. USD Term SOFR + 2.000%)
	1,620,091		5.613		05/05/33	1,619,686

						45,357,162

Airlines – 0.6%
OneSky Flight LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.750%)
	3,300,000		6.387		02/17/33	3,307,227
VistaJet Malta Finance PLC (BB-/Ba3) (3 mo. USD Term SOFR + 3.750%)
	4,469,007		7.442		04/01/31	4,483,531

						7,790,758

Automotive – 0.6%
AL GCX Fund VIII Holdings LLC (BB/Ba3) (1 mo. USD Term SOFR +2.000%)
	4,940,629		5.613		01/30/32	4,934,454
American Auto Auction Group LLC (B-/B3) (3 mo. USD Term SOFR +4.500%)
	1,186,995		8.232		05/28/32	1,184,479
First Brands Group LLC^(b)(NR/NR)
(1 mo. USD Term SOFR + 10.000%)
	1,179,708		13.614		06/29/27	172,532
(1 mo. USD Term SOFR + 7.000%)
	2,770,520		10.614		06/29/27	914
First Brands Group LLC (NR/WR)
(1 mo. USD Term SOFR + 10.614%)
	5,688,850		14.235		03/30/28	1,991
(1 mo. USD Term SOFR + 7.114%)
	6,316,266		10.735		03/30/27	3,284
	1,392,626		10.991		03/30/27	724
RVR Dealership Holdings LLC (B/B3) (3 mo. USD Term SOFR + 4.500%)
	2,210,460		8.167		02/26/33	2,131,989

						8,430,367


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Automotive - Distributors – 1.0%
Bombardier Recreational Products, Inc. (BB/Ba1) (1 mo. USD Term SOFR + 2.250%)
$	1,240,625		5.894	%	01/22/31	$ 1,239,037
Bombardier Recreational Products, Inc. (BB+/Ba1) (1 mo. USD Term SOFR + 2.250%)
	719,562		5.894		12/13/29	718,764
CWGS Group LLC^(b)(B+/B3)
	2,979,933		0.000		06/03/28	2,832,068
DexKo Global, Inc. (B-/B2) (3 mo. USD Term SOFR + 4.500%)
	2,009,911		8.163		10/06/31	1,942,800
SRAM LLC (BB-/B1) (1 mo. USD Term SOFR + 2.250%)
	6,813,829		5.894		02/27/32	6,802,450

						13,535,119

Automotive - Parts – 2.4%
Adient U.S. LLC (BBB-/Ba1) (1 mo. USD Term SOFR + 2.000%)
	2,414,959		5.644		01/31/31	2,408,245
BBB Industries LLC (CCC/Caa2) (3 mo. USD Term SOFR + 5.250%)
	1,484,615		9.013		07/25/29	1,362,135
Belron Finance 2019 LLC (BB-/Ba3) (3 mo. USD Term SOFR + 2.000%)
	11,999,988		5.657		10/16/31	11,982,468
Clarios Global LP (BB-/B2)
(1 mo. EUR EURIBOR + 2.750%)
EUR	4,125,000		4.929		01/28/32	4,722,887
(1 mo. USD Term SOFR + 2.500%)
$	2,833,142		6.144		05/06/30	2,833,142
	3,308,375		6.144		01/28/32	3,308,375
Mavis Tire Express Services Corp. (B-/B2) (6 mo. USD Term SOFR + 3.000%)
	6,553,673		6.669		05/04/28	6,539,058

						33,156,310

Building & Construction – 3.4%
AECOM^(b)(NR/Baa3)
	2,119,688		0.000		04/18/31	2,127,976
AGI-CFI Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 4.500%)
	2,939,000		8.144		03/25/33	2,914,518
Brand Industrial Services, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 4.500%)
	3,737,899		8.163		08/01/30	2,914,776
Brown Group Holding LLC (B+/B2)
	4,413,382		6.143		07/01/31	4,422,562
	3,109,887		6.144 6.166	–	07/01/31	3,115,827
Construction Partners, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.000%)
	3,696,218		5.639		11/03/31	3,691,413
Cube Industrials Buyer, Inc. (B/B3) (3 mo. USD Term SOFR + 3.000%)
	7,999,054		6.669		10/17/31	7,999,054
DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.250%)
	5,008,742		6.894		07/09/32	5,015,003

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Building & Construction – (continued)
DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2) (1 mo. USD Term SOFR + 5.500%)
$	1,175,000		9.144	%	07/29/33	$ 1,180,875
KKR Apple Bidco LLC (B/B2) (1 mo. USD Term SOFR + 2.500%)
	6,780,906		6.144		09/23/31	6,783,890
Salas O’Brien, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%)
	2,644,107		6.394		01/31/33	2,644,595
Smyrna Ready Mix Concrete LLC (B+/B1) (1 mo. USD Term SOFR + 3.000%)
	3,473,618		6.644		04/02/29	3,480,149
Tecta America Corp. (B/B2) (3 mo. USD Term SOFR + 2.500%)
	1,592,376		6.232		02/18/32	1,592,662

						47,883,300

Building Materials – 2.2%
Chamberlain Group, Inc. (B/B3) (1 mo. USD Term SOFR + 3.000%)
	3,813,037		6.644		09/08/32	3,812,160
Cornerstone Building Brands, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 3.250%)
	5,172,041		7.014		04/12/28	3,139,429
Icebox Holdco III, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.250%)
	7,509,485		6.982		12/22/31	7,524,354
Icebox Holdco III, Inc. (CCC/Caa2) (3 mo. USD Term SOFR + 6.500%)
	1,525,000		10.232		12/22/32	1,531,359
Knife River HoldCo (BBB-/Ba1) (3 mo. USD Term SOFR + 1.750%)
	743,137		5.401		03/08/32	743,606
LBM Acquisition LLC (B-/Caa1) (1 mo. USD Term SOFR + 3.750%)
	3,527,966		7.502		06/06/31	2,947,757
MI Windows & Doors LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%)
	1,736,493		6.394		03/28/31	1,711,609
Potters Industries LLC (B/B2) (3 mo. USD Term SOFR + 2.500%)
	1,745,625		6.166		12/23/32	1,747,807
Quikrete Holdings, Inc. (BB/Ba3) (1 mo. USD Term SOFR + 2.250%)
	4,620,134		5.894		04/14/31	4,614,359
	1,874,276		5.894		02/10/32	1,871,933
Watlow Electric Manufacturing Co. (B/B1)
	96,064		0.000	^(b)	06/17/33	95,984
(3 mo. USD Term SOFR + 2.750%)
	1,300,459		6.482		06/17/33	1,298,027

						31,038,384

Capital Goods - Others – 2.0%
ADI Global Distribution Funding LLC^(b)(BB/Ba2)
	1,360,000		0.000		06/17/33	1,361,700
Avis Budget Car Rental LLC (BB-/Ba1) (1 mo. USD Term SOFR + 2.500%)
	3,464,654		6.144		07/16/32	3,450,206
Engineered Machinery Holdings, Inc. (B-/B1) (3 mo. EUR EURIBOR + 3.500%)
EUR	3,282,257		5.791		11/26/32	3,773,746
(3 mo. USD Term SOFR + 3.250%)
$	2,957,542		6.982		11/26/32	2,970,555


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Capital Goods - Others – (continued)
Nvent Electric PLC (B/B2) (1 mo. USD Term SOFR + 3.000%)
$	7,592,625		6.371	%	01/30/32	$ 7,607,583
Team Health Holdings, Inc. (B-/Caa1) (3 mo. USD Term SOFR + 4.000%)
	2,846,322		7.663		06/30/28	2,846,322
TKC Holdings, Inc. (B-/B2) (1 mo. USD Term SOFR + 4.500%)
	3,314,693		8.137		08/19/30	3,298,119
Verisure Holding AB (BB+/Ba1) (3 mo. EUR EURIBOR + 2.250%)
EUR	2,056,250		4.449		11/03/32	2,360,678

						27,668,909

Chemicals – 4.0%
Albaugh LLC (BB/Ba3) (3 mo. USD Term SOFR + 3.750%)
$	2,292,766		7.413		04/06/29	2,206,787
Aruba Investments Holdings LLC (CCC+/B3) (3 mo. USD Term SOFR + 4.000%)
	3,453,227		7.766		11/24/27	3,159,703
Bakelite U.S. Holdco, Inc. (B/B2) (3 mo. USD Term SOFR + 3.750%)
	1,469,271		7.482		12/23/31	1,464,290
Berlin Packaging LLC (B-/B2) (3 mo. USD Term SOFR + 3.250%)
	4,455,057		6.932 6.982	–	06/07/31	4,428,905
ChemCat AcquisitionCo LLC^(b)(B/B2)
	614,232		0.000		06/30/33	589,663
Consolidated Energy Finance SA (B-/B3) (3 mo. USD Term SOFR + 4.500%)
	1,208,932		8.163		11/15/30	1,179,011
Consolidated Energy Finance SA (NR/B3) (3 mo. USD Term SOFR + 4.750%)
	1,995,000		8.413		11/15/30	1,931,818
Discovery Purchaser Corp. (B-/B3) (3 mo. USD Term SOFR + 3.750%)
	4,410,887		7.414		10/04/29	4,388,832
Hexion Holdings Corp. (B-/B3) (1 mo. USD Term SOFR + 4.000%)
	2,800,000		7.652		03/15/29	2,702,588
Illuminate Buyer LLC (B+/B2) (1 mo. USD Term SOFR + 2.500%)
	8,178,506		6.144		12/31/29	8,060,245
INEOS Quattro Holdings U.K. Ltd. (B/B3) (1 mo. USD Term SOFR + 4.250%)
	3,607,740		7.894		10/07/31	3,019,246
Ineos U.S. Finance LLC (B+/B2) (1 mo. USD Term SOFR + 3.000%)
	955,039		6.644		02/07/31	844,494
(1 mo. USD Term SOFR + 3.250%)
	3,841,226		6.894		02/18/30	3,530,087
INEOS U.S. Finance LLC^(b)(B+/NR)
	1,300,000		0.000		06/18/32	1,214,421
Innophos, Inc. (B+/B2) (1 mo. USD Term SOFR + 4.250%)
	2,797,775		8.008		03/16/29	2,663,146
M2S Group Holdings, Inc. (B/B2) (3 mo. USD Term SOFR + 4.750%)
	3,080,656		8.413		08/25/31	3,051,790
Nouryon Finance BV (B+/B2) (6 mo. USD Term SOFR + 3.250%)
	1,867,642		6.936 6.938	–	04/03/28	1,866,092

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Chemicals – (continued)
PMHC II, Inc. (B-/NR) (3 mo. USD Term SOFR + 6.250%)
$	803,584		9.899	%	04/30/30	$ 772,646
PMHC II, Inc. (CC/NR) (3 mo. USD Term SOFR + 4.250%)
	2,691,999		8.049		04/30/30	374,645
PMHC II, Inc. (CCC-/NR) (3 mo. USD Term SOFR + 4.250%)
	1,449,538		8.049		04/30/30	791,027
Qnity Electronics, Inc. (BB+/Ba1) (3 mo. USD Term SOFR + 2.000%)
	1,865,625		5.666		11/01/32	1,867,547
SCIH Salt Holdings, Inc. (B/B3) (6 mo. USD Term SOFR + 2.750%)
	845,750		6.350		01/31/29	846,240
Trident TPI Holdings, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.750%)
	1,179,986		7.482		09/15/28	1,129,341
W.R. Grace & Co.-Conn. (B-/B2) (3 mo. USD Term SOFR + 3.000%)
	707,747		6.732		08/19/32	704,796
Windsor Holdings III LLC (B+/B1) (1 mo. USD Term SOFR + 2.750%)
	3,530,895		6.394		08/01/30	3,526,482

						56,313,842

Commercial Services – 5.0%
Allied Universal Holdco LLC (B/B3) (1 mo. USD Term SOFR + 3.250%)
	5,912,981		6.894		08/20/32	5,912,212
Ankura Consulting Group LLC (B-/B3) (3 mo. USD Term SOFR + 3.500%)
	3,572,837		7.166		12/29/31	3,370,972
Anticimex International AB (B/B3) (3 mo. USD Term SOFR + 2.900%)
	4,824,647		6.410		11/17/31	4,828,940
APi Group DE, Inc. (BB/Ba1) (1 mo. USD Term SOFR + 1.750%)
	2,982,525		5.394		05/16/33	2,975,367
Berkeley Research Group LLC (B/B2) (3 mo. USD Term SOFR + 3.250%)
	822,102		6.982		05/01/32	820,195
CoreLogic, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.500%)
	2,201,883		7.258		06/02/28	2,174,360
Element Materials Technology Group U.S. Holdings, Inc. (B/B3) (3 mo. USD Term SOFR + 3.500%)
	9,209,183		7.232		07/06/29	9,239,849
Ensemble RCM LLC^(b)(B/B2)
	2,863,000		0.000		02/09/33	2,850,832
First Advantage Holdings LLC (B+/B1) (3 mo. USD Term SOFR + 2.750%)
	1,705,026		6.482		10/31/31	1,680,968
Fleet Midco I Ltd. (B+/B2) (1 mo. USD Term SOFR + 2.750%)
	4,827,564		6.394		02/21/31	4,827,564
Garda World Security Corp. (B+/B1) (3 mo. USD Term SOFR + 2.750%)
	9,252,259		6.419		02/01/29	9,226,815
Highspring Holdings LLC (B-/Caa1) (3 mo. USD Term SOFR + 5.000%)
	959,962		8.882		01/22/29	782,245


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Commercial Services – (continued)
Holding Socotec (B/B2)
(3 mo. EUR EURIBOR + 3.000%)
EUR	1,525,000		5.291	%	06/02/31	$ 1,748,180
(3 mo. USD Term SOFR + 2.750%)
$	4,621,644		6.370		06/02/31	4,623,077
Mister Car Wash Holdings, Inc. (B/B2)
(1 mo. USD Term SOFR + 2.750%)
	1,259,616		6.394		03/27/31	1,260,183
(1 mo. USD Term SOFR + 3.000%)
	2,000,000		6.644		03/27/31	2,004,720
Prime Security Services Borrower LLC (BB/Ba3) (1 mo. USD Term SOFR + 1.750%)
	1,682,957		5.369		03/07/32	1,655,845
Vestis Corp. (B+/B2) (3 mo. USD Term SOFR + 2.250%)
	1,790,526		5.916		02/22/31	1,761,430
Wand NewCo 3, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%)
	2,532,930		6.144		01/30/31	2,528,700
WCG Intermediate Corp. (B-/B3) (1 mo. USD Term SOFR + 2.750%)
	6,732,170		6.394		02/25/32	6,677,572

						70,950,026

Consumer Cyclical Services – 3.2%
Albion Financing 3 SARL (BB-/B1) (3 mo. USD Term SOFR + 3.000%)
	3,647,359		6.632		05/21/31	3,649,183
Asplundh Tree Expert LLC (BBB-/Ba1) (1 mo. USD Term SOFR + 1.750%)
	950,000		5.394		05/30/33	948,299
Asurion LLC (B/B3) (3 mo. USD Term SOFR + 5.250%)
	2,777,103		9.028		01/20/29	2,741,000
Asurion LLC (BB-/Ba3)
(3 mo. USD Term SOFR + 3.750%)
	989,827		7.413		02/23/33	934,149
(3 mo. USD Term SOFR + 4.000%)
	1,409,254		7.763		08/19/28	1,406,619
(3 mo. USD Term SOFR + 4.250%)
	3,318,620		7.913		09/19/30	3,275,478
C&S Wholesale Grocers, Inc. (B-/B3) (3 mo. USD Term SOFR + 5.000%)
	2,768,772		8.732		09/20/30	2,654,560
Core & Main LP (BB/Ba2) (3 mo. USD Term SOFR + 2.000%)
	845,009		5.656		07/27/28	844,654
Fluid-Flow Products, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%)
	8,542,311		6.894		03/04/33	8,567,682
GSM Holdings, Inc. (B/B3) (3 mo. USD Term SOFR + 5.000%)
	1,958,044		8.732		09/30/31	1,958,044
Hertz Corp. (B-/Ba3)
(3 mo. USD Term SOFR + 3.500%)
	1,935,284		7.425		06/30/28	1,363,504
(3 mo. USD Term SOFR + 3.750%)
	2,437,500		7.413		06/30/28	1,699,132
Pre-Paid Legal Services, Inc. (B/B3) (1 mo. USD Term SOFR + 3.250%)
	195,561		6.894		12/15/28	178,123

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Consumer Cyclical Services – (continued)
Sabre GLBL, Inc. (B-/B3) (1 mo. USD Term SOFR + 6.250%)
$	1,446,601		9.994	%	07/30/29	$ 1,286,160
Spin Holdco, Inc. (B/B3) (3 mo. USD Term SOFR + 5.430%)
	1,574,607		9.096		09/04/30	1,613,721
Spin Holdco, Inc. (CCC+/Caa3) (3 mo. USD Term SOFR + 4.000%)
	4,306,961		7.928		09/04/30	3,225,656
Thevelia (U.S.) LLC (B/B2) (3 mo. USD Term SOFR + 3.000%)
	1,716,653		6.732		06/18/29	1,665,685
Veritiv Corp. (B+/B2) (3 mo. USD Term SOFR + 4.000%)
	3,674,119		7.732		12/02/30	3,466,972
Whatabrands LLC (B/B2) (1 mo. USD Term SOFR + 2.500%)
	3,505,514		6.144		08/03/28	3,499,765

						44,978,386

Consumer Products – 1.0%
ESCO Technologies, Inc.^(b)(c)(BB/Ba1)
	1,580,000		0.000		06/11/33	1,576,050
MajorDrive Holdings IV LLC (CCC+/B3) (3 mo. USD Term SOFR + 4.000%)
	1,423,265		7.994		06/01/28	1,363,104
Opal Bidco SAS (B+/B1) (3 mo. USD Term SOFR + 2.500%)
	1,612,833		6.232		04/28/32	1,610,671
Rosen International SARL^(b)(B+/Ba3)
	3,762,045		0.000		03/26/31	3,758,753
TGP Holdings III LLC (B-/Caa1) (1 mo. USD Term SOFR + 3.250%)
	3,884,575		6.994		06/29/28	3,653,676
Trilon Group LLC^(c)(B-/B3) (3 mo. USD Term SOFR + 3.500%)
	2,039,381		7.124		06/10/33	2,036,832

						13,999,086

Consumer Products - Household & Leisure – 0.3%
GBT U.S. III LLC (BB-/B1) (3 mo. USD Term SOFR + 2.000%)
	2,071,868		5.667		07/25/31	2,069,278
Weber-Stephen Products LLC (B-/B3) (3 mo. USD Term SOFR + 3.750%)
	2,889,758		7.442		10/01/32	2,851,064

						4,920,342

Diversified Financial Services – 4.5%
AAL Delaware Holdco, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%)
	9,212,293		6.144		07/30/31	9,210,358
Allspring Buyer LLC (BB-/Ba3) (3 mo. USD Term SOFR + 3.000%)
	5,848,761		6.750		11/01/30	5,861,921
DRW Holdings LLC (BB-/Ba3) (1 mo. USD Term SOFR + 3.500%)
	2,348,053		7.144		06/26/31	2,247,275
Eagle Broadband Investments LLC (B+/B2) (3 mo. USD Term SOFR + 3.000%)
	4,529,896		6.994		11/12/27	3,431,396
Edelman Financial Center LLC (B/B3) (1 mo. USD Term SOFR + 4.000%)
	3,681,838		7.644		12/01/31	3,689,312
Eisner Advisory Group LLC (B-/B3) (1 mo. USD Term SOFR + 4.000%)
	787,219		7.644		02/28/31	771,805


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Diversified Financial Services – (continued)
FNZ Group Services Ltd. (B-/B3) (3 mo. USD Term SOFR + 5.000%)
$	2,414,437		8.658	%	11/05/31	$ 1,902,891
Focus Financial Partners LLC (B/B2) (1 mo. USD Term SOFR + 2.500%)
	9,344,455		6.144		09/15/31	9,106,171
Franklin Square Holdings LP (BB/Ba1) (1 mo. USD Term SOFR + 2.250%)
	1,561,863		5.894		04/25/31	1,438,867
Hudson River Trading LLC^(b)(BB/Ba2)
	4,284,236		0.000		03/18/30	4,251,376
Jane Street Group LLC (BB/Ba1) (3 mo. USD Term SOFR + 2.000%)
	2,251,178		5.666		12/15/31	2,228,846
Jupiter Borrower, Inc.^(b)(BB/Ba1)
	1,495,000		0.000		03/25/33	1,491,890
NEXUS Buyer LLC (B-/B2)
(1 mo. USD Term SOFR + 3.500%)
	1,816,864		7.144		07/31/31	1,747,914
(1 mo. USD Term SOFR + 4.000%)
	2,383,995		7.644		07/31/31	2,301,843
Orion U.S. Finco, Inc. (NR/B2) (3 mo. USD Term SOFR + 3.500%)
	3,890,250		7.169		10/08/32	3,889,394
Turbo EMEA Holdings BV (B/B2) (1 mo. EUR EURIBOR + 3.250%)
EUR	2,850,000		5.429		09/23/32	3,232,670
VFH Parent LLC (B+/B1) (1 mo. USD Term SOFR + 2.500%)
$	6,558,750		6.144		06/21/31	6,555,471
Victory Capital Holdings, Inc.^(b)(BB/Ba1)
	758,090		0.000		09/23/32	754,421

						64,113,821

Educational Services – 0.5%
Fugue Finance BV (B/B2) (3 mo. USD Term SOFR + 2.250%)
	6,923,926		5.916		01/09/32	6,898,169

Electrical – 1.6%
Artera Services LLC (CCC+/Caa1) (1 mo. USD Term SOFR + 4.500%)
	2,362,913		8.144		02/15/31	2,083,452
Compass Power Generation LLC^(b)(BB-/Ba3)
	798,000		0.000		04/13/29	797,338
Kohler Energy Co. LLC (B/B1) (3 mo. USD Term SOFR + 3.000%)
	8,640,069		6.732		05/01/31	8,645,512
MPH GridFlex LLC^(b)(NR/Ba3)
	750,000		0.000		05/13/33	748,125
Pelican Products, Inc. (CCC+/Caa1) (3 mo. USD Term SOFR + 4.250%)
	3,774,594		8.244		12/29/28	3,605,907
Resilience Parent LLC (B/B2) (3 mo. USD Term SOFR + 2.500%)
	3,290,000		6.232		02/28/33	3,282,104
Saphira Holdings SARL^(b)(NR/NR)
EUR	800,000		0.000		06/10/33	916,749
Talen Energy Supply LLC^(b)(BB+/Baa3)
$	2,867,722		0.000		12/15/31	2,851,347

						22,930,534

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Energy – 0.3%
Vistra Zero Operating Co. LLC (BBB-/Ba2) (1 mo. USD Term SOFR + 2.000%)
$	4,825,000		5.644	%	04/30/31	$ 4,804,880

Entertainment – 1.9%
AMC Entertainment Holdings, Inc. (B/B3) (1 mo. USD Term SOFR + 7.000%)
	1,919,548		10.639		01/04/29	1,923,061
Arcis Golf LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%)
	10,334,433		6.394		11/24/28	10,347,351
Cinemark USA, Inc. (BBB-/Ba1) ((1 mo. USD Term SOFR + 2.000%) – (3 mo. USD Term SOFR + 2.000%))
	867,272		5.643 5.644	–	05/24/30	867,705
Crown Finance U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 4.500%)
	6,915,193		8.114		12/02/31	6,923,837
Fender Musical Instruments Corp. (B-/Caa1) (1 mo. USD Term SOFR + 4.000%)
	1,936,542		7.744		12/01/28	1,837,779
GVC Holdings (Gibraltar) Ltd. (BB-/Ba2) (3 mo. USD Term SOFR + 2.250%)
	3,627,669		5.982		07/31/32	3,621,611
Playtika Holding Corp. (BB/Ba2) (1 mo. USD Term SOFR + 2.750%)
	1,666,208		6.508		03/13/28	1,614,288

						27,135,632

Environmental – 0.2%
Luna 2.5 SARL (B+/B1) (1 mo. EUR EURIBOR + 3.500%)
EUR	2,140,449		5.325		07/01/32	2,456,243

Food & Beverage^(b)(c)– 0.1%
AAG U.S. GSI Bidco, Inc. (NR/NR)
$	1,726,980		0.000		10/31/31	1,722,663

Food & Beverages – 2.2%
Chef’s Warehouse Leasing Co. LLC (BB-/B1) (1 mo. USD Term SOFR + 2.500%)
	4,728,878		6.144		08/23/29	4,738,714
Chobani LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%)
	696,500		5.894		10/28/32	697,496
Froneri Lux Finco SARL (BB-/B1) (6 mo. USD Term SOFR + 2.250%)
	5,366,617		5.877		09/30/31	5,324,811
Pegasus BidCo BV (B+/B1) (3 mo. USD Term SOFR + 2.500%)
	6,031,282		6.168		07/12/32	6,026,277
PFI Lower Midco LLC (B/B2) (1 mo. USD Term SOFR + 4.000%)
	1,393,000		7.644		12/01/32	1,399,965
Primo Brands Corp. (BB/Ba3) (3 mo. USD Term SOFR + 2.750%)
	1,792,066		6.482		03/31/31	1,799,592
Sazerac Co., Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.000%)
	4,328,250		5.630		07/09/32	4,319,247
United Natural Foods, Inc. (BB-/B3) (1 mo. USD Term SOFR + 4.000%)
	3,946,062		7.644		05/01/31	3,975,657


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Food & Beverages – (continued)
Verifone Systems, Inc. (B-/B3) (3 mo. USD Term SOFR + 5.500%)
$	2,153,250		9.425	%	08/18/28	$ 2,034,563

						30,316,322

Gaming^(c)– 0.5%
United FP Holdings LLC (D/Caa2) (3 mo. USD Term SOFR + 4.000%)
	7,976,927		7.925		12/30/26	6,445,357
United FP Holdings LLC (NR/Caa2) (3 mo. USD Term SOFR + 8.500%)
	552,079		12.425		12/30/26	446,080

						6,891,437

Health Care Products – 0.8%
Bausch & Lomb Corp. (B/B1) (1 mo. USD Term SOFR + 3.750%)
	2,672,743		7.394		01/15/31	2,676,084
BioMarin Pharmaceutical, Inc. (BBB-/Ba1) (6 mo. USD Term SOFR + 1.750%)
	2,400,000		5.428		04/27/33	2,398,800
Hologic, Inc. (B+/B1) (3 mo. USD Term SOFR + 2.250%)
	5,800,000		5.995		04/07/33	5,670,718

						10,745,602

Health Care Services – 2.8%
Examworks Bidco, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%)
	4,801,503		6.144		02/06/33	4,803,519
Global Medical Response, Inc. (B+/B1) (1 mo. USD Term SOFR + 3.250%)
	4,327,556		6.889		10/01/32	4,337,206
Help At Home, Inc. (B-/B3) (1 mo. USD Term SOFR + 5.000%)
	2,776,768		8.644		09/24/31	2,448,609
Lonza Group AG (CCC/B2) (3 mo. USD Term SOFR + 3.925%)
	4,958,559		7.757		07/03/28	4,686,781
Lumexa Imaging, Inc. (B+/B2) (3 mo. USD Term SOFR + 3.000%)
	4,214,437		6.732		12/17/32	4,217,935
Mehilainen Yhtiot OYJ (B/B2) (3 mo. EUR EURIBOR + 3.400%)
EUR	5,100,000		5.191		08/05/31	5,850,161
National Mentor Holdings, Inc.^(b)(B-/B3)
$	2,120,685		0.000		12/12/30	2,133,155
Onex TSG Intermediate Corp. (B/B2) (3 mo. USD Term SOFR + 3.250%)
	2,144,625		6.982		08/06/32	2,154,898
Phoenix Guarantor, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.000%)
	4,427,741		5.644		02/21/31	4,417,247
Team Services Group (B-/B2) (3 mo. USD Term SOFR + 5.250%)
	4,950,000		8.982		03/31/33	4,830,903

						39,880,414

Healthcare – 0.2%
Heartland Dental LLC (B/B2) (1 mo. USD Term SOFR + 3.500%)
	369,068		7.144		08/25/32	369,138
LifePoint Health, Inc. (B/B2) (3 mo. USD Term SOFR + 3.750%)
	2,660,223		7.423		05/19/31	2,616,994

						2,986,132

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Home Construction – 0.9%
AI Aqua Merger Sub, Inc. (B/B2) ((1 mo. USD Term SOFR + 2.500%) – (3 mo. USD Term SOFR + 2.500%))
$	9,508,175		6.119 6.164	– %	07/31/28	$ 9,495,434
Hunter Douglas, Inc. (B/B1) (3 mo. USD Term SOFR + 3.000%)
	3,238,257		6.732		01/20/32	3,231,522

						12,726,956

Insurance – 4.8%
Acrisure LLC (B/B2)
(1 mo. USD Term SOFR + 3.000%)
	9,055,424		6.644		11/06/30	8,172,520
(1 mo. USD Term SOFR + 3.250%)
	1,930,500		6.894		06/21/32	1,739,381
Alliant Holdings Intermediate LLC (B+/B2) (1 mo. USD Term SOFR + 2.500%)
	14,270,194		6.144		09/19/31	14,065,987
AmWINS Group, Inc. (B+/B1) (3 mo. USD Term SOFR + 2.000%)
	8,319,655		5.732		01/30/32	8,127,887
Bella Holding Co. LLC (B/B3) (1 mo. USD Term SOFR + 3.250%)
	1,315,000		6.894		06/16/33	1,301,850
Broadstreet Partners, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%)
	5,842,522		6.144		06/13/31	5,629,562
Howden Group Holdings Ltd. (B/B2) (1 mo. USD Term SOFR + 2.750%)
	8,464,153		6.394		02/15/31	7,928,795
Hyperion Insurance Group Ltd. (B/B2) (1 mo. USD Term SOFR + 2.750%)
	1,218,750		6.394		04/18/30	1,146,539
Lockton, Inc. (BB/Ba3) (3 mo. USD Term SOFR + 2.000%)
	1,070,000		5.657		05/09/33	1,065,988
Sedgwick Claims Management Services, Inc. (B+/B2) (1 mo. USD Term SOFR + 2.500%)
	5,328,832		6.144		07/31/31	5,259,557
Trucordia Insurance Holdings LLC (B-/B2) (3 mo. USD Term SOFR + 3.250%)
	1,811,312		6.982		06/17/32	1,612,068
Truist Insurance Holdings LLC (B/B2) (3 mo. USD Term SOFR + 2.750%)
	5,707,727		6.482		05/06/31	5,566,460
USI, Inc. (B/B1) (3 mo. USD Term SOFR + 2.250%)
	6,768,093		5.982		11/21/29	6,741,021

						68,357,615

Internet – 1.1%
BEP Intermediate Holdco LLC (B/B1) (1 mo. USD Term SOFR + 2.750%)
	3,771,110		6.394		04/25/31	3,758,552
CNT Holdings I Corp. (B/B2) (3 mo. USD Term SOFR + 2.500%)
	4,460,939		6.163		11/08/32	4,462,411
Darktrace PLC (B-/B2) (3 mo. USD Term SOFR + 3.250%)
	3,776,439		6.927		10/09/31	3,434,672
Evertec Group LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%)
	1,490,000		5.894		10/30/30	1,488,138


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Internet – (continued)
Plano HoldCo, Inc. (B/B2) (3 mo. USD Term SOFR + 3.500%)
$	2,410,275		7.232	%	10/02/31	$ 1,880,014

						15,023,787

Leisure Time^(b)– 0.1%
Gaia Purchaser, Inc. (NR/NR)
	1,419,197		0.000		06/25/33	1,417,423

Lodging – 1.0%
Caesars Entertainment, Inc. (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%)
	4,320,125		5.894		02/06/30	4,167,581
Fertitta Entertainment LLC (B/B2) (1 mo. USD Term SOFR + 3.250%)
	4,873,687		6.894		01/27/29	4,866,279
Hilton Grand Vacations Borrower LLC (BB/Ba3) (1 mo. USD Term SOFR + 2.000%)
	2,825,176		5.644		08/02/28	2,821,645
Travel & Leisure Co. (BB-/Ba3) (1 mo. USD Term SOFR + 2.000%)
	2,816,176		5.644		12/14/29	2,810,713

						14,666,218

Machinery – 1.7%
Apex Tool Group LLC (B-/B3) (1 mo. USD Term SOFR + 7.000%)
	126,759		10.644		04/08/30	126,759
Apex Tool Group LLC (CC/Caa3) (1 mo. USD Term SOFR + 10.000%)
	2,167,633		13.644		02/08/29	1,387,285
Apex Tool Group LLC (CCC-/Ca) (1 mo. USD Term SOFR + 6.000%)
	1,754,036		9.644		02/08/29	596,372
Apex Tool Group LLC (CCC+/Caa2) (1 mo. USD Term SOFR + 5.250%)
	3,159,499		8.894		04/08/30	2,717,169
Apex Tool Group LLC (NR/Ca) (1 mo. USD Term SOFR + 6.000%)
	424,650		9.644		02/08/29	144,381
CD&R Hydra Buyer, Inc. (B/B3) (1 mo. USD Term SOFR + 4.000%)
	3,958,875		7.744		03/25/31	3,959,706
CompoSecure Holdings LLC (B+/B1) (3 mo. USD Term SOFR + 2.250%)
	2,149,000		5.918		01/14/33	2,134,731
TK Elevator Midco GmbH (B/B2) (6 mo. USD Term SOFR + 2.750%)
	10,253,810		6.377		04/30/30	10,292,467
Victory Buyer LLC (B-/B2) (3 mo. USD Term SOFR + 3.000%)
	2,550,000		6.663		02/14/33	2,553,825

						23,912,695

Machinery - Construction & Mining – 0.7%
Chromalloy Corp. (B-/B2) (3 mo. USD Term SOFR + 3.250%)
	8,657,710		6.932		03/27/31	8,692,861
WEC U.S. Holdings Ltd. (B+/B1) (1 mo. USD Term SOFR + 2.000%)
	1,421,249		5.621		01/27/31	1,419,614

						10,112,475

Machinery-Diversified – 0.5%
Chart Industries, Inc. (BB-/Ba2) (3 mo. USD Term SOFR + 2.500%)
	6,823,268		6.182		03/15/30	6,810,509

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Machinery-Diversified – (continued)
Paint Intermediate III LLC (B/B2) (3 mo. USD Term SOFR + 3.000%)
$	870,592		6.653	%	10/09/31	$ 872,229

						7,682,738

Media – 0.5%
Cogeco Communications Finance (USA) LP (BB/B1) (1 mo. USD Term SOFR + 3.250%)
	1,937,096		6.894		09/18/30	1,728,858
Emerald Holding, Inc.^(b)(B/B2)
	273,240		0.000		06/17/33	272,215
EOC Borrower LLC (B+/B2) (1 mo. USD Term SOFR + 2.750%)
	1,980,000		6.394		03/24/32	1,979,010
Proofpoint, Inc.^(b)(B-/B2)
	2,978,867		0.000		08/31/28	2,870,883

						6,850,966

Media - Cable – 1.1%
Altice Financing SA (CCC+/Caa2) (3 mo. USD Term SOFR + 5.000%)
	1,376,000		8.673		10/31/27	1,028,561
CSC Holdings LLC (CCC/Caa2) (3 mo. U.S. (Fed) Prime Rate + 1.500%)
	3,769,395		8.250		04/15/27	2,638,576
DirecTV Financing LLC (B+/B1) (3 mo. USD Term SOFR + 5.250%)
	2,150,289		9.175		08/02/29	2,159,707
Radiate Holdco LLC^(b)(CCC+/Caa1)
	2,995,217		0.000		09/25/29	2,691,951
Sinclair Television Group, Inc. (B-/Caa1) (3 mo. USD Term SOFR + 4.100%)
	3,177,037		7.932		12/31/30	2,754,110
Virgin Media Bristol LLC (B+/Ba3) (6 mo. USD Term SOFR + 3.175%)
	5,333,080		6.967		03/31/31	4,711,616

						15,984,521

Media - Non Cable – 1.7%
CMG Media Corp. (B/B3) (3 mo. USD Term SOFR + 3.500%)
	4,576,488		7.332		06/18/29	4,123,919
Diamond Sports Group LLC (NR/NR) (Fixed + 12.000%)
	183,229		12.000		01/02/28	33,714
Neptune Bidco U.S., Inc. (B-/B3) (3 mo. USD Term SOFR + 5.000%)
	9,298,173		8.769		02/03/33	9,212,909
Univision Communications, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%)
	5,646,304		7.008		01/31/29	5,611,015
Versant Media Group, Inc. (BB/Ba2) (3 mo. USD Term SOFR + 3.500%)
	5,250,000		7.232		01/30/31	5,259,397

						24,240,954

Midstream – 4.0%
AL GCX Holdings LLC (B+/Ba3) (1 mo. USD Term SOFR + 2.250%)
	6,034,875		5.863		12/17/32	6,032,702


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Midstream – (continued)
AL NGPL Holdings LLC (B+/Ba3) (3 mo. USD Term SOFR + 2.000%)
$	7,034,998		5.677	%	12/09/30	$ 7,033,239
Colossus Acquireco LLC (BB+/Ba1) (3 mo. USD Term SOFR + 1.750%)
	7,476,375		5.370		01/31/33	7,423,442
Crescent Midstream Operating LLC (B+/B1) (3 mo. USD Term SOFR + 3.750%)
	2,025,000		7.399		02/18/33	2,035,753
Meade Pipeline Co. LLC (BB/Ba2) (3 mo. USD Term SOFR + 2.000%)
	6,300,000		5.677		09/22/32	6,296,850
NGL Energy Partners LP (B+/B2) (1 mo. USD Term SOFR + 3.500%)
	1,845,376		7.125		03/11/33	1,850,986
Pelican Pipeline LLC (BB/Ba2) (3 mo. USD Term SOFR + 2.750%)
	1,525,000		6.482		03/25/33	1,525,000
Prairie ECI Acquiror LP (B-/B3) (1 mo. USD Term SOFR + 3.250%)
	4,986,203		6.894		08/01/29	4,997,422
Traverse Midstream Partners LLC (BB-/B2)
	6,090,000		0.000	^(b)	04/21/33	6,082,387
(3 mo. USD Term SOFR + 2.500%)
	6,361,935		6.163		02/16/28	6,369,887
Whitewater Matterhorn Holdings LLC (BB-/Ba3) (3 mo. USD Term SOFR + 1.750%)
	6,309,187		5.500		06/16/32	6,258,462

						55,906,130

Mining – 0.6%
Arsenal AIC Parent LLC (B+/Ba3) (1 mo. USD Term SOFR + 2.750%)
	4,780,165		6.394		08/19/30	4,792,115
Atkore International, Inc. (BBB-/Ba1)^(c) (3 mo. USD Term SOFR + 2.000%)
	1,215,812		5.732		09/29/32	1,217,332
Worthington Steel, Inc. (BB-/B2) (1 mo. USD Term SOFR + 4.000%)
	2,230,000		7.621		06/01/33	2,223,043

						8,232,490

Non Captive – 0.5%
HUB International Ltd. (B+/B1) (3 mo. USD Term SOFR + 2.250%)
	7,272,527		5.922		06/20/30	7,260,600

Oil Field Services – 0.1%
Delek U.S. Holdings, Inc. (BB/B2) (1 mo. USD Term SOFR + 3.000%)
	1,692,335		6.644		05/17/32	1,689,170

Packaging – 1.2%
Clydesdale Acquisition Holdings, Inc. (B+/B2)
(1 mo. USD Term SOFR + 3.175%)
	2,328,871		6.819		04/13/29	2,284,925
(1 mo. USD Term SOFR + 3.250%)
	3,732,149		6.894		04/01/32	3,582,080
Pro Mach Group, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%)
	1,741,261		6.144		10/15/32	1,741,696

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Packaging – (continued)
Proampac PG Borrower LLC (B-/B3) ((1 mo. USD Term SOFR + 4.000%) – (3 mo. USD Term SOFR + 4.000%))
$	4,508,661		7.652 7.666	– %	03/07/33	$ 4,425,746
Tosca Services LLC (B/B2) (3 mo. USD Term SOFR + 5.500%)
	1,395,211		9.232		11/30/28	1,399,578
TricorBraun Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 3.250%)
	3,912,664		6.894		03/03/31	3,652,237

						17,086,262

Paper – 0.1%
Mativ Holdings, Inc. (B+/Ba3) (1 mo. USD Term SOFR + 4.500%)
	1,490,000		8.144		04/04/33	1,490,000

Pharmaceuticals – 1.2%
Alkermes, Inc. (BB/Ba2) (3 mo. USD Term SOFR + 2.750%)
	1,246,875		6.482		08/12/31	1,249,992
Amneal Pharmaceuticals LLC (B+/Ba3) (1 mo. USD Term SOFR + 3.000%)
	5,409,159		6.644		08/01/32	5,426,090
Bausch Health Cos., Inc. (B/Caa1) (1 mo. USD Term SOFR + 6.250%)
	6,160,944		9.894		10/08/30	5,967,429
Covetrus, Inc. (CCC+/B2) (3 mo. USD Term SOFR + 5.000%)
	1,526,382		8.732		10/13/29	1,476,774
Gainwell Acquisition Corp. (B-/B3) (3 mo. USD Term SOFR + 4.000%)
	3,326,913		7.832		10/01/27	3,274,248

						17,394,533

Pipelines – 0.2%
ACI Rover Parent LLC (BB/B2) (3 mo. USD Term SOFR + 2.250%)
	800,000		5.982		06/09/33	797,800
Birdsboro Power LLC^(b)(c)(NR/NR)
	510,005		0.000		06/24/33	508,730
ITT Holdings LLC (BB-/Ba2) (1 mo. USD Term SOFR + 1.975%)
	1,449,243		5.619		10/11/30	1,446,403

						2,752,933

Restaurants – 0.8%
Dave & Buster’s, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.250%)
	4,056,000		6.916		06/29/29	3,559,140
Flynn Restaurant Group LP^(b)(B/B2)
	1,735,606		0.000		01/28/32	1,716,011
Horizon U.S. Finco LP (B/B2) (3 mo. USD Term SOFR + 4.750%)
	3,162,078		8.413		10/31/31	2,948,638
Raising Cane’s Restaurants LLC (BB-/B1) (1 mo. USD Term SOFR + 2.000%)
	3,245,000		5.621		06/06/33	3,224,719

						11,448,508

Retail^(b)– 0.1%
QXO Building Products, Inc. (NR/NR)
	1,085,000		0.000		06/03/33	1,081,984


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Retailers – 3.6%
BCPE Empire Holdings, Inc. (B/B3) (1 mo. USD Term SOFR + 3.250%)
$	4,451,468		6.894	%	12/11/30	$ 4,387,501
BCPE Grill Parent (B-/B3) (3 mo. USD Term SOFR + 4.750%)
	1,591,837		8.416		09/30/30	1,505,416
Chewy, Inc.^(b)(c)(BB/Ba2)
	2,549,865		0.000		06/23/33	2,546,678
EG America LLC (B/B2) (3 mo. USD Term SOFR + 3.250%)
	5,000,000		6.916		02/10/31	5,012,500
Great Outdoors Group LLC (BB-/B1) (1 mo. USD Term SOFR + 3.250%)
	1,826,817		6.894		01/23/32	1,831,384
Harbor Freight Tools USA, Inc. (BB-/B2) (1 mo. USD Term SOFR + 2.250%)
	6,323,433		5.894		06/11/31	6,297,254
Michaels Cos., Inc.^(b)(B-/B2)
	1,442,000		0.000		03/15/33	1,433,348
Peer Holding III BV (BB+/Ba1) (3 mo. USD Term SOFR + 2.500%)
	6,525,625		6.232		07/01/31	6,533,782
Petco Health & Wellness Co., Inc.^(b)(B/B3)
	2,192,505		0.000		02/03/31	2,164,178
PetSmart, Inc. (BB-/B2) (1 mo. USD Term SOFR + 4.000%)
	2,961,927		7.652		08/18/32	2,955,766
Restoration Hardware, Inc. (B/B3) (1 mo. USD Term SOFR + 2.500%)
	3,039,783		6.258		10/20/28	2,953,027
Staples, Inc. (B-/B3) (3 mo. USD Term SOFR + 5.750%)
	5,058,386		9.413		09/04/29	4,692,159
Tory Burch LLC (BB-/Ba3) (1 mo. USD Term SOFR + 4.000%)
	1,850,000		7.644		04/30/31	1,841,138
TruGreen LP (CCC/Caa3) (3 mo. USD Term SOFR + 8.500%)
	2,200,000		12.425		11/02/28	1,947,000
White Cap Buyer LLC (B/B3) (1 mo. USD Term SOFR + 3.250%)
	4,769,525		6.894		10/19/29	4,758,412

						50,859,543

Technology – 3.2%
AP Core Holdings II, LLC (B-/B2) (3 mo. USD Term SOFR + 6.500%)
	1,495,000		10.143		05/15/31	1,486,120
Arches Buyer, Inc. (B/B1) (1 mo. USD Term SOFR + 3.250%)
	2,671,728		6.994		12/06/27	2,660,961
Central Parent, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.250%)
	2,989,153		6.982		07/06/29	1,511,764
Cloud Software Group, Inc. (B/B1) (3 mo. USD Term SOFR + 3.250%)
	8,349,375		6.982		08/13/32	7,198,330
Electronic Arts, Inc.^(b)(BB/Ba3)
	2,415,000		0.000		03/24/33	2,420,192
Go Daddy Operating Co. LLC (BB/Ba1) (1 mo. USD Term SOFR + 1.750%)
	3,233,544		5.394		11/09/29	3,159,626
LSF12 Crown U.S. Commercial Bidco LLC (B-/B1) (1 mo. USD Term SOFR + 3.000%)
	7,135,454		6.621		12/02/31	7,148,226

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Technology – (continued)
McAfee LLC (B-/B1) (1 mo. USD Term SOFR + 3.000%)
$	8,887,717		6.644	%	03/01/29	$ 7,865,630
MKS Instruments, Inc. (BB+/Ba1) (1 mo. EUR EURIBOR + 2.000%)
EUR	747,276		4.009		02/04/33	856,330
Pitney Bowes, Inc. (BB/Ba2) (3 mo. USD Term SOFR + 3.750%)
$	7,700,337		7.482		03/19/32	7,686,553
Project Boost Purchaser LLC (B-/B3) (3 mo. USD Term SOFR + 2.750%)
	2,881,355		6.482		07/16/31	2,801,138

						44,794,870

Technology - Software – 5.3%
Ahead DB Holdings LLC (B/B1) (3 mo. USD Term SOFR + 2.500%)
	5,335,635		6.232		02/03/31	5,240,447
Clover Holdings 2 LLC (B/B2) (1 mo. USD Term SOFR + 3.750%)
	2,749,306		7.375		12/09/31	2,620,996
ConnectWise LLC (NR/B2) (3 mo. USD Term SOFR + 3.500%)
	3,828,461		7.494		09/29/28	3,510,239
Constant Contact, Inc. (B-/B2) (3 mo. USD Term SOFR + 4.000%)
	2,513,915		7.935		02/10/28	2,434,903
Corpay Technologies Operating Co. LLC (BB+/Ba1) (1 mo. USD Term SOFR + 1.750%)
	723,186		5.394		11/05/32	720,988
Cotiviti Corp. (B/B2) (1 mo. USD Term SOFR + 2.750%)
	4,814,618		6.371		05/01/31	4,396,372
Dayforce, Inc. (B-/B3) (3 mo. USD Term SOFR + 3.000%)
	2,700,000		6.663		02/04/33	2,453,247
DCert Buyer, Inc. (CCC/Caa2) (1 mo. USD Term SOFR + 7.000%)
	3,125,000		10.644		02/19/29	2,587,906
Epicor Software Corp. (B-/B2) (1 mo. USD Term SOFR + 2.750%)
	3,732,658		6.394		05/30/31	3,560,022
Finastra USA, Inc. (B-/B3) (6 mo. USD Term SOFR + 4.000%)
	4,264,312		7.746		09/15/32	3,916,771
Fortress Intermediate 3, Inc. (B/B2) (1 mo. USD Term SOFR + 3.000%)
	4,405,844		6.624		06/27/31	4,372,801
Genuine Financial Holdings LLC (B/B3) (1 mo. USD Term SOFR + 3.250%)
	706,243		6.894		09/27/30	682,555
iSolved, Inc. (B/B2) (1 mo. USD Term SOFR + 2.750%)
	3,108,065		6.394		10/15/30	2,902,155
Javelin Buyer, Inc. (B-/B2) (3 mo. USD Term SOFR + 2.750%)
	2,703,691		6.413		12/05/31	2,531,331
Javelin Buyer, Inc. (CCC+/Caa2) (3 mo. USD Term SOFR + 5.000%)
	2,275,000		8.666		12/06/32	2,047,500
Maximus, Inc. (BB+/Ba2) (1 mo. USD Term SOFR + 2.000%)
	1,835,317		5.644		05/30/31	1,827,866
Mitchell International, Inc. (B/B3) (1 mo. USD Term SOFR + 3.000%)
	3,280,920		6.644		06/17/31	3,115,988
Peraton Corp. (CCC+/Caa1) (3 mo. USD Term SOFR + 3.750%)
	6,920,319		7.513		02/01/28	6,228,287
Polaris Newco LLC (CCC+/B3)
(3 mo. EUR EURIBOR + 4.000%)
EUR	1,843,929		6.150		06/02/28	1,819,812


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Technology - Software – (continued)
(3 mo. USD Term SOFR + 4.000%)
$	3,505,718		7.925	%	06/02/28	$ 3,032,761
Project Alpha Intermediate Holding, Inc. (B-/Caa1) (3 mo. USD Term SOFR + 5.000%)
	2,550,000		8.732		05/09/33	1,387,633
Red Planet Borrower LLC^(b)(BB-/B2)
	1,667,639		0.000		09/08/32	1,665,788
Spectris PLC (B/B2) (3 mo. USD Term SOFR + 2.750%)
	1,442,750		6.482		12/06/32	1,447,554
Spectris PLC (NR/NR) (3 mo. EUR EURIBOR + 3.250%)
EUR	1,200,000		5.541		12/06/32	1,377,002
UKG, Inc. (B/B2) (3 mo. USD Term SOFR + 2.250%)
$	5,032,326		5.913		02/10/31	4,729,229
Virtusa Corp. (B+/B1) (1 mo. USD Term SOFR + 3.250%)
	548,054		6.903		02/15/29	473,042
Zelis Payments Buyer, Inc. (B/B2) (1 mo. USD Term SOFR + 3.250%)
	1,889,274		6.894		11/26/31	1,841,854
ZoomInfo LLC (BB/Ba1) (1 mo. USD Term SOFR + 1.750%)
	1,546,046		5.394		02/28/30	1,358,588

						74,283,637

Textiles – 1.2%
ABG Intermediate Holdings 2 LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.250%)
	5,433,392		5.894		12/21/28	5,433,392
Beach Acquisition Bidco LLC (BB/Ba3)
(1 mo. EUR EURIBOR + 3.000%)
EUR	3,477,826		5.179		09/12/32	3,980,717
(1 mo. USD Term SOFR + 2.750%)
$	455,669		6.394		09/12/32	457,460
Champ Acquisition Corp. (B/B2) (1 mo. USD Term SOFR + 3.250%)
	4,464,295		6.894		11/25/31	4,481,036
WH Borrower LLC^(b)(NR/NR)
	1,865,000		0.000		02/20/32	1,869,663

						16,222,268

Transportation Services – 0.9%
Boluda Towage SL^(b)(BB/Ba3)
	430,000		0.000		05/27/33	430,271
Kenan Advantage Group, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.250%)
	1,782,405		6.894		01/25/29	1,783,884
Modern Aviation FBO Holdings LLC^(b)(B-/B2)
	740,000		0.000		05/16/33	740,000
Stonepeak Nile Parent LLC (BB/Ba1) (3 mo. USD Term SOFR + 2.000%)
	1,485,000		5.657		04/09/32	1,480,367
Third Coast Infrastructure LLC (BB+/Ba3) (1 mo. USD Term SOFR + 3.250%)
	8,491,996		6.894		09/25/30	8,531,823

						12,966,345

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(a)– (continued)
Water Utilities – 0.4%
Deep Blue Operating I LLC (BB-/Ba3) (3 mo. USD Term SOFR + 2.250%)
$	5,576,025		5.902	%	10/01/32	$ 5,586,508

Wireless Telecommunication Services – 1.3%
Altice France SA (CCC+/Caa1)
(3 mo. USD Term SOFR + 5.063%)
	3,189,310		8.736		10/30/28	3,182,676
(3 mo. USD Term SOFR + 6.875%)
	4,369,571		10.548		05/31/31	4,452,593
ViaSat, Inc.^(b)(B+/Ba3)
	1,591,710		0.000		03/02/29	1,598,872
Voyage Digital (NZ) Ltd. (BB/NR) (3 mo. USD Term SOFR + 3.250%)
	2,569,855		6.891		05/11/29	2,569,855
Zacapa SARL (B/B2) (3 mo. USD Term SOFR + 3.750%)
	4,246,611		7.482		03/22/29	4,234,678
Zayo Group Holdings, Inc. (B-/B3)
(1 mo. EUR EURIBOR + 3.250%)
EUR	413,455		5.429		03/11/30	474,304
(1 mo. USD Term SOFR + 3.000%)
$	1,134,210		6.758		03/11/30	1,133,711

						17,646,689

TOTAL BANK LOANS (Cost $1,216,534,978)						$1,174,582,658



Corporate Obligations – 6.5%
Automotive^(d)(e)– 0.1%
Qnity Electronics, Inc. (BB/B1)
$	890,000		6.250	%	08/15/33	$ 905,691

Chemicals^(d)(e)– 0.1%
Consolidated Energy Finance SA (B-/Caa2)
	766,000		5.625		10/15/28	736,586

Commercial Services^(d)– 0.4%
Block, Inc. (BB+/Ba1)
	2,113,000		6.500		05/15/32	2,157,796
Graham Holdings Co.^(e)(BB/Ba1)
	2,449,000		5.625		12/01/33	2,424,510
Verisure Midholding AB^(e)(BB-/Ba3)
EUR	914,894		5.250		02/15/29	1,045,451

						5,627,757

Diversified Financial Services^(d)– 0.8%
Ally Financial, Inc.^(f)(BB-/Ba2) (7 yr. CMT + 3.481%)
$	6,366,000		4.700		05/15/28	6,175,720
Enova International, Inc.^(e)(B/B2)
	2,087,000		9.125		08/01/29	2,181,729
United Wholesale Mortgage LLC^(e)(NR/Ba3)
	3,330,000		5.500		04/15/29	3,092,604

						11,450,053


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Engineering & Construction^(d)(e)– 0.2%
Global Infrastructure Solutions, Inc. (BB/Ba3)
$	3,372,000		7.500	%	04/15/32	$ 3,524,920

Home Furnishings^(d)(e)– 0.0%
Whirlpool Corp. (BB+/Ba1)
	485,000		7.500		07/01/31	491,116

Insurance^(d)(e)– 0.8%
Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	420,000		6.750		07/01/32	377,597
CRC Insurance Group LLC (B/B2)
	2,830,000		7.125		06/01/31	2,819,840
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (CCC+/Caa1)
	3,395,000		8.125		02/15/32	3,056,315
Ryan Specialty LLC (BB-/Ba3)
	4,960,000		5.875		08/01/32	4,879,896

						11,133,648

Internet^(d)(e)– 0.7%
Angi Group LLC (B/B2)
	1,558,000		3.875		08/15/28	1,318,224
Gen Digital, Inc. (BB-/B1)
	2,433,000		6.250		04/01/33	2,397,697
Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3)
	1,510,000		3.500		03/01/29	1,421,257
Match Group Holdings II LLC (BB/Ba2)
	665,000		3.625		10/01/31	597,157
Snap, Inc. (BB-/B1)
	2,454,000		6.875		03/01/33	2,390,662
Wayfair LLC (BB-/B2u)
	2,401,000		6.750		11/15/32	2,465,779

						10,590,776

Investment Companies^(d)(e)– 0.2%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1)
	3,411,000		10.000		11/15/29	3,365,395

Leisure Time^(d)(e)– 0.3%
MajorDrive Holdings IV LLC^(g)(CCC-/Caa3)
	2,113,000		6.375		06/01/29	1,767,187
Sabre GLBL, Inc. (B-/B3)
	2,356,000		10.750		11/15/29	2,265,058

						4,032,245

Media – 0.3%
Directv Financing LLC/Directv Financing Co-Obligor, Inc.^(d)(e)
	(B+/B1)
	1,305,000		10.000		02/15/31	1,355,556
	3,235,000		9.250		06/01/32	3,285,822
iHeartCommunications, Inc.^(d)(CCC-/Caa3)
	1		8.375		05/01/27	1
Paramount Global (BB+/Baa3)
	7,000		4.375		03/15/43	4,528

						4,645,907

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Oil Field Services^(d)– 0.7%
California Resources Corp.^(e)(BB-/B1)
$	2,127,000		7.000	%	01/15/34	$ 2,099,604
Caturus Energy LLC^(e)(B/B3)
	325,000		7.125		05/15/31	321,519
DBR Land Holdings LLC^(e)(BB-/B1)
	3,425,000		6.250		12/01/30	3,478,875
Noble Finance II LLC^(e)(BB-/Ba3)
	1,477,000		8.000		04/15/30	1,530,172
Sunoco LP^(e)(BB+/Ba1)
	880,000		7.250		05/01/32	912,367
Sunoco LP/Sunoco Finance Corp. (BB+/Ba1)
	1,425,000		4.500		04/30/30	1,378,759

						9,721,296

Pharmaceuticals^(d)(e)– 0.1%
Amneal Pharmaceuticals LLC (B+/Ba3)
	2,006,000		6.875		08/01/32	2,082,930

Pipelines^(d)– 1.0%
Delek Logistics Partners LP/Delek Logistics Finance Corp.^(e) (BB-/B2)
	800,000		7.375		06/30/33	815,992
Plains All American Pipeline LP^(f)(BB+/Ba1) (3 mo. USD Term SOFR + 4.372%)
	6,695,000		8.023		07/30/26	6,684,020
Venture Global LNG, Inc.^{(e) (f)}(B-/B3) (5 yr. CMT + 5.440%)
	4,510,000		9.000		09/30/29	4,392,514
Western Midstream Operating LP^(e)(BBB-/Baa3)
	1,770,000		7.250		04/01/30	1,857,350

						13,749,876

Real Estate Investment Trust^(d)(e)(h)– 0.0%
Service Properties Trust (B/B3)
	155,000		0.000		09/30/28	143,973

Retailing^(d)(e)– 0.1%
FirstCash, Inc. (BB/Ba2)
	1,045,000		6.125		05/01/34	1,039,336

Software^(d)(e)– 0.2%
Fair Isaac Corp. (BB+/Ba1)
	2,440,000		6.000		05/15/33	2,402,571
OAK-Eagle Acquireco, Inc. (BB/Ba3)
	270,000		7.250		07/01/33	282,687

						2,685,258

Telecommunication Services^(d)(e)– 0.3%
Meridian Arc Holdco LLC (BB-/Ba2)
	1,455,000		6.250		04/30/31	1,457,633
SV RNO Property Owner 1 LLC (BB+/Ba1)
	2,137,000		5.875		03/01/31	2,106,826

						3,564,459


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Transportation^(d)(e)– 0.2%
Rand Parent LLC (BB-/Ba1)
$	2,705,000		8.500	%	02/15/30	$ 2,800,135

TOTAL CORPORATE OBLIGATIONS (Cost $91,757,364)						$ 92,291,357


Shares		Description				Value

Common Stocks – 1.6%
Aerospace & Defense⁽ⁱ⁾– 0.3%
	204,620		Swissport Ltd.			$ 3,623,881

Broadline Retail^(c)(i)– 0.0%
	9,541		Neiman Marcus Group Ltd. LLC			—

Building Products – 0.1%
	1,471		Trane Technologies PLC			722,496

Construction & Engineering⁽ⁱ⁾– 0.2%
	33,750		API Group Corp.			1,429,313
	6,700		Construction Partners, Inc. Class A			795,759

						2,225,072

Consumer Staples Distribution & Retail⁽ⁱ⁾– 0.1%
	15,491		U.S. Foods Holding Corp.			1,583,955

Electrical Equipment – 0.1%
	1,687		Eaton Corp. PLC			718,864
	4,019		nVent Electric PLC			681,663

						1,400,527

Financial Services – 0.1%
	12,345		Apollo Global Management, Inc.			1,460,537
	11,094		DSG TopCo, Inc.⁽ⁱ⁾			2,407

						1,462,944

Health Care Providers & Services^(c)(i)– 0.1%
	50,617		New Trojan/Careismatic			1,214,808

Independent Power and Renewable Electricity Producers – 0.1%
	9,229		Vistra Corp.			1,463,996

Insurance – 0.1%
	6,257		Arthur J Gallagher & Co.			1,436,419

Interactive Media & Services – 0.1%
	3,937		Alphabet, Inc. Class A			1,406,966

Machinery^(c)(i)– 0.0%
	63,082		Apex Tool Group LLC Class A			—

Media⁽ⁱ⁾– 0.0%
	8,495		Audacy Capital Corp. Class B			19,539
	77,495		Audacy Capital LLC Class A			178,238

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares		Description				Value

Common Stocks – (continued)
Media⁽ⁱ⁾– (continued)
	162,749		Bright Pattern Holdco^(c)			$ —

						197,777

Oil, Gas & Consumable Fuels – 0.1%
	1,029,922		Ring Energy, Inc.⁽ⁱ⁾			1,112,316
	32,294		SM Energy Co.			842,873

						1,955,189

Real Estate Investment Trusts⁽ⁱ⁾– 0.0%
	29,951		Luxco Co. Ltd.			590,056

Software – 0.2%
	1,784		Crowdstrike Holdings, Inc. Class A⁽ⁱ⁾			1,361,442
	3,490		Microsoft Corp.			1,301,840
	229		Travelport LLC^(c)(i)			—

						2,663,282

TOTAL COMMON STOCKS (Cost $33,536,264)						$ 21,947,368


Principal Amount		Interest Rate			Maturity Date	Value

Asset-Backed Securities^(d)(e)(f)–1.2%
Collateralized Loan Obligations – 1.2%
AGL CLO 45 Ltd. Series 2025-45A, Class E (NR/NR) (3 mo. USD Term SOFR + 4.650%)
$	2,500,000		8.314	%	01/22/39	$ 2,440,888
Bryant Park CLO Ltd. Series 2025-27A, Class E (BB-/NR) (3 mo. USD Term SOFR + 5.450%)
	4,000,000		9.125		07/20/38	3,930,744
Elmwood CLO 45 Ltd. Series 2025-8A, Class E (NR/NR) (3 mo. USD Term SOFR + 4.850%)
	2,500,000		8.530		10/17/38	2,506,382
Palmer Square CLO Ltd. Series 2025-4A, Class E (BB-/NR) (3 mo. USD Term SOFR + 4.700%)
	3,000,000		8.375		10/20/38	2,955,354
TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3 mo. USD Term SOFR + 3.932%)
	4,900,000		7.581		08/16/34	4,721,370

TOTAL ASSET-BACKED SECURITIES (Cost $16,851,000)						$ 16,554,738


Shares		Dividend Rate				Value

Preferred Stocks – 0.2%
Investment Companies^(d)(g)– 0.2%
Compass Diversified Holdings (3 mo. USD Term SOFR + 4.985%)
	26,179		7.875%^(f)			$ 579,865
Compass Diversified Holdings
	71,364		7.875			1,572,862

						2,152,727


Shares		Dividend Rate	Value

	Preferred Stocks – (continued)
	Post Secondary Education^(c)(i)– 0.0%
	Travelport LLC
	163	0.000%	$ 0
	(Cost $163,000)

	TOTAL PREFERRED STOCKS (Cost $2,262,650)		$ 2,152,727


Units		Expiration Date	Value

	Rights⁽ⁱ⁾– 0.1%
	Entertainment – 0.1%
	Cineworld Group PLC (NR/NR)
	63,702	12/31/99	$ 1,549,737
	(Cost $962,522)



	Warrants⁽ⁱ⁾– 0.0%
	Aspect Software, Inc. (NR/NR)^(c)
	162,749	12/31/99	$0
	New Trojan/Careismatic (NR/NR)
	5,698	12/31/99	—
	Noble Corp. PLC (NR/NR)
	6,346	02/04/28	84,370
	(Cost $15,865)

	TOTAL WARRANTS (Cost $1,115,865)		$ 84,370


Shares		Description	Value

	Exchange Traded Funds – 1.1%
	40,519	Eaton Vance Senior Floating-Rate Trust (NR/NR)	$ 429,502
	755,230	Invesco Senior Loan ETF (NR/NR)	15,384,035

	TOTAL EXCHANGE TRADED FUNDS (Cost $16,365,466)		$ 15,813,537


Shares		Dividend Rate	Value

	Investment Company^(j)– 7.5%
	Goldman Sachs Central Government Fund — Institutional Shares
	105,764,317	3.703%	$ 105,764,317
	(Cost $105,764,317)

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares		Dividend Rate	Value

	Securities Lending Reinvestment Vehicle^(j)– 0.8%
	Goldman Sachs Financial Square Government Fund—Institutional Shares
	11,642,750	3.538%	$ 11,642,750
	(Cost $11,642,750)

	TOTAL INVESTMENTS – 102.3% (Cost $1,496,793,176)		$1,442,383,559

	LIABILITIES IN EXCESS OF OTHER ASSETS – ( 2.3)%		$ (32,332,241)

	NET ASSETS – 100.0%		$1,410,051,318



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

(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2026. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.


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

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

(d)		Security 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)		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.

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

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

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

(j)		Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At June 30, 2026, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:


Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)

Air Comm Corp. LLC (NR/B2), due 12/11/31	$	343,838	$	343,625	$	(213	)
Kaman Corp. (NR/B1), due 02/26/32		594,232		592,972		2,195
Salas O’Brien, Inc. (B/B2), due 01/31/33		203,393		202,904		—
Trilon Group LLC (NR/B3), due 06/10/33		181,278		181,052		675
Watlow Electric Manufacturing Co. (B/B1), due 06/17/33		40,348		40,172		(75	)

TOTAL					$	2,582

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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

USD

45,230,650

EUR

38,855,792

08/19/26

740,649

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty

Currency
Purchased

Currency

Sold

Settlement
Date

Unrealized
Loss

MS & Co. Int. PLC

EUR

6,543,132

USD

7,627,594

08/19/26

(135,688

)

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:
5 Year U.S. Treasury Notes	28	09/30/26	$	2,997,312		$	14,026

Short position contracts:
2 Year U.S. Treasury Notes	(148)	09/30/26		(30,507,656	)		16,573
Ultra 10-Year U.S. Treasury Notes	(68)	09/21/26		(7,647,875	)		(72,805	)

Total						$	(56,232	)

TOTAL FUTURES CONTRACTS						$	(42,206	)

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at June 30, 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	$	64,805	$	5,307,562	$	3,572,731	$	1,734,831

(a)

Payments made quarterly.

(b)

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)



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

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

Abbreviations:
CDX.NA.HY Ind 46		— CDX North America High Yield Index 46
MS & Co. Int. PLC		— Morgan Stanley & Co. International PLC

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

June 30, 2026 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – 90.7%
Aerospace & Defense – 2.9%
Boeing Co.
$		1,950,000		3.450	%^(a)	11/01/28	$ 1,899,027
		5,577,000		2.950	^(a)	02/01/30	5,245,169
		431,000		5.150	^(a)	05/01/30	436,224
		1,575,000		3.600	^(a)	05/01/34	1,416,335
		1,679,000		6.528	^(a)	05/01/34	1,825,442
		1,375,000		3.250	^(a)	02/01/35	1,192,895
		500,000		3.550	^(a)	03/01/38	418,565
		2,827,000		5.875		02/15/40	2,907,428
		1,306,000		3.375	^(a)	06/15/46	916,381
		575,000		3.625	^(a)	03/01/48	412,361
		1,201,000		6.858	^(a)	05/01/54	1,349,480
Hexcel Corp.^(a)
		796,000		5.875		02/26/35	823,963
Howmet Aerospace, Inc.^(a)
		802,000		4.850		10/15/31	804,430

							19,647,700

Agriculture^(a) – 2.9%
Altria Group, Inc.
		975,000		4.800		02/14/29	978,539
		1,880,000		5.250		08/06/35	1,878,552
BAT Capital Corp.
		1,125,000		3.215		09/06/26	1,122,469
		200,000		3.557		08/15/27	198,046
		1,350,000		2.259		03/25/28	1,299,078
		6,900,000		5.834		02/20/31	7,187,937
		545,000		4.625		03/22/33	533,299
		650,000		5.625		08/15/35	670,182
BAT International Finance PLC
		4,575,000		5.931		02/02/29	4,717,191
Imperial Brands Finance PLC^(b)
		1,230,000		5.625		07/01/35	1,241,427

							19,826,720

Airlines – 0.5%
American Airlines Pass-Through Trust , Class B
		575,000		5.650		05/11/36	566,260
		1,034,000		4.900		11/11/39	1,003,601
Delta Air Lines, Inc.^(a)
		1,670,000		5.250		07/10/30	1,687,969

							3,257,830

Automotive(a) – 4.1%
Ford Motor Credit Co. LLC
		586,000		5.850		05/17/27	590,249
		8,970,000		5.420		04/09/31	8,893,665
General Motors Co.
		2,925,000		6.800		10/01/27	2,995,844
General Motors Financial Co., Inc.
		4,750,000		5.000		04/09/27	4,767,480
		400,000		2.700		08/20/27	391,904
		775,000		3.850		01/05/28	766,514
		1,705,000		5.850		04/06/30	1,761,589
		3,245,000		5.450		07/15/30	3,311,230


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Automotive^(a)– (continued)
$		266,000		5.750	%	02/08/31	$ 274,243
		1,088,000		3.100		01/12/32	984,901
		449,000		5.950		04/04/34	464,746
		351,000		5.450		09/06/34	351,670
Hyundai Capital America^(b)
		1,450,000		5.600		03/30/28	1,469,836
		440,000		4.500		09/18/30	431,763
		980,000		4.550		01/08/31	963,164

							28,418,798

Banks – 21.6%
Banco Santander SA
		1,200,000		5.565		01/17/30	1,229,616
		1,600,000		6.921		08/08/33	1,738,832
(1 yr. CMT + 1.600%)
		400,000		3.225	^(a)(c)	11/22/32	361,984
Bank of America Corp.^(a)(c) (3 mo. USD Term SOFR + 1.252%)
		3,925,000		2.496		02/13/31	3,627,603
(3 mo. USD Term SOFR + 1.302%)
		968,000		3.419		12/20/28	951,699
(3 mo. USD Term SOFR + 1.332%)
		5,356,000		3.970		03/05/29	5,298,905
(3 mo. USD Term SOFR + 1.572%)
		1,950,000		4.271		07/23/29	1,934,692
(5 yr. CMT + 1.200%)
		1,025,000		2.482		09/21/36	894,907
(Secured Overnight Financing Rate + 1.130%)
		1,930,000		5.045		02/06/37	1,900,645
(Secured Overnight Financing Rate + 1.330%)
		675,000		2.972		02/04/33	609,323
(Secured Overnight Financing Rate + 1.570%)
		1,615,000		5.819		09/15/29	1,652,565
(Secured Overnight Financing Rate + 1.630%)
		1,210,000		5.202		04/25/29	1,221,374
(Secured Overnight Financing Rate + 1.738%)
		2,395,000		5.518		10/25/35	2,407,262
(Secured Overnight Financing Rate + 1.830%)
		6,565,000		4.571		04/27/33	6,439,018
Bank of Montreal^(a)(c) (Secured Overnight Financing Rate + 1.208%)
		690,000		5.298		06/02/37	690,614
Bank of Nova Scotia ^(a)(c) (5 yr. CMT + 4.389%)
		1,300,000		8.625		10/27/82	1,352,065
Barclays PLC^(a)
		6,625,000		4.836		05/09/28	6,630,366
(Secured Overnight Financing Rate + 1.080%)
		1,605,000		4.476	^(c)	11/11/29	1,593,893
(Secured Overnight Financing Rate + 1.560%)
		1,135,000		4.942	^(c)	09/10/30	1,137,293
(Secured Overnight Financing Rate + 1.590%)
		1,235,000		5.785	^(c)	02/25/36	1,258,008
BNP Paribas SA^(a)(b)(c) (1 yr. CMT + 1.500%)
		1,680,000		5.335		06/12/29	1,698,749

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
(Secured Overnight Financing Rate + 1.507%)
$		370,000		3.052	%	01/13/31	$ 347,637
(Secured Overnight Financing Rate + 1.920%)
		1,275,000		5.906		11/19/35	1,298,269
BPCE SA^(b)
		1,350,000		4.625		09/12/28	1,346,355
Capital One NA^(a)
		1,500,000		4.650		09/13/28	1,502,535
Citigroup, Inc.^(a)(c)
(3 mo. USD Term SOFR + 1.825%)
		1,973,000		3.887		01/10/28	1,966,351
(3 mo. USD Term SOFR + 4.779%)
		1,405,000		6.250		08/15/26	1,405,281
(5 yr. CMT + 1.730%)
		830,000		5.411		09/19/39	821,468
(5 yr. CMT + 2.572%)
		1,480,000		6.750		02/15/30	1,501,652
(5 yr. CMT + 3.001%)
		700,000		6.625		02/15/31	711,977
(Secured Overnight Financing Rate + 1.167%)
		1,915,000		2.561		05/01/32	1,721,700
(Secured Overnight Financing Rate + 1.171%)
		3,025,000		4.503		09/11/31	2,984,616
(Secured Overnight Financing Rate + 1.422%)
		1,025,000		2.976		11/05/30	968,123
(Secured Overnight Financing Rate + 2.338%)
		1,645,000		6.270		11/17/33	1,753,422
Citizens Financial Group, Inc.^(a)(c)
(Secured Overnight Financing Rate + 1.259%)
		440,000		5.253		03/05/31	444,523
(Secured Overnight Financing Rate + 2.010%)
		3,075,000		5.841		01/23/30	3,150,337
Fifth Third Bancorp^(a)(c)
(Secured Overnight Financing Rate + 1.240%)
		705,000		5.141		01/29/37	692,550
(Secured Overnight Financing Rate + 1.486%)
		782,000		4.895		09/06/30	783,079
(Secured Overnight Financing Rate + 2.340%)
		303,000		6.339		07/27/29	312,999
First Horizon Corp.^(a)(c) (Secured Overnight Financing Rate + 1.766%)
		580,000		5.514		03/07/31	587,186
HSBC Bank USA NA
		800,000		5.625		08/15/35	822,360
HSBC Holdings PLC
		600,000		7.625		05/17/32	661,644
(5 yr. CMT + 2.513%)
		875,000		6.750	^(a)(c)	11/18/32	880,845
Huntington Bancshares, Inc.^(a)(c)
(5 yr. CMT + 1.700%)
		185,000		6.141		11/18/39	188,891
(Secured Overnight Financing Rate + 1.276%)
		1,590,000		5.272		01/15/31	1,608,380
(Secured Overnight Financing Rate + 1.870%)
		2,685,000		5.709		02/02/35	2,747,695


	Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
(Secured Overnight Financing Rate + 2.020%)
$		3,035,000		6.208	%	08/21/29	$ 3,124,108
ING Groep NV^(a)(c) (Secured Overnight Financing Rate + 1.440%)
		1,620,000		5.335		03/19/30	1,645,369
Intesa Sanpaolo SpA^(a)(b)(c) (1 yr. CMT + 0.950%)
		1,135,000		5.200		06/29/32	1,138,745
JPMorgan Chase & Co.^(a)(c)
(3 mo. USD Term SOFR + 1.622%)
		875,000		3.882		07/24/38	773,255
(3 mo. USD Term SOFR + 2.515%)
		3,650,000		2.956		05/13/31	3,407,603
(Secured Overnight Financing Rate + 0.840%)
		1,340,000		4.347		01/22/32	1,312,517
(Secured Overnight Financing Rate + 1.070%)
		1,405,000		4.898		01/22/37	1,368,863
(Secured Overnight Financing Rate + 1.190%)
		1,010,000		4.810		10/22/36	981,205
(Secured Overnight Financing Rate + 1.300%)
		905,000		5.193		02/05/37	891,778
(Secured Overnight Financing Rate + 1.635%)
		1,445,000		5.576		07/23/36	1,468,178
(Secured Overnight Financing Rate + 1.680%)
		1,550,000		5.572		04/22/36	1,593,648
(Secured Overnight Financing Rate + 1.800%)
		1,724,000		4.586		04/26/33	1,696,761
M&T Bank Corp.^(a)(c)
(3 mo. USD Term SOFR + 3.782%)
		895,000		5.125		11/01/26	891,930
(5 yr. CMT + 1.430%)
		1,225,000		5.400		07/30/35	1,223,640
(Secured Overnight Financing Rate + 1.400%)
		620,000		5.179		07/08/31	624,582
(Secured Overnight Financing Rate + 1.610%)
		1,670,000		5.385		01/16/36	1,669,382
(Secured Overnight Financing Rate + 2.260%)
		3,355,000		6.082		03/13/32	3,500,875
Macquarie Group Ltd. ^(a)(b)(c) (3 mo. USD Term SOFR + 1.634%)
		1,900,000		3.763		11/28/28	1,874,464
Morgan Stanley^(a)(c)
		1,145,000		3.971		07/22/38	1,004,657
(Secured Overnight Financing Rate + 0.950%)
		455,000		4.493		01/16/32	446,141
(Secured Overnight Financing Rate + 1.314%)
		1,260,000		4.892		10/22/36	1,220,222
(Secured Overnight Financing Rate + 1.360%)
		725,000		2.484		09/16/36	629,155
(Secured Overnight Financing Rate + 1.590%)
		1,645,000		5.164		04/20/29	1,657,913
(Secured Overnight Financing Rate + 1.630%)
		6,385,000		5.449		07/20/29	6,469,984
(Secured Overnight Financing Rate + 2.076%)
		1,606,000		4.889		07/20/33	1,593,650
Morgan Stanley Private Bank NA^(a)(c) (Secured Overnight Financing Rate + 1.080%)
		1,650,000		4.734		07/18/31	1,642,641

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


	Principal Amount			Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
NatWest Group PLC^(a)(c) (1 yr. CMT + 1.050%)
$		380,000			5.115	%	05/23/31	$ 382,227
Norinchukin Bank^(b)
		760,000			4.683		03/10/31	748,836
Pinnacle Financial Partners, Inc.^(a)(c) (Secured Overnight Financing Rate + 1.700%)
		450,000			5.596		05/19/32	451,251
PNC Financial Services Group, Inc. ^(a)(c) (Secured Overnight Financing Rate + 1.599%)
		1,170,000			5.401		07/23/35	1,185,210
Regions Financial Corp.^(a)(c) (Secured Overnight Financing Rate +
		1.490	%)
		1,975,000			5.722		06/06/30	2,026,152
Santander U.K. Group Holdings PLC^(a)(c) (3 mo. USD Term SOFR + 1.400%)
		325,000			3.823		11/03/28	321,380
(Secured Overnight Financing Rate + 1.070%)
		420,000			4.320		09/22/29	415,762
Shinhan Bank Co. Ltd.^(b)
		260,000			4.500		04/12/28	259,847
State Street Corp.^(a)(c) (5 yr. CMT + 2.135%)
		1,375,000			6.450		09/15/30	1,402,074
Sumitomo Mitsui Trust Group, Inc.^(a)(b)(c) (Secured Overnight Financing Rate + 1.650%)
		695,000			5.416		09/11/36	682,900
Truist Financial Corp.^(a)(c)
(Secured Overnight Financing Rate + 1.395%)
		1,428,000			4.964		10/23/36	1,388,402
(Secured Overnight Financing Rate + 1.414%)
		700,000			5.281		04/23/37	693,133
(Secured Overnight Financing Rate + 1.620%)
		837,000			5.435		01/24/30	851,120
(Secured Overnight Financing Rate + 1.922%)
		2,810,000			5.711		01/24/35	2,894,131
(Secured Overnight Financing Rate + 2.361%)
		1,055,000			5.867		06/08/34	1,097,348
U.S. Bancorp^(a)(c) (Secured Overnight Financing Rate + 2.020%)
		1,260,000			5.775		06/12/29	1,286,687
UBS Group AG^(a)(b)(c) (5 yr. CMT + 4.758%)
		405,000			9.250		11/13/33	467,435
(5 yr. USD SOFR ICE Swap + 3.240%)
		455,000			6.625		01/08/31	455,705
(Secured Overnight Financing Rate + 1.290%)
		1,395,000			4.844		11/06/33	1,370,197
(Secured Overnight Financing Rate + 1.730%)
		1,260,000			3.091		05/14/32	1,156,189
(Secured Overnight Financing Rate + 1.760%)
		615,000			5.580		05/09/36	626,070
Wells Fargo & Co.^(a)(c)
(3 mo. USD Term SOFR + 1.572%)
		498,000			3.584		05/22/28	493,896
(5 yr. CMT + 2.340%)
		175,000			6.125		06/15/31	177,163


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Banks – (continued)
(Secured Overnight Financing Rate + 0.740%)
$	2,000,000		4.182	%	01/23/30	$ 1,973,880
(Secured Overnight Financing Rate + 1.340%)
	1,380,000		4.892		09/15/36	1,346,728
(Secured Overnight Financing Rate + 1.510%)
	1,325,000		3.526		03/24/28	1,315,500
(Secured Overnight Financing Rate + 2.100%)
	2,378,000		4.897		07/25/33	2,360,831
Wells Fargo Bank NA
	824,000		5.950		08/26/36	864,648

						148,385,256

Beverages^(a) – 1.7%
Bacardi Ltd.^(b)
	2,275,000		4.700		05/15/28	2,269,017
	700,000		5.300		05/15/48	623,462
Bacardi Ltd./Bacardi-Martini BV^(b)
	1,075,000		5.900		06/15/43	1,043,943
Constellation Brands, Inc.
	450,000		4.350		05/09/27	449,743
	350,000		4.650		11/15/28	350,150
	455,000		4.800		01/15/29	456,188
	477,000		4.800		05/01/30	478,417
JDE Peet’s NV^(b)
	1,970,000		2.250		09/24/31	1,704,267
Maple Parent Holdings Corp.^(b)
	3,000,000		5.700		03/26/36	3,036,420
Pernod Ricard International Finance LLC^(b)
	1,107,000		1.625		04/01/31	956,714

						11,368,321

Biotechnology^(a) – 0.2%
Royalty Pharma PLC
	739,000		2.200		09/02/30	667,546
	761,000		5.400		09/02/34	767,149

						1,434,695

Building Materials^(a) – 0.1%
Cemex SAB de CV
	390,000		5.750		06/05/36	388,635
Owens Corning
	422,000		5.950		06/15/54	428,756

						817,391

Chemicals^(a) – 0.0%
DuPont de Nemours, Inc.
	76,000		5.319		11/15/38	75,020
International Flavors & Fragrances, Inc.^(b)
	190,000		2.300		11/01/30	171,335

						246,355

Commercial Services – 1.2%
Ashtead Capital, Inc.^(a)(b)
	925,000		1.500		08/12/26	920,264
	525,000		2.450		08/12/31	463,003

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Commercial Services – (continued)
$	456,000		5.800	%	04/15/34	$ 464,181
DP World Ltd.
	360,000		5.625		09/25/48	334,890
Experian Finance U.S., Inc.^(a)(b)
	825,000		5.350		08/24/36	821,576
Global Payments, Inc.^(a)
	1,150,000		4.450		06/01/28	1,140,248
	1,020,000		5.550		11/15/35	988,196
GXO Logistics, Inc.^(a)
	2,573,000		2.650		07/15/31	2,280,604
	887,000		6.500		05/06/34	929,337

						8,342,299

Computers – 0.6%
Dell International LLC/EMC Corp.^(a)
	1,325,000		4.900		10/01/26	1,325,490
Dell, Inc.
	2,075,000		7.100		04/15/28	2,167,981
Hewlett Packard Enterprise Co.^(a)
	105,000		5.000		10/15/34	102,918
NetApp, Inc.^(a)
	705,000		5.500		03/17/32	719,868

						4,316,257

Diversified Financial Services – 6.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust^(a)
	725,000		6.450		04/15/27	734,222
	4,025,000		4.625		10/15/27	4,026,852
	775,000		3.000		10/29/28	746,348
	920,000		5.375		12/15/31	935,520
	1,870,000		4.750		01/15/33	1,827,850
Aircastle Ltd./Aircastle Ireland DAC^(a)(b)
	478,000		5.250		03/15/30	480,691
	695,000		5.000		09/15/30	691,747
Ally Financial, Inc.^(a)
	2,610,000		4.750		06/09/27	2,616,081
	1,575,000		2.200		11/02/28	1,487,162
(Secured Overnight Financing Rate + 1.960%)
	407,000		5.737	^(c)	05/15/29	412,531
Aviation Capital Group LLC^(a)(b)
	655,000		5.375		07/15/29	662,644
	530,000		4.875		01/28/33	514,874
Avolon Holdings Funding Ltd.^(a)(b)
	1,450,000		3.250		02/15/27	1,438,821
	1,125,000		4.950		10/15/32	1,097,483
Capital One Financial Corp.^(a)(c)
(Secured Overnight Financing Rate + 1.990%)
	2,125,000		5.884		07/26/35	2,184,776
(Secured Overnight Financing Rate + 2.036%)
	430,000		6.183		01/30/36	440,711
(Secured Overnight Financing Rate + 2.600%)
	1,590,000		5.247		07/26/30	1,606,854
(Secured Overnight Financing Rate + 3.070%)
	1,165,000		7.624		10/30/31	1,277,830


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Diversified Financial Services – (continued)
Compute Financing LLC^(d)
$	14,425,000		0.000	%	06/15/34	$ 14,382,252
Intercontinental Exchange, Inc.^(a)
	350,000		3.625		09/01/28	343,543
Jefferies Financial Group, Inc.^(a)
	720,000		6.200		04/14/34	736,920
Macquarie Airfinance Holdings Ltd.^(a)(b)
	1,267,000		5.200		03/27/28	1,269,838
	135,000		6.400		03/26/29	138,938
Sumisho Air Lease Corp.^(a)
	325,000		3.625		04/01/27	322,732
	3,895,000		4.850	^(b)	03/24/31	3,853,557
	2,145,000		5.500	^(b)	03/24/36	2,136,484

						46,367,261

Electrical – 4.1%
American Electric Power Co., Inc.^(a)
	350,000		2.300		03/01/30	321,636
Dominion Energy, Inc.^(a)
	925,000		3.375		04/01/30	883,190
DTE Energy Co.^(a)
	4,311,000		4.875		06/01/28	4,330,356
Duquesne Light Holdings, Inc.^(a)(b)
	1,075,000		2.532		10/01/30	963,619
ITC Holdings Corp.^(a)(b)
	673,000		2.950		05/14/30	627,626
NextEra Energy Capital Holdings, Inc.^(a)
	1,605,000		1.900		06/15/28	1,526,837
(5 yr. CMT + 1.685%)
	600,000		6.625	^(c)	10/01/66	609,108
Pacific Gas & Electric Co.^(a)
	1,700,000		3.300		03/15/27	1,684,802
	2,075,000		2.100		08/01/27	2,019,929
	480,000		5.000		06/04/28	482,558
	950,000		6.400		06/15/33	1,005,376
	650,000		6.950		03/15/34	708,767
	675,000		5.800		05/15/34	690,120
	1,594,000		5.700		03/01/35	1,609,621
	330,000		5.600		08/15/36	329,980
Progress Energy, Inc.
	800,000		7.000		10/30/31	876,288
Sempra^(a)
	1,125,000		3.800		02/01/38	954,799
Southern California Edison Co.^(a)
	1,325,000		4.200		03/01/29	1,304,476
	275,000		4.050		03/15/42	218,100
Vistra Operations Co. LLC^(a)(b)
	975,000		4.300		07/15/29	955,188
	1,190,000		4.700		01/31/31	1,166,141
	1,030,000		5.250		10/15/35	1,001,139
	1,400,000		5.550		04/30/36	1,392,636
Xcel Energy, Inc.^(a)
	2,380,000		3.350		12/01/26	2,371,456

						28,033,748

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Electronics^(a) – 0.2%
Allegion U.S. Holding Co., Inc.
$	460,000		5.600	%	05/29/34	$ 469,637
Keysight Technologies, Inc.
	51,000		5.350		07/30/30	51,961
Tyco Electronics Group SA
	580,000		4.500		02/09/31	575,911

						1,097,509

Engineering & Construction^(a) – 0.2%
MasTec, Inc.
	551,000		5.900		06/15/29	566,792
Mexico City Airport Trust
	240,000		3.875	^(b)	04/30/28	234,120
	800,000		5.500		07/31/47	685,080
	220,000		5.500	^(b)	07/31/47	188,397

						1,674,389

Entertainment^(a)(b) – 0.2%
Flutter Treasury DAC
	1,235,000		5.875		06/04/31	1,230,332

Food & Drug Retailing^(a) – 1.7%
Campbell’s Co.
	1,270,000		4.550		03/21/31	1,235,837
	314,000		5.400		03/21/34	309,560
	1,540,000		4.750		03/23/35	1,437,513
Grupo Bimbo SAB de CV
	1,070,000		4.700		11/10/47	928,225
Mars, Inc.^(b)
	375,000		4.800		03/01/30	376,102
	7,075,000		5.000		03/01/32	7,122,615
Sysco Corp.
	150,000		6.600		04/01/40	162,461

						11,572,313

Food Service^(a)(b) – 0.2%
Sodexo, Inc.
	1,217,000		5.150		08/15/30	1,224,704

Forest Products & Paper^(a) – 0.1%
Suzano Netherlands BV
	360,000		5.500		01/15/36	350,230

Hand/Machine Tools^(a) – 0.3%
Regal Rexnord Corp.
	2,054,000		6.300		02/15/30	2,142,034

Healthcare Providers & Services – 3.9%
Augusta SpinCo Corp.^(a)
	755,000		4.945		03/23/33	749,624
CommonSpirit Health
	150,000		4.350		11/01/42	129,806
	510,000		6.461	^(a)	11/01/52	547,364
Elevance Health, Inc.^(a)
	1,630,000		4.600		09/15/32	1,597,856
HCA, Inc.^(a)
	8,984,000		3.500		09/01/30	8,516,113


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
Humana, Inc.^(a)
$	345,000		5.375	%	04/15/31	$ 349,733
Icon Investments Six DAC^(a)
	2,275,000		5.849		05/08/29	2,323,139
IQVIA, Inc.^(a)
	1,140,000		6.250		02/01/29	1,178,692
Medline Borrower LP/Medline Co-Issuer, Inc. ^(a)(b)
	667,000		6.250		04/01/29	681,387
Novant Health, Inc.^(a)
	710,000		3.168		11/01/51	468,672
Revvity, Inc.^(a)
	1,405,000		1.900		09/15/28	1,322,105
	1,200,000		3.300		09/15/29	1,146,000
Solventum Corp.^(a)
	1,311,000		5.400		03/01/29	1,333,274
	4,605,000		5.600		03/23/34	4,711,514
STERIS Irish FinCo UnLtd Co.^(a)
	218,000		2.700		03/15/31	198,153
UnitedHealth Group, Inc.^(a)
	500,000		3.050		05/15/41	377,220
	925,000		6.050		02/15/63	942,788

						26,573,440

Insurance – 0.6%
American International Group, Inc.^(a)
	420,000		4.850		05/07/30	421,999
Arch Capital Finance LLC^(a)
	400,000		4.011		12/15/26	399,468
Arthur J Gallagher & Co.^(a)
	1,378,000		5.150		02/15/35	1,368,437
Hartford Insurance Group, Inc.
	200,000		6.625		04/15/42	215,384
Sompo Holdings, Inc.^(a)(b)(c) (1 yr. CMT + 2.130%)
	905,000		5.411		04/22/37	887,588
Willis North America, Inc.^(a)
	700,000		2.950		09/15/29	662,403

						3,955,279

Internet^(a) – 1.7%
Booking Holdings, Inc.
	955,000		5.375		05/07/36	954,551
Expedia Group, Inc.
	196,000		2.950		03/15/31	180,053
	3,950,000		5.400		02/15/35	3,911,053
	1,430,000		5.500		04/15/36	1,416,029
Meta Platforms, Inc.
	1,300,000		4.600		11/15/32	1,278,381
	1,225,000		4.875		11/15/35	1,191,986
Uber Technologies, Inc.
	1,600,000		4.150		01/15/31	1,562,272
	1,275,000		4.800		09/15/34	1,248,098

						11,742,423

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Investment Companies – 2.3%
Apollo Debt Solutions BDC^(a)
$	1,375,000		5.200	%^(b)	12/08/28	$ 1,353,041
	924,000		6.550		03/15/32	931,595
ARES Capital Corp.
	1,350,000		7.000		01/15/27	1,364,161
	870,000		5.550	^(a)	01/15/30	864,998
Blackstone Private Credit Fund^(a)
	3,800,000		2.625		12/15/26	3,758,086
	125,000		3.250		03/15/27	123,220
	512,000		5.050		09/10/30	490,214
Blackstone Secured Lending Fund^(a)
	3,000,000		2.125		02/15/27	2,942,970
	282,000		5.300		06/30/30	274,217
Blue Owl Credit Income Corp.^(a)
	1,325,000		7.750		09/16/27	1,354,243
	1,463,000		5.800		03/15/30	1,425,445
JAB Holdings BV^(a)(b)
	700,000		2.200		11/23/30	626,451

						15,508,641

Iron/Steel – 0.5%
POSCO^(b)
	240,000		5.750		01/17/28	243,374
Steel Dynamics, Inc.^(a)
	1,950,000		1.650		10/15/27	1,880,463
Vale Overseas Ltd.^(a)
	1,520,000		6.400		06/28/54	1,548,880

						3,672,717

Leisure Time^(a) – 0.6%
Royal Caribbean Cruises Ltd.
	850,000		6.250	^(b)	03/15/32	869,321
	1,525,000		6.000	^(b)	02/01/33	1,545,877
	395,000		5.375		01/15/36	392,081
	1,160,000		5.250		02/27/38	1,122,265

						3,929,544

Lodging^(a) – 1.9%
Choice Hotels International, Inc.
	3,624,000		3.700		01/15/31	3,420,186
	4,012,000		5.850		08/01/34	4,075,430
Hyatt Hotels Corp.
	1,963,000		5.500		06/30/34	1,986,595
Las Vegas Sands Corp.
	430,000		5.625		06/15/28	435,154
	160,000		6.000		06/14/30	164,369
Marriott International, Inc.
	1,350,000		5.550		10/15/28	1,376,689
	675,000		4.650		12/01/28	675,398
	325,000		4.800		03/15/30	326,346
	750,000		5.500		04/15/37	756,825

						13,216,992


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Machinery-Diversified^(a) – 0.1%
AGCO Corp.
$	805,000		5.800	%	03/21/34	$ 820,070

Media – 2.5%
Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	1,050,000		3.750		02/15/28	1,029,200
	6,750,000		4.200		03/15/28	6,660,427
	256,000		6.650		02/01/34	262,582
	800,000		6.550		06/01/34	816,280
	625,000		6.384		10/23/35	624,075
Comcast Corp.^(a)
	475,000		3.750		04/01/40	379,862
News Corp.^(a)(b)
	2,096,000		3.875		05/15/29	2,032,952
Space Exploration Technologies Corp.^(a)(b)
	2,650,000		5.875		07/15/36	2,614,914
Time Warner Cable Enterprises LLC
	700,000		8.375		07/15/33	776,643
Time Warner Cable LLC^(a)
	675,000		5.875		11/15/40	604,301
Videotron Ltd.^(a)(b)
	1,659,000		5.700		01/15/35	1,664,043

						17,465,279

Mining^(b) – 0.4%
Glencore Finance Canada Ltd.
	525,000		5.550		10/25/42	509,586
Glencore Funding LLC^(a)
	1,075,000		4.000		03/27/27	1,071,033
	925,000		2.850		04/27/31	842,860
	725,000		2.625		09/23/31	647,954

						3,071,433

Oil Field Services – 1.6%
Continental Resources, Inc.^(a)
	25,000		4.375		01/15/28	24,836
	925,000		5.750	^(b)	01/15/31	941,419
Marathon Petroleum Corp.^(a)
	2,095,000		3.800		04/01/28	2,068,058
Occidental Petroleum Corp.
	2,500,000		8.875	^(a)	07/15/30	2,817,200
	1,030,000		5.375	^(a)	01/01/32	1,050,600
	575,000		5.550	^(a)	10/01/34	588,110
	350,000		6.450		09/15/36	375,252
Ovintiv, Inc.
	1,025,000		8.125		09/15/30	1,142,998
Reliance Industries Ltd.^(b)
	890,000		3.625		01/12/52	633,983
Saudi Arabian Oil Co.
	1,100,000		3.500		04/16/29	1,060,844

						10,703,300

Packaging^(a) – 0.2%
Berry Global, Inc.
	1,225,000		1.650		01/15/27	1,205,461

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Pharmaceuticals^(a) – 2.2%
Cardinal Health, Inc.
$	575,000		4.500	%	09/15/30	$ 569,785
	335,000		5.450		02/15/34	341,961
	1,990,000		5.350		11/15/34	2,014,159
Cigna Group
	3,906,000		4.800		08/15/38	3,699,880
CVS Health Corp.
	1,125,000		4.875		07/20/35	1,090,035
	1,250,000		5.450		09/15/35	1,266,263
	6,664,000		4.780		03/25/38	6,247,100

						15,229,183

Pipelines – 1.9%
Enbridge, Inc.^(a)
	40,000		6.200		11/15/30	42,073
Energy Transfer LP^(a)
	300,000		5.500		06/01/27	301,971
	354,000		4.950		05/15/28	355,951
	650,000		7.375	^(b)	02/01/31	668,999
	1,472,000		6.550		12/01/33	1,592,557
	456,000		5.150		03/15/45	406,159
Galaxy Pipeline Assets Bidco Ltd.^(b)
	200,000		2.625		03/31/36	174,714
Kinder Morgan Energy Partners LP
	1,100,000		7.750		03/15/32	1,251,382
MPLX LP^(a)
	950,000		4.500		04/15/38	860,367
	520,000		5.500		02/15/49	479,211
ONEOK, Inc.^(a)
	2,618,000		5.550		11/01/26	2,626,221
	2,245,000		4.550		07/15/28	2,241,745
Valero Energy Partners LP^(a)
	675,000		4.500		03/15/28	674,467
Williams Cos., Inc.^(a)
	1,050,000		4.650		08/15/32	1,034,313

						12,710,130

Real Estate^(a) – 0.1%
CBRE Services, Inc.
	450,000		5.500		04/01/29	459,176
	485,000		5.950		08/15/34	505,462

						964,638

Real Estate Investment Trust^(a) – 4.3%
Agree LP
	295,000		4.800		10/01/32	291,398
	695,000		5.625		06/15/34	713,000
	430,000		5.600		06/15/35	440,797
American Homes 4 Rent LP
	710,000		4.950		06/15/30	711,342
	225,000		2.375		07/15/31	198,878
	275,000		5.250		03/15/35	273,826
Cousins Properties LP
	1,350,000		5.250		07/15/30	1,363,756
	1,782,000		5.375		02/15/32	1,807,554


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Real Estate Investment Trust^(a) – (continued)
$	590,000		4.875	%	03/01/33	$ 574,318
	1,863,000		5.875		10/01/34	1,907,656
Crown Castle, Inc.
	6,225,000		4.000		03/01/27	6,204,644
Essential Properties LP
	870,000		5.400		12/01/35	862,622
	830,000		5.375		07/15/36	819,152
Essex Portfolio LP
	1,925,000		3.000		01/15/30	1,815,410
Extra Space Storage LP
	1,408,000		2.550		06/01/31	1,262,441
	430,000		4.950		01/15/33	425,661
GLP Capital LP/GLP Financing II, Inc.
	830,000		6.750		12/01/33	878,489
Healthcare Realty Holdings LP
	875,000		2.050		03/15/31	762,746
Healthpeak OP LLC
	381,000		5.375		02/15/35	383,396
Highwoods Realty LP
	635,000		5.350		01/15/33	631,342
	1,585,000		7.650		02/01/34	1,770,572
Host Hotels & Resorts LP
	350,000		4.250		12/15/28	346,171
	860,000		5.700		06/15/32	884,209
	480,000		5.700		07/01/34	489,984
Invitation Homes Operating Partnership LP
	600,000		2.300		11/15/28	568,062
	305,000		5.450		08/15/30	310,109
Kilroy Realty LP
	670,000		6.250		01/15/36	679,621
NNN REIT, Inc.
	870,000		5.600		10/15/33	894,395
Phillips Edison Grocery Center Operating Partnership I LP
	465,000		4.750		03/15/33	455,840
	415,000		5.750		07/15/34	429,019
	425,000		4.950		01/15/35	415,926
WP Carey, Inc.
	50,000		2.400		02/01/31	44,931

						29,617,267

Retailing^(a) – 1.5%
7-Eleven, Inc.^(b)
	1,586,000		1.800		02/10/31	1,379,455
AutoNation, Inc.
	1,425,000		4.750		06/01/30	1,413,671
	1,525,000		2.400		08/01/31	1,342,320
	2,326,000		5.890		03/15/35	2,373,358
Dollar General Corp.
	1,178,000		3.500		04/03/30	1,123,965
	2,075,000		5.450		07/05/33	2,108,512
Ferguson Enterprises, Inc.
	405,000		4.350		03/15/31	397,710

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Retailing^(a) – (continued)
O’Reilly Automotive, Inc.
$	455,000		5.100	%	03/12/36	$ 450,691

						10,589,682

Savings & Loans^(a)(b)(c) – 0.5%
Nationwide Building Society
(3 mo. USD Term SOFR + 1.855%)
	2,525,000		3.960		07/18/30	2,458,946
(Secured Overnight Financing Rate + 1.650%)
	845,000		5.537		07/14/36	851,143

						3,310,089

Semiconductors^(a) – 1.7%
Broadcom, Inc.
	1,555,000		5.200		07/15/35	1,560,194
	764,000		3.137	^(b)	11/15/35	648,025
	1,380,000		4.950		01/15/36	1,355,877
Kioxia Holdings Corp^(b)
	2,593,000		6.250		07/24/30	2,675,483
	2,310,000		6.625		07/24/33	2,420,117
NXP BV/NXP Funding LLC/NXP USA, Inc.
	525,000		4.400		06/01/27	524,680
	1,435,000		2.650		02/15/32	1,270,621
	1,301,000		5.000		01/15/33	1,296,746

						11,751,743

Software^(a) – 8.5%
AppLovin Corp.
	782,000		5.125		12/01/29	787,755
	4,976,000		5.375		12/01/31	5,042,828
	2,387,000		5.500		12/01/34	2,406,048
Constellation Software, Inc.^(b)
	2,055,000		5.461		02/16/34	2,012,749
Electronic Arts, Inc.
	4,191,000		2.950		02/15/51	3,234,278
Fidelity National Information Services, Inc.
	1,285,000		4.800		03/10/31	1,271,148
Fiserv, Inc.
	75,000		5.250		08/11/35	73,084
MSCI, Inc.^(b)
	3,500,000		4.000		11/15/29	3,389,645
	2,795,000		3.875		02/15/31	2,646,446
	2,125,000		3.625		11/01/31	1,969,960
	700,000		3.250		08/15/33	615,769
Oracle Corp.
	2,020,000		4.800		09/26/32	1,922,010
	1,725,000		5.350		05/04/33	1,675,337
	2,270,000		4.700		09/27/34	2,080,183
	2,275,000		5.500		08/03/35	2,176,925
	3,160,000		5.200		09/26/35	2,957,476
	1,790,000		5.700		02/04/36	1,735,602
	425,000		3.600		04/01/40	309,940
	2,900,000		6.550		02/04/46	2,735,541
	950,000		4.000		11/15/47	632,671
	2,775,000		6.900		11/09/52	2,660,947


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Software^(a) – (continued)
Paychex, Inc.
$	4,175,000		5.100	%	04/15/30	$ 4,209,611
	276,000		5.350		04/15/32	279,279
ROBLOX Corp.^(b)
	1,450,000		3.875		05/01/30	1,371,076
Salesforce, Inc.
	2,870,000		4.900		09/15/31	2,863,313
	3,493,000		5.550		03/15/36	3,483,115
	865,000		6.550		03/15/56	865,882
Synopsys, Inc.
	1,325,000		4.850		04/01/30	1,327,319
	867,000		5.000		04/01/32	868,535
VMware LLC
	1,075,000		1.800		08/15/28	1,016,681

						58,621,153

Sovereign^(a)(b) – 0.3%
Eagle Funding Luxco SARL
	1,990,000		5.500		08/17/30	1,993,012

Telecommunication Services – 2.8%
AT&T, Inc.^(a)
	175,000		4.900		08/15/37	166,646
Beacon Point DC LLC^(a)(b)
	1,580,000		6.129		11/30/42	1,596,242
British Telecommunications Ltd.
	1,415,000		9.625		12/15/30	1,672,544
NTT Finance Corp.^(a)(b)
	987,000		5.171		07/16/32	986,250
	934,000		5.502		07/16/35	939,268
QTS Fayetteville I Dc1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC ^(a)(b)
	4,025,000		5.700		04/15/36	3,826,044
Rogers Communications, Inc.^(a)
	2,628,000		3.800		03/15/32	2,447,956
T-Mobile USA, Inc.^(a)
	2,191,000		3.875		04/15/30	2,123,232
	380,000		2.875		02/15/31	349,577
	2,725,000		3.500		04/15/31	2,572,563
Verizon Communications, Inc.^(a)
	475,000		3.150		03/22/30	451,122
	2,300,000		2.550		03/21/31	2,088,078

						19,219,522

Trucking & Leasing^(a)(b) – 1.0%
Penske Truck Leasing Co. LP/PTL Finance Corp.
	3,675,000		4.400		07/01/27	3,667,907
	525,000		5.875		11/15/27	532,838
	836,000		5.250		07/01/29	846,183

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Trucking & Leasing^(a)(b) – (continued)
SMBC Aviation Capital Finance DAC
$	2,105,000		5.250	%	11/26/35	$ 2,071,594

						7,118,522

TOTAL CORPORATE OBLIGATIONS (Cost $627,199,206)						$622,743,662



Sovereign Debt Obligations – 2.1%
Euro – 0.4%
Indonesia Government International Bonds^(a)
EUR	610,000		4.100	%	03/04/34	$ 686,531
Mexico Government International Bonds^(a)
	130,000		1.350		09/18/27	144,967
	1,152,000		1.450		10/25/33	1,073,106
Peru Government International Bonds^(a)
	100,000		1.250		03/11/33	98,027
Philippines Government International Bonds
	450,000		0.700		02/03/29	481,392
Romania Government International Bonds^(b)
	90,000		2.124		07/16/31	91,510

						2,575,533

United States Dollar – 1.7%
Chile Government International Bonds
$	150,000		3.625		10/30/42	121,050
	200,000		3.500	^(a)	01/25/50	145,550
Export-Import Bank of Korea
	390,000		5.125		01/11/33	402,987
Hungary Government International Bonds
	470,000		3.125	^(b)	09/21/51	302,271
	640,000		6.750		09/23/55	698,509
Mexico Government International Bonds^(a)
	2,540,000		3.250		04/16/30	2,375,408
	570,000		5.625		02/09/34	560,994
	802,000		3.500		02/12/34	683,673
	400,000		6.750		02/09/56	392,800
	1,199,000		3.771		05/24/61	718,920
	440,000		3.750		04/19/71	252,340
Panama Government International Bonds^(a)
	380,000		2.252		09/29/32	319,941
	650,000		6.853		03/28/54	700,537
	200,000		3.870		07/23/60	138,120
	390,000		4.500		01/19/63	300,105
Peru Government International Bonds^(a)
	630,000		5.500		03/30/36	637,018
	430,000		2.780		12/01/60	235,378
Philippines Government International Bonds
	210,000		2.650		12/10/45	134,138
Republic of Poland Government International Bonds^(a)
	570,000		5.125		09/18/34	573,614
	700,000		5.500		03/18/54	666,099
Romania Government International Bonds
	160,000		3.000	^(b)	02/27/27	157,800


Principal Amount			Interest Rate			Maturity Date	Value

Sovereign Debt Obligations – (continued)
United States Dollar – (continued)
$		70,000		6.375	%	01/30/34	$ 70,980
		600,000		5.750	^(b)	07/04/36	574,650
		560,000		6.125		01/22/44	532,700
State of Israel
		400,000		3.800		05/13/60	270,464

							11,966,046

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $16,296,639)							$ 14,541,579



Municipal Debt Obligations – 0.4%
California – 0.1%
California State GO Bonds Build America Taxable Series 2009
$		455,000		7.300	%	10/01/39	$ 519,206

Illinois – 0.3%
Illinois State GO Bonds Build America Series 2010
		1,125,000		6.630		02/01/35	1,175,317
Illinois State GO Bonds Taxable-Pension Series 2003
		797,386		5.100		06/01/33	805,551

							1,980,868

Pennsylvania – 0.0%
Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A
		335,000		2.991		06/01/42	257,548

TOTAL MUNICIPAL DEBT OBLIGATIONS (Cost $2,705,770)							$ 2,757,622



U.S. Treasury Obligations – 0.2%
U.S. Treasury Bonds
$		1,160,000		4.750	%	11/15/53	$ 1,122,300
(Cost $1,190,067)


	Shares		Description				Value

Exchange Traded Funds^(e) – 0.3%
		47,366		Goldman Sachs Corporate Bond ETF			$ 2,396,544
(Cost $2,412,441)

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Shares		Dividend Rate				Value

Investment Company^(e) – 1.2%
Goldman Sachs Central Government Fund — Institutional Shares
	8,522,264		3.703%			$ 8,522,264
(Cost $8,522,264)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS – 94.9% (Cost $658,326,387)						$652,083,971


Principal Amount		Interest Rate			Maturity Date	Value

Short-term Investments^(b)(f) – 1.8%
Commercial Paper^(b)(f) – 1.8%
Charles Schwab Corp.
$	3,000,000		0.000	%	12/08/26	$ 2,946,892
Energy Transfer LP
	2,700,000		0.000		07/01/26	2,699,709
Evergy Missouri West, Inc.
	1,749,000		0.000		07/01/26	1,748,812
Targa Resources Corp.
	4,558,000		0.000		07/01/26	4,557,498

TOTAL SHORT-TERM INVESTMENTS (Cost $11,952,867)						$ 11,952,911

TOTAL INVESTMENTS – 96.7% (Cost $670,279,254)						$664,036,882

OTHER ASSETS IN EXCESS OF LIABILITIES – 3.3%						22,840,408

NET ASSETS – 100.0 %						$686,877,290



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

(e)		Represents an affiliated issuer.

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

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

JPMorgan Securities, Inc.

USD

2,632,865

EUR

2,261,356

08/19/26

43,606

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	26	09/21/26	$	2,857,156	$	(5,953	)
20 Year U.S. Treasury Bonds	574	09/21/26		65,149,000		1,420,424
Ultra Long U.S. Treasury Bonds	630	09/21/26		73,178,438		2,022,801

Total					$	3,437,272

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


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

Short position contracts:
3 Month SOFR	(125)	03/16/27	$	(29,987,500	)	$	(15,439	)
5 Year U.S. Treasury Notes	(28)	09/30/26		(2,997,313	)		(378	)
Ultra 10-Year U.S. Treasury Notes	(219)	09/21/26		(24,630,656	)		(148,285	)

Total						$	(164,102	)

TOTAL FUTURES CONTRACTS						$	3,273,170

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	$	5,960	$	34,732		$	25,165		$	9,567
3.416^(b)	12M SOFR^(b)	04/22/28		7,470		44,491			10,451			34,040
3.927^(c)	12M SOFR^(c)	06/30/28		6,880		11,091			(1,848	)		12,939
12M SOFR^(c)	4.021%^(c)	06/30/28		970		(62	)		(37	)		(25	)
2.500^(d)	12M CDOR^(d)	09/16/28	CAD	1,530		4,405			5,722			(1,317	)
3.903^(c)	12M SOFR^(c)	11/30/30	$	16,200		6,286			(6,025	)		12,311
3.979^(c)	12M SOFR^(c)	11/30/30		1,210		(3,074	)		(268	)		(2,806	)
12M SOFR^(c)	3.584^(c)	04/22/32		10,920		(153,816	)		(128,979	)		(24,837	)
12M SOFR^(c)	3.592^(c)	04/22/32		8,940		(122,641	)		(166,811	)		44,170
3.976^(c)	12M SOFR^(c)	04/30/33		8,750		(19,058	)		(1,902	)		(17,156	)
2.750^(c)	6M EURO^(d)	09/16/36	EUR	890		15,683			24,405			(8,722	)
3.894^(c)	12M SOFR^(c)	04/22/37	$	6,130		77,271			19,963			57,308
3.893^(c)	12M SOFR^(c)	04/22/37		5,100		64,548			72,069			(7,521	)
12M SOFR^(c)	4.629^(c)	04/14/41		12,710		26,990			(5,727	)		32,717
12M SOFR^(c)	4.688^(c)	04/14/41		6,160		23,928			2,031			21,897
4.048^(c)	12M SOFR^(c)	04/13/56		11,820		(5,450	)		14,418			(19,868	)
4.114^(c)	12M SOFR^(c)	04/13/56		5,720		(15,835	)		(1,482	)		(14,353	)

TOTAL					$	(10,511	)	$	(138,855	)	$	128,344

(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.

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.IG Ind 43	1.000%	0.376%	12/20/29	$	129,924	$	2,660,502		$	1,904,723		$	755,779
CDX.NA.IG Ind 44	1.000	0.431	06/20/30		21,718		457,919			153,127			304,792
CDX.NA.IG Ind 45	1.000	0.468	12/20/30		355,610		7,790,673			6,931,456			859,217
Oracle Corp., 3.250%, 11/15/27	1.000	1.543	12/20/30		3,475		(74,077	)		(34,333	)		(39,744	)

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)


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)

Republic of Chile, 3.240%, 02/06/28		1.000%	0.417%	06/20/31	$	2,630	$	69,932	$	51,264		$	18,668
Republic of Indonesia, 2.150%, 07/28/31		1.000	0.896	06/20/31		2,700		13,146		(5,899	)		19,045
Republic of Peru, 8.750%, 11/21/33		1.000	0.627	06/20/31		2,680		45,616		21,894			23,722
Republic of the Philippines, 9.500%, 02/02/30		1.000	0.630	06/20/31		2,690		45,232		8,638			36,594

TOTAL							$	11,008,943	$	9,030,870		$	1,978,073

(a)

Payments made quarterly.

(b)



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

Investment Abbreviations:
CMT		— Constant Maturity Treasury Indexes
ETF		— Exchange Traded Fund
GO		— General Obligation
ICE		— Inter-Continental Exchange
LLC		— Limited Liability Company
LP		— Limited Partnership
PLC		— Public Limited Company
RB		— Revenue Bond
REIT		— Real Estate Investment Trust
SOFR		— Secured Overnight Financing Rate

Abbreviations:
CDOR		— Canadian Dollar Offered Rate
CDX.NA.IG Ind 43		— CDX North America Investment Grade Index 43
CDX.NA.IG Ind 44		— CDX North America Investment Grade Index 44
CDX.NA.IG Ind 45		— CDX North America Investment Grade Index 45
EURO		— Euro Offered Rate
SOFR		— Secured Overnight Financing Rate

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – 88.3%
Advertising – 1.7%
Clear Channel Outdoor Holdings, Inc.^(a)(b) (B/B2)
$	146,000		7.875	%	04/01/30	$ 151,910
	25,000		7.125		02/15/31	25,904
	27,000		7.500		03/15/33	28,460
Neptune Bidco U.S., Inc.^(a)(b) (B-/B3)
	84,000		9.290		04/15/29	85,692
	48,000		10.375		05/15/31	49,731
	88,000		9.500		02/15/33	89,008
Outfront Media Capital LLC/Outfront Media Capital Corp.^(a)(b) (B+/B1)
	86,000		4.625		03/15/30	83,405
Outfront Media Capital LLC/Outfront Media Capital Corp.^(a)(b) (BB+/Ba1)
	10,000		7.375		02/15/31	10,399

						524,509

Aerospace & Defense – 0.8%
Bombardier, Inc.^(a)(b) (BB-/Ba3)
	32,000		5.875		01/15/35	32,120
Moog, Inc.^(a)(b) (BB/Ba2)
	24,000		5.500		10/15/34	23,667
TransDigm, Inc.^(a) (B/B3)
	150,000		4.625		01/15/29	147,672
	15,000		6.750	^(b)	01/31/34	15,394
	24,000		6.125	^(b)	07/31/34	23,978

						242,831

Airlines – 1.0%
OneSky Flight LLC^(a)(b) (B+/B3)
	82,000		8.875		12/15/29	86,742
United Airlines Holdings, Inc.^(a) (BB+/Ba2)
	126,000		4.875		03/01/29	124,712
	59,000		5.375		03/01/31	58,651
VistaJet Malta Finance PLC/Vista Management Holding, Inc.^(a)(b) (B/B3)
	40,000		9.500		06/01/28	40,528

						310,633

Automotive – 2.1%
Allison Transmission, Inc.^(a)(b) (NR/Ba2)
	239,000		3.750		01/30/31	223,551
American Axle & Manufacturing, Inc.^(a)(b) (BB/Ba2)
	52,000		6.375		10/15/32	51,809
Clarios Global LP/Clarios U.S. Finance Co.^(a)(b) (BB-/B2)
	38,000		6.750		02/15/30	39,148
Cyprium Corp./Cyprium Holdings Luxembourg SARL^(a)(b) (BB-/Ba2)
	20,000		6.125		04/15/31	20,017
	48,000		6.375		04/15/34	47,890
Dorman Products, Inc.^(a)(b) (BB-/Ba3)
	15,000		6.250		06/15/34	15,166
Nissan Motor Acceptance Co. LLC^(a)(b) (NR/Ba2)
	44,000		6.125		09/30/30	43,251
Phinia, Inc.^(a)(b) (BB/Ba2)
	45,000		6.625		10/15/32	45,978
Phinia, Inc.^(a)(b) (BB+/Baa3)
	115,000		6.750		04/15/29	117,881
Qnity Electronics, Inc.^(a)(b) (BB/B1)
	20,000		6.250		08/15/33	20,353


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Automotive – (continued)
Qnity Electronics, Inc.^(a)(b) (BB+/Ba1)
$	44,000		5.750	%	08/15/32	$ 44,264

						669,308

Banks(a) – 0.6%
Freedom Mortgage Corp.^(b) (B/B2)
	127,000		6.625		01/15/27	127,202
JPMorgan Chase & Co.^(c) (BBB/Baa1) (5 yr. CMT + 2.152%)
	70,000		6.500		04/01/30	71,590

						198,792

Building Materials – 1.8%
Builders FirstSource, Inc.^(a)(b) (BB-/Ba2)
	99,000		4.250		02/01/32	92,274
	44,000		6.750		05/15/35	44,851
Quikrete Holdings, Inc.^(a)(b) (B+/B2)
	26,000		6.750		03/01/33	26,497
Quikrete Holdings, Inc.^(a)(b) (BB/Ba3)
	105,000		6.375		03/01/32	107,214
Smyrna Ready Mix Concrete LLC^(a)(b) (B+/B1)
	87,000		8.875		11/15/31	91,733
Standard Building Solutions, Inc.^(a)(b) (BB+/Ba3)
	109,000		6.500		08/15/32	109,727
Standard Industries, Inc.^(a)(b) (BB+/Ba3)
	86,000		4.375		07/15/30	81,702

						553,998

Chemicals – 2.1%
Avient Corp.^(a)(b) (BB-/Ba3)
	91,000		7.125		08/01/30	92,653
	45,000		6.250		11/01/31	45,555
Celanese U.S. Holdings LLC^(a) (BB/Ba2)
	124,000		7.700		11/15/33	132,479
	36,000		7.375		02/15/34	37,186
Ingevity Corp^.(a)(b) (NR/Ba3)
	136,000		3.875		11/01/28	131,742
Solstice Advanced Materials, Inc.^(a)(b) (BB+/Ba2)
	20,000		5.625		09/30/33	19,871
WR Grace Holdings LLC^(a)(b) (B-/B2)
	196,000		6.625		08/15/32	189,947

						649,433

Commercial Services – 4.2%
APi Group DE, Inc.^(a)(b) (B+/B1)
	385,000		4.125		07/15/29	369,423
	25,000		4.750		10/15/29	24,508
	32,000		5.750		06/01/34	31,740
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.^(a)(b) (B/B1)
	40,000		8.375		06/15/32	40,278
Block, Inc.^(a)(b) (BB+/Ba1)
	126,000		6.000		08/15/33	126,796
CompoSecure Holdings LLC^(a)(b) (B+/B1)
	84,000		5.625		02/01/33	81,984
EquipmentShare.com, Inc.^(a)(b) (B/B3)
	100,000		7.125		07/01/34	98,242
Garda World Security Corp.^(a)(b) (B+/B1)
	75,000		7.750		02/15/28	76,189
	96,000		6.500		01/15/31	97,313

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Commercial Services – (continued)
Graham Holdings Co.^(a)(b) (BB/Ba1)
$	116,000		5.625	%	12/01/33	$ 114,840
Hertz Corp.^(a)(b) (B-/Ba3)
	70,000		12.625		07/15/29	56,929
NESCO Holdings II, Inc.^(a)(b) (B/B3)
	45,000		5.500		04/15/29	44,802
Service Corp. International^(a) (BB/Ba3)
	39,000		5.750		10/15/32	39,155
United Rentals North America, Inc.^(a)(b) (BB+/Ba2)
	92,000		5.375		11/15/33	90,671
Williams Scotsman, Inc.^(a)(b) (BB-/B2)
	22,000		6.625		04/15/30	22,662

						1,315,532

Computers^(a) – 0.7%
Ahead DB Holdings LLC^(b) (CCC+/Caa1)
	32,000		6.625		05/01/28	32,000
CACI International, Inc.^(b) (BB-/Ba2)
	52,000		6.375		06/15/33	52,740
Diebold Nixdorf, Inc.^(b) (B+/B1)
	86,000		7.750		03/31/30	89,734
Seagate Data Storage Technology Pte. Ltd. (BB+/Ba3)
	36,000		5.875		07/15/30	36,513

						210,987

Distribution & Wholesale^(a)(b) – 0.3%
ADI Escrow Issuer LLC (NR/NR)
	25,000		7.125		07/15/34	25,485
American Builders & Contractors Supply Co., Inc. (BB-/Ba3)
	88,000		3.875		11/15/29	83,849

						109,334

Diversified Financial Services – 4.1%
Coinbase Global, Inc.^(a)(b) (BB-/Ba2)
	94,000		3.375		10/01/28	89,247
Credit Acceptance Corp.^(a)(b) (BB/Ba3)
	42,000		6.625		03/15/30	42,142
Encore Capital Group, Inc.^(a)(b) (NR/Ba3)
	200,000		6.625		06/01/32	200,242
Focus Financial Partners LLC^(a)(b) (B/B2)
	75,000		6.750		09/15/31	75,725
Freedom Mortgage Holdings LLC^(a)(b) (B/B2)
	13,000		9.250		02/01/29	13,511
Jane Street Group/JSG Finance, Inc.^(a)(b) (BB/Ba1)
	82,000		6.125		11/01/32	81,948
	52,000		6.750		05/01/33	53,431
OneMain Finance Corp.^(a) (BB/Ba2)
	68,000		6.125		05/15/30	67,981
Osaic Holdings, Inc.^(a)(b) (B/B1)
	28,000		6.750		08/01/32	28,056
PennyMac Financial Services, Inc.^(a)(b) (B+/Ba3)
	64,000		6.875		02/15/33	62,335
	40,000		6.750		02/15/34	38,399
Rocket Cos., Inc.^(a)(b) (BB/Ba1)
	44,000		6.125		08/01/30	44,802
	14,000		6.125		08/01/31	14,298
	80,000		6.375		08/01/33	81,382


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Diversified Financial Services – (continued)
SLM Corp.^(a)(c) (BB+/Ba1) (Secured Overnight Financing Rate + 2.710%)
$	44,000		6.495	%	05/15/32	$ 44,008
Stonex Escrow Issuer LLC^(a)(b) (BB/Ba3)
	40,000		6.875		07/15/32	41,130
United Wholesale Mortgage LLC^(a)(b) (NR/Ba3)
	126,000		5.500		04/15/29	117,017
UWM Holdings LLC^(a)(b) (NR/Ba3)
	64,000		6.625		02/01/30	59,575
	87,000		6.250		03/15/31	77,458
VFH Parent LLC/Valor Co-Issuer, Inc.^(a)(b) (B+/B1)
	67,000		7.500		06/15/31	70,075

						1,302,762

Electrical – 0.9%
NRG Energy, Inc.^(a)(b) (BB/Ba2)
	69,000		5.750		07/15/29	69,011
	61,000		3.625		02/15/31	56,639
	32,000		5.875		05/15/34	31,821
	30,000		6.000		01/15/36	29,906
	32,000		6.125		05/15/36	32,034
Talen Energy Supply LLC^(a)(b) (B+/B1)
	28,000		6.250		02/01/34	27,826
	28,000		6.500		02/01/36	28,219

						275,456

Electrical Components & Equipment – 0.8%
WESCO Distribution, Inc.^(a)(b) (BB/Ba3)
	13,000		6.375		03/15/29	13,256
	60,000		5.250		04/15/31	59,570
	86,000		6.625		03/15/32	88,638
	84,000		5.500		04/15/34	83,112

						244,576

Electronics^(a)(b) – 0.7%
Atkore, Inc. (BB+/Ba2)
	240,000		4.250		06/01/31	229,704

Engineering & Construction – 2.4%
AECOM^(a)(b) (BB/Ba2)
	132,000		6.000		08/01/33	132,153
Arcosa, Inc.^(a)(b) (B+/Ba2)
	42,000		6.875		08/15/32	43,822
Global Infrastructure Solutions, Inc.^(a)(b) (BB/Ba3)
	234,000		5.625		06/01/29	233,902
	127,000		7.500		04/15/32	132,759
	75,000		6.375		07/15/34	75,523
Granite Construction, Inc.^(a)(b) (BB/B1)
	52,000		6.375		06/15/34	52,966
Weekley Homes LLC/Weekley Finance Corp.^(a)(b) (BB-/Ba2)
	92,000		6.750		01/15/34	92,187

						763,312

Entertainment – 1.5%
Boyne USA, Inc.^(a)(b) (B/B1)
	202,000		4.750		05/15/29	198,552
Cinemark USA, Inc.^(a)(b) (BB/B2)
	198,000		5.250		07/15/28	197,584

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Entertainment – (continued)
$	38,000		7.000	%	08/01/32	$ 39,212
Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp.^(a)(b) (B+/B1)
	26,000		6.625		02/01/33	26,399

						461,747

Environmental^(a)(b) – 0.9%
GFL Environmental Holdings U.S., Inc. (BB/Ba3)
	72,000		5.500		02/01/34	70,415
Madison IAQ LLC (B/B2)
	204,000		5.875		06/30/29	203,967
Waste Pro USA, Inc. (B-/Caa1u)
	26,000		7.000		02/01/33	26,610

						300,992

Food & Drug Retailing – 1.9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC^(a)(b) (BB+/Ba2)
	104,000		5.625		03/31/32	100,505
	82,000		6.250		03/15/33	81,292
Performance Food Group, Inc.^(a)(b) (BB/B1)
	70,000		4.250		08/01/29	67,886
	112,000		5.625		03/01/34	109,998
Post Holdings, Inc.^(a)(b) (B+/B2)
	114,000		6.375		03/01/33	113,159
Post Holdings, Inc.^(a)(b) (BB/Ba1)
	45,000		6.250		02/15/32	45,681
U.S. Foods, Inc.^(a)(b) (BB+/Ba2)
	74,000		4.625		06/01/30	72,214

						590,735

Healthcare Providers & Services^(a) – 2.3%
Centene Corp. (BB+/Ba1)
	116,000		2.500		03/01/31	101,306
Charlotte Buyer, Inc.^(b) (B-/B3)
	78,000		8.000		06/30/31	78,973
DaVita, Inc.^(b) (BB-/Ba3)
	87,000		6.875		09/01/32	89,703
Encompass Health Corp.^(b) (BB-/Ba2)
	36,000		5.875		06/01/34	35,934
Global Medical Response, Inc.^(b) (B+/B1)
	58,000		7.375		10/01/32	60,097
LifePoint Health, Inc.^(b) (B/B2)
	100,000		7.000		05/01/34	95,800
Medline Borrower LP^(b) (BBB-/Ba1)
	76,000		3.875		04/01/29	73,795
Molina Healthcare, Inc.^(b) (BB-/Ba2)
	52,000		6.500		02/15/31	52,887
Select Medical Corp.^(b) (B-/B3)
	109,000		6.250		12/01/32	105,935
Team Health Holdings, Inc.^(b) (B-/Caa1)
	25,000		8.375		06/30/28	25,150

						719,580

Home Builders – 1.6%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC^(a)(b) (B+/B1)
	128,000		4.875		02/15/30	119,130


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Home Builders – (continued)
Century Communities, Inc.^(a)(b) (BB/Ba2)
$	179,000		3.875	%	08/15/29	$ 170,813
Forestar Group, Inc.^(a)(b) (BB-/Ba3)
	124,000		6.500		03/15/33	125,981
K Hovnanian Enterprises, Inc.^(a)(b) (BB-/B3)
	13,000		8.000		04/01/31	13,415
	18,000		8.375		10/01/33	18,502
KB Home^(a) (BB+/Ba1)
	73,000		7.250		07/15/30	74,366

						522,207

Home Furnishings^(a)(b) – 0.1%
Whirlpool Corp. (BB+/Ba1)
	44,000		7.500		07/01/31	44,555

Housewares – 0.7%
Newell Brands, Inc.^(a) (B+/B2)
	13,000		6.375		05/15/30	13,174
	22,000		6.625		05/15/32	22,278
Scotts Miracle-Gro Co.^(a) (B+/B2)
	206,000		4.375		02/01/32	192,973

						228,425

Insurance^(a)(b) – 3.0%
Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	7,000		6.750		07/01/32	6,293
Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	178,000		6.000		08/01/29	157,478
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B+/B2)
	130,000		6.750		04/15/28	131,018
APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC (BB+/NR)
	106,000		7.875		11/01/29	107,370
CRC Insurance Group LLC (B/B2)
	154,000		7.125		06/01/31	153,447
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC (CCC+/Caa1)
	200,000		8.125		02/15/32	180,048
HUB International Ltd. (B/Caa1)
	116,000		7.375		01/31/32	118,127
Ryan Specialty LLC (BB-/Ba3)
	60,000		5.875		08/01/32	59,031
USI, Inc. (CCC+/Caa1)
	42,000		7.500		01/15/32	42,441

						955,253

Internet – 2.4%
Gen Digital, Inc.^(a)(b) (BB-/B1)
	134,000		7.125		09/30/30	136,321
	38,000		6.250		04/01/33	37,449
Go Daddy Operating Co. LLC/GD Finance Co., Inc.^(a)(b) (BB-/Ba3)
	100,000		3.500		03/01/29	94,123
Match Group Holdings II LLC^(a)(b) (BB/Ba2)
	114,000		4.625		06/01/28	112,373
	98,000		4.125		08/01/30	92,179
Meta Platforms, Inc.^(a) (AA-/Aa3)
	88,000		5.625		11/15/55	79,747

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Internet – (continued)
Snap, Inc.^(a)(b) (BB-/B1)
$	105,000		6.875	%	03/01/33	$ 102,290
	66,000		6.875		03/15/34	63,902
Wayfair LLC^(a)(b) (BB-/B2u)
	24,000		7.125		05/31/34	24,680

						743,064

Investment Companies^(a)(b) – 0.3%
Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB-/B1)
	92,000		10.000		11/15/29	90,770

Iron/Steel – 0.9%
Cleveland-Cliffs, Inc.^(a)(b) (NR/B2)
	45,000		6.875		11/01/29	45,380
	64,000		7.375		05/01/33	63,915
Hybar LLC^(a)(b) (B-/B3)
	75,000		7.375		07/01/34	75,343
Mineral Resources Ltd.^(a)(b) (NR/Ba3)
	40,000		7.000		04/01/31	41,431
	15,000		6.000		05/01/32	14,856
	60,000		6.250		05/01/34	59,150

						300,075

Leisure Time – 3.0%
Carnival Corp. Ltd.^(a)(b) (BBB-/Ba1)
	244,000		5.875		06/15/31	248,300
	124,000		5.750		08/01/32	125,258
	86,000		6.125		02/15/33	87,068
Gaia Purchaser, Inc.^(a)(b) (B/B2)
	90,000		7.625		07/15/33	91,033
MajorDrive Holdings IV LLC^(a)(b) (CCC-/Caa3)
	142,000		6.375		06/01/29	118,760
Royal Caribbean Cruises Ltd.^(a)(b) (BBB/Baa2)
	70,000		6.250		03/15/32	71,591
Viking Cruises Ltd.^(a)(b) (BB+/Ba3)
	38,000		7.000		02/15/29	38,061
	72,000		5.875		10/15/33	72,041
Viking Ocean Cruises Ship VII Ltd.^(a)(b) (BBB-/Baa3)
	42,000		5.625		02/15/29	41,970
VOC Escrow Ltd.^(a)(b) (BBB-/Baa3)
	62,000		5.000		02/15/28	61,872

						955,954

Lodging – 3.0%
Genting New York LLC/GENNY Capital, Inc.^(a)(b) (BB+/NR)
	200,000		7.250		10/01/29	205,820
Hilton Domestic Operating Co., Inc.^(a)(b) (BB+/Ba2)
	96,000		5.500		09/15/31	96,199
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.^(a)(b) (B/B3)
	152,000		5.000		06/01/29	148,332
	159,000		4.875		07/01/31	149,417
Travel & Leisure Co.^(a)(b) (BB-/Ba3)
	206,000		4.500		12/01/29	199,338
Wyndham Hotels & Resorts, Inc.^(a)(b) (BB-/Ba2)
	136,000		5.625		03/01/33	134,141

						933,247


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Machinery - Construction & Mining^(a)(b) – 0.1%
Terex Corp. (BB/Ba3)
$	38,000		6.250	%	10/15/32	$ 38,482

Machinery-Diversified – 0.3%
Esab Corp.^(a)(b) (BB+/Ba1)
	64,000		6.250		04/15/29	64,957
	32,000		5.625		04/01/31	31,987

						96,944

Media – 7.0%
CCO Holdings LLC/CCO Holdings Capital Corp.^(a)(b) (BB-/B1)
	169,000		4.250		02/01/31	152,244
	124,000		7.000		02/01/33	121,504
	470,000		4.250		01/15/34	397,319
	140,000		7.375		02/01/36	137,368
Directv Financing LLC/Directv Financing Co-Obligor, Inc.^(a)(b)(B+/B1)
	208,000		10.000		02/15/31	216,058
Discovery Global Holdings, Inc.^(a) (BB/NR)
	259,000		5.050		03/15/42	189,583
DISH Network Corp.^(a)(b) (B/B1)
	97,000		11.750		11/15/27	99,696
GCI LLC^(a)(b) (BB-/B3)
	178,000		4.750		10/15/28	169,736
Gray Media, Inc.^(a)(b) (B+/Ba3)
	86,000		10.500		07/15/29	90,734
	49,000		7.250		08/15/33	48,236
McGraw-Hill Education, Inc.^(a)(b) (BB-/B1)
	130,000		7.375		09/01/31	132,085
Nexstar Media, Inc.^(a)(b) (BBB-/Ba2)
	180,000		6.500		09/15/33	180,065
Sinclair Television Group, Inc.^(a)(b) (B+/B3)
	169,000		8.125		02/15/33	174,149
Univision Communications, Inc.^(a)(b) (B/B2)
	48,000		9.375		08/01/32	48,793
	52,000		8.875		04/15/33	51,216

						2,208,786

Metal Fabricate & Hardware^(a)(b) – 0.6%
Advanced Drainage Systems, Inc. (BB-/Ba2)
	36,000		5.375		03/01/34	35,252
Roller Bearing Co. of America, Inc. (BB/Ba3)
	162,000		4.375		10/15/29	158,144

						193,396

Miscellaneous Manufacturing – 0.3%
Amsted Industries, Inc.^(a)(b) (BB/Ba3)
	22,000		6.375		03/15/33	22,245
Axon Enterprise, Inc.^(a)(b) (BB+/Ba2)
	38,000		6.125		03/15/30	38,765
	38,000		6.250		03/15/33	38,967

						99,977

Oil Field Services – 9.6%
Archrock Partners LP/Archrock Partners Finance Corp.^(a)(b)(BB-/B1)
	60,000		6.625		09/01/32	61,109
Archrock Services LP/Archrock Partners Finance Corp.^(a)(b)(BB-/B1)
	28,000		6.000		02/01/34	27,816

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Oil Field Services – (continued)
California Resources Corp.^(a)(b) (BB-/B1)
$	100,000		7.250	%	01/15/35	$ 99,154
Caturus Energy LLC^(a)(b) (B/B3)
	36,000		7.125		05/15/31	35,614
Chord Energy Corp.^(a)(b) (BB/Ba2)
	60,000		6.000		10/01/30	60,271
	182,000		6.750		03/15/33	185,027
CNX Resources Corp.^(a)(b) (BB/B1)
	82,000		7.375		01/15/31	83,925
	38,000		7.250		03/01/32	39,120
	72,000		5.875		03/01/34	70,001
Crescent Energy Finance LLC^(a)(b) (BB-/B1)
	229,000		7.625		04/01/32	230,656
	102,000		7.375		01/15/33	101,352
DBR Land Holdings LLC^(a)(b) (BB-/B1)
	48,000		6.250		12/01/30	48,755
Gulfport Energy Operating Corp.^(a)(b) (BB-/B3)
	126,000		6.750		09/01/29	128,621
Kodiak Gas Services LLC^(a)(b) (BB-/B1)
	52,000		5.875		04/01/31	52,109
	20,000		6.500		10/01/33	20,246
	24,000		6.750		10/01/35	24,619
Kraken Oil & Gas Partners LLC^(a)(b) (B+/B3)
	44,000		7.125		05/15/31	43,038
Matador Resources Co.^(a)(b) (BB-/B1)
	49,000		6.500		04/15/32	49,248
	66,000		6.250		04/15/33	65,741
	64,000		6.000		04/15/34	62,372
Noble Finance II LLC^(a)(b) (BB-/Ba3)
	191,000		8.000		04/15/30	197,876
	80,000		6.250		06/15/34	78,397
Northern Oil & Gas, Inc.^(a)(b) (B+/B1)
	28,000		7.875		10/15/33	27,815
Permian Resources Operating LLC^(a)(b) (BBB-/Baa3)
	75,000		5.875		07/01/29	75,017
	114,000		7.000		01/15/32	117,931
	26,000		6.250		02/01/33	26,554
SESI LLC^(a)(b) (B+/B2)
	15,000		7.875		09/30/30	15,242
SM Energy Co.^(a)(b) (BB/B1)
	45,000		6.750		08/01/29	45,809
	72,000		6.625		04/15/34	70,883
Sunoco LP^(a)(b) (BB+/Ba1)
	71,000		7.000		05/01/29	73,073
	40,000		5.375		07/15/31	39,462
	38,000		6.250		07/01/33	38,315
	64,000		5.625		07/15/34	62,480
Sunoco LP/Sunoco Finance Corp.^(a) (BB+/Ba1)
	204,000		4.500		04/30/30	197,380
Tidewater, Inc.^(a)(b) (BB-/B2)
	80,000		9.125		07/15/30	85,634
Transocean International Ltd.^(a)(b) (B/B2)
	24,000		7.875		10/15/32	24,976
USA Compression Partners LP/USA Compression Finance Corp.^(a)(b) (B+/B1)
	202,000		7.125		03/15/29	206,949
WBI Operating LLC^(a)(b) (BB-/B1)
	52,000		6.250		10/15/30	52,295


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Oil Field Services – (continued)
$	44,000		6.500	%	10/15/33	$ 44,271
Weatherford International Ltd.^(a)(b) (BB/Ba3)
	44,000		6.750		10/15/33	44,894

						3,014,047

Packaging^(a) – 0.2%
Crown Americas LLC (BB+/Ba2)
	52,000		5.875		06/01/33	52,334

Pharmaceuticals – 1.6%
1261229 BC Ltd.^(a)(b) (B/Caa1)
	220,000		10.000		04/15/32	222,693
Adapthealth LLC^(a)(b) (BB-/Ba3)
	114,000		6.125		08/01/28	114,027
	36,000		4.625		08/01/29	34,763
	44,000		5.125		03/01/30	42,662
Amneal Pharmaceuticals LLC^(a)(b) (B+/Ba3)
	22,000		6.875		08/01/32	22,844
HLF Financing SARL LLC/Herbalife International, Inc.^(a)(b) (BB/Ba2)
	60,000		7.750		05/01/33	60,758

						497,747

Pipelines – 8.0%
Antero Midstream Partners LP/Antero Midstream Finance Corp.^(a)(b) (BB+/Ba2)
	109,000		5.375		06/15/29	108,708
	30,000		5.750		10/15/33	29,714
	52,000		5.750		07/01/34	51,343
Blue Racer Midstream LLC/Blue Racer Finance Corp.^(a)(b) (B+/B2)
	45,000		7.000		07/15/29	46,137
Buckeye Partners LP^(a)(b) (BB/Ba3)
	71,000		6.875		07/01/29	72,553
	38,000		6.750		02/01/30	39,246
CNX Midstream Partners LP^(a)(b) (BB/B1)
	43,000		4.750		04/15/30	40,960
CQP Holdco LP/BIP-V Chinook Holdco LLC^(a)(b) (BB/Ba2)
	250,000		7.500		12/15/33	261,878
Delek Logistics Partners LP/Delek Logistics Finance Corp.^(a)(b)(BB-/B2)
	26,000		8.625		03/15/29	27,032
	104,000		7.375		06/30/33	106,079
	44,000		6.875		06/01/34	43,848
Excelerate Energy LP^(a)(b) (BB+/NR)
	4,000		8.000		05/15/30	4,220
Genesis Energy LP/Genesis Energy Finance Corp.^(a) (B+/B2)
	64,000		7.875		05/15/32	66,097
	71,000		8.000		05/15/33	73,891
	48,000		6.750		03/15/34	47,636
Global Partners LP/GLP Finance Corp.^(a)(b) (BB-/B1)
	60,000		8.250		01/15/32	62,839
Hess Midstream Operations LP^(a)(b) (BBB-/Ba1)
	30,000		6.500		06/01/29	30,583
Howard Midstream Energy Partners LLC^(a)(b) (BB-/B1)
	64,000		7.375		07/15/32	66,244
	52,000		6.625		01/15/34	52,437
Kinetik Holdings LP^(a)(b) (BB+/Ba1)
	265,000		5.875		06/15/30	266,272

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Pipelines – (continued)
Prairie Acquiror LP^(a)(b) (B-/B3)
$	30,000		9.000	%	08/01/29	$ 31,175
Rockies Express Pipeline LLC^(a)(b) (BB/Ba2)
	26,000		6.750		03/15/33	26,713
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.^(a)(b) (B+/B1)
	60,000		7.375		02/15/29	61,541
	135,000		6.000		12/31/30	135,078
	127,000		6.000		09/01/31	125,626
TransMontaigne Partners LLC^(a)(b) (CCC+/Caa1)
	49,000		8.500		06/15/30	49,917
Venture Global Calcasieu Pass LLC^(a)(b) (BBB-/Ba1)
	92,000		4.125		08/15/31	86,360
	88,000		3.875		11/01/33	78,436
Venture Global LNG, Inc.^(a)(b) (BB/B1)
	60,000		6.375		12/15/34	58,959
	32,000		6.625		06/15/36	31,541
Venture Global Plaquemines LNG LLC^(a)(b) (BB+/Ba2)
	40,000		6.125		12/15/30	40,916
	40,000		6.500		01/15/34	41,669
	40,000		6.500		06/15/34	41,652
	159,000		6.750		01/15/36	168,538
Western Midstream Operating LP^(a)(b) (BBB-/Baa3)
	52,000		7.250		04/01/30	54,566

						2,530,404

Real Estate^(a)(b) – 0.1%
Kennedy-Wilson, Inc. (B/B2)
	40,000		7.000		06/01/31	40,935

Real Estate Investment Trust^(a)(b) – 0.9%
Iron Mountain Information Management Services, Inc. (BB-/Ba3)
	94,000		5.000		07/15/32	90,265
Iron Mountain, Inc. (BB-/Ba3)
	60,000		6.250		01/15/35	60,226
Starwood Property Trust, Inc. (BB-/Ba3)
	15,000		6.125		06/01/31	15,093
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC (B/B2)
	113,000		4.750		04/15/28	112,671

						278,255

Retailing – 6.5%
1011778 BC ULC/New Red Finance, Inc.^(a)(b) (BB-/B2)
	158,000		4.375		01/15/28	156,265
	250,000		4.000		10/15/30	236,107
Asbury Automotive Group, Inc.^(a)(b) (BB/B1)
	15,000		4.625		11/15/29	14,577
Cougar JV Subsidiary LLC^(a)(b) (B+/B2)
	38,000		8.000		05/15/32	39,851
Group 1 Automotive, Inc.^(a)(b) (BB+/Ba2)
	18,000		6.375		01/15/30	18,233
Ken Garff Automotive LLC^(a)(b) (BB/B1)
	81,000		4.875		09/15/28	80,320
LCM Investments Holdings II LLC^(a)(b) (BB-/B2)
	250,000		4.875		05/01/29	243,665
	38,000		8.250		08/01/31	39,598


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Retailing – (continued)
Lithia Motors, Inc.^(a)(b) (BB+/Ba2)
$	140,000		3.875	%	06/01/29	$ 134,127
	158,000		4.375		01/15/31	149,748
Michaels Cos., Inc.^(a)(b) (B-/B2)
	84,000		8.500		03/15/33	83,155
Murphy Oil USA, Inc.^(a)(b) (BB+/Ba2)
	158,000		3.750		02/15/31	147,785
Penske Automotive Group, Inc.^(a) (BB-/Ba3)
	87,000		3.750		06/15/29	83,262
QXO Building Products, Inc.^(a)(b) (BB-/B2)
	76,000		6.500		07/15/31	77,445
	72,000		6.875		07/15/34	73,909
QXO Building Products, Inc.^(a)(b) (BB+/Ba2)
	130,000		6.750		04/30/32	134,198
Sonic Automotive, Inc.^(a)(b) (BB-/B1)
	141,000		4.625		11/15/29	137,788
	58,000		4.875		11/15/31	55,768
Staples, Inc.^(a)(b) (B-/B3)
	44,000		10.750		09/01/29	41,957
Suburban Propane Partners LP/Suburban Energy Finance Corp.^(a)(b) (BB-/B1)
	96,000		6.500		12/15/35	92,853

						2,040,611

Semiconductors^(a)(b) – 0.4%
Amkor Technology, Inc. (BB/Ba3)
	22,000		5.875		10/01/33	22,077
MKS, Inc. (BB-/Ba2)
EUR	101,000		4.250		02/15/34	113,931

						136,008

Software – 0.9%
CoreWeave, Inc.^(a)(b) (B/B1)
$	36,000		9.250		06/01/30	36,222
	44,000		9.750		10/01/31	43,885
Fair Isaac Corp.^(a)(b) (BB+/Ba1)
	92,000		6.000		05/15/33	90,589
	80,000		6.250		09/15/34	78,776
OAK-Eagle Acquireco, Inc.^(a)(b) (B/B3)
	15,000		8.750		07/01/34	15,918
OAK-Eagle Acquireco, Inc.^(a)(b) (BB/Ba3)
	20,000		7.250		07/01/33	20,940

						286,330

Telecommunication Services – 4.8%
APLD ComputeCo LLC^(a)(b) (BB-/NR)
	150,000		9.250		12/15/30	161,834
Black Pearl Compute LLC^(a)(b) (NR/Ba2)
	112,000		6.125		02/15/31	113,658
Cipher Compute LLC^(a)(b) (NR/Ba3)
	150,000		7.125		11/15/30	156,086
Core Scientific Finance I LLC^(a)(b) (BB/NR)
	76,000		7.750		05/15/31	77,053
EchoStar Corp.^(a) (B/B1)
	185,000		10.750		11/30/29	199,970
ELK Grove Village Property LLC^(a)(b) (BB-/Ba3)
	40,000		7.500		06/15/31	40,248

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Corporate Obligations – (continued)
Telecommunication Services – (continued)
Level 3 Financing, Inc.^(a)(b) (B-/B3)
$	36,000		8.500	%	01/15/36	$ 38,687
	7,000		7.500		02/15/37	7,189
Level 3 Financing, Inc.^(a)(b) (B+/Ba3)
	116,000		7.000		03/31/34	119,594
Meridian Arc Holdco LLC^(a)(b) (BB-/Ba2)
	120,000		6.250		04/30/31	120,217
SV RNO Property Owner 1 LLC^(a)(b) (BB+/Ba1)
	116,000		5.875		03/01/31	114,362
Uniti Services LLC^(a)(b) (B/B2)
	80,000		7.500		10/15/33	84,254
Windstream Services LLC/Windstream Escrow Finance Corp.^(a)(b) (NR/B2)
	71,000		8.250		10/01/31	74,875
WULF Compute LLC^(a)(b) (BB/Ba2)
	150,000		7.750		10/15/30	157,443
Zayo Group Holdings, Inc.^(a)(b)(d) (B-/B3) RESEARCH:
	47,015		9.250		03/09/30	47,047

						1,512,517

Transportation^(a)(b) – 1.2%
Beacon Mobility Corp. (B/B1)
	52,000		7.250		08/01/30	53,967
Rand Parent LLC (BB-/Ba1)
	91,000		8.500		02/15/30	94,200
XPO, Inc. (B+/Ba3)
	214,000		7.125		02/01/32	221,700

						369,867

TOTAL CORPORATE OBLIGATIONS (Cost $27,720,013)						$27,844,411



Bank Loans^(e) – 8.4%
Aerospace & Defense – 0.6%
Propulsion BC Finco SARL (B/B2) (3 mo. USD Term SOFR + 2.500%)
$	179,374		6.232	%	12/01/32	$ 179,767

Airlines – 0.4%
OneSky Flight LLC (BB-/Ba3) (1 mo. USD Term SOFR + 2.750%)
	125,000		6.387		02/17/33	125,274

Building & Construction – 0.6%
Cube Industrials Buyer, Inc. (B/B3) (3 mo. USD Term SOFR + 3.000%)
	49,377		6.669		10/17/31	49,377
DG Investment Intermediate Holdings 2, Inc. (B-/B2) (1 mo. USD Term SOFR + 3.250%)
	141,264		6.894		07/09/32	141,441

						190,818

Building Materials – 0.5%
Icebox Holdco III, Inc. (B-/B2) (3 mo. USD Term SOFR + 3.250%)
	93,495		6.982		12/22/31	93,680


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans(e) – (continued)
Building Materials – (continued)
Icebox Holdco III, Inc. (CCC/Caa2) (3 mo. USD Term SOFR + 6.500%)
$	50,000		10.232	%	12/22/32	$ 50,208

						143,888

Capital Goods - Others – 1.0%
Engineered Machinery Holdings, Inc. (B-/B1)
(3 mo. EUR EURIBOR + 3.500%)
EUR	70,769		5.791		11/26/32	81,366
(3 mo. USD Term SOFR + 3.250%)
$	69,322		6.982		11/26/32	69,627
Terex Corp. (BBB-/Baa3) (1 mo. USD Term SOFR + 1.750%)
	172,817		5.394		10/08/31	172,871

						323,864

Commercial Services – 0.8%
Ankura Consulting Group LLC (B-/B3) (3 mo. USD Term SOFR + 3.500%)
	79,902		7.166		12/29/31	75,387
Holding Socotec (B/B2)
(3 mo. EUR EURIBOR + 3.000%)
EUR	75,000		5.291		06/02/31	85,976
(3 mo. USD Term SOFR + 2.750%)
$	98,010		6.370		06/02/31	98,041

						259,404

Distributors – 0.3%
AL GCX Fund VIII Holdings LLC (BB/Ba3) (1 mo. USD Term SOFR + 2.000%)
	96,932		5.613		01/30/32	96,811

Diversified Financial Services – 0.3%
AAL Delaware Holdco, Inc. (B/B2) (1 mo. USD Term SOFR + 2.500%)
	98,503		6.144		07/30/31	98,482

Electrical – 0.4%
Kohler Energy Co. LLC (B/B1) (3 mo. USD Term SOFR + 3.000%)
	137,392		6.732		05/01/31	137,479

Entertainment – 0.4%
Crown Finance U.S., Inc. (B/B3) (1 mo. USD Term SOFR + 4.500%)
	123,131		8.114		12/02/31	123,285

Insurance – 0.1%
Lockton, Inc. (BB/Ba3) (3 mo. USD Term SOFR + 2.000%)
	25,000		5.657		05/09/33	24,906

Internet – 0.1%
Plano HoldCo, Inc. (B/B2) (3 mo. USD Term SOFR + 3.500%)
	32,736		7.232		10/02/31	25,534

Machinery – 0.8%
Apex Tool Group LLC (B-/B3) (1 mo. USD Term SOFR + 7.000%)
	1,097		10.644		04/08/30	1,097
Apex Tool Group LLC (CC/Caa3) (1 mo. USD Term SOFR + 10.000%)
	18,759		13.644		02/08/29	12,006
Apex Tool Group LLC (CCC-/Ca) (1 mo. USD Term SOFR + 6.000%)
	61,566		9.644		02/08/29	20,933

GOLDMAN SACHS SHORT DURATION HIGH YIELD FUND

Schedule of Investments (continued)

June 30, 2026 (Unaudited)


Principal Amount		Interest Rate			Maturity Date	Value

Bank Loans^(e) – (continued)
Machinery – (continued)
Apex Tool Group LLC (CCC+/Caa2) (1 mo. USD Term SOFR + 5.250%)
$	27,343		8.894	%	04/08/30	$ 23,515
Apex Tool Group LLC (NR/Ca) (1 mo. USD Term SOFR + 6.000%)
	3,675		9.644		02/08/29	1,249
TK Elevator Midco GmbH (B/B2) (6 mo. USD Term SOFR + 2.750%)
	200,402		6.377		04/30/30	201,157

						259,957

Media - Non Cable – 0.2%
EW Scripps Co. (B/B2) (1 mo. USD Term SOFR + 5.750%)
	57,461		9.504		06/30/28	57,245

Midstream – 0.5%
Prairie ECI Acquiror LP (B-/B3) (1 mo. USD Term SOFR + 3.250%)
	24,565		6.894		08/01/29	24,620
Traverse Midstream Partners LLC (BB-/B2)^(f)
	145,000		0.000		04/21/33	144,819

						169,439

Retailers – 0.4%
BCPE Empire Holdings, Inc. (B/B3) (1 mo. USD Term SOFR + 3.250%)
	141,465		6.894		12/11/30	139,432

Technology – 0.5%
Pitney Bowes, Inc. (BB/Ba2) (3 mo. USD Term SOFR + 3.750%)
	148,083		7.482		03/19/32	147,818

Water Utilities – 0.5%
Deep Blue Operating I LLC (BB-/Ba3) (3 mo. USD Term SOFR + 2.250%)
	149,625		5.902		10/01/32	149,906

Wireless Telecommunication Services – 0.0%
Zayo Group Holdings, Inc. (B-/B3) (1 mo. USD Term SOFR + 0.500%)
	172		6.758		03/11/30	172

TOTAL BANK LOANS (Cost $2,707,976)						$ 2,653,481



Shares		Dividend Rate	Value

	Preferred Stocks^(g) – 0.1%
	Software – 0.1%
	Oracle Corp.
	703	6.500%	$ 31,600

	(Cost $34,634)



Shares		Description	Value

	Common Stocks^(g) – 0.0%
	Machinery^(h) – 0.0%
	546	Apex Tool Group LLC Class A	$ 0



Shares		Description	Value

	Common Stocks^(g) – (continued)
	Oil, Gas & Consumable Fuels – 0.0%
	38,064	Prairie Provident Resources, Inc.	$ 12,735

	TOTAL COMMON STOCKS (Cost $2,946,391)		$ 12,735


Shares		Dividend Rate	Value

	Investment Company⁽ⁱ⁾ – 1.1%
	Goldman Sachs Central Government Fund — Institutional Shares
	329,796	3.703%	$ 329,796
	(Cost $329,796)

	TOTAL INVESTMENTS – 97.9% (Cost $ 33,738,810)		$30,872,023

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.1 %		$ 661,166

	NET ASSETS – 100.0%		$31,533,189



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)		Pay-in-kind securities.

(e)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on June 30, 2026. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the Secured Overnight Financing Rate (“SOFR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

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

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

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

(i)		Represents an affiliated issuer.

GOLDMAN SACHS SHORT DURATION HIGH YIELD 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

USD 285,747

EUR 245,426

08/19/26

4,733

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		26	09/30/26	$	5,359,453		$	(5,729	)
20 Year U.S. Treasury Bonds		1	09/21/26		113,500			1,881

Total							$	(3,848	)

Short position contracts:
10 Year U.S. Treasury Notes		(36)	09/21/26		(3,956,062	)		(11,711	)
5 Year U.S. Treasury Notes		(9)	09/30/26		(963,422	)		125
Ultra 10-Year U.S. Treasury Notes		(9)	09/21/26		(1,012,219	)		(10,018	)
Ultra Long U.S. Treasury Bonds		(1)	09/21/26		(116,156	)		(2,073	)

Total							$	(23,677	)

TOTAL FUTURES CONTRACTS							$	(27,525	)



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

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

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